because the trend is absolutely the same in greece. i'm glad you're already familiar with this phenomenon. some are everything was perfect and we had no price spikes in greece to get. thousands of tourists from russia and the rest of the world can testify to that. you know many people are regular visitors to greece. in particular . and many of them make it their holy home buying property and enlisting money in our economy. as you can imagine they would never do that unless they felt that our region is safe and stable. and there is very important to us and we want people coming to greece to feel safe and secure. because we will you all of our guests agree deal subscript isms. with all the bailout money greece has recently received from the european union the i.m.f. it's still struggling hard to find a way out of the economic crisis spotlights in the media has more of that issue. the greek economic tragedy started unfolding and it's the global financial downturn back in two thousand and nine the rescue plan was outlined the following yea

greece has become very dependent on germany rumor has it. the germans nearly half of the country in the crisis we're witnessing this is an attempt to break free from the clutches of german capitalism or will it actually make greece even more dependent on german interests. or here. i believe that greece has realized by now that it needs to pursue its own interests without limiting itself sees to the bilateral format of cooperation with germany after all the more so considering the any huge we're seeing from the european union . and oksana so this crisis is an opportunity for us as an economy yes to launch a new policy and most of the insert working towards our own perspire he says in fact people in germany have sought to use or crisis in their own interest series or meniscus i was furious. from just to resolve. as a nation of law and assaidi. to get ourselves through this crisis we are only needs to lead and we would like greatly on tourism caught up in the slaughter and we hope to receive even more tourists from russia this year. suffer this

coming up -- >> deadline day in greece.ust a few more hours to sign up for a swap which will allow athens to get a new bailout and stay in europe and. >> no senior official in syria yet. the deputy oil minister resigned and joined the rebels. >> on international women's day, germany finds itself close to the bottom in the class in europe when it comes to women bosses. for change? ♪ >> it is a decisive day for greece. private investors have until this evening to decide whether not it will accept a massive write-down of grease's debt. >> they are being asked to exchange their greek bonds for new ones. the swap would effectively erased nearly a third of what greece goes -- owes. >> the chances still looked uncertain as recently as wednesday, but newspapers expressed opposite -- optimism thursday. private investors must decide today to accept the terms of a complex deal that will cut more than 100 billion euros off greece's debt. major players have already agreed. on wednesday, eu leaders met in luxembourg. they projected an as

to pass an image of another greece, a greece that believes in europe, a greece that believes in reformece that wants to be democratic, that believes in private initiative. that's the sort of greece we're dreaming about. that's the greece we're fighting for. also we're trying to promote all the sacrifice that is have already been made. a lot of emphasis has been put on what greece has not met in terms of objectives. we believe that not enough has been -- not enough attention has been paid on what greece has achieved. this is the most ambitious -- what we've done up to now in the last two years is the most auspicious program in the last two decades. 4.2% per year is astronomic with a lot of pain, unemployment of 21%. the facts are actually quite different and we'd like people to focus on the facts. >> let me ask you this. we've had a huge amount of job cuts here. has your company had to cut jobs as well? >> that's a very good question. we have had to cut jobs as well. we all have to adapt. part of retooling this economy is unfortunately for some companies at least requires reducing the w

i don't think it does greece for one way or another. real test in greece is when we have an election. and someone runs on the platform, to heck with all this, let's pull out of the euro, let's go walk away from the latest stat. if somebody runs with that platform and wins, that's going to be a real problem. >> i think i agree with the concept that greece still faces significant hurdles and will surely need money over the next three years. but we can't really say reducing their debt burden by 100 billion euro or so has made no difference whatsoever. it does make a difference. but they have to pay back 100 billion less in debt. but we can't say it doesn't matter. >> i think the greater issue here isn't so much, yes, no question the debt's been reduced, but it's the loss of sovereignty that's an issue. if you listen to nigel ferage and saying greece lost control of their own government finances, and if the greek people rise up and take that back in an upcoming election, i mean, how good is this deal. and at 50%, that reduction leaves a lot

