detroit a working group on thursday will take nicosia's proposals back to brussels. they are going to need to focus on how he managed to meet this 5.8 billion benchmark, which was set by the year a group. we have seen lots of proposals coming out of nicosia tonight, but we have not seen any figures. that is what worries people. have we made up this number? are we going to be able to get away with this? a lot of people are scratching their heads saying that nobody is saying anything and they do not know. >> thank you so much. italy is also causing a lot of jitters in the eurozone after an election result that left its politics more tangled than ever. >> that's absolutely right. the three-way split left no clear path to forming a government. now the president has called in a bunch of so-called wise men to try to sort things out. >> president napolitano has given these men in suits 10 days to solve italy's political gridlock. the teams of experts have been asked to propose a set of economic and social reforms that italy's quarreling parties can agree on. they will even

nicosia cyprus. and as you've just seen the capital nicosia has been rocked by a wave of protests with people venting their frustration throughout the week activist chris all star most days says the so-called bailout package has effectively destroyed the separate economy i don't think that it's correct to speak for the bailout because this is not the bailout it can be best described as an overnight assassination because with the diseases that have taken a little group they have pretty much destroyed forty percent of the economy and now the we also add on top of that problem that we have another long and you kind of understand that the math doesn't work but facing a new part of the i mean in the european union this is the first time that he has this has been done but it's like planting a bomb in the structure of the financial system itself therefore i don't see how any any vest or people can teach their money in the banks when now that we have a program twice or even more as bad as it was before then

as you've just seen at the capital nicosia has been rocked by a wave of protests with people venting their frustration throughout the week charlie mcgrath head of the wide awake news portal says the situation may turn violent as people feel the full of fact of the measures the european stability mechanism was set up a lot of people myself included were talking about almost two years ago that it is global it is financial governance over europe i don't think they care what the citizens of europe the five hundred million people of the european continent feel it is governed by crisis to the extent it stream you know they were polite and said we're going to get you early on in this crisis for five years ago now they're making a very bold statement they're not asking any more they're just going to take it if someone's trying to rob you then it would make sense that it could certainly lead to violence i mean that is the ultimate outcome if somebody is trying to get access what is theirs you know their money so they can put food on their table and they're being told no you can only take out

well for the political economy at the university of nicosia. right later today you can watch our interview with former austrian chance well wolfgang he believes could have avoided the crisis but failed to take action. any countries here a point in the one voice europe point two percent of the g.d.p. of the eurozone but the problem was his eight times more turnover were by balances or pain compared to be cheap peace or eight times more of this is absolutely unsustainable and ever but if you would within the european union people where were the the mass media newspapers where all the time complaining that something must be done so nobody should be surprised government not this one but the previous government led by a former columnist who should have done much earlier the reduction of the size of the financial sector i mean this is unbearable you cannot have such a huge financial sector as a judes banks. and you can see the full interview here on r.t. at six forty five pm this evening at g.m.t. now the temperature is rising on the eastern front he

completely unfreeze of the accounts of savers that last six a percentage of the bridge will bailout levy nicosia want to customers to have access to their remaining balance but only managed to get permission for ten percent of the a savings struggling under painful bailout terms and on president in bank the limits cypriots are now playing of the blame game in an attempt to find those responsible for the crisis and investigative commission which will look into how the island's economy was driven to breaking point is to be sworn in on chu same one of the most damning indictment on the table of the millions of euros that were apparently moved out of the country just prior to the tough living proposal on bank deposits local media pointing the finger at several individuals and companies including one co owned by the president's son in law there were also published a list of favored savers whose loans were allegedly written off by two separate banks and their ears at the surface of the report vanishing cyprus places the blame firmly with me can see as partners in brussels. who are people or are actual

