power over greece is it your take policies the greece must follow to deal with. its they're the ones that are imposing the will still be one measures along great and not dictating what greece has to do what they're saying is they are because they know they have the money and you stating the terms are you. going to jump in here short break we'll continue our discussion and greece and the euro stay with arkie. if you still. want to. but i was just thinking about my future before the foreign companies came i dreamed of owning a can cutting factory. but we have less garbage now. some businesses who come here make fun of me. regular garbage boy i'm not bad like people think. i'm a good person. it's just the people don't see me. but i feel that with time people like me. that one. thing that i feel people will start to appreciate us. you're going to. say this is true he still keeps in sequence but now it's time to reveal that the soviet files on. the kitchen. welcome back across talk i'm getting a little too mind you we're talking about the euro and its future. ok. ok k

is it greece loans that support and that greece is able to deliver on its part and if greece this its part i simply opinion as sport because it is in our joint is now our common interest. recent financial woes overblown after all many policy makers claim greece is too small to cross the kind of economic impact that would change the course of the euro and the health of the global economy and during their last meeting in berlin german chancellor angela merkel and french president nicolas sarkozy assured that a compromise agreement will divert a meltdown and propose a strategy at kantar the vienna and michigan of two thousand and nine which tackled mounting eastern european debts so. we have to move forward on this and i think it makes sense to involve the private sector this is important jones though the vienna initiative may have had its advantages it was implemented with countries that were outside of the euro zone and did not pose a threat of internal contagion and so many experts may be rightfully concerned that if greece were to go bankrupt it would sink the entire eurozone origina

greece is taking the policies the greece must follow through to deal with. its they're the ones that are imposing the will still with more measures along gracey they're not dictating what greece has to do what they're saying is they are because they know they have the money and you say to the terms are you. really short break we'll continue our discussion on greece and the euro stay with r.t. . if. you. want to. h r n here broadcasting live from washington d.c. coming up today on the big picture of. access. welcome back and ask i'm here a little to remind you we're talking about the euro and its future. ok karen i'd like to go to you in washington and a lot of the dissenters of what's going on in decision making with the euro and with greece is that they claim that bailouts are not for great greece enough for its but federal budgets and what not it's to bail out banks in greece that have a lot of exposure are arms are german banks have a lot of exposure french banks etc in greece this is what the bailout is all about to save banks not necessarily a country's

greece is it because the policies the greece must follow to deal with. its they're the ones that are imposing the also information on gracey not dictating what greece has to do what they're saying is they are because they say they have the money and you say to terms are you. really short break we'll continue our discussion on greece and the euro stay with arkie. ok. if you. twenty years ago the largest country. so to. speak and enjoy. where did it take the. wealthy british science. markets. can find out what's really happening to the global economy for no holds barred look at the global financial headlines tune in to cause a report on our g. q. welcome back and rostock i'm futile about your mind you were talking about the euro and its future. ok gary i'd like to go to you in washington and a lot of the dissenters of what's going on in decision making with the euro and with greece is that they claim that bailouts are not for great greece and not for its but federal budgets and whatnot it's to bail out banks in greece that have a lot of exposure are arms a

greece is the word of this two. never before has the vote of the parliament in athens been so crucial for the stability of the bureau's own. the prime minister and his government faced a vote of confidence within hours. with parliament was drawn support from the government, greece could default, a nightmare scenario for the of the countries that share the euro. >> outside of the parliament, the opposition is in the majority. thousands have come to protest against the austerity measures that the union is demanding from their government. the people here would like to see the prime minister lose the imminent vote of confidence. >> the prime minster and his prime minister want to get agreements for their austerity program but there just exploiting our payments for the gain of others. does the prime minister and his government want to get agreements for their austerity measure. -- the prime minister and his government want to get agreements for their austerity measures. >> the greek finance minister appealed for support.

