that greece now is about could never be paid let's be serious you think about greece who ever pay four hundred fifty billion euros of government there you need to be if you would or or i don't know what to believe something like the greek government is running out of options they can keep trying to impose the strict austerity measures that would likely lead to more of the violent clashes we've seen between riot police and protesters in the last weeks and months or they can instead choose to default the year is a new leaders have insisted that default is not an option they're concerned that word greece to d.c. it could spark a financial meltdown in the usa but there's now a growing recognition that behind closed doors other options are being considered a group called is different on the cards has been on the cards and off for a year and a half or two have been in the cards because when you have a dead overhang of the exorbitant size but we have here in greece it is impossible to imagine that the story we can be a means by which you can reduce it so the default was always going to happen

if it is going to be dragged down by greece, it means greece is only response book or 2.7% of the gdp of the eurozone, then there is a problem the way bureau is managed -- euro is managed. the fact we are changing the economy with the program is the last 17 months, and we already see a high trends of increase of our exports and also a good trend of an increase of our revenue. but yet again, it has been 16 or 17 months that we started these very far reforms and we have been in the structural program with the imf and the european union. >> senior advisor to the finance minister. thank you so much for being with us today. of course, we do have coverage from greece and we can now go to chris morris who is following events. >> good afternoon. teachers, doctors, lawyers, pharmacists -- you name it, they are all on strike today. the unions representing more than half the greek workforce asking members to come out on strike. in the last few minutes we heard the first sound of potential trouble -- either tear-gas or potentially stun grenades being fired i believe around the side of the parliam

about greece. and italy and portugal and the situation the ballistic situation of the nature of the crisis the greek crisis in the nature of this situation in italy are part of a radically different then probably there is no real micro economic reason to how does the crisis and and that's why it's very important a political decision will really. confirm a give trust to the market that we solve greece we solved the governance issue of. the federation of europe if we can say so and there would be no way to confuse greece situation with the there in irish or particles this is good news but. the good news are unlikely here for russia from a country is will the ripples of the european debt crisis reach emerging markets like including russia. that's. a very important issue i think again we are also in historical times because now we are moving to a color global organization and a g twenty prefigure at this municipal organization and this committee pull organization will be driven by the force of financia

because the reality is that greece is going to i mean greece is already agreed to default greece is going to have a full scale default within within weeks certainly by march so that's not even the issue anymore the issue the markets are interested in is how the how and whether they're going to keep italy in the euro whether they're going to keep the whole euro together and so did the greek thing needs to be off the table so the real issue here is how do you get enough growth in italy for italy itself to service the sound debts or if you can't do that do you have to have the germans take on the italian debts or have the italians default i think it's just a ridiculous idea that germany should accept trillions of euros of debts that arose before the euro zone even existed and that's nothing to do with keynesian economics that's like some other country taking on somebody else entirely taking on responsibility for their beds the way of getting back growth within italy is of course partly to do with structural reforms and so on it's also though i think there have to be some transfers some

look at the very important positive factors of the greece economy greece's assets and some of those assets that aren't coming out into the public domain although oil and gas reserves we have received reports that only a few years ago seven scandinavian companies were offering around two hundred fifty billion for the for the for the gas assets that are outside creates except through those assets that could be used to help greece in the future rebuild its country but only if greece was able to get hold of its own economic powers and it can do it while six trapped within the european union let's talk about the u.k. for a second because the u.k. did not join the euro and people are saying that they're 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 do they get into the u.k. and what is david cameron doing about it if anything is 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 th

greece. and italy and portugal the situation the domestic situation of the nature of the crises the greek crisis in the nature of this situation in italy are part of a radically different then probably there is no real macro economic reason to have this done in a crisis and and that's why it's very important that the political decision will really. confirm or give trust to the market that we saw of greece we saw the government issue of. the federation of europe if we can say so and there would be no way to confuse the greek situation with the there it is the irish of portugal so this is good news but. the good news i would like to hear for russia from my country is will the ripples of the european debt crisis reach emerging markets like including russia. here that's an important issue i think again we are also in historical times because now we are moving to a military polar global organization and a g twenty prefigure at this mill to poor organisation and this beautiful organization will be

