Cypriot security guards stand outside the parliament building in Nicosia on March 18, 2013. - 

European markets are lower this morning on news out of Cyprus. In order to obtain an EU bailout, the country introduced a proposal over the weekend to tax its bank depositors up to 10 percent, though analysts expect the final levy to be closer to 3 percent.

Julia Coronado, chief economist with the investment bank BNP Paribas, joins Marketplace Morning Report host Jeremy Hobson to explain how the situation in Cyprus is rippling out to other economies around the world.