this this this this is a good project to begin with if the membership had been correct greece portugal ireland spain were never supposed to join and if it was a reasonable six countries bedded down we would have had a pretty successful project but in the you know we've got some in the eurozone at this point this is not healthy and i agree with them that this situation is now but it's done it's legalized and no one can step out and no other people can you know sort of change the rules at this point so the germans have to pay the piper they really in this document and these are the repercussions if you know. what in the end if you do it yourself they. are for the germans the germans don't germans don't have to pay the piper let greece go bankrupt it would be good for greece it would be good for the europe would be good for the world if greece went bankrupt and ran out of the hands of pay their bills or stop lying then you would have everybody would know it's a strong sound currency based on a strong sound economy why not let him go bankrupt there's nothing in our euro in america we've had stage called

. >>> after greece, portugal, ireland, and spain, financial markets are looking at italy. with public debt 120% of gdp, there is growing concern they will not meet their obligations. the problem has been foreseeable for a decade, but silvio berlusconi's government has been ignoring it until they looked at the austerity package. european union leaders are jittery. >> this family has been producing the course and start since 1875. they are a storybook family. she took over in 2001, but times have not become easier. while business is booming abroad, their domestic business has been sagging. recently, the family spent millions on new bottling plants and would like to realize some profit now. at the moment, a gift packs for the u.s. are doing well. >> of course we had a really big problems. domestic sales have tumbled, but we were able to compensate by doing business abroad. for one and a half years, domestic activity has stalled. >> a 48 billion euro austerity package is supposed to kick start the recovery. along with cuts to the public- sector budgets, the berlusconi governme

greece. other countries are being dragged into the process. >> i and joined by the economic international editor. portugal, ireland, greece, spain, no italy has then dragged into the financial mess. >> the funny thing about italy is that it is good compared to greece. the deficit at the moment is running quite low. it is not having the problems that irish banks were having. there tends to be a policy drift in the bureau's own as a whole. -- euro zone. at times like this, when investors are panicking, all of the peripheral countries of the year as of now, the dutch discriminate. >> you are saying that italy is better able to weather the storm? >> it is able to fund itself reasonably well. not have to spend a lot of money rebuilding the spanking system. you have the prime minister in open war with the finest -- finance minister. >> seems almost every week we are getting news of another crisis hitting another european country. huerta you think this contagion is going to spread? >> italy and spain are the big ones. it is impossible for the rest of the euro zone. it is too big. you would have to end up with the european central bank

investors are already on high alert because of problems in greece, portugal, ireland, italy, and spainthe stress tests of last year were seen as too soft, especially when several irish banks collapsed after being given a clean bill of health. the new regulator has beefed up the tests to see how the banks would cope with the following. a sharp fall in the value across europe, another recession in europe, and a big drop in the value of government debt. the test did not consider the impact of a sovereign default. investors widely expect greece to default on its debt at some point in the future. against those scenarios, the banks have to show how much money or spare capital they have to withstand any losses. >> they still do not fully reflect what the market is saying today about the worst case for greek debt and possibly italian debt. they are better and tougher. the question is whether they are tough enough. >> eight banks have failed the test. five are from spain, two are from greece. there's also an austrian bank. they will be working with the government over the weekend on plans to st

it easier for tourists to visit their countries and they'll get back on their feet greece ireland portugal italy spain it dominates continue to topple the year and it seems there will be no you happily ever after. i see things. and while you governments wind back spending to tackle the debt a british union leader says workers won't stand for taking the heat in just over an hour from now marcus so what tells us how people will feel forced to strike back. the idea is to build pressure so the government realise the working people the length and breadth of the u.k. i'm not just going to let them get away with what they're doing and we believe that pressure to make me cum forced them to change direction the point is to change their mind and saying you won't negotiate just when they're having a chat with a few people in a room is one thing saying you want to go see you when there could be millions of people taking strike action is entirely another and we actually believe that the six million trade unionists plus the thousands and thousands or hundreds of thousands of pensioners and students all becoming a j

it easier for tourists to visit their countries and they'll get back on their feet greece ireland portugal italy spain it dominates continue to topple the year and it seems there will be no happily ever after south. athens. as the eurozone debt crisis shock waves spread the ratings agencies have put the us in the firing line as well america is on the verge of reaching its fourteen point three trillion dollar debt ceiling which means obama and his republican opponents need to strike a swift deal before the government runs out of cash in theory any rate but economics prefer. survive reg tremblay believes that the debt limit will once again go up as it always has done in american history. the united states is not in the same position as an a out of country this is a country karen say this year was internationally and therefore they can afford to print more dollars than the euro can. parents like but that debt level is very high they raise the debt ceiling each year they will be raised because the president obama has a tradition of caving in to the demands of the republicans it did that he did it twice be

