Markets Drop Over Cyprus Bailout Concerns

Reassuring, not

Asian markets have dipped after Cyprus bailout plans triggered fears of an escalation of the eurozone debt crisis.

The EU and IMF want all bank customers to pay a levy in return for a bailout worth 10bn euros ($13bn; £8.6bn).

The plan is yet to be finalised, but the news of the deal caused a rush to the cash machines as people tried to withdraw money.

Japan's Nikkei 225 index fell 1.8%, Australia's ASX 200 dipped 1.3% and South Korea's Kospi was down 0.4%.

Analysts said that investors were sceptical about how the developments in Cyprus may affect other bigger eurozone economies which may also need bailout funds in the future.