zone i mean the euro zone was an experiment. the your skeptics advised against it. but they've gone on ahead but it is not creating financial chaos it's created with potential of a great financial cataclysm and it's also just wiping out in the streets across europe as an extraordinary place a terrifying. they are they are fanatic fanatics and you know very. proud of the many ways to defeat the communists in the one nine hundred thirty roughly the everything has to fit in that very narrow. precise scheme i would think it's you know you have you can't who was it you said you can't make an omelet without breaking eggs that will free us of the bullshit. because it's in the first twenty's and thirty's this is now the attitude of the european elite it at that at the turn of the twenty first century greece is being destroyed people are losing their jobs their actions the economic basis of the country has gone but that is a worthwhile sacrifice as we move towards a unified europe this time and this fanaticism was like tunnel if the u.k.

zone i mean the euro zone was an experiment the euro skeptics advised against it. but they've gone on ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out in the streets across europe as an extraordinary pace a terrifying pace they are they are fanatic they're fanatics and so it was going to be. a million ways to be called the communists in the one nine hundred thirty one of the everything has to fit in there very narrow precise scheme everything it's you know you have you can't who was it who said you can't make an omelet without breaking eggs that was the ice cube of the brochure. because the first twenty's and thirty's this is now the chief of the european elites it at that at the time of the twenty first century greece is being destroyed people are losing their jobs their actual economic basis of the country has gone but that is a worthwhile cept for us as we move towards a unified europe was found in this for mass assistance. if the u.k. had joined the race and all this happened w

zone i mean the euro zone was an experiment the euro skeptics advised against it but they've gone on ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out industries across europe as an extraordinary pace a terrifying if the u.k. had joined the euro zone what would have happened would have been another greece i can tell you what would have happened if you carry a joint it would have been even worse because we. we had a boop like anyway it would be big in the first we've had interest rates would have been less than they would otherwise would have been the first three. the last decade of the twenty first century and then they'd have been higher than we want to go afterwards so we'd have had a bigger boob and we'd had a bigger boss we wouldn't have been able to that some international markets we'd not be we'd now be controlled by the i.m.f. taking orders from the at and by the from brussels we would have lost the ability to control our economy we have lost the ability to project internationally it would have

welcome to cross talk i'm peter lavelle the euro crisis it is a high noon moment for a euro zone looking to stave off another recession while juggling indebted sovereigns flimsy banks and the specter of economic crisis in the mediterranean this has many seen the worst this is currency can have a future. cross-talk year old jitters i'm joined by john gaunt in london he is chief executive of vote u.k. out of e.u. also in london we have andrew leigh co he is director and principal of europe economics and in dublin we go to jeff madrick he is senior fellow at the roosevelt institute and author of age of greed the triumph of finance and the decline of america in one nine hundred seventy s. to the present all right gentlemen this is crossfire that means you can jump in anytime you want and i very much encourage it but first tell us about this ongoing almost endless crisis there have been quite a few meetings but not much progress the global economy is emerging from one of the roughest squares yet with intense market volatility fueled by the fear that policymakers cannot contain the spreading c

did not join the euro and people are saying that there are insulated from the euro crisis however the banks in the u.k. own much of this toxic debt from continental europe and so one of the ripple effects and how they get into the u.k. and what is david cameron doing about it if anything a seat telling the people in britain accurately what's going on here david cameron certainly isn't giving the people of britain the truth about the indebtedness that britain is connected to the european union when you're looking at this bailout we're having to pump billions into the i.m.f. to support this this is money that could be used to help the banks that would have to face some of the detrimental effects of greece greece defaulting we could use them to shore up the capital and increase the one requirements of those banks in addition by being a member of the european union we spend around fifty five million pounds a day to the european union that money could also be repatriated back to preserve the economy of the united kingdom won't we're going through the bad times david cameron doesn't want to

zone was an experiment the euro skeptics advised against it. but they've gone on ahead but it is not creating financial pales it's creating the potential of a great financial cataclysm and it's also just wiping out in the streets across europe by some extraordinary pace and terrifying. they are they are fanatic they're fanatics and you know every. pair of the many ways to have me called the communists in the one nine hundred thirty s. roughly the everything has to fit in read very narrow i had a precise scheme i would think it's you what you can't who was it who said you can't make an omelet without breaking eggs that was the ice cube of the bullshit. because everything with friends and thirty's this is now the attitude of the european elite it at the other side of the twenty first century state greece and spain to strike people losing their jobs because their actions the economic basis of the country has gone but that is a worthwhile sacrifice as we move towards a unified europe was from this from nasa since march twelfth if the u.k. had joine

rescue packages for the euro and at-risk economies average over 1.5 trillion euros. if worse comes to worst, and germany would have to come up with a large part of that. germany already has 17 billion euros in the international monetary fund existing rescue packages, most in foreign loans. nobody can say when or if these will ever be paid back. the eu set up the efsf with a lending capacity of 700 billion euros to help countries and if necessary banks. germany has put up a third of the fund, plus 22 billion euros in direct cash aid, and loan guarantees totaling 668 billion euros. they can be tapped, should a better state the fall. the eu provided a rescue package of 80 billion year rose to keep grease liquid. each part is -- euros to keep greece liquid. then there is the european central bank. despite resistance from german banks, the ec be has been buying bonds from troubled countries. should this prove worthless, germany could part with more taxpayer money. in addition, the issuing bank of greece, portugal, italy, and spain are getting tax infusions from the eu, kn

zone i mean the euro zone was an experiment the euro skeptics advised against it but go ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out industries across europe that's an extraordinary pace and terrifying. they are fanatic they are fanatics and you know very. proud of the many ways to do everything in the commons through nine hundred thirty one of the. everything has to fit in soon very narrow precise scheme i would think. you have you can't tell who was it who said you can't make an omelet without breaking eggs that was the last chance of the bullshit because the first twenty's and thirty's this is now the chief of the european elite it at the turn of the twenty first century greece is being destroyed people are losing their jobs three how the actions of economic basis of the country has gone but that is a worthwhile set for us as we move towards a unified europe and from this fanaticism it's like time for anything you can be had joined the euro saying what would have happened. in other greece i th

the french president says allowing greece into the euro was a mistake after even readers hammered out a deal to stave off a debt crisis brightening to the gulf the entire euro zone hopes are now pinned on asia as europe's bailout fund boss heads to china to ask for help. at russia's legendary bolshoi theater really over this in its grease overbore with a grad call on friday six years of massive renovation were marred by countless delays scandals allegations of corruption. next our debate show cross-talk and rich peter lavelle and his guests try to find a scenario that could help greece stay in the euro zone that's next an artsy. live. in. the. billowing welcome to cross talk i'm peter lavelle when is a deal really a deal your leaders say they have a plan to cope with greece's sovereign debt problems and to build a firewall against italy's looming crisis the devil it would appear is to be found in the details. to take you. live. to cross talk of the eurozone crisis i'm joined by marshall are back in gander he is a global portfolio strategist at madison street partners and a fellow at t

twenty with greek debt holders taking haircuts of up to fifty percent the four hundred forty billion euro e.f. assef will be used to provide risk insurance meaning that after a second one hundred thirty billion greek bailout and other is for ireland and portugal it could provide up to one trillion in firepower to deal with future crises the plan was laid out by ngo merkel head of wednesday's talks well it's a good. goal of tonight's discussion will be that. with its capacity will have a great effect on the prevention of contagion and this to tara impact must be great enough. the calm global markets in the lead up to this week's eurozone summit could be interpreted as confidence that e.u. leaders would pull something off to save the day but after two years of failing to come to grips with the greek debt contagion risk and other e.u. economies and the banking system that is grossly under capitalized there's been a growing sense of impatience even beyond europe successful resolution of the current european crisis matters deeply to us here in the united states because our country has no bigge

to work for instance we already know that they are going to have to privatized some fifty billion euro zone of assets and with this latest agreement they're going to have to privatized an additional fifteen billion euros on top of that so essentially what we see is a transfer from the public sector to the private sector and to my mind what is this continued cycle of collection of rents from the public so contrary to the classical economic tradition where we make things more efficient i think what we're going towards is a system where we see increasing inefficiency rather than greater efficiency so. my hopes are not high for the future of this agreement it's viability and for the. good it will do for the greek people ok henning if i go to you in london well what was resolved has anything been resolved because again when looking at it very carefully it looks like there's a lot of there's a voluntary aliments to it i mean when do banks not want money when banks forego money i don't understand that i was in investment banking at one time it seems so we logical to me voluntary. yeah well th

the euro getting more than 2%. the dollar weakness is also supporting stocks on wall street. >> there is an air of exuberance and celebration. is there still some uncertainty about the latest plan and the way forward? >> what is viewed as a positive for now is that banks are not forced to accept the cutbacks. that is good news for the credit defaults swaps. two issues in general for the euro zone, and that and growth. -- debt and growth. there remain some skepticism. for one day, stocks are moving. >> thank you very much. in germany, shares rallied to 12-week highs. stocks in germany ' s largest lenders put on their biggest gains on tuesday. we will take a look at how high the rally has placed stocks. frankfurt finished up by more than 5% at 6337. up by more than 6%. the dow shutdown of the top of the hour. it finished higher by nearly 3%. the euro trading at this hour at a value of $1.41. those buying bonds are attracted to extremely high interest rates and -- for the risk associated with them. the write-offs are

