because some argue that greece the problem in greece the collapse in greece was part of their own making but apart from outsiders really using financial warfare using part of the fault swaps using a member of the banks and wall street goldman sachs you know they did some debt to allow greece to get into the euro and then made bets against greece later then john paulson made bets against greece a hedge fund manager later isn't a financial warfare and shouldn't there be some a way for a country like greece to seek recourse in the case that they've been attacked in this way your thoughts the things backs are multiple parties are such just two sides you know the good guys and the bad guys so to speak i don't think germany wants to destroy greece germany wants to help greece but they're doing in a very you know hard way there yet let me just cut it because you know they're buying these assets for pennies on the dollar race the private equity funds i was there when steve forbes was down there shopping for for assets you know during their when the tear gas was flying in the international chambe

the people are revolting against the establishment and all those various countries from spain to greece to italy i also the u.k. and u.k. you have two political parties you have the liberals or conservatives and the labor party which is the establishment party and then those you can't which is the opposition and we are trying to change this country the way it's run people are sick and tired of the establishment which have back to the european union and got us into the mess we're in dillon go ahead you want a reply that. sure i mean the thing i would say to david is that his his anti brussels' sort of movement is very. diffuse and not in agreement on a lot of other things i don't think many members of ukip would agree with those call for a twenty hour work week or for free tablet computers for all children or. i know of other sort of beyond beyond social democracy programs but which is just to say it was a really great was their right to be you know decisions are not decided by the european union we believe it should be that it's losers' only significant if the italians want to make a mi

there's a lot of folk condemnation of italy and greece and southern european economies in general for their their informal economies the perception of corruption the feeling that they have there. but that's generally thought of those countries are always looking for nor there's ever expected them to be anything else greece's i was being corrupt greece's hold on i'm agreeing with you italy has always been corrupt italy is only disorganized there's nothing new there that a lot of is the european union is trying to have a policy which just really doesn't work for countries like greece and italy and spain where the as you say there has been a large informal economy the economy works because it's informal it does not you're on well to yes you need rules and regulations nicholas jump in i want to say to our viewers who are not you know looking day today at europe that our debates are straight home and so u.k. sort of disconnected from the european debate the european reality scene from so you can see from may have paid part of the european union to europe i'm going to be basically right abo

i think germany wants to destroy greece germany wants to help greece but they're doing in a very youknow a hard way they're yet let me just cut it because you know they're buying these assets for pennies on the dollar race and in private equity funds i was there when steve forbes was down there shopping for for assets you know during that when the tear gas was flying in the international chamber of commerce so how much of my question is isn't there a bit of a controlled demolition aspect to the way greece spell i agree with that max but i would lay out all of germany's feet can remember john paulson john course when he bought bonds others you know for you know for his people you're talking about they're not countries they're individual actors they might be had funds they might be wealthy love face in a germany seat i'm saying that greece was a three hundred billion dollar economy which is on or a leveraged buyout basis not a big leveraged buyouts and you had guys predatory come in you know germany was just looking at this from a from a taking a step back but you had guys go in there

there's a lot of folk condemnation of italy and greece and southern european economies in general for their their informal economies the perception of corruption the feeling that they have there. but that's generally thought of those countries are always looking for nor does it have expected them to be anything else greece's i was being corrupt greece's no no i'm agreeing with you italy has always been corrupt italy is only disorganized there's nothing new there that a lot of was the european union is trying to have a fit policy which just doesn't work for countries like greece and italy and spain where that as you say there has been a large informal economy the economy works because it's informal it does not you're on well to yes you need rules and regulations nicholas jump in i want to say to our viewers who are not you know looking day today at europe that our debates are straight home and so you case sort of disconnected from the european debate the european reality seen from so you can sing from may have paid part of the european union i think europe i'm going to be basically rig

faulty it is spreading right across europe and starting greece is now moving to italy spain and i can assure you right now france is going the same way the french economy is an appalling polling situation they're fed up with the right all along we had to election in france last year france france is completely different germany would be different this year it's not transit state it was a great. the greek banks the greeks will a great deal of money to the french and of france's economies in the polling situation. people are leaving there because of the they were probably rich their struggles visit friends european union opposing in terms of your eyes you're you're you're looking at ironically impose all right ok all right all right dell and jumping you really hard i've tried to impose limits on the whole deal and if you want to feel like you just go ahead. i'm interested in david's repeated analogies to eight hundred forty eight cents as we all recall they were a huge failure this is where it was altered and of and so i i don't know why is taking so much pride in that but i think it's.