bailouts to keep the secret economy from collapse but the flames on to out here with it now emerging nicosia is going to need a lot more money than i originally thought a ten billion a year or a lifeline has now been greenlighted for cyprus his request for even more money was flatly rejected the casino needs to come up with thirteen billion here is more what shape will try to modify draining the bank accounts of savers at secret by the very idea of raising deposit is still deposits is still sending tremors through the eurozone despite your kraut authorities and assurances that bank accounts are safe but professor of political economy jack rasmussen thinks either way. what you're going to see is a severe depression in cyprus as government raises taxes cut spending sells off assets what are you going on the private side you're going to see and we're already seeing major money hoard demand for cash balances money caution is absolutely and as they get their money out there you're going to see capital flight so the situation in cyprus is going to get much worse you're going to have you will bail

at a meeting of the blocks finance ministers on friday the mood always grim with revelations that nicosia will need billions more than originally thought still partly under financial quarantine it's now up to the aryans authorities to come up with thirteen billion euros which is twice as much as just a few weeks ago officially rises to to delay using getting a bailout deal but the speculation that billions leaked out from shuttered banks both illegally and through loopholes may be the least of the worries that a comparison to the precedent that's been set is artist. it dominated headlines for much of two weeks a euro zone nation on the brink of bankruptcy the banks were closed cash rationed and capital controls put in place cyprus of blows heavy losses which could rise to up to sixty percent on wealthier depositors in order to clinch a ten billion euro e.u. i.m.f. bailout last month it had however initially planned to would reduce a levy on the posits of less than one hundred thousand euros supposedly protected by state guarantees before backtracking in the face of widespread protests thi

officials though want to cyprus which is asking for more that's all it would get so it's a match that nicosia will need to come up with certain billion euros almost twice the amount of money needed just weeks ago in parallel the euro zone wants the government to stop pressuring the country's central bank which by law now answers only to senior european bankers cyprus may also be forced to sell vast amounts of its gold reserves which is something marx and stacy believe was always the troika's end goal the full kaiser reporters coming up at seven thirty am james. cyprus to dive into its gold reserves well on this show we have said that the i.m.f. the e.c.b. the so-called troika there their goal as they maraud around europe is to grab the gold remember greece had to give up their gold to the troika cyprus of course will give up. they're gold and it's funny because obviously the cypriot government was the last to know that the i.m.f. had taken their gold then they said wait a minute no that never happened then they got the phone call saying wait but we did take your gold then they came out so i t

the meeting of the blocks finance ministers in dublin the means grim though with revelations that nicosia will need to billions more than originally thought still partly under financial current team it's now up to the islands of oranges to come up with thirteen billion euros which is twice as much as it's just a few weeks ago officially the rise is a jew to delays in getting a bailout deal but there's speculation that billions a leaked out from shuttered banks are both illegally and through loopholes that may be the least of the ease worries in comparison to the president that's been said he has all teased herself here. it dominated headlines for much of two weeks a year reserve nation on the brink of bankruptcy the banks were closed cash rationed and capital controls put in place cyprus of those heavy losses which could rise to up to sixty percent on wealthier depositors in order to clinch a ten billion euro e.u. i.m.f. bailout last month it had however initially planned to would reduce a levy on deposits of less than one hundred thousand euros supposedly protected by state guarantees be

ministers approving an emotion see bailout for cyprus but the flames are not out yet that now emerging nicosia is going to lead a lot more money than i originally thought a ten billion euro lifeline is now being greenlighted for cyprus which request even more money was flatly rejected and it needs to come up with a billion euros more which it will try to amass by draining the bank accounts of savers the cypriot banks professor of political economics our jack russell most things european accounts and now a threat. what you're going to see is a severe depression in cyprus as government raises taxes cut spending sells all facets but all that you want on the private side you're going to see it in. we're already seeing major money hoard demand for cash balances money the loss of these absolutely and as they get their money out you're going to see capital flight so the situation in cyprus is going to get much worse you're going to have to will bail and even more people on those over one hundred hundred thousand euros will have to play more or maybe now they're going to have to start going after thos