in this case, greece. on the other side, they would like to have a friendly relationship with all of the neighbors. also, there must important trading partners. when we put these two in balance, the pro european argument is always winning. >> some see a chance for another leap forward and this will not simply garner support across the union. for as long as germany and others are prepared to keep bailing out the hero, chances for the itself are not likely to survive. >> i spoke to the greek communist member parliament, a member of the british parliament, and the assistant to the president of the european council. >> is this the end for greece in the euro? >> there might be but there could be a chance for europe itself because i think that this is practically the end of the modern europe. the euro is not a solution and it starts being a problem not only for greeks but for the western economy. by killing greeks, killing the future, taking their country, their streets, there islands, everything we have produce

it does seem to be all go greece still. >> absolutely -- all about greece still. >> absolutely. that explains the eight weeks of declines we've had on european stocks. believe it or not, we've been open for an hour and 2 1/2 minutes, and having seen -- seen wavering. we started off down, up, we're down again. so the worst off is actually the xetra dax off by .4%. the semi off .3%. and the acc losing..2 %. london ftse down .07%. the chemical chemicals, novellus hit. in the currency markets, we continue to see weakness for the pound there at 1.5947. europe, weakness, 1.42. the dollar is up just about .4% again the yen, 80.78 the yen to the dollar. >> pretty much a down day in asia, as well. the shanghai composite in asia. the only one bucking the trend, up by .4% to the good, on hopes that china's financial titlening is nearing an end. we had the premier saying last week that inflation would be liked by the end this year. that was the only good spot. in the region, losses in tokyo and sydney as greece continues to weigh on investors' minds much there the yen strength against the e

the parliamentary vote is critical for greece. the eu, the imf and ecb often referred to as a so-called troika in greece are expected to give final approval on july rd to an immediate $17 billion payment, the fifth tranche of money from the original bailout payment for greece. it would likely clear the way for a second huge bailout so another one later on this year. in athens, of course, on the allies of the ancient greek capital, the greeks are struggling to understand what exactly happened to their country and wondering if there is indeed any way out of all this mess. we are joined live from athens with part of that story. let's go to her. diana, things seem pretty calm at the moment but, again, anything could change within the next four hours. >> reporter: anything could change but i think the real violence coincided with the two days of general strikes yesterday. i would imagine those small group of sort of hooded youth who were at the forefront of the rioting pretty tired by this point. i don't want to predict anything. the s

are not greece and greece is not the u.k. or the u.s. the united kingdom and the united states are both big dynamic economies austerity measures are not the answer for these economies greece however is in a very different situation they have really been looming levels of debt the interest payments on those that are killing them right now and it's really important that they you know do everything in their power both on the spending and on the revenue tax collection side in order to get their economy back on track and the international monetary. fund and the european countries you know france germany they need to get behind supporting greece because if greece goes down and defaults on its loans we're going to see a domino effect that is going to affect the rest of europe ireland portugal could be next and that's a very frightening prospect of a time when the global economy is really. in a very fragile state of recovery it is this could be a tipping point for a global depression i i'm afraid so i think this is a very dire situation well. i'

some believe greece will default anyway. let's listen to some of what the part-time on the street had to say about this possible bailout. >> i think greece must change a lot, and their policy in the whole country, the way they act, taxes have to be paid in greece. if they change a lot, maybe we see some money, maybe not. >> they're certainly going to go into default. i don't think it makes any sense. thank should let it go back. i thinking -- and then economy can recuperate by itself. >> translator: from what i hear, there's no alternative to baling greece out. otherwise, things could get even worse. anywaying it's their own fault they got into this situation. they probably should have never been let into the euro-zone. >> reporter: now, one of the things that's interesting about the situation here in germany, nina, is that, yes, a lot of people are complaining. a lot of people feel that their taxpayer money is not going into a good place. but also, if you have to have a bailout of another country, this is probably the best

