European Banks Slide as Cyprus Levy May Threaten Ratings
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European banks declined on concern an unprecedented tax on savings in Cyprus will have negative implications for the ratings of the continent’s lenders.
The Stoxx 600 Banks Index dropped as much as 2.4 percent, led by banks in crisis-hit Italy and Spain. UniCredit SpA, Italy’s biggest bank, slumped 5.2 percent to 3.63 euros at 1:20 p.m., the lowest level in three months. Societe Generale SA lost 5.3 percent to 28.40 euros in Paris.