Euro drops on unprecedented levy on Cyprus bank deposits

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Source: Bloomberg

The 17-nation bloc's currency depreciated versus the U.S. Dollar to the lowest level so far this year and it fell by the most in last three weeks against the Yen after finance ministers of the Eurozone decided to raise 5.8 billion Euros by taxing every bank account in Cyprus. The Euro dropped 1.4% to $1.2892 earlier on Monday London session and it slid 2.3% to 121.70 per Yen.


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