zone i mean the euro zone was an experiment the euro skeptics advised against it. but they've gone on ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out industry it's across europe has an extraordinary pace a terrifying. they are they are fanatic they're fanatics. you know the pair them in many ways to. the communists in the one nine hundred thirty s. well you know the. everything has to fit into that very narrow. precise scheme i will thing is you can't who was it who said you can't make an omelet without breaking eggs that was the ice sheet of the bolshevik elites in the first twenty's and thirty's this is now the attitude of the european elite it at the turn of the twenty first century greece is being destroyed people are losing their jobs their economic basis of the country has gone but that is a worthwhile set for us as we move towards a unified europe has found this fanaticism and. if the u.k. had joined the euro saying what would have happened would have been another greece i

well come across talk computor all about the euro crisis it is a high noon moment for a eurozone looking to stave off another recession while juggling indebted sovereigns flimsy banks and the specter of economic crisis in the mediterranean this has many seeing the worst this is currency can have a future. it can. start. to cross-talk year old jitters i'm joined by john gaunt in london he is chief executive of vote u.k. out of e.u. also in london we have andrew louis koch he is director and principal of europe economics and in dublin we go to jeff madrick he is senior fellow at the roosevelt institute and author of age of greed the triumph of finance and the decline of america in one nine hundred seventy s. to the present all right gentlemen this is cross i mean you can jump in anytime you want and i very much encourage it but first tell us about this ongoing almost endless crisis there have been quite a few meetings but not much progress the global economy is emerging from one of the roughest squares yet with intense market volatility fueled by the fear that policymakers cannot contain t

rescue packages for the euro and at-risk economies average over 1.5 trillion euros. if worse comes to worst, and germany would have to come up with a large part of that. germany already has 17 billion euros in the international monetary fund existing rescue packages, most in foreign loans. nobody can say when or if these will ever be paid back. the eu set up the efsf with a lending capacity of 700 billion euros to help countries and if necessary banks. germany has put up a third of the fund, plus 22 billion euros in direct cash aid, and loan guarantees totaling 668 billion euros. they can be tapped, should a better state the fall. the eu provided a rescue package of 80 billion year rose to keep grease liquid. each part is -- euros to keep greece liquid. then there is the european central bank. despite resistance from german banks, the ec be has been buying bonds from troubled countries. should this prove worthless, germany could part with more taxpayer money. in addition, the issuing bank of greece, portugal, italy, and spain are getting tax infusions from the eu, kn

zone i mean the euro zone was an experiment. the your skeptics advised against it. but they've gone on ahead but it is not creating financial chaos it's created with potential of a great financial cataclysm and it's also just wiping out in the streets across europe as an extraordinary place a terrifying. they are they are fanatic fanatics and you know very. proud of the many ways to defeat the communists in the one nine hundred thirty roughly the everything has to fit in that very narrow. precise scheme i would think it's you know you have you can't who was it you said you can't make an omelet without breaking eggs that will free us of the bullshit. because it's in the first twenty's and thirty's this is now the attitude of the european elite it at that at the turn of the twenty first century greece is being destroyed people are losing their jobs their actions the economic basis of the country has gone but that is a worthwhile sacrifice as we move towards a unified europe this time and this fanaticism was like tunnel if the u.k.

to cross talk of the euro zone crisis i'm joined by marshall are back in denver he is a global portfolio strategist at madison street partners and a fellow at the economist for peace and security in milwaukee we have jeffrey summers he is an associate professor at the university of wisconsin milwaukee and in london we have pending myer he is a senior visiting fellow at the london school of economics all right gentlemen this is cross talk that means you can jump in anytime you want my very much encourage it but first tell us how we got to this point on a wing and a prayer a date with destiny to sort out that u.s. debt imbroglio was set three weeks ago by nicolas sarkozy and merkel then it was delayed by three days and on the third day it came through after marathon talks which went until four o'clock in the morning under the new plan greek debt will be back to one hundred twenty percent of g.d.p. by two thousand and twenty with greek debt holders taking haircuts of up to fifty percent the four hundred forty billion euro e.f. s.f. will be used to provide risk insurance meeting that after a

did not join the euro and people are saying that they're insulated from the euro crisis i web or the banks in the u.k. own much of this toxic debt from continental europe and so what are the ripple effects and how do they get into the u.k. and what is david cameron doing about it if anything is telling the people in britain accurately what's going on here david cameron certainly isn't giving the people of britain the truth about the indebtedness that britain is connected to the european union. when you're looking at this bailout we're having some poem billions into the i.m.f. to support this this is money that could be used to help the banks that would have to face some of the detrimental effects of greece greece defaulting we could use them to shore up the capital an increase that's a one requirements of those banks in addition by being a member of the european union we spend around fifty five million pounds a day to the european union found money could also be repatriated back to preserve the economy of the united kingdom once we're going through the bad times david cameron doesn't

