Security of Continuous Variable Quantum Cryptography

We discuss a quantum key distribution scheme in which small phase and amplitude modulations of CW light beams carry the key information. The presence of EPR type correlations provides the quantum protection. We identify universal constraints on the level of shared information between the intended receiver (Bob) and any eavesdropper (Eve) and use this to make a general evaluation of security. We identify teleportation as an optimum eavesdropping technique.