Sunday, March 17, 2013

The Cyprus Deposit Levy

Here's the story on the Cyprus deposit levy that charges depositors a percentage of their savings.  Nice.  Anyway, folks are lining up trying to get their money out of the banks.  A bank run!  (Think that could ever happen in other Euro countries or here?  That's the fear.)

In addition, remember the market has been driven by financials.  If financials give way it won't be easy for the indexes to push higher. JMHO.

Europe Braces for Fresh Turmoil With Cyprus Deposit Levy

Europe braced for renewed turmoil as outrage in Cyprus over an unprecedented levy on bank deposits threatened to derail the nation's bailout. The eur... Read more

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