has lost its sovereignty there's a part of sleepwalking exactly the same thing as greece because of do mainstream media didn't explain to people when you know where. happening you know it's like nobody's talking goldman sachs but things are of good to routing because there is new or new week the big companies you know lingo of like hundreds or even thousands and thousands of people it's you know it's nonstop sun tsu since may of two thousand and twelve so french people are aware that something is definitive wrong and pollution are lying and this is wanting to interpret this pollution he's left wing think about and this is something you think like a left wing socialist you know is this something new you're right the recruitment stuff coming in you know you know starting again brewing well when they have a big financial crisis say the two thousand and eight period within eighteen months or so france they reacted they lowered tax on restaurants etc which was same to give people a sense that they were muddling throw that they were able to get but now what you're describing is that there

right now you have seen it so in greece also reese have been taken down with thirty percent and this is extremely difficult on top of that we had used to were doing to a french news during the french government and french people who you know the euro did just a bunch of lizzie's people which is which is totally false which really forms because it was in the business insider a huge piece saying to the french people are the most productive in the world so you can one. right on an hour on an hour by hour basis productivity in france and as high but you know you mentioned all this actually mention grace we know that before greece collapsed goldman sachs was and gracious they cooked the books they got greece to join the euro under false pretenses exactly they did a deal with lloyd blankfein and they had a great pop and grayle got together and john paulson had fund manager talked about destroying the economy and selling off the parts to bits and pieces as they are doing now so this is a leveraged buyout of a country it was a financial take out of a country because greece was only a three h

greece -- where the economic crisis is threatening force.lovenia -- why the country is in crisis over corruption. and estonia -- why the traffic crisis may soon be over. the whole world will be watching when a new pope is elected in the vatican soon. roughly one-quarter of europeans are catholic. they will follow the election not just out of interest and big ceremonies. it also gives believers hope that the catholic church could open up a little. many catholics feel the vatican has lost touch with the reality of their daily lives. if it is a question of gay marriage, fast-tracked divorce, or liberal abortion rights, the answer in rome has been no. at the same time, parliament's across europe, for example in spain, are voting in favor of such laws -- parliaments across europe. >> among the many faithful attending this catholic procession is jose antonio fernandez. he was a priest, but he sacrificed the status in order to marry. the church allowed him to continue working as a schoolteacher but later refused to renew his contract after a photo

greece -- where the economic crisis is threatening force.lovenia -- why the country is in crisis over corruption. and estonia -- why the traffic crisis may soon be over. the whole world will be watching when a new pope is elected in the vatican soon. roughly one-quarter of europeans are catholic. they will follow the election not just out of interest and big ceremonies. it also gives believers hope that the catholic church could open up a little. many catholics feel the vatican has lost touch with the reality of their daily lives. if it is a question of gay marriage, fast-tracked divorce, or liberal abortion rights, the answer in rome has been no. at the same time, parliament's across europe, for example in spain, are voting in favor of such laws -- parliaments across europe. >> among the many faithful attending this catholic procession is jose antonio fernandez. he was a priest, but he sacrificed the status in order to marry. the church allowed him to continue working as a schoolteacher but later refused to renew his contract after a photo

