. >> you do a great job of trying to defend it but i tell you that this budget leads us to greece. at some point in time, we have to balance this budget. and i don't see this administration taking any steps to do that. yes, they make little savings there and little savings here and make phony comparisons against a baseline that they've created and say that we're saving money when we're not. i will tell you that the american -- >> we are -- >> -- are fed up with this. >> -- we are not greece. >> i'm fed up with this. >> we're not grease. >> we're not greece yet. >> we're not going to be greece. we will make sure this country continues to be a great place to invest in. i believe in this country. i believe in our workers. i believe in our competitiveness and the president's budget supports it. >> so does everyone in here. the rhetoric, i wish the budget matched the rhetoric you put forward. i appreciate you being here, because you've got a tough job. >> thank you. >> thank you, mr. chairman. appreciate your being here. >> thank you. >> it's interesting for me, just as i have two points

i would have preferred to stay near the penny candy store in hyannisport, she remarried, took us to greeceand expanded our horizon immeasurably. she devoured everything she could about ancient civilizations and renewed her desire to teach us french. then like so many women of her generation, she went back to work after her children were grown. she took tremendous desire from her job as an editor. she loved her colleagues and her authors. she enjoyed the chase for the next big best-seller. she was excited when she landed michael jackson's autobiography, and she was excited to bring quality literature to a wide audience when she was the first to public the work of the egyptian nobel laureate in english. she published an early book about sally hemmings and was always trying to get us to read "the diary of a napoleonic foot soldier." she led the fight to save grand central station and secure that victory with a landmark supreme court decision. though she rarely talked about herself and gave almost no interviews, her evolution as a public figure and her life as a private citizen inspired millio

. >> you do a great job of trying to defend it, but i tell you that this budget leads us to greece. at some point in time, we have to balance this budget. and i don't see this administration taking any steps to do that. yes, they make little savings here and little savings there and make tony comparisons against a baseline that they've created. and say that we're saving money, when we're not. i will tell you that the american -- >> we are not greece. >> i am fed up with this. we're not greece yet. >> we're not going to be greece. this budget achieves a sustainable level of debt as a

greece. it was a reflection of the deep sense of unease in germany about the amount of money being used to save greece from bankruptcy. >> one of the key tasks is to get the task of privatization rolling. >> the island is the site of the biggest gas storage tanks in greece. year, it is due to be sold. it is hoped the sale will generate several hundred million euros. the agency has come under fierce criticism after selling virtually nothing at all last year. that has given rise to accusations that greece has no intention of privatizing any of its economy. >> in this phase, there's only one clear response to that, the state has no choice at. there are very clear plans. the government cannot reverse that. >> even the state-run lottery is coming up for sale. even optimistic observers doubt that can be accomplished. the precarious financial state is expected to discourage many international investors. >> there is nervousness. when the last of the legal questions is cleared up, it will go smoothly. >> unions object to privatization. last year, the public service is union called members out on strike

to have investors. if you do a deal with a single bank, you don't make a lot about it. >> the swap, which goldman offered greece, would switch to debt using a foreign-exchange transaction. in the same way that you and i conferred our foreign currency, international bar was convert their bonds using domestic debt. -- international borrowers convert their bonds using domestic debt. 2.8 billion euros suddenly disappeared giving a false impression that greece was converging to the rules. the dead had not disappeared. in reality, goldman had secretly lend greece 2.8 billion euros as part of the swap. -- the debt had not disappeared. in attempting to pay back the money, greece fell further into debt. the government changed after the deal. the new government revealed the spiraling costs of the deal. >> the detrimental agreements of 2001 led to the vanishing of 2.8 billion euros of debt. the agreement had a direct cost of 500 million euros and indirect cost of 1 billion euros. >> the new boss of the debt management agency said that the deal achieve what the government had set out to do. >> they set out to height this debt so they were in agreemen

products to carve out their empire and attack those like the greeks using credit default swaps that they can create in the derivatives market hundreds and hundreds of billions of them used to attack greece's economy and to confiscate that wealth yeah and as part of the propaganda of course that was used against the carthaginians the same sort of their immoral and they kill babies the same thing. you've seen sort of the same sort of propaganda against the greeks you've heard stories that they leave their leaving their babies on doorsteps because they're so hungry that is part of the same sort of psychological warfare you know the question is where is germany go in with all of this because ok they've got the biggest economy in the world the strongest most dynamic economy in the world the second or first biggest export market in the world great employment numbers are rising it's offense it's an emerging superpower that's true it's going to break out of the euro looks that way is going to ally with other countries this is an interesting development please continue well carthage must be destroyed oh east and that's where they're going with it portugal spain italy you know those are the next on

