Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Cyprus Bailout Worries Investors

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Cyprus Bailout Worries Investors

Article excerpt

NEW YORK -- Stocks closed lower on Wall Street as investors worried that a controversial proposal to seize money from depositors in Cyprus could set off another bout of anxiety over Europe's shared currency.

The Dow Jones industrial average fell 62.05 points, or 0.4 percent, to 14,452.06 Monday. It had plunged as much as 110 points in the early going.

The Standard & Poor's 500 fell 8.60 points, or 0.6 percent, to 1,552.10. The Nasdaq composite dropped 11.48 points, or 0.4 percent, to 3,237.59.

A weekend agreement between Cyprus and its European partners called for the government to raid bank accounts as part of a (euro) 15.8 billion ($20.4 billion) financial bailout, the first time in the euro zone crisis that the prospect of seizing individuals' savings has been raised. The measures are stoking fears of bank runs in the other 16 nations that use the euro.

Cypriot authorities, facing an uproar, delayed a parliamentary vote on the seizure and ordered the country's banks to remain closed until Thursday while they try to modify the deal to lessen the impact on small depositors. …

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