~ Frederic Sautet ~ Some depositors at Cyprus’ largest bank may lose a lot of money (e.g. see article in FT ). Those with deposits above €100,000 could lose 37.5 percent in tax (cash converted into bank shares), and on top of that another 22.5 percent to replenish the bank’s reserves (a “special fund”).
Chuck Hagel’s first major speech as secretary of defense is receiving the sort of attention that one would expect . But the real news will be made when the Obama administration’s budget hits the streets, reportedly on April 10th.