it is gloomy prediction by kaiser there seems to be becoming a reality in greece a bomb explosion in athens near a famous tourist hot spot the acropolis apparently targeting the house of a shipping magnate who also used to sit on the board of the bank of cyprus is the latest in a series of bomb attacks have been plaguing greece since this economy sunk into recession reflecting people's growing outrage artie's tom barton has more from athens. the bomb planted in a backpack exploded just hundreds of meters away from athens is i comic across the lists the police did manage to evacuate people from the area because of a tip off given to a greek newspaper just twenty minutes before the bomb was planted outside the house of little shack or such a rich figure owning a greek shipping company he is also recently reportedly been on the board of governors for the bank of cyprus greece has seen numerous small bomb attacks in previous years but there is a fear that there could be growing political violence linked to the effects of austerity and people's reaction against that a bomb was set off in

collapsed goldman sachs was and gracious they cooked the books they got greece to join the euro under false pretenses exactly did it deal with lloyd blankfein and they had a great pop and got together and john paulson had fund manager talked about destroying the economy and selling off the parts to bits and pieces as they're doing now so this is a leveraged buyout of a country it was a financial takedown of a country because greece was only a three hundred billion dollar economy they were out they could do they attacked it with financial weapons essentially credit default swaps naked short selling and now they're selling off bits and pieces and they're like a leverage buyout like a car carl carl icahn grease exam assume plan ok now it's moving to france yes ok the french people are you. i get the sense that they are they aware of what's really going on and they're ready to revolt are they kind of sleepwalking into losing their sovereignty as greece has lost its sovereignty there's a part of sleepwalking is actually simply is greece because of do mainstream media didn't explain to peop

in neighboring greece the crisis takes an extreme form with a bomb blast near the country's main tourist hot spot. ten am in moscow i match reza good having you with us here on r t our top story the hunger strike in guantanamo prison going from bad to worse detainees who've been refusing food over mistreatment for weeks now claim they're being denied drinking water by guards this image growing concerns the strike may turn deadly with several inmates already hospitalized arche spoke to u.s. air force lieutenant colonel barry when guarded military lawyer in guantanamo now and he told us about his client's desperate condition. i've never seen anything of her in almost five years coming one kind of. speech more than fifty times i mean we talk about you know you forget whole. part of poker playing this week he went from one forty seven down to one hundred seven i mean it was only one third of his body weight and he continued. i can you know if you want whether or not he prepared to die but i can tell you that after eleven years of the region charging in an opportunity to defend himself it's a

in greece and papa dr stole money from the greek people put in his mom's account to suddenly showed up in switzerland how did that get there who now are saying it with the leadership in cyprus stealing money from people we've seen this story before there's a war going on there's two sides there's the corrupt banking bank stirs and then there's people who are trying to hold on to what they have and i think if i'm not mistaken a bomb went off a couple of days ago in cyprus look for more of those types of things happening because this is a bloody war. maxes latest gloomy prediction there seems to be becoming a reality in greece a bomb exploded in athens near a famous tourist spot of the acropolis apparently targeting the home of a shipping magnate who also used to sit on the board of the cyprus bank this is the latest in a series of bomb attacks have been plaguing the country since the economy sunk into recession it reflecting people's growing outrage ortiz tom barton has more. the bomb planted in a backpack exploded just hundreds of meters away from athens is i conic across two lists the

well it's not greece certainly not and i think that would be a significant form resistance that might provoke some rethinking but in so far as it prevents the sort of combination of short term. expansionary policy and sort of long term structural adjustments that seem like the only way out of this mass it's probably not going to reassure markets it's probably going to. change the situation from the sort of high unemployment sclerosis that many of these countries are facing at the moment as long as people don't have jobs and the economy is in recession no one is going to look too kindly on these top political establishment in our country nicholas i want to go to you before we want to tell you something else and i think it was all before the break ok well go ahead nicholas yeah. i think the important thing to keep in mind is that you know it's how many people who like to you and say it's going to die tomorrow but i think it has proven very resilient in this crisis much more keys and many of the commentators where assuming it if you remember a year ago there was ninety percent probabilit

