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Cyprus bailout a major game changer.

Depositors in Cypriot banks will be hit with a tax on their savings, as part of a €10 billion bailout for Cyprus from the euro zone and the IMF. The deal, announced early Saturday, marks the first time that depositors in euro-zone’s banks will lose money. Accounts with more than €100,000 will be taxed at 9.9%, those with less at 6.75%, raising an expected €5.8 billion for Cyprus.

Depositors have come through the financial crisis largely unscathed but depositors in other prospective bailout countries must be running scared now.

Co-CEO and co-founder Lars Seier Christensen has written this blog about the bailout for Cyprus:

https://www.tradingfloor.com/posts/cyprus-bailout-major-game-changer-1728597128

Monday, 18 Mar, 2013 / 8:18