but not to greece because greece had the bay every single year of the four point two billion to the european central bank now why why do they see b. they see b. in its wisdom if you recall a year a year and a half ago entered the secondary bond market then bought stressed bonds of these islands on support of the problem up that failed of course. nevertheless it ended up with billions of worth of greek government bonds in its books now in march those bonds for all other bond holders where haircut savagely they said these so this would be wanted to take its money back to have its bonds greek government bonds that it didn't and it hadn't been deemed at face value even though the they say they never bought them at face value the bottom of the twentieth or thirty percent . discount which means that the greek government and that's how i finalize the whole thing. two and a half weeks both for both to billion from one arm of the european union from the epicenter in order to give it wholesale to the e.c.b. so that these could be could profit from the bankruptcy of the greek state where the g

we're looking at this weekend with greek elections now you could say that the political parties in greece have fallen into two categories those in favor of the two hundred forty billion euro bailout loan of course to extreme austerity measures and those against it now here are the major players were looking at sunday's series the party led by alexis tsipras this is one of their rallies there he is ok he's running on a staunch anti austerity platform he stated publicly that he believes greece will not be pushed out of the euro even if they break with the austerity measures tied to the bailout on the other side we have new democracy leader antonio is some of us now he's campaigned on a platform to keep greece in the euro zone but he's been walking a tightrope of promising fiscal adjustments to ease the pain associated with the memorandum now on june first is the last date opinion polls were allowed to be publicized new democracy led with twenty two point seven percent syriza had twenty two percent and eleven point two percent but i should mention there is a two point eight percent margin of

hellenic republic and the eurozone but are we really looking at a choice between a catastrophic and for greece and lists chaos catastrophe at this point can nothing outweigh the benefit of a default we'll talk about it and on the crisis management side the european central bank reportedly stands ready to act if there is market turmoil the u.k. reportedly will unleash aggressive monetary policy in the face of a worsening euro zone debt storm so central banks are threatening to turn on the spigots. thanks. that's what they aim to do but will they drown us all in liquidity pumping an extra liter of liquidity into a container losing gallons by the day does nothing to change the deflationary dynamic will discuss plus it's friday we'll show you the incredibly creative way one of our viewers came up with to distinguish between a head and a proprietary trade once and for all since jamie diamond says he can't see that more in viewer feedback let's get to today's capital account. all right let's quickly recap what we're looking at this weekend with greek elections now you could say that the political pa

and that's the result of that greece will not have lots of fun. thinks it's over my will to fold effectively on the payment system capital controls will come in political system will become destabilized once again behavior is the greeks oh it is talking about food they're still going to provisions as we know from the reports from athens and from the us through these there is a capital flight going on that capital flight is going to accelerate through the illegal black market channels where people will be withdrawn from the banks the money where they have access to this money so for example the deposit boxes jewelry and things like that will be thrown out the marketplace the whole system collapses and there's a lot of that that is inevitable that you still have to leave you know there is an opportunity to facilitate default the real deal for all this is something that i would call the marshall plan which has to happen across the entire eurozone at certain point in time not just in greece but also in other countries like ireland portugal spain other

but not to greece because greece had to pay every single euro of the four point two billion to the european central bank now why why do they see b. they see b. in its wisdom if you recall a year a year and a half ago entered the secondary bond market and bought stressed bonds of these islands on support of the problem up that failed of course and nevertheless it ended up with billions of worth of greek government bonds in its books now in march those bonds for all other bond holders where haircut savagely of the c.b.s. so this would be wanted to take its money back to have its bonds get government bonds that it didn't and heavenly at face value even though the they said he never bought them at face value they bought them a twentieth or thirty percent. discount which means that the greek government and that's how i finalize the whole thing. to have weeks both focal you could billion from one of the european union from the epicenter in order to give it all say to the e.c.b. so that these would be could profit from the bankruptcy of the greek state where the greek population was being screwed

but not to greece because greece had to pay every sinking hero of the four point two billion to the european central bank now why why did the c b b c b in its wisdom if you recall a year a year and a half ago entered the secondary bond market then bought stressed bonds of these islands on support of the problem up that failed of course and nevertheless it ended up with billions of worth of greek government bonds in its books now in march those bonds for all other bond holders would have haircuts savagely the c b s so this would be wanted to take its money back to have its bonds going to government bonds that it didn't and heavenly deemed at face value even though the they said he never bought them at face value they bought them a twentieth or thirty percent. discount which means that the greek government and that's how i finalize the whole thing. to have weeks both focal you could billion from one of the european union from the epicenter in order to give it all say to the e.c.b. so that these could be could profit from the bankruptcy of the greek state where the greek population was