the people are revolting against the establishment and all those various countries from spain to greece to italy i also the u.k. and u.k. you have two political parties you have the liberals or conservatives the labor party which is the establishment party and then those you can't which is the opposition and we are trying to change this country the way it's run people are sick and tired of the establishment which have back to the european union and got us into the mess we're in dillon go ahead you want to reply that. sure i mean the thing i would say to david is that his his anti brussels movement is very. diffuse and not in agreement on a lot of other things i don't think many members of ukip would agree with those call for a twenty hour work week or for free tablet computers for all children or. i know of other sort of beyond beyond social democracy programs but which is just to say it was a really great was their right to be you know decisions and not decided by the european union we believe it should be that are losers only significant if the italians want to make a mistake and go a

in the greece's problems are no smaller than an cyprus problem there are there are bigger. if you can happen in greece it can happen in portugal and it can happen in ritual it can happen in spain and italy and so what is quite likely is that a lot of people are going to moving their money out of southern europe to other places . a potential bailout raid on deposits in cyprus is keeping investors nervous both inside and outside the usa. explain to my colleague bill dog why russia is particularly uneasy about brussels. well you know there's a certain stereotype in the west about the russian mafia keeping their money in cyprus offshore accounts well of course to some extent there is some illegal money there but definitely fundamentally it's all about the big businesses because almost just about every big business in russia has an asset an offshore account in cyprus and the biggest concern which is now there and it was talked about by the by the president by the highest officials in the country does not concern the big businesses in the sense that russia has been striving to ha

they have a lot of exposure to greece. aren't any banking institutions in europe with the exception of greek banks that are that exposed to greek companies. >> yeah. the other thing is i read that out of the 370,000 accounts that are in these banks, 360,000 accounts fall under that 100,000 euro mark. so this only affect as very small sliver. those are mainly the russian, you know, bank holders. so those are the people that are affected but there is always the possibility that this becomes exactly what they're saying earlier, a model that is, you know, at least brought onto the table in other eurozone banks and that's what scares people. liz: nobody looked scared today. look at vix, okay, it is up slightly but hovering just below 14? amazing. >> i think that is absolutely amazing. that and also gold not really responding that well either. back and forth most of the day. liz: what does that mean stocks are eli the place to be? >> well, i think that, because the, as long as you stick with u.s. stocks and you look at nice like

this will be much more difficult greece. it is not true. greece is 2% of the economy. there is another that was much bigger in the situation. i am sure it is possible to let one or three countries to go out of the eurozone and everything would be better. as a general question, i was not sure if your question was an analytical one. i would consider an optimum solution about the future. my analysis is a very negative one. every single one will continue. it will grow. at one moment they will be unbearable. that is my expectation. it is my normative position on what i think would be better. that is for another election in next time. >> i would like to ask both panelists, there is a concept that the country is in trouble and they are more immature in their development where they are not doing well. the scandinavian countries are doing quite well. what would be your comments about the validity of this concept which would presumably mean that countries have to learn new skills? >> there is no question that any kind of numerical objectives of institutional strength, the govern

since greece. then we've bumbled a little bit, we've tumbled and is bumbled with spain and italy and now this cypriot thing is going to need a better design. >> so what is the design? what's the reasonable solution? >> well, one of the things is you don't have to affect the people who are below a certain threshold. now they're thinking about 20,000 or 50,000, whatever the threshold is. the conventional threshold used to be 100,000, but it doesn't have to be the case. the question is here. you really have to, you know, critters of the financial system have to take losses. you cannot make it a point. and this is the biggest moral hazard. if you're going to guarantee that every single bank in europe is always going to come up and be bailed out, then that is a big moral hazard problem because it doesn't matter which bank you put your money in, it doesn't matter whether they're capitalized or not capitalized, whether they have a prudent good management or not. that's just not good. you have to different

that's the biggest argument like greece.because their currency is he misaligned for a country likeen greece. mi i do not see that you're going to have three tier or two-tier system. i think if you are really goingh to have a new alignment it will be and i think some numbers wille there and others will not. i think what is important, and i think that the policymakers are realizing this as well. you cannot just sort it out. you have to have plans for growth. that was the message that i took to portugal when i was there. in june of last year. and portugal has increased exports stay substantially. evaluation will won't give you that because you have to have deregulation. those are even more important. because it only lasts for so long. where is if you make the major changes, and this is going to be challenged. you had 14 of these stimulus programs. none of them have really done the job. you have to bundle them up and put them through. that is the best way that i can answer you. i think that where europeans are falling down goes

