the weakness of the member countries in greece these weaknesses stretch back generations but in many ways their historical roots remain in living memory as greeks seem caught in a cycle of reliving past moments of national and social import the dictatorship of the late sixties and early seventies is only one of those periods there are many others greece of course is also burdened by a gargantuan public sector and a patronage system that is used elections as a bidding platform for the perks of a government that resembles more a piggy bank than an organ of social progress viewed from this perspective the low voter. now we saw on sunday is not just about disillusionment but also a breakdown in the system of government itself as parties can no longer offer promises of more carrots but rather of less sticks but understanding the unique case that is greece its government and its people is more than just an academic exercise it represents a case of study of what happens when government becomes the mechanism for the redistribution not just of wealth but also privilege in a society whose people are arguably anarchic at their core it is an exercise in ba

three, greek -- greece defaults and goes bankrupt. four, contagion spreads to spain, italy, and everywhere else. five, the ripple effects go across the world. that is the doomsday scenario. between this minute when you and i are talking and the doomsday scenario, there are dozens if not hundreds of tributaries and options that we can get to that will avoid it. but just keep in mind, the road that we are embarked on, if we do not take the right turnings does inexorably end up in the doomsday scenario. that is why this country that only makes up 3% of european union, that only has ten million population voting, that is why it is so significant, what's happening today. >> i think that explains it. greek leaders, they keep saying they don't want to leave the eurozone. could european nations decide that it's too expensive to keep bankrolling greece, do they have a choice? >> reporter: what a good question. that is the $100 billion question. they are both looking at each other to see the whites of the eyes. particularly the -- the party whi

just as responsible as they are for that as for the deposit flight from greek banks whatever policymakers think they know about greece greeks themselves know one thing very well and this is that they cannot trust anyone least of all their own politicians pulling their savings out of the bank before they are confiscated or turned into devalued drachmas is only one example of this another can be seen in the collapse of investment within the greek economy after all who in their right mind would put time and capital to work in an economy whose future is so bleak under the current dynamics and yet this very collapse in investment feeds a further collapse in growth so that the economy and the society were made in a perpetual contract of freefall if you were trying to design a depression you probably couldn't do a better job than what is happening by force of circumstance in greece today and yet the simplest and most obvious solution that of a unilateral default is something that the greek people and especially their politicians have really resisted so why well one reason is that the issue of euro membership is just as much

thank you whatever the pain a euro exit might bring to greece and can't be worse than five years of recession and austerity that have pushed the great greek people to the brink and literally forced many of them to commit suicide it's time to just rip off the band-aid see greece move out of the euro and go back to the drachma and abandon the insanity of austerity. coming up if mitt romney takes over the white house in november bashes will be running the show in washington d.c. across america i'll tell you why and i was fairly taken and bigger government documents were leaked today this time revealing startling new information on president obama's free trade policies why is the white house standing up for foreign companies instead of look you know for american jobs and american workers. heat. down the official ante up location. called touch from the. one show on t.v. lights on the go. video on demand all keys money old girls. and streets in the palm of your. question on the dot com. to emulate. the air. but. it. was. wealthy british science i'm. not on the. market why not. find out what's really happening to the global economy with mike str

eighteenth elections thanks to this fear campaign bankers in greece say that as many as a billion euros a day are being withdrawn from greek banks and used to stock up on food like pasta and canned goods but syria's a party leader alexis sapir us pushed back on tuesday saying that the e.u. will be forced to renegotiate with greece once his party takes power saying if one of the seventeen countries is brought to collapse the fire will become unquenchable and will not be limited to greece and the southern countries it will break up the eurozone and that will not be in anybody's interest. so perez went on to detail some of the reforms he will push through once elected saying if we are elected we will move swiftly swiftly to recapitalize banks with common voting shares what we call socialization of the banking system put them under public and social control so the greek depositors' feel safe so this is the right way forward for greece and how might the technocrats and banks toure's who are ramming austerity down the throats of working people in greece and all around europe react to this weekend's elections richard wolf joins m

