Transcript for Will Cyprus Leave the Eurozone?
Futures are up this morning on had a crucial vote in Cyprus that would determine if that island nation -- in the Euro zone and to break on the latest from the news from that situation in Cyprus and the business headlines -- this Tuesday. Joined by Matt -- from Yahoo! finance Matt good Tuesday morning to you. Yes. So the that the government and Cyprus are announcing that it would take six point 75% of savings for anyone who had less than a 100000 euros. In their bank accounts 10%. Anyone has more than that clearly there was a lot of upset from that and ends well I mean to put it mildly a slight run on some of the banks there. So what's the new proposal from the government. Well. A couple days is there they're trying to lower the bar they're still doing essentially the same thing which is capturing. Deposits savings money that -- in a bank for reason. It's an aggressive move it's a move that probably you will backfire. There will be a run on the bank should mention a run on the banks of the banks were closed when they started talking about this for the weekend and then for Greek orthodox holiday that was yesterday. So when the banks to reopen for business undoubtedly people will be moving money -- heard estimates anywhere from ten to 20% of on the deposit base which would sort of defeat the purpose of trying to. Tax the deposit base but they've now lowered. The lower tier two -- people less than 20000 euros in the bank and then they have that sort of -- An upper tier but the big thing is they're capturing a lot of money to solve the problem. -- of their own making. But their capture a lot of money at the upper income levels and anything yet solid estimate -- -- -- that necessary concern. Well you -- -- -- a lot of that money happens to be run of Russian origin and you know this is an economy that built itself. As a financial haven and so. It's really not a surprise that their banking sector is disproportionately. Large we've heard. Vladimir Putin and Russian foreign minister voicing. Concerns. Abouts. This a money grab and that's you know we are paralyzing people that had nothing to do with the lending practices. And financial situation. And making them you know pay money. When you know I can see that point it's certainly. -- you -- -- money in the bank what did you do wrong why -- me your money back is that the whole. You know notion of banks and and insured deposits. Right right now exit exam point I'm sure that a lot of people are Cyprus -- certainly agreeing with so. If this proposal does past parliament and it is expected to pass if it didn't know. What does that mean visiting Cyprus defaults and leaves the Euro zone what of the fallout from this. What you know that the word default it's it's not it's not like a hard line delegate. Finish line these there these -- You know squishy negotiable -- you know so if and it's very probable live from -- elected officials in the Cyprus decided that this is -- and their best interest. That this sort of 5050 money match with. European authorities predominantly Germans. Doesn't suit their needs so they might consider they say is any -- the fault so what will go back -- a little island paradise. -- good time. -- -- work -- -- that'll bring people back to negotiating team we've already heard. Comments from the IMF and the World Bank in the deep for her about the -- discussed in Greece but the thing is it's not about cypress it's all about the deal that you can -- To stay in this exclusive seventeen nation club -- uses. That the Euro the common currency there and if you push hard enough and can be proven that you are -- enough we will. The -- -- get a special deal and that's probably. I would not these -- that be the outcome. And so we shall wait to see a lot of stateside now a new housing starts -- for the month of February numbers are up this morning -- we -- Well -- expected on the starts and the -- basis both getting back up close to a million. Oh that levels we haven't seen in many years -- -- -- really. The housing market -- -- really prior to the financial markets we talk about the 07 -- But the housing activity was really earlier in the year so we're now back to all time highs -- certainly we are seeing some aggressive. Seasonal spring activity -- builders. Starting construction and actually applying for permits to do even more. Construction so it's a continuation of in improving trend that we've seen in housing. All right it was that I wanna go to a story that made -- -- -- my closet and do take a little bit inventory to see. If our own any of these affected products lululemon which I'm -- is not -- Lulu LaMont. As well as one might think is -- anyway athletic clothing store -- and yoga pants. -- what happens here. -- there there inappropriately sheer you know clinging is another as a whole another standard but see through I guess. Is not suitable. For -- -- it's got to work to their favor -- because they can maintain the high road and standards. And -- the is standard bearer if you will for the 125 dollar. Like her pants that they sell. So they probably recall these against apparently when super stretch they became super show. It can sue us. Revealing for the downward facing dog that -- -- -- even make. Well well. -- last week McDonald's came out with the egg -- -- today Burger King. Is showcasing a Turkey burger healthy food at fast food is -- big box in this now it seems like some of the fast food chains are just now catching on to this thing might be -- -- -- profits. Why don't I don't know that I think it's I think Gary. They're catching on base they put. On their menu. What people want what sells but people sometimes say well you know they either -- -- -- -- McDonald's sets up restaurants all over the world because they think they're gonna work and they put items on the menu because people want them -- -- -- reaction to the marketplace the market doesn't -- because -- there. If I mean you look at for example happy meals with kids they have had apple slices in them for years and little tiny small French -- portions that's you know a healthy step -- So -- and -- in a -- -- it's just attract people want it. People are rethinking and they certainly are going for the growth market share just -- -- single you know a lot of the you know the push back on the other and the of these shaken burger chains are exploding. Which are off the charts which is sort of the mentality of well I -- I deserve this. You know once -- awhile -- we're seeing you know it's funny that the -- purveyors are trying to offer a more mass market thing that'll sum for everybody they still have you know their big accident -- is etc. but at the same time there's -- -- surge in the number of just high end quads -- fast food. Burger chains coming on the market. Give them what they want what -- the pig -- -- alleged ago without trading up about 41 points at 141493. Matt -- from Yahoo! finance thank you sir have a good Tuesday. Off to yoga.
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