these are your headlines for june fifteenth two thousand and twelve as we all know greek elections are sunday greeks choose among political parties and the world assesses what the outcome will mean for the hellenic republic and the eurozone but are we really looking at a choice between a catastrophic and for greece and lists chaos catastrophe at this point can nothing outweigh the benefit of a default we'll talk about it and on the crisis management side the european central bank reportedly stands ready to act if there is market turmoil the u.k. reportedly will unleash aggressive monetary policy in the face of a worsening euro zone debt storm so central banks are threatening to turn on the spigots. thanks. that's what they aim to do but will they drown us all in liquidity pumping an extra liter of liquidity into a container losing gallons by the day does nothing to change the deflationary dynamic will discuss plus it's friday we'll show you the incredibly creative way one of our viewers came up with to distinguish between a head and a proprietary trade once and for all since jamie diam

greek election was never going to solve anything.was going to do is perhaps create more havoc which it did not do but it solved nothing. >> joe, i have to wonder at this point whether that puts on its back of global central banks to act. india chose not to. the ecb, the fed later this week is this. >> for the fed i think it's very close to 50-50 on whether they are going to do anything. my own opinion is they will not. the europeans i don't think will do anything right here. i don't think they will come back into the bond markets or going to be active in supporting and providing liquidity. they will provide liquidity for the banks. that was one of the big things in the greek situation. if the greek had voted there was a vote to leave or vote to seriously renegotiate on the platform of syriza. ecb would be hesitant to back the greek banks. you don't have that situation now. but you still have the greek saying they want to renegotiate. this course will play out over the other countries which already signed bailout agreements and all of

. >> the jewish bible in greek.t was the language that the -- that was translated, the original language? jesus spoke in aramaic, correct? >> probably. >> and that was first translated into hebrew? >> the jewish bible is, for the most part, in hebrew. there are a few parts in aramaic. >> then it was translated into greek for the common man. >> for the greek-speaking common jew in minus 200. >> ok. now, it's your contention, is it not, that when the translation occurred between hebrew and greek there was a mistake made. what was the mistake? >> you know, that's augustine's contention too, i'm in good company. >> you mean the saint? >> yes. yes. >> of hippo? >> yes, one of my favorites. this is something that greek-speaking christians were aware of as early as 150. >> what is the word in question? >> the word -- it's like the word for the parthenon because athena was a virgin goddess, the word is parthenos and that's the word that appears in greek of isaiah 7:14 but it's not the order in the original hebrew. >> what's

all right let's quickly recap what we're looking at this weekend with greek elections now you could say that the political parties in greece have fallen into two categories those in favor of the two hundred forty billion euro bailout loan of course to extreme austerity measures and those against it now here are the major players were looking at sunday's series the party led by alexis tsipras this is one of their rallies there he is ok he's running on a staunch anti austerity platform he stated publicly that he believes greece will not be pushed out of the euro even if they break with the austerity measures tied to the bailout on the other side we have new democracy leader antonio is some of us now he's campaigned on a platform to keep greece in the euro zone but he's been walking a tightrope of promising fiscal adjustments to ease the pain associated with the memorandum now on june first that is the last date opinion polls were allowed to be publicized new democracy lead with twenty two point seven percent syriza had twenty two percent and eleven point two percent but i should mention t

the end of the week the fate of the greek economy and society looms large if greek you have greece decides to leave the euro what kind of a shock waves will that decision have on the rest of europe also another secret government document was leaked today revealing new information on president obama's free trade policy beliefs what exactly did the report say what is the why is the white house standing up for foreign companies and not the american workers and what ever wonder what america would be like with a fascist government a bit romney becomes president former vice president may well have suggested we'll find out very quickly explain why and how into that steely take. in screwed news of an election looming at the end of the week greeks are preparing for the worst case scenario an exit from the euro and is suing economic crisis polls show that the leftists are is a party which is against austerity and wants to cancel the greek bailout is winning by a slim margin heading into sunday's election a series of party victory could mean greece leaving behind the euro and going back to their orig

