but if a suitable hot story of the business news on the way i'll be back on the top of the hour let's go away for any of our of course as always the web site e.w. dot com have a good. country . is going to. manage to do no good today. you know the banks. and so was the language of a bank running. speaking the truth global news that matters g.w. made for mines. singapore has set the stage for this story meeting between u.s. president trump and north korea's dictator kim jong il but can the to strike

a deal denuclearization and peace on the korean peninsula really on the cards or is this all just a glorified photo op to find out join our full coverage of the summit from singapore here on the show when you. get to. the face of greece's debt crisis fuckers tells d.w. in an exclusive interview and celebrating the so-called greek can can make recovery is only adding insult to injury arguing the nation is in a state of these out of the case should. and as the g. seven summit fails to ease trade wolfie is the white house is ratcheting up and rhetoric but is the u.s. really being treated unfairly. i've been physical and let's do business the greek economy isn't flourish. again it's drying up that's according to former greek

finance minister yanis varoufakis european officials have been praising the country's latest growth figures as a success story and how to manage data and restructure an economy but as the european central bank meets this week to discuss tightening fiscal policy a look at the blocs debt levels reveals the historic highs that remain eight is on since the debt crisis the euro area is third largest economy italy is sitting on a mountain of debt at one hundred thirty three percent of gross domestic product europe's most famous debtor greece still carries around a burden of well over one hundred seventy percent of g.d.p. the eurozone average is around eighty seven percent of output italy's case is the latest to shake the block with investors fearing another financial crisis worried about whether the eurozone can weather yet another storm my colleague get how to put it to yanis varoufakis that he was ready to let the common currency area collapse back in two thousand and fifteen. look i am

a committed you to be honest my every speech i gave was all about what we need to do in order to save the eurozone and save the european union but at the same time i was saying we are not going to save the eurozone and save the european union if we keep extending the greek debt crisis into the future by means of more loans from the german and the slow market the portuguese taxpayers that are given to any bank of the good state on conditions are guaranteed that the greek state will not repay them i was x. three of them because i could see that what europe was imposing upon greece was not just bad for greece but it was also bad for europe and the result is severely now being that migration minister in italy speaking about greece you famously said that greece was fiscally water boarded by its creditors and compared the euro zone to hotel california you can check in any time you like but you can never leave well the greens hasn't left the euro zone greek economy in the last quarter grew by two

point two percent that's a fifth consecutive quarter of growth inside the eurozone could it be that you were wrong about that. i sincerely hope and pray that i'm wrong but i very much fear of them right if you look at the group by the way the growth rates for three years now and the all the reports of growth it took six months before before the fizzled out allow me to say that our income has crashed since two thousand and then it blocked told us that on two thousand and fifteen two thousand and sixteen and there is no appreciable growth whatsoever except for some growth when it comes to tourism but. it couldn't be otherwise think about that increase of the moment we have bankrupt companies and we have bankrupt banks and backroom households and everybody's trying to pretend that they're not bankrupt by borrowing money and you have a state which is imposing twenty nine percent corporate tax rate and the worst part of it is that we have imposing up on even small businesses to prepay next

year's tax this year one hundred percent of it when in bulgaria next door to us the tax rate is ten percent there is no prepayment of next year's taxes this year this economy the greek economy is in a state of there's a vacation and all the celebration of recovery is just adding insult to injury we're losing fifty thousand young people every day every month human capital is being depleted and greece is becoming a kind of course of all that is a protector of the european union that doesn't have anything really to show in terms of jane growth and genyen prospects except beautiful beaches fantastic weather and very nice people yes verify it's there after the g. seven summit ended in disarray fears a growing of a trade war between the u.s. and e.u. as both sides talk tough a prospect of further tariffs are ever more likely so how did we get here and what will happen if the car industry gets

a boil in the spat. hit us with tyrants and we'll hit you back that was germany's response to washington's decision to impose a twenty five percent levy on new steel imports. refusing to be raffled the u.s. has already announced its next line of attack cars imported from the e.u. as trade advisor peter navarro had this to say on fox news. germany has chair of song autos four times higher than our. german imports here and they sell us three times as many cars as we sell so on the issue alone we have allies strategically but when it comes to these trade disputes these allies basically you're robbing us blind the president is not going to put up with that some ways that relationship really that's imbalanced let's take a look at the numbers the u.s. taxes e.u. car imports at two point five percent the e.u.

