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of this deal? steve forbes is the chairman and editor of chief of forbes media, he joined me from new york. i understand that if you're an investor in spain or italy, you're watching nervously what's happening in cyprus. but if you're a businessman in america or asia, do you really need to care? >> i think so. because we are in a global economy. and what was done to cyprus has been an absolute disaster because any time a country now fears that they might have a financial crisis, first thing people are going to do is start a run on the bank. they're not going to take any chances. and so the germans and the e.u. boesched this thing. the i.m.f., it was done i think for political reasons, the germans did not want to see bailing out russian olegarks in election year but the way they did it was horrible. what they should have done is guarantee at the beginning those 100,000 euro deforests, anything above that they'd get shares in the new bank. you might take a hair cut but normally when a bank goes under, the creditors get shares in a new bank. these guys are just wiped out with no hope of recovery

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