. >> cyprus and its days of turbulence. parliament is expected to vote on a new plan intended to raise funds and qualify the country r a bailout, staving off bankruptcy. the next few hours will determine the future of the country, said the government spokesman. in the meantime, with the banks closed this is a country in waiting. midday, the main shopping street here almost deserted. >> it is empty. this is one of the busy high streets. it's deserted. it's unbelievable. >> at the cash machines of a troubled bank, withdrawals are limited to 260 euros a day. >> they're afraid maybe next week -- this is our [inaudible] >> in the supermarket, there's evidence of a cash economy expanding. >> we have suppliers demanding cash. not all of them but some are in a panic situation and are demanding cash payments. >> so everyone is waiting to see whether the government can strike a deal with the e.u. by the deadline of monday and save the country from bankruptcy. the challenge for cyprus and its parliament is how to raise nearly $6 billi

that was confirmed by cyprus. things are already happening. we know the central bank has named an administrator for the lockheed bank. we have just got notice that lockheed and think of cyprus will remain closed for two days and remain open on thursday. that gives them two days to try to get ready for whatever happens next. we note with lockheed that will be the end of their business. >> ok. at the end of their business. her banking sector is effectively dismantled. facing years of austerity. what has been the public reaction? >> the public are just getting used to the idea, now, i think. as the situation is being explained to them, there is extreme anger about the banks and the state of the banks and the fact that lots of people did not know how bad it was. they passed the stress test, believe it or not in 2011. the european central bank gave them the green light. so, people are stunned by the fact that there is such an unhealthy state. >> a lot of questions to be answered. thank you very much. >> cyprus has been saved from bankruptcy, but ul

that was confirmed by cyprus. things are already happening. we know the central bank has named an administrator for the lockheed bank. we have just got notice that lockheed and think of cyprus will remain closed for two days and remain open on thursday. that gives them two days to try to get ready for whatever happens next. we note with lockheed that will be the end of their business. >> ok. at the end of their business. her banking sector is effectively dismantled. facing years of austerity. what has been the public reaction? >> the public are just getting used to the idea, now, i think. as the situation is being explained to them, there is extreme anger about the banks and the state of the banks and the fact that lots of people did not know how bad it was. they passed the stress test, believe it or not in 2011. the european central bank gave them the green light. so, people are stunned by the fact that there is such an unhealthy state. >> a lot of questions to be answered. thank you very much. >> cyprus has been saved from bankruptcy, but ul

cyprus in one city. people are angry at having to pay out of their savings for a bailout of the bank. 13 south african peacekeepers have died during fighting with rebels in central african republic. hundreds of south african soldiers are there to help train local troops. looting has been reported since the president was overthrown. workers in hong kong are protesting against a court decision which bans them from settling permanently. two filipino maids lost a case in the final court of appeals. they say the hongkong immigration laws are discriminatory. prisoners held at the facility at the airbase are regarded as among the most dangerous men in afghanistan. after a lot of pressure from the afghan government, the u.s. military is about to hand over control. what will happen to the prisoners? .> and over as the largest prison run by americans into afghan hands. u.s. transferred most of the facility to afghan control. not all. that may present karzai angry. he repeated the demand of the prisons be handed ov

cyprus was. surprising for me as a robot. has no. practical telling you can just. ok tanya something that i'm slightly confused on is that i didn't realize it was a separate thing altogether that you could run a company in cyprus have a large corporation but not be deposited there is there's two separate things campaign exactly how he explained it to me that you can enjoy all the benefits of a tax haven risk you want to hear a asked me off camera who do you think will be storing his cash in a country is such in the such a crisis situation and in fact you know i thought would you be storing your cash in the country under the threat of default you know well i don't have any money. if i did have money you know maybe not you know it's interesting all russia's metal giants that are owned by russian oligarchs and i read just that in cyprus which is that you have razzo of more original and carefully sin now and some of the assets or through solid. however we can come to a conclusion about if more of the

