Global equity markets pared gains and the euro retreated on Monday after the head of the Eurogroup said the Cyprus bailout reached early Monday could be a new template for resolving Euro zone banking problems.
Wall Street initially opened higher but retreated in morning trade, helping pull European equity markets lower, after Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup of Euro zone finance ministers, told Reuters and the Financial Times hours after the Cyprus deal was struck that forcing depositors and bank bond holders to bear losses could become a template for future bank restructurings.
Wall Street initially opened higher but retreated in morning trade, helping pull European equity markets lower, after Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup of Euro zone finance ministers, told Reuters and the Financial Times hours after the Cyprus deal was struck that forcing depositors and bank bond holders to bear losses could become a template for future bank restructurings.