the next greece is to build a governing coalition something that will probably take over the next few days the greek general election looking kind of that. given the expectations if you don't understand parliamentary democracy don't worry about it just know that we believe somebody might actually be running this country before the end of the week . we feel it our duty to clarify some of what's going on on this show for those who do care how it actually works beyond just you know some blanket statements you know don't worry about parliamentary dip democracy or how it works we care it is true that in part greece's problems are reflective of a wider crisis that touches not just its european neighbors but the entire world there's a crisis of debt a crisis of overspending and of malinvestment going on in the world today this economic crisis has fueled a political one in countries throughout the world to europe stands as the poster child for this crisis in the developed world but the united states with its tremendous trade and current account deficits and its burgeoning public and private d

we're looking at this weekend with greek elections now you could say that the political parties in greece have fallen into two categories those in favor of the two hundred forty billion euro bailout loan of course to extreme austerity measures and those against it now here are the major players were looking at sunday's series the party led by alexis tsipras this is one of their rallies there he is ok he's running on a staunch anti austerity platform he stated publicly that he believes greece will not be pushed out of the euro even if they break with the austerity measures tied to the bailout on the other side we have new democracy leader antonio is some of us now he's campaigned on a platform to keep greece in the euro zone but he's been walking a tightrope of promising fiscal adjustments to ease the pain associated with the memorandum now on june first that is the last date opinion polls were allowed to be publicized new democracy lead with twenty two point seven percent syriza had twenty two percent and eleven point two percent but i should mention there is a two point eight percent mar

bailout is winning by a slim margin heading into sunday's election a series of party victory could mean greece leaving behind the euro and going back to their original currency the drachma fear mongering about a dangerous and irresponsible exit from the euro is coming from the political right in greece as they try to sway voters away from the surrealism already ahead of the june eighteenth elections thanks to this fear campaign bankers in greece say that as many as a billion euros a day are being withdrawn from greek banks and used to stock up on food like pasta and canned goods but cirus a party leader alexis sapir us pushed back on tuesday saying that the e.u. will be forced to renegotiate with greece once his party takes power saying if one of the seventeen countries is brought to collapse the fire will become unquenchable and will not be limited to greece and the southern countries it will break up the eurozone and that will not be in anybody's interest sapir as well not to detail some of the reforms he will push through once elected saying if we are elected we will move swiftly swiftly to

and the question is if this democratic disillusionment is really unique to greece or is this something that is mis metastasizing across the european continent spreading into countries like italy and spain with the eventually wallaby that the tumor will at some point prove too large for the german corps and its surplus brother and to remove without risking a european wide disintegration well earlier i spoke about all of this with a yawn as pelosi is a contributor for the american prospect former editor in chief of free sunday a greek journalist here's his take on the election results. basically the the centered on the issue of. the euro and what it takes to stay in the euro and most people were afraid that the victory would jeopardize which is usually the euro turn to new democracy even. even though they were enthusiastic about the some of us in whose policies then most of the people who are really sick of austerity decided to go for sousa to try to give them the victory and in the end as you say it was a close run thing but the fear of an exit was slightly higher than the revulsion of

greece, i'm sorry, todd. >> it's smart money, salivating at this. this market is going to plummet on monday. >> oh, my gosh, we've got a love-- >> and all right, well, go to the bar another time, everybody. coming up, u.s. senators grilling jp morgan's ceo, not one question about the 4 trillion dollar public pension time bomb his firm discovered. well, neil and his gang are asking questions, that's in a few minutes, but up next here, president obama deciding to let hundreds of thousands of illegal immigrants stay and legally work in america. now, someone here is saying he just put any chance of a jobs recovery on hold. [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are sayin

bodies and greece in hiding greece's debt to get them into the european union this is a better story that's been around for a while now they're finally getting around to focusing on it the fact that common sacks help greece high debts goldman sachs of course a big player in causing financial disruption around the world your thoughts. well i was reading in the declaration of the head of. goldman sachs yesterday mr blankfein and he was she saying that he wishes to stay on forever so only his bank but he will be staying on forever and this reminds me that when we had our debate unfortunately i did not know that goldman sachs was advising greece not for the sake of greece but for the sake of goldman sachs so it was advise in greece of telling them how to hide some statistics to hide the real bad shape of the economy but on the other hand there was the same time apparently betting against the bonds of greece there would be two types of countries no longer developed and underdeveloped no longer rich and poor you're going to have two types of countries in the world today emerging countries

