Canada Jan Canadian portfolio investment in foreign securities: $-1.18B vs $5.47B (Dec)

Cypriot banks had their savings threatened by a weekend agreement between the troika and the Cypriot government. The plan, in its current form, seeks to apply a 6.75% 'tax' on deposits below €100k. The tax rate rises to 9.9% for deposits above €100k. Although Cyprus is the fifth Eurozone country to request external financial assistance, this is the first time that depositors have been called on to contribute to the rescue effort.