and, it's not just greece. greece is just the one in the headlines the most these days. but, there's a likelihood that this stuff spreads to spain, ireland and portugal. >> reporter: the one thing many market pros agree on is that if greece defaults on its debt it will mean big trouble for u.s. stocks. in fact, some estimate the major market averages will quickly lose as much as 15%. suzanne pratt, "nightly business report," new york. >> tom: while greece's debt woes are grabbing headlines, italy's problems may be heating up. late today, moody's investor service put italy on review for downgrade. it's worried the country won't be able to cut spending enough to reduce its debt. slower growth ahead for the u.s. economy. that's what the international monetary fund is predicting. the global lending agency today, said it thinks the u.s. economy will grow at a rate of 2.5% this year and 2.7% next year. both are down from a previous estimate issued just two months ago. the i.m.f.'s jose vinals says the u.s. and eurozone nation's are playing with fire, unless they take steps to

greece's parliament has two weeks to approve a new round of austerity measures. it will be poised to free up the next installment of a next installment lone. protests and strikes are planned for today. >>> sectarian rioting has broken out in northern ireland. in belfast crowds hurled molotov cocktails. dozens of masked men raided catholic homes following claims protestant homes were raided over the weekend. >>> in an address, mr. assad promised a new national assembly by august, western leaders are saying that's not good enough and calling on him to make new changes. >>> the worlds oceans are being warned climate pollution are putting many forms of marine life, fish, sharks, whales and dolphins at rapid forms of extinction. those are the headlines. "world business today" starts now. >>> good afternoon from cnn hong kong. a warm welcome to "world business today." i'm andrew stephens. >> good morning from cnn london. these are the top stories on tuesday june 21st. the greek prime minister faces a crucial confidence vote that could make or break the economy. >>> a b

of rather special occasions days agenda along those lines of special occasions only the people of greece move to see from a difference their summit is being taken away from them in spain of course now they're saying but asking themselves why why why are we letting the global bankers do that the chaos. well you know some might have thought it was hyperbole to call it banker occupation but check out this first headline max greece shocking new bailout conditions mean the end of national sovereignty yes apparently the big news from greece this week that is in order for the country to qualify for future bailouts they are going to actually have to hand over to outside authorities the function of collecting taxes. well as we've been saying. from the beginning the objective of the outside forces that being the i.m.f. which is controlled by the us which is controlled by wall street is to simply grab all of greece's assets for pennies on the dollar and to an extent it's our country of theories and that they should forego their sovereignty and their independence now they're just one more ride on di

let's take a pictures coming out of greece right now, live shots from greece where workers in that country have begun a 48-hour general strike as the parliament there debates a decision to raise taxes, to cut government spending, to cut wages for government workers. it's something they have to do in order to get a bailout to keep their banks alive. if their banks fail, we're looking at another credit crisis around the world. christine romans will be with me momentarily to tell us what it means to you. anna coren is joining us from hong kong to tell us what the effect is on world markets. we'll be keeping a close eye on what's going on live in greece. >>> here's a quick rundown of other news. starting with a wildfire getting uncomfortably close to los alamos national laboratory in new mexico. look at these incredible pictures. we're talking about an inferno moving toward one of the federal government's top national security research facilities. hazardous and radioactive materials are stored in there. the facility is closed again today, about 10,000 people have been evacuated from the area.

country of greece is not bankrupt the i.m.f. is bankrupt george proper dreyfus is bankrupt who knows what money he owes some casino or some drug lord somewhere kind of drug habit he's got he's going to sell it for and country for a few quid it's twenty seven billion dollars and the people of greece are demanded back the victims of bernie made off were able to go to the the people who benefited from his scheme and take their money back so why don't the people of greek say give us back that twenty seven billion dollars that was sold to you fraudulently but they are owed twenty seven billion dollars proper joyous knows where the money is it sounds like papa doc doesn't he's another one of these over you know fly by night dictators comes in ransacked the country and sails off somewhere where there's crack whores of his cocaine but it's not just europe that is occupied by banks it's also the united states headline reads max why a hedge fund comprised of junior congressional democrats should outperform the market by nine percent well

