The Cyprus surprise

Announced Friday night of course:

Final details being inked on #Cyprus bailout as we speak. Most significant measure: 9.9% levy on bank deposits over €100,000, says source.

That is from Peter Siegel.  (Addendum: and here is more information.)  I believe that is not the full deal (do depositors get some kind of equity claim?) and there is more information to come.  Elsewhere, all four games were drawn in the Candidates Match for the right to play against Anand for the world chess championship.  It will be interesting to see who makes the next move.

p.s. I don’t like to give investment advice (other than “diversify” and “buy and hold”), but if you have any deposits in Cyprus banks, I would recommend asking yourself whether you are sure that this is the final haircut or step one in a series.