Investors fear that the plan to impose losses on bondholders and some depositors could be repeated in other countries, dispelling the notion that the approach in Cyprus was a one-off solution, and raising concerns over a loss of confidence in deposits held by banks in Europe's peripheral countries.

WSJ: Europe Concerns Weigh on Asian Shares

Some 18 per cent of the deposits held in Cypriot banks by residents of other eurozone countries were pulled out in February, according to figures from the Central Bank of Cyprus.

CNN: Scramble to find Cypriot cash escape route

Some 18 per cent of the deposits held in Cypriot banks by residents of other eurozone countries were pulled out in February, according to figures published on Thursday by the Central Bank of Cyprus.

CNN: Bank of Cyprus haircut could be as much as 60%