Cyprus Trust

Whatever happens in Cyprus this week-end, it can not end well. There is all but guaranteed a bank run this week, which will erode further the confidence in all 'shadowy' European financial institutions. As usual markets seem to find more and more inventive ways to explain away bad news, but the piper will have to be paid at some point. We our holding our down position for what may prove to be a pivotal and final week of the quarter.