joining me now, ali burrow, hugo dixon and core mechleach. were just looking at italian banks and this is where you think we could see most of the fallout. well, that's the biggest risk. the biggest risk is italy. if there's going to be contagion, the worst thing is italy. certainly they've got form of doing this back in 1992. it's much, much smaller than what they're doing in cypress. 0.6% deposit tax in italy. they don't have a government. they're, in my view, unlikely to get a stable government for some time to come and they've got a hell of a lot of debt, about 130% of gdp. and there has been discussion there of having a wealth tax in order to try to reduce that huge debt burden of the italian state. that doesn't mean they have to have a deposit tax. there are other ways of having wealth taxes, which will be preferable. but that certainly is, i think, the biggest fallout risk from this. >> and is we're seeing that play out across markets. and you think as you've written that this amounts to legalized bank robbery. >> yes. >> what's happen