or more on the eurozone that train next. guest whether the e.u. has enough financial fine up to save it from ruin that's in crosstalk. hungry for the full story we've got. the biggest issues get a human voice face to face with the news makers. in the story. hello and welcome to crossfire i'm peter lavelle a currency in crisis european finance ministers central bankers and politicians remain at odds on how to rescue the euro as pressure mounts for another greek bailout and investors worry about italy is the hero of dysfunctional currency and who will ultimately foot the bill. came. across not the eurozone crisis i'm joined by dennis gartman in virginia he is editor of the carbon letter in singapore we go to jim rogers he's an author and financial commentator and in washington we go to sherry's ide raman she is professor of international business finance and international affairs at the george washington university where i focus is crossed i'm going to as you can jump in anytime you want there are different points of view here like here beneath the

it concerns all the economies in the eurozone. if there is existential doubt about the currency itself, everyone will suffer. >> will this be a turning point in the eurozone crisis? >> it could, but i think it will be difficult to see. will have to see in days and weeks and months. what will help is that ireland and portugal, which are not in as bad a situation, will get much better official lending. this is what they should have done more than a year ago. it might well help ireland and portugal. whether it is a turning point for greece itself is doubtful. >> thank you very much indeed. in libya, and rebel commanders in the country's western mountains have told the bbc they are taking steps to deal with looting, despite dismissing it as a small problem. commanders of the opposition forces deny human rights abuses and say they are doing everything they can to establish the rule of law. from the mountains in western libya, paul wood fired this report. -- filed this report. >> libya's rebels are paying a heavy price for freedom. every

welcome back across town people about to mind you we're talking about the eurozone crisis. the sooner you can say the same. ok jim and i to go to you is is the is it too expensive to let thirty year old die or is it too expensive to keep it going. well first of all i should tell you i own the euro for a variety of reasons but we'll come back to come back to that that in a minute i want to go to share point. for hundreds of years hundreds of years we've had bear markets and when you have a long period of exist somebody has to clean out that exist you cannot just keep going and going and going and going and pouring money down a rat hole the world doesn't work that way nothing wrong with a bear market bear markets have been going on for hundreds of years they clean out the excesses in the system and you start over it's usually it's like a forest fire when you have a forest fire it's terrible but it cleans out the underbrush it cleans out the dead wood and then the forest can grow even better the same way with where sessions the pressure depressions and and even bear markets ok

the process not the eurozone crisis i'm joined by dennis gartman in virginia he is editor of the gartman letter in singapore we go to jim rogers he's an author in financial commentator and in washington we go to sherry's odd raymond she's professor of international business finance and international affairs at the george washington university all right folks this is crossed i'm going to you can jump in anytime you want there are different points of view here like here beneath the dentist if i go to you first. i am i asked the question before we go to you the facts of that are at hand with the euro i pose the question is it a dysfunctional currency what do you think about that. i've always thought it was a dysfunctional currency i thought quite honestly that the only reason the only rationale for the euro to begin with was was to do something on the part of the northern european countries to tie the great german giants down with as many bureaucratic ropes as they possibly could they have done it to this point i think it is an eminently unsuccessful attempt i cannot imagine that that germa

our headlines at this hour -- the eurozone debt crisis. it is in italy next? damascus, the embassies of the u.s. and france come under attack by supporters of the syrian regime. and he is cute, but he is also fast. meet the world's champion buddy hopper -- bunny hopper. eurozone finance ministers have been discussing options for resolving recent ongoing -- greece's ongoing debt crisis as a u.s. rating agencies claim there's no threat of default in the eurozone goes the third largest economy, italy. angela merkel called on the parliament in rome to respond by approving spending cuts, but so far, the italian government and lawmakers have yet to agree on a common way forward. suddenly, this man is in the sights of the markets. the italian finance minister. he has long been seen as an anchor of stability in the government, but a corruption scandal arou a close adviser and disputes with cabinet colleagues have thrown his future in doubt. now investors are worried his latest austerity plan will not get through parliament, and those worries are driving up italy's borr

the largest economy in the world i think the eurozone can actually cope with greece and portugal the smaller economies but it's only goes the whole thing could cave in because if italy goes italy's economy is intertwined with spain and of spain and italy go then we are in serious trouble so italy is a major player when it comes to the eurozone neighborhood but how long will it be before the bigger economies like germany just say no more than no longer willing to bail out countries like greece and is there a limit to their patients wouldn't it just be easier to expel the debtors from the euro zone. well i expect that the the german people fed up with it i'm not sure whether the establishments are there will be a meeting which takes place on friday where they will discuss something called the big bang project or a big bang idea and what the idea that they will put forward is full fiscal union the people the mandarins in brussels don't see this crisis as a bad thing what they see as an opportunity an opportunity to create the united states of europe and that's what they will push forwar

