Stocks Tank: Markets Dive all Around the World Thanks to Tiny CyprusSubmitted by celeste on Mon, 03/18/2013 - 09:09
Markets are tanking all around the world thanks to the goings on in a country with a GDP that's less than Shreveport, Louisiana's.
The news on Saturday that to bail out Cypriot banks, depositors would get slapped with an instant one-off haircut/tax/stability levy has stunned the world (even though it had been rumored as a possibility for awhile).
The fear is that Europe has just crushed the trust of depositor holders everywhere, who now must wonder whether their money in the bank is actually good or not.
So stocks are falling around the world.
Japan, which had been ultra hot fell 2.7%.
Italy is down over 2.6%.
Germany is down over 1%.
US futures are pointing down about 1% and so on.
European financials are getting hit particularly hard
Markets Are Diving All Across Asia
The weird thing about finance: A bailout deal that will save Germany a few billion in taxpayer dollars (by shifting the burden to Cypriot depositors) is wiping exponentially more than that off the world's market indices today.
CNBC's Deirdre Wang Morris tweets a photo of the CNBC Asia market wall, which is as good a way as any to see the carnage.