STOCKS TANK: Markets Dive All Around The World Thanks To Tiny Cyprus

nicosia, cyprus

Photo: Wikimedia Commons

Markets are tanking all around the world thanks to the goings on in a country with a GDP that’s less than Shreveport, Louisiana’s.The news on Saturday that to bail out Cypriot banks, depositors would get slapped with an instant one-off haircut/tax/stability levy has stunned the world (even though it had been rumoured as a possibility for a while).

The fear is that Europe has just crushed the trust of depositor holders everywhere, who now must wonder whether their money in the bank is actually good or not.

So stocks are falling around the world.

Japan, which had been ultra hot fell 2.7%.

Italy is down over 2.6%.

Germany is down over 1%.

US futures are pointing down about 1% and so on.

European financials are getting hit particularly hard.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.