zone i mean the euro zone was an experiment. your skeptics advised against it. but they go ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out industries cross europe as an extraordinary pace a terrifying pace they are they are fanatic they're fanatics and you know the power that many ways to cause the communists in the one nine hundred thirty one you know the everything has to fit into that very narrow. precise scheme i will thing is you have you can't who was it who said you can't make an omelet without breaking eggs that was the ice cube of the bullshit. because in the first twenty's and thirty's this is now the attitude of the european elite it at the turn of the twenty first century greece is being destroyed people are losing their jobs their economic basis of the country has gone but that is a worthwhile sacrifice as we move towards a unified europe has found this fanaticism was right if the u.k. had joined the euro as and what would have hap

zone i mean the euro zone was an experiment the euro skeptics advised against it. but they've gone on ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out in the streets across europe as an extraordinary pace a terrifying pace they are they are fanatic they're fanatics and so it was going to be. a million ways to be called the communists in the one nine hundred thirty one of the everything has to fit in there very narrow precise scheme everything it's you know you have you can't who was it who said you can't make an omelet without breaking eggs that was the ice cube of the brochure. because the first twenty's and thirty's this is now the chief of the european elites it at that at the time of the twenty first century greece is being destroyed people are losing their jobs their actual economic basis of the country has gone but that is a worthwhile cept for us as we move towards a unified europe was found in this for mass assistance. if the u.k. had joined the race and all this happened w

welcome the crosstalk i'm peter lavelle the euro crisis it is a high noon moment for a euro zone looking to stave off another recession while juggling indebted sovereign slim's the banks and the specter of economic crisis in the mediterranean this has many seeing the worst business currency can have a future. and you can. start. to cross-talk your old jitters i'm joined by john gaunt in london he is chief executive of vote u.k. out of e.u. also in london we have andrew leigh co he is director in principle of europe economics and in dublin we go to jeff madrick he is senior fellow at the roosevelt institute and author of age of greed the triumph of finance in the decline of america in one nine hundred seventy s. to the present hi gentlemen this is cross-eyed then you can jump in anytime you want and i very much encourage it but first tell us about this ongoing almost endless crisis. but not much progress the global economy is emerging from one of the roughest squares yet with intense market volatility fueled by the fear that policymakers cannot contain the spreading crisis and that this e

those are the headlines up next to peter lavelle and his guests to discuss if the euro will survive the ongoing economic crisis cross-talk is next right here on our. welcome to cross talk and peter lavelle the euro crisis it is a high noon moment for a eurozone looking to stave off another recession while juggling indebted sovereigns flimsy banks and the specter of economic crisis in the mediterranean this has many seen the worst this is currency can have a future. cross-talk year old jitters i'm joined by john gaunt in london he is chief executive of vote u.k. out if he you also in london we have andrew louis co he is director and principal of europe economics and in dublin we go to jeff madrick he is senior fellow at the roosevelt institute and author of age of greed the triumph of finance and the decline of america in one nine hundred seventy s. to the present our gentlemen this is crossfire that means you can jump in anytime you want and i very much encourage it but first tell us about this ongoing almost endless crisis there have been quite a few meetings but not much progress the

zone i mean the euro zone was an experiment the euro skeptics advised against it but they've gone on ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out industries across europe as an extraordinary pace a terrifying if the u.k. had joined the euro zone what would have happened would have been another greece i can tell you what would have happened if you carry a joint it would have been even worse because we. we had a boop like anyway it would be big in the first we've had interest rates would have been less than they would otherwise would have been the first three. the last decade of the twenty first century and then they'd have been higher than we want to go afterwards so we'd have had a bigger boob and we'd had a bigger boss we wouldn't have been able to that some international markets we'd not be we'd now be controlled by the i.m.f. taking orders from the at and by the from brussels we would have lost the ability to control our economy we have lost the ability to project internationally it would have

welcomed across talk computor all about the euro crisis it is a high noon moment for a euro zone looking to stave off another recession while juggling and get it solved once flimsy banks and the specter of economic crisis in the mediterranean this has many seen the worst this is currency can have a future. can. start. to cross-talk year old jitters i'm joined by john daunt in london he is chief executive of vote u.k. out of e.u. also in london we have andrew lilly co he is director and principal of europe economics and in dublin we go to jeff madrick he is senior fellow at the roosevelt institute and author of age of greed the triumph of finance and the decline of america in one nine hundred seventy s. to the present all right gentlemen this is cross i mean you can jump in anytime you want and i very much encourage it but first tell us about this ongoing almost endless crisis there have been quite a few meetings but not much progress the global economy is emerging from one of the roughest squares yet with intense market volatility it fuelled by the fear that policymakers cannot contain t