right now and of course this is all coming right when the voices of this content among the eurozone critics among the euro skeptics are growing louder and louder in fact they're saying that the euro. zone critics are saying that while initially the euro zone was great it with the hope of pulling up the weaker economies quite the opposite is happening the weaker economies are going down and they're dragging down the stronger economies with them so this latest forecast from moody's is actually not good news but on the on right in the opposite very bad news for the eurozone and for the euro as well if you have any thoughts about having a good life for us from the dreads. well the euro crisis is one of the smaller play is anger and disappointment in slovakia as one of the poorest countries is pressure to chip in to bail out its troubled neighborhoods. as cost of the u.s. now with the clock ticks towards tuesday squabbling lawmaking so-called green on how to stop america's massive debt from falling off a cliff and into falls and china angry america's biggest lender is being dangerously ir

the political digs making in the eurozone, and u.s. president and his administration together with the u.s. cone guess. it is 17 different governments that operate within 1 different parliamentary systems and independent from 17 different national parcelments and operate with 17 different political and electoral cycles. the eurozone has strong governments that enjoy a fresh mandate while minority governments, -- governments, governments that prepare for elections in a few weeks. it is always very difficult for the governments to ask for approval by the national parcelments in order to provide assistance to other european countries like greece, portugal or ireland. taxpayers always have the same sensibilities. europeans visible through the single market and common currency but it is difficult to take the form of financial assistance when it comes to real money. the eurozone is always open to the participation and assistance of the imf which has vast experience and the know-how. this is very reason of my visit here to washington today. wi

zone critics are saying that while initially the eurozone was created. hope of pulling up there we care economists quite the opposite is happening that we care economies are going down and they're dragging down the stronger economies where them so this latest out forecast for moody's is actually very bad news for the eurozone and for the euro as well. because they really saves the euro crisis is drowning out some of the smaller players anger disappointment in slovakia as one of the poorest you countries has pressurised to chip in to bail out its troubled neighbors got latest on that ahead. money troubles too in the u.s. the clock ticks towards choose day but squabbling lawmakers still can't agree on how to stop america's massive debt from falling off a cliff and into default dr william anderson's associate professor of economics and frostburg state university says it's time for american politicians to make up their minds these folks in washington are delusional you know look me give the example of. you know during the end of world war two everybody in his

italy is the eurozone's third biggest economy. its debt is larger than the total value of goods and services it produces each year. until recently, the rate it borrowed money at was fairly stable. but on monday, it hit a costly high of over 5.7%. agreed debt crisis is driving risks. investors feared greece will be unable to pay off all of its debts one day. that made them aware that just because the country uses the bureau, it does not mean their money is safe. so they are reevaluating their risk of lending to other indebted euro nations. making it worse in brussels, there are serious political distances within the eurozone about how to reduce greek debt. they did agree last night to enlarge the eurozone's main bailout fund, reduced interest rates charged to countries that borrow from it, and with private sector involvement length and the payback time on monday. >> we stand ready to adopt further measures that will improve the resistance to contagion. including enhancing the flexibility of the europe financial stability. listening

it increases the amount of debt it increases the amount of debt in the eurozone it is increased of the amount of debt in grace so this is a plan cooked up by bankers to repackage risa characterize. debt that's what they do and it crowds out the real economy so if they think that this is going to help the economy grow their way to a position of paying off this debt or paying the interest on the debt that's not going to happen because by giving bankers more dead to control the productive part of the economy you are eliminating that part of the economy's ability to pay off this debt so the banking cancer is just becoming worse in the eurozone and worse in greece running out the banks there but not bailing out the workers or the people who are on the ground so to speak that bailing out european banks they're bailing out wall street banks they're bailing out other banks and so doing they're increasing the debt load so it's making the situation much worse and they're crowding out any ability for the workers in greece to generate enough income to pay off this debt this is consigning the popul

on the eurozone economic crisis deepens as downgraded to junk status fueling fears the country may need a second bailout. when using comments from around the world this is r.t. live in moscow with twenty four hours a day revelations keep coming about the ill fated voyage of the sunken pleasure cruise on the volga river as a former captain says it was technically dead long before sunday's disaster over a hundred people are now officially confirmed to have died after the area went down in just a matter of minutes in the republic of tatarstan. and has the latest now from the scene and you may find some of the images in his report disturbing. at the moment two hundred divers are working out in the volga three kilometers from the bank in shifts searching room by room inside the sunken belgariad pleasure to i cruise or and behind me the river ports the number of flowers and cuddly toys and candles that are piling up against the walls of the river port here continues to grow our there's also another feeling going here was well as of grief and that's of anger and questions increasingly growing