. >> i think the over all message is, greece will never restructure and greece restructured.e will never trigger a credit default swap. they triggered credit default swaps. the depositors will never be touched. depositors were touched. senior bondholders are never going to be touched. guess what, they're next. it's this european -- >> outlying small countries that have very, very little impact on the global situation. that has become true. >> but they are part of the european union and the you row zone. >> are we going to take money back from depositors in italy? >> you know this is cyprus making this decision. this is the big -- >> whoa. >> this is germany, this is france making this decision for cyprus. >> more germany than france, i would say, but, yes. >> i want to ask you, one of the reasons we've been buying long. to what extent do you think the fed might make references to this. >> i think -- >> couldn't happen here. >> they've already made reference to this. they talked about it in our prior meeting where's they said they see some diminution in the global risk but it'

a new spirit was about to be orn in greece. the treaty of constantinople established full independence to greece. new york city is home to one of the largest hellenic populations outside of greece. a story of queens, which i have the honor of representing, is often called little athens ecause of the large hellanic population. they have a parade on fifth avenue in manhattan which i've been honored to participate year after year. watching side by side with my greek american friends, i have been overwhelmed by the warmth and enthusiasm of which the community has brought to greek -- to new york city. these events remind us of the many contributions to our nation's history and culture. the friendship between america and greece is based on mutual respect, a commitment to common goals and a sharing of fundamental values, especially ensuring stability in southeastern europe. i hope permanent solutions can be found for ending the divisions of cyprus and finding a mutually agreeable name for the former yugoslav republic of macedonia. i k

and the real story behind greece being the assumption around the world has been that greece got intoople. they got under it. they borrowed money to cover it and then they got in too deep. and they got the bailout money and somehow it didn't fix it. and you keep hearing we're going to become greece. >> right. >> hal: it's the gdp versus debt idea. which is stupid. you find out the real story behind greece -- which again, not to get too much like lee camp where you start to lose your money and try to remain funny, but at the same time you are like what the hell -- the greece idea is we'll give you this money but you have to cut your social entitlements. we'll give you this but you have to cut these ridiculous entitlement programs. >> entitlement for social protection? >> hal: it was all kinds of stuff like that. unemployment insurance, their equivalent of medical payments -- it was crappy, but they agreed to it because they were in such dire straits. so the european union says okay we'll do this when you prove to us you have made these cuts. and they are in there the long term -- >> li

it went bankrupt when the debt crisis hit greece. he has had enough of this country, even though the government is confident that the crisis will end soon. >> unemployment is rising, not falling. they say they are finally raking in tax revenues, but they forget that they held onto a list of tax debaters for two years. there is no light at the end of the tunnel. their policies have only made the situation is worse. >> is as it is difficult leaving athens, but it would be even harder staying. he currently gets 360 euros a month in unemployment benefits, forcing the 36-year old to live with his mother. he wants to move to the western city of cologne where his girlfriend is already living and working. nearly all greek immigrants move to places where they already know somebody. he has even undergone training to launch a new career in germany. >> i would like to work in the health care sector in the hospital. i think there is enough demand for it in germany. i am confident that i will succeed. >> but without a good grasp of the german lang

it went bankrupt when the debt crisis hit greece. he has had enough of this country, even though the government is confident that the crisis will end soon. >> unemployment is rising, not falling. they say they are finally raking in tax revenues, but they forget that they held onto a list of tax debaters for two years. there is no light at the end of the tunnel. their policies have only made the situation is worse. >> is as it is difficult leaving athens, but it would be even harder staying. he currently gets 360 euros a month in unemployment benefits, forcing the 36-year old to live with his mother. he wants to move to the western city of cologne where his girlfriend is already living and working. nearly all greek immigrants move to places where they already know somebody. he has even undergone training to launch a new career in germany. >> i would like to work in the health care sector in the hospital. i think there is enough demand for it in germany. i am confident that i will succeed. >> but without a good grasp of the german lang