in greece workers at a state owned electricity company have gone on a forty eight hour strike against austerity measures it comes as e.u. finance ministers failed to agree on conditions for releasing the next installment of last year's bailout package for the country the decision was postponed till july now with the stipulation that athens implements for. budget cuts workers of utility rang grid government plans to privatized the company as part of a steroids emergency is crucial if the country is to avoid a default fears of greece defaulting may british banks hold back tens of billions of euros from the lending market this spring into the conversation you would have done with most member of the european parliament thanks for being with us mr darwin sir i mean is this a sign that the british banks have finally given up on europe's economy and you no longer think it's worth saving well i mean i can't really speak for the british banks but i mean what they seem to be doing or indeed what they seem to have done is to reduce their exposure to greece which it seems to be eminently sensible

or greece and europe go down a run what when you say hostage you have a law that says the u.s. can only borrow. one three trillion dollars in debt or is supposed to be a joke ceiling which means it's also be representing the limit of debt and i will salute you let if we don't raise the debt ceiling we still have two point two trillion. dollars going to be supporting striker billion interest payments so there isn't going to be a default of the debt that's a red herring that's the worst or story upon the united states and that's something you desperately need a little you want to have. chased around greece coming to this thirty year united states and your own wind is what are you think we would actually see that same scenario play out here in the united states and we've definitely seen it in greece we've seen it in the u.k. these think americans would be rioting marching on those three it's going up to protest at the capitol building. what makes me. just six weeks i'm stuck sure it's just because the americans if we had severe austerity year if we had a marketplace is we are righ

chaos protesters and police clashing in the streets so will this austerity package the devourers greece's working class end of the european debt crisis or trigger a new one and later a daily take on how america's most valued national treasures could be headed for perch is a show. you need to know this president obama spoke to the american people today on the ongoing debt limit negotiations and republicans just as the ticking time bomb until the dept of halt nears in about one month president injected himself into to go she ations over the weekend after house majority leader eric cantor or dropped out when democrats raise the issue of cutting tax breaks for corporate jets like the one cantor has often flown on courtesy of his corporate benefactors cantor's temper tantrum went down just before the rest of the republican controlled house of representatives one of occasion this week our nation creeps closer and closer to an economic crisis president obama made note of this in his press conference that there's no point progress made and there's no point putting it off. you know we got to get t

report from the front line in athens as police said thousands of protesters furious at cutbacks so greece can qualify for more international aid also. pulls out from european missile defense plan saying that it wants a bigger role in this project all details in just a couple of minutes. iran confirms to russia its total renouncement of nuclear weapons at a summit of asian leaders here join me for the details later in the program. the way to bring the deadly superiority to yemen u.s. drones allegedly kill schools of civilians as the u.k. readies helicopters and to send to the rest of. international news in comment live from our studios here in central moscow this is greece boiling point with police firing tear gas at crowds of angry protesters thousands of demonstrators are trying to block access to the parliament building where the government is discussing more cutbacks to secure further rescue loans. reports now from inside the clashes in athens. the clashes between the police and the protesters still going to be some of the hands of the states need to head to take out buildings fired in

thanks for joining us now to our top story greece has voted on a second a bill in the final step towards implementing the next wave of a sturdy measures was the last hurdle that athens hostage jumped to qualify for a new stock of european bailout funds but plans met with resistance more than three hundred people injured in two days of riots national journalist dimitri coffee mass is in the heart about this are frustrated crowds continue to grow. they already started to gather around the parliament right now they're quickly starting to amass a number on the street in front of constitution square and on the on the streets perpendicular as the sun begins to set and this abates it becomes a lot easier for people to gather here and that's what we've seen in the past as we're seeing in tonight there are some economists in greece and other people who are proposing solutions but those solutions that are really being proposed for the most part are solutions that require a cooperate of party like the e.u. and the i.m.f. to cooperate to restructure and that right now the principle problem for those