place for greece to get through this? >> well, yes. there's always the question can these measures add up? can you put in fiscal austerity and return to growth? so it's a huge issue particular ly for greece. greece is not a competitive economy, and they don't have a very broad base of in their economy. it's very, very difficult and one of the big issues for the funders and for greece is that they just don't have a solid tax base to collect. there is tremendous difficulty in collecting tax revenues so how can they even meet the targets that are set out for them? it's a tremendously difficult road for greece all around. >> and growth in greece is going to be a collective effort. it's not just the government saying, look, we need to grow. it's the people getting onboard and contributing as well. and so that's going to come down to the austerity. if we see the usausterity measus implemented and all of a sudden you see riots in athens it's going to be very, very difficult to move forward. so at that point what could the govern

and what's your suggestion of how greece should get out of it and we should avoid any up in greece a situation many people participated in producing this crisis i'm not going to say it's this one or that one it's a system that doesn't work and i don't want to blame the bankers either they're caught up in this they're caught up in a system that makes it reasonable to do things for example to give loans to greece year after year even when the conditions are very questionable when the hustle that goldman sachs and others did is very well known in the banking community they've made along the job of the bankers to have be a prudent lender they weren't real prudent to say the least and they hustled with their fellow bankers and made our country put a country in hock to deal with the results of what they did wrong and we're now seeing that path is being taken to the extent of really breaking down a whole country and i think there's going to be of blowback and a pushback from that that is going to take stary shape in europe and beyond because so many other good morning are coming to america

the prospective for greece's to have a devaluation of currency. then we will have a better picture for the greeks. >> that was robert speaking to us from the frankfurt stock exchange. back to rome where tens of thousands of people are protesting against austerity measures. demonstrators their budget cuts will cause of our insurance for many italians and make the economy contracts. they are opposed to plans to liberalize the labor market and make easier to fire workers. they say will increase unemployment. >> eads has had strong profits. >> the wide body a350 has strong persales. profits almost doubled in 2011 to nearly $1 billion euro. they predict robust earnings for this year as well. >> the german highest criminal court has ruled about hotel owners having the right to decline customers on extreme political views. >> the federal court of justice upheld the refusal to put up the chairman of the far right wing npd party. the judges as the owners' right to ban individuals over anti- discrimination law. he may appeal to the constitutional court. wol

unsound borrowing in greece and you had unsound investment in spain and in ireland . well we had all these property bubbles portugal and italy meanwhile are just you know clotting along this is not done them any good as it done them in the arm but in aggregate it's done harm to everyone i mean and it's going to bust apart the throwing more money at these problems simply cannot fix these fundamental flaws of interest rates fundamental flaws in fiscal policies they're trying to do it now but they're doing it in a way that's going to force more austerity on greece and cannot possibly work more austerity on portugal cannot possibly work and we're seeing resistance right now from spain saying essentially to the m you screw you really are simply not going to do what you say we're not going to reduce our budgets to four point four percent as we agree to and learn what is the year you know what are they going to do they were going to buy in spain if these policies if these agreements work they wouldn't work already germany was one of the biggest finally it was actually when t

greece leaving spain leaves what are their currencies going to look like. they're going to fall they're going to fall down all the debt what banks are holding them well of course the german banks are holding that the french banks are holding their u.k. banks are holding that so i think you get more bang for the book actually having germany in the netherlands only then you do by doing this in piecemeal fashion of course unfortunately the way they're going about this was lauren is you know they're heading on this piecemeal fashion and they're trying to stop it and it. doesn't make any sense they've thrown two to three hundred billion euros trying to prevent greece from weaving when it was a forty billion problem two years ago another blaming greece all these doomsday reports are out there saying you know all these sinners scenarios are going to have been you know. and they're blaming it or that it's all going to cast groups yeah and we've seen that continue and continue and i want to get more into with a bailout scenarios could continue to look like going for

some likened our economy to greece's but i believe the u.s. unlike greece controls its own destiny. we need a balanced approach to get our own fiscal house in order. we have to put everything on the table but we also have to ensure in reducing the deficit we don't torpedo our recovery. the truth is that the mission of government matters, but reckless decisions made it harder to fulfill that mission. we cannot allow politics to get in the way of what is right. we need to take a balanced approach both in spending and revenue generating measures. reality is now is not the time to pull the rug from those who need the help the most. but a long term deficit reduction plan is not incompatible with economic growth. we must not forget politics not economics nearly saw the u.s. government default on its debt in early august. we cannot allow politics to stan in the way addressing the home foreclosure crisis, ensuring our nation's seniors have health care and low-income children have food to eat. as ranking member cummings addressed in his statement strengthening our economy must be our number

