The news from Cyprus was quite alarming. Savers throughout Europe - including the UK - were led to believe their deposits were protected up to Euro100,000/£85,000. Looks like that rule can be discarded at a whim. If Cyprus can do that, why not Greece, Portugal, Spain, Italy? Indeed, where exactly is 'safe' now?
So, the media led their news this morning with forecasts of a stock market slump. Indeed, when the UK markets opened at 8.00am, the FTSE100 was down 1.6% and Sage was hit by a 10% declline. But, an hour later, and the FTSE100's decline is 'just' 0.94% and Sage is down 'just' 3.4%. Pretty much all within the boundaries of 'normal' trading.