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SPY TANK TANK TANK!
Cypriot lawmakers were poised to reject an unprecedented levy on bank deposits in a parliamentary vote, risking renewed euro turmoil and raising the prospect of the country’s default.
While Cyprus accounts for less than half a percent of the euro economy, the fight over the bank tax risks triggering new tumult in the financial crisis that began in 2009 in Greece. With the euro dropping to a three-month low against the dollar, European policy makers raced to reassure investors that the bank tax was unique to Cyprus and did not set a precedent elsewhere in the single currency area.


http://www.bloomberg.com/news/2013-03-19/cyprus-bank-levy-passage-in-doubt-as-eu-shows-flexibility.html