till now i've used distance rewind on al-jazeera. i know many of the problem and with the headlines on al-jazeera a critic of the colombian government's two thousand and sixteen pasting of the far quibbles has won the first round of presidential elections but thirty nine percent of the vote of under cable face has nearest challenger left when the start of petrol and a run off course and three weeks petro who supports the peace process the second with twenty five percent latin america editor lucien human reports from botha. conservative candidates event came in a head in the first round with thirty nine percent of the votes supported by colombians who want to modify a historic peace accord the start rebels which many see as a reward for terrorists. because i am sure hope supersedes closs

hatred. but he'll be facing his political end to says former mayor gustave who in his use was a left wing urban guerrilla and follow him almost from his and this is what we're going to talk about at the ballot boxes in fifteen days it's a return to violence or it's building an era of peace. picture supporters believe he can deliver on the promise of health education and social justice for millions of disenfranchised colombians in what is one of the world's most socially unequal countries. that if you help the old the mothers like me who needed help i always had his support when he was mayor i trust and believe in hand. in order to win the ground he has been the biggest. which is that we are not going on kind of opponents warn he'll turn colombia into

a new than israela or cuba he is deeply distrusted by the political and economical stablish meant. but do get to raises concerns among moderates. i have no doubt that if you were. extradite the park leaders and the peace process the same thing that happened in the middle east after agreements were violated will happen here so what's clear is that colombians will be going to the polls again choose between two radically different options for their future. looking to see in human. donald trump says u.s. officials are in north korea to prepare for a possible summit between him and kim jong un next month and for the first time south korea says it's considering the possibility of a three way meeting with trump and kim in singapore the leader of italy's populist five star movement wants president says your muscle valley to be impinged after efforts to form a new government collapsed it comes after the president vetoes the prime minister

designate to just have a contest choice of a column a minister forcing him to give up trying to form an administration. for people that i knew this would not be a popular decision and i accept the prime minister proposal despite the fact that stepping on it was not elected it is that if i have been informed that the parties now want an immediate action it is a decision i will make after we discuss it's important i will take action in the coming hours. this really and boards are denying that their players were involved with the match fixing syndicate and i was there an investigation exposed to match fixer from an organized crime ring the claims to have bribed international creditors to perform he correctly predicted what players in two test matches played an india would do at a certain point during the game. a protest against refugees has been held in germany's capital thousands of supporters of the far right party alternative for germany or a of the march through berlin the party swept into parliament last year on

a wave of anti immigrant sentiment it is now the largest opposition bloc brazil's government has lowered the price of diesel and response to a weeklong strike by truck drivers the blockade has called shortages at gas stations and supermarkets across the country. the u.s. state of maryland has declared a state of emergency after flash flooding ellicott city is one of the worst hit areas with water surging about the first floor of some buildings. right those are the headlines on al jazeera produced stay with us ditch machine is coming up next thank you very much for watching.

debt it drives markets creates profit and generates an endless cycle of production and consumption. we live on credit our homes cars schools and government expenditures are financed by borrowing. data has become the engine of our growth the lifeblood of our global economy. it's an economic machine impacting the global economy with more and more date being produced day in and day out. this debt machine has grown to epic proportions and now seems to have spiraled out of control public debt the debt held by governments is soaring. the eurozone is having a much harder time then other economies emerging from the crisis of spiraling debt

why and what are the solutions. to debt machine once you're on it very hard to feel like that if i must use them to look good all song. that on that let's start over and create a system of credit and which would actually be sustainable which wouldn't destroy the planet as the current machines to a. diminishing up of my desk and that can exist to a piece on duty do tests on come on that and across south economy. as you came out at. agony imposed paramedics on it to produce a live web sick over to that somebody to say that. then you guna miters a power and i deny me. that she only said that then you and any. when

