BMIC Mortgage Blog

Cyprus in the News

March 25th, 2013 2:00 PM by Gary Schiller

Monday Market Mashup with Gary

Since last week, all eyes have been on Cyprus. As of today, the crisis in Cyprus seems to have been averted. The Eurozone has agreed to bailout Cyprus by providing $13 billion Dollars, provided that the Cypriots contribute $7 billion dollars. This $7 billion Dollars is being raised by charging a one-time fee to bank depositors with account holdings in excess of $100k Euros. While the US Stock market is happy about the crisis being averted, this may not be good news as it sets dangerous precedents. Both the stock and bond markets have taken this news in stride, and have not been wildly fluctuating. This is a short trading week, due to the Good Friday holiday, with reports due on durable orders, housing reports, consumer confidence, U.S. growth and jobless claims. The beginning of this week has brought funds back to stocks from the safety of bonds. The aforementioned reports, as well as the situation in Cyprus, should be the factors driving the markets this week.

Have a great week and dont forget to lock in these low fixed rates ASAP!!


Posted in:General
Posted by Gary Schiller on March 25th, 2013 2:00 PM