zone i mean the euro zone was an experiment the euro skeptics advised against it. but they've gone on ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out industry it's across europe as an extraordinary pace a terrifying if the u.k. had joined the euro zone what would have happened would have been another greece i can tell you what would have happened if you joined it would have been even worse because we. we had a boob site anyway it would be bigger in the first we have had a small interest rates would have been less than they would otherwise would have been the first half of free. the first to cater the twenty first century and then they'd have been higher than we want to go afterwards so we did have a bigger booth and we had a bigger bost we wouldn't have been able to get some international markets we've now be we now be controlled by the i.m.f. taking orders from the e.c.b. . and by the end from brussels we would have lost the ability to control our economy we have lost seats proje

did not join the euro and people are saying that they're insulated from the euro crisis however the banks in the u.k. own much of this toxic debt from continental europe and so one of the ripple effects and how do they get into the u.k. and what is david cameron doing about it if anything is telling the people in britain accurately what's going on here david cameron certainly isn't giving the people of britain the truth about the indebtedness that britain is connected to the european union. when you looking at this bailout we are having some billions into the i.m.f. to support this this is money that could be used to help the banks that would have to face some of the detrimental effects of greece greece defaulting we could use them to shore up the council an increase that's a one requirements of those banks in addition by being a member of the european union we spend around fifty five million pounds a day to the european union that money could also be repatriated back to preserve the economy of the united kingdom won't so we're going through the bad times david cameron doesn't want to let

we don't suppose it will now and the euro cup champions only it's because of the. first when the cons and strong competition as a russian club travelled to fellow he's got us right in istanbul. to rebound after their home defeat. of the tar inside want to russia last week galaxy they've hit a rich vein of form both domestically and internationally they edged out a promise in poland that they do much in the competition last week. in all men's leeson iscar start signing be army went to an easy victory against germany and ross said bundaberg ninety four seventy four the score in moscow a result which puts the russian club level on points for puff and i caught sort of top of group been watching that game for us from costa with. says tom must go have been final four regulars in the euro league for eight years until the last season poor performance prompted a roster revamp and their arrival of a new head coach ijaz has loused us forward andrei kirilenko has become the army man's most notable signing after he joined his former club from the n.b.a.'s jazz gee to the ongoin

did not join the euro and people are saying that there are insulated from the euro crisis however the banks in the u.k. own much of this toxic debt from continental europe and so one of the ripple effects and how they get into the u.k. and what is david cameron doing about it if anything a seat telling the people in britain accurately what's going on here david cameron certainly isn't giving the people of britain the truth about the indebtedness that britain is connected to the european union when you're looking at this bailout we're having to pump billions into the i.m.f. to support this this is money that could be used to help the banks that would have to face some of the detrimental effects of greece greece defaulting we could use them to shore up the capital and increase the one requirements of those banks in addition by being a member of the european union we spend around fifty five million pounds a day to the european union that money could also be repatriated back to preserve the economy of the united kingdom won't we're going through the bad times david cameron doesn't want to

welcome to cross talk i'm peter lavelle the euro crisis it is a high noon moment for a eurozone looking to stave off another recession while juggling indebted sovereigns flimsy banks and the specter of economic crisis in the mediterranean this has many seen the worst does this currency have a future. and you can. get crosstalk here old jitters i'm joined by john gaunt in london he is chief executive of vote u.k. out of e.u. also in london we have andrew louis co he is director and principal of europe economics and in dublin we go to jeff madrick he is senior fellow at the roosevelt institute and author of age of greed the triumph of finance in the decline of america in one nine hundred seventy s. to the present our gentlemen this is cross-eyed that means you can jump in anytime you want and i very much encourage it but first tell us about this ongoing almost endless crisis that has been quite a few meetings but not much progress the global economy is emerging from one of the roughest squares yet with intense market volatility if you will by the fear that policymakers cannot contain the

zone was an experiment the euro skeptics advised against it. but they've gone on ahead but it is not creating financial chaos it's creating with potential with a great financial cataclysm i was also just wiping out industry across europe i said extraordinary pace and terrifying purpose they are they are fanatic they're fanatic and would like you to be proud of the many ways to every called the communists in the one nine hundred thirty roughly with everything has to fit in that very narrow. precise scheme of a thing is you what you can't who was it who said you can't make an omelet without breaking eggs that was the last of the bullshit. because we think the first twenty's and thirty's this is now the attitude of the european elite it that at the time of the twenty first century greece is being destroyed people are losing their jobs because their actions the economic basis of the country has gone but that is a worthwhile set for us as we move towards a unified europe was found in this fanaticism just like telephone if the u.k. had johnny rice an