it's dead reaches a certain level the government gets caught in a spiral to repay its debt and the interest on it the government has to borrow more money year after year. most eurozone countries are now in that situation they borrow heavily on the financial markets and from large private banks that fight fiercely to keep them as clients. banks love to make loans to sovereigns why because behind the sovereign are millions of taxpayers and they're not like the shoppers or it's not like the consumers in a business because those tax payers never go away there's a new one born every single day and they're going to pay taxes for the next one hundred fifty yes unless the country collapses so why wouldn't you lend to them

because you know you're going to get your money back you know there's no bankruptcy law you know that you can always make a profit on its safe lending whereas if i go to a firm that wants to innovate and produce a new asset you know firm that maybe once it is decided they want to build steam engines and seventeen hundred or something i don't have to risk assess the risk. well that's too risky why should i invest in that why don't i lend to the government of spain or to the government of italy or to government of portugal i know there are a german taxpayers there a french taxpayers there all of whom are effectively backing up this debt so i fear of taking risks. government data has soared into the trillions of dollars in euro zone countries but those figures don't really mean much if you don't compare them to the wealth of a country its gross domestic product or g.d.p. . the country's debt is measured as a percentage of g.d.p.

here debt represents fifty percent and here one hundred percent of g.d.p. . in one nine hundred ninety two maastricht treaty laid down the terms for an integrated europe. in order to keep debt from getting out of control experts agree that a country's debt should not exceed sixty percent of its g.d.p. but that critical threshold has been largely exceeded by most european countries he joins us from get us what he can ask about it some more now we have a pretty up with the beauty of rio might have read you did there. when debt exceeds a certain level tax revenues start going up to pay interest on the debt instead of funding government expenses hospitals schools teaches. how can that

data be repaid how can we ever get out of the spiral. if you put two on both in that as you know i guess your yet divvy almost have a dead cvs everybody. was wrong he was operating the cellar there which i don't know but obviously with it sean paul and his exam proof are saying of all of us says that they did to cause like the balliol were tossed him it on bossy when i drove spur years to queue at the. property to go neighbor kid physical about little to quit their battle torn up his own office it got you up at a. date has always existed it dates back to the origins of civilization it even predates the invention of money. the very earliest mesopotamian scriptures that we have are actually debts and

credits calculating who owes what to whom when temples and other large bureaucratic systems. so what you have actually are credit systems in mesopotamia they don't have. private data has always existed but government data first emerged in italy in the major trading cities during the late middle ages. florence jenner and venice were constantly at war which cost them dearly. to pay for those wars sovereigns borrowed from prominent family first government bonds were traded paying interest. those prominence creditor families founded the first italian banks that started lending a lot of money to european markets who were caught up in endless wars. most often

the bankers were worried by the warlike rulers an easy way of getting rid of debt one that would be used for centuries. at the time governments had power over creditors only much later would that balance of power be reversed. after the second world war in one nine hundred forty five america's marshall plan granted thirteen billion u.s. dollars in aid to europe's industrialized countries exceptional growth followed and the thirty years after the war were good. so good that they were known as the economic miracle in germany and the glorious thirty and france business was brisk

industry was in full swing and the growth of consumption was spectacular. she declined the polytunnel news unit on go has basically put it to school august recess i'm suited for a few more limo be doable dyslexia will be on call so much from your machine and if we were to do our or figured on by your film and or goes to show it doc opportunity would be financial in bungay else you didn't resign i wanted but he was a guy world cinema no one asks all are there on time the b.b. was an image will be a few more that iraq will be vivid. in croissants. by the end of the postwar boom in the early one nine hundred seventy s. government debt in europe was a gray called lows thanks to growth and inflation but the economic machine would

soon be upset by two major events. good evening on august fifteenth one thousand nine hundred seventy one richard nixon the president of the united states his coffers had been emptied of their gold reserves by the vietnam war announced a staggering measure that would drastically change the world economy. and the dollar against the speculators. i read that secretary connally to suspend temporarily the combat ability of the dollar into gold or other reserve assets except in amounts and conditions determined to be in the interest of monitoring ability and in the best interest of the united states. but it was not a temporary measure at all the us president definitively kept the fixed relationship between the dollar and gold. the donor became a floating currency like every other currency

