Cyprus Bailout Tax Worries Fuel Sharp Drop In Global Stocks

LONDON— Stocks around the world and the euro fell Monday as investors fretted over the implications of a plan to seize a part of deposits in Cypriot banks to partly fund a bailout for the Mediterranean island nation. Financial stocks bore the brunt of the selling in European stock markets, with France’s Societe Generale down 3.8 percent and Italy’s UniCredit 3.6 percent lower, as investors worried about the implications of the Cyprus bailout.Since the European debt crisis began in late 2009, savers have been spared. But the bailout of Cyprus, agreed to on Saturday, foresees the government seizing 6.75 percent of deposits below (EURO)100,000 ($130,860), rising up to 9.9 percent on those above (EURO)100,000. That signals a huge policy shift for the embattled eurozone.Full story Huffingtonpost 

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