panic on the markets which saw the worst plunge since two thousand and eight economics journalist patrick young told us it's high time the banks stop cashing in on the troubles that. the european union's be alight fund is on the verge of running out of money as soon as one of those major economies such as spanner italy default and every day the market is saying it is terrified of the death that has been built up in the system and it's appalled by the fact that nobody in the euro zone wants to actually lead a sight of this problem i think the public is being kept in the dark and it's been sent a lot of smooth messages from the political classes that don't really hold up to the stark reality of markets i think the problem is that ultimately banks are going to have to lose money as part of this entire play they originally bought a lot of these bonds thinking that would be an endless nerve of cheap interest rates for all of these countries and effectively the game is up but play is over governments need to step in they need to restructure the market and we actually need to see that demon the word d

for greece and with the world markets where they're waiting for the outcome i'm now joined by patrick young executive director of the investment firm advisors for more on this developing story mr young why is this meeting being called what's going to be on the table as you see it well this is a fascinating meeting because actually it demonstrates that within the e.u. itself there is a very very significant struggle and argument over what is the process by which the eurozone needs to be saved there is a lady called sharon bowles she's the chairman of a committee called he called which deals with economics she's been very very unhappy with the activity and in recent months coming from the european union itself the european commission and the euro zone finance ministers and she's been increasingly critical of the fact that there is basically new leadership in the euro zone we keep having these false agreements that signed wonderful everybody says the euro zone crisis is solved and there's within a marker of a few weeks we have a further crisis in another economy is going to be more money so th

and europe but financier and author patrick youngs is the easiest to change tack immediately. and let's try and understand both sides of the numbers here the italian government one point it trillion euros now that means nothing to anybody but that is bigger than the total government debt of our land for two golds and greece put together before the end of this year it will lead needs to sell bourne's debt which is equivalent to the whole of the greek government bond market in other words all of the greek debt that we've been talking about for weeks and weeks and weeks is being. italy is huge need is just a true big to manage to in any way be rescued in the way that other economies have so far been bailed out by the e.u. what the euro zone needs to do is completely rethink the approach that they currently have which i'd actually a completely new approach some time by september october or maybe november we are in severe danger that the euro zone is going to collapse. his business team has the world's markets on closer watch and i'll have an update for you in just a thing of a mix

economics writer patrick young told r.t. that the cause of europe's contagion is high level unwillingness to be decisive. the european union's be alight fundies on the verge of running out of money as soon as one of those major economies such as it lead to fault the public is being kept in the dark and it's been sent a lot of smooth messages from the political classes that don't really hold up to the stark reality of markets governments need to step in they need to restructure the market and we actually need to see that demon word just fold in other words some of the board have to go bust or the bomb tough to be restructured and ultimately some here in ma stand up with the banks no one in the euro zone wants to cure the problem they simply want to throw effectively our sprinter cure in a can decide what's annoying everyone is gradually getting the appendicitis throughout the euro zone and unfortunately the way to cure appendicitis is actually surgery. repentance for a living the high life for too long is being taken to extre

body which would ensure euro zone members take more financial responsibility but financial expert patrick young says the european leaders are clutching at straws and risking the whole currency. the reason people wanted to join the single currency in the first place was because of safety the idea that they could trade in a single currency across borders and that that would be a hard trading currency block what we've seen in the course of the last number of months i mean actually going over a year or more annoying has been an increasing number of summers various bailouts every time we end up with this chorus of people telling us that everything's over and we've got frankly a ground opera of the euro that's turning into a farce everybody outside of the european union elite understands that the euro is under incredible pressure a country like the czech republic thirty four percent debt to g.d.p. they've got one. of the debt to g.d.p. of greece why on earth do they want to join a club that's already being bankrupted by the least organized and worst members of the organization they're not going to do

press concerns over how the greek government will pay back a one hundred nine billion euro deal patrick young executive director of the investment firm devi advisors told r.t. that rich e.u. nations make it almost impossible to reach meaningful solution to the crisis. this is a fascinating meeting because actually it demonstrates that within the e.u. itself there is a very very significant struggle and argument over what is the process by which the eurozone needs to be see if the difficulty is that a lot of the politicians and and bureaucrats. simply have been too slow to realize the extent of the problem because they managed to pin to put the cracks for the past five or six years we thought we could keep doing so we keep having these for small strug remans that signed wonderful everybody says the euro zone crisis is solved and there's within a matter of a few meek's we have a further crisis in another economy and more money so there's a very very fundamental argument going on within the european union the euro zone needs to come together with sensible lose because of the law and they've been

that had been planning to join the euro are now having second thoughts well investment advisor patrick young says europe it needs to get its house in order before inviting in any number of. what we've seen in the course of the last number of months i mean actually going over a year or more has been an increasing number of summits various bail outs every time we end up with this chorus of people telling us that everything's over and we've got frankly a ground opera of the euro that's turning into a farce everybody outside of the european union elite understands that the euro is under incredible pressure and therefore a government like the czech republic well the prime minister is being very pragmatic he's sitting looking at the idea that it's going to cost his country three to maybe ten or fifteen billion euros to join the euro in one go. if you've got the opportunity to join a private members club and suddenly you see that the swimming pool is broken don the tennis courts look as if they're in disrepair and some people are telling you that the bailiffs are going to come in and actually try a