zone critics are saying that while initially the eurozone was created with the hope of pulling up the weaker economies quite the opposite is happening that week. condoms are going down and they're dragging down the stronger economies with them so this latest forecast from moody's is actually not good news but on the on quite in the opposite very bad news for the eurozone and for the euro as well i k i d m any thoughts about having a good life for us from the droid's. well the euro crisis is drowning out some of the smaller play as anger and disappointment in slovakia as one of the poorest countries this pressure to chip in to bail out its troubled neighborhoods. let's call so the u.s. now with the clock ticks towards tuesday squabbling lawmaking so-called agree on how to stop america's massive debt from falling off a cliff and into default and not getting china angry america's biggest lender things washington's being dangerously irresponsible investment i'm melissa peter schiff says we could see china double the dollar as its main reserve currency we can't afford bad relations with ch

zone critics are saying that while initially the eurozone was great it. the hope of pulling up the weaker economy is quite the opposite is happening that we care economies are going down and they're dragging down the stronger economies with them so this latest up work outs for moody's is actually very bad news for the eurozone and for the euro as well. another bailout burden affects not only the richest but also the poorest members of the eurozone so back here is economy has never been too strong but it being crushed under the weight of the current crisis r.t. sarah firth reports on whether it's your membership is failing to live up to its promises. they say that charity starts at home also a vacuum may be one of the poorest countries but with pressure from the e.u. to participate in the second bailout their money could soon be going to greece eight of them will tell you joining the euro zone brought responsibilities but not benefits in fact slovakian pensions a significantly lower than days in greece people here at this hey michel to tell us they barely c

and that the eurozone economic crisis deepens as ireland's debt is downgraded to junk. the country may need a second bailout. plus in business now as they score points and i put the market but it's a break we have more on that in twenty minutes. a very warm welcome to you this is r.t. live from moscow on the reception revelations keep coming in about the ill fated avoidance of the sunken pleasure cruiser on the volga river as a former captain says it was technically dead long before sunday's disaster over one hundred people are now officially confirmed dead after that went down in just a matter of minutes in the republic of tatarstan. and has the latest from the scene we warn you may find some of the images in his report disturbing. at the moment two hundred divers are working out in the volga three kilometers from the bank in shifts searching room by room inside the sunken bulk area pleasure cruiser and behind me because riverport the number of flowers and cuddly toys and candles that are piling up against the walls of the river port here continues to grow over there's

the eurozone debt crisis now focuses on italy where the senate has approved tough new austerity measures the package is to receive a fine. approval in the country's a lower house on friday it comes amid concerns that italy the euro zone's third largest economy may become the next to ask for help and and it follows that both ireland and portugal have a very reading's downgraded to junk status dealing a serious blow to the bailout ridden euro block which struggles to prop up its weakest economy writer and editor patrick young says that italy's public will perhaps protest budget cuts at least as fervently as the greeks. there will be one significant difference between the people who take to the streets between greece and italy and that is that in greece at least thank goodness the taxi drivers don't go on strike where is nuclei expected almost everybody is going to end up on strike and it's going to be absolutely chaotic the only way they can slip this through is perhaps because we do have this long lead in time until the cuts really start to make an impact in two thousand and thirteen but

rate of ireland's debt to junk status a serious blow to the eurozone as the bailout ridden block labors to prop up its weakest economies you carry a peep all of the tell told r.t. the latest developments prove the single currency union is simply not working. this was always about politics it was not about economics the idea that you could have a column in the mediterranean in line with economies like germany fast growing economies like germany was never going to work the only way to get into this mess is for those countries to go back home to their national potencies to devalue growth moving. into exports going in at the moment they come with that because they couldn't see these are controlled by frankfurt they're controlled by the european central bank they're not controlled by athens or lisbon or even the people out on the streets in athens and i just wonder how long it will be before the people are also in the streets in rome and in lisbon until this thing is contagious this thing will move right across the continent specifically in the mediterranean and the bigger issue you know fac