you will hit 80 greece tomorrow, 13 frees above average. 70 is 8 degrees above normal. low 80s for campbell, morgan hill gil roy. walnut creek hitting 80.really close in livermore and mrez san ton. mid 70s for petaluma and san rafael. sausalito is 69 degrees in daly city. extended forecast a little keerl but still mild. next week we are trending back down to normal temperature wise, no rain through next tuesday a sweet forecast. >> for the next several days. >> very sweet. >> looking nice. >> thapgs, paul. coming up a see lion hitchhikes a ride on a cay yak. what dill you see what happened when the scuba driver tried to say no. we're here! we're going to the park! [ gina ] oh hey, dan! i really like your new jetta! and you want to buy one like mine because it's so safe right? yeah... yeah... i know what you've heard -- iihs top safety pick for $159 a month -- but, i wish it was more dangerous like a monster truck or dune buggy! you can't have the same car as me! [ male announcer ] now everyone's going to want one. let's get a jetta. [ male announcer ] volkswagen springt

east of greece. a country really rather divided, greeks in the south, turks in the north. 1,138,000 people live on the island. that's the population of san diego. 77% of greek origin. 18% turkish. unemployment, %. not that high when compared with other countries in the eurozone like greece, like spain. gdp, $25.5 billion. that's good for 125th in the world. per sapt a gdp, $26,900. 71% of the economy service based. tourism big there. 20% is industry. 8.5% agriculture, mostly olives and citrus. in a nut shell, finance ministers are going to hold a conference call this evening to discuss a proposed bailout for the cypriot banks. the plan started this weekend included taking money from regular bank deposit, large and small, 6.75% to almost 10% if you've got more than 100,000 euros in an account over there. why are those banks in cyprus in trouble? they were heavily exposed to greek debt and we all know what happened there with the greek debt, both public and private. then the cypriot banks were national

what now for greece? hmmm. let's think about that. do you know that at that very moment manufacturing was beginning to accelerate in this country, led by housing and auto built, maybe greece is the word or something, maybe like travolta. next. troubles of belgian french bank dexia. turns out one of the largest banks in europe had to be totally recapitalized with tremendous losses. sound familiar? did it threaten the united states? ooh, norman bates scary. i don't think people remember dexia. it sounds like a vitamin about to be recalled. what else? look at this one. eurozone finance ministers reached a deal to provide collateral to finland in exchange for future agent greece. hmmm, wow. i didn't even recall -- i don't even recall if finland was holding up european aid to greece. they turned out to be one of the best performers since the bottom. and it turned out not to matter much at all. except as, yes, a buying opportunity. sprint, iphone, iphone, that didn't work out great. hedge funds, top dollar. oh, here's a story. look at this.

you will hit 80 greece tomorrow, 13 frees above average. 70 is 8 degrees above normal.bell, morgan hill gil roy. walnut creek hitting 80.really close in livermore and mrez san ton. mid 70s for petaluma and san rafael. sausalito is 69 degrees in daly city. extended forecast a little keerl but still mild. next week we are trending back down to normal temperature wise, no rain through next tuesday a sweet forecast. >> for the next several days. >> very sweet. >> looking nice. >> thapgs, paul. coming up a see lion hitchhikes a ride on a cay yak. what dill you see save up to 40% on closeout sets from beautyrest and posturepedic. save hundreds on floor samples and closeout inventory. but hurry, the beautyrest and posturepedic closeout sale ends soon at sleep train. ♪ your ticket to a better night's sleep ♪ me. hey little guy! what are you doing on my kayak?"" back to . >>> sea lion pup is making some waves for hitchhiking a ride on a kayak. take a look. >> oh my good, you scared me. hi little guy. . >> hey, little guy. the scuba diver came back to find that cute little stow a