Cypriot bank deposit levy

Uncertain Cypriot Situation Still Overhanging Markets

March 19, 2013

Despite talk of fine-tuning the proposed Cypriot levy on bank deposits, uncertainty in this area and the risk of copy-cat actions elsewhere in the euro area continue to worry investors worldwide.  A hope exists that small depositors may be exempted, but then big deposits would be penalized more heavily than proposed initially.  The Cypriot parliament […] More

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