Pissarides warns that Spanish depositors could be next

Nobel prize winning economist and former member of Cyprus' central bank policy committee, Christopher Pissarides, has said that Cyprus could be better off out of the Eurozone once the dust settles. He has said that if he had more than €100,000 in a Spanish bank he would now be looking to move it. The economist has also warned that Malta should now look at what is happening to the island.

Meanwhile markets seem happier with the outcome of the bailout deal. The FTSE100 index rose in early trading this morning, as news that Cyprus had agreed a €10bn bailout deal improved investor sentiment.