reaction which and then and analysts have already called the lehman brothers effect i'm joined now by nigel randall from r.b.c. capital markets talk about consequences of the greek crisis thank you for joining us nigel now to play the greek parliament is considering a five year austerity plan this week why on earth haven't they got around to doing this sooner. world i think they've been trying to do it for quite a long period of time you know stretching back over the last few years the problem in greece is that we've had a lot of political difficulties we've had problems with the statistics which are misinformed both the government and the international community so they've been living at the eleventh for quite some time but i think we really doubt the five minutes to midnight there really is no alternative they do have to proceed with this austerity plan because the alternative is almost too awful to contemplate. now privatization is a key component but many say this is some sort of fire sale and it's also being compared to the selling off of russian state assets in the one nine hundred ninety s.

doesn't provide a new bailout you austerity measures are being debated in parliament this week nigel randall from r.b.c. capital markets believes it's make or break time. the problem in greece is that we've had a lot of political difficulties we've had problems with the statistics which has misinformed both the government and the international community to sort of a. living at the eleventh for quite some time but i think we really don't have the five minutes to midnight and there really is no alternative they do have to proceed with this austerity plan there is a risk if they don't push through this historic the program we could see much more substantial impact on financial markets with a negative reaction obviously there are contingency plans the question is can they review all ports and operation quickly enough to save the financial markets. european stocks ended higher on tuesday poit by increased optimism surrounding greece's debt situation the footsie finish point eight percent higher supported by gains for world bank of scotland group german dax rose point nine percent lifted by a four

doesn't provide a new bailout new austerity measures are being debated in parliament this week nigel randall from r.b.c. capital markets believes it's make or break time. the problem in greece is that we've had a lot of political difficulties we've had problems with the statistics which has misinformed both the government and the international community to sort of a. living at the eleventh for quite some time but i think we really don't have the five minutes to midnight and there really is no alternative they do have to proceed with this is thirteen there is a risk if you don't push through this historic you program we could see much more substantial impact on financial markets with a negative reaction overswing there are contingency plans the question is come and review all ports and operation quickly enough to save the financial markets let's take a look at the markets now oil extends gains in new york on speculation u.s. fuel demand will increase on monday crude prices fell to the lowest in four months drop came on the heels of last week's announcement by the international energy agency i

doesn't provide a new bailout deal study measures are being debated in parliament this week nigel randall from r.b.c. capital markets believes it's make or break time. the problem in greece is that we've had a lot of political difficulties we've had problems with the statistics which is misinformed by the government and international community survey they're living at the eleventh for quite some time but i think we really doubt the five minutes to midnight and there really is no alternative they do have to proceed with this austerity plan there is a risk if they don't push through the storage program we could see much more substantial impact on financial markets with a negative reaction obviously there are contingency plans the question is can they be reported to operation quickly enough to save the financial markets russia is on its way towards cutting its budget deficit and returning to the black in the next three years crude prices could also help reduce the three point six percent gap in the budget down to one percent by the end of the year but analysts warn that high crude prices are