Cyrus: vote that could levy a tax ?

A swift kick in the junk, sure seems that way.

Things are getting crazy in Cyprus, which has again postponed a vote that could levy a tax on bank depositors to fund the nation's bailout, the BBC reports, this time until tomorrow. Its effects, however, are already rippling through Europe, where stock markets and the euro have plummeted, and Cypriots were yanking their money from ATMs yesterday. The country has extended today's bank holiday through tomorrow, and the New York Times notes that many think that will be extended to Wednesday. Some fear a run on banks could hit Spain and Italy amid concerns the levy might not be limited to Cyprus.

The hit could now be as high as 15% on deposits of more than $646,000 - while smaller deposits could be subject to a 3% or 10% tax.