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Outlasted -- that's struggling nation at any tiny nation site rest avoiding bankruptcy as -- European Union approves a bail out there.
But is Cyprus out of the woods yet and hasn't affected us more with Lawrence and -- from the Fox Business -- good morning I get so what's the deal here well -- ten hour talks ended last night -- productively snipers -- bankruptcy in the nick of time.
The small islands nation stays in the eurozone that after securing a package of rescue loans from its European counterparts.
Under terms of the deal there will be attacks on uninsured deposits over about a 130000.
In light key that's the second biggest bank in Cyprus that bank.
Now gets the designation the bad -- and it's going to be wound down.
The tax on deposits will be determined later today but it's estimated 40% of people's money could be attacked this is it just seems that this -- like a tax the rich kind of thing going on -- has all the Russian oligarchs have their money parked.
In Cyprus and their you know -- about -- say had an opportunity to save Cyprus.
Not so productive there that's the good news here is that if you have less than a 130000.
Dollars I had that bank.
It's okay it's safe and it goes to the biggest banking in Cyprus after bank of Cyprus does tax congress -- -- -- -- that's going on there OK so the good news is for us that it won't hurt our markets today.
Now right -- most international stock markets are seeing an initial pop on word of this deal but.
Separate is -- out of the woods just yet Moody's rating agency warning that Cyprus is still at risk of default and it can exit the Euro.
If that does happen we would see the euros on perhaps start to crumble.
Deleterious effects throughout the entire continent and -- deal to stay in the Arizona obviously we'll have painful consequences for Cyprus right its GDP is going to be negative for quite some time.
Very strict controls on transferring money.
Right now there's limits on how much money can take an ATM about a hundred euros a day in many cases so there's panic over there -- -- let's hope those issues stay over there Lawrence are gonna have Fox Business network's -- -- -- can we don't wanna have it.
And here are excited to see him.
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