that greece has fulfilled the last few preconditions needed to secure a second one hundred thirty billion euro bailout but that cash injection may yet prove to be in the use of greece pushed to final cut some wednesday committed to a written promise to stick by austerity all through elections that's still not enough for the e.u. . which now wants afghans to accept what it is to make sure it's following the terms of the bailout greece has already struggled to meet the terms that the idea of monitoring your response in some quarters british any. part of an effort to bring athens to heel what the e.u. is now doing it's trying to influence the outcome of the greek general election not satisfied with getting rid of the last democratically elected prime minister and putting in a puppet in the form of us to papademos it now says it's now saying to the greek people unless you vote for the right parties unless you vote for parties that are happy to be subjugated do you control we will not give you the rest of the money and you will go bankrupt i suspect that despite the dissatisfaction that is felt by many german politicians i think the german parliament just as t

greece to death in a very sadistic way is it the i.m.f. now christine legarde is it just a case of sadists. having fun with grace things was in the minds of the uses those subtle messages you always need to do with greece is to allow it to default to face the truth of the. it's a bankrupt state. and then to find out what to do about the banks and it up it allows them if they want to do that but of course they're not doing this because they got it allays ation legally speaking means that. the current owners of these banks will see their holdings their shareholdings of beans they looted the european state and so they're about the bankers don't want to hear of this they're receiving free money from the z b and from the taxpayers of germany and holland zones of wealth so that germany's leaders of that effectively dug a big hole for themselves and if live fallen in it now of course the people who are actually suffer in terms of. basic human costs that is hunger and. just genuine human heart other people in the deficit countries greece being the worst but that is not doing much better than spain portugal ireland. and this whole process this simply is sp

to a seventy four percent n.p.v. here cut net present value and greece is use only statisticians or at least i.m.f. have come to the conclusion that a minimum of anything. under seventy five percent would probably language spec and the. bella table alone calculations actually calculate at seventy four percent and p.v. loss within four to five years they'd have the need to go back to the market. amount that would be prohibitive but you could take the best case scenario the best case scenario gets what it wants suppose it does get what it wants with seventy five percent haircut exactly what do you think all the other nations such as portugal ireland even spain and italy would do when for support strange austerity measures paying twice the taxes would have the benefits gets away with it everybody stands in line and i want no way around this is that the structure ok debt destruction that's an interesting point and i want to get more into contagion and what other countries are going to do but basically are saying this isn't a bailout so is there anything you see that is going to get greece out of this de

meaning rather than be resigned to the past scenes of anger are likely to be part of greece's future. greece r.t. athens. tell us what you think about greece's financial wells that are to dot com we ask what more rescue funds will mean for the country if the bailout is handed over half of you think our friends is already delayed and more cash will make no difference a lot of you also believe the bailout and the cuts needed to secure it will only make people's lives harder just six percent of you say the e.u. will not like greece collapse even fewer believe bailouts are the only way for greece to stay afloat we asked investment adviser patrick young the same question and he says more rescue cash will mean a loss of greek sovereignty. what we have here is basically that great scene in the hollywood adventure movie were someone has tripped and fallen over the edge of the cliff and he's being held onto by one arm by the person who we're not sure whether he's the beauty or the easy gonna let them go and let them fall to a terrible death or is he going to hang on to them and gradually bring them out and that's where w

zone i don't see that that connection other people have made that point and that's used to intimidate the population in greece to scare them to say well if you don't accept these measures that we're going to default i'm going to be part of the chaos of one of the drachma hyperinflation disaster and you know these are scare tactics the only way that they're bailing out greece with more debt so more debt exacts more interest payments exact more exact more interest payments and the end result of that is near feudalism you get to a point where you have no there's no capital and everything you have is credits that you get from your overlords who are the banks or who are the the political elite who own you basically so of course the only solution is their repudiation default bankruptcy it's to write off the debt let someone else deal with it let the banks deal with the losses they extended the loans they had a great time making profit making fees with their buddies in the greek government and the greek politicians made a lot of money and now the greeks have to. pay because every want someone has to pay down the lin

i am confident that markets will believe us and markets will react to us and that will mean that greece has a chance with this bailout to overcome the crisis. >> month by month, you are going to have to prove that you are on track to deliver this but you have an election in april. you might get to april and find that you actually can not deliver this because there is not enough money in the streets. people cannot even make their bank payments. it's just physically might not work. next don't know when the election would be. there are rumors about april. the whole point of this is to enable the state function and pay at salaries. the scenario that you just described is exactly what we're trying to avoid through this assistance we are receiving from our partners. >> you need to get that signed off very very quickly, don't you. >> we need to get this through the european finance ministers. it has been cleared by their representatives. we are on at the right track. >> thank you both very much. >> one of the most enduring and colorful figures was in london this week for a major retrospective

zone i don't see that that connection other people have made that point and that's used to intimidate the population in greece to scare them to say well if you don't accept these measures that are going to default and going to be plunged into chaos and while the drachma hyperinflation disaster and you know these are scare tactics because the people that are in power are bent benefit from a system where they can cooperate with the euro kratz in brussels i don't believe anyone within their right mind would think that they'd be able to to pay those debts back clearly there's an interest for the banks that are on the hook the european central bank is obviously bought a lot of that debt so they stand to lose but at the same time if they just keep rolling it over they're going to lose anyway i think part of this is just a function of the of the system and people just trying to you hear that expression all the time kick the can count down the road but that's something that people do all the time in their daily lives and they certainly do it in politics they just they don't want to deal with the problem now and they

