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My -- we actually have -- the backs this situation is probably less then one anyone is then as night.
It's like admitting to moto we've moved supposing we re wake up by next moto -- is going to be -- -- -- -- I guess.
This -- -- what I'd be happen.
Well they're worried Cyprus he would be too because well they're just hours away from finally being able to get their money out of their bank the governments limiting just how much money.
They could take -- keeping track of school.
He's coming back.
Welcome everybody I'm Neil Cavuto at a had a -- reopening in Cyprus tomorrow.
Word of just how little money depositors will be able to take out when they -- and do.
300 euros tops Andy do you think you can cast -- -- tough.
-- officials also cracking down on any wire transfers out of the country and making sure that no one takes more than 3000 euros from.
The countries they're trying to prevent what they call a bank run by insisting -- strong arming his or citizens own good.
Believe that some sort of capital controls.
That -- moderate what -- -- outflows.
Will restore confidence and they wouldn't -- you removed in that are relatively short period of time.
What does not quite so -- -- funeral well did the positive because you see the government have up to 40% of what's in your account just like that.
An average cypriots are worrying over what's become a -- Accounts.
Set -- her majesty's kingdom an unprecedented.
Move on the part of the the British government.
To sort of build an insurance loss of 38.
Billion dollar fund to sort of adjusting -- -- if everything hits the fan.
They've got some money aside just in case you parliament member knives authorized says.
The government there is in calming.
In fact the whole world is watching.
What do you think what's going on him.
It's simply appalling.
I've been a media makes a great job protections about the resided over the course of the last few years and that remind.
This is the fifth country out of seven taking to need to be -- -- out but even -- him my most catastrophic predictions I never sold.
But the European Union would resort to stealing money from People's Bank accounts.
Just to keep propped up a currency that clearly doesn't work.
And needs to be broken up what's happened here.
Is politics -- the European politics has hit -- -- -- Angela Merkel has a big election coming up in September this year she wants to get a -- those jobs back.
If she shows the German people that she's weak she wasn't get reelected I'm not what this is all about -- You see this now guys much broader than just Cyprus because not only -- they shot him.
-- they'll take money out of big depositors accounts liberals say prepare ahead despite that right European guarantees.
To take money.
From the accounts for less than around 1000 euros.
I don't -- I think the signal the message this sends particularly the Spain Portugal illicitly or in some trouble I'm frankly.
My message to people is if you're an investor in banks in those eurozone countries get your money out while you -- because one day they'll come for you today.
Well obviously some that's going on in in your beautiful -- -- because for the government to start working on a contingency fund and setting aside.
I I think Nigel something of the city of 38 billion US dollars on -- as an insurance fund I assume to brace for possible.
Run -- the banks or or it appeared that the banks get hit or the financial system gets hit.
They're do they're not idiots over there it's also what what -- -- here.
-- -- -- -- -- That the inevitable reality.
Particularly with a Spanish banking -- Is gonna play out.
Possibly over the course of the next few months.
United the the extent.
-- which will liable to in Britain has all the Germans -- all the French two audio -- countries you know what we've seen in Cyprus.
I'm afraid I think is gonna spread to other parts of the Mediterranean.
I'm and the British government.
There's not much they do that I blow up.
But I think to put aside a continues he found in case things go wrong is actually a rather sensible thing to be doing right now.
I'm sure other countries are doing -- and we just got word out of Britain -- other our -- just indeed you know.
Prudent -- would set aside some -- -- is the fear as I understand and odds of that it leads to people just getting anxious about the safety of their money.
Not just rich folks who worry about their deposits getting rated.
But but whether average folks will have limits put on them as well how much they can take out of air count sort of what's going on in Cyprus and they don't want to take any chances.
Yeah I mean there's anything without -- -- we've effectively got capital controls now.
That have been imposed in Cyprus and you know whatever assurances the government give the -- -- -- time and it doesn't look very short -- to me.
I guess the other problem is.
Although the final deal.
Did not steal money from bank accounts -- less than a 100000 euros originally they have proposed to take 7%.
Even -- the small investors and small businesses money and I think that the European government the European Union government has now crossed the line.
They've shown outside fanatical there propensity absolutely -- -- thing.
To defend -- failing here resign.
And I'm frankly the site if I was more invested in Spain.
-- I would get my money out as quickly as I possibly can say the unintended consequence.
-- taking an action designed to get mrs.
-- re elected.
Is there is going to be a -- column to other banking systems in the Euro zone that's why the British government have acted the way they have today.
But it hell of a lot of money to be in a stupid club and that's -- and it's stupid -- Yet now what -- and idiotic you know what we've got debt is a political dream.
I -- the outdated version of communism the idea here -- we can take all these different languages and cultures and histories in Europe.
Force them all together.
Under -- undemocratic.
Form a government and that's why.
We getting such bad decisions you know rating bank accounts putting fear into everybody.
The democracy may have its failings but he gives better decision making processes and unelected European commission's and European central bank's -- thank -- -- That is well put this is all about does not back when it out keeping the club together doing adding we -- the club together.
Cyprus is just the latest stop on that parade.
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