Although global stock markets were spooked by news of Cyprus' plan to tax bank depositors to help fund a multi-billion dollar bailout from various central banks, U.S. stocks were able to trim their losses before all three major averages closed in the red on Monday.
The news marks the first time depositors have been asked to contribute to a financial-rescue plan during the long-running euro-zone debt crisis. Some stock market commentators feared a run on bank deposits and predicted panic in the stock market, but as Jim Cramer noted, none of it came to fruition.
(Read More: How Tiny Cyprus Could Still Have Big Market Impact)
"We opened down hard then rallied into the green and then gave it up near the bell, but it was a totally garden variety give up," Cramer said. "Nothing catastrophic like the bear claws that I was supposed to have all down my back today."
To Cramer, the Cypriot plan to tax bank depositors as a means of funding a bailout is "stupid and wrong-headed." Yet he thinks fears over plans are overdone.
"It looks like the bears overplayed their hands, or their paws, once again," Cramer complained. "They are so desperate to get this market down that they would not let the facts of this little nation get in the way of the big story."
While Cramer thinks there is a lot wrong with today's stock market, it seems the Cyprus news just wasn't enough to take stocks considerably lower.
Read on for Global Wealthy Question Tax Havens After Cyprus
— CNBC.com contributed to this report
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