moscow this is our team recapping the week's top stories i'm sean thomas glad to have you with us cypriots woke up on saturday to some very unpleasant news those with six figure bank accounts will see up to sixty percent of their savings seized by the government to meet the conditions of an e.u. bailout that's on top of the draconian capital controls in the country currently daily cash withdrawals are limited to three hundred euro's per person per bank no checks can be cashed and payments and transfers outside cypriots are cyprus excuse me are limited to five thousand euros a month while those travelling abroad are not permitted to take more than a thousand euros with them the restrictions have been imposed for an indefinite period and as artie's tests are silly reports families are already feeling the pinch. like many in cyprus later need us agreed 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 yo cash a lean lottery tickets a single parent unemployed and caring for his sick mother in

we did manage to catch up with the cypriot manager. listen to what he had to say. >> we look forward to the political endorsement of the program and we are ready to start work for a -- >> and will we need another deal? are we talking about 5.35 billion here? >> no, no. we have a deal and we shall make it work. >> they'll be thrashing out some of the details this morning. i did manage to speak to the president of the euro group and asked him whether he truly believes this was a viable bailout deal for cyprus. listen in. >> i think this is a viable plan with the 10 million coming from the program and all the other elements are coming from the cypriot government and the private sector in terms of the privatization, bailin of the banks, adding up to a very strong program which will definitely help cyprus. >> where are these additional funds going to come from and the growth strategy? is it a growth strategy for cyprus now? >> first of all, that's ul to the cypriot government. so -- >> and you're confidence of their growth strategy that the

back to bailout plan it's all too clear to ordinary cypriots who is going to be very deprived need as his mother for example have a monthly pension cut from one thousand one hundred eighty nine year olds to just over one thousand a month ago why they cut from people who have special needs they cut from the people for his part allies question all cypriots would like answered as well. does or sylvia our team make a c.s. cyprus. and as you've just seen in that report the capital nico sia has been rocked by a wave of protests with people venting their frustration throughout the week business consultant jeremy fever says the way the cyprus crisis has been managed highlights the lack of vision i think the debate here is obviously much water than the particular case of cyprus and the political message that's being conveyed behind the behind of the base and 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-ai

. >> the cypriot finance minister resigns as the investigation begins into the collapse of the nation's major banks. a call for restraint from the united nations today. secretary-general ban ki-moon once the korean peninsula crisis could spiral out of control. he made the comments after p'yongyang announced it was restarting its nuclear program. >> washington has condemned the move as extremely alarming and is calling on russia and china to do more to rein in the unpredictable regime. >> in 2008, the north koreans blow up the cooling tower a year after the nuclear facility was shut down, but the government in p'yongyang plans to restart the plutonium plant as soon as possible. the reactor is capable of producing just 5 megawatts of power compared to state of the art plants capable of churning out 1,000 megawatts. analysts say north korea already possesses enough nuclear material to produce eight nuclear bombs. with it back on line, the material could multiplied in the years ahead. the united nations secretary general warned against further escalation on the korean peninsula. >> nuclear

s latest studies simply an attempt to make the germans feel better about forcing cypriots to finance their bail out by ruthlessly taxing their wealthy u.s. billionaire investor george soros was in germany on tuesday he summed up his attitude about germany's role in the european bailout by saying it should either back the idea of collective debt read euro bones or leave the euro zone. and it's time now to check out some of the numbers the markets on wall street where trade is pretty active this hour we see all lot of optimism in the stocks extended choose these gains with the s. and p. five hundred touching an intraday record thanks for the most part to the latest earnings. while they're meeting or even sometimes beating investors' expectations we'll see if that trend continues now moving on to europe there we also saw a pretty upbeat picture outstanding gains on wednesday more than two and a quarter percent for germany's dax that's pretty impressive we saw some good news coming out of china which many investors still see as the locomotive for global economic growth the chinese import

