>> there is very little that germany can do to help greece. it must be coordinated between the european union's and the international monetary fund. it must be seen in the context of the larger the financial crisis. there are already packages for ireland and portugal. some we are looking at possible meltdown in other european union countries. there is not much that germany can do expect -- except to express moral support. they say they have the utmost respect for what germany must do a mean what -- they say that they have the utmost respect for what greece must do. you can see the german and prime minister getting together. at the street level, there is a certain amount of resentment. in greece, there is this sense that germany might be too rich and smud with their wealth and germany looks set greece and germans might be looking at them and say, you need to pull your belts tighter. >> that has been our "in depth" this hour, thank you for watching.

greece has given the world many edifying myths including the latest one that its economy was strong enough to join the euro zone was it a comedy at tragedy or maybe a farce well to discuss that right now joined by the member of the greek parliament . thank you very much for your time sir now greece has been at the center of political and economic debate in new york for quite some time now do you think the european union has done and not to how greece out not enough and not in the right timing and greece was just the weakest link in the building in that. well constructed it is a problem when you promote the financial gratian without having political integration and i think it's the time for big decisions of the european union i'm not so sure that the political leadership of the european union today is the point it should be what do you think is at the root of this crisis of this crisis is that the political leadership has given up a big part of its power to the let's call it financial establishment to people that were never voted for and never elected. but they seem to have more power than

over of greece. portugal and ireland. a bomb fell swoop. europe always tries to be a little bit pregnant but cumulatively expect a lot. of the great to switch to five or eight of those for the balance of strength of course will require. that there is a shift of banks. exposed to the group especially in greece but also. from. let's have a look at the markets now oil prices are heading down on stronger economic gloom dumbass on the outlook for energy use mess just shining wanted to risk need fear of stripping prices whites which is currently trading at eighty six dollars a barrel while branches below one hundred twelve dollars and asian stocks are posting significant losses holding friday's steep selling in the european and u.s. markets exporters are among the main retreat in japan can make nice and is a three percent down while trying to produce a sharp almost five percent in the red meanwhile banking stocks are the worst performers in hong kong with h.s.b.c. down as a percent hitting a two year low. and just two hours ahead will be opening

out and not enough for not doing the right timing and greece was just the weakest link. in the building and the. well constructed if there's a problem when you promote financial and racial and political integration and i think it's the time for big decisions of the european union i'm not so sure that the political leadership of the european union. is going to be what do you think i've been through their base crisis at the root of this crisis is that the political leadership has given up. a big part of the. let's call it financial establishment to people that never vote to. elect. but they seem to have more power than the elected leadership that is something that has to change and another point of view maybe it sounds a little bit moral but making the money without producing anything is immoral and that's what we're paying right now so what you seem to be suggesting is that greece has lost more than they've gained from joining the european union and the euro zone listen our fault is that we lost chances we should have done more in the good things right now it's costing us

we are importing a country like greece that should be produced. everything can produce something and should be and have the skin from the get opinion that farmers were paid so that they would then produce anything. we destroyed one of the main assets of our economy and these changes at the conference you're giving is full of disappointment gaping it was a wild decision for greece to join the european union in the first place the decision to join the e.u. was a wise one the way we entered the monetary union was the wrong. relation of the greek drachma that we had to the euro was in the correct way we sense. who made the transition from the drachma to the euro was incorrect for example prices went three times up we didn't pay attention at the time because what we gained from the monetary union right away was more credit greece and greeks could borrow money easier but it wasn't used in the correct way it was used just to buy things but also the investments that were made in europe were only to sell germany you know what's the biggest investment that'

greece was just the weakest link. in a building in a chain that wasn't well constructed it is a problem when you promote financial integration without having political integration and i think it's the time for big decisions in the european union i'm not so sure that the political leadership of the european union today is at the point it should be what do you think the road of these crisis at the root of this crisis is that the political leadership has given up a big part of its power to the let's call it financial establishment to people that were never voted for and never elected. but they seem to have more power than their elected leadership that is something that has to change and another point of view maybe it sounds a little bit moral but making the money without producing anything is immoral and that's what we're paying right now so what you seem to be suggesting is that greece has lost more than they've gained from joining the european union and the euro zone listen our fault is that we lost chances we could th

