As we wait to see if a revised deal to shift more of the burden on to deposits larger than €100,000, the markets are opening and it's not pretty so far, but also not horrendous. As the FT reported the parliamentary passage of the levy is hanging in the balance. The Eurofirst is down 1.1 per cent: Spain's Ibex is down 2.3 per cent: Germany's Dax is off 1.2 per cent: France's Cac down 1.6 per cent: Italy's MIB has lost 2.2 per cent: And unsurprisingly Spanish and Italian debt has crept up while German debt has snuck down, with the 2-yr going negative for the first time since the start of January. The euro is pretty flat at $1.2942 and we still need America to walk in and pass judgement on whether Cyprus is really really small or this decision is really really bad. For what it's worth US index futures suggest Wall Street's S&P 500 will retreat 20 points from its near 5-year highs when the starting bell rings later in the session. Related links: The stupid idea, and the system - FT Alphaville Teaching a lesson, lesson learned - FT Alphaville