against cyprus, it's time to pray. for many in this deeply orthodox country, everything is at stake. the church has offered its own land as collateral for fresh loans. but that has done little to ease negotiations with international lenders. >> there is not a single cypriot who is not concerned at this moment. there's not a single greek or european who is not concerned. our world is changing. >> on a sunny sunday, families and friends filled cafÉs. you would not know there is a crisis here, not unless you listened in on any one of the conversations taking place. >> the countries going to collapse. period. that's it. everyone's blaming each other. the point is, it's going to collapse. >> away in brussels, the fate of a nation is being decided. if agreement can't be reached on the measures, cyprus must take to contribute to its own bailout, the european central bank has said it will cut off lifeline funding for the banks. it is a threat many find unacceptable in such complicated and unprecedented times. are minister sai

in today's cover story, cyprus says no. after rejecting a bailout package, the next step for the mediterannean island. plus, "fuggetabout" the added expense. why more americans are paying the price to live large in the big apple. and, ways retailers are taking it up a notch. first business starts now! you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's wednesday, march 20th. i'm angela miles. in today's first look: a market madness rebound: stocks reversed course tuesday to end with a mixed session. the late lift to the market followed word that cyprus lawmakers voted down a bailout plan that would have taxed people's money in the bank. gold continues its climb, while oil had a major sell off. the lead engineer at adobe is reportedly leaving for a job at apple. the software company's stock traded in heavy volume after the close on better-than- expected earnings. meanwhile, williams sonoma reports were up 9% in the latest quarter. larry shover of sfg alternatives joins u

is giving cyprus has to be matched by the cyprus government coming up with about close to seven billion themselves the problem is they don't have the money and the only way they can get it out is out of their depositors now on the other side of the equation the germans will only agree to this bailout if the russians depositors which is a lot is about thirty billion dollars worth of russian money in those banks they don't get away scot free so there's a little bit of behind the scenes politics happening here in terms of who is getting hit i'm not sure that's michael but it's quite i mean a lot of russians are not happy about your head michel. they're not happy but i don't it's because of deposits in the central bank says up to seventy billion in deposits in cypriot banks seven billion is held by russian nationals that may be not underestimate but certainly nothing more than double that out of seventy billion now it's quite true that russian entities have loaned money to the. cypriot banks but it's a different matter overwhelmingly the people who are getting burned by this tax on deposito

not as much and you know like the math you just said that that cyprus is a special case but cyprus is is now in real trouble when the banks open on thursday . so i do think that we will have problems as we go down the line this is just the beginning cyprus yes absolutely there's no question that when the banks open you're going to see an exodus of money even because people are scared no one's taking a chance what's going to happen the week after because we still have the greek crisis unfolded from one day to the next you didn't know what was going on and so anyone who can will probably take all their money out especially foreign depositors and this is of course going to hurt the cyprus economy and the small depositor in multitude of ways so michael is it fear no more than anything else. well yes sure i mean we focus a little bit on small savers but they're not the only savers just on them you know if you were a bar owner or a taxi driver or something are you going to take a check from someone you going to take a. credit card payment i doubt it. but actually know what going to get is t

it was good to have a contribution of the savers in cyprus itself because in other countries we have a different sort of problems but remember in spain savers already have contributed those people who had an interest in the spanish bank bankia lost money some people in other banks have lost money and generally european savers are losing money because we have a policy of cheap money low interest rates that means that saving money if you put money in the bank it cost you money. the crisis in cyprus has not only rattled the euro zone sending the euro spiralling to yellow lows but the repercussions could be felt for the up failed earlier explained to my colleague bill dodd wife of russia do you is nervous about the. well you know there's a certain stereotype in the west about the russian mafia keeping their money in cyprus offshore accounts well of course to some extent there is some illegal money there but differently fundamentally it's all about the big businesses because almost just about every big business in russia has an asset an offshore account in cyprus and the biggest concern w

more protests in cyprus. the banks remain closed and now, word of resignation from the bank of cyprus. building a new order. south of africa hosting a summit from the world's leading emerging economies. china roaring back to the no. 1 spot. --it feels good right now tireder roaring back. i was crawling from iphone of all the people who have textrted name with all the messages that say thank you. >> we begin meant breaking news out of cyprus. ward is commander that the chairman of the bank of cyprus has submitted his resignation. we're going to go straight to one of our correspondents about this, john, what can you tell us? are we talking central bank or one of the commercial banks? the governor of the biggest commercial bank in cyprus, the bank of cyprus, not the central bank. -- >> this is the governor of the biggest central commercial bank. he is reported to be saying that the refinancing and restructuring plan that the bank of cyprus, which was to absorber much of the deposits of the bank, the one here beh