the problem of greece through quickly became a problem for. now we're afraid for spain for italy so it can't be only greece's problems the whole structure was wrong and we have to change we have to find another approach i do believe in the european union and the european dream. but in a larger dream and in a more correct way and as i said from the beginning i can't imagine europe without russia. russia has the same i think there is nothing for me to sit here and it will make me feel a currency in crisis and an unknown future but is there a single thing on. the official t m p k shoot your i pod touch from the. lights on the good. video on demand. keys minefield. and street with the palm of your. christian. wealthy british science fact. that's not on the title for. the current. market i must struggle to find out what's really happening to the global economy for a no holds barred look at the global financial headline news joining me to cause a report on. the. line shall be soon which bryson if you knew about sloan from first impression is so. nic

greece has tried to be a bridge between good of p. and union and russia and russia successfully sometimes on successfully now those there are some new member states and they get up and you know that are reacting but russia is a part of europe so i can't imagine a europe without russia there must be a closer form of cooperation between the two sides and everybody is going to benefit from that you mention germany several times throughout the last me finish and on be german call it just a few days ago i'm going merkel if the euro collapses europe will collapse do you agree with me and i want to see the european cut and see. continue to exist i believe that we didn't start it and the right way. but it is the right direction we just need a new framework and a new understanding for us because right now very hating a country that is not entirely responsible everybody has its own responsibilities on the sponsibility piece and it's the weakest link but that all those through you saw that the problem of greece really quickly became a problem fo

greece is bankrupt because there's no way to deny that the greece can't repay its debts and the only solution the only bible solution for me would be a reconstruction program for greece so we can get back on a growth process and you just have to face the question who's financing got program . basically there was some benefit from the crisis have to be taxed on the order to finance the thing what is happening or was supposed to be about. they're going to rectify the european financial stability facility and afterwards declares bankruptcy and all the. other taxpayers and this is even on the. democratic perspective this is no viable solution. so it would be a priest tells finally get the cash will solve the problem for the long three hundred fifty billion euros of debt servicing greece how did the paymaster's know that they were going to be. request. you know certainly would be a catastrophe for greece if they wouldn't have any more access to to fresh capital because then. interest rates would further rise and they presently couldn't pay out anymore salaries and the whole economy would

miss it in key ministries in greece because angry workers are occupying them and their. protests there's only geisha and are in athens to decide whether greece has spent enough for another portion of the bailout the government's last chance to evade a collapse in. the recession was suspended earlier over doubts that the country is doing enough to reduce its enormous debt leaders have pushed through pension cuts and extra taxes to try and please their creditors but the public remains convinced that the relentless assertive policy is only making things worse artists are furthest ports now from athens. greece has been the poster child of the euro crisis with germany baiting to expand the bailout fund the country looks that's to get that much needed cash injection help come with some conditions here in greece the people say that the price they're being made to pay if simply too high burning that . is deadline day for the first to be hit with the greek government's new special tax it's one of the measures they put in place to try to secure the next tranche of money the countr

the problem of greece quickly became a problem. now we're afraid. so it's only greece's problems the whole structure was wrong and we have to change we have to find another approach i still do believe in the european union and the european dream. but in the larger dream. in the beginning i can't imagine europe without. cultures the same i think there is nothing for me to commit real training to you know a currency crisis and an unknown future but is there a silver lining. on the. video on demand. and on. the palm of your. question. the british. it's past but i never stopped classifying car. markets financed scandals find out what's really happening to the global economy for a no holds barred look at the global financial headlines for joining good cause a report on. russia would be so much brighter if you knew about it soon from funds to pressure in some. nice clean stocks on t.v. dot com. top stories this hour in our two strong good relations for mutual benefit russia and the u.k. agree not to allow their divided opinions on the scandal and the reso

leaders of germany, greece, and france held emergency talks amid growing market fears that greece could soon default. could they come up with anything new? >> president sarkozy of france and chancellor merkle of germany moved to try to fix the crisis of greece and its debt. they are holding a conference call with the greek prime minister, seeking guarantees. in exchange for further aid, greece would slash its deficit. the fear that greece is heading for bankruptcy has savaged the markets and the banking sector. two french banks saw their ratings downgraded today on evidence they were exposed to great debt. there was start evidence at the european parliament that europe could be destroyed by the eurozone crisis. the mood was gloomy. one minister declared europe was in danger. another said the european union itself could not survive a breakup of the eurozone. >> we are confronted with the most serious challenge of a generation. it is a fight for what europe presents to the world, a fight for integration. >> president barroso said the answer was more integration, but there were doubts expr