greeks would be. really upset if they lost the privileges and would you believe that he would be much more asked nicely that if we returned to the balkan fold and we're we're outside the european family and i think that the. division that you see in terms of the of the voyage also represents a kind of existential division that exists in greece between. then than it used to be western. and i. believe that we're also different of them and that we also are part of the east so in that sense that too was expressed in the book how to what extent do you think those geopolitical interests factor and how much do you think average grade voters really are thinking about those things when they cast their ballots. i think it's probably at the back of people's minds more than the the primaries or the primary issue really was the fear that they would lose access to their bank deposits that they would lose access to a strong currency like the euro and their savings would be would be turned into drachma is an emotiona

so that these would be could profit from the bankruptcy of the greek state where the greek population was being screwed to the ground that is sponsored study ok so you have the population being forced to accept us dairy plus more debt at the same time plus the specter of the people who are perpetrating this ponzi scheme enriching themselves with the billions of dollars by. manufacturing and selling and constructing this ponzi austerity scheme and then there's a lecture coming up in greece in a few days yanis the new government what's the first thing they should do day one whoever gets in office what they do one thing i'm nancy grace is not going to get receive to accept the next loan installment for it from the troika look insight into the eyes of the german taxpayer and say you are back stopping these loans to me to us those loans are not helping us restore our economic activity our society keep our hospitals running those loans we have to take unsustainably and give them back to the c.b.o.t. somebody at some other credit card now we're not going to be able to keep doing this because

economy and therefore the greek people and the two largest competitive sectors in the greek economy is shipping and tourism shipping doesn't really need much how. on the other hand tourism is very much affected by the. image of the country and what's happening inside the country and at the same time in her helps bring in money from abroad and inside the country so we thought we needed to help and focus on tourism. in the meantime from two thousand and nine until today there's been a lot of crowd funding platforms and different types of complaints so we learn about one of these platforms out of a law. that allows people to. find an advertising campaign and that's how the idea came about what i wanted now bigger picture and we were just talking about this on set why you think this says about not only the ability of end of it jewels but the responsibility of individuals to do something either for their own. to control their economic situation or to influence they've got a situation in their country in lieu of always looking to the government for fix theirs which clearly the government

on standby. >> reporter: greeks go to the polls sunday. the threat is a vote for candidates against greece's bailout could spell the end of greece using the euro and freeze the global banking system. financial authorities have been trying to pre-empt panic. the head of the european central bank today pledged his group, quote, "will continue to supply liquidity to solvent banks where needed," end quote. in other words, if banks can not borrow money from one another, the european central bank will step in. >> if we see banks hold back, indeed, on trade finance or other factors as well, you basically could see the markets shrink and if that's the case then corporations won't get the loans that they need. that mean corporations won't be able to build and sell. >> reporter: the bank of england already announced an emergency lending program. the federal reserve meets next week and top financial officials from the group of 20 nations who meet in mexico monday have indicated they will act together if necessary to ensure credit doesn't collapse. >>

the nikkei ended flat ahead of the greek vote. central bank intervention hopes hoped the australian shares today gaining 0.4%. the overabanks rallied on the t expectation of a meeting of the rba on monday. >> and everyone just looking ahead to events in greece this weekend. voter gearsing up to head to the polls on sunday. the vote widely seen on a referendum of the euro zone. reports say secret polling numbers are circulating around markets and driving markets higher. joining us is julia in athens. where do these secret polls come from and what's been the implication? >> most of the polls now are seeing new democracy in the lead ahead of syriza. in the past syriza was four percentage points ahead. yesterday markets ended up ten percentage points. people on the on the undersided numbers, which is around 20%. what we saw in the last election is undecided people did block to syriza. the key takeaway is this election is wide open. the obvious moderate or the benign outcome would be a new democracy, forming a coalition with the left p

i will make sure that the sacrifices of the greek people will bring the country back to prosperity. and the question is if this democratic disillusionment is really unique to greece or is this something that is mis metastasizing across the european continent spreading into countries like italy and spain with the eventually wallaby that the tumor will at some point prove too large for the german corps and its surplus brother and to remove without risking a european wide disintegration well earlier i spoke about all of this with a yawn as pelosi is a contributor for the american prospect former editor in chief of free sunday a greek journalist here's his take on the election results. basically the the centered on the issue of. the euro and what it takes to stay in the euro and most people were afraid that the victory would jeopardize which is usually the euro turn to new democracy even. even though they were enthusiastic about the some of us in whose policies then most of the people who are really sick of austerity decided to go for sousa to try to give them the victory and in the end

in screwed news an election looming at the end of the week greeks are preparing for the worst case scenario an exit from the euro and is suing economic crisis polls show that the leftists are is a party which is against austerity and wants to cancel the greek bailout is winning by a slim margin heading into sunday's election a series of party victory could mean greece leaving behind the euro and going back to their original currency the drachma fear mongering about a dangerous and irresponsible exit from the euro is coming from the political right in greece as they try to sway voters away from the surrealism already ahead of the june eighteenth elections thanks to this fear campaign bankers in greece say that as many as a billion euros a day are being withdrawn from greek banks and used to stock up on food like pasta and canned goods but cirus a party leader alexis sapir us pushed back on tuesday saying that the e.u. will be forced to renegotiate with greece once his party takes power saying if one of the seventeen countries is brought to collapse the fire will become unquenchable and will

told the greeks to take responsibility and stop trying to avoid taxes this is what she told the greek people when asked about their starving children who are you know all the social services for the poor children are being cut off she said i don't feel bad for them i feel worse for kids in the share book kill em up officials don't pay taxes so that's my next headline i mean that's part of the dissent up with the i.m.f. the people that they represent like the goldman sachs of the world that commit financial terrorism they don't pay taxes to goldman sachs' pay last year much less than one percent what did general electric the big fat goose egg out of the get out of the tax abatement they got a credit they no taxes for them you know the fortune five hundred america very few of them pay any tax at all so urea christine legarde a front man for financial terrorism browbeating the greeks for not paying taxes. which happened right here the biggest bailout of them all eighty seven billion dollars that the american taxpayer transferred they're not going to pay taxes for several decades due to t

money into greek public works programs, to get people back in to work. basically -- >> soften the impact of the austerity, exactly. >> you just said it, because what european leaders want to do is sit down with the new greek government and say, ok, this is what we can offer you now, just to make life sweeter, a little bit less harsh. here's the problem with this, because if you're sitting in bailed out ireland or portugal, you'd think, hang on, we didn't get any of that, but you're also thinking maybe we want some of that, and the experts that i've been speaking to say this is dangerous, because it could likely lead to spread to the likes of airland. >> the domino effect. as we've seen it many times over. thanks. >> thanks very much indeed, aaron. disturbing documents have been released in australia which reveal the full-scale of child abuse, which is said to have occurred in the country's military between the 1950's and 1970's, maybe even as late as the 1980's. a report by the defense ministry reveals boys as young as 13 were subjected to sexual molesta

the first 48 hours of a greek exit would depend on precisely why the exit happened. politically, it is impossible to expelled breeze from the eurozone. neither of the parties likely to win the election want to leave. driven by economics, driven by capital flight, bank loans and the breakdown of cross border payment mechanisms. correct -- >> you are going to get less money back. there is also a significant likelihood that banks would go under in greece. the last number of companies would be bankrupt as well. there are straightforward forms of default. >> with the far left writing -- riding high in the election, a collapse would spell trouble. and there is already trouble. >> we have total polarization and an economic program the greeks did not voted 4. we have violence in the street and near not seize in parliament. -- near nazis in parliament. it is going to be awful, but it is awful now. >> other financial centers would be deeply concerned over the $3 -- 3 trillion euros sitting in italy and spain that might leave. in the first 48 hours after a greek exit, everythin

will investors sell because of the greek elections? looks like it's holding so far. >> it has been a very volatile week for the markets, especially the final hour. you missed a big one yesterday and it could be a wild one at the close again here today. we have theics per ration of futures and options today. we had it on the open, we'll have it on the close, what is commonly called quadruple winching. stocks are holding on to gains. just off the highs right now. the do you was up almost 100 points, just off that now with a gain of 85. the nasdaq is also higher today with a gain of 26 points. up almost 1% at 2862, and the s&p is up 9 points, a 10 point gain there. >> give therein is a rebalance and expiration, can that will add to the volatility. we have an 85 point rally so far. do you want to be bracing for a round of panic selling on monday if the outcome of the greek elections have the austerity. >> let's hear from market watchers in today's closing bell ex-change. we have morgan stanley representative here, we also have rick santell

are warned over key election the telegraph warned greek election catastrophic vote to leave euro would cause bank run. well it was like a lehman brothers moment but let's remember what the lehmann brothers moment was all about the stock was down sharply and then a false rumor was started and attracted make it short sells that is this a counterfeit stock sales of lehman brothers stock flashforward to greece greece also being attacked with naked short sells in credit default swaps destroying their economy mainstream media outlets floating rumors around the world that they're about to go belly up all in an attempt to force the country to dischord its assets to the global speculators for pennies on the dollar the fact is they're always in these situations telling the peasants to do want they while the elites are doing something else because there was another headline in the telegraph that went along with this they offered another headline about a previous riot some bank runs and sovereign debt collapse debt crisis the cost of default rioting sieges and death in late december two thousand a

facing lax regulation you know jamie dimon is from greek ancestry we have a special report how a greek bank infected cyprus like many greek tycoons these days andreas vegan poulos is in trouble this is the marfan popular bank in cyprus which is collapsing and threatening to take down the cyprus economy with it the scale of marfan's problems poses difficulties for the cyprus government and a parliamentary session on may seventeenth they voted to help the bank fill a capital shortfall estimated by the bank and the country's finance ministry and nearly two billion euros the money needed represents a tenth of the country's g.d.p. max right this capital shortfall again some collateral that the banks both have on their books minimum capital requirements obvious. asli bring jamie dimon down there to consult and he will convince the government that fetiches is collateral now based on fetiches collateral this bank is over capitalized this bank should start making fetiches collateralized loans immediately then goldman sachs an issue called fetiches collateralized loan secured bonds to sell to eu

greek leaders would slash pensions by about 20%. they would also cut 150,000 jobs in the public sector. on top of that, they would raise more tax revenue by increasing the value-added tax, or v.a.t., to 23% and implementing a new property tax. public opposition to these austerity measures still persists. opponents view them as too tough, especially in light of the country's current financial situation. greece's gdp shrank in 2011 for a fourth consecutive year. its jobless rate marked an all-time high of 21.9% this past march. more than 50% of people under the age of 25 are out of work. >> translator: we greeks are suffering. our pensions have been cut, and suicides are on the rise. >> it was an unpopular stance. still, the former ruling two-party coalition supported austerity measures. it failed to win a majority in last month's parliamentary elections. the radical left coalition made a stunning advance winning nearly five times more seats than it had before the vote. it's firmly against the austerity program. the parties that came

we have a documentary "a greek tragedy." tragedy is a greek word and explains how greece got in the mess. >> it's amazing. people not paying the utilities. you won't see that anywhere on television sunday night. you keep an eye on that. we have a pretty unique guest with insight in the election. a democratic strategist and was an adviser to george pap drandr and his party. chris, we know the strategies. they could went without a majority of a strong government. we don't have a lot of time so your best estimation of what will happen on sunday. >> best estimation is new democracy probably wins but has the former government. probably about anywhere 152 to 155 seats in the parliament. and that buys them time. how much time i can't tell you but it buys them time. >> if that happens, that's a positive reaction in the markets probably late sunday in to monday. correct? >> i think the markets will react positively because you basically have stability whereas if syriza wins, that's chaos. >> if something like anti-bailout wins, do yo