panic on the markets seeing the worst plunge since two thousand and eight i can on a careless patrick young says the e.u. needs to change its prices approach. let's try and understand both sides of the numbers here the italian government owes one point eight trillion euros now that means nothing to anybody but that is bigger than the total government debts of our land portugal and greece put together before the end of this year it will be needs to sell bourne's debts which is equivalent to the whole of the greek government bond market in other words all of the greek debt that we've been talking about for weeks and weeks and weeks as being. italy is huge need is just too big to manage to in any way be rescued in the way that all their economies have sued far being bailed out by the e.u. while the eurozone needs to do is completely rethink the approach that they currently have which i'd actually a completely new approach sometime by september october or maybe november we are in severe danger that the euro zone is going to collapse stay with us there are two still to come new political upheava

trouble states from believing more relief is on the way despite reckless boring and economics also patrick young says green should have been pushed out of the year as a. this is typical of contagion we've been talking about it for weeks we have you know when you get some degree of illness and it goes through the body ultimately you have to decide when to amputate it and the truth is we should have amputated greece from the euro zone long ago there are fundamental problems going all the way through the euro zone and we don't have any leaders who are willing to give us a sustainable solution we've got the situation at the moment where provincial libraries in northern germany are being closed because the money isn't there because it's being used to fund people in the mediterranean i think german voters are going to get very angry about that very very soon and i actually think the political will is not there amongst the people to endlessly keep bailing out their saw their neighbors it's going to be a huge problem because ultimately the contagion is going to hit and i really do believe that after las

able to save italy the euro zone's third largest economy if it needs help economic journalist patrick young says the you need to change its approach to the crisis. let's try and understand the size of the numbers here the italian government owes one point eight trillion euros now that means nothing to anybody but dottie's bigger than the total government debt arland portugal and greece put together before the end of this year it will be needs to sell bolton's debt which is equivalent to the whole of the greek government bond market in other words all of the greek debt that we've been talking about for weeks and weeks and weeks as being. italy is huge need is just too big to manage it any way be rescued in the way that other economies have suv far being bailed out by the e.u. that is what the euro zone needs to do is completely rethink the approach that they currently hop without actually a completely new approach some time by september or october or maybe november we are in severe danger that the euro zone is going to collapse stay with us here on our t.v. still ahead new political op evil

triggered panic a markets that saw the worst clone since two thousand and eight economic journalist patrick young told me the e.u. needs to change its crisis approach and media. let's try and understand both sides of the numbers here the italian government oh one point it trillion euros now that means nothing to anybody but that is bigger than the total government debt of arland four to build and greece put together before the end of this year it only needs to sell dorn's debt which is equivalent to the whole of the greek government bond market in other words all of the greek debt but we've been talking about for weeks and weeks and weeks as being huge arises italy is huge and it is just too big to manage it in any way be rescued in the way that other economies have so far being bailed i by the e.u. and what the euro zone needs to do is completely rethink the approach that they currently have which i'd actually a completely new approach some time by september october or maybe november we are in severe danger that the euro zone is going to collapse in time economic analyst michael ross told us was

for collateral quick to rail a second one hundred sixteen billion euro bailout for greece and patrick young and executive director of the investment for d.b. advisors believes the rift between the e.u. nations make it impossible to offer a meaningful solution to the crisis. this is a fascinating meeting because i actually it demonstrates the within the e.u. it's so there is a very very significant struggle on the argument over what is the process by which the eurozone needs to be saved there is a lady called sharon bowles she's the chairman of a committee called economy which deals with economics she's been very very unhappy with the activity and in recent months coming from the european union itself the european commission and. euro zone finance ministers and she's been increasingly critical of the fact that there is basically new leadership in the euro zone it keeps going these false agreements that signed wonderful everybody says the euro zone crisis is solved and there is within a matter of a few weeks we have a further crisis in another economy and we need more money so there's a very

november we are in severe danger that the euro zone is going to collapse economist journalist patrick young thank you for joining us from want to thank you nick. still ahead in the program you're an r.t. new political upheaval grips ukraine as police around the tent city that's been set up by supporters of the team full of problems said to me shame because the threat of security forces lurks in the background. causing all things being a hand in london hardline muslims press for the introduction of tough islamic sharia laws in the british capital we've got that story to come your way in just a few minutes time. almost sixty people have reportedly been killed across syria as the government continues its military crackdown on protesters over forty of those fatalities are said to be in the city of dia and twelve in homs province now this is just one of the latest of many violent responses to the unrest that began in march earlier this week government forces stormed the city of hama killing up to twenty four human rights activists say that overall more than one of a half thousand people have die

for the economics journalist patrick young says a bailout will be disastrous for the entire eurozone. rypien unions bailout fund is on the verge of running out of money as soon as one of those major economies such a spanner italy default and every day the market is saying it is terrified of the debt that has been built up in the system and it's appalled by the fact that nobody in the eurozone wants to actually lead a sight of this problem if italy asks for a bailout there simply isn't going to be enough money there in order to manage to pay it at the same time we've got a problem because banks in france and germany well they're very much split the big banks are finding ways to try and reduce their risk and reduce their profile of debt in these lesser quality nations the big banks are moving very quickly to get out of this debt i think the problem is that they're using quite sophisticated derivative instruments often in order to reduce their holdings and the problem is those instruments aren't necessarily available to smaller banks in the sea in big countries like france and germany so