island nation needs around six billion euros more than originally thought to avoid bankruptcy the cypriot government will now have to raise the extra funds without external help and after the recent raid on bank deposits are there now deep concerns over the president that's been set as our teachers are silly reports. it dominated headlines for much of two weeks a year reserved nation on the brink of bankruptcy banks were closed cash rationed and capital controls put in place cyprus of those heavy losses which could rise to up to sixty percent on wealthier depositors in order to clinch a ten billion euro e.u. i.m.f. bailout last month it had however initially planned to would reduce a levy on deposits of less than one hundred thousand euros supposedly protected by state guarantees before backtracking in the face of widespread protests this has been a meeting away from protesters for the past few days it's just a few meters from parliament which is stressed over here but people's early voices did little to change the inevitable painful outcome for the country the general view being communic

it is believed there are billions of euros in cypriot banks. the positives could lose as much as 70% -- 60% of their accounts. >> cyprus is set to get a 10 billion euro bailout from its partners, only if it raises 6 billion euros on its own. the levy on deposits is one solution. cypriots are finding a way to get by as the economic crisis gets worse. cyprus markets national holiday on monday. celebrations are overshadowed by worries about the island's future. the leader of the island's christian said the church would do all it could could to keep -- would do all it could to keep people from going hungry. >> our duty as the churches to to create jobs. we will support government efforts to spur job growth so that everyone can work. we will also help create cash flow so that is nist can rebound and smiles can return to people's faces. >> the government is taking action. the government has proposed a 12 point plan to ease the effects of the recession. he outlined the main points in a newspaper interview. it would permit casinos on the greek side of

cyprus to dive into its gold reserves a draft bailout document seen by the financial times said the cypriot thordis have committed to sell the excess amount of gold reserves owned by the republic the excess amount was ten tons of their thirteen point nine tons which was worth four hundred million euros well on this show we have said that the i.m.f. the e.u. the e.c.b. the so-called troika there their goal as they maraud around europe is to grab the gold remember greece had to give up their gold to the troika cyprus of course will give up their gold and it's funny because obviously the cypriot government was the last to know that the i.m.f. had taken their gold then they said wait a minute no that never happened then they got the phone call saying wait but we did take your gold then they came out with it oh i think they did take our gold but of course that's what they want the gold price itself was down on the news that there's going to be a seller in the market meanwhile chinese gold buyers are frantically on the phone will take it will take it so it's a great day for china yet will gold pl

gold to the troika cyprus of course will give up their gold and it's funny because obviously the cypriot government was the last to know that the i.m.f. had taken their gold then they said wait a minute no that never happened then they got the phone call saying wait but we did take your gold then they came out with it oh i think they did take our gold but of course that's what they want the gold price itself was down on the news that there's going to be a seller in the market meanwhile chinese gold buyers are frantically on the phone will take it will take it so it's a great day for china yet will gold plunge one point six five percent then the news came out that they had denied it and then you saw a tweet from market watch gold rebounds a day after nearly two percent tumble and then the government of cyprus came out and said yes we have a draft member we just haven't told our central bank yet that where we just sell our gold oh as confucius said. i.m.f. stupid so gold we buy. now the other interesting thing about this when this news emerged is that they said the reason why the gold mark

it is believed there are billions of euros in cypriot banks. the positives could lose as much as 70% -- 60% of their accounts. >> cyprus is set to get a 10 billion euro bailout from its partners, only if it raises 6 billion euros on its own. the levy on deposits is one solution. cypriots are finding a way to get by as the economic crisis gets worse. cyprus markets national holiday on monday. celebrations are overshadowed by worries about the island's future. the leader of the island's christian said the church would do all it could could to keep -- would do all it could to keep people from going hungry. >> our duty as the churches to to create jobs. we will support government efforts to spur job growth so that everyone can work. we will also help create cash flow so that is nist can rebound and smiles can return to people's faces. >> the government is taking action. the government has proposed a 12 point plan to ease the effects of the recession. he outlined the main points in a newspaper interview. it would permit casinos on the greek side of

is there a danger that traders won't accept the cypriot euro? >> yeah. basically, a rather awkward precedent has been set here. the last thing you want in a monetary union are capital controls. it's now no longer a monetary union and cyprus is no longer a part of it. and i think that the that the real issue is not so much cyprus, but the bigger question is wa does it mean for other countries in a similar position going forward? and, of course, all eyes are on spain and italy and god forbid the banks there ever had some dramatic problems that we would end it with some capital controls, either. you can only extrapolate it from whatever is given. >> jules mentioned that the spanish debt auction. spanish debt and italian paper for that matter continue to confound the skeptics. this can't just be because of the omt, can it? >> no. i expect not. there's obviously a lot of domestic buying going on there. after all, if you're a foreign investor, do you really want to load up to a significant degree on peripheral paper? having said that, we have heard, i think, r

