Macro Comment
Deposit tax is ALREADY in place in Italy & Spain. Rumor of some junk websites in Italy states that there will deposit tax of 15-20% coming... We don't believe the source to be credible but do note this:
Both Italy and Spain have deposit taxes in place:
Italy have 0.015% tax on AUM in place since December 2011 and only a few week ago the Spanish government got approval from court to impose a 0.2-0.3 pc tax as below link explains:
http://www.presseurop.eu/en/content/news-brief/3569661-spanish-banking-levy-will-collect-3bn
So Cyprus is not a one-off but an extension of practices already in place and let me warn again: The fact these taxes are low now only means it's more "rewarding to increase the as governments maximize tax revenue - (Think VAT - starts at 1-2% and ends at 25% (Denmark))
Furthermore the banks still leads lower and have broken the last support in place my blog warned about yesterday:
http://www.tradingfloor.com/posts/banks-focus-s-news-990725587
Med venlig hilsen | Best regards
Steen Jakobsen | Chief Economist
Saxo Bank A/S | Philip Heymans Allé 15 | DK-2900 Hellerup
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