Cyprus postpones crunch vote after EU raids bank accounts Billions pandora bracelet for baby girl of pounds were wiped off the value of shares around the world today as stock markets recoiled at the unprecedented EU raid on bank accounts in Cyprus.
The FTSE 100 slumped by one per cent at one point, while stock exchanges in debt laden Italy and Spain fell by two per cent. The euro slipped one per cent against both the pound and the dollar, revealing exactly the instability that the bail out in Cyprus was supposed to stop. "The unprecedented move is an extreme measure and in our view, it will spread some panic. we cannot rule out some capital outflows," said Annalisa Piazza, of Newedge Strategy. The Cyprus bail out is the first to dip into ordinary people's savings to fund a rescue package. About 60,000 Britons will lose up to 9.9 per cent of their savings held in Cypriot banks, although the Government has pledged to compensate the families of Service personnel based there. However, thousands of other Britons will have no redress. Russian prime minister Dmitry Medvedev, whose tycoons stand to lose 2billion, fumed: "It looks simply like the confiscation of other people's money." Russian president Vladimir Putin condemned the move as "unfair, unprofessional and dangerous". Foreigners hold some 40 per cent of the 68 billion sitting in Cypriot banks, some 12billion of which belongs to Russian depositors. The bank raid was ordered in exchange for a 8.6billion bailout from the pandora bracelet charms EU and other organisations. Bank deposits of under 100,000 cheap pandora bracelets australia euros (86,490) will be hit by a one off 6.75 per cent levy, rising to 9.9 per cent for bigger deposits. Michael Hewson, senior analyst at CMC Markets, said: "If European policymakers were looking for a way to undermine the public trust that underpins the foundation of any banking system, they could not have done a better job. "Not only is it in complete contravention of the deposit insurance rules agreed by all EU countries in October 2008, and an absolute PR disaster, but it opens up a Pandora's box of all possibilities with respect to precedent and future measures in other EU countries that find themselves having to ask for help in the future." Amid searing political divisions, Cyprus postponed a vote in its parliament and announced two days of bank holidays in an attempt to prevent a run on its banks. The government offered to compensate savers with government bonds after two years. President Nicos Anastasiades urged MPs to approve the tax, saying it was essential to save the country from bankruptcy. Cypriot banks lost some 3.8 billion on Greek bonds after the introduction of austerity measures last year. Click the Adblock/Adblock Plus icon, which is to the right of your address bar.
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