band of the eurozone economic crisis deepens as islands that is downgraded to junk food fueling fears the country may need a second bailout from the. worldwide news a live from moscow this is r t m n roll recent show revelations keep coming in about the ill fated voyage of a sunken pleasure cruise on the volga river as a former captain says it was technically dead long before sunday's disaster over one hundred people are now officially confirmed dead about bull gary it went down in just a matter of minutes in the republic of tatarstan parties tom watson has the latest from the scene of the one you may find some of the images in his report is startling. at the moment two hundred divers are working out in the volga three kilometers from the plank in shifts searching room by room inside the sunken bug area pleasure to cruiser they are searching for the bodies of everyone that still left inside the ship and they have indeed reached the play room on one of the upper decks of the sunken ship where it's was thought by eyewitnesses there were many as forty to fifty children playing when the s

zone critics are saying that while initially the eurozone was created. the hope of pulling up the weaker economy is quite the opposite is happening that we care economies are going down and they're dragging down the stronger economies with them so this latest step workouts for moody's is actually very bad news for the eurozone and for the euro as well. and it seems the euro crisis is drowning out some of the smaller players as we reported bit later on anger disappointment in slovakia as one of the poorest e.u. countries pressured to chip in to bail out its troubled neighbors were that a bit like. not great at the u.s. money wise either though of course the clock ticks towards choose day but squabbling lawmakers still can't agree on how to stop america's massive debt from falling off a cliff and into default dr william anderson is associate professor of economics of frostburg state university says it's time for american politicians to make up their minds these folks in washington are delusional you know look we give the example of. you know if you're at th

>>> nina, italy is the third lornlgest economy in the eurozone. just how important is it compared to the others. take a look at this number graham. the bigger the box, the bigger the economy. italy's gdp is more than $2 trillion. it's bigger than these three other struggling european economies put together. the greek economy is worth about $325 billion. let's take a look at portugal. portugal's gdp is about $235 billion, and ireland's economy, its gdp is worth $223 billion. when you take a look at the comparison of the gdp, nina, you realize how important italy is in the eurozone. >> that's absolutely right, pauline. a major part of the problem here that has many economists worried is the actual percentage amount that the italian debt accounts for its gdp. in greece it's expected to speak of over 157%. in this country it stands no less than 127% of out put. that is the second highest ratio in europe after greece. it's been like that for years. one of the questions many people are asking is what's the problem and what's the pressure with that right

and more trouble for the eurozone as the irish economy slides further e.u. central bankers fear italy and spain could be heading for their own financial abyss and brussels fears that it would not have enough cash in its trillion and a half euro fund to bail out italy. coming up our special report on one of the most scenic regions in russia from lush woodlands to mighty mountains of the ski region presents a sight to discover stay with us. the region deep in the far east is one of russia's newest territories. two thousand and eight it brought together the chip. regions and with it a striking mix of asian and european culture. traveling around you can find buddhist temples spooling national parks and remote villages that still practice traditions that date back a thousand years but if you're flying here in the region's vibrant capital. one of. course the best way to get to know is to have a local show you around. a bit. in the. three hundred thousand people and it's a real mismatch of styles it's one of the only cities in russia that's based on a grid system a

the eurozone economic crisis. junk fueling fears the country may need a second. similar predictions were made about portugal with italy also tipped to be a risk. for me today the news continues in less than half an hour from now here in the meantime it's cross talk and discuss the repercussions of the phone hacking scandal that is gripping britain that's next. if you can. follow in welcome to cross talk i'm peter lavelle an empire in disarray rupert murdoch and his immense media assets are under investigation in what is being called voicemail gate is this scandal all about murdoch and his sleazy business practices or a media that no longer serves the public good. and . the crosstalk media today i'm joined by tony pedersen in dallas he's a professor and bell distinguished chair in journalism at southern methodist university in los angeles we cross the fattiest russell he's a historian and the author of a renegade history of the united states and in oxford we go to shawn powers he's an assistant professor at georgia state university all right gentlemen this is cros

it follows a downgrade of ireland's debts to junk status a serious blow to the eurozone as a bailout ridden walk labors to prop up its weakest economies u.k. and we peep all the tall told our team the latest developments prove this. single currency is simply not working. so this was always about politics it was not all economics the idea that you could have economies in the mediterranean in line with economies like germany fast growing economies like germany was never going to read the only great to get out of this mess is for those countries to go back on their national currencies devalue their growth moving. to exports killing another moment because that is their debt because they couldn't see these are controlled by frankfurt controlled by the european central bank they're not controlled by athens or listen or even talk of the people out on the streets in athens i just wonder how long it will be before the people out in the streets in rome run in lisbon and into this thing is contagious this thing will move right across the continent specifically in the mediterranean the big issue