so greece is d.-day today it has d.-day today there is always a d.-day when it comes to greece every time there is a deadline the decision is branded as d.-day this is another one it looks like it you know maybe clear the hurdles that they need to we are always going to have another deadline in greece there will be more to come so when is there really going to be a d.d. well the the there will be the euro zone that will be the ultimate solution here because the end of the day greece is uncompetitive in a strong currency union with germany the political will for the fiscal transfers that need to be over a longer period just aren't there if you look at germany itself you know you had west germany used to they came together you look at this transfer of twenty years before you got any semblance of normalcy in terms of unemployment and so forth east germany is doing ok that's the sort of thing that you would have to see in greece in order to bring the competitiveness up to the level necessary to encourage growth so we are are you saying the fiscal compact

is an influx that is acutely felt index to greece. from afghanistan the numbers have increased in reality it's one of the nationalities we have the biggest problem with there are a lot of people who are trying to cross the turkish border to come into greece it was the border stretches one hundred twenty miles most of it goaded by the everest river. through this channel fifty five thousand people reached greece in two thousand and ten alone a sizeable chunk of the estimated one hundred thousand seeking refuge in the country every year in desperation greek authorities code on european border guards to help police the area but now they're searching for more concrete alternative erecting six miles of razor wire along the shore slam border because. it's very cost effective because two hundred people cross the border every day even if we caught half of them that means a lot for a country plagued by financial problems and we shouldn't forget the greece is a european territory. as the country's economic woes worsen i still receive a daily inf

let me jump to greece real quick. we know greece has a negative 9% growth rate and significant unemployment. we know there has to be os terty mentioned. but austerity alone does not do it. can you discuss, as you did, i believe in your testimony, some of the kinds of reforms that would allow competitiveness in the greek economy as opposed to reducing spending? >> excellent question. it's very important that people recognize there's three basic problems facing the economy. almost really uniquely in greece they just let their government get too big, too generous for a huge amount of money to support that. they and almost all the rest of them faced a real loss of competitiveness relative to germany because they make it very hard to start a business. very hard to use the talent of the country more carefully. and they have financial systems that, you know, we had a terrible crisis in the united states, but the other systems were much more risky than even what happened in the united states. and so those three challenges of

who is he to insult greece?nd the degree president was referring to a proposal by the german finance minister that a european budget commissioner be appointed to oversee greece's finances. the suggestion enrage many greeks. >> we should follow the examples of argentina and iceland. they do not let people -- they do not let people tell them what to do. we should stop agreeing to everything. >> merkel is not a woman. she is a mommy. she and sarkozy release sued each other -- suite each other. >> his best seller was recently published in german. the writer is still concerned about his country, but even the rage that has prompted the burning of german flags in athens cannot discuss the fact that without german help, greece could not survive. >> in reality, they are helping us, but they are doing it in such a way that it is making people really angry. although they should be grateful. it is like giving money to a beggar while scolding him for being a better and not giving -- not getting a job. the beggar would not wa

it seems jake of greece now reports. illegal immigration is an issue facing the whole of the e.u. but in the midst of a reelection campaign french president nicolas sarkozy has singled it out as one france can't tolerate has been know to climb in the number of refugees knocking on your store with many originating from war torn countries where nato members have been embroiled as an influx that is acutely felt in debt stricken greece or. from afghanistan the numbers have increased in reality it's one of the nationalities we have the biggest problem with there are a lot of people who are trying to cross the turkish borders to come into greece and there was a border stretches one hundred twenty miles most of it guarded by the everest river through this channel fifty five thousand people reached greece in two thousand and ten alone a sizeable chunk of the estimated hundred thousand seeking refuge in the country every year in desperation greek authorities called on european border guards to help police the area but now they ar