greece is just going down we can still continue to pour good money after bad but look greece's debt is going up it's not coming down he says in serious serious problems but i just want to repeat i mean he said he could possibly be next in italy is a trillion pounds economy eighth largest economy in the world contagion will spread people out on the streets over the weekend in this business well what i fear is that we may well have not a spring you could end up with a mediterranean things on sort of and sort of quickly so increase what we've been seeing cuts in the pensions cuts in the salaries over many months of this year tens of thousands of people out of the streets more bailout money comes in but where does the bailout money go it's obviously not going to the people is it just lining the pockets of the bankers lining the pockets of oppositions well where's the money . well basically the money is going to pay off their but the problem is they're not reducing it and it's it's unsustainable the problem that you have at the moment is that the people in greece are suffering because of an

i mean greece has set of that it needs cash by mid october to pay a cell arrays and pensions but what we're hearing from luxembourg now is that there are funds to last until november. so what they're going does that mean that greece has lost its say over its own debt crisis look i think that there are two issues here essentially what is being fought at the moment is a battle for the sovereignty of greece i mean we've seen already other countries in the nation being de facto carved up by the european union and other brit parts in relation to costs of oil in places like out of serbia and what's happening here is essentially the european union are trying to tick fiscal control of greece because they think that's the only way they can actually control the crisis and you know what they're probably right about probably is the only way to get the crisis under control if they're going to try and keep our funds and greece within the euro zone but the truth of the matter is that i don't believe that the greeks want to be taken over and ruined by some sort of come from northern europe with a gro

close run thing a with a backlog holding out until german chancellor angela merkel threatened levy greece default the e.u. also promises to loan athens another one hundred billion euros well the ballooning bailout fund is in line to expand to a trillion euros now the task is to put it all into action let's go live now to brussels or talk to your impact on the belt he's in charge of the two of belgium's leading business magazines mr over felt is this the solution which will get the e.u. out of hot water or is it just buying time. it's just buying time and this is really not the bazooka everybody has been asking for i would describe it as a water pistol here but the markets seem to be happy about it reacting positively to the news and we see world leaders congratulating their european counterparts why do you think that it's as you put it what do you know that they don't well let's let's just look at the different elements of what has been agreed upon starting with greece the reduction amounts to one third of the greek debt because a lot of the that is outstanding is not falling under the ag

for greece. but if you look beyond that as our cover showshich has a picture of a receive, there are a lot of holes. >> rose: what are the holes had? >> well, the holes are primarily, it had to do with three things, deal with greece t sort of did that deal wh europe's banks and put a firewall around countries like italy and spain which are embattled but ich are not insolvent. and in that space it didn't do well. not only the rescue fund for europe at 440 billion your owes. the idea was ey needed to bolster them because that's not enough to save ily and spain. >> rose: to how much. >> this is the big question. on the one hand you could have the european central bank putting in basically helping out there. they refuse to. you could have the germans put in more money. they refuse to. so su have to figure out a way to turn $4040-- 440 billion your ows to a trillion your owes and more. and they said they did it but if you look define print all they've done is created some financial structures that the

greece's future hangs in the balance as your zone ministers away the next release of bailout funds is desperately needed to keep the country clear of bankruptcy. and from the glitz and glamor high fashion catwalks through the use of child labor human rights groups blow the whistle on his back his dance card industry which earns the government a fortune. in business they can all the conservatives he keeps investors away from risky assets and force people to go the ruble as it gets weaker and get warmed up a bit more. what are you going to live from moscow marina josh welcome to the program from new york to boston with sandals chicago and beyond the occupy wall street protest movement spreads rapidly across the united states thousands half lot of them to the streets angry over the influence of big business on government demonstrators say that's what caused the economic downturn hundreds have been arrested in the big apple where the movement began more rallies are still planned and their support of bach nationwide workers' unions it is or he is honest as you're going to found out any wor

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 and the devil it would appear is to be found in the details. and. 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 crosstalk that means you can jump in anytime you want i 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 year's debt imbroglio was set three weeks ago by nicolas sarkozy and angle americal then it was delayed by three days and on the third day it came through after marathon talks which went on till four o'clock in the morning under the new plan gr