Joe Weisenthal reports on Jefferies strategist David Zervos’ latest note:
What happened to Cyprus on Friday evening was one of the most significant developments in the Eurozone since the Greek election last summer. To tax the bank deposits of savers sends an ominous message to the entire global investment community. All of us should really take a moment to consider what the governments of Europe have done. To be clear, they initiated a surprise assault on the precautionary savings of their own people. Such a move should send shock waves across the entire population of the developed world.
Read more at ZERVOS: 'This Is A Nuclear War On Savings And Wealth' – Business Insider.