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European markets let's go live to London where we're joined by bill who -- chief economist for markets dot com bill.
Good morning one I -- to have that morning as broadly as we're watching this on Cypriot banks reopened today after being closed almost two weeks.
This was day.
You know the strings attached to bail out if you will from Europe what's wrong with that if we're finally put their foot down as a world -- -- you don't get no strings attached anymore.
Why -- a bad thing.
Well I guess I'm not that what.
We should be -- terror attack it.
Back in 1967.
I was against the European coal and steel community and of course I've been negative on the Euro zone threw out.
Now what is -- for some of that viewers this happened before in Cyprus in 1974.
It happening Italy in 1980 -- but it that had.
Both countries had their quote.
-- central bank and -- take care of quote -- oh neighborhood and I think this is one of the things that we've seen with the Euro -- the ECB except for.
One status does not at all especially when the quote proverbial hits the fan.
Concerned -- you about Italy watching for it in hopes that a government will be formed and I mean they need to do that stat and they that it would you say are you reading into these other.
Bit less troubled nations in terms of how Cyprus was handled by the whole of Europe.
Well I think the thing that concerns me and remember if we'd had this conversation two years ago it was.
The Greeks you know the problem with -- well this is far more serious problem with Cyprus on a microcosm an -- just yet the keys -- -- If there is quote any type of temptation in Italy -- Spain politically economically.
This is a very dangerous situation and I think unfortunately.
You go back to what -- Merkel -- almost three years to that day when this slight problem with -- was developing -- she said this in the Bundestag.
We have politicians.
Don't understand the economy of some of these countries what they've done a very poor job as politicians interfering.
With these economies and this is the thing that the markets look at that we're seeing it more so when the bond market is it time -- thought that back up towards -- -- the spread between.
And German bonds are widening and again it's a question of you know we're having here into new -- fighting among -- like.
Hence it's sort that's Groucho Marx yes may -- -- awarded joined a club.
Here's a metal -- -- bill as great -- talking thank you so much and we should point out it was bets on Greece by those Cypriot does.
Ridiculous Cypriot banks that cinnamon defend the central failures -- a point that out again lack understanding about what was going on there.
Bill thank you again bill -- -- chief content you -- markets dot com.
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