a around the world. all the currencies of the world that were either tied to the u.s. dollar of the british pound by one nine hundred seventy one we're now pure fee at currencies they're not backed by anything they're just backed by the confidence that people have in those currencies. abandonment of the gold standard cleared the way for significant currency market speculation. the free circulation of capital on international markets intensified it was the beginning of a period of great financial instability. yet. two years later in one thousand nine hundred seventy three another major event occurred the first oil crisis. in one year the price of crude oil soared going from two to six dollars about

my. normal necessity to be going to meet. the dude who could be carter or to dinner some counseling to deal sources on this subject don't include the absolute perfect the minute you go dimitri like democracy it would set up a forty minute no one knows on one that the knowledge will not suddenly produce be colored boozer. comedy block no i'm pretty exact amount to i'm sure but it was. a sudden increase in the price of oil weighed heavily on the world economy. it put the brakes on growth. production costs went up prices went up. inflation skyrocketing. high inflation has a major drawback it impoverishes savers and investors since their money depreciates

. for government inflation became a new enemy to be defeated at all cost. after removal kernels on would have wrestled a brief federal sat at all those are the five always either is to slow yeah follow easy late class will this no see you for valley going to me community really classy going to the andris around you cause i said i used to are classic kids don't call me a serial if what i was eagleman gone by gar on third credit during a debate you feel silly it put you to such an icon by the convo but like you they are year to dish walmart the other fast your mature the money for today are see. politike that do all the kills you simply did before iraq i'm done it can go use it it is on top on early because if there are so

meant an early currency for it in economy to defeat it on a cyclical season was when to go to make it up it will moan that it is on was under an economy will monitor fault which is additional lies of trying to buy them for a job as good that to develop is a sop to credit continue pretty good continue on will see that. nobody but done. i don't know not honestly yelling. completely ga. that he knows will be so hard. to pull we let it be weeks on a back to the out of pocket will be the kimosabe on the day. if you didn't know but starting in the one nine hundred eighty s. the industrialized countries began to borrow heavily on the international market after which their public debt would never stop increasing. margaret thatcher became prime minister in the u.k.

and ronald reagan president and the united states it was the advent of neo liberalism and economic doctrine that also spread throughout europe. governments everywhere were lowering taxes privatizing public assets these would be the years of easy money. stock markets expanded wall street in new york the city in london. on both sides of the atlantic governments deregulated bank credit unchecked capital flows moved through markets worldwide. by deregulating and liberalizing those governments became dependent on financial markets which by then were an inescapable part of the economic system. the debt machine was taking shape nearly everyone went into debt governments

businesses and individuals. the economic system had turned into a machine for creating debt. and the banks got rich on the interest paid by borrowers. credits became the primary fuel for growth but how does created work. banks possess only a small amount of the money they lend money is created by private banks on a simple request for credit and a promise of repayment. the sum is raised as soon as the loan is repaid that is a huge thing and it's. how we've always created money from the beginning and it's a wonderful thing if you have a banking system that can create credit like that is a very good thing. because it means you can create finance in a crisis you can bail out a id you could finance climate change you could you can finance a war and that's how we've always done this the public hasn't understood that the

public thinks that money comes from me working hard if you know for as you know day in the soil working hard and at the end of the month i earn some money. a lot wrong with the bali bomb get rid of it so the it that a million people or so the renewable. become left on his deal is going to bury the view an awful. void that would be in people really i believe it lives that i'm a lawyer for me to do to please do no bortoli to the law get it delivered new york city lit up usually lecture some of it well the order of a new orleans. clear about it bonked it about the present on the go on pieces of the known dollar is a new source on this persona for example is another one in detail and it's only going to make another pot as good as it to put to the put it document utility

