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Banking, finance, and taxes

Cyprus Bank Panic Pushes Down Global Stocks

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By Douglas A. McIntyre Updated Published
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A panic over plans to levy taxes on deposits in Cyprus banks has pushed all global markets lower.

According to MarketWatch:

“The introduction of a levy on bank deposits — worth around €5.8 billion — seems to have broken another taboo. This goes beyond market and our expectations, raising concerns of a possible policy mistake,” said Morgan Stanley strategists.

The Morgan Stanley strategists cited some upcoming issues for the euro zone — among them, Portugal’s current official support is set to expire in one year’s time, and Greece’s official support plan might well need amendments.

“Depositors in these countries, who have already been put under severe stress, might draw parallels with the Cypriot situation,” the strategists said. “It’s quite possible to conceive at least some degree of contagion, in our view.”

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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