Cyprus turmoil triggers markets sell-off


Major indices across Europe fell in early trading on Monday as investors were spooked by Cyprus's decision to impose an unprecedented bank levy on deposits held in the country.

The FTSE 100 opened about 100 points lower before settling at 6,444, a drop of 45 points or almost 0.7%. Elsewhere across Europe, both the German Dax and French Cac indices were more than 1% lower. Overnight in the Asia-Pacific region, almost every benchmark gauge fell as Cypriot President Nicos Anastasiades bowed to demands by eurozone finance ministers to raise €5.8bn by taking a piece of every bank account in Cyprus. The bank tax could be levied today if politicians sign it off. However, the shock tax on deposit holders sent markets reeling amid fears it will spark a move to wit...

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