protesters clashed with police used tear gas in response to stones and bombs and to journalists dimitri kovtun us believes the greek leadership is not acting in the people's best interests. the governments are doing the people's best it's just doing what's in its own interests and the people don't trust the government the government had an option they could have just said no we're not going to accept these measures and will go to default and by the way there's no reason that a default has to equal an exit from the euro zone i don't see that that connection other people have made that point and that's used to intimidate the population of greece to scare them to say well if you don't accept these measures that are going to default i'm going to be part of the care are some of the drachma hyperinflation disaster and. these are scare tactics the only way that they're bailing out greece with more debt so more debt. more interest payments exact more exact more interest payments and the end result of that is near feudalism you get to a point where you have no there's no capital and everything you have

greece may need another bailout and the debt may become even bigger of an unsustainable disaster dimitri kovtun is our producer for capital account is here we're going to break this all down dimitri let's first start talking about the g.d.p. and these projections for g.d.p. and what this document has somebody believing it's going to do in greece let's bring up that chart and kind of take us through what this document says about what's going to happen to g.d.p. growth in greece to be sure what it tells about this well there's just there are a lot of charge but they all don't have the baseline estimates and then they have more pessimistic scenarios and in this case that's the tiller downside risk is a dotted line so what you're seeing on the left hand side is real g.d.p. growth projections right now we're below six percent negative six percent growth rate for the hardest contract we're projecting with a baseline that will get to zero at ten twenty or thirty and then begin to grow to twenty fourteen. which is just the baseline this is what it is based off of it dimitri how is greece going to grow

though if that were taken on someone probably if that was a consequence i would advocate for it dimitri kovtun us want to jump in here for a question that are doing so i actually want to stick on the thing with the privatization isn't there though a difference from what you're advocating to what we're seeing in the case of greece or in latin american countries where under duress of debt they are forced to privatise everything and then eventually they do default. well i you know i must say i'm for i am for that could be my slogan privatized everything because i i do agree with that and i don't like it as in greece when it's you know it's a special deal for this for the insiders. on the other hand it's good to get resources into private hands socialism is an economic is the worst economic system there is so the more the government owns the more the poorer of the society so even though it's you know it's i don't like the seeing the stuff go to the bankers i mean that i'll agree that's a moral outrage but the government's too big and greece like it's too big in every single country the governments

all right before we go let's break things down with our own team now want to bring in dimitri kovtun as our producer here in the studio and shannon donna in the control room to talk about this so we know greece is not in the clear there are still racing to make reforms and there was fresh bad news today of a downgrade. according to the ratings definition that pitch is given us a few rating indicates a quote unquote hard to fault risk by reading verbatim darn good chere you're going to have any possibility to see ratings signal imminent default from an all right so there is that you have the euro group in this context who wants greek authorities to introduce over the next couple months and the greek legal framework of probation ensuring that provide priority for getting paid is granted to debt servicing payments at their predators get paid before anybody else we've heard wolfgang schauble talk about how greece should postpone its elections perhaps and maybe a technocratic government needs to be imposed we heard that recently dimitri has an interesting idea about where this could be he

before we go we just want to break down a few stories give us your our three cents on them we have dimitri kovtun us in studio and shannon dano in the control room to talk about this we didn't get a chance yesterday to break down consumer credit but there was consumer credit came out way higher than expected ok it was like nineteen billion dollars for december expectations were seven billion dollars turns out what is driving this largely student debt how much of a disaster is that i just had to talk about it on the show because i think that that's just a terrible sign well i mean it's part of the problem like you you know what prices keep getting larger larger more debts to give people the ability to afford what they can afford when you told that they have to pay it back when they can't which is the whole problem when we talk about all time with and i just want to remind people because we were we were talking a little bit about the jobs numbers b.l.s. forecasts and they forecast that the top jobs looking forward to two thousand and twenty are all the top five none of them require even a i don't t

while since you've gotten to see me and dimitri and shannon go at it so let's do it today here's dimitri kovtun as our producer and shannon donahoe in the control room to talk about this angle on the eurozone crisis we've been talking about it today the fate of the euro and the eurozone nations well and i'm unemployed irish artist decided to build a house out of shredded euro's one point two billion dollars worth wonder where it got him you know the saying the euro is considered the house of cards by some now we have a house of euro's air go what happens now. i buy a house a euro. ticket if the big bad wolf is going to blow down the house of euro and this guy is going to be prophetic this irish unemployed artist you know i think my first reaction when i saw it was. i think it's funny but i think it's actually you wouldn't have seen something like this how many years ago where they would make a house out of the national currency there was more respect for the national currency i think it's telling of where we are today where people have such obviously they were torn up and they were worthless bu