Big Cypriot bank depositors could take hit of around 40pc - minister
CYPRUS’S Finance Minister Michael Sarris said on Tuesday big depositors in Cypriot banks could lose about 40pc of their deposits as part of a €10bn international rescue plan.
"It could be in that neighbourhood but I do not want to anticipate it," Sarris told BBC radio, adding the exact figure was yet to be decided. "But what I have seen suggests a number in that neighbourhood."
European shares steadied today, with some investors using the previous sessions' steep sell-off to buy back into the market, but uncertainties about the broader implications of the Cyprus bailout kept a lid on any gains.
The FTSEurofirst 300 was flat at 1,186.48 points in morning trade.
"We hooked masses of selling yesterday afternoon, but in the absence of a 'bad news chaser', now we can have the quarter-end rally, so watch those new shorts being squeezed," said Justin Haque, broker at Hobart Capital Markets.