Europe Stock Futures Sharply Off On Cyprus Bailout

European stock market futures pointed to sharp losses for markets on Monday. News of an unprecedented levy on bank deposits in Cyprus as part of a bailout triggered a selloff for the euro and losses for Asia markets. U.S. stock market futures were also sharply lower.

Futures for the German DAX 30 index fell 1.5% to 7,930.50, while those for the FTSE 100 index fell 1.8% and those for the French CAC 40 index slid 1.8%. News of the levy came over the weekend after the country accepted a 10-billion-euro rescue plan, on the condition that the government impose a levy on bank deposits.