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The news on Saturday that to bail out Cypriot banks, depositors would get slapped with an instant one-off haircut/tax/stability levy has stunned the world (even though it had been rumored as a possibility for awhile).
The fear is that Europe has just crushed the trust of depositor holders everywhere, who now must wonder whether their money in the bank is actually good or not.
So stocks are falling around the world.
Japan, which had been ultra hot fell 2.7%.
Italy is down over 2.6%.
Germany is down over 1%.
US futures are pointing down about 1% and so on.
European financials are getting hit particularly hard.