elections this is what happens when you have democracy it's messy it's not convenient you know greek greece already had elections and they were unable to form a government so now here we are again having elections again another reason why this is really important i think you can see this vote as a referendum on the e.u. and trade policies in dealing with this so-called solution which their solutions have been a disaster but if greeks reject this if they vote for an anti austerity anti bailout party and they get the most votes that's a real referendum on e.u. policies and what kind of ramifications that would have we don't know but it would be a game changer i mean we've had other voters the irish referendum for example to have a chance to vote on this and they want to head with the fiscal treaties that the wanted you could argue because they were blackmailed saying you're going to get cut off financially if you don't but it's a major referendum and that way in addition i mean we don't know what the outcome is going to going to be and what it's going to mean for greece and the euro the euro

governments to do something you can actually get the community because there are a lot of greeks outside of greece the aspers very large so you can get help to advance to help recapitalize the greek economy get tourism going without having to rely on a largely. inefficient and ineffective government angry specifically in larger the euro zone yeah one thing because i know you talk to a lot of family in greece a lot of people that are dealing with this situation very immediately give us a little update on how bleak it is or or or just what the reality is well it's obviously it's very bad so the pressure that's been good i think i can remember now we're in the teens in terms of consecutive contractions in this this quarter growth at six point five percent over the last quarter relative to this time last year so it's a depression and that economic depression feeds into a social depression because when you are uncertain about your future when you think that the future every day that comes are going to be worse than before and that causes a social depression and that affects the people so it's very diff

financial experts blame the exposure to greek banks. >> cyprus bankings at all but exposed themselves to greece. due to the greek problem, cyprus banking sector is unable to finance growth. >> cyprus is heavily dependent on tourism, and the crisis is taking its toll here as well. in february, bookings fell 11%. for years, the island was known as an eu tax haven. foreign investors who wanted a place bonds year came to financial advisers for help, but this has rattled investor confidence. he hopes cypress will hold on to their tax advantages even if it receives an eu bailouts. >> nowadays, the corporate taxes in 10%. there is no taxes or dividends blowing -- flowing to beneficial owners. as you know, the island has kept the low tax rates. that has been agreed by the european union. therefore, i believe cypress can achieve the same treatment. >> small-business owners like this one accused the business -- the government of delaying reforms for years. he predicts a bailout will not improve conditions. >> again, with a bailout it will be reduced some people will not be able to spend as before. genera

could have a majority. >> translator: if we really want greece to remain in the euro zone and get out of the crisis for the benefit of every greek family, we need a government by tomorrow. >> reporter: samaras chose the path of austerity. the result should put them back on the road. >> translator: let us wish the new government the best of success. greece needs it. >> reporter: they're already discussing what happened here. they are gathering in los cabos, mexico. they share the notion that greece has to do austerity. now they share in another thing. a sense of relief. nhk world, athens. >> we'll take a closer look at the political path greeks took to get here and what the austerity measures mean for their lives moving forward. the austerity program centers on reducing government expenditures through spending cuts and tax increases. greek leaders would slash pensions by up to 20%. they would also cut 150,000 jobs in the public sector. on top of that they would raise more tax revenue by increasing the value-added tax of that to 23% and implementing a new property tax. public on opposition to these austerity measures still persist

and we could not leave greece out to dry even if they have another currency. >> if greek is to be cut off the ropes, greece will not disappear from the scene. >> european banking union, that's a wonderful buzz word that's been thrown into the rick. two questions beg themselves. one, if this is really something we need. why on earth didn't we start four, five years ago at least with the lehman crisis? secondly, is this a likely scenario in the near-term? >> very good question. i fully agree. it's very obvious if you start with integrating the deposit insurance and ask german cu customers to pay for the european sins, that would not work. we have to start with regulatory form and we have a reality already of european markets, and we should come up with answers that in terms of supervision and regulatory surrounding s fit that. >> isn't another reality one we lived with for 20 years, maybe 30 years, that europe is heavily overbanked and the painful restructuring we've seen in the steel sector and car sector is looming over the banking sector and it doesn't yet want to buy it? >> it's int

