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The Jackson Hole (aka, J-Hole) monetary conference had no sooner ended than one more European country was added to the scroll of countries with negative 2 year sovereign yields.
The latest addition is the island of Cyprus whose Bank of Cyprus just posted a huge loss on bad debt provisions.
(Bloomberg) — Bank of Cyprus reported loss for the second quarter of EU556 million.
2Q total deposits EU16.58 billion
2Q Oper Profit EUR 130M
Projects 2018 EPS EUR 0.40
Sees 2018 Cet 1 >13.0%
Sees No Equity Divident for 2018
Sees Potential AT1 Issuance
CET1 Transitional Ratio at June 30 at 12.3%
I guess ECB’s Mario Draghi will keep the pedal to the metal!
I wonder if Queen’s Freddie Mercury foresaw Cyprus’ banking fiasco?
Here is the ECB’s Mario Draghi telling Cyprus that they have potential for a healthy banking system and positive 2 year sovereign yields.
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