earlier, the cypriot finance minister was sworn in at the presidential palace. he promised to fully implement the terms of the bailout. it does, however, still need to be ratified by the national parliaments of the other eurozone member states. inflation in the eurozone continues to be a concern, although the rate of increase has fallen to its lowest level in almost three years according to newly released numbers. >> consumer prices rose by 1.7% compared to the year before. it is the third month in a row that inflation has slowed. analysts say prices are affected by the recession and high unemployment. that inflation data has traders speculating about what the ecb might do at its policy meeting this week. our correspondent has more from the frankfurt stock exchange. >> the relatively low consumer price inflation in the eurozone -- this caused a lot of speculation on the markets. what will the european central bank decide this thursday in frankfurt? will the key interest rates be lowered again? at the moment, the majority of experts here do not think that a rate

island nation needs around six billion euros more than originally thought to avoid bankruptcy the cypriot government will now have to raise the extra funds without external help and after the recent raid on bank deposits there are now deep concerns too over the president has been set as artie's tests are of similar reports. hopefully that report will be coming up in just a second oh indeed we're going to go back to our top story sure the ski report will bring a test his report in just a moment thanks for bearing with us ok. i gather you're with me now in washington d.c. hi there girl you know good to get to you know at last the list has been released the names have been announced what do we know about that tonight we know there are going to be ramifications about it from moscow but who is on this list what do we know. well kevin the black list includes eighteen names those are russian officials suspected of being responsible for the prison death of the lawyer sergei magnitsky in two thousand and nine the list includes judges seem best gaiters directly involved in the most need to get case

seizure of cypriot bank accounts later fall sharply after a rise in accurate tax on coin community sites and a slowdown on the exchange rate all over the spoke to the people back it was virtual cash that's decentralized and free from government control. these germans are sold on the idea big callings of the new gold and if you're not involved you'll be left behind every day you decide not to use a free and decentralized currency like bitcoin to actually decide for supporting the existing financial system with its flaws for yet another day created four years ago by an anonymous computer these lines of letters and numbers can be traded to allow instantaneous global purchases without being tied to the rules of existing and discredited financial institutions there is no organization no institution who is able to control or manipulate the whole financial system of bitcoin no banks no central banks. no credit card corporation that means that nobody is charging you any fees nobody can stop you sending money from a to b. like if you would donate one would want to make donations to wiki leaks you

getting capitalized but as you know these problems started once the greek debt was written off and cypriot banks suffered more from that than anyone else i had assumed that in such an event the european union should be expected to assist cyprus with everything it could do in order to mitigate the fallout from writing down the greek debt after all the write down was a collective decision taken by the e.u. but it did come as something of a surprise when the e.u. declined to bail out cyprus to the extent that it had earlier rescued greece i believe this course of action was not entirely consistent and that is why i said that the european union was fully responsible for the state of the cypriot banking system considering that cyprus is part of the union and of the eurozone schools i've also argued that there might be a spillover effect from cyprus to the banking systems of e.u. neighbor states i don't believe the crisis is over but far from that it's presently at its peak and we don't know where it will eventually get us its outcome may prove to be better than expected or it could be worse for

expected or it could be worse cyprus has not yet allowed depositors to withdraw their money from cypriot banks especially from the biggest ones such as the bank of cyprus so far there is no way of telling what those depositors and investors will do will they all decide to pull out their money and walk or will some of them choose to stay so the outcome is so far on clear so if it happens to be worse than everyone is expecting it will draw. magically the situation for europe southern economies you know their words we cannot be certain that the crisis will not spill over onto other countries but now there's a debate going on in terms of which countries are going to be next to be hit luxembourg spain italy what's your projection was that. it is difficult for me to say slovenia maybe having it hardest at the moment but at least a crisis there would be relatively easy to contain some other countries it would be far harder to deal with that is why everybody is more concerned about portugal spain and italy these economies are presently in a tight spot they're also getting more support than other

