Trade Resources Market View Australian Dollar Fell After The Cypriot Parliament Failed to Pass a Bank Deposit Tax

Australian Dollar Fell After The Cypriot Parliament Failed to Pass a Bank Deposit Tax

The Australian dollar fell after the Cypriot parliament failed to pass a bank deposit tax that was a condition of a bailout for the island nation.

At 6.30am AEDT the local unit was trading at 103.63 US cents, down from 103.80 cents at yesterday’s local close.

Cyprus’s MPs rejected the terms of a bailout aimed at saving the country from bankruptcy, decrying as blackmail a deal that had been reached with a troika of lenders that now lies in tatters.

Media reports said the government would now try to renegotiate the terms of the deal with the troika -- the European Union, the European Central Bank and the International Monetary Fund.

It would at the same time seek other ways of making up a 5.8 billion-euro ($7.47 billion) shortfall, with a bond issue, bank restructure and trying to secure more Russian investments among the options.

Source: http://www.theaustralian.com.au/business/markets/australian-dollar-falls-after-cypriot-mps-vote-against-bank-levy/story-e6frg94o-1226601137387
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Australian Dollar Falls After Cypriot MPs Vote Against Bank Levy
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