on the other hand imposes ten percent on u.s. imports so quite a difference there but that's not the whole story when it comes to s.u.v.s the united states imposes a twenty five percent tax the e.u. on the other hand just ten percent. still some experts say the e.u. would be better off addressing american concerns than escalating the spots. for the content for them. and i think such a strategy of cooperation could bring more because then president of the united states can go to the this voters and say well. this was a good deal for the united states but within the e.u. the mood seems to be more combative harley davidson motorcycles are just one i use them on a list of u.s. products the e.u.

has voted to tax. and strength of correspondence on the line. to see you both let's start with you how shocked was asia about seven surprise. well probably not as shocked as you are open to canada the markets in asia well up today with analysts empathizing with trump and his defensive motives but investors are wary of course of. the unfinished misses that was left behind at the table at the g seven and what the that me do to the markets in the near future a lot of unfinished business general european markets on that phase the the but could there be caught trouble down the road indeed european stocks broadly in green territory across most sectors but if you zoom in on the share prices of european carmakers like diam are in fights vying and you'll see

a lot more red and it just so happens that tom internal troubles and those companies combined with the news of a looming tariff of twenty five percent on car imports to create the perfect storm now european europe's carmakers have been trying to head off these tariffs by saying they already have a large man many of them already have large manufacturing facilities in the u.s. and as such already create thousands of jobs but we have a situation where the white house isn't really contented with having foreign carmakers simply assemble cars that within a year on u.s. soil rather they want the content of those called those cars to be american made as well and such as secure more jobs but fun the fact that it's american carmakers don't also sold they rely on american american parts as well in fact only tesla is one hundred percent made such this is a regime that could backfire as well on american carmakers exactly and you know i can see you're in red today which paints the picture for us on the markets what

about politically though the fact trumps pull out came in a tweet was no surprise for us but depressing for the german chancellor i've heard who has proved otherwise to be an effective no nonsense negotiator. he have a good i've been there and yes a good ear i'm going to medical did say that and this is not of course a tearful situation for her to be and she tries to help europe while a response not she already said that's a counter measures to the steel and aluminum tariffs will be put in place but of course the car import tariffs present a different challenge and how cars are germany's most important export it's the most traded product in the world as such the margin of error for angela merkel here is really quite narrow putting up counterterrorists is probably not the most productive way for her to go at the same time lowering the tariffs in the same way the chinese did could be construed as

a political climb down so her job just doesn't get any easier from here ok any car trouble though is further down the track a drain the markets are more focused on what's coming out right now and it's the central banks that have caught their attention this week at least. yes that's right this is speaking that the fed interest rates are going to be lifted this weekend. with that information to make some plans for the future the e.c.b. is also going to be on their minds as in business are going to take a look and wait and see what policyholders are going to plan for the near future for that as well and of course the historic meeting between trump and kim jong. that's right it's all eyes on singapore on this meeting and a possible potential outcome of the. denuclearization talks in this is not terribly concerned about the impact of these talks on the markets it will bit

little bit very little in fact in fact but the optimistic on what potential challenges as well as opportunities that these talks are going to be given the fact that the this is the start of hopefully what seems to be continuing talks between the two countries you know quick question is frank bracing for more surprises yes but the question is from where with the summits and the central bank decisions on north korea their money is mostly on north korea to know them alone thank you very much for your analysis from frankfurt and adrift in singapore. in business with a. modern

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