it was good to have a contribution of the savers in cyprus itself eg if the cyprus does go along with this tax are we going to see other easy countries implementing the same measures of the same tax relief. no i don't think so because this was a very acute crisis and i think it was the only way to save cyprus and other countries will have a different sort of problems but remember in spain savers already have contributed those people who had an interest in the spanish bank bank here lost money some people in other banks have lost money and generally european savers are losing money because we have a policy of cheap money low interest rates that means they're saving money if you put money in the bank it costs you money and this is happening to a lot of citizen in europe already so it would be wrong to i or to to suggest that this is the first thing the first time in happens actually already happened because because savers in europe are not well off at all i was actually going to ask you because there's a lot of our foreign investment and capital in cyprus there which is likely to flee t

the short term, cyprus can pay its way. for the longer term, the question is still open. >> more serious and how the ongoing conflict is threatening the stability of its neighbors. >> australia has shot to the top of the list of the world's most expensive places to live. >> polling stations have closed in zimbabwe were millions have voted to whether to adopt a new constitution. fighting has intensified in damascus and the main airport has been forced to close to all commercial flights. cyprus is getting a $13 billion bailout deal. more on the situation in syria as the crisis enters its third year. the crisis is threatening the stability of its neighbors. the opposition says the risks sparking a sectarian conflict in its own country. we have this report from the turkish-syrian border. it could be just a commodity or the sign of unwavering support. people who live in this part of this province are mainly of an sethoot of islam, the same of bashar al-assad. they are worried about the conflict. >> my heart cries for all the peo

consequence for cyprus because the amount of money that the russian government has provided to cyprus has been in the order of what two and a half billion dollars. damage of this measure to the cyprus banking system is not going to be two and a half minutes going to be twenty five and fifty billion dollars because the russian government is going to have to find a way to guarantee the banking system of cyprus and if russia is going to do. that too in order to sustain side press then cyprus has got to provide a political for russia and so that's why i think at the moment the cyprus government says that they gonna stay in russia it's not just a question of two and a half billion dollars it's going to be much much more was hacked it will now have on the relationship between russia and europe this is an ideal opportunity for russia to take the moral high ground all it needs to do is to say this is a very badly thought out decision. this has an effect on the russian economy that was never considered them was never consulted with the russian government. the regular appearances have already m

has given cyprus and ultimatum either force us save us to save banks all. the press send to see up to ten percent of their life savings a raise or all to secure indebted banks with the bailout from brussels the reactions been volatile with protests and people trying to take the cash from banks more an hour from a looser robson who is a journalist living in cyprus this is what she had to say there are several parties which are against this this option that has been proposed by the government it isn't guaranteed at all but the government has said that it is willing to revise the terms of any levies initially they were going to be quite harsh on small depositors but there have been terms proposed about anybody with less than twenty thousand euros in the bank being tax free without any any outcome from this decision the government is toying with the idea of finding the five point eight billion replied euros from other sources and government bonds could be involved also possibly bank pension funds the e.u. has said that cyprus is free to some extent to find the

to pay back in terms of russia and in terms of cyprus and in terms of russia too to actually help cyprus along i mean there is a huge amount of russian interest in cyprus and i think it's only natural that these two parties meet but i don't think the relation seen nice relationship or strain in any shape or form to be honest russia has expressed a certain dismay at the way the whole scenario was played out the fact that they want for a welcome in terms of supporting cyprus but then do you think that russia can really complain considering that they didn't offer the vost amounts of financial support that site press desire at one point last week in terms of rush or helping out the cyprus i don't think it is pretty it isn't the first port of call in terms of helping out cyprus is part of the european union as such the financial help should first and foremost come from the european union i think russia is right to point out that the the modus operandi in terms of helping out cyprus was not exactly smooth it wasn't. smadi in any sense and this afternoon's development where actually we've seen