zone i mean the euro zone was an experiment the us skeptics advised against it. but they've gone on ahead but it is not creating financial calles it's creating the potential of a great financial cataclysm and it's also just wiping out industry and across europe as an extraordinary pace terrifying paris they are they are fanatic they're fanatics and sweet well you know very. proud of the many ways to me called the commons tonight in thirty one of the everything has to fit in soon that very narrow precise scheme i would think. you have you can't who was it you said you can't make an omelet without breaking eggs that was the action of the bullshit. because we threw the first twenty's and thirty's this is now the attitude of the european elites it at that at the turn of the twenty first century greece is being destroyed people are missing their jobs their actions the economic basis of the country has gone but that is a worthwhile step for us as we move towards a unified europe this time and this fanaticism is like tunnel for if the u.k. had joined the race and all th

zone i mean the euro zone was an experiment. your skeptics advised against it. but they've gone on ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out industry it's across europe as an extraordinary pace a terrifying pace they are they are fanatic they're fanatics and you know the power of the many ways to cause the communists in the one nine hundred thirty one you know the everything has to fit into that very narrow precise scheme i would thing is you have you can't who was it who said you can't make an omelet without breaking eggs that was the ice cube of the bullshit. twenty's and thirty's this is now the seat of the european elites it at the turn of the twenty first century greece is being destroyed people are losing their jobs their economic basis of the country has gone but that is a worthwhile sacrifice as we move towards a unified europe was found in this fanaticism this time if the u.k. had joined the euro is and what has happened would ha

other countries are in trouble, too, but the main architects of the euro and the euro's recovery are france and germany. of course, the real difficulty here is that they have been deemed to be seen as being slow in trying to get a rescue package for the future for the european union and the eurozone specifically. and the markets haven't been liking what they've seen so far. they say they want an agreement. they say they are working on it, particularly when it comes to shoring up the capitalization fund for the banks. but the markets have yet to be convinced. the difficulty for the eurozone countries is that in order to continue to rail against debt and bail their countries out and have a successful currency, it looks as though there might have to be greater tax and fiscal monetary policy agreement. and that is something that may not go down with member states who already believe they are suffering. of course, the other issue is many taxpayers in germany, for example, are extremely skeptical about putting their hands and their wallets again to bail out any other countries. the buzz wo

did not join the euro and people are saying that they're insulated from the euro crisis however the banks in the u.k. own much of this toxic debt from continental europe and so one of the ripple effects and how do they get into the u.k. and what is david cameron doing about it if anything a seat telling the people in britain accurately what's going on here david cameron certainly isn't giving the people of britain the truth about the indebtedness that britain is connected to the european union. when you're looking at this bailout we're having to pump billions into the i.m.f. to support this this is money that could be used to help the banks that would have to face some of the detrimental effects of greece greece defaulting we could use them to shore up the capital and increase the one requirements of those banks in addition by being a member of the european union we spend around fifty five million pounds a day to the european union that money could also be repatriated back to preserve the economy of the united kingdom won't we're going through the bad times david cameron doesn't want to l

zone i mean the euro zone was an experiment the euro skeptics advised against it but go ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out industries across europe that's an extraordinary pace and terrifying. they are fanatic they are fanatics and you know very. proud of the many ways to do everything in the commons through nine hundred thirty one of the. everything has to fit in soon very narrow precise scheme i would think. you have you can't tell who was it who said you can't make an omelet without breaking eggs that was the last chance of the bullshit because the first twenty's and thirty's this is now the chief of the european elite it at the turn of the twenty first century greece is being destroyed people are losing their jobs three how the actions of economic basis of the country has gone but that is a worthwhile set for us as we move towards a unified europe and from this fanaticism it's like time for anything you can be had joined the euro saying what would have happened. in other greece i th

did not join the euro and people are saying that they're insulated from the euro crisis however the banks in the u.k. own much of this toxic debt from continental europe and so one of the ripple effects and how do they get into the u.k. and what is david cameron doing about it if anything is telling the people in britain accurately what's going on here david cameron certainly isn't giving the people of britain the truth about the indebtedness that britain is connected to the european union. when you're looking at this bailout we're having some billions into the i.m.f. to support this this is money but could be used to help the banks that would have to face some of the detrimental effects of greece greece defaulting we could use them to shore up the council and increase that's one requirements of those banks in addition by being a member of the european union we spend around fifty five million pounds a day to the european union that money could also be repatriated back to preserve the economy of the united kingdom won't we're going through the bad times david cameron doesn't want to let th