[laughter] how can greece afford this? funny story. >> with a population of 11 million, it has a debt of nearly half a trillion dollars. >> jon: what the [bleeped]! greece $480 billion debt for 11 million people. you irresponsible children. that is like... [laughter] $44,000 of debt per person. don't give me, that well, the united states has debt, too. yes, yes, we do have a $14 trillion debt, but we have 307 million people, so ours works out to... what's that? oh, $45,000 per person. [laughter] [cheering and applause] but we get to retire never. [laughter] hey, greece, how are you guys so good with money? now, you may be wondering, aside from the comical mental image of old greek people throwing yogurt at the police, why should we care about the greek economy? >> in the worst-case scenario, economists say the greek debt crisis could become europe's lehman brothers, a catastrophic failure that freezes the credit markets and infects the u.s. economy. >> jon: the u.s. economy? but that's where we live. [laughter] someone, qu

there are real problems in greece. >> it looks like greece will get the next installment in funds if it meets the criteria of the euro zone, but what if it does not? is a default more likely? >> actually, the head, jean- claude juncker, talked about what if they do not express confidence in the greek prime minister? the truth is, if they do vote no, if they do not support this package, we are really in uncharted territory, and that is when we get into the potential crisis, a potential defaults, and potential contagion across the euro zone. we're keeping our fingers crossed that that really will not happen. >> throughout this crisis, we have heard european leaders say that they believe that the euro zone is resilient enough to handle the situation. have they been able to do that? >> i do not think they have done enough yet, and certainly, i do not think the financial markets think they have done enough yet. they have delayed and postponed a lot of decisions. they have made them conditional on developments going on in greece, and they have not answered questions. going to be another ba

solution to greece's financial woes and of course the future of the euro itself. but surely would be a solution proposed by mark weisbrot i mentioned before in a new york times. he called go for it more i'm doing on the payments of the greek interests. interest so that we will be able to negotiate with our european partners . or for our loan even economist with a well known but i love british my doesn't propose the haircut or the order of magnitude of fifty percent then we could use a lot money in order to finance their recovery off our economy because you see the memorandums and there was very good packages the result is the. export development and this is unsustainable all right petros constantino columnist at the an in athens daily newspaper thank you very much for your analysis thank you . live from moscow you're watching our t.v. got more news stories coming up for you this hour. no one person in this country have a bit of story to prove the united states a very good authority who is taking democracy away from us citizens are to look at how one american town

it says "greece was not ready for the euro. its classical past was of less relevance than its recent past. a lie is like a snowball. the longer it rolls, the bigger is gets. no salvage operation can hide that." > >>> in northern ireland tensions in the capital belfast erupted into riots. sectarian violence broke out in east of the city. shots were fired, police say, fireworks, bricks and petrol bombs were thrown and there are reports of homes being attacked by masked men. dan rivers is following events for us, joins us live from belfast. a total of 500 people were involved in this unrest? >> reporter: yes, that's right. a significant amount of people involved in a major disturbance last night here in the short area of east belfast. i'm on brighton street, a predominantly catholic area, which was the scene of considerable violence last night, rocks thrown and as you mentioned shots being fired by both sides according to the police. the police also saying there was an attempted hijacking of a bus and that laser pens were used to

how stated will be serious repercussions if greece isn't bailed out again and i guess is a lose lose situation about how you look at it isn't it john. well it is in of course our chancellor george osborne and david cameron our prime minister is saying they will not put any british past cash into the buyout but they're kind of playing with words really because as you rightly say we've just increased the amount of money we pay to the i.m.f. from ten billion to nineteen billion and if greece defaults and let's face it they are going to focus not only on the first plane out but on the second bailout if indeed it does go through in a couple of months when they think the fault on that will be liable to pick up some of the bill so british taxpayers repaying for it i personally agree with the mayor of london boris johnson some people say he'll be the next prime minister after cameron i say let's greece go now to the wall no more violence greece must be allowed to leave the eurozone let them have the drachma then they can devalue then they can set their wages where they want to set them then

some may say that greece is actually being sacrificed in order to save the euro. well there's so many different political dynamics going on on the one hand you have france and germany who are trying to bail out greece and sort of protect their own economies from contagion if greece were to default they're afraid that you know their banking sectors would be hit substantially and they would face their own economic crisis whether that fear is overblown or not it seems to be what's believed in paris and berlin they also have the problems that you know they really have a plan for dealing with greece right now they're just trying to sort of kick kick the can down the road and deal with at a later point and they're hoping that by buying themselves some more time they can eventually can agree a sort of comprehensive long term solution or they've already done that for a year or two so it's not clear that that will ever be the case but what about the greek from cells how long can they sustain this. to be part of thought to be draconian we're seeing in the protests in the st