cyprus. this is simply stunned at the speed and manner with which the banking crisis in his country seems to be spiraling out of control he shows us his wallet no cash a little lottery tickets a single parent unemployed and caring for a sick mother the unraveling of cyprus's financial woes couldn't have come at a worse time but i think showing that i live with a pension of my mom all of your life is coming up side down you make a plan for the future the people in the young and the old. you have. the economy of your country in the park system these. corrupt so. you standing with an empty hands. a sentiment echoed throughout the tiny island nation. with scenes like these becoming a daily occurrence another day in nicosia cyprus another protest though this one in particular is a gathering of black appointees of the country's largest lender the bank of cyprus but they worry that the company is headed for collapse and they may eventually lose their jobs though many cypriots told me that they are w

it looks like cyprus now is tantalizingly close to a deal. but it it won't come without significant pain for many. peter sharp has this report. >> the people of cyprus had endured a week of increasing uncertainty. as the talks dragged on they took to the streets for yet another night to voice their fears and frustrations. >> if they don't realize that we have strength and we will fight, if they lead us to a dead end, we will be out on the street with strikes. >> many of these people face the imminent loss of their jobs as the island's banking sector is stripped down and restructured as part of 9 conditions for the you're not -- doctor of the european union bailout. working here for years, now i risk being throughout out on the street with my family. all of this is happening because of the union, which is a german union. >> earlier, financial officials met with representatives of the troika, i.m.f. and european central bank officials met to wade through the fine print in a deal that could spare the island nation bankruptcy. there was a glimpse

maybe the not debated deposit levy in cyprus cyprus because the parliament have delayed and he talks now until to morrow they were due to discuss this over the weekend when i'm now joined by journalist lucy robson. how are people in cyprus taking this news when we get pictures and reports of people literally queuing at cash machines trying to get their money out over the weekend is that really what's happening. yes that certainly has happened to me and i can vouch for that because i've done it personally and i'm not the only people on and there have been reports a.t.m.'s have been closed and that this isn't the case the official line from the central bank of cyprus is that a.t.m. sell a rating as per usual and people are able to withdraw their money so you are a foreigner living in cyprus and you are being just as affected as everybody else is that absolutely and for example there are about thirty one and a half thousand british people living in south this continent and we are working or are retired here and the majority counts here so we are just as affected by these proposed measur

well the question nobody was willing to answer here in berlin was anything to do with cyprus in fact neither angler merkel french president francois hollande or the president of the european commission jose manuel but also were anywhere near coming forward with it and so this is appears to be the the hot potato the financial hot potato that nobody wants to take hold in their hands now what's going on in cyprus is this well if you have money in the bank in cyprus are you going to have to pay to have it actually if and it was certainly something that especially the french when i was in france wore a land wasn't willing to take any questions on aids close to him we're hearing it said that if you're going to ask the french president anything make sure it's nothing to do with the cypriot economy because he's just not willing to play ball now that seems to be the the message in europe at the moment is that they really don't know how to deal with the situation in cyprus they certainly have no answer at the moment and especially for mrs merkel you have to look at this as well if this does be

lot of russians do their banking in cyprus want to go to cyprus there are plenty of other places they could go to it's not the only offshore banking area is it well if you read the press i mean the press always says it's all tied to the money laundering and there is that there's definitely that element but the reality is that russians russia laws are recent they've been around for a little more than twenty years and it's very difficult to create a company and run a company under russian laws because it's very easy for somebody to illegally take over a country would they call raiding because somebody comes in with a gun or whatever into an office and they make people sign documents they forged documents take company stamps etc and if you have an offshore company you. prevent against doing that and of all the offshore drilling stiction with british type laws only cyprus allows russians to go to their country without a visa so it's easy and it's and it's all convenient yeah absolutely and also when you want to. change the shareholding of a company or if you want to attract investment you

well this is a response to the blackmailing position of the cyprus finance minister and the cyprus prime minister has well the cyprus population is against any foul part in the recapitalization of the banks let the european taxpayers pay for cyprus plans to have offered. conditions for their accounts we sure are young and you know his dreams we would have offered. tax rates and have let in people from abroad which are nonresidents and which are not at all the identical with the. population let's take this into account as well in germany we are going to help to have elections in the autumn of this year and the german population after the paid out of the irish cried out of the portuguese great out of the spanish paid out now is confronted with another case of bailing out a country which is not at all these hundreds of the eurozone and which in the past has benefited enormously from the euro not in order to build an economy but in order to build an offshore an offshore so is not part of the european project it's not part of the european project of the euro and it's not part of a policy whic