did not join the euro and people are saying that they're insulated from the euro crisis however the banks in the u.k. own much of this toxic debt from continental europe and so one of the ripple effects and how do they get into the u.k. and what is david cameron doing about it if anything it's telling the people in britain accurately what's going on here david cameron certainly isn't giving the people of britain the truth about the indebtedness that britain is connected to the european union. when you looking at this bailout we're having to poem billions into the i.m.f. to support this this is money that could be used to help the banks that would have to face some of the detrimental effects of greece greece defaulting we could use them to shore up the counseling increase that's one requirement so if those banks in addition by being a member of the european union we spend around fifty five million pounds a day to the european union that money could also be repatriated back to preserve the economy of the united kingdom won't we were going through the bad times david cameron doesn't want to

did not join the euro and people are saying that they're insulated from the euro crisis however the banks in the u.k. own much of this toxic debt from continental europe and so one of the ripple effects and how they get into the u.k. and what is david cameron doing about it if anything it's telling the people in britain accurately what's going on here david cameron certainly isn't giving the people of britain the truth about the indebtedness that britain is connected to the european union. when you looking at this bailout we are having to come billions into the i.m.f. to support this this is money that could be used to help the banks that would have to face some of the detrimental effects of greece greece defaulting we could use them to shore up the capital increase that's one requirements of those banks in addition by being a member of the european union we spend around fifty five million pounds a day to the european union that money could also be repatriated back to preserve the economy of the united kingdom won't who are going through the bad times david cameron doesn't want to let the

zone i mean the euro zone was an experiment the skeptics advised against it. but they've gone on ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out industries cross europe as an extraordinary pace a terrifying pace they are they are fanatic they're fanatics and you know we. have the many ways to cope with communists in the one nine hundred thirty one you know the. everything has to fit into that very narrow and precise scheme i will thing is you have you can't who was it you said you can't make an omelet without breaking eggs that was the ice sheet of the bolshevik elite in the first twenty's and thirty's this is now the attitude of the european elite it that at the turn of the twenty first century greece is being destroyed people are losing their jobs their actual economic basis of the country has gone but that is a worthwhile sacrifice as we move towards a unified europe was found in this fanaticism is right if the u.k. had joined the euro saying what would have happened would

zone i mean the euro zone was an experiment. be your skeptics advised against it. but they've gone on ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out industry it's across europe as an extraordinary pace a terrifying pace they are they are fanatic they're fanatics and you know we. have them in many ways to be called the communists in the one nine hundred thirty is one of the everything has to fit into that very narrow precise scheme of a thing is you what you can't who was it who said you can't make an omelet without breaking eggs that was the ice cube of the bullshit. because it's in the first twenty's and thirty's this is now the seat of the european elites it at the turn of the twenty first century greece is being destroyed people are losing their jobs their actual economic basis of the country has gone but that is a worthwhile sacrifice as we move towards a unified europe was found in this fanaticism and. if the u.k. had joined the euro sayi

closure on the euro zone saga is far from being reached. if you listen to some economists and traders, nina, is the sense there is that we're finally going to get a comprehensive deal out of brussels? >> reporter: that's what all of these eu ministers and heads of government have been assuring us for the better part of the last three days or so, felicia since they met on sunday. as you can see, the red carpet is rolled out behind me, but the atmosphere is very tense here in brussels. as we expect eventually some kind of detailed plan to come out, but realistically not until much later today. let me tell you what's on the ageneral agenda. we have things kicking off relatively late. about 4:00 p.m. here in brussels where we'll have an informal meeting of the euro group. don't be dissuaded by the informal title because these talks are paramount to the security of the euro zone and indeed the single currency stability. and then the real deal making should begin after a dinner and things will get cracking at about 9:00 p.m. and if we know, if we

welcome to cross talk i'm peter lavelle the euro crisis it is a high noon moment for a eurozone looking to stave off another recession while juggling indebted sovereigns flimsy banks and the specter of economic crisis in the mediterranean this has many seen the worst does this currency have a future. in. crosstalk hero jitters i'm joined by john gaunt in london he is chief executive of vote u.k. out of e.u. also in london we have andrew louis co he is director and principal of europe economics and in dublin we go to jeff madrick he is senior fellow at the roosevelt institute and author of age of greed the triumph of finance and the decline of america in one nine hundred seventy s. to the present all right gentlemen this is crossfire that means you can jump in anytime you want and i very much encourage it but first tell us about this ongoing almost endless crisis there have been quite a few meetings but not much progress the global economy is emerging from one of the roughest squares yet with intense market volatility if you will by the fear that policymakers cannot contain the spreading

twenty with greek debt holders taking haircuts of up to fifty percent the four hundred forty billion euro e.f. assef will be used to provide risk insurance meaning that after a second one hundred thirty billion greek bailout and other is for ireland and portugal it could provide up to one trillion in firepower to deal with future crises the plan was laid out by ngo merkel head of wednesday's talks well it's a good. goal of tonight's discussion will be that. with its capacity will have a great effect on the prevention of contagion and this to tara impact must be great enough. the calm global markets in the lead up to this week's eurozone summit could be interpreted as confidence that e.u. leaders would pull something off to save the day but after two years of failing to come to grips with the greek debt contagion risk and other e.u. economies and the banking system that is grossly under capitalized there's been a growing sense of impatience even beyond europe successful resolution of the current european crisis matters deeply to us here in the united states because our country has no bigge

