Federal Reserve

Cyprus deal fuels fears of bank runs.

"Wall Street initially opened higher but retreated in morning trade, helping pull European equity markets lower, after Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup of euro zone finance ministers, told Reuters and the Financial Times hours after the Cyprus deal was struck that forcing depositors and bank bond holders to bear losses could become a template for future bank restructurings."

The message to big depositers is mattresses are safer than banks. Capital controls in Cyprus. Government thugs search luggage for cash.