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Just spotted this on the CFAI website, found it quite interesting:http://blogs.cfainstitute.org/marketintegrity/2013/03/22/cyprus-and-ohio-mirror-images-in-grab-for-savers-money/
My initial thoughts?
1) we are going to see a massive increase in contingent convertible bonds (CoCos, or 'bail in bonds' as they are otherwise known).
2) whilst Cyprus and Ohio are effectively doing the same thing in raiding depositors savings, Ohio are doing so with a lot more subtlety. The actions in Cyprus have already destroyed it as a financial centre...even if a revised plan is agreed that doesn't raid savers pockets, thee will still be doubt in people's minds and the outflow of cash when the banks reopen will be staggering.
Look me in the eyes. It's okay if you're scared, so am I.
But we're scared for different reasons. I'm scared of what I won't become, and you're scared of what I could become.