mark weisbrot thank you for joining us on r.t. i want to start with the g. twenty promise to boost the i.m.f. lending resources with over four hundred thirty billion dollars. yet the i.m.f. steering committee said that these new resources will not be used for a particular reason do you think this is their response to their concerns that this money will be used to bailout the eurozone i think it's clear the reason they're asking for a new resources for europe they would have enough of it was for the other countries it's only europe or the big.

economist and politician mark weisbrot telling r t what he thinks his what he what he thinks is going wrong right now in europe. i. thank you for joining us on r.t. i want to start with a g twenty promised to boost the i.m.f. lending resources with over four hundred thirty billion dollars. yet the i.m.f. steering committee said that these resources will not be used for a particular reason do you think this is their response to the concerns that this money will be used to bailout the eurozone i think it's clear the reason they're asking for a new resources for europe they would have enough if it was for the other countries it's only europe or the big money i mean the deaths of spain and italy are enormous and that's what they're worried about even if there were only portugal and ireland and greece. they wouldn't really be that worried it's really spain and italy that's what the money is for. and he talked to the contrary it's just talk the rest of europe is also contributing to this but they're there they're pledged one hundred fifty billion dollars but their approach is fundamentally

fund says spanish banks need at least forty billion euros to survive economist turned politician mark weisbrot believes the eurozone is caught in a downward spiral. but it's clear the reason they're asking for a new resources for europe they would have enough if it was for the other countries it's only europe where the big money i mean the debts of spain and italy are enormous and that's what they're worried if there aren't any big risks to the global economy other than what the europeans are doing to themselves and that's really what it is it's a self-inflicted recession that they're in right now if the recession continues the deeper and more importantly if these governments do what they're being instructed to do by the european authorities that would be the european central bank the european commission and the i.m.f. if they actually tighten their budgets further cut spending further they're going to go deeper into recession and then we don't know what happens the interest rates get to a certain level they can't borrow sustainably on private markets anymore then they have to go to the europe

sort of austerity that's rypien entire cotton apart just across the atlantic joining me now is mark weisbrot economist and co-director of the center for economic and policy research and max fraud wall economist instructor at the new school university and senior analyst at green k. capital welcome to both of you thank you for joining us tonight thanks great to be here thank you thank you for thanks mark what's your take on the spanish bailout to what extent is this just spain vs beanes banks well obviously they are giving money through the banks and the spanish people will pay for that because it's going through the government it becomes part of their debt but the bigger problem really is the recession itself they've got you know twenty five percent unemployment or about fifty percent youth unemployment and the economy's getting worse and they're cutting the the budget they're tightening the budget and that's rinky the economy further they just cut while i was just there actually a week ago and the the government just passed a seven billion euro cut in their health care spending which would b

i watched for interview with economist and politician mark weisbrot next hour here in r.t. or you can catch it right now on our website dot com and while you're there check out some of the stories we have lined out for you today sell ron paul son says he's now essentially supporting g.o.p. front runner mitt romney as the party's ultimate candidate to face democrat block obama in the presidential election even though his father has always been his first choice. and president is of a scottish village called and american town of boring trying not to live up to the names or how they can do that but you can find out how. but little forces in egypt have decided on who will override the country's new constitution. that lasted nearly three months a special panel consisting of one hundred members of parliament will be tasked with the job egypt's military council says fan of the constitution one of the two power in the wake of last year's uprising that toppled president hosni mubarak the country has since plunged into the rest with numerous protests and demonstrations against the rul