from Zero Hedge:
First, it is Merkel’s turn, which last week was furious at Cyprus for daring to reject the first flawed Eurogroup plan impairing insured depositors, only to praise it for now… rejecting said plan. To wit: Chancellor Angela Merkel, “as well as the government, is very happy that the troika, the euro group and Cyprus were able to reach an agreement,” German government spokesman Steffen Seibert says in Berlin. He added that difficulties will arise in the short term because of measures aimed to scale back Cyprus’s banking sector, “but in the long run it will lead to a healthier” industry. That remains to be seen, especially when factoring in the Russian response.
Which wont be pleasant.
The official Russian line is one of a typical professional chess player – calm, cool, collected: Russia doesn’t see need to take any additional steps now, may still agree to restructure loan, First Deputy Prime Minister Igor Shuvalov told reporters earlier.
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