<p>Why did <keyword id="6373843" type="COUNTRY" weightage="60" keywordseo="Cyprus">Cyprus</keyword> have to make a grab for depositor cash to rescue its banks?</p>
<p>In part because there just wasn't any money left anywhere.</p>
<p>The banks don't have much debt, and the island's equity has been wiped out.</p>
<p>The Cypress Stock Exchange (whose components include banks, hotels, utilities, and retailers) is off about 98 percent in the last five years. Just a total complete wipeout.</p>
<p>Big hat tip to  <a href="http://allstarcharts.com/cyprus-a-bear-market/">Alex Tarhini at All-Star Charts</a> for pointing this out.</p>
<p><a href="http://www.bloomberg.com/quote/CYSMMAPA:IND/chart"><strong>Cyprus Stock Exchange General Index</strong></a></p>
<p><div class="image-container" style="width:600px"><div class="image"><img src="http://static3.businessinsider.com/image/51471838eab8ea9c5d000011-622-353/screen%20shot%202013-03-18%20at%209.33.33%20am.jpg?maxX=600" border="0" alt="Cyprus stock exchange" width="600" /></div><p class="source"><a href="http://www.bloomberg.com/quote/CYSMMAPA:IND/chart">Bloomberg</a></p></div></p>

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BusinessInsider

The Cyprus Stock Market Has Lost 98% Of Its Value In The Last 5 Years

Why did Cyprus have to make a grab for depositor cash to rescue its banks? In part because there just wasn't any money left anywhere. The banks don't have much debt, and the island's equity has been wiped out. The Cypress Stock Exchange (whose components include banks, hotels, utilities, and retailers) is off about 98 percent in the last five years. Just a total complete wipeout. Big hat tip to Alex Tarhini at All-Star Charts for pointing this out. Cyprus Stock Exchange General Index Bloomberg

Why did Cyprus have to make a grab for depositor cash to rescue its banks? In part because there just wasn't any money left anywhere.

The Cyprus Stock Market Has Lost 98% Of Its Value In The Last 5 Years

Joe Weisenthal

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