and then they impose austerity measures on the public to pay off city groups debts same model in greece greek people were foisted upon them all the outside. debt then the government said ok no you know their debt this foreign bank debt same thing in ireland with angle irish was a domestic bank they try the same thing domestically they said oh let's run up this and huge amount of debt and the government said now the people owe the debt while meanwhile the tanks were being driven out of ireland and and you know metaphorically speaking same thing with grace with all of the wealth same thing in the states the wealth is being hollowed out something that you know paul krugman at the new york times will talk about keynesianism he never talks about the fact that the wealth been hollowed out by tank driving kleptocrats and there's that's the core issue of why the economy is collapsing oh why because he's in the back trying to steer one of these tanks well i might add that evidence is now emerging that the greek banks of which they bailout funds about sixty billion euros it's going to them they're find

was a lot of focus on greece greeks gearing up of course to make one of the most crucial financial decisions in recent history this weekend the future of the euro support before sunday's election is said to be divided almost equally between two parties left wing suit it says strongly opposed to a store it's in the conservative group new democracy which wants to want to bail out obligations ati's jacob graves is enough of. this is really become a two horse race is about two differing schools of thought one of them is backing the waves of us there are two you've already seen which have been growing increasingly popular that means job cuts means cuts to salaries also means cuts the spending from the government all part of this bailout provided by the e.u. i.m.f. and the euro zone now that has proven increasingly unpopular but still being defended by new democracy now on the other side the fence has to reason out beforehand before the previous elections in may these are seen as quite the outside left radical group now although they're really garnering much more middle ground when it comes that s

the european central bank germany and netherlands to move before greek elections on seventeen june amid fears that political chaos in greece and the weakness of spanish banks could threaten the euro's financial stability there is a need to ensure that the euro area is properly ring fenced and protected from possible greek fallout and that means strengthening spain's banks said an official step get your pockets picked but too big to fail banks don't waste your time with good luck and live well done it's amazing that the same caught on can work over and over and over again that's what p.t. barnum said you know there's a sucker born every minute you can do the same con five minutes later or look at the i.p.o. facebook the same pump and dump. again and again and again where you say this con works over and over well here's from december twenty fourth two thousand and eleven short change con makes stop and worthington so this is a worthington minnesota right before christmas some guy pulled into a station shop defrauded this woman of fifty dollars by using the short changed thing he confused the woman at the at the cash register

but first at number nine, you've got to love greek politician guys. >> greece has upcoming elections and this is a debate on a popular morning talk show in greece. as you can see, it's a heated one. >> oh! >> wow. >> it does not end there. >> he hit a woman! he slapped her! he slapped her three times! oh, my gosh! >> he really went after that second woman. this politician apparently became angered when the woman in the pink mentioned his alleged involvement in an armed robbery in 2007. they exchanged words. he threw a cup of water toward her. when that happens, this woman in the white flagged a newspaper at him and told him to get the heck out of there. when she said that to him, he responded like you see her, pushing her and slapping her three times. >> it seems as if this man has no respect for women. he can't handle arguing with a female, obviously gets angry at her and can't handle another woman telling him to calm down. >> prosecutors did issue an arrest warrant for him, although we don't yet know what the charges will be. >> he just hauled off and slapped a woman three times on

if you just gave the analysts something positive about greek, there are two things killing your stock. greecewell, not the actual greece now. here's something i have puzzled over. you led the company on a great move. 5% to 30% in a short period of time. can this company be 50 to 55% international? is that what you want? >> that's really not the way we look at it at all, jim. we are not setting a percentage goal. we want to expand. now is the time. globalization. we want to participate in the developing markets but we are doing it thoughtfully. we are getting good properties when they come up. whether we end up at ç35, 45, , that's not the thing to us. the important thing is that we buy good properties where we can add value and create value for our shareholders over time. we had two terrific opportunities to do that this year at the beginning of the year. we acquired 51% of the yoplait international business which performed very well for us in the first year. we are excited about that. that acquisition makes us the number two yogurt player globally. at the end of the year, we acquired this v

