Markets Falling In Europe — Still No Deal In Cyprus
They are buying time for the big ones to clean up their accounts. When the deal comes through only the small ones are going to be hit by it. Same old story
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There's still no deal in Cyprus.
As it stands, the government does not have the votes to pass the bank levy that would be required in order to reopen the banks without a financial collapse.
Negotiations remain underway to reschedule the tax (make it more progressive; have it fall more on those with over 100k eur in the bank) but so far there's no deal.
Markets are down a bit in Europe although not dramatically so yet.
US futures were flat, and Asia was actually up nicely, with Japan gaining 2%.
Cyprus remains the story the whole world will be watching.
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