The deal to impose a one-off levy on bank deposits sparked outrage right across the country, but there is little time to come up with any new deal. Economists say it's vitally important that EU policy makers act to stop customers from creating a run on the banks.

 

“That's the last thing that the policy-makers in the Europe want to see. And so what we are going to see here is that European Central Bank may well step in and directly provide capital to banking system in Cyprus and ensure that they are not necessarily going to add to the government debt as part of this bailout package.”

 

Now let's see how the market felt as a result of that ongoing uncertainty. The Dow Jones was up a touch, but the Nasdaq and S&P 500 went in the opposite direction. The London FTSE also lost about a quarter of a percent. 

 

To commodity prices.

 

West Texas Crude is trading at 92 US dollars a barrel. Tapis is at 115 and gold is still marching up with 1612 an ounce.

 

The Aussie dollar has dipped a little --- 103.67, 80 Euro cents and 69 pence sterling.