but not to greece because greece had to pay every single euro of the four point two billion to the european central bank now why why do they see b. they see b. in its wisdom if you recall a year a year and a half ago entered the secondary bond market then bought stressed bonds of these islands on support of the problem up that failed of course. nevertheless it ended up with billions of worth of greek government bonds in its books now in march those bonds for all other bond holders where haircut savagely not they see these so this would be wanted to take its money back to have its bonds get government bonds that it didn't and it heavily deemed at face value even though the they said he never bought them at face value the bottom twentieth or thirty percent. discount which means that the greek government and that's how i finalize the whole thing. do it out weeks both focal you could billion from want of the european union from the epicenter in order to give it wholesale to the e.c.b. so that these could be could profit from the bankruptcy of the greek state where the greek population is being

greece has recently forced to take from the f.s.f. this is a perfect example of your ev your schema of a ponzi austerity who exactly forced greece to take the loan was it in the interim government that accept the loan who profited from the loan so go into greater detail in the pond just barely reversed ponzi scheme as it relates to greece and the bass amp loan you will recall about the last number we had this supposed economic about being installed that's what i mean is that i know i'm elected but i mean is that a very famous that probably means one of the worst central bankers in the world given up together with missing initiate increased interest rates a month before human brothers went up when it went down in flames this gentleman mr bob i mean this will happen to be a colleague of mine of university of auckland. effectively presided over the negotiations that led greece to signing a second memorandum of understanding second bailout the right i spoke of that the. second memorandum that mr pope of the most because i thought what gre

but not to greece because greece had to pay every single year of the four point two billion to the european central bank now why why do they see b. they see b. in its wisdom if you recall a year a year and a half ago entered the secondary bond market and bought stressed bonds of these islands on support of the problem up that failed of course and nevertheless it ended up with billions of worth of greek government bonds in its books now in march those bonds for all other bond holders would have haircut savagely what they see these so this would be wanted to take its money back to have its bonds get government bonds that it didn't and it heavily deemed at face value even though the they said he never bought them at face value the bottom of twentieth or thirty percent. discount which means that the greek government and that's how i finalize the whole thing. to have weeks both focal you could billion from want of the european union from the epicenter in order to give it all say to the e.c.b. so that these should be could profit from the bankruptcy of the greek state where the greek population w

but not to greece because greece had to pay every sinking of the four point two billion to the european central bank now why why do these should be easy be in its wisdom if you recall a year a year and a half ago entered the secondary bond market then bought stressed bonds of these islands on support of the problem up that failed of course and nevertheless it ended up with billions of worth of greek government bonds in its books now in march those bonds for all other bond holders would have got savagely of the c.b.s. so this would be wanted to take its money back to have its bonds get government bonds that it didn't and it had them to be at face value even though the they said he never bought them at face value that bought them a twentieth or thirty percent. discount which means that the greek government and that's how i finalize the whole thing. to have weeks both focal you could billion from want of the european union from the epicenter in order to give its all say to the e.c.b. so that they simply could profit from the bankruptcy of the greek state where the greek population was bein

but not to greece because greece had to pay every sinking hero of the four point two billion to the european central bank now why why do these he beat the z.b. in its wisdom if you recall a year a year and a half ago entered the secondary bond market then bought stressed bonds of these islands on support of the problem up that failed of course. nevertheless it ended up with billions of worth of greek government bonds in its books now in march those bonds for all other bond holders where haircut savagely of the c.b.s. so this would be wanted to take its money back to have its bonds get government bonds that it didn't and heavenly at face value even though the they said he never bought them at face value that bought them a twentieth or thirty percent. discount which means that the greek government and that's how i finalize the whole thing. to have weeks both focal you could billion from want of the european union from the epicenter in order to give it wholesale to the e.c.b. so that these could be could profit from the bankruptcy of the greek state where the greek population was being

in greece nothing has been work. now you have to send tax forms out and start collecting taxes and implement more measures. you have to fire 15,000 civil servants. what makes this a problem. >> reporter: how does this play out? ultimately you believe there will be a much greater fracture and it wouldn't just be from the greek leaving euro, whole euro could break up. let's look at greece. four main issues. budget deficit. lack of competitiveness. we import more than we export. our economy is unreformed. red tape bureaucrat and unsustainable debt. yes there was a bit of package that extended the maturity of the loans and interest rates went down but with 160% debt gdp that's unsustainable and nobody in their right mind will invest in greece. it leaves 22% unemployment in greece and 6%, 7% in northern europe. greek believe go to germany but we don't that have labor mobility to support in europe now that we have in the u.s. no levers to relieve the pressure. what will you do with the unemployed. >> reporter: you sound ve

