fresh from a green diva sterrett e-cards greece's prime minister flies to brussels hoping that you resign ministers might finally hand over billions of euros the meeting is crucial to determine whether country's made enough cuts to receive a new bailout. as for the top stories here in our team next peter lavelle and he's crossed our guest discuss whether the global financial crisis is slowly swallowing up the middle class. well the earth science technology innovation all the list of elements from around russia we've got this huge you're covered. and you can. blow in welcome across town people of all the trials and tribulations of the middle class long considered the pillar of the west political and economic border it is now the victim of a long term downward mobility why is this the case our government policy is to blame or is this due to what is called the politics of dependency. and if you. could cross talk to decline of the middle class i'm joined by louis shoval in new york he is a sociologist professor at and invited professor at columbia university in chicago we have david psychotic

will also be looking at the experience of their baltic neighbor in two thousand and nine is still sterrett emerges to meet euro zone accession criteria in twenty eleven it converted to the euro but now the country's chancellor of justice reports of lower wages and poor social welfare not to mention sixty thousand children living below the poverty line plus continuing emigration. something this father to a big. family fears will also happen in la. i'm a father of four and we're expecting a fifth child and man you call me a madman because of that. most impossible to get a new financial aid from our government for a large family like mine play to your game then will be doomed to completely miss economists say that can meet the criteria what warry is them is whether reagan would be able to afford it especially with the alarming number of those fleeing lot hundreds of thousands have already left the country in the wake of the recession experts are already speculating on the worst case scenario to join the eurozone violent greek like outcome is not ruled out but a mass exodus is the most likely

the talk about sterrett it's just purely cosmetic and just for the headlines it's not real how can these organizations be so professionally and competent i mean if people go if you go to a doctor and you say no i've got a chest pain and he gives you a call and ask to pay you know henri amputate your foot and you would be rightfully upset and in a suit him and you wouldn't consider him to be a serious doctor but when you go to the financial doctor as a christie the guard at the i.m.f. and they seem to be incompetent on this scale they seem completely oblivious to the reality of economics and finance what why either egg well why don't why don't people why don't they just revolt i mean this is work in the past why don't people just revolt why are they putting up with this that's a good question that's the million dollar question.

be looking at the experience of their baltic neighbor in two thousand and nine is stony apostate sterrettemerges to meet euro zone accession criteria in twenty eleven it converted to the euro but now the country's chancellor of justice reports of lower wages and poor social welfare not to mention sixty thousand children living below the poverty line plus continuing and we gratian. something this father to a big family fears will also happen in lot.

problem with these bailouts is that they always come with conditions and the conditions are deep deep sterrett in happens is that you create a vicious cycle the austerity causes the economy to contract further it causes unemployment to go up it causes tax revenues to these nations to go down and you're left with a bigger deficit the way out of this is through growth but you're never going to get that with those stereotypes i think the important thing to remember in all this is that these countries in the eurozone they're functionally like states in the united states i mean they can go bankrupt they no longer issue there. and currency they have no control really over their own monetary policy so they can get into a debt trap and when you prescribe you know when you get these loans but at the same time these conditions are imposed where you have to basically shrink your economy the debt becomes greater as a percentage of the economy and we're seeing that happen right now so it's a vicious circle it's a spiral down and you know the problem is that it's not only a debt crisis or an economic crisis

gone going to be any austerity insofar as spain italy or france are concerned so this talk about sterrett it's just purely cosmetic and just for the headlines it's not real how can these organizations be so professionally and competent i mean if people if you go to a doctor and he say no i've got a chest pain and he gives you a call and ask me you know henri amputate your foot and you would be rightfully upset and sue him and you wouldn't consider him to be a serious doctor but when you go to the financial doctors a christine legarde at the i.m.f. and they seem to be incompetent on this scale they seem completely oblivious to the reality of economics and finance why either egg well why don't why don't people why don't they just revolt i mean this is work in the past why don't people just revolt i why they put up with this that's a good question that's the million dollar question i mean i think that basically these people are just dressed in nice suits but they're. empty suits they're just fools for the most part or there are people who are so craven in their need for political support and

devaluation which you may or may not be able to do depending on the situation but the point is a sterrett is only one way of achieving a default and so is correct you have to think where does the burden of pain fall on the citizens depending on each of these choices and that is a political decision i mean if you want to jump in there go ahead. but you know yes i think or stated these a very loaded word and i think it's very difficult for us to determine how to define a stereotype clearly horizontals therapy is not the appropriate measure to apply it one has to determine why is it that we were brought to the position to apply those territories you know as stated in the united states is different i was in a green c.-h. or greece does not have its own currency only in the united states it has its own its own currency so there is one k.'s to be made greece could default the united states cannot be forged so there is a difference between between those two also when we're allowed to increase we have to find actually why and how did increase it's not easy to suggest that somehow or other since a

will also be looking at the experience of their baltic neighbor in two thousand and nine is still sterrett emerges to meet euro zone accession criteria in twenty eleven it converted to the euro but now the country's chancellor of justice reports of low wages and poor social welfare not to mention sixty thousand children living below the poverty line plus continuing emigration. something this father to a big. family fears will also happen in law. i'm a father of four and we're expecting a fifth child soon and many call me a madman because of that it's almost impossible to get a new financial aid from our government for a large family like mine but if they play the euro game then we'll be doomed to completely economists say that lottie can meet the euro dollar.

lawmakers debate as to whether or not sterrett is the right path to take in greece the decision has been made in order to secure a second bailout of over at least one hundred thirty billion euros she calls about a hundred seventy one billion dollars the greek parliament this weekend passed a series of strict austerity measures that includes cutting the minimum wage laying off one hundred fifty thousand government workers over the next three years fifteen thousand of those to be immediate and a bond swap plan to reduce the debt greece owes to its private sector creditors by about one hundred billion euro so how do the public react in greece with massive protests and riots more than forty buildings across athens were set on fire over the weekend protesters hurled rocks of the parliament building and police responded with tear gas and arrests and some feel of the greek economy is being gutted to appease the banks the question at the end of the day is will any of this even be enough could agree still effectively leave the eurozone entirely too many say might plunge the entire global economy