Stock Exchanges in Asia are crashing after Cyprus bailout plans triggered concerns over a rise of the eurozone debt crisis.
The BBC News reports that, "the EU and IMF want all bank customers to pay a levy in return for a bailout worth 10bn euros ($13bn)."
The plan has yet to be finalized; however news of the deal sparked a rush to ATMS since people were withdrawing their money.
According to the BBC News, "Japan's Nikkei 225 Index fell 1.8%, Australia's ASX dipped 1.3% and South Korea's Kospi was down 0.4%."
Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo, said, "there will certainly be confusion in Cyprus and investors looking just at headlines may fret about its case becoming a model."
To read the entire article from the BBC News, link here: