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

those are the headlines up next to peter lavelle and his guests to discuss if the euro will survive the ongoing economic crisis cross-talk is next right here on our. welcome to cross talk and peter lavelle the euro crisis it is a high noon moment for a eurozone 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 if he you also in london we have andrew louis 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 our 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

welcome the crosstalk 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 sovereign slim's the banks and the specter of economic crisis in the mediterranean this has many seeing the worst business currency can have a future. and you can. start. to cross-talk your 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 in principle 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 in the decline of america in one nine hundred seventy s. to the present hi gentlemen this is cross-eyed then you can jump in anytime you want and i very much encourage it but first tell us about this ongoing almost endless crisis. 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 crisis and that this e

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

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

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

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 chaos it's creating with potential with a great financial cataclysm i was also just wiping out industry across europe i said extraordinary pace and terrifying purpose they are they are fanatic they're fanatic and would like you to be proud of the many ways to every called the communists in the one nine hundred thirty roughly with everything has to fit in that very narrow. precise scheme of a thing is you what you can't who was it who said you can't make an omelet without breaking eggs that was the last of the bullshit. because we think the first twenty's and thirty's this is now the attitude of the european elite it that at the time of the twenty first century greece is being destroyed people are losing their jobs because their actions the economic basis of the country has gone but that is a worthwhile set for us as we move towards a unified europe was found in this fanaticism just like telephone if the u.k. had johnny rice an

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

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

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

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

closure on the euro zone saga is far from being reached. if you listen to some economists and traders, nina, is the sense there is that we're finally going to get a comprehensive deal out of brussels? >> reporter: that's what all of these eu ministers and heads of government have been assuring us for the better part of the last three days or so, felicia since they met on sunday. as you can see, the red carpet is rolled out behind me, but the atmosphere is very tense here in brussels. as we expect eventually some kind of detailed plan to come out, but realistically not until much later today. let me tell you what's on the ageneral agenda. we have things kicking off relatively late. about 4:00 p.m. here in brussels where we'll have an informal meeting of the euro group. don't be dissuaded by the informal title because these talks are paramount to the security of the euro zone and indeed the single currency stability. and then the real deal making should begin after a dinner and things will get cracking at about 9:00 p.m. and if we know, if we

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

meanwhile tensions between the euros and them have increased. will grant reports. >> a day after their high-stakes meeting in brussels. euro zone leaders returned home to sell the deal to their respective elek trats. for his part president sarkozy told french members he would never have allowed french to join in the first place. >> neither merkel nor myself were in power when it was decided to let the euro into the power for. greece entered with figures that were false and they were not ready. it was the decision that was taken in 2001 and for which we are now paying the consequences. >> he did stress that he discussed the greek government but his comments proked a defiant response from athens. >> zpwreast in the middle of storm but not the problem. we see it in port depal, ireland, spain and italy. so it doesn't help to scapegoat a particular country when you deal with a particular problem. >> sarkozy said he also spoke to his chinese counterpart, hu jintao. and he was -- he said he was sure europe could cope on his own. >> if the chinese who h

other countries are in trouble, too, but the main architects of the euro and the euro's recovery are france and germany. of course, the real difficulty here is that they have been deemed to be seen as being slow in trying to get a rescue package for the future for the european union and the eurozone specifically. and the markets haven't been liking what they've seen so far. they say they want an agreement. they say they are working on it, particularly when it comes to shoring up the capitalization fund for the banks. but the markets have yet to be convinced. the difficulty for the eurozone countries is that in order to continue to rail against debt and bail their countries out and have a successful currency, it looks as though there might have to be greater tax and fiscal monetary policy agreement. and that is something that may not go down with member states who already believe they are suffering. of course, the other issue is many taxpayers in germany, for example, are extremely skeptical about putting their hands and their wallets again to bail out any other countries. the buzz wo

leaders is enough to save the euro and what's hidden in the details of the deal. hello and welcome to cross talk i'm peter all about what 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 and the devil it would appear is to be found in the details. to cross-talk the eurozone 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

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