cyprus's revisit a revising its bank plans or by easing the burden for those with small deposits but holders of more than a hundred thousand euros would lose almost ten percent of their cash the country's parliament is expected to vote on the package later today the president had moved to dip into people's pockets is to secure a vital cash injection from the e.u. and the i.m.f. plans are triggered a run on the banks and protests in the country more from lucy robson a journalism living in cyprus. there are several parties which are against this this option that is being proposed by the government it isn't guaranteed at all but the government has said that it is willing to revise the terms of any levies initially they were going to be quite harsh on small depositors but there have been terms proposed about anybody with less than twenty thousand euros in the bank being tax free with any any outcome from this decision if the government is toying with the idea of finding the five point eight billion required euros from other sources . government bonds could be involved also possibly bank

panic and frustration in cyprus the citizens struggle to hold on to their cash and politicians race against time to avoid a default. emergency his main rebel group and some opposition activists claiming the block is being guided by islamist radicals. international news and comment watching r.t. coming to life from moscow with me. now and panic is spreading through cyprus with the parliament set to vote on another plan to raise funds and no water to secure a vital e.u. i.m.f. bailout loan and avoid a painful default bank employees have attempted to storm the parliament building over possible job losses and speculation the country's banks won't reopen after being paralyzed for a week and as artists sell reports people are preparing for the worst. all of this panic this negativity started of course on the announcement over the weekend from brussels that in order to get a ten billion euro bailout package cyprus will have to cough up about five point eight billion in the suggestion to impose a tax on the cause it's now ninety one percent of cypriots according to a poll have been against. we've s

cyprus moves towards a vote and taking cash from people's bank accounts to secure a bailout what's being called the great to you bank robbery. going tunnel prisoners hunger strike is said to be growing with activists increasingly outraged by the measure of international humanitarian organizations. it's two pm here in moscow you're live with us on our t.v. with me tom would say it's good to have you company with us at least fifty six people have been killed in a series of attacks across baghdad the deadly assaults come as iraq marks ten years since the coalition led by the u.s. and britain invaded the country with their freedom and democracy mission. has the latest from iraq. but we do expect the death toll to trouble me right to convey we know that doug and the people at. the district in baghdad have been injured we're getting from official the moment that there's been a period of more than a dozen. car bombs as well as the road why do you think that part of this could be a quarter needed theory that said again as i mentioned it had predominantly hip shiite areas in baghdad now and their

does so sylvia are nicosia cyprus the president of cyprus is defending the controversial rescue package admitting it is painful but saying it's in the best interest of cypriots meanwhile the troika hailed the plan saying it places the country on a sustainable path to recovery but the deposit levy has raised fears the same thing could be done in other struggling banks across the continent here's what the head of the euro group is saying if there is a risk in a bank our first question should be ok what's the bank going to do about that this prompted fears across the euro zone as cyprus deal as the cyprus deal has now created a new template for resulting future banking problems as professor of international finance charizard raman explained to my colleague bill dodd the bailout hasn't only scared small savers but may trigger big investors to start pulling their money out of other banks. it's good we tied him on to the greek social economic debacle that we are seeing. going to go into a deep recession and this is going to be another decade lost for this country clearly the europeans and the

a hot of european eyes on cyprus this weekend. the p.m. of lebanon, najib mikati has revined -- resigned after his cabinet was unable to decide on how election should be carried out later this year. israel's prime minister benjamin netanyahu has phenomenonny pologized for the death of troops. the reconciliation was brought on by president obama's trip to the middle east. our north american editor, who is traveling with the president, has sent us this report. >> at israel's holocaust memorial, president obama declared we must work for the light. but ermon than diplomacy the man was hoping to change the way america was seen in the world when we came into office. obama has shown a passionate respect for their country that is sweet music to israeli ears and many liked his push for peace. one newspaper declared "love has paid a royal visit." >> for our sons and daughters are not born to hate. they are taught to hate. so let us fill their young hearts with the same understanding and compassion that we hope others have for them. >> he mailed trib