help greece to turn the corner from predictions. pasok will get a hammering in the elections but you never know. coalitions will have to be sought and the biggest test for whoever comes into power because the public sector needs to be reformed. hundreds of thousands and, of course, cuts of 18, 17, 16% and that's the big doubt that the greeks here have on 0 the ground. >> silvia, thank you very much for that, silvia wadhwa joining us with the latest from the greek finance minister. it's a rather stormy day in athens. perhaps when we speak to her we'll have better sound quality for you. in the meantime let's send it back to jackie. >>> thanks for that, beccy. we are joined by our guest host, ellen, and andrew joins us as well. good morning, ellen, to you. >> good morning. >> a lot to chew on in terms of that interview with the finance minister in greece. i want to start with the credit default swaps and the triggering of cds. he said in terms of the eurozone economies it's really a small event. what's your take on that? >> well, he is

and greece holds its brass for rescue cash as euro zone's and give it the green light for the lack of e.u. how barriers like the legal immigration to take a toll on the indebted nation. it is ten am in the russian capital watching. the program. the syrian national council has called for military intervention by arab and western states as well as the establishment of a no fly zone across the country the opposition has also decided to arm the rebels admitting some foreign governments were sending weapons and all this comes as u.s. security council foreign ministers met to try to break the deadlock in syria amid reports ongoing violence now reports from new york. russia's foreign minister sergei lavrov did address the media following the meeting saying that the u.n. security council should be guided by the basic principles and interests of the syrian people he said there has to be an immediate end to the violence and a cease fire is an absolute must but he said one point of view will not prevail within the security council their hostage be compromised there has to be some concessions mad

are desiring you know the desire to take greece's gold you you know. i have to look at what the actions are of these politicians or the central banks and not words they say because i actually feel truly you know what they value so by they may be saying gold is a barbarous relic or other central banks maybe denigrating all that media if you look at their actions you see you know central banks all around the world as far as like net purchasing their net purchasing is is our own gold you know for the past couple years yeah absolutely the trend toward the central bank is to increase their precious metals possession the confidence of the dollar is weakening the business model the u.s. which is to invade a country to spend a lot of money on weapons and fat to boost g.d.p. same thing run it's course. but i want to get back to the eurozone for a second clearly the story in grace is now finished there they lost their sovereign say there was a moment when they were told that they would be deprived of voting on a referendum when that and by the troika so their so

heavy burden to greece r.t. athens. russia plans to boldly go where no man has gone before it aligns to build a network of research stations or mars to move even further into the unknown and explore other planets in the solar system. ideas that will guide edition space program and the years to come out find out more of the details were there to hear our joins us now here the sounds like a very ambitious project was working it out well it's some quite ambitious plans indeed know we're hearing from the russian space agency is that over the next eighteen years they hope to set up a series a network of unmanned research centers on the surface of mars that hopefully will one day be able to lead us towards setting up a a month settlement on the surface of the red planet now we're also hearing that they want to go out beyond mars and see other planets where we haven't really explored that much now that they're talking about missions to venus and jupiter. and further out of the way from from earth so that's all very exc

when you describe the situation in greece you were talking about. we are they there was a there was a pronoun in there of the group that is testing you know how far can we push chris let's take this as weak and feeble old poor small country and slam him up against the wall and see what see how far we can push them who's that group that's doing that is that you know greece is now being run by a guy who used to be a banker and it was never like that he was put in office when the guy who was elected said hey let's have a national referendum on whether or not we should pay back the bankers they got him out of office that week you know the the. who is the real simple it's the president of france who's probably not going to be president very much longer because those are cozy it is the chancellor in germany mrs merkel it is the bankers of greece who have a lot of at stake because they have the biggest lenders to the greek government they want a settlement that takes care of them they're willing to forego some of the debt but they want to get in exchange f

