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But -- next guest says that Cyprus what's happened.
Could unravel the entire.
Your system economist Peter the racing joins us now all right via.
You've said you said this morning -- I've read the article.
That the Cyprus will be better off.
Getting outs of the Euro completely.
In thirty seconds make -- case.
Well essentially cyberspace is the same kind of fate as Greece 25% unemployment before it's over severe -- austerity.
And the loss banking jobs simply can't be made up.
It would be better off but its own currency symbol -- Iceland.
Reworking its banks and like the New York banks re emerging and continuing as a financial center and and for -- Eastern Europe and Asia.
-- western investors.
You think this will be up to the people of Cyprus who eventually may say.
We want out of this because we've got a ten year depression on our hands we want out of it we've got to go back to our own currency whatever -- -- -- -- do you think -- say that.
They may -- it will be difficult to unscramble the -- this settlement its implementation does not require new legislation we are told.
Rather these banks can be resolved shut down.
The banking sector -- the unemployment impose.
The end the austerity measures will be almost compulsory simply because the government won't have revenues.
To meet its obligations and to stay inside the Euro zone.
It will cut spending and so on and so what at that point it becomes very very difficult.
This morning -- these Cypriot people should have an opportunity to decide whether they want to remain in Germany's empire our viewer or going -- like Iceland.
And some other small countries enjoy this sovereignty and perhaps accomplish some prosperity.
But that -- have the chance to make any such vote I mean the deal has been done.
So not now the next question is it you'll pointing out that the jump was really want on this one they got -- -- certainly.
But the Russians they lost they lost big.
Have they got any way of getting back at the Germans back at the rest of Europe for what Europe has done to them.
-- they have the valve on natural gas although I don't think they would go that far on this issue.
Now they have lost their money Europe does not have been mechanisms in place that the United States has to manage a single currency and to manage -- banking system depended on it.
They can't recapitalize its banks you know if if New York City -- country.
It it would have -- that these same options that had as part of the United States.
Cyprus is part of the European Union doesn't have those options and it's not possible to resurrect.
Not Cyprus the way it was the Big Apple.
It's that simple.
It's misery imposed from the rest of Europe loves it looks like it to -- IPO we're out of time but thanks so much for joining us again Cummins is again -- please thank you.
Thank you to the big ball.
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