A deposit levy proposed in Cyprus has brought turmoil to the eurozone recovery, but it has also undermined the attraction of Cyprus as an offshore center. Banking instability on the island has already compromised offshore wealth inflows and the levy will only exacerbate the problem.
Nordea's has forecast an export-driven economic recovery for the three Baltic states. This prediction will be received optimistically by all the Scandinavian banks who remain heavily exposed to the region, which was one of the worst-hit areas of the recession in Europe. Given their significant loan books in the Baltics, the prospect of a recovery is particularly good news for SEB and Swedbank.
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