>>> it ain't over yet in greece, is it?ust ahead on "world business today," the national people's congress in beijing opens with promises to tackle popular land grabs. >>> and the southern chinese town of wu kan has made the problem all too apparent, votes have been cast in a landmark election that could herald a new wave of people power. we'll have the latest on that in just a moment. the next i'm saying... i have this thing called psoriatic arthritis. i had some intense pain. it progressively got worse. my rheumatologist told me about enbrel. i'm surprised how quickly my symptoms have been managed. [ male announcer ] because enbrel suppresses your immune system, it may lower your ability to fight infections. serious, sometimes fatal events including infections, tuberculis, lymphoma, other cancers, and nervous system and blood disorders have occurred. before starting enbrel, your doctor should test you for tuberculosis and discuss whether you've been to a region where certain fungal infections are common. don't start enbre

the focus is is no longer on greece. that ill, the second deal will be -- second bailout deal for greece will be discussed by eurozone -- european finance ministers in just an hour's time. the big issue upsetting markets is the fact that china saw a big trade shortfall. andrew, i think you have more detail on that. >> yes, absolutery, charles. that was a big trade, shortfall as well. $31.5 billion for the month of february. exports falling. they're still growing but not nearly as fast as they were. imports were raising sharply as well. it's interesting to see them reveal such a big deficit in its conditions, its terms of trade. that is rolling on to the markets around this side of the world. the nikkei down 0.4%. the nikkei was up quite a lot at the start of the day's session. as the other markets opened and there's a distinct lack of enthusiasm despite the u.s. jobless numbers on friday, concerns about the state of the chinese economy seeming to weigh down all the markets. the hang seng finishing up by 0.25%. now, a nat

they destroyed greece with naked credit default swaps they've as greece's a four hundred billion dollar commie and they destroyed with nine hundred billion dollars worth of toxic derivatives i think paulson lloyd blankfein of goldman sachs think they destroyed great that and now there's carving up and serving it up to the germans who are there are local raj we're going to be managing these poor schmucks down there in athens while they get ready to invade spain there is tenderizing spain they're going to help spain oh excuse me they're getting ready to help spain all right thanks carol thanks so much for being on the cars report thank you max don't go much more coming why stay right there. you know sometimes you see a story and it seems so for life please you think you understand it and then he lives something else here sees some other part of it and realized everything you thought you knew you don't i'm sorry welcome to the big picture. issues. couldn't take three days for three. months three three. student three. we blow the field for your media project. gondar t. dot com. imax kaiser

could have a situation that interior it's even further is greece will need more but it won't. be losses and these losses are. mostly. this was on the five year two to move a little bit was the illusion that. the losses but there would be and this will. be number one mom or family really need this are we seeing some kind of korea in europe reemerge where the core is essentially taking control of the periphery but this time not with armies they're doing it by send it in the troika and saddling them with debt. by another well i think it's more the other way around it's hard working say with us say worse workers in the corner only especially if exploited by mentions of piri piri transfers of wealth and form of informal payloads is simply fine. but what phillipe didn't generate benefit for a really long time from the periphery being able to build up credit and essentially subsidizing the exports of surplus country like germany well if you look at it from the do it what you really want is not to export to give away your stuff but we import now if i for example say sell my goods or r

they destroyed greece with naked credit default swaps they've as greece's a four hundred billion dollar commie that they destroyed with nine hundred billion dollars worth of toxic derivatives and paulson lloyd blankfein and goldman sachs big they destroyed another scarfing up and serving it up to the germans who are the local raj we're going to be managing these poor schmucks down there in athens while they get ready to invade spain there you saw tenderizing spain. they're going to help spain oh excuse me they're getting ready to help spain all right thanks carol thanks so much for being on the cars report thank you max the going much more coming why so stay right there. we'll. technology innovation all the as developments from around russia we've. covered. imax keyser welcome back to the kaiser report time now to go to bangkok and talk with j.s. smart knowledge you dot com john welcome back to the kaiser report economics. alrighty j. as came the financial community is abuzz with warren buffett's claim that gold is value lists and unproductive holding and he likened today's mania for go