leaders is enough to save the euro and what's hidden in the details of the deal. hello and welcome to cross talk i'm peter all about what is a deal really a deal your leaders say they have a plan to cope with greece's sovereign debt problems and to build a firewall against italy's looming crisis and the devil it would appear is to be found in the details. to cross-talk the eurozone crisis i'm joined by marshall are back in denver he is a global portfolio strategist at madison street partners and a fellow at the economist for peace and security in milwaukee we have jeffrey summers he is an associate professor at the university of wisconsin milwaukee and in london we have pending myer he is a senior visiting fellow at the london school of economics all right gentlemen this is cross talk that means you can jump in anytime you want my very much encourage it but first tell us how we got to this point on a wing and a prayer a date with destiny to sort out that u.s. debt imbroglio was set three weeks ago by nicolas sarkozy and merkel then it was delayed by three days and

zone i mean bureaus and was an experiment the euro skeptics advise against it. but they've gone on ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out in the streets across europe that's an extraordinary pace a terrifying pace they are they are fanatic they're fanatics. like you know being proud of the many ways to be called the communists and i think furtively with everything has to fit in that very narrow precise scheme i will thing is you have you can't who was it who said you can't make an omelet without breaking eggs that was the isolation of the bullshit. in the thirty's the thirty's this is now the chief of the european elites it the other side of the twenty first century greece is being destroyed people are losing their jobs their actions the economic basis of the country has gone but that is a worthwhile sacrifice as we move towards a unified europe and from this from nasa systems like if the u.k. had joined the euro zone and what has happened in another greece i can tell

zone i mean the euro zone was an experiment. your skeptics advised against it. but they go ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out industries cross europe as an extraordinary pace a terrifying pace they are they are fanatic they're fanatics and you know the power that many ways to cause the communists in the one nine hundred thirty s. what you know the everything has to fit into that very narrow. precise scheme i will thing is you what you can't who was it who said you can't make an omelet without breaking eggs that was the ice cube of the bullshit. because it's in the first twenty's and thirty's this is now the seat of the european elite it at the turn of the twenty first century greece is being destroyed people are losing their jobs their actual economic basis of the country has gone but that is a worthwhile sacrifice as we move towards a unified europe was found in this fanaticism and. if the u.k. had joined the euro is and what woul

welcome to cross talk i'm peter lavelle the euro crisis it is a high noon moment for a eurozone looking to stave off another recession while juggling indebted sovereign flimsy banks and the specter of economic crisis in the mediterranean this has many seen the worst this is currency to have a future. cross-talk year old jitters i'm joined by john gaunt in london he is chief executive of vote u.k. out of e.u. also in london we have andrew week oh he is director and principal of europe economics and in dublin we go to jeff madrick he is senior fellow at the roosevelt institute and author of age of greed the triumph of finance and the decline of america in one nine hundred seventy s. to the present all right gentlemen this is crossfire that means you can jump in anytime you want and i very much encourage it but first tell us about this ongoing almost endless crisis there have been quite a few meetings but not much progress the global economy is emerging from one of the roughest squares yet with intense market volatility if you will by the fear that policymakers cannot contain the spreading

welcome to cross talk i'm peter lavelle the euro crisis it is a high noon moment for a euro zone looking to stave off another recession while juggling indebted sovereigns flimsy banks and the specter of economic crisis in the mediterranean this has many seen the worst this is currency can have a future. cross-talk year old jitters i'm joined by john gaunt in london he is chief executive of vote u.k. out of e.u. also in london we have andrew leigh co he is director and principal of europe economics and in dublin we go to jeff madrick he is senior fellow at the roosevelt institute and author of age of greed the triumph of finance and the decline of america in one nine hundred seventy s. to the present all right gentlemen this is crossfire that means you can jump in anytime you want and i very much encourage it but first tell us about this ongoing almost endless crisis there have been quite a few meetings but not much progress the global economy is emerging from one of the roughest squares yet with intense market volatility fueled by the fear that policymakers cannot contain the spreading c

