A deal has been reached to prevent Cyprus from total collapse, but it has set some scary precedents. Deposits over 100,000euro have been frozen for financiers to decide what percent 'tax' to take for collateral on loan. Deposits less than 100,000euro are considered insured, but last week they were considering freezing and taxing those deposits as well. It's the first time in modern world finance banks have been willing to let their customers lose money.
Cyprus has me spooked. The precedent is set and I can't imagine big money in Spanish, Greek and Italian banks staying put. A hint of the start of a bank run in any of those could easily domino into real problems.
Heavy in cash and looking to get into some beaten down tech. Any suggestions, anyone?