Archive for March 18th, 2013

New Overnight Developments Abroad - Daily Update

Cypriot Shock Heard Round the World

March 18, 2013

Global financial markets were shocked over the weekend by a deal between EU finance ministers and the government of Cyprus, pending ratification by Cypriot legislators,that subjects all bank deposits in that country to a levy of 7.5% for accounts under 100,000 euros and 9.9% for amounts over that threshold.  In return for this unprecedented penalty […] More