Banking

Markets Drop Over Cyprus Bailout Concerns

Reassuring, not

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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.

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