Cyprus suffers from scaremongering – Iron FX’s Gittler
Wednesday, March 20, 2013 - 04:06
Mar. 20 - What would be the point of an agreement that allowed the financial system to collapse? Iron FX’s Marshall Gittler tells us why scaremongering is making the situation in Cyprus seem worse than it is.
▲ Hide Transcript
▶ View Transcript
No deal -- -- don't make his reject a bank tax a stunning setback -- the European currency broke into uncharted waters. Marshall Hitler's side global head of -- and -- at facts in Cyprus. -- Boris you muscled arm. There's been talk of Fernandez separate financial system collapse and it might accept. Whether a deal is reached store not you agree with -- always ask emigrant. -- it is it's ridiculous what would be the point of an agreement that would allow the financial system to collapse and I -- the whole point. The bailout is to keep that -- financial system running so that it's an oxymoron there's -- and it's ridiculous. How much -- but -- John Marshall and and and these guys getting their act together and coming to an arrangement. Well look at every other country every other country every other time there's been similar negotiation. They've gone to the brink the opposition parties rejected the agreement. There's been back and forth demonstration of the street but. You know when push comes as some of them looking over the precipice they always decide not to jump. So I think I think both sides will eventually reach an agreement mutually agreeable. Agreement. There will be pain on both sides the EU will have to give some type of squad to give some but nobody wants a collapse. -- same trauma. Than than some I've spoken to is the news media scare mongering. -- what are we blowing this out of proportion. Well I I think so it. It is a serious issue -- is there's no point -- since deny that but for example all this talk about. These demonstrations and if you compare what's going on here with what went on in Greece -- during their negotiations. Hear people -- -- there are hundreds of people demonstrating outside parliament Abbott there are tens of thousands of people at the -- missile carneval over the weekend. What's bigger -- bigger demonstrations. Increase that people throwing Molotov cocktails at banks people die in bank that is that the banks on fire nothing like that here so I think it. It's isn't really much calmer situation many many many of these guys at the -- -- comparable but you got a sense that they're desperate to get cash out of the country. No I mean most of -- -- have they keep their money here. And licensed its one OK maybe they want to buy something abroad but no I don't I don't think thanks so. I think people just want their own domestic the domestic market system to function. How long can the banks like closer -- Well that that's that's a problem. You know there's a bank holiday on Monday so probably banks unless there's a solution. Reached soon the banks may keep posted Monday but. It is difficult to run a modern society without it functioning international banking system -- -- you -- -- -- North Korea which is country's -- So I think they'll have to come to some agreement by right next Monday. Just to finish up with -- -- is there a sense inside press that this this veneer of equality among EU citizens has. Has has. Didn't Shaq -- -- being affected in some sense. No I think people are are upset that the tax on the banks that. Because they they thought the banking deposits were insured but. You know governments have been at the right of eminent domain and things like that this happened and well. I don't think that this that this has shattered anybody's. It feeling because equality. And the fact if anything what they're trying to do is to put the domestic. People on the on the same footing as foreign. Deposit holders so that's creating more and equality before the -- -- bail us the overseas people have been. Have been made whole while the taxpayers have been. Forced to pick up the entire bill so I think if anything they're trying to be more equal here than in other countries. All right Marshall front and up until human rights as Marshall allowed just let global head of FX and artifacts in Cyprus but the very latest on Cyprus. IMAX trouble with his -- as.
Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code