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The Energy Report - Cypruss Slip

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.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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