television general it would be a very good thing for greece to leave the eurozone and since greece is only a very small part of the eurozone one can do that kind of exit like the greek exit in an orderly way if it is done disorderly it would mean chaos within the entire eurozone i think and i'm fully convinced that an exit of the of greece from the euro zone is from a technically monetary point of view which perfectly doable it only takes a little bit of coolness to do it and it would solve a lot it to a large extent greece problem still because the problem with greece at the moment is that the country is really it's impossible for the country to escape from the recessionary i would even say depression really. circumstances in which it is today it needs more exports and more import competitiveness to regain some economic growth it cannot find that growth. we don't do a major devaluation of the currency which in this case would mean greece leaves the eurozone ok you have over the world editor in chief of trends magazine live from brussels many thanks for those thoughts. we'd also like

can print its own money greece cannot sue greece has structural problems at the e.c.b. is trying to fix it by basically guaranteeing greece's debt the same way that the united states might guarantee the dead of the large banks like bank of america or city or something like that the problem right now is that greece just basically has this structural imbalance which is going to make it very very difficult for them to grow their economy on the one hand and to pay back their. loans to international investors and other countries that are right but it's not just greece it's other countries and it's banks that have a lot of this debt on their books are insurance against these debts french banks that other banks in the euro zone so it becomes a bank problem where the officials are talking about alkalizing the bank is this just another bank bailout once it is once again it's a bail up you have private debt only i believe it is bail out. standpoint. by me but i don't think it's that fancy basically will you be allowed bail up people did that mean sure what it means is that what y

for euro's in europe we gave money to greece but greece cannot support this currency ok well let's talk about france. now it's one of the more premier economies in the euro zone and the latest growth data puts paris on the verge of the national stagnation so is the debt crisis now catching up to these economies that are in a better position. yes but france is not in the greece situation of course we have a strong economy but there is an unemployment which is very high and it is a cent now because the government is saying to french people we have to to you we. impose new taxes but in the same day we are going to give to greece fifteen billion euro of its own people cannot accept we ask. the french people to give it to greece. it's not working you saw the french government is very unpopular in. many many french people are not the majority a minority still know things that we should leave euro zone we should. all money. it's the only means like italy spain we are in a historic moment here the euro zone is exploding here having said that your president our president sarkozy has insisted tha

and is it still possible that greece could declare bankruptcy? >> the situation is very serious, and greece is going through a version of bankruptcy, the version for countries when they have a debt. and the creditors will probably end up with no more than 33 cents on the dollar, that's a pretty big default. >> susie: what would it take to stablize the european situation? and are the europeans moving in the right direction? >> the europeans on some days move in the right direction, other days they back away. today was a relatively good day. but there are serious problems that have to be sorted out in terms of how much germany is willing to pay, how much fiscal austerity countries like italy are willing to do and whether countries like greece are getting enough debt restructure to get them back on a sustainable growth path. none of this has been resolved decisively yet. >> susie: you have an op ed piece coming out in the "new york times" tomorrow where you say it's time to be honest, it's time for some brutal truth telling. the implication being th

greece will be forced to leave europe because the only means for the greece economy to recover. outside is to develop it to the euro currency is too expensive for greece to alya. producer of oil producer of tourists they need a currency which is not so why you cannot have the. same currency for greece with that. productivity which is not in from germany it's not the same country. for euros in europe we give money to greece but greece cannot support this currency ok let's talk about france now it's one of the more premier economies in the euro zone and the latest growth data puts paris on the verge of the national stagnation so is the debt crisis now catching up to these economies that are in a better position. yes but france is not in the greece situation of course we have a strong economy but there is an unemployment which is very high and it is a cent now because the government is saying to french people we have to to you we. impose new taxes but in the same day we are going to give to greece fifteen billion euro of its own people or can a set we ask. the french people to give

could go about dealing with a default of greece or an exit of greece portugal or some of the peripheral countries they could break the euro into two different types of euro two or one speed europe and a two speed europe but the fact that no one is willing to talk about that option openly and kind of admit approach where we are with an unsustainable debt like greece has and now the fact that you have one hundred the size of italy which is no longer really able to access the markets the way that they're access in the private markets but the e.c.b. isn't there buying spanish that they've doubled the size of their purchases in insolvent in the last month alone so the fact that you have these countries unable to issue their paper on their own is is frightening for the european union for the euro zone and also for the united states it sounds like you know one of the issues you're touching on its capital requirements and that's something that's an unknown we still don't know about all of these banks in europe or in the united states what exactly is on their books but it's kind of interesting b