economy manassas on if you nasi going to tell really going to the central banks produce five percent of the credit in the world the private banks produce or create out of the net ninety five percent of the credit in the world and they have no virtually no regulation over that now what kay has argued in the one nine hundred thirty s. was. we must manage this process it can create vast bubbles of debt it can go out of control. the nine hundred twenty nine wall street crash in the united states prompted the british economist john maynard keynes to warn politicians the credit machine needs to be controlled to benefit all of society not just speculators. when we managed the financial system between one thousand nine hundred five and one nine hundred seventy one there was not a single financial crisis anywhere in the world and then in one thousand seventy

one the bankers lobbied and they said no no no we don't need controls you know the market will discipline us we will blah blah blah and we began to lift all these regulations and crises began one after the other first at the periphery and then in a coup. one thousand nine hundred nine saw the birth of the euro and the european central bank had been created to ensure its stability. at the time global growth was strong the level of public debt was starting to decline europe was breathing easy. confident financial markets lent generously to governments and the weakest

economies spain greece italy portugal suddenly had access to loans a very low interest rates close to those available to germany. that low cost financial windfall was an economic boost all was well fall out. meanwhile in the united states america's housing bubble was expanding and in two thousand and seven the subprime crisis struck thousands of homeowners lost their homes they had taken out loans with interest rates that rose sharply and they found

themselves unable to make their mortgage payments many banks were in danger. on september fifteenth two thousand and eight lehman brothers one of the largest u.s. investment banks collapsed because that in one was. a phenomenal speculative surfin mess because the. present so that your couscous a posse of honesty didn't want was there so give you the presumptive don't let. them continue to look good if a few more on to see debt good with the presumption the play. is good are clearly for they could have done it. because it is good with poppy it is surprise to us that in a while the reason. they don't is all they want to have in the coming every other time is develop. ok probably also on our ration the sequel is commercial good i took up so i did

a fade to disagree go on to just what is on it would suggest that the other animals . after the fall of lehman brothers european banks with close links to american banks risked bankruptcy in turn. governments only just managed to save them in order to avoid the collapse of the whole system. and on and off a separate issue one a suture that are keeping no bond to god you have to prove the devil rip it is actually take you on to the proof. if proof dog proof was three hundred proof for food near proven food in a prison guards in prison going to prison on a system hostile if this was just.

in spain and in ireland after the advent of the euro and thanks to loans from german french and british private banks developers invested heavily in real estate . and a big don't need to back order to the good meaty danny and the rest buy new market is a or both back to on your longer. than yours morgan old labors why not speak you live on our own nuffin did you blair in gabby douglas cause you shift to new york on one dot. com you loudly grandma you guardedly booklet when i know the book where bad not bad why are. it in sybil a plenty ski said country back they bet your salad bar so shitty movie yet you see it lit it up. norbu daughters well want to go on fellows for

disability or circle that up sector if you don't do you want on that last program i had i did the drum or jazz i get hard and take it home or to play better at subi but maybe on bach if you also can face it cos it is been did you believe in did p.v. equals dolly diva do conventional mass that you want often did i did people. there are over seven million lives in this world each one a story that the monster the jewel. witness the documentaries to open your eyes on al-jazeera june on al-jazeera. with media trends constantly changing the listening post continues to analyze how the news is covered it's the most widely viewed sporting event on the planet as russia prepares to host the football world cup we'll bring you stories from on and off the

field from afghanistan one o one east investigates why so few girls are in school despite billions of dollars of donations one year since the imposed blockade of qatar al-jazeera examines the political economic and human impact of the crisis unfold provoking documentaries witness brings world issues into focus for personal stories june on al-jazeera. al-jazeera as investigative unit exposes the criminal gangs fixing international cricket matches sixty two of their neighbors and that is because there is a fix here the fix bribing professional players they send beautiful goes to the players they give them housing rolex watches. pickers. good five children. al-jazeera investigations cricket match fixers.