oh yes this scene is just that now it's principally because greece greeks are entering a bit of a crossroads when it comes to the decisions they can make surrounding the euro zone and whether or not they stay within it now on paper when it comes to voting day on sunday well there are eight choices eight parties available this is really become a two horse race about two differing schools of thought one of them is backing the waves of us there are two we've already seen that have been growing increasingly popular and that means job cuts means cuts to salaries and also means cuts to spending from the government all part of this bailout provided by the e.u. i.m.f. and the euro zone now that has proven increasingly unpopular but is still being defended by a new democracy this is where they're getting some of their back and served to support because they say by not backing the austerity measures they will be risking exiting the euro that's what they're stoking in terms of fears at the moment does resonate with quite a lot of voters now on the other side of the fence has to reason out beforehand be

greece are now in. conservative party has won. victor ideologues dempsey leaders saying the greek people voted for greece to remain in the euro zone is a major decision that comes as a huge relief to the global markets. welcome to a brand-new hour. i'm gregg jarrett. >> heather: i'm heather childers. world investors held their breath but the tiny mediterranean nation drowning in debt choosing the conservative party over the party that wanted to reject international bailouts. >> gregg: this choice has major consequences. hours from now, markets around the globe begin trading. ashley webster streaming live from athens. tell us about theot

greece. key election looms and european leaders urge greeks to vote in favor of the eurozone and tough austerity measures. people in greece are facing a difficult decision this weekend, and that decision will have an impact on the debt-ridden country's future, the future of the eurozone, and the stability of global markets. greeks vote sunday in their second parliamentary election in six weeks, it essentially boils down to two choices and two visions. leftist leader alexis teprus wants to scrap a $130 billion euro bailout deal greek officials signed with the european union. he's opposed to the strict austerity measures the agreement imposes on his country. debt reduction measures that include pay and pension cuts. he insists he isn't aiming to pull greece out of the eurozone. his main opponent is antonis samaras, the leader of the new conservative democracy party. he wants to stick to the bailout deal but wants to renegotiate some conditions. other leaders in europe support that position. they want greeks to swallow the tough austerity medicine, tackle their debt and stay within the eurozone. an

flocked to the last rally in athens. >> it shouldn't be important for the greek government to save the banks or big enterprises in greece. it should be important to save people from committing suicide. >> reporter: but there are widespread fears that electing tsipras would be economic suicides. experts predict a possible greek exit from the eurozone. >> it's not greece that will be choosing to leave the monetary union, but those leaders who say, "well, we all shared in the prosperity, we don't want to share in the bad times." they're the ones who will lead to the direction of the euro. >> pelley: clarissa is joining us now in athens, and clarissa, that's what the leftist party is saying, but i wonder what the other main party is telling the voters. >> they're telling voters, scott, that a vote for tsipras is a vote to return to the old currency, the drachma. and they're saying as painful as austerity is, the chaos that would follow would be far, far worse. >> pelley: an important vote with implications for the u.s. economy. we'll know more on monday. thanks, clarissa. is the jetblue pilot who had a midair meltdown fit t

we've had mix reaction to greek's election. greece's election over the week. that is citi bank.group that is president parent company. 200 years they have celebrating. they also celebrated their anniversary with a community day of service. i guess 100,000 employees spent the day giving back to their community and doing things around. that is very nice. nice way to celebrate the anniversary. again, we will see how our markets are reacting. most european markets up on the results of the elections in greece. we are heading down a little bit. dow jones. futures were indicating a lower opening but not a huge lot. which was a little bit of concern earlier this morning. >> all right we'll smile and say good morning, to you. thank you for joining us here. brand new day it's monday, june 18th i'm dave clark. >> and i'm pam cook. thank you for joining us. time now 6:30. we begin with developing news. the chp is searching for suspects in a shooting that shut down an oakland freeway. it happened just before 11:00 last night on interstate 2580 at fruitvale avenue. tara moriarty joins us now