the sinking island cyprus struggles to means the e.u.'s demands vital for a bailout ahead of monday's deadline with schools of savers facing the prospect of losing trunks of their money for the sake of rescuing the country's ailing banks. u.k. police say there are no signs of any third party involvement in the death of self exiled washing tycoon barry's results he was said to have repented his past while longing for a return to his homeland. also the syrian national coalition chief announces his resignation raising the alarm over the dramatic divisions within the anti assad forces. starving to death and protest at indefinite detention as lawyers for hunger striking gone ton of the detainees claim their clients lines are on the line the u.s. military denies a crisis and even boards to expand the facility. the latest news and the week's top stories you're watching the weekly here on ars he was me you know hello and welcome to the program. ailing cyprus is in the hands of brussels now as the deadline for the e.u. bailout deal is looming in t

german chancellor plans will not bring a sustainable solution for cyprus cyprus as a debt problem doesn't that overhead which kind of pay and you cannot solve this situation by adding debt like the term billion now the european union is willing to pay as our no one has a guarantee whatever about this will be no sustainable solution put in bloom post austerity to the people of cyprus it may well impose bible will lead to lower waiters lower prices so this is no solution and therefore one burg. no solutions but many ordinary cypriots feel germany's pressure pressuring the country to adopt its hoss and i don't fade tags a-d. do you think they have a point then why is germany being soft well i think there are upcoming elections and that's the point the bailout will not go on like it ever did for. european union the troika soon and bails out the banks but in this point of a demand what is in principle ok that creditors of banks have to participate in the debt cuts. and support that's right but not like they do it here one reason for the separate crisis was a weak regulations from the e.u. whic

cyprus. the capital nicosia has indeed been hit by a wave of protests throughout the week about all this with people venting their frustration over the controversial measures business insults in germany to favor says the e.u. is approach to solving the cypriot crisis has been far from ideal i think the debate here is obviously much broader than the particular case of cyprus and the political message that's being conveyed behind the the high end of the base and have been going on for the last week or so are clearly underlining. the lack of a lack of vision behind europe's bailout the particular case of cyprus shows a political move where we're we're we're trying to. to heal a deep wound with a band-aid obviously cyprus is again a particular case but the overall discussion and the overall worry and fear that is that is underlying here is is for for every european citizen. thoughts too from wall street journal correspondent matthew dalton he says the financial shock waves from cyprus are being f

summit last year when the euro krotz told russia that cyprus would be their problem to solve cyprus had been racked by the greek economic collapse the russians didn't take kindly to that said it's a euro zone problem and it's not like russians are the only ones availing of time cypriot tax loopholes however russia did stop at two and a half billion to help trying to keep the island afloat a change in the cypriot government last year delayed any chance of a resolution most notably out of russia e.u. summit last december but it crucially brought the timing of any deal into the german election cycle and this is why merkel is playing hardball merkel's in search of votes she's under pressure at home and explains the euro group's decision to back a raid on privately held posits in cyprus germany's taking a very very hard line on this issue merkel's uncompromising stance backed euro group's decision to raid privately held super deposits weekend. and sent the cypriots to moscow looking for help the russians look at the cyprus approach and say no we're not going to get involved for two reasons.

as for europe then what about cyprus we know that lawmakers they met today to discuss the terms of the controversial euro zone that bailout pohlad we know we just heard from the test of just now of a bathroom so far be rejected that's what we're hearing that's the reports on the ground where it is concerns that it's going to be setting a president by breaking the taboo against rating bank accounts although the situation is being described as entirely unique by the ministers at the moment as it stands trading has been suspended on the cyprus stock exchange a route. again on thursday so this is what we're looking at just now this is how europe finished up the day largely in the red for russian markets falling on for most deep declines that we had on the monday session is international pressure taking its toll from the lies of cyprus as you can see there around a percent for the r.t.s. and the mice it was just then it was one of the financials here the second biggest one down one point seven percent of all the cars has to check out as well as see what happened there with what the ruble ma

how can cyprus restore its banking image after all of this now. ok it seems like we've lost some a c. even a wolf who is the financial a service spokesman for the united kingdom independence party they speaking to us live from london now the european central bank has set and ultimatum for cyprus either a strike of bailout to deal by monday or be cut off from the emergency funds that would be a devastating blow for where banks are remain shut to prevent a massacre drolls tessa cilia has more on what's happening in the capital. the message is so widespread now across the capital that when you walk down the street wherever there's a television it's on the news channel and. that liquidity flow to cyprus will end on monday if there was no new or i.m.f. program in place and that really poses a problem as far as cashflow was concerned we've already gone to some a.t.m. machines are people winding up they're trying to get some cash and some people tell me limit the amount of money they can get from from one withdraw all has lessened some for four hundred f

