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Everybody else Fox News alert because we have brand new details on the bank raised in the little known country of Cyprus.
We're now learning that large account holders can lose as much as 40% of their bank account deposits and never get that money back.
-- good morning everybody I'm Bill Hemmer you look at launcher in Cyprus welcome here to America's news and what's going on there great to see you great to wherever they don't.
-- -- -- brought in for Martha MacCallum for a week and a half now the bank.
In a tiny island nations has been -- as it tries to avoid financial meltdown banks could reopen.
As early as tomorrow.
Did you open and not want what can write it on Fox Business just shows him leading our coverage here Charles tell us why we care.
What we care because this is the western nation with very similar banking laws and and they're doing something that's never been seen before.
At least over the respective bank -- everyone watching -- -- Think that -- bank accounts are off limits that there's a certain area that work things won't be confiscated typically maybe a house.
And your bank account and this is something to be very worried about because Cyprus has gotten into trouble while the country in the banks and yet it's the people -- -- bearing the brunt of this some would call a punishment whatever the services they put in some skin in the game.
A lot of people think this is targeted rich.
And that might be the case but if your life savings is 250000.
Dollars in you've got that the -- At a 150000.
Of -- of that savings account will be taxed at 40%.
Yeah -- that's so un American.
And it is that bill it is about America and then -- listen.
That's what people have to be very careful all of these policies and all the rhetoric in this country over the last four years about targeting the rich they're not paying their fair share I -- -- people realize but.
Every time you pass something that targets regrets it feels like all of -- take a little make.
What we raise taxes on the rich but all the sudden everyone else -- -- pay payroll taxes in California.
They passed prop thirty to go -- the -- but every -- sales taxes went up I mean still it's not.
You have to be careful all the government that it has that's an insatiable need for money.
That they target the easy target which in this case will be Russian oligarchs and mobsters but the fact is anyone -- in Cyprus with the name -- more than a 100000 euros.
They're gonna probably be inheriting.
What what when the government runs out of ideas -- -- they go looking for money could this spread is Italy is Spain a possibility.
Italy it's certainly a possibility coming into the year was a 5050 chance that they would need a bailout.
And I gotta tell you something just running the numbers from all the bailout that we've seen so far.
The worst case scenario for Italy would be a one point five trillion dollar bail out.
The Euro -- in the best case and there'll be -- 200 billion dollar you billion Euro bail out the bottom line.
If it only needs money.
And a lot of people think they will mean a bailout this year.
People there can expect some real answers thing for Tony and measures particularly after their election.
When the guy who -- -- -- or someone in a -- clowns that we should pay back anything he got point 5% of the vote.
I will watch you at 920 kind of sort of we'll see in the side monitor -- OK you've already today don't have -- -- thankful I don't Charles Payne leading our coverage Allison are.
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