is seeking support for tough reforms as a condition for the bailout to avoid default greece used to secure the package by march. three story factory building has collapsed in eastern pakistan killing one person five people had been called out with one hundred others believed to be trapped under the rubble rescue officials say the structure caved in one on a gas explosion the building used to manufacture pharmaceuticals was a catered in a residential area. in the u.k. queen elizabeth the second is celebrating her diamond jubilee of sixty years and throne she is in the second the british monarch to have reached a milestone after being crowned at the age of twenty five a gun salute is being held in hyde park to mark and celebrations taking place in poured a banquet a june rather u.k. may be celebrating coming up later this hour on cross talk artie's people of well debates the problem faces issue of scottish independence. well look at the figures and i'm sure i'm sure the viewers will be able to judge the figures from themselves are publicly available but let's let's look at this issue the las

. >>> the premier of greece, after another 12 hours of negotiations the country that use the euro agreed to give greece $170 billion in additional bailout loans and that could save them from default next months. >>> and the french prostitution ring, dominique strauss-kahn, they are claiming they were looking into two hotels into a base for a high profile prostitution rink. dominique strauss-kahn resigned after being accused of abusing a made and that case fell a part over at user's credibility. >>> and lawmakers delayed a vote on controversial antiabortion legislation following a large protest. they formed a human chain and stood in silence yesterday. they are angry about bills to low income women seeking abortions to require ultrasound for women seeking abortions. now they have cleared virginia's house of delegates and now depends on a senate vote. >>> in the presidential campaign, new information features the super packs, mitt romney has raised more money than their campaigns. mitt romney raised more than $5 million. his super pack raised 6 million. newt gingrich raised 6 million while hi

government of greece wants the people of greece to pay for this toxic debt the debt in greece did not originate in greece it originated in these other countries that have used greece as a toxic debt don't don't they're dead. now we'd love to know your opinion of course on the situation in greece so why don't you log on to r.t. dot com it's our website to have your say and our latest poll well today we're asking what impact will the latest rescue measures have on the greek economy let's take a look at what's happening on the site now. so here are the votes so far almost half of you believe that the new measures will do nothing as the greek economy has already do over a third of the respondents think it will only mean further hardship for the greek people nine percent of you saying that won't allow the economy to collapse and a minority now believes bailouts are the only way greece will survive well those are of course the figures for now but that can change at any time so do feel free to participate in this web poll and let us know what you think r.t. dot com. as greece struggles to control its economic crisis the e.u. turns up the heat on iran over its nucl

onto the balance sheet of greece another government bullet grazed to pay for this toxic debt the debt in greece did not. get originated in these other countries that have used greece has a toxic debt don't turn to don't their debt now we'd love to know your opinion on the situation in the gurry so log on to our website r t dot com to have your say in our latest web poll well today we're asking what impact will the latest rescue measure. greek economy and here are the votes so far so as you can see almost half of the respondents believe that the new measures will do nothing as the greek economy is already do over a third thing it will only need further hardship for the greek people while nine percent of voters think the e.u. won't allow the economy to collapse and the minority who are now believes bailouts are the only way greece will survive all those figures are constantly changing so you can also always let us know. on this issue by a log on to our website r t v dot com. as greece struggles to control its economic crisis the e.u. turns up the heat on iran over its nuclear program the european union has announced a series of financial sanctions including p

and what this document has somebody believing it's going to do in greece let's bring up that chart and demeter can kind of take us through what this document says about what's going to happen to g.d.p. growth in greece to make sure what it tells about this well this just there are a lot of charge that the all of them have the baseline estimates and then they have more pessimistic scenarios and in this case that's the tail or downside risk is a dotted line so what you're seeing on the left hand side is real g.d.p. growth projections right now we're below six percent negative six percent growth right for the group that is contracting they're projecting with a baseline that will get to zero at ten twenty five thirty and they begin to grow after twenty fourteen. which is just the baseline so this is what they get it based off of how is greece going to grow exactly year or two where they can so that's it's completely so even the baseline scenario is the baseline growth center is ridiculous there's no way that the greek economy can grow as we keep saying without a major debt write down basically people have to decide a

harrison in studio with us i'm happy to see you as always good to be here thank you ok so this new you know cancelling of the meeting when we thought this was a done deal with greece to me shows it to us shows the complexity of the situation you know this was played as to the press and kind of i just think more broadly to the public as once greeks parlin monks once greece's parliament gets this through then this deals done and now you see there's all these other aspects they're set up there's the e.u. officials there's the i.m.f. there's the private sector creditors so what's the likelihood that this deal breaks down because of say private sector creditors wasn't that the deal will happen eventually mystic that it will happen because basically the alternative is an uncontrolled situation and so they'll do whatever it takes to at the last minute make it happen the rule in a day is as and you know both in the greeks what we've already seen that they have made it happen and then also on the german the fin is that. you know there are a lot of different constituents to get together there but again you know the alternative to getting the deal done is. the potential for