the eurozone economic crisis deepens. downgraded to junk it's fueling fears the country. now tipped to be. the man in charge of the. country's tackling the flow of illegal substances from central asia and europe. the problem of drugs and drug trafficking go anywhere no matter how much we fight it and today we're meeting with the head of russia's federal drug service. to talk about the details of his fight and the problems that. are trying to drugs on the global scale. thank you very much for joining us today according to a. more than seven thousand people have died in russia. since the beginning at the same time there are other. number is actually more than one hundred thousand and that is actually. why is there such a huge difference in the numbers. you see the figure of seven thousand dead reflected in the number of people who actually died from poisoning that is they took such huge doses that their organs failed most drug users however don't die from overdosing they know how to measure that the reason for most drug related deaths is internal organ failure due to regula

the eurozone sign july 25 in cooperation with the private sector. public and private sector together got -- the stability of the greek debt. [inaudible] the servicing costs is significantly reduced. for the next 30 years stabilize at the levels a low 50%. for the first five years in 2016th there is provision for an even lower rate of the annual budgets. the new official date, 3.5% and within a year grace period. in the secondary market they are able with initial of euro 26 which equals 12% of greece's gdp. the private sector in majority for healthy years our exchange greek government bonds of phenomenal value of euro, 175 billion, that expire in 2020, and stay participation on the issues level of 90%. this is guaranteed by the public sector. after this major that ensures the stability of the greek public debts, we can breathe easier but now we have to implement the problem and to make delivery. our first duty is to implement the problem, perceiving with structural changes, privatization. our goal is to return to positive growth and create primary su

quarter past the hour here in moscow the eurozone has been dealt a fresh blow and that is downgraded to junk status by credit rating agency moody's its concerns the country could need a second bailout this comes a week after portugal's rating was also reduced follow speculation that italy might soon be asking for a helping hand paul nuttall m.e.p. for northwest england has told r.t. that the latest developments prove that the single currency union is simply not working. this was always about politics it was not about economics the idea that you could have a column in the mediterranean in line with economies like germany fast growing economies like germany was never going to work the only way to get out of this mess is for those countries to go back home to their national policies to devalue to get growth moving. into exports going in at the moment they can't reduce their debt because they couldn't see these are controlled by frankfurt they're controlled by the european central bank they're not controlled by athens or lisbon or even talk to the people out on the streets in athens and i

abuse more than just the shirt off their back pain has one of the highest unemployment rates in the eurozone so while the european leaders have been occasionally meeting and comfortable quarters to talk about the future of the euro and the european union itself people in the country have been demonstrating on an almost weekly basis demanding the government shape up stop talking and do something about the situation this is not just about higher wages and better pension plans with more than forty percent of young people in spain unemployed simply getting a job is a priority for those gathered in the trades central square. that the big bar of their responsibilities from the government. because the government first of all people not to create the conditions at the beginning of the crisis to fight against the crisis it reacts very late and on the other hand once the government. what to do the government it's not doing their job properly look at what in the note obama wants the people to wake up the other guys who just becomes things to assist us who want to be treated. and they believe they can m

the eurozone economic crisis deepens. ueling fears the country may need a second bailout shortly after similar predictions were made about portugal italy also tipped to be on the brink and. coming up our special report on one of the most scenic in russia. presents a sight to behold discovering russia is next. the region deep in the siberian forest is one of russia's newest. two thousand and eight it brought together the. regions and with it the striking mix of asian and european culture. you can find buddhist temples spooling national parks and remote villages that still practice traditions that date back a thousand years but if you're flying here in the regions vibrant capital. one of. course the best way to get to know is to have a local show you around and i know one lady here. a bit of what. three hundred thousand people and it's a real mismatch of styles it's one of the only cities in russia that's based on a grid system and the downtown area has some beautiful european influenced. but the further you rolaids the more

zone critics are saying that while initially the eurozone was created with the hope of pulling up the weaker economies quite the opposite is happening there weaker economies are going down and they're dragging down the stronger economies with them so this latest forecast for moody's is actually very bad news for the eurozone and for the euro as well. and it seems the crisis is drowning else some of. the players there's anger and disappointment is there that here is one of the poorest e.u. countries as pressure to chip in to play out its proper neighborhoods. in the u.s. the kong ticks towards tuesday but squabbling lawmakers still consecrate on how to stop america's massive debt from falling off a cliff and into default from that getting china angry america's biggest lender things washington's being a dangerously irresponsible world dr william anderson is a. professor of economics at frostburg state university and he joins me now to talk about this to us and so many it has being with us here when our president. has just called for a joint party solution to the u.s. debt crisis but how