an arm of the problem and with the headlines on al-jazeera colombia will hold a runoff vote to elect a new president after sunday's election produced no clear winner right-wing yvonne duke a who's a critic of the fact piste and got thirty nine percent of the vote he would face less for the challenge of petro in three weeks. we do not want to tear up the accord we want is to make it clear that a peaceful is one where there is peace and justice there is reparations there is compliance sentences are served to satisfy the demands of the victims donald trump says u.s. officials are in north korea to prepare for a possible some much between him and kim jong un next month and for the first time south korea says it's considering the possibility of

a three way meeting with trump and kim and singapore the leader of italy's populist five star movement once president says you have to be impeached after efforts to form a new government collapsed it comes after the president of the told the prime minister designate to just have a contest choice of economy minister forcing him to give up trying to form an administration the australian and english cricket boards are designed that their players were involved with the match fixing syndicate and al-jazeera investigation exposed to match fixing from an organized crime ring who claims to have bribed international cricketers to underperform he correctly predicted what players in two test matches played in india would do at a certain point during the game a protest against refugees has been held in germany's capital thousands of supporters of the far right party alternative for germany or if d. marched through bin laden the party swept into parliament last year on a wave of anti immigrant sentiment it is now the largest opposition bloc brazil's

government has lowered the price of diesel in response to a weeklong strike by truck drivers the blockade has caused shortages that gas stations and supermarkets across the country the government and the union reached an agreement last week but some drivers. remain on strike the u.s. state of maryland has declared a state of emergency after flash flooding ellicott city is one of the worst hit areas with water surging about the first for some the same area was affected by flash floods two years ago which killed two people. those are the headlines on al-jazeera stay with us debt continues next thank you very much for watching. two thousand and eight financial crisis threaten to completely disrupt the global financial system governments made the choice to bail out big banks and to rescue

troubled economies. they get on. board. see good. and safe. i'm only going to me. it's a club law. extraordinary extraordinary. people do fairly. pretty and ample to do. some. good some. bad little. extraordinary. fast. to me that. she. could see people.

don't. busk you call it a says do p.c. signals c c c that is milby real label q.q. pretty. lawyer because if you do see if you can learn a new real fix human will close to the donkey populace you couldn't. if governments had to bail out the banks it was because they could not be allowed to fail since those banks are us they are the accounts of millions of citizens we are caught in the debt machine. the economic crisis and the government bailouts of the banks led to a spectacular increase in public debt in iraq the deck machine spiraled out of

control. the first country to declare bankruptcy was greece in november two thousand and nine the newly elected prime minister george papandreou revealed the real figures that had been hidden by the previous governments greek public debt had reached one hundred twenty nine percent of g.d.p. well above the sixty percent threshold set by the masters cittie. he asked for help from europe and. now you do for me. our borders addendum as you know. in any other will be easy to make and is most editors well you know reason. that announcement was like a bolt of lightning striking. the german chancellor weighed in on the question they didn't. did they often did so called and obama is not the end.

of this i was going so i will get in line for a long long view of songs and for tots not the common theme is not with the mothers of the movie is a lot of them are on their list even. him on him of you don't he. was commonly used as a model. in one thousand nine hundred two the master treaty set out the terms for e.u. integration it forbade the european central bank from bailing out indebted countries would european governments respect these terms with a guaranteed leases debt should part of it be restructured or cancelled or should they help greece pay its creditors the heads of state could not reach an agreement as europe hesitated and markets speculated on the greek debt of confidence collapse

and the fear was that if greece restructured its debt. might the markets pullback from spain from italy from la belle frost and might not europe bring upon itself the catastrophe that it so wished to avoid and therefore the argument was it is far better to give greece all the money it needs to repay its indebtedness than to run the risk that the market would perceive a sovereign restructuring in europe. as infectious as contagious . only after six long months of crisis europe finally decide its bite resistance from germany to lend greece enough to pay its creditors. a smaller one of it has broke a new dog today on duty like i said a baton

a lot less than zero zero zero overpass unclear cement in his eye fell on i could problem in europe i would eclipse to rub it off because it you know put it in a buy you comment unless it be your bell on this you did this looking as you know we don't listen as we know it would dislocate if not it is that last year it appeared hope or beg your point of call me you know number one our own data to all of us can one copy their book do or dip in it immediately. said brought it out i get it off it just go say so they did that or via keep the soups they do at a kiosk the p.v. booth. as you say if you ask about it not one euro debt has been written down in these years what has changed is the identity of the creditor so money was

