Markets Falling In Europe - Still No Deal In Cyprus

As it stands, the government does not have the votes to pass the bank levy that would be required in order to reopen the banks without a financial collapse.

Negotiations remain underway to reschedule the tax (make it more progressive; have it fall more on those with over 100k euro in the bank) but so far there's no deal.

Markets are down a bit in Europe although not dramatically so yet.

U.S. futures were flat, and Asia was actually up nicely, with Japan gaining two percent.

Cyprus remains the story the whole world will be watching.