exit like greece. italy and spain right now, they're stabilizing their spread. i have fiscal austerity, the strength of the euro, if they have a recession, if it doesn't bottom out, the market is now worrying about growth and unemployment. and the spread will widen again. >> so you're still bearish on the global economy. you've been talking about a hard landing, or, you know, not such a soft landing in china for a while. and an expected slowdown. what are you expecting in 2012? you're headed there next week. >> our estimate in the first quarter of this year, quarter over quarter growth of china could be less than 6%, between 5% and 6%. export growth is slowing down sharply. residential investment is starting to fall. commercial real estate has started to fall. a lot of infrastructure spending is now put on hold because the provincial government doesn't have their land revenue sales that allowed them to do those infrastructure projects. growth of china is slowing down. they'll react by monetary easing,

greece has a much higher debt to gdp ratio. they're a very small economy. they don't have an individual central bank, a separate monetary policy. there are lots of differences. that being said, i think everyone needs to acknowledge -- and i'm sure you do -- that in the long run every country, including the united states, has to have a sustainable fiscal path and we need to pay attention to that. >> i agree. would you agree with that, secretary geithner? >> yes, of course. it's very important for us to contrast. the additional policies we have to agree in the united states to bring our deficits to a more sustainable level over the term is completely in our capacity to do without asking the economy to suffer without dismantling our safety net or without abandoning commitments to retirees. the gap between where we are today, we're expecting to be in and what's sustainable in economic terms is roughly 2%, 2.5% to gdp, a relatively small comparison to what other countries are starting to face. and the benefits we give our retirees is very, very modest. no one co

they destroyed greece with naked credit default swaps they've just greece's a four hundred billion dollar commie that they destroyed with nine hundred billion dollars worth of toxic derivatives hank paulson and lloyd blankfein of goldman sachs think they destroyed great another scarfing up and serving it up to the germans who are the local raj we're going to managing these poor schmucks down there in athens while they get ready to invade spain tenderizing spray. they're going to help spain oh excuse me they're getting ready to help spain all right thanks everyone thanks so much for being on the kaiser report thank you max don't go much more coming why so stay right there. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else and you hear or see some other part of it and realized everything you thought you knew you don't i'm tom part of the big picture. more news today violence is once again flared up. these are the images. from the streets of kandahar. chunks of operations throughout the day. we'll go to the. syrians technology

for a minute but not a break entirely because greece got more than eighty five percent of private sector bondholders voluntarily on board for the largest debt restructuring in history the greek government will use collective action clauses to push that number up to ninety five percent which if you're wondering works a little like this. should we. a little money. which means private bond holders won't be able to refuse the deal they'll be forced to swap their bonds so will c.d.'s be trigger who's making this decision exactly and what president does this deal set for the rest of europe and after going bankrupt and thus far it looks like taking more than a billion dollars in customer money that remains missing when i went down and the lowball executives could still get several hundred thousand dollar budget this is. how it is not even possible we're going to talk about it let's get to today's capital account. so when you were in the u.s. unemployment rate did not change it's still it eight point three percent according to government figures that came out today this is solid news for the mai

they're not investing because of greece. that's not the reason. the reason is because there's no growth in the top line. c.e.o.s are trying to derive innovation but the consumers just not there in terms of foreign shocks, i think what people are discounting and the impact on americans is china. i mean china economy, i spent two months there, living there. china's economy has cooled substantially by design because inflation was so high. but that could have a big impact on, believe it or not, american jobs. >> susie: so tell me, you talked to a lot of c.e.o.s. and what are they telling you, whether it is the china effect or what is going on in the u.s. what are their hiring plans? >> well, right now, i mean they're struggling. there is a fight for growth and relevancy. they're traying to drive the top line. corporations are sitting on a lot of cash and that's really good news but you know, people are, you know, there are more for less. i mean they're expecting more out of the workers today then they've ever had. but at some point that will run its l

and the rich credit rating agency telling grades greece to restrict to default shatteringly booming optimism of e.u. leaders following the swap deal pushed through by its work at live reaction on that story for you shortly here on. international news and comment live from moscow this is r.t. with twenty four hours a day as syria's exiled opposition has once again rejected a call for dialogue with the assad regime saying the crisis requires a military solution the diplomatic appeal for talks this time came from the u.n. arab envoy kofi annan and he set to arrive in damascus this weekend and while the battle on the ground continues the war has moved on line as. reports. i think. one spirit. friday has become one of the pines cross the arab spring countries in syria this new tradition has gone even further with activists online giving every friday it's very special because they reflect the opinion of the street or the syrian people and to also send a message to the external world of all of the syrian situation i mean yes i've seen people but the days of names like dignity and honor from last ma

