Crude oil fell as fears mount that Europe will fall into turmoil. Cypruss, the IMF and the European Central Bank hatched a plan to raise €5.8 billion ($7.6 billion) from taxes on depositors by raiding their accounts to save Cypruss's failing banks. The European financial crisis reemerges after the plan was announced and it makes one ask the question: if Cypruss can tap into you money on deposit and charge a tax on it, why then would you put money in their banks? What is a bigger issue is it sets a precedent that could undermine confidence across Europe.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