it easier for tourists to visit their countries and they'll get back on their feet greece ireland portugal italy spain it doesn't age continue to topple the year and it seems there will be no you happily ever after. i see things. while fears of a looming default are forcing e.u. governments to cut spending a british union leader says people refuse to suffer for something they're not responsible for later markets or water tells us how he thinks governments will be made to listen once hundreds of thousands strike back. the idea is to build pressure so the government realise the working people the length and breadth of the u.k. i'm not just going to let. them get away with what they're doing and we believe pressure to make me come force them to change direction the point is to change their mind and saying you won't negotiate when they're having a chat with a few people in a room is one thing saying you won't negotiate when they could be millions of people taking strike action is entirely another we actually believe that the six million trade unionists plus the thousands and thousands or hundreds of thous

it easier for tourists to visit their countries and they'll get back on their feet greece ireland portugal italy spain it doesn't age through to need to topple the year and it seems there will be no happily ever after . i see things. italian lawmakers may be desperately swerving to avoid a crash like greece but as financial rider pattern told us the government may find itself in conflict with a public that's dead set against cuts. there will be one significant difference between the people who take to the streets between greece and italy and that is that in greece at least thank goodness the taxi drivers don't go on strike where is nuclei expected almost everybody is going to end up on strike and it's going to be absolutely chaotic the only way they can slip this through is perhaps because we do have this long lead in time until the cuts really start to make an impact in two thousand and thirteen but i think the problem is in the meantime a large amount of the sort of the leftist opposition in italy for seeing the fact that silvio berlusconi many of the reasons most. sure outside of the direct to scho

it easier for tourists to visit their countries and they'll get back on their feet greece ireland portugal italy spain tilman eight continue to topple the year and it seems there will be no you happily ever after south that's the athens. and all the other side of the atlantic president obama has warned out the u.s. is running out of time to deal with its own death crisis the card as dr roger of one hand for a says american politicians can camp or hansa lucian's to the deficit. and there's a personality conflict between the majority leader and the president which is quite unique and this has been taken into the public avenue of discussion once that happens and trust is lost between the leaders it's far more difficult to secure an agreement behind the scenes if you cut spending you're going to also impede economic growth because the government is one of the largest employers if you bring troops home and stop the wars you also have a problem with employment as the servicemen and women come home these are classic economic problems what's required in the u.s. is a drastic program of infrastructure developm

easier for tourists to visit their countries and they'll get back in on their feet greece ireland portugal italy spain it dominates continue to topple for the year and it seems there will be no happily ever after sarah fair athens. economics professor patrick meant for its e.u. countries may have to accept default as wealthier nations no longer wants to pay for their costly rescue. well i think we've known all along that a lot of banks in europe and the north would not stress tests if these stress tests included the possibility of sovereign default because of course they've got loads of greek and portuguese and spanish debt and so there was never any question that one of the reasons why it might be in germany's interest to bail out greece is that it's if it doesn't it's going to have a banking crisis of its own and will have to bailout its own banks but i think the the judgment of the taxpayer is they'd rather bail out their own buying if they have to then keep on giving money to greeks who may never get to give it back to them so there's no bail really impressed by these rich northern countries and t

easier for tourists to visit their countries and they'll get back and on their feet greece ireland portugal italy spain dominates continue to topple the euro it seems there will be no happily ever after . i see happens. and in today's crossed off peter will be on his desk discuss why the easier ship is so adamant about saving the euro at any cost here's some what's coming up at seven thirty g.m.t. . let greece go break up it would be good for greece it would be good for europe and be good for the world if greece went bankrupt and rose to the highest pay their bills or stop the lie then you would have everybody would know it's a strong sound currency based on a strong sound economy while while i'm out and go bankrupt listen in i you're in america we've had stays here and cities go bankrupt you could count is no where you grew up it didn't in the united states and it didn't in the u.s.s.r. tell you why because of the four hundred billion dollars of debt that greece has fifty percent is held by german and french banks and those countries don't want to take a second in the financial markets it's that simpl

easier for tourists to visit their countries and they'll get back in on their feet greece ireland portugal italy spain dominates continue to topple it a year and it seems there will be no happily ever after. he is. and on the other side of the atlantic president obama has warned the u.s. is quickly running out of time to deal with its own financial troubles congress must raise the fourteen point three trillion dollar debt ceiling one of the bombers urging the parties to ignore political differences and avert armageddon economics professor tremblay believes a deal will be struck and the debt limit will once again. the united states is not in the same prison as any other country this is the country currencies use internationally and therefore they can afford to print more dollars than the year old can any out of currency but bad debt level is very high they raise the debt ceiling each ear and they have done it that they will be raised because the president obama has a tradition of caving in to the demands of the republicans he did that he did it twice before so the republicans. expat think that he will