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Markets are fairly stable overnight.

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Markets are fairly stable overnight. The market is extending some confidence towards a weekend resolution of the Cyprus situation. In other words, gold is lower and equities are higher at least at the starting gate. Cyprus is a very unique situation. European finance ministers are adamant that Cyprus contribute €5.8 billion against a €10 billion to be extended to Cyprus’ largest banks. Greece was too big to fail but Cyprus only creates one half of one percent of euro zone GDP. The country’s debt is 2.6 times its GDP. The cost of failure however may be manageable even though it would create very difficult circumstances for those living there. Remains to be seen if Russia will come to the rescue; the question is can it afford to and at the same time, can it not afford to.
Enjoy the weekend.