bust so unless they turn around there's no sign of that going to then the dominoes mushroom for cypriots now know all too well how hard it is when it's your dominoes turn to fall just are so your r t brussels. well cyprus is taking drastic measures to meet the demands of international lenders another european nation iceland has shown that there is another path the nordic country faced virtual bankruptcy in two thousand and eight after its banking sector spectacularly collapsed but taxpayers made it clear that they were going to pick up the tab you've got a piece going up looks at how the country has fared in nearly five years on. though not a member of the eurozone or the european union for years iceland was considered the most effective now liberal free market economy in europe that was until its bankruptcy in two thousand and eight foreign debt spiked banks closed down and the national currency plummeted the walled bank european union and the international monetary fund also known as the troika demanded that iceland pay up at the time it meant every citizen would have to pay one hundre

to the troika so i pressed of course will give up their gold and it's funny because obviously the cypriot government was the last to know that the i.m.f. has taken their gold then they said wait a minute no that never happened then they got the phone call saying wait but we did take your gold then they came out today oh i think they did take our gold meanwhile chinese gold buyers are frantically on the phone will take it will take it all as confucius said. stupid gold. the u.s. has once again into the moon age is set to head to the sea when rebels as secretary of state john kerry met with the opposition so many they seem to come to washington sticking to the trend of supporting loyal movements or governments at any cost and there's also he's going at each account found out the u.s. has its tentacles of influence in every part of the world. opposition leaders in many countries have sought and received washington's backing but u.s. support often comes at a price counting on money and arms from washington and its allies serious opposition coalition has elected a us citizen. to be the leader

that is the cypriot finance minister tells cnbc, he has growth plans for the economy, but acknowledges there are tough times coming. >> we know we are in for an upright, but the sooner and the more decisive our actions will be now, the sooner we shall be over this difficulty period. >>> and earnings begin to flood in this week. the dow, s&p 500 are getting set to report results. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> all right. >> back together. >> back together. >> for a couple of weeks. been anywhere? >> around europe, around england all weekend. it was timely nice weather yesterday, though. but we saw stratford upon avon, oxford a little bit. i love the attitude ooe oor sty. i'm such a sucker. do you know what i did last week? notre dame cathedral. you can go to mass there. at 8:00 in the morning, there were probably 15 people total. it was a really cool experience. anyway, back now. i'm back now. >> good. and a lot to talk about at the beginning of a new week. u.s. secretary of state john kerry is opening the talks

and off is enough well it seems to be a way for the cypriot finance minister mcallister as his hand in his notice after securing the ten billion euro bailout that will see savers in two major banks pay the bill the finger point exe far from over though is the island tries to establish who's to blame for the country's economic meltdown reports claim millions of euros have been pulled out of the country in recent weeks adjusting some were tipped off about the approaching crisis over one hundred thirty people in firms are under scrutiny for suspicious financial transactions among them of cold by the president's son in law or from all this subject let's talk live to claim chambers he's a financial journalist also runs a stock market analysis website other claire moodie thinks responsible for the meltdown then first of all. well i mean i think if you look at all the countries in europe and that for that matter america and even japan they've all been playing the same game especially in europe and america which is you get a property boom the government taxes the property boom they then spend

we're hearing that the cypriots in dealing with it best i can with hearing that it's already causing hardship to families these unprecedented capital controls are going to be in place to further notice ever longer but a strike could be up to a year or two if you believe the cypriots love enough patience to bear with them well goodnow separate i would it's has showed a lot of for old blood or george i think we've lost the enlargement to you this sorry about that will try and get back to george later will record something a bit better a george country girl is a professor of constitutional more live from athens. now lawyers representing guantanamo bay detainees say several of their client's lives are now in danger as the mass hunger strike never come near is the two month mark but the u.s. military continues to deny reports that more than one hundred captives are starving themselves officials claim only thirty seven detainees refusing all food in the level of being force fed inmates launched the hunger strike to draw attention to their prolonged detainment without trial and inhumane tre