hala calls for tanks in greece he was quoted on facebook as saying what greece needs at this particular point in time is a military junta that would not have to worry about its popularity and could use tanks to enforce some order among strikers and rioters they have the military junta as it's called the troika and these weapons of mass destruction to disenfranchise and to strip the country of its sovereignty already as vince cable who is in the british cabinet says it is an economic war and there is. the economic the three guys of the who are e.u. e.c. b. and i.m.f. these guys i don't know where that were fabricated engineered and created out of some black cauldron and which is them yeah and chris you can go on is one who bought she's on the box. she's not even human she's lost in the dick cheney and she doesn't even have a heart because the valve just like a lame valve made a flood watch so this m.p.u. use had one too many soundness obviously his brain is shrunk a little bit well he's been suspended for two weeks but he'll be back in two weeks great well these his ideas are wrong and w

global markets fell sharply on monday i will say is that the debt crisis is watching in both greece and italy this comes as italy's fifty four billion euro austerity package goes before the lower house of parliament was approved this week so to hold budget can state government fuel local authorities and existing ones to match but faces stiff opposition with some borrowers actually seeking independence bennett went to one rebel is determined to. welcome to filipino a small town in the middle of italy that also claims to be an independent principality and to prove it it's even started printing its own money the man on the new note says town mayor lucas a lhari now self-proclaimed prince i guess everyone dreams of being a prince when they're a little boy and so did i now i get to live that dream filipinos going solo in protest over government plans to slash council funding he wants small towns to merge having the number of local authorities with a population of just six hundred philip tino and its mayor for the chop was a. terrible idea because it makes economic sense we have everything he

i invite you to greece, a greece which is changing, a greece worthwhile of your investment, an investment in future which will profit us law. dear friends, the fall of the br lynn wall -- now is not the time to rebuild walls in europe. europe must keep moving forward toward permanent integration, build solidarity on social justice and sustainable growth. that is what our citizens want and expect and what our history demands of all of us. thank you very much for your attention. [ applause ] >> george papandreou, the greek prime min officer addressing german industrialists at the bead i icon federation in berlin. one or two highlights. calling for work together. at one point, he said let's stop blaming each other for different weaknesses and work together with our different strengths taking a european view of the crisis in which greece finds itself and promising that greece will fulfill the commitments that it entered into at the summit in july at which the efsf, the fund, the bailout fund, if you like, was agreed to be established. >>> we're going to take a quick look at the stock markets

i think it would be a very good thing for greece to leave the euro zone and since greece is only a very small part of the eurozone one can kind of it seems like the greek exit in an orderly way if it is done this order. chaos within the euro zone i think and i'm fully convinced that an exit of the of greece from the euro zone is from a picnic monetary point of view perfectly doable it only takes a little bit of. a do it and it would solve a lot it to a large extent a nice problem still needs more exports and more. to regain some economic growth if cannot find growth weed out the major devaluation of the currency which in this case that greece leaves the euro zone. well that was overbuilt editor in chief of belgium's leading business magazine on how he thinks greece a kind of scape collapse. to other news now the u.n. security council for spain further debate on the palestinian statehood bid until wednesday that is the united states presses members to not rush their decision in order to allow peace talks with israel to resume all avoiding an is a national conversation and we report now e

right so germany is trying to manage a crisis in which it is interdependent with greece these other broad beans talking as if if we pulled out of the euro then germany could just traipse off would have to worry about anything but in fact until america if you didn't have to pay greece would have to be bailing out of our own banks and we know from the united states that isn't any more popular than bailing out greeks ok dan daniel it's very interesting because you know the way to the perception of is in the media we're looking at sovereign countries with their sovereign debt but i think andrew brings up a really good point it's really about saving all these banks and a lot of very very wealthy people connected to political power in these countries. well i think what i did saying is one sided with respect because there would be costs involved with unwinding the euro or withdrawing from the euro zone but i think there are also very high costs involved with maintaining the euro because you're maintaining a system which cannot really be stable you cannot look greece and germany or portugal

we need a general strike in greece. they always say, that's all we have done, we'll take no more measures but every two or three months they get more and more and more measures. this has to stop. this has to end. >> i think they're figt the wrong people. that's what they're doing. they're not fighting where they should be fighting. they're not looking to get money from where they should be getting money. they're looking down on the middle class, the lower class societies. i don't think that's correct. that's why we're here today, to fight for our families. that's what people have to understand. we're not here fighting the government. we're fighting for our homes. i'm hoping our government will give in. i'm hoping that they will understand that this is far beyond striking. we are fighting for our lives. >> certainly i would have thought the group government would have been much more intelligent and brave to face the difficulties. all the countries that they have been under pressure, especially while they have been on the