says the uncertainty of the next payment for greece is understandable. they've got crews and feet about but about the whole deal i mean greece is really not a very large economy and what it was in the present seventy billion with probably more to come in twelve months time and i mean where's it all going to when what's supposed to be happening is that the taxpayers of northern europe particularly germany are going to have to pay up to stop greece will default on taxpayers in all new york don't particularly like the obsession in the near fanaticism of the european elite for the political project of united states of europe and a common currency has resulted in a terrible terrible human cost if there is a greek default the people who would suffer would be the holders a great sovereign debt who basically banks institutions and the like is sort of the people who are suffering no. who are principally private the two million private sector employees in greece who actually burn the brunt of these draconian austerity cuts. through max keiser has his say about tha

a greece what's going to happen to it. well i mean i'm not an economist so my crystal and my crystal ball isn't really much better than anyone else's but but the terms of trade and economic logic is that greece would default which greece has defaulted before i mean basically what i always used to happen is that country is that. investors who lent their money to these other six season interest rates in recognition of the risk of the. greek interest rates are currently sixteen and a half percent they were eighteen percent on friday so the markets are signaling the fall for greeks. this is all about this is a charge to i guess is it but you know we think about the actual paper the losing their jobs at a very difficult to pay their bills we've seen these mass protests in spain and france over the austerity measures also looking in italy what might happen there people are very clearly worried for their future is it possible for anyone to give them any guarantees they'll be ok well they will i think i'd like to put it another an

eyue speculation that greece and other members might grow polk. the breakup of the year eurozone was suddenly no longer uninbl it had all started with some much hope. oob, 2007, the leaders celebrated after signing the lisbon treaty. a hard-fought compromise was ppedoakevytng better and bring europe closer together. of all, guarantee peace and prosperity in a uniteeupe this concept of a united europe of joining east and west has taken quite a battery. but why? a few days ago in brussels, the eu president, a position created by the treaty gave policy think tank, an insight into how he saw things. >> the state of the union is n bad even if the mood is not so good. >> there is a sense of frustration even in brussels where manyrevi supporters. >> we need a little bit more of atag pio of the values on which europe is built. the rights that citizens have, the freedoms that they enjoy. >> this is probably because the geopolitical situation has changed extremely quickly. that is something that no one expected on this scale. in the growth in aa, the realig

save the euro by saving grace on the contrary you have to get rid of greece greece is no longer worth a candidate no longer worth in number of the european country union the nations labeled in delusion by some as the pigs of europe portugal ireland greece and spain must drop the currency now before they drag down other members boards kerber although athens last year raised the pension age to sixty five and could early retirement of the countries believe that greek workers work less. we'll bail you out a second time says chancellor merkel but if you want cash in future you must work longer the statements caused through ring greece but they're not happy in the e.u.'s cash capital frankfurt either believing the greeks have had it too easy because if we are going to chill sixty seven it's not possible to declare why other people should go with six fifteen which are certainly not responsible for the debts and the deficits run in portugal greece in the pic states raise the age when when the greek people retire. sorry all three people what we have to work along as well germans or wrote boili

unfortunately for greece. which are incredibly unpopular in the country and that presents a major challenge for the greek government right immediately after it has just been for shuffled the leaders are unanimously wrong again. maybe i'm wrong about greece from the very start she should never have been allowed to join the euro in the first place she wasn't suited to it they were wrong to buy time. and if the greek choose day except this package this time next year i'll be talking to you. so while leaders are extremely excited. most of the people in europe believe so and unfortunately for the european leaders the europeans believe that the end of the euro is near. well let's talk more on the commitment of leaders to help greece in the euro's future in general with over developed he said journalist and author joining me live in brussels and i understand we can't join him at the moment or we can we can thanks very much indeed for joining us communication problem there can you hear me i can hear you yes great than