bailout to keep the secret economy from collapse but the flames and out here with it now emerging nicosia is going to need a lot more money than originally sought a turnbull a year a lifeline and has now been green lighted for cyrus his request for even more money was flatly rejected you can see it now needs to come up with setting billion euros more or she will try to amass by a draining the bank accounts of savers at cypriot banks so the very idea of raising deposits is still sending tremont street the euro zone despite your acquired assurances that bank accounts a safe but professor of political economy class most thanks otherwise. what you're going to see is a severe depression in cyprus as government raises taxes cut spending sells off assets but are even on the private side you're going to see and we're already seeing major money hoarding demand for cash balances money caution is bustling and as they get their money out there you're going to see capital flight so the situation in cyprus is going to get much worse you're going to have you will bail and even more people of those over

with scenes like these becoming a daily occurrence another day in nicosia cyprus another protest though this one in particular is a gathering of that the police of the country's largest lender the bank of cyprus but they worry that the company is headed for collapse and they may eventually lose their jobs so many cypriots told me that they are well aware that this is just the beginning of a long hard road i believe that. europe. germany strolled because we are small economy they felt that the consequences would be minimal what they don't know is that the president has been said and what happened today in cyprus could easily happen tomorrow to italy to front soon to spain we just want to be left alone to pick up the pieces and get on with our lives to cyprus is part of your peer european union system files and for when cyprus was paying the money through the european union to help. the other two contras you may embarrass. no but this cyprus have a problem or it's because you know economy or suffering as economic drama continues with politicians and bankers drawing a painful measures to e

keep this secret economy from collapse but the flames aren't out here yet with it's now emerging nicosia is going to need a lot more money and they're reaching the sort of ten billion euro lifeline is now being greenlighted whose request for even more money it was flatly rejected in the casino needs to come up with setting billion euros more which he will try to amass by draining the bank accounts of savers at c. praed banks so the very idea of raising deposits is still sending trellis for the eurozone despite you are quite assurances that bank accounts are safe but professor of political economy. thanks otherwise. what you're going to see is a severe depression in cyprus as government raises taxes cut spending sells off us it's what are you going on the private side you're going to see and we're already seeing major money hoarding demand for cash balances money cost and he's actually going and as they get their money out there you're going to see capital flight so the situation in cyprus is going to get much worse you're going to have to do a bail and even more people on those over one

well that now emerging nicosia is going to need a lot more money than they originally thought a ten billion euro lifeline has now been greenlighted has cyprus because relax and for even a request for even more money it was rejected in a casino needs to come up with thirteen billing euro's more wish it will try to amass by a draining accounts of say visit six bread banks so the. very idea of raising deposits is still sending tremors through the euro zone despite your current assurances that bank accounts are safe but professor of political economy track crossness thinks out of wife. what you're going to see is a severe depression in cyprus as government raises taxes cut spending sells off assets but are even on the private side you're going to see it and we're already seeing major money hoarding demand for cash balances money lost and he's absolutely and as they get their money out there you're going to see capital flight so the situation in cyprus is going to get much worse you're going to have to do a bail and even more people of those over one hundred hundred thousand euros will have to p

nicosia, we will put more money into the economy less. it is more complicated than that. as you and i know, they can transpose things. but to think that everything is their fault is wrong. to think that everything that has gone right, you know, alan greenspan probably got too much credit for the great moderation for many years of strong growth that we had in the 2000's, you know, it is easy to a blame alan greenspan and the federal reserve before the crisis for what we see now as probably overseeing things. >> the creation of the world's central banks and other managers developed global power on after words tonight on 9:00 eastern, part of book tv this weekend on c-span2. >> year's elections of the latest deadline surrounding the publishing industry this past week. author and former u.s. house of representatives historian robert rimini died on march 28 at the age of 91. he was a recipient of the national book award in 1984 for his three volume biography of andrew jackson. he also wrote the first history of the house of representatives in 2002. he made several appearances