owed to bondholders in two thousand and ten it's now owed to the i.m.f. in the e.u. . if you can solve a debt crisis simply by changing the identity of the creditor and then this one is solved. being in debt isn't only about owing money it's also about being in the wrong is the financial data but also a psychological debt that weighs just as heavily on the inhabitants of the indebted country. debt and. kind of double jeopardy. it leaves you lulu poor comma where did you eat bicycle and sell to decrease your. oh not days to finish joe bus. says if one day i want to keep ability economy.

just because i happen to live in greece somehow i'm a sinner i'm a bad person because of some political acts of done by political representatives of one kind or another. therefore it's ok for people to have their lives destroyed it's ok for people to have to pick through garbage and not have anything to eat it's ok for cancer patients to be denied medicine if we're ever going to have morality in the world we need to absolutely reject that logic if there's individuals responsible hold them responsible but don't hold a college to very responsible for the deeds of. to resolve the greek debt crisis the e.u. granted financial assistance in exchange it imposed a draconian austerity program the country was placed under stewardship and lost

part of its sovereignty it was placed under surveillance by the troika the three delegates of the european commission the european central bank and the international monetary fund. other over indebted countries in the euro zone will be controlled by the troika in turn and subjected to similar was thirty five which. which. was. the sound of those protests reached all the way to brussels the troika had become a thorn so much so that the european parliament held a special session about the troika's actions national and european m.p.'s questioned european leaders who says they cannot be many up soon maybe years. to

program others will be violent there's the lover but all of that other stuff we give a shit that asked them oh yeah it could guess i'm sure there's other numbers the decrease. yet if you asked again i've got this theory said the bestseller stronger than i've got the stars though the troika is still a lover then. you know more p.c. care for. yet the message. valid only we have here upon this you stop probably my two heroes here to promote the cause then i want to go. parliament in portuguese in parliament in spanish in parliament in evolution parliament even though it's not so and above i don't want to phone my going and democratic surely you too much your own guns the needs. of the program are developed. in and all of the guns under fire go. up that's a decent programme in quotes was the language the valan.

that's a lobed i am absolutely confident sure that if greeks did not implement the program the situation will be much worse today i am convinced of that you have these experiences to try to put on sense no we cease to sense what. it means look stuff up reasons it yes to put a limit is. used to deficit because well it is the. contrails. if there is a god but if area nor. north i want to go mia. you open it up to predict which of.

you is a disappointment the austerity programs were poorly implemented and poorly explained people came to resent you would start to look like an uncompassionate taskmaster all over the continent there was increasing support for nationalist parties and the finance and euro skeptic parties were gaining ground in reality as you have been willing to do their own of their asking for i'll be very happy back to back if they are gone after you are going liberate europe from the monster of russell's new long and connect we should. we can see reaction to the liberalization of fright finance just as we saw it in the one nine hundred twenty s. and it's going to be ugly it will ready is ugly it's ugly in greece it's ugly in france it's ugly you know in many parts of the world where people are saying if my

government went look after my interests if my government will not arrange for my young people to have employment then i will look for a strong man who will do that for me who will give me security and give my children employment security and i don't care what sort of strong manatees if he's a fascist i don't care if he promises to secure the stability of my life and my people i will vote for him i think that's where we are heading and i don't think our leaders have the vision to understand that the threat that we face. what are the solutions have. curd europe curve the death machine what mechanisms canada use . could it play on inflation as other countries do. little as you know jamie almost without it jimmy are probably almost out of it somehow always who literally for one of us here at the investor that out for me said without it don't go best is cool with it we obviously they saw it with. god