the eurozone with the single currency blocks ministers approving yet another bailout to keep the cypriot economy from collapse but the flames are not out yet that now emerging because c. is going to need a lot more money than i originally thought a ten billion euros or lifeline is now being greenlighted for cyprus and it's a request for even more money was flatly rejected because see it now needs to come up with the teen billion euros more which it will try to amass by draining the bank accounts of savers that cypriot banks a professor of political economic side jack russell most thinks old european accounts and now would throw out. what you're going to see is a severe depression in cyprus as government raises taxes cut spending sells all facets but all even on the private side you're going to see and we're already seeing major money hort demand for cash balances money cost of these absolutely and as they get their money out there you're going to see cottle flight so the situation in cyprus is going to get much worse you're going to have to will bail and even more people of those over on

gold to the troika cyprus of course will give up their gold and it's funny because obviously the cypriot government was the last to know that the i.m.f. had taken their gold then they said wait a minute no that never happened then they got the phone call saying wait but we did take your gold then they came out that oh i think they did take our gold but of course that's what they want the gold price itself was down on the news that there's going to be a seller in the market meanwhile chinese gold buyers are frantically on the phone will take it will take it so it's a great day for china yeah it will go.

gold to the troika cyprus of course will give up their gold and it's funny because obviously the cypriot government was the last to know that the i.m.f. had taken their gold then they said wait a minute no that never happened then they.

. >>> cypriot banks announced the are confiscating 40% of bank deposits holding more than 100,000 euros, but that legislation of course could never happen here. or could it? we'll talk with legendary investor and financiers about the economyand, what we can expect next and the white house announcing president obama will hit the road pushing for gun control and meanwhile, billionaire mayor michael bloomberg is picking up the slack in the campaign effort, pumping millions of dollars into a tv ad campaign urging senators to support expanded background checks and, whatever else they could possibly win, on gun control. we'll have a debate on the effort to restrict the second amendment. we'll talk with eric pratt, director of communications for the gun owners of america. paul helmkey, former president of brady campaign and, indiana university professor. the supreme court took up the first major examination of gay rights in a decade. the court hearing arguments over california's proposition 8 which band same sex marriage. it is the first of two days of hearings on the subject. fox news supreme

"that's just not fair," cypriots shouted. but who is there to help those who fall through the gap? spain saw a record number of evictions. up to 200 per day. at times of crisis, the state cannot help so many people, but gloria will. she is a courageous spanish woman who has turned her house into a shelter for homeless people. >> this upper-middle-class apartment in central madrid has an unusual set of residents -- 10 men and one woman. for 13 years, gloria iglesias has been taking in homeless people in her private home. these men at rock-bottom. each one of them has been hit hard by spain's financial crisis. now, they are eating lunch together and have a roof over their heads again. this is the story of an incredible private initiative. >> we have all overcome one crucial thing -- isolation. we are glad to be able to share, and i think gloria enjoys seeing that we are happy. >> gloria has invested all her money in the project. she shows us the apartment. the men sleep here. in one room, a dialysis patient receives treatment. she takes in everyone, including drug addicts and alcohol

week, but there was a limit of 300 euros per person per day, all part of a bailout plan to rescue cypriot banks. >>> meanwhile, boeing's dreamliner completed a successful test flight as the company hopes it has overcome finally those heating problems with its lithium-ion batteries. boeing needs permission to resume flights from the faa, and there are reports it may face another challenge, namely, a temporary ban on some long distance flights. one airline ceo says he has full confidence in the dreamliner, but he is concerned about something else, the impact of the sequ

free movement within the european union is especially appealing to russians, who hold billions in cypriot bank accounts. >> it looks like banks in the united states are climbing out of the global financial crisis. citigroup rake in the profits in the first quarter, making a 17% leap over a year ago. consumer banking revenues remain unchanged. citigroup took a hard hit in the u.s. recession, despite -- recession. despite positive results, executives say they are still facing challenges. we will be right back. >> welcome back. >> u.s. secretary of state john kerry has said the united states is open to quote authentic and credible negotiations with north korea on scrapping pyongyang's nuclear program. that statement follows a series of cuts by north -- threats by north korea to attack the u.s. and its allies. >> on the streets of north korea, there is little sign the country is on the verge of any military conflict. instead, people are celebrating the birthday of the country's first communist leader, kim il- sung. >> the leaders of the past still dominate in pyongyang, as they do in all aspe