The Cypriot Market Is Tanking Today - But We Haven't Seen Anywhere Near The Worst Of It Yet

The Cyprus Stock Exchange re-opened today following the financial crisis and bank closures that have characterized the past few weeks in one of the euro's smallest member states.

The main index – the Cyprus Stock Exchange General Index – is only down about 2.6 percent today.

However, the country's two biggest banks – the ones where uninsured deposits will be wiped out as part of the Cypriot bank bailout deal – aren't trading today.

Those two banks, Bank of Cyprus and Cyprus Popular, together account for 60.9 percent of the index, so it's fair to say that we haven't seen the full impact from the events of recent weeks on the market there yet.

On the other hand, the third largest bank in Cyprus – Hellenic Bank – is trading today. It's down 20 percent.

(We should also note that the Cypriot stock market has already lost 98 percent of its value from its peak in October 2007.)