Cyprus Bailout Crisis Shakes Markets -- The Guardian
Euro and shares slide over fears that Cyprus could trigger bank runs in other eurozone countries
The euro dived and shares suffered sharp losses after a controversial bailout package for Cyprus threatened to trigger fresh turmoil in the eurozone.
Eurozone finance ministers demanded on Sunday that Cypriots pay up to 10% of their bank deposits in exchange for a €10bn (£8.5bn) bailout, prompting panic across the island as people rushed to cash machines to withdraw their savings.
Traders are concerned this could set a dangerous precedent that could trigger bank runs in other eurozone countries.
Read more ....
More News On The Financial Crisis In Cyprus
Cyprus bailout - live -- The Telegraph
Cyprus reworks divisive bank tax, delays vote -- Reuters
Cyprus Postpones Debate on Deposit-Tax Proposal -- Wall Street Journal
Cyprus delays vote on tax raid on savings -- AP
Cyprus Delays Vote on Bailout Plan -- New York Times
Cyprus to Put Forward New Bailout Plan: Reports -- CNBC
Cypriot Outrage Over Tax Could Derail Euro-Area Bailout -- Bloomberg Businessweek
German parties slam Cyprus deal, Schaeuble deflects blame -- Reuters
Stocks fall sharply after Cyprus proposal to tax deposits sparks renewed debt crisis fears -- Washington Post/AP
Cyprus deal shock sends shares tumbling, gold up -- Reuters
EU Fully Supports Cyprus President's Efforts to 'Bring Financial Stability' -- Wall Street Journal
European press review: Cyprus bailout -- BBC
Europe is risking a bank run -- Wolfgang Munchau By Wolfgang Münchau, Financial Times
Euro Zone Moving Into Twilight Zone -- Wall Street Journal
The Botching of the Cyprus Bailout: Worse Than Lehman Brothers -- Eamonn Fingleton, Forbes
My Comment: A Greek friend of mine summed it up perfectly .... voters voted in politicians who promised scores of social programs and ended up financing it with borrowed money and higher debts. And those politicians who vowed to be fiscally responsible and living within one's means .... were voted out. After a few years .... we now have this catastrophic mess.
What's my take for the future .... Cyprus is broke and they will grab this money. But what concerns me is that other countries are now looking at this situation and are probably wondering if they should implement the same thing. If I was living in Greece, Spain, or Italy .... I would be taking my money out of my bank accounts right now.
Update #1: I am not a fan of Alex Jones .... but he has been shockingly right on this one.
Update #2: Russians have been hit particularly hard by this Cyprus measure.