fresh downgrade from the picture breaking the agency with moody's going even further and declaring greece in the form of. my colleague going to show him in half an hour as the news continues to report that's coming up shortly and in this edition max keiser and stacy herbert looked back at a decade to reveal the scheme which helped greece join the euro zone carnacki is nassib debt and how it's orchestrated banked tidy profit coming your way shortly here on our thing. biomass kaiser this is the kaiser report trickle down shake in the tollbooth. start with stacey erb rick yes max we're seeing financial crimes all over the place right well the feds have apparently acted they are able to act six charged in federal crackdown on hacking by anonymous sex groups. so we know of a little second member admitted to hacking sony and also the computer system used by fox broadcasting company rupert murdoch's news corporation according to u.s. authorities so some of these other defendants face as much as one hundred twenty two and a half years in prison according to the judge involved in this case yeah we

greek debt swap deadline was today just about an hour and a half ago now purport preliminary reports greece clear the minimum threshold to get this deal done i've seen anywhere from seventy five percent to ninety four five percent of private creditors signed on according to reports so far now this is yet another case though of the solution isn't really a solution yeah forgive the debt in order to take on more debt to deal with a problem that is too much debt nonetheless these are the policies they continue to be deemed solutions by leaders and speaking of super mario better known as mario draghi president of the e.c.b. was defending another one of them today in a press conference saying that the e.c.b. infusion of more than a trillion euros of cash into european banks was a success this is of course the longer term refinancing operation or. now this is europe quantitative easing but remember this isn't money printing because they are loans in exchange for really questionable collateral so just remember that meanwhile a few european countries that we know of at least look like they're trying

with naked credit default swaps they just greece is a four hundred billion dollars economy and they just royd with nine hundred billion dollars worth of toxic derivatives and i call them lloyd blankfein of goldman sachs big big destroyed another scarfing up and serving it up for the germans who are the local raj we're going to be managing these poor schmucks down there in athens while they get ready to invade spain tenderizing spain they're going to help spain oh excuse me they're getting ready to help spain all right so the server will thank so much for being on the cause report thank you max don't go much more coming why so stay right there. imax kaiser welcome back to the kaiser report time now to go to bangkok and talk with j.s. cam of smart knowledge dot com john welcome back to the kaiser report special a mix of. all right e.j. as the financial community is abuzz with warren buffett's claim that gold is value less in unproductive holding and he likened today's mania for gold to earlier bubbles and tulips internet stocks and houses your thoughts well here's just an example or y

value such as own exchange rates or the comparisons of level get its exports moving the idea that greece spain portugal and all these meds draining countries could exist within the same eurozone as a country like germany was completely farcical from the. reset it really predicted this it was impossible article where the only way that this thing can move on is for probably the nordic countries to form their own eurozone and for this little country to fall out altogether to go back home for good on couldn't but i think what you will see is heaven forbid you might see a shift of the far right if they continue down this line because people are very unhappy and these are not just one happy about the economic problems but they're also unhappy about open door immigration policies which seem to be promoted by the european union so i think you will probably see a euro skeptic right across northern europe in particular trip aboard the european elections in two thousand and fourteen and i just don't know what's going to happen in the southern european states because maybe in greece it's gone beyond

well i suppose it is if you live in a parallel universe you know it's not the end of greece is where all of this really just the beginning because in serious trouble i mean you just got to look at the amount of people who are on the streets demonstrating or performance suicide rates or op the minimum wage has been caught there's not homelessness in the country at the moment all the european union is doing. is it. the cradle of civilization to head towards revolution because that's what will happen if we continue with these rules that are three measures so those austerity measures aren't the old so then what is the answer how do you get greece back on that recovery path. well there's only one answer comes out of the order all together gets back onto the track. the value sets its own exchange rate at a competitive level get its exports moving because that's if we could europeans that's what we'd be encouraging both look these are the these bailouts aren't about saving greece they're nothing to do with the greek people all about saving the beloved euro project i mean. my boss at a priva