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All right and back to the drawing board now in Cyprus after lawmakers reject a wildly unpopular plan to raid people's personal bank accounts you can imagine why.
Bending over -- well as part of their effort to secure a bailout from the -- -- And the I have asked without help.
The tiny -- Nationsbank sector would most certainly collapse and that potentially could threaten other national economies.
These things are often domino -- -- -- great Hawkeyes on his fourth live in London what's the latest on this deal Greg.
-- right -- -- people are scrambling right now to try to come up with another way to prevent -- from going into bankruptcy in May be.
Dragging the rest of Europe down with it last night and the Cypriot parliament as you can imagine not a single.
Member of parliament voted in favor of this plan this plan which could see as much as 10%.
Taken out of private -- -- House help -- royal bank rolled that bail out.
The vote was seen as a victory for the little guy but yes now they've got to find another way of getting the money in one way of getting the money may be.
Go to Moscow with hat in hand Cypriot officials were there today.
Rich Russians taking advantage of lax banking regulations on the island of Cyprus invest a lot there may be as -- -- -- -- at.
But the deposits and investments or.
Coming from a Russia.
They're looking now for a more loans from Russia and may be there are reports of selling off some things there.
A bank it may be some energy rights and that's got a lot of folks in the west as you can imagine Martha very nervous.
Having you love to get their hands on some of well in that area so what about the banks what would the impact -- on those banks and on the is.
It's in these account holders in the.
Yeah that that's what makes is all very nerve wracking for a lot of folks especially people on the island that we are talking to the ATM's are still working to some extent do you get some money out of those -- -- -- are working as well but the banks themselves they are close that there were supposed to open tomorrow looks like that's not gonna happen maybe not Friday may -- not until next week and when they do -- -- they might limit the amount of money that folks can take.
Out of those banks all trying to prevent a wrong on those -- and the big worry Martha of course is contagion that there could be fears in other European countries that this same kind of thing.
Could happen there and there could be runs on those banks so far European Union officials.
Are relieved that they are not seeing that elsewhere in Europe but so far they are still sticking to their guns that Cyprus has to do something may be as drastic as.
Dipping into the accounts a private individuals and that has a lot of people worried not just in Cyprus not -- in Europe -- in the states as well do you.
-- about president Greg thank you very much that was a related story.
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