gonzalo mentioned this and i just want to point out take a look at latin america that's combined with the middle east and africa contributes more to global g.d.p. then the e.u. and what you're looking at there is just the e.u. fifteen that's not even the broader twenty seven nations that make up the european union so the impact of this is stands to just be much more severe now let's go back again to latin america because i want to show you some pictures from chile and one thousand nine hundred three from protests from water cannons being shot at students from the unrest that was going on there as a result of all of this only there was a military dictatorship there so let's talk to gonzalo layer and see what we can draw from those experiences to figure out what we're going to be looking at across the pond and a who knows what in the u.s. because we know that the global impact of this is going to be significant so. compare chile in one thousand nine hundred three what you experience what was going on in latin america tell us what happened after these defaults and what you think we can c

group and he is going to lay it all out for a so first of all gonzalo thank you so much for being on the show i'm really excited i don't know if that's the right word because obviously we're we're dealing with some high stakes here but i really do think that this is an important thing to lay out so first of all thanks for being here. it's a pleasure being on paper having me absolutely so let's just start with what you see as the fundamental problem in the euro zone and that regardless of what angela merkel or mario drive your anyone else says they are not solving or addressing which use the is the deflationary death spiral so lay that out for us why is this that the core problem well the problem is that you have just a bunch of countries that went into too much debt and you have the creditors that are unwilling to take any kind of. on and so these countries that zero to much and can't pay it are slowly winding down now what happens when you have a depletion or spiral debt spiral is you're kind you owe too much money right you can't pay it and so you try to cut different games you do

overnight leader he carded three straight birdies to start that bok nine thought leaving thomas bjorn gonzalo fernandez. richard stern all to settle for second place it's g.-d's first european tour winston. from one high octane engine to many your game lorenzo winning the grand prix in spain to extend his overall lead off the top of the moto g.p. standings to a hefty twenty points reaming world champion casey stoner was on full but finished fourth in his honda dani pedrosa was second five seconds behind his compacted lorenzo while another yamaha rider under the sea also completed the podium. top one hundred fifty points after five of the eighteen races pleaded stoner on patrols to lie second on. the battlefield to one of his mistakes and won going into their leadership push on the maximum going to. want. there are no clear favorites anymore in the n.b.a. playoffs with both the western and eastern conference finals series all square after four games the boston celtics on sunday time their best of seven bottom at miami in the east following over time. fifteen points and fifteen assists he score

gonzalo lopez, jessica, [unintelligible] andrea romero, and [unintelligible] >> good evening again. this is specifically on the budget proposal. there are concerns during this time of cutbacks and austerity that austerity must be seen and felt everywhere. we are particularly concerned about some of the things we see in the budget. for instance, your recitals for proposition a lay out $23 million in cuts. 20 feet -- $23 million in expenditures. there are $25 million available and the others are not laid out there. you have six departments which altogether are asking for $600,000 in other outgo with the specification of what that money can or will be used for. it is referred to as a parking lot and other times as a slush fund. you have $1.30 million for support for dream schools. they were the product of the consent decree and the consent decree is gone. if you want the additional hour after the teachers work day, there needs to be some consultation with the union over adding that two peoples day. there has not been that consultation. we note with concern that despite the flawed repor

euro loan earlier the international monetary fund recommended forty billion euros crisis strategist gonzalo lira think spain will simply end up losing its banking sector. spain needs more money spain the country the nation the sovereign nation as well as spain's financial sector spain is bankrupt there is no other way to look at it and this is just postponing the inevitable so far that they have promised a hundred billion euros under billion euros in order to gain some perspective that was as roughly ten percent of spain's heat i think the notion is to scare the markets into thinking that europeans and salvage spain and spain is not a problem i think that the markets are going to realize very quickly that this is a smokescreen i personally don't think that i that this will happen that this hundred billion euros will be just four over to spain's banks and even if it is it will have some of these things that for all intents and purposes it won't be really any kind of a handout it will be a some sort of hand european nationalization of the spanish banking sector i think all of this is really a

become explicit gonzalo lira says it's too early to celebrate. everybody says oh yes all the situation and then five minutes later it was like oh are back in the doldrums and we're going to just hide this show you. call for the next couple of it it's all right no experience and you know that on thursday friday and everything i started thinking well you know that didn't solve anything and we're still in the same hole that we in for because they're trying to do two things simultaneously on the one hand bro and on the other hand back on their. civil list and on their government in order to comply with the call for austerity measures now you can't do it you can't do the same thing you can do lots of things it's impossible it's either one of them i mean if you squeeze the people at the few people are going to scream and when the screen governments fall and that's what we're going to be seen in the near term future if this government proceeds ease austerity measures which have been ineffective over the last two years and so there's no reason to think t

earlier this week after two elections in greece of produce a no on dr whim but economics blog that gonzalo near us says it's too early to celebrate everybody says oh yes the situation and then five minutes later it was like oh are back in the doldrums and we're going to just hide this sugar rush of call for the next couple of it is all right no experience in it and you know come thursday friday and the reason i started thinking well you know i didn't really solve anything and we're still on the same hole it really for because you're trying to do two things simultaneously on the one hand bro and on the other and back on their. civil list and on their governments in order to comply with the call for austerity measures now you can too you can do the same thing and do lots of things at same time it's either one of them i mean if you squeeze the people all of the people are going to scream and when the screen governments fall and that's what we're going to be seeing in the near term future if this government pursues these austerity measures which have been ineffective over the last two years an

gonzalo segares gets his own rebound and scores the point-blank goal. the fire win 3-1...y're fourth in the east. nba finals returning to miami with the series tied at one. the thunder blew a ten-point, second-half lead... five minutes left... dwyane wade hits the driving floater plus the foul... he had 25 points. a minute later, the heat recover the loose ball, and lebron james gets the lay up and one. he scored a game-high 29. heat win 91-85, for a 2-1 series lead. get ready for the final round of our breakthrough band contest. we had over 90 bands enter, you submitted your votes and now we are down to our top two favorite bands: "years" and "blood red boots". tune in to the wgn midday news this friday june 22nd to watch the bands face off to win studio recording time valued at ten thousand dollars, and a winning gig at the at the arboretum of south barrington music fest this weekend, june 23rd-24th. your live illinois lottery drawing is next. good afternoon. here are the winning pick three numbers: 9 4 9 here are the winning pick four numbers: 0 2 0 1 the mega-millions

you just look you know i don't believe it thanks so much for your perspective good to hear from you gonzalo lira there live in santiago in chile. egypt this is our to be with you here in moscow twenty four hours a day coming up in the next few minutes because who bring down government websites just peaceful demonstrators we speak to an indian activist as the country's internet users hold rallies against internet censorship. that's still to come for you but first russians violating protest regulations will now have to pay seven thousand euros or drop to two hundred hours of community service president putin stressed the new rally law is in line with european standards the opposition is planning a so-called million man march next week but it looks like the movement is unlikely to live up to its former glory as artie's jacob greece reports. it's been dubbed moscow's take on the globe who occupy movement. in america canada and around the globe we've seen protesters bedding down in if hours and here they've never quite reach those numbers for the people needed to do these because most of them ju