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For more on the European markets let's go live to London where we're joined by bill -- -- chief economist for markets dot com bill always terrific to see you.
-- -- Greek citizens are running to pull their money out of the banks there are reports that people.
In Spain are pulling their money out of a bond -- which was partially nationalized.
Bill when does this all stop where does it all stop.
I really don't know not I don't need to be invasive but I mean it's a situation where.
The politicians have -- it's really a question of the banks and I think this is -- problem it's very different or probably for here in the UK also in the US understand.
The European Central Bank on like that said unlike the Bank of England.
Does not have -- really the power to keep quantitative easing -- whatever you want to call it really has to be a situation where.
Consumer confidence really is zero and I mean I and this -- don't know what's gonna -- -- happen I do know yesterday.
You know we saw brief rally of the Euro we saw -- whole.
In that -- the -- But the European stock markets when the rumor came out that the European Central Bank was gonna have an emergency meeting I can guarantee right now -- ECB has been.
Talking talking and talking internally now for weeks on end but it really is gonna be situation.
Don't be surprised if we have to wait -- June we could see it interest rate cut from the European Central Bank.
Also here in the UK we could see probably another interest rate cut but it really is that banks have to start slugging.
-- the globe with.
-- And it didn't know you don't see any sign that we will get.
From politicians and has been Europe at this point there's no -- -- that there's really.
-- class act now and I think.
I think one of the things.
We have to -- -- was.
Back when the Greek crisis first started Angela Merkel stood up in front of the bund -- stock in Germany said.
You must understand politicians do not understand the financial markets and I think.
This is one of the things it's been exemplified exemplified an example -- we saw the other day.
Cool mist or laden goes to permit for the first avenue is playing get struck by lightning now is that at a -- yup but I think one of the things it's very difficult to understand.
I'm concerned about the simple fact is how can you -- austerity whether it be Greece Spain.
Italy Portugal which nobody has any money and nobody its -- any money so therefore have to go back to the -- Of this central banks they have to get these economies -- -- it meets at rates have to drop again in the European.
Central bank and also here in the UK they've got to do what he saw what the Fed's done zero to a quarter we're also talking that possibility of QE3.
More quantitative easing here in the UK but the Central Bank have to do what.
And not the politicians.
And bill great to say thank you sound like -- if you -- our chief economist for markets dot com -- well now.
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