Arab Today, arab today euro plummets on cyprus bailout turmoil
Last Updated : GMT 20:08:17
Arab Today, arab today
Arab Today, arab today

Euro plummets on Cyprus bailout turmoil

Arab Today, arab today

Arab Today, arab today Euro plummets on Cyprus bailout turmoil

New York - AFP

The euro sank against other major currencies Monday after the proposed bailout for Cyprus, including a steep tax on bank depositors, revived concerns about the eurozone. At 2100 GMT, the euro was valued at $1.2957, down from $1.3075 late Friday. The euro also lost ground to the Japanese yen, trading at 123.41, compared with 124.61 late Friday. The dollar meanwhile edged down slightly to 95.23 yen from 95.26 yen. The euro\'s retreat came as protests erupted in Cyprus against the deposit tax required under the 10 billion euro European Union-International Monetary Fund rescue of the island nation. Under the current plan, savers with up to 100,000 euros would be taxed at 6.75 percent, while savers with larger accounts pay a levy of up to 9.9 percent. The one-time move was aimed at raising 5.8 billion euros for the government. European officials signaled Monday they might adjust the tax so that it causes less of a burden on those with more modest incomes. The controversy kept pressure on the euro. \"The Cyprus bailout has set the tone for trading in an extremely data and event risk heavy week by reawakening the fear of contagion,\" said Kathy Lien of BK Asset Management. \"At bare minimum, there could be a capital flight out of European banks.\" The policy, if enacted, would be a \"blow to confidence in Europe\'s banking sector,\" she added. The Cyprus situation exposes the eurozone\'s \"Achilles\' heel\", wrote John Kicklighter, senior currency strategist at DailyFX. \"The situation has revived fears of systemic financial troubles in Europe,\" he said. \"The situation in Cyprus is still murky and is likely to play on fears through the rest of this week.\" Besides Cyprus, currency traders were also eying the leadership change at the Bank of Japan and a Wednesday policy statement by the US Federal Reserve. Among other currencies, the British pound traded at $1.5107, down from $1.5129 Friday. The dollar was at 0.9462 Swiss francs, up from 0.9377 late Friday.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today euro plummets on cyprus bailout turmoil Arab Today, arab today euro plummets on cyprus bailout turmoil

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:03 2017 Thursday ,23 March

Spider Venom May Offer Hope to Stroke Victims

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday