at stake is sovereignty for the five hundred million people on the continent of europe you know greek greece is the first domino once they read a cape a sovereign nation in greece which they are trying. to hand over fist to achieve over there by neutering their parliament by dictating laws financial loss from brussels once that's achieved in greece you know it is not going to stop there and i think that's what a lot of people don't realize you know even the day that this greek deal was announced moody's came out and downgraded austria france italy malta portugal slovenia slovakia spain and the u.k. they are not going to stop in till they can eradicate representative government government inside of europe and have everything controlled financially out of brussels and if you control the financial the financial aspect of these countries you control these countries now many people are pointing to the fact that the greek economy is uncompetitive and simply won't survive in the euro zone what's your take on that. well you know if the western media the mainstream media would have you believe that t

ultimately greek's is a tragedy it is all about to default and in fact regardless of what happens on the streets this weekend there's no way we can avert this tragedy unfortunately greece about to default you say there's no question about it what are the implications not just for the greeks themselves but also for the eurozone the implications are quite enormous i mean bear in mind ok it may take until the elections till it happens but certainly it is not only a matter of time the implementing the implications for the euro zone are quite simply does greece try to state in the euro zone in which case it's going to be persona non-grata but not paying its debts or does it basically leave and could together its own currency whatever happens there the problem for the rest of the euro zone is that not only we have to basically prepared to defend the whole integrity of the euro and actually if you read what's been said behind the behind closed doors this week of the euro zone and indeed from the summit you can see there's a spirit that you know what we may have to do three so we may even have to end up ditching portugal from the euro zone but we're we have to defend nine is i

mean c'mon let's cut all these digital legendary deals that would be in the last years of the greek greece as one of the lowest percentages of salaries on the gross national product thirty six percent that's lower than most countries i mean only eleven percent of the workforce is it increases in public service again one of the lowest and this country this country has only had some kind of social democracy and of the seventy's you remember this was a military regime before now did this douche people know what that does because that was the last regime and it's similar things i mean of course they're not going to take it there be that reached. and i think if they're resilient enough they will do good again and i mean the only real solution is not what the e.u. is now imposing on the only solution is social democracy i mean there is money on it shipping companies they own sixteen percent of the world into down then ten their earnings went up forty five billion euros i mean i'm not talking the total sum there that's the amount that they went out in the in a crisis year and they bade almost zer

president called it an insult the greek finance minister suggested that a conspiracy was underway to have greece kicked out of the euro zone and greek newspapers are routinely publishing political cartoons portraying the germans as nazis so things are getting pretty nasty in europe the germans aside from uncle a merkel who still thinks that greece can be saved are growing tired of throwing their money down the black hole of the greek economy that's being ravaged by i.m.f. austerity measures and the greeks themselves are on the verge of overthrowing their government which is self is now being run by an unelected banks thanks to austerity spending cuts schools in greece are running out of books people are getting the medical attention they need with a forty percent cut in the public health budget in two thousand and ten and now the i.m.f. wants a thirty two percent cut in the minimum wage along with more layoffs for government workers that explains the riots in athens even the financial times that newspaper work rich people talk to rich people is catchy wind of the volatility and the prospects of

in every possible respect greek greece is not a tragedy and it is due and the reason for that is simply because the reason no way that they are going to be able to implement whatever austerity they're talking about this weekend against such a backlash of public opinion whatever happens there the problem for the rest of the euro zone is that not only we have to basically be prepared to defend the whole integrity of the euro and actually if you read what's been said behind the behind closed doors this week in the euro zone and indeed from the summit you can see there's a spirit that you know what we may have to do three so we may even have to end up ditching portugal from the euro zone but we're we have to defend is italy and that's really going to forward the shoulders of the technocrat mario monti and this is going to be our how to close make a bent during the course of at the latest april does the euro survive at the moment i think probably a shrunken euro it's sixty forty it can do but ultimately we're going to see swinge in recession even worse of the recession read out of we've alre

unprecedented humiliating solo of greece's sovereignty and future just if you have greek protesters to be approval of a massive new austerity package where the bill was passed as running battles tore through the capital with buildings looted or set ablaze by raised more out of three hundred m.p.'s one hundred ninety nine votes in favor many of those who were thrown out of their parties those thirty measures were demanded by greece's international creditors turn for a second one thirty billion euro bailout athens needs the cash to pay off interest on its massive debts to keep its rapidly shrinking economy from defaulting greek journalist. explains more from the capital. with the greek hello make yours have finally passed this austerity package it was a crucial vote always have seen violence hard violence in the streets of afghans it was the worst day since the violence we hardly in two thousand and eight we have seen i guess young people. who did the youth breaking marbles throwing molotov cocktails and then their policemen answering throwing tear gas is we have seen fires all in the st

precedent and humiliating some out of greece's sovereignty and future that's if you greek protesters off the approval of a massive new austerity package that was passed running battles all through the capital dozens of buildings are going to watch. out of three hundred at least one hundred ninety nine but. those who go through to their parties those thirty measures will demanded by greece's international creditors turn for a second one hundred thirty billion euro bailout things the cash to pay off the interest on its debts to keep its rapidly shrinking economy from defaulting. as a freelance journalist in athens. the greek lawmakers finally passed this thirty package it was a crucial vote always have seen violence hard to violence in the streets of boston it was the worst day since the violence we had the in two thousand and eight we have seen now i guess young people who did who did the youth breaking marbles all know throwing molotov cocktails same then they're policemen. throwing tear gas is we have seen fires all in the streets are around the scene that must wear on greek parliam

euro is gaining versus the dollar and that's on hopes that european leaders would sign off on greeks greece's a second bailout package and on china's monetary easing over the weekend. foreign investors are eyeing russia's regions that's according to kill dmitry of the head of the country's direct investment fund speaking as an economic forum in siberia it's all business the main attractions for foreign money in russia. as a response of the interest of logistics area that's very important there is quite a bit of interest in the infrastructure and those are very specific projects so for example airport infrastructure is very interesting and with careful now a trip which is one of the largest investors in airports worldwide we tailor investments and we invest with those investors into areas in the industries in the stand well and therefore they can do a good analysis of the project and their value to it going forward cash strapped ukraine may get yet another discount for russian gas the energy ministry in moscow is calling for the resumption of talks now that follows a decision by gas from last

leave the eurozone and yet law have we hear analysts saying secretly they would like to ditch greek greece and get rid of it. well i'm sure the sound was not so good but if i got your christian right i mean what they're trying to do in brussels to me is not saving greece but it trying to do is save the euro zone which is not exactly the same now i think they're all some of them must have already made up their mind and greece is going to have to leave the eurozone but remember the e.u. so far the european commission this is not a social democrat. organization this is an eel liberal economic organization they have other priorities than the people of the ordinary people the ordinary working man or people who live from a salary. do not have any hope that we will see some sort of democratic process take place you said little earlier though they won't be able to push these are sturdy measures through because of the public opinion and of course you've got those looming elections technocrats do you think they will be replaced by politicians and we could see the return to some forward to democracy

london greek political leaders have sent a written commitments to brussels saying they'll stick with agreed austerity measures regardless of the results of the general election set for april but greecestill needs to convince the e.u. will make enough cuts to return for a one hundred thirty year old bell out needed to prevent defaulting on its massive debts next month though the greek parliament approved austerity measures sunday a key meeting of eurozone finance minute. it was cancelled as they demanded more assurances charlie mcgrath founder of wide awake news things that brussels is using the ballad as a big stick on atoms. what's at stake isn't debt it isn't the big banks of europe being paid off what's at stake is sovereignty for the five hundred million people on the continent of europe you know greek greece is the first domino once they read it kate a sovereign nation in greece which they are trying. to hand over fist to achieve over there by neutering their parliament by dictating laws financial loss from brussels once that's achieved in greece you know it is not going to stop there and i think that's what a lot of people don't realize you know even the day that this greek de

went to parliament today and didn't do anything about that but they did vote to go ahead with greeks greece's bailout package but do you have greek bailout burnout because that's what we think you may be suffering from so why don't we take a look at just how hard hit some other western economies have been take a look at this chart this shows what year it is in economic terms in all of these countries how far back they've basically reverted economically looking at factors such as g.d.p. consumption stock markets housing prices unemployment now you can see there greece tops the list so i guess there's no avoiding it but look at that the united states is number three and ireland which we're going to talk about with our guest today is six on the list and worse shape than spain and italy which gets a lot more crisis headlines now speaking of arlin the international monetary fund is reportedly talking today about whether to approve the latest tranche of bailout money but what's really going on in the emerald isle because you don't hear much about it here to tell us economist constantine. and we are

greece. zinovia. in the back. >> translator: we are under these greek columns. i hope it's a symbol of solidity and solidarity. >> translator: i have two short questions. >> no, no, one question. >> translator: okay. let's say less than two. do you believe, really, that if greece applies all the measures imposed by the troika we will solve our problems? i'm not representative of the greek people, but i want to represent my generation in greece. and we really don't know what to do.ere are many greek people wh want to go back to greece, but they can't.e unemployment is en greece, especially among young people. it's so bad i've tried to see what jobs i could find in greece so that i could go home. so i checked out the greek employment agency. and you know what? i found jobs for germany and for the rest of the world, but none at all for greece. >> translator: yes, i think that right now greece is in a very difficult, very complicated situation. which is the result of several reasons. one was that the political system in greece. and in the past, whatever government yo

greece. and we really don't know what to do. there are many greek people who want to go back to greece, but they can't. the unemployment is enormous in greece, especially among young people. it's so bad i've tried to see what jobs i could find in greece so that i could go home. so i checked out the greek employment agency. and you know what? i found jobs for germany and for the rest of the world, but none at all for greece. >> translator: yes, i think that right now greece is in a very difficult, very complicated situation. which is the result of several reasons. one was that the political system in greece. and in the past, whatever government you had, none of your governments had reached the transparency that was necessary for the rest of the world to see where greece was at. it's a long tradition. perhaps it is difficult for the greeks to be transparent, it's not their tradition. they were not bothered. they didn't wish perhaps to be transparent. and all of the sudden, of course we expect that you show us everything. we want to find out everything

stop the rage of the greek people however is only growing with every new political measure imposed as artie's jacob greaves reports. voting for morse there is something dubbed by greece'scaretaker prime minister has a moment of historic responsibility a notion some especially the greek population feel has been lost on eurozone leaders. i feel disappointed and sad because these measures were imposed on us by foreigners and we didn't have a say as a greek people. but there is a wise old greek proverb that the person who borrows and borrows becomes the slave of who he borrows from an uptick sickness after passing more unpopular cuts greek politicians are told that brussels amberley and perspiring the decision on another bailout that and questions over greece's place in the euro led the country's finance minister to talk they were toying with a nation's future this is by no means the first set of austerity measures to be imposed on greece but with a significant amount of coalition m.p.'s choosing to say no it does mark a shift in thinking among governing politicians. share the grievances of the public and offer them an alternative if the greek economy is not restart just i

with the euro itself and the problem that the euro creates and how it makes the greek economy competitive so basically greece cannot survive while it is in the euro and the more austerity measures which are being forced upon it will just hurt the greek economy even further wages have been cut thirty percent on average in greece pensions are being carved people are finding it very hard to survive because of the result of the austerity measures in the problems caused by the euro. really the poor what they're doing at the moment is just throwing more money at the problem and really putting back the. greece will have to deform will have to leave the euro and they're throwing good money after bad really any further buyouts of greece will only just temporarily a. reckoning which is a default and of course exiting the euro so they're calling me can become competitive. and you can always find more news online just log on to ours who don't hold he is also waiting to be there right now the u.s. is getting down to trode back from tehran and it's not the real cause so this one is an eighteen of their original size and i

getting on to the greek bond market as you were mentioning, in addition to the euro, the greece's benchmarken-year bond rose by 1.1% on news of the bailout deal earlier today. basically this means, of course, it will cost the greek government more to borrow money. this means bond slemts are demanding a 23% return on any money. that's a clear sign there's still plenty of nervousness about greece and its ability to pay down its huge debt pile. >> ramy, thank you very much. >>> for years he lived a secret lich of insider trading before he got caught. he's telling us how he kept police off his tail for nearly two decades. that exclusive interview is coming next on "world business today." so what do you think? basic. at meineke i have options... like oil changes starting at $19.95. my money. my choice. my meineke. >>> welcome back live from cnn london in hong kong. this is "world business today." >>> the troubles for kingfisher airlines in india just keep mounting up. the company is owned by the flam point entrepreneur v. j. mall yeah. the shares of the company were down 20% as the company's ceo

said no that installed the industrial revolution similarly even if all the germans and all the greeks want greece out of the euro and go. let me inform you that most greeks would like to get out of the euro now we've had enough of being treated like the brightness of the euro zone. is immaterial this is that card is you should never have entered into neither us nor the germans for that matter but tragically it is a guarantee that once you enter you cannot escape. if we get out of it we're not going to return to where we would have been had we not constructed it and instead the way that this currency has blocked our economies together that has created this because kate of insolvencies we did banks and states if greece pools outlet they were thrown out of the whole edifice will collapse germany is going to end into a huge recession and the rest of europe is going to be. you know an option of the conflation so i think that we're again we're we're between a rock and hard place. the only. part of that would be minimized somehow the human cost of it all would be one of the xining of the euro and they d

the euro itself and the problem that the euro creates and how it makes the greek economy competitive with it so basically greece cannot survive while it is in the euro and the more austerity measures which are being forced upon it will just hurt the greek economy even further wages have been cut by thirty percent on average in greece pensions are being kept people are finding it very hard to survive because of the result of the austerity measures in the problems caused by the euro. really what they're doing at the moment is just throwing more money at the problem and really putting back the day when greece will have to deform will have to leave the euro and they're throwing good money after bad really any further buyouts of greece will only just temporarily july. the reckoning which is a default and of course exiting the euro so there collimate can become competitive . eight afghan children have been killed by nato air strike on wednesday according to president hamid karzai in a statement he condemned the aerial bombing by foreign troops this comes a week after the united states announced that it could hold com

the rescue package would give greece a loan of 130 billion euros. a further 100 billion euros of greek debt would be written off with investors likely to take heavy losses. in greece, there has been huge opposition to the deep cuts, the price of the bailout. jobs, pensions and the minimum wage will all be slashed. >> i don't see light on the horizon. unfortunately no matter how many loans you receive, if we don't starting something to stand on our own two feet, we won't have recovery in greece. this is the reality. >> this situation is not leading to reform. in fact, greece is already in recession. even this new bailout may not be enough to restore its broken economy. daniel griffith, bbc news. >> a european union official told the news agency that we have the essentials of the deal. let's get the very latest from steven evans, our correspondent in brussels. they are there, aren't they? >> from what it seems. they have not actually appeared in front of a microphone and camera and said we have got the deal but officials are saying that the deal is there. and what they have been doing in

greek. who is mr. scheuble to dare insult greece?nt has caused tensions in relations between germany and greece. >> on our part, we will try to do everything to help it is agrs that most want to take this road and implement reforms. we cannot do that for them. there's no way around reforms. >> despite all the hurdles, chancellor merkel says she is confident that greece will comply with the rules and the tough fiscal measures needed. >> for more, let's go live to our correspondents brian williams in athens. at times like this, they look for scapegoats. is there a feeling in greece that germany is to blame for the country's economic misery? >> well, probably, naturally, germany is seen as the leader of the group that is pushing it greece for these austerity measures. but to be frank, i would say the biggest worry that agreed's have is about their own politicians. they're the ones that most greeks are directing their anger at. in the last week, ever since mr. scheuble's comment about a bottomless pit, chancellor merkel is rather seen as

is this package enough to save greece from default? >> the greekinance minister hailed the deal is probably the most in portland in the country's post-war history and said that the nightmare scenario had been avoided. what is true is that this deal has bought greece sometime. in default as been averted. greece can pay back its debts on march 20. but of course, the greek problem as such has not been resolved, and it will still take some time. >> the fact that it has not been resolved and that greece will remain exposed to default for quite awhile now, how much of a concern is that in brussels? >> welcome to it is a fact that this deal has put the country back on the right track towards growth. that is what the head of the imf, christine lagarde, said. but there were also some words of caution here. the european commission said that the greek economy is not expected to grow again until 2014, and unemployment is still going to be at some 15% in 2015. so these are very disappointing figures, of course. and it means that greece is looking ahead to some

over the one hundred thirty billion euros or one hundred seventy one billion dollars greece needs to avoid default the greek prime minister lucas papademos along with greece's finance ministers are also in brussels for the meeting as is r t correspondent tess are silly who brings us a look at what's at stake another crucial meeting is taking place in the brussels to be as the eurozone finance ministers gather after their last meeting was was called for last what state to today the big topic is still peace as it has been for the past weeks now and the big question is will the speed will to secure that or hundred thirty billion euros of bailout from its international buffers the second such move off the country on the back of the bonds of those watching the situation a greek default is still a possibility so we can see the exit from the your results were some readers have been trying very hard to keep a positive picture told this big german chancellor i look forward to whatever of course what will count is the solution of the answer that they will perceptive come up with at the end of today's meeting all of t