OctaFX | OctaFX Forex Broker
Open trading account

EU customers with +100K euros in savings would suffer losses in rescued banks

FXstreet.com (San Francisco) - It seems Cyprus was a template after all as a draft European Union law voted on Monday says that, from 2016 onwards, customers with over 100,000 euros in savings when a bank failed could suffer losses.

The law attempts to shield small depositors from losing money in rescued banks by the European Union. The EU proposal says banks in serious problem would be allowed to dip into +100K deposits only after exhausting other ways such as bondholders or shareholders.

The draft must be still signed and sanctioned by the eu parliament and the EU finance ministers.

USD/CAD falls to fresh daily lows

The US dollar has taken a hit during the American afternoon, weakening versus most competitors and dropping to fresh daily lows against the loonie.
Read more Previous

Wall Street declines on QE reduction talks

The US stocks market failed to sustain earlier highs and the major indexes closed negative on Monday. Investors were concerned on QE ending as Fed of Chicago President Charles Evans said the U.S. economy has improved "quite a lot."
Read more Next
Start livechat