a conference with the leaders of france and greece. this is a message that is intended to dispel speculation that greece could default on its debt. the debt crisis has already split the government, now the european commission could be on a collision course as well. they have put the idea of eurobonds on the table. this is the idea of selling for europe as a whole not for individual state. this is something that germany vehemently opposes. >> instead of selling their own bonds, they will sell eurobonds. this would lower costs for some, raise costs for others. >> we will be working out the introduction of the eurobonds. >> the ecb cannot continue efforts to buy bonds of countries in difficulties. >> proponents say that countries like greece are likely to default without eurobonds. >> it is absolutely certain that they will defaults or they will exit the eurozone and this would carry problems not only for greece but for all of the member states and our global partners. >> such warnings are aimed at those like germany who rejected the idea

fund meaning berlin will guarantee a whopping two hundred and eleven billion euros worth of loans greece is watching this closely as it tries to convince the e.u. and i.m.f. to release more emergency cash but the greek public's anger is focused on facing more cuts and tax hikes etc perth reports to us now live from athens the greek people sour are giving much support to their politicians who are trying to secure further belt out cash are they now. well the message from the people here on the streets of athens today has been take your bailout and leave that was aimed at the troika audit team he's been here trying to hold told about the next tranche of money that greece is going to need to avoid bankruptcy now you can see behind me here outside the parliament building the people are already gathering this is the third day of the taxi driver strike and already you can see the numbers turning out there you can also see the riot police just at the front of the building now all day today people also outside the front of the finance ministry and right now i'm going to see if we can show you tha

live from moscow this hour greece says it's doing all it can and is on the right track to reduce its crippling deficit the prime minister also pleaded for germany's assistance ahead of talks with chancellor merkel as the greek parliament prepares to vote on a new set of carts needed to secure the next vital bailout installment. is in athens for us let's cross over to her now sara how is the greek prime minister actually trying to convince germany it's worthy of yet more bailout cash. we're hearing more the positive rhetoric coming from the greek prime minister jos perpetrates day he's been talking to the federation of industry in berlin and he's going to be meeting with the german chancellor later today we've heard him saying that he thinks his country can get out of this crisis and much the same that we heard from who he's been saying that they're behind greece trying to rebuild confidence but they haven't actually proposed any measures now for kerry nothing that's all be met with some skepticism because remember we've been here before and what we're seeing now is once again greece

who will move from greece. then to german banks to be. sure you can journey. more skilled people you know. will be affected you will find a solution not just for grecian but for all the. cost measures failing to have the banks in this political leaders continue to struggle to convince the public which is. still hangs in the balance with these protests strict austerity measures to continue many people here the greece is a country now at risk of having good idea financial but it democratic deficit as well but. outside the parliament building in athens and here now to talk about greece and what it means for the country for the eurozone and for the u.s. economic blogger an arche contributor and also a great himself to me a trick of being a string theory. so the government is trying to get its next round of its bailout the next tranche the troika is there now deciding if it will get it but the greeks are not happy they're protesting on the streets they're upset they're angry over these latest austerity measures or the tax hike so. what happens is that a bit scenari

the effort in brussels is still about containing greece, containing the euro crisis within greece and trying to make sure that greece is in an economic position strong enough to repay its debts in return for the bailout loans. that is why there is every effort going on in athens to ensure that the austerity package is actually put in place on the ground and it is working for the benefit of the greek people so that they can repay their debt. >> is brussels concerned about bailout fatiguing countries like austria, germany, the netherlands? 75% are opposed to new bailouts. >> angela merkel has complained about the weight of expectation on germany's shoulders. they have populations that to not like the idea that they should be responsible. i think the vote in parliament in germany and doors in the prospect of a much bigger bailout fund has been greeted with a sigh of relief because it takes the pressure off the other countries. if the most predominant country says winnie to go with this for the greater good, the consideration is a smaller countries will say that we need to do the same. ge

very productive countries like germany and growth of the unproductive countries like portugal and greece and when you look them together economically you create all sorts of economic problems and you create a system where both the southern europeans who are suffering austerity but also the northern europeans like germany don't benefit so for example if you look at average wages in germany they're more or less where they were twenty years ago so i quite understand why ordinary germans are unhappy about the euro zone and about the economic circumstances i think the problem is that the european elite is absolutely determined to try and push through european integration even though people are benefiting from it and even though there's no democratic k'naan for it you know it really is i think this whole crisis is very interesting expression particularly for the people that really want greater union across stronger union a political union and that would also include a fiscal union this is the only way the euro will be saved if they go to a united fiscal policy which would essentially destroy t