missile and i'm sure as best goddaughter they are now at the base here in waiting should i get your misandry programs likely to make a fortune for the price coffee yet as you know that a book a minute then i guess that your duty as it were to charge the poor of alberta for the number two place and a capacity you know the horses that in. following world war two french and german debt was two to three times higher than it is today but inflation literally absorbed it. only but the delmarva little girl openly party jobless a cause do system the key until this was all that it was just in them and then it would be. eliminated week of was one year old as you know. the wa the but harmonic amount is the first and the first

a bonus that would. be put on more it should do so legally ma. this is your straw which twenty seconds will pollute. be adored since it is given medina hearten where only a doj mark so expertly in on the harms go soft as ice under linux runs off on this big committee politicked are in league and in order to understand we are only. needed someone so on the server i'm sure and so into neeman and went to have streets to sign with and how to organize span is a dimension of word he has sinned does and in via touch on the he a guilt we had in oil by the mouse in riyadh there must be mention arm this condition of coverage of politics and mention on some. tilt to the bank named

to see the hologram and emerald number. blessedness a look at the euro money. the strong euro benefits the countries of northern europe but penalizes those of the south. is the european union going to fall apart would gross return in reverse the trend. is for it has i heard at least two kwara go. really i guess that you format the police officers that downloaded off it to get across also when it's called f it said on the nanny who are who are in class ask them why and sit on it if i had to do pull saw or that you saw that it looked out the bruce don't see maggi name go i think across all of our head you elected office and i've explored all across all of us on the docket don't so much but most was because if you know suppose go on. ski fulfill all of the

phone says give for when you want within the sleaze up to do because you just did but i don't suppose we did go over an illiterate in that sleazy focus. this was on paul saul so as to do it all more and to live in gritty. but do gay bully gleg siebold isn't moment to skew the us was on bill's own syl book obama said dude little hope gandhi said the new food lepage if you need there's a limit. is purely to have a monetary union work effectively. what happens is that the more efficient regions or in the case of the eurozone countries become even more efficient and wealthier the poorer regions or less efficient regions become poorer and less efficient. italy south was industrializing until the country unified and in the in the eight hundred sixty s.

and seventy's and once that happened if you are an italian investor in the south why would you invest money in the south when you could earn more money by putting your savings in milan. or investing it in the north of italy so the south became steadily poorer so what are the italians have to do they had to get always and they still doing it had to send money to the south regularly not lend money but give grants. and then the old days they had the big gossip area metro draw the funds for southern italy which paid out tens of billions of dollars over a century i mean of the endless payments that have been needed the wealthier provinces have to send money to the poor provinces not lend money send it. but there is a catch the mustardy treaty stipulates that each country must manage its debt.

europe is far from being a case of union. and yet in two thousand and twelve for the first time the president of the european central bank the e.c.b. took action. the euro is irreversible we will do whatever it takes we live in our mandate within our mandate to have a single monetary policy in your area in to contain price the million euro area and to preserve the. i don't indeed need to lose or i don't know who niggas get he will prove it when i hear the new plan lebanese you eva dia equity in exist apart the push to be did dissociate with the gifts community libby lesser know more but torn the banks out higher up in gesture they act to maybe do as will geddes with our situation lucian or small maxima pocky precisely what i don't know even exist

about me as you all talk about what i most want hi all been do dishes on her litany in a span left one way to move i don't walk men do not hit it when it bad really matters if you know the dentist in atlanta if you're more on talk about sato up in jordan i ask. what about simply writing off the debt. cancellation can be done to preserve the social order because we don't transform it most revolutions involve cancellation of dance ironically german prosperity now is based on the cancellation of german that's after world war two seems very ironic that the german public is absolutely unwilling to even renegotiate debts of countries like greece calling them that centers when in fact all debts were cancelled after world war two and it was that freedom. which actually made the

german economic boom. the recovery let it sit on their hands on me happy one. because if it landed a dead girl by let their head via a surrogate is ricky better you will see that you're about to be one or will be is what we had this was about one global act cruelly though so i thought maybe i will do my go to again is obvious what i said but he did i say go up a thought as a hobby or said van thank the so my go divorce others will be added will be rich but said it wasn't possible to survive it as we will check any gas have at it established ascii art that look it was wow look it is having a dog who did it go look at it he lost it so i vaguely audio gap was

