by Dan Amoss, Daily Reckoning.com.au:
Ignore the latest Justin Bieber antics! Pay no attention to the continuous CNBC cheerleading for the S&P 500. Wake up and smell the coffee brewing in Cyprus! You’ll be ahead of the investing public, currently tranquilized by the belief that risky assets will never fall again with Ben Bernanke in charge.
This brewing Cyprus issue is far bigger than the market believes…
By now you probably know about the “deposit tax” the EU and IMF imposed on Cyprus. It was a condition of a bailout loan. Politicians in northern Europe, including German Chancellor Merkel, need to convince the voting public that bailouts won’t cost them a penny (fat chance).
Read more: Thievery in Cyprus Means Pain in Spain http://dailyreckoning.com/thievery-in-cyprus-means-pain-in-spain/#ixzz2PvptsZDB
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