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Cyprus rejects possibility of imposing losses on bank depositors

Propositions of alternatives to the full bailout for Cyprus, which were included in the European Commission’s confidential memorandum mentioned by the FT in the European morning, were rejected by the country’s government which said that imposing losses on bank depositors would be against its law and constitution.

'I would say that the bail-in of depositors is a grossly exaggerated possibility, unlikely to happen, we will not accept it under any circumstances and I don't think it creates any way forward,' said Cypriot Finance Minister Vassos Shiarly heading for the Eurogroup meeting on Monday. He also ruled out a debt restructuring for his country which he said was "completely, totally off the table."

Eurozone finance ministers plan to finalize the aid program for Cyprus after the country’s general elections scheduled for 17 and 24 February.

Forex Flash: USD/CAD targets 1.0185/1.02 near-term – TD Securities

The CAD is driven more by the “usual suspects” of commodity prices and interest rate differentials than risk appetite, and USD/CAD gains on Friday were mainly moved by weak employment data. Tomorrow, BoC’s Carney & Macklem will testify in Ottawa while President Obama delivers the State of the Union.
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Forex Flash: G20 meeting in Moscow looks set to focus on ´Currency Wars´ - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that the G20 meeting in Moscow this week seems certain to focus on ‘currency wars’ but beyond a bland call for countries not to engage in competitive devaluations, he feels that it’s hard to see what concrete steps can be taken at this stage.
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