nicosia cyprus. she's a member of a media group wake-up cyprus believes that the actions of the leaders of jeopardize the entire cypriot financial system. i don't think that it's correct to speak for the bailout because this is not the bailout it can be best described as an overnight assassination because with the decisions that are taken in little group they have pretty much destroyed forty percent of the economy and now they will also add on top of the debt problem that we have another long and you kind of history understand that the math does not work but facing a new parenting mean in the european union this is the first time that he has this has been done but it's like planting a bomb in the structure of the financial system itself therefore i don't see how any any best or people can tip their mind the banks when now that we have a debt problem twice or even more as bad as it was before then obviously there will be a phrase for a new levy on their back when bond deposits so how are they expected

her or her opposition have identified cyprus as a wedge issue. her uncompromising stance which backed a raid on privately held posits in cyprus forced a surprise to come to moscow looking for help at the weekend for the subsidy of e.u. limit to how much money cyprus going to borrow it from outside the u n e way no well i think at that stage the cypriots are pretty much ready to talk to anybody but the the russian cyprus connections are well known but it's not like the russians are the only one but i've been talking about this for a year how come this is just come such a head. now when they have failed it at this eleventh hour will again this this comes back to the change of government in cyprus last year that there was a possible for the for them to make a deal while that political transition was going on right now the russians are looking at the situation and basically sent the cypriot ministers packing with the by example for two were reasons one specifically is that it's a eurozone problem of russians who are going to get involved in what is t

i'm thinking cyprus not going to fix the e.u. and so on would it britain. isn't that all but on a voyage on avoidable that's not new news is it no but i think i mean given the context there was room for maneuver and we could see a much bigger effort on deregulation trying to curb business costs and actually get productivity moving in the right direction these are actually the fundamentals the wellsprings of growth we didn't see much on the other tall or did see a lot of tinkering this probably aren't going to make matters worse a lot more complexity for businesses which is the last thing they need to talk to richard while executor a director and chief economic affairs in london thank you ever so much. so you had both the syrian government the rebels have a cold for international probes into accusations chemical weapons were used in aleppo in northern syria we talk about that very shortly a priest in the town tells us about see he can confirm the chemical weapons were used in the assault a left twenty five people dead also two iraqi terrorist groups links to

today's news and a round up of the week's top stories big depositors in cyprus take a major hit with the government taking up to sixty percent of savings to satisfy e.u. bailout terms placing unprecedented limits on cash strapped cypriots. do or die hunger strikers in guantanamo say they're ready to lose their lives as protest over conditions of the detention center go into their fifty fourth day. also this week targeting a world wide web a massive cyber attack claimed as the worst in history threatens to cripple the internet after a rally between rival web groups escalates. and powerful partners breaks countries seek to reshuffle the organization eyeing the creation of a joint development bank set to rival established global landers. you're watching r t coming to you live from the russian capital i'm marina joshie welcome to the program how saving seibert from financial collapse is coming whether hefty price tag and not only for high level depositors they'd all face losing up to sixty percent of their savings over one hundred thousand euros the long anticipated opening of banks came

merkel, the ball is now in cyprus' court. she says they must submit a fair counterproposal first in what she expects to be tough counter negotiations. >> onto wednesday's market action now. european stocks snapped a three- day losing streak and locked in some pretty healthy gains as the region's policy makers weighed the future of cyprus in the euro area. we have a summary of the day's trading at the frankfurt stock exchange. >> the failure of the bank levy in cyprus had no impact at the markets. traders remained calm. no rescue package went through at the first attempt, they said. they are still optimistic that politicians will find a solution, but not everyone is so trustful. the world's largest bond dealer, a u.s. company pimco, reduced its euro investment, but its warnings have been ignored. the dax was on the upside thanks to gains in the banking sector. >> we stay in frankfurt for a closer look at wednesday's market numbers. the dax finished the session up by nearly 0.7%. good to see that. the euro stoxx finishing up. t