but agrees join the euro was a mistake the french president doesn't hold back in his beleaguered e.u. call leave after leaders sign off on another massive rescue deal or europe's now turning to asia for a cash kickstart for the bailout fund having to ask for help to save the euro. the bolshoi is back it's a day millions of theatre lovers have been waiting for as moscow's lamarck theater avails its first performance in six years after a massive from furbish. coming up next for you is our debate show cross talk with peter lavelle to stay with us right here in our city. liz. can start. to. flow in welcome to cross talk i'm peter lavelle when is a deal really a deal if your leaders say they have a plan to cope with greece's sovereign debt problems and to build a firewall against italy's looming crisis and the devil it would appear is to be found in the details. you can see the slim. to cross talk of the eurozone crisis i'm joined by marshall are back and enter he is a global portfolio strategist at madison street partners and a fellow at the economist for peace and security in milwaukee w

to cross talk of the euro zone crisis i'm joined by marshall are back in denver he is a global portfolio strategist at madison street partners and a fellow at the economist for peace and security in milwaukee we have jeffrey summers he is an associate professor at the university of wisconsin milwaukee and in london we have pending myer he is a senior visiting fellow at the london school of economics all right gentlemen this is cross talk that means you can jump in anytime you want my very much encourage it but first tell us how we got to this point on a wing and a prayer a date with destiny to sort out that u.s. debt imbroglio was set three weeks ago by nicolas sarkozy and merkel then it was delayed by three days and on the third day it came through after marathon talks which went until four o'clock in the morning under the new plan greek debt will be back to one hundred twenty percent of g.d.p. by two thousand and twenty with greek debt holders taking haircuts of up to fifty percent the four hundred forty billion euro e.f. s.f. will be used to provide risk insurance meeting that after a

currently the euro/yen around the lower 101 levels. it actually dipped below 101 at one point and that's quite a move if you consider that back in april, ai, the euro/yen was trading around 123. and now it's at these levels. so that tells you the market's steady loss of confidence in the euro zone debt issues. now alongside the ism data there was also the release of u.s. auto sales for september. and again, it showed the likes of toyota and honda faltering. toyota showing a loss of sales around 17% in september and honda around 8%. and also we want to keep an eye out for commodity related stocks. we did see quite a move there in opposing directions in the sense that wti crude prices fell around 3.5%. and gold jumping around 2.5% on safe haven plays there. investors shifting some of their money into safer assets such as gold. and the yen as you mentioned there. but for now, the nikkei md the topix trading considerably lower. back to you. >> thanks, ramin mellegard, from the tokyo stock exchange and the nikkei currently at 8403. >>> fina

we don't suppose it will now and the euro cup champions only it's because of the. first when the cons and strong competition as a russian club travelled to fellow he's got us right in istanbul. to rebound after their home defeat. of the tar inside want to russia last week galaxy they've hit a rich vein of form both domestically and internationally they edged out a promise in poland that they do much in the competition last week. in all men's leeson iscar start signing be army went to an easy victory against germany and ross said bundaberg ninety four seventy four the score in moscow a result which puts the russian club level on points for puff and i caught sort of top of group been watching that game for us from costa with. says tom must go have been final four regulars in the euro league for eight years until the last season poor performance prompted a roster revamp and their arrival of a new head coach ijaz has loused us forward andrei kirilenko has become the army man's most notable signing after he joined his former club from the n.b.a.'s jazz gee to the ongoin

and took she took an anti euro she ended up losing her job and the. stories were spread that she was mad dislocated and they were tough they were ruthless the was a kind of bid for part of the supremes with top of the british establishment and the ideology of that was was was the european union and the euro captured the new labor party at the time it captured the lib dems at the time british foreign office was a major manifestation of this dogmatism disgracefully so the treasury of course did hold and gordon brown not publicly but behind the scenes did work to block block the euro what would you say is the most sinister aspect of brussels rise to power. it's in many ways the your opinion is such a fast competent organization that it's quite hard to take it seriously if you can't get its accounts. can't. it's sort of fantastically retain ian it's sort of. so on the other hand there is a ruthlessness to it and if you have a any sense of humanity or any sense of compassion what is happening with the euro now which is the imposition of a very dogmatic mon