Spreadex Market Update
Cypriot lawmakers reject deal
EU countries had warned they would withhold 10 billion euros (8.6 billion pounds) in bailout loans unless depositors in Cyprus, including small savers, shared the cost of the rescue, an unprecedented step in the stubborn debt crisis. Finance Minister Michael Sarris had already headed to Moscow, amid speculation Russia could offer assistance given the high level of Russian deposits in Cypriot banks.
George Osborne is due to deliver another austerity budget with the chancellor set to announce further cuts to day-to-day public spending as he tries to free up some cash for investment. He is also likely to announce another round of weaker economic forecasts. Despite a slump in opinion polls, Osborne and Conservative Prime Minister David Cameron are sticking to their push to fix Britain's budget deficit and rising public debt, hoping for a recovery before they fight for re-election in two years’ time.
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