twenty with greek debt holders taking haircuts of up to fifty percent of the four hundred forty billion euro e.-f. s.f. will be used to provide risk insurance meeting that after a second one hundred thirty billion greek bailout and other is for ireland and portugal it could provide up to one trillion in firepower to deal with future crises the plan was laid out by engle merkel as head of one. stace talks well it's a good to see a lot about the goal of tonight's discussion will be that the f.s.f. with its capacity will have a great effect on the prevention of contagion and this to terence impact must be great enough. the calm global markets in the lead up to this week's eurozone summit could be interpreted as confidence that leaders would pull something off to save the day but after two years a failing to come to grips with the greek debt contagion risk and other e.u. economies and the banking system that is grossly under capitalized there's been a growing sense of impatience even beyond europe the successful resolution of the current european crisis matters deeply to us here in the united st

welcome the cross-talk i'm peter lavelle the euro crisis it is a high noon moment for a eurozone looking to stave off another recession while juggling indebted sovereigns flimsy banks and the specter of economic crisis in the mediterranean this has many seeing the worst does this currency have a future. you can. still. get cross-talk hero jitters i'm joined by john gaunt in london he is chief executive of vote u.k. out of e.u. also in london we have andrew louis co he is director in principle of europe economics and in dublin we go to jeff madrick he is senior fellow at the roosevelt institute and author of age of greed the triumph of finance in the decline of america one nine hundred seventy s. to the present hi gentlemen this is crossfire going you can jump in anytime you want and i very much encourage it but first tell us about this ongoing almost endless crisis quite a few meetings but not much progress the global economy is emerging from one of the roughest squares yet with intense market volatility fueled by the fear that policymakers cannot contain the spreading crisis and make th

the euro getting more than 2%. the dollar weakness is also supporting stocks on wall street. >> there is an air of exuberance and celebration. is there still some uncertainty about the latest plan and the way forward? >> what is viewed as a positive for now is that banks are not forced to accept the cutbacks. that is good news for the credit defaults swaps. two issues in general for the euro zone, and that and growth. -- debt and growth. there remain some skepticism. for one day, stocks are moving. >> thank you very much. in germany, shares rallied to 12-week highs. stocks in germany ' s largest lenders put on their biggest gains on tuesday. we will take a look at how high the rally has placed stocks. frankfurt finished up by more than 5% at 6337. up by more than 6%. the dow shutdown of the top of the hour. it finished higher by nearly 3%. the euro trading at this hour at a value of $1.41. those buying bonds are attracted to extremely high interest rates and -- for the risk associated with them. the write-offs are

cross-talk euro jitters i'm joined by john gaunt in london he is chief executive of vote u.k. out of e.u. also in london we have andrew he is director and principal of europe economics and in dublin we go to jeff madrick he is senior fellow at the roosevelt institute and author of age of greed the triumph of finance and the decline of america in one nine hundred seventy s. to the present all right gentlemen this is cross-eyed that means you can jump in anytime you want and i very much encourage it but first tell us about this ongoing almost endless crisis that being quite a few meetings but not much progress the global economy is emerging from one of the roughest squares yet with intense market volatility if you will by the fear that policymakers cannot contain the spreading crisis and that this europe remains mired in that song debt due to the absence of political will power to avert euro zone's and disintegration this is the most serious financial crisis we've seen at least since the one nine hundred thirty s. if not ever now we're having to deal with very unusual circumstan

welcome to cross talk i'm peter lavelle the euro crisis it is a high noon moment for a eurozone looking to stave off another recession while juggling indebted sovereigns flimsy banks and the specter of economic crisis in the mediterranean this has many seen the worst does this currency have a future. and you can. get crosstalk here old jitters i'm joined by john gaunt in london he is chief executive of vote u.k. out of e.u. also in london we have andrew louis co he is director and principal of europe economics and in dublin we go to jeff madrick he is senior fellow at the roosevelt institute and author of age of greed the triumph of finance and the decline of america in one nine hundred seventy s. to the present all right gentlemen this is crossfire that means you can jump in anytime you want and i very much encourage it but first tell us about this ongoing almost endless crisis there have been quite a few meetings but not much progress the global economy is emerging from one of the roughest squares yet with intense market volatility fueled by the fear that policymakers cannot contain t

yes discuss the predicted death of the euro zone cross talk is now. wealthy british style. sometimes because. of the. markets why not scandal. find out what's really happening to the global economy cars a report on r.t. . and. welcome to cross talk i'm peter lavelle the euro crisis it is a high noon moment for a eurozone looking to stave off another recession while juggling indebted sovereigns flimsy banks and the specter of economic crisis in the mediterranean this has many seen the worst does this currency have a future. and if. you cross talk your old jitters i'm joined by john gaunt in london he is chief executive of vote u.k. out of e.u. also in london we have andrew louis co he is director and principal of europe economics and in dublin we go to jeff madrick he is senior fellow at the roosevelt institute and author of age of greed the triumph of finance and the decline of america in one nine hundred seventy s. to the present all right gentlemen this is crosstalk that means you can jump in anytime you want and i very much encourage it but first tell us about this ongoi