good was like it was on people it like they'd be so hateley bad apples are about he was a member of let me get rid. of a known six and you still have to search for the put you be put on a good leg i suppose when the models or the legs do for the president who has a good time for truly getting but he is going to use them physically like me but i have a you can travel to new list if you want to be public you know you support him six from all that i guess two thirds effects are. eleven good men best cure is you she . is wrong you don't fall over years from part of illusion as you need to be in vogue for certain not among well known do exist is legalistic surly see you there were a system he used if just any i'll pass on about on and don't include initial fiscal cliff vote and they get the consequence you know dimity the. damage done is what he put it quote. the least person is one of. the e.u.

has long been powerless against tax evasion switzerland austria and luxemburg have always championed bank secrecy the e.u. has taken action requiring increased transparency. if you know. what that's a subject you know well as for the met. someone young and the project chief. for the well what is a good is going to work on the don't own party don't teach to get. this she did love me or not join the not for me domicile going on and i don't know it more. than all the little that michelle but it will do is do no good so you're going to cause we monitor with all that economy getting more external. to do it if you see the view that he had to have you don't compete is it politically if you don't and she said bouncing off on it when the other room is

a real good on plutons for between there's all to to do well to do what you want to keep ability to learn i did you don't do well so i said you're going to be sick increases city decided. today date the economy and finance an ever present global reality we are all caught in the debt machine the data its grip and its dictates have insinuated themselves into our work our relationships and our lives. only time will tell if we can actually afford this must a seventh relationship to date. we've seen plenty of showers across the northern parts of turkey recently you can see them on the satellite picture plenty of them just along that northern coastline

there have been very very heavy and some places have reported some flooding more showers still to come as we head through the next couple of days and it looks like those will gradually be pushing their way eastwards as we head into choose day to the south of that we'll see a fair amount of cloud to some of. but i think from baghdad it's just going to be pretty hot now temperatures at least forty degrees as we head through the next few days but the east and the showers are gradually retreating their way eastward so for many of us in afghanistan things should calm down weather wise here as we head towards the arabian peninsula we've got this massive cloud here that's the remains of off like still giving plenty of cloud and that's what we're seeing over doha and gradually that's pushing its way across into iran as well we're still seeing a bit of rain on that system as well but most of that is held back to the coast and just over the border of amman in saudi arabia there and this region again could see a few more showers as we head through tuesday but the showers are confined to this area they won't drift anywhere from the north because the air is so dry at this time of year we impossible had

a bit further south than we've got lots of what weather here that's working its way towards cape town looks like a pretty soggy and windy day for us a top temperature of sixty. a new series of rewind a care bring your people back to life from stars and brand new updates on the best of al-jazeera documentaries in liberal i was the joke of the bloods and no i liked and the others through the rewind continues with joseph's journey this is a. struggle continues book. for. till now of course is distance rewind on al-jazeera one of the really special things that work in progress here is that even as a camera woman i get to have so much empathy and contribution to a story i feel we cover this region better than anyone else working for us as you know is that it turns liberally but the good because you have a lot of people that are divided on political issues we are we the people we live

to tell the real stories are just mended is to deliver in-depth journalism we don't feel inferior to the audience across the globe. an international committee votes for. a lambdas partition and. many have no say in the matter. the colonial power washes its hands of palestine. and what happens in one nine hundred forty eight our events that are still shaping the president. seventy years on al-jazeera tells the history of what palestinians call the catastrophe.

al-jazeera. where ever you. historic singapore solid between two countries that soon could become three discussions of a meeting with the us north and south korea under way. on sammy's a dime this is just their ally from dollhouse so coming up a staunch critic of the fog peace deal gets the most votes in the first round of colombia's presidential election. straightly in an english cricket boards deny any involvement in match fixing after an al-jazeera exposé plus. he says. the same i am story.