Euro STOXX 50 Volatility Index surges on Cyprus worries

Last Updated: Mon, Mar 18, 2013 09:13 hrs

LONDON, March 18 (Reuters) - The Euro STOXX 50 Volatility Index - a key gauge of investors' fears - surged more than 20 percent higher on Monday due to worries over a bailout plan for Cyprus that will hit Cypriot bank clients' savings.

The index rose as much as 24.4 percent to an intraday high of 19.57 - putting it on track for its second biggest daily rise since August 2011.

The Euro STOXX 50 Volatility Index had jumped 26 percent on Feb. 4 on worries over a Spanish corruption scandal and on prospects of an inconclusive outcome in Italy's national elections.

The index was up 22.7 percent at 19.30 by 0830 GMT, below its 2013 peak of 25.90 but at its highest level in more than two weeks.

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