zone was an experiment the euro skeptics advised against it. but they've gone on ahead but it is not creating financial pales it's creating the potential of a great financial cataclysm and it's also just wiping out in the streets across europe by some extraordinary pace and terrifying. they are they are fanatic they're fanatics and you know every. pair of the many ways to have me called the communists in the one nine hundred thirty s. roughly the everything has to fit in read very narrow i had a precise scheme i would think it's you what you can't who was it who said you can't make an omelet without breaking eggs that was the ice cube of the bullshit. because everything with friends and thirty's this is now the attitude of the european elite it at the other side of the twenty first century state greece and spain to strike people losing their jobs because their actions the economic basis of the country has gone but that is a worthwhile sacrifice as we move towards a unified europe was from this from nasa since march twelfth if the u.k. had joine

zone i mean the euro zone was an experiment be your skeptics advised against it. but they've gone on ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out industry it's across europe as an extraordinary pace a terrifying pace they are they are fanatic they're fanatics. you know the. many ways to be called the communists in the one nine hundred thirty s. well you know the. everything has to fit into that very narrow and precise scheme i was thing is you know you have you can't who was it you said you can't make an omelet without breaking eggs that was the ice sheet of the bolshevik elites in the first twenty's and thirty's this is now the attitude of the european elite it that at the turn of the twenty first century greece is being destroyed people are losing their jobs their actual economic basis of the country has gone but that is a worthwhile sacrifice as we move towards a unified europe was found in this fanaticism this time if the u.k. had joined the euro as and what has happened w

did not join the euro and people are saying that they're insulated from the euro crisis however the banks in the u.k. own much of this toxic debt from continental europe and so one of the ripple effects and how they get into the u.k. and what is david cameron doing about it if anything a seat telling the people in britain accurately what's going on here david cameron certainly isn't giving the people of britain the truth about the indebtedness that britain is connected to the european union when you're looking at this bailout we're having to pump billions into the i.m.f. to support this this is money that could be used to help the banks that would have to face some of the detrimental effects of greece greece defaulting we could use them to shore up the capital and increase the one requirements of those banks in addition by being a member of the european union we spend around fifty five million pounds a day to the european union that money could also be repatriated back to preserve the economy of the united kingdom won't we're going through the bad times david cameron doesn't want to let t

but agrees join the euro was a mistake the french president doesn't hold back in his beleaguered e.u. call leave after leaders sign off on another massive rescue deal or europe's now turning to asia for a cash kickstart for the bailout fund having to ask for help to save the euro. the bolshoi is back it's a day millions of theatre lovers have been waiting for as moscow's lamarck theater avails its first performance in six years after a massive from furbish. coming up next for you is our debate show cross talk with peter lavelle to stay with us right here in our city. liz. can start. to. flow in welcome to cross talk i'm peter lavelle when is a deal really a deal if your leaders say they have a plan to cope with greece's sovereign debt problems and to build a firewall against italy's looming crisis and the devil it would appear is to be found in the details. you can see the slim. to cross talk of the eurozone crisis i'm joined by marshall are back and enter he is a global portfolio strategist at madison street partners and a fellow at the economist for peace and security in milwaukee w

currently the euro/yen around the lower 101 levels. it actually dipped below 101 at one point and that's quite a move if you consider that back in april, ai, the euro/yen was trading around 123. and now it's at these levels. so that tells you the market's steady loss of confidence in the euro zone debt issues. now alongside the ism data there was also the release of u.s. auto sales for september. and again, it showed the likes of toyota and honda faltering. toyota showing a loss of sales around 17% in september and honda around 8%. and also we want to keep an eye out for commodity related stocks. we did see quite a move there in opposing directions in the sense that wti crude prices fell around 3.5%. and gold jumping around 2.5% on safe haven plays there. investors shifting some of their money into safer assets such as gold. and the yen as you mentioned there. but for now, the nikkei md the topix trading considerably lower. back to you. >> thanks, ramin mellegard, from the tokyo stock exchange and the nikkei currently at 8403. >>> fina

the euro zone was an experiment the euro skeptics advised against it. but they've gone on ahead but it is not creating financial chaos it's creating the potential of a great financial cataclysm and it's also just wiping out industries across europe as an extraordinary pace a terrifying if the u.k. had joined the euro as and what would have happened would have been another greece i can tell you what would have happened if you joined it would have been even worse because we. we had a boop site anyway it would be bigger in the first we've had a small show interest rates would have been less than they would otherwise would have been the first half of the. the first decade of the twenty first century and then they would've been higher than we want to go afterwards so we did have a bigger booth and we had a bigger bust we had we wouldn't have been able to pay our debts on the international markets we've now be we now be controlled by the i.m.f. for taking orders from the e.c.b. . and and by the end from brussels that we would have lost the ability to control