greece exit the single european currency. >> if greece led to the euro, the reaction would be frantic. every government, every central bank and all financial markets would be faced with the immediate choices. the first 48 hours of a greek exit would depend on precisely why the exit happened. politically, it is impossible to expelled breeze from the eurozone. neither of the parties likely to win the election want to leave. driven by economics, driven by capital flight, bank loans and the breakdown of cross border payment mechanisms. correct -- >> you are going to get less money back. there is also a significant likelihood that banks would go under in greece. the last number of companies would be bankrupt as well. there are straightforward forms of default. >> with the far left writing -- riding high in the election, a collapse would spell trouble. and there is already trouble. >> we have total polarization and an economic program the greeks did not voted 4. we have violence in the street and near not seize in parliament. -- near nazis in parliament. it is going to be awful, but it is a

thank you. >> eric: jamie, from greece to iran. the u.s. and five powers meeting in moscow tomorrow for yet another round of talks aimed at trying to stop iran from building a potential nuclear bomb and the latest negotiations come weeks before the sanctions kick in, an oil embargo go from the european union and with iran in turmoil and the currency lost 50% of its value, prices sky rocked 40%, will more economic sanctions finally force tehran to give into western demands or will the iranians continue their brazen abject defiance? john bolton, a former ambassador to the u.n. and a fox news contributor who joins us every sunday at this time. good morning, ambassador. >> good morning, eric, glad to be with you. >> eric: there were zillions of meetings in vienna and istanbul and tomorrow, moscow, why would we expect any different result from the meetings that start tomorrow than before? >> well, i think it is very unlikely there will be a different result. we have seen a lot of coordination in the past few weeks, between russia and iran. every

but not to greece because greece had to pay every single euro of the four point two billion to the european central bank now why why do they see b. they see b. in its wisdom if you recall a year a year and a half ago entered the secondary bond market then bought stressed bonds of these islands on support of the problem up that failed of course. nevertheless it ended up with billions of worth of greek government bonds in its books now in march those bonds for all other bond holders where haircut savagely not they see these so this is we wanted to take this money back to have its bonds get government bonds that it didn't and it heavily deemed at face value even though the they said he never bought them at face value the bottom of twentieth or thirty percent. discount which means that the greek government and that's how i finalize the whole thing. to have weeks both focal you could billion from want of the european union from the epicenter in order to give it wholesale to the e.c.b. so that these could be could profit from the bankruptcy of the greek state where the greek population is being s

just ask greece. for greece and the other troubled economies to recover they need growth. without it the eurozone is in trouble and that could lead to trouble for the already shaky recovery in the u.s. it's no wonder, brian, the world's media descended on this country over the weekend to see how it played out. >> all right. stephanie gosk in athens tonight. thanks. >>> our first two stories here tonight, greece and egypt among the places being watched closely at the g20 summit, which started today in mexico. president obama is there. so is russia's president vladimir putin. there is new tension between those two between the u.s. and russia over syria and the uprising there and you could see the tension between the two of them today. our chief white house correspondent and political director chuck todd reports tonight from los cabos. >> reporter: it was the first meeting between president obama and newly reinstalled russian president vladimir putin. the stickiest issue they discussed? syria. >> we discussed syria where we agreed that we need to see a cessation of the violen

second memorandum that missed it by the most because i got what greece. was going to commit it was a cd of three things loan installments that it received from the leica. payments that we make to the troika from those loans and thirdly a state of the measures that these screwed up relation to the ground. the government has been the interim government but the economic tactics opposed the government was. a lie and on the. parliamentary support of the major parties cannot by placing these social civil servants sort through this completely so the greek government begins its part of the now let me give you mention of particular pain of the people the people if you meant some too. two and a half weeks ago according to the show journal of lonesome and raymond's greece was was it was going to receive five point two billion euros from the epicenter of which five point two billion is it would have it will be able to keep one billion for the use by the greeks they for buying pharmaceuticals for them for hospitals and grain for schools and pensions and stuff one out

that ad you just saw the lure tourists to greece was not paid for by the government it was frowned funded to raise money for from all over the world we'll talk to one of the founders of the initiative that made this possible in the second half of our show plus can and should the u.s. tax code attempt to bolster jobs and innovation in alternative energies senators were talking about it on capitol hill today but commodities expert dr stephen leeb is here to tell us if the u.s. is already being left in the dust compared to other countries when it comes to renewable energy development and what this means if we truly do face oil scarcity let's get to today's capital account. so by late yesterday the spanish so called solution the bank bailout had already turned back into a crisis it is evident in spanish bond yields that we saw spike today to record dragging italian bond yields with them they they were up to and of course greece is next on the docket we have elections this sunday so uncertainty really seems to be the name of the game and in terms of policy solutions and to what extent the priv

but not to greece because greece had to pay every single euro of the four point two billion to the european central bank now why why did the c b the z b in its wisdom if you recall a year a year and a half ago entered the secondary bond market then bought stressed bonds of these islands on support of the problem up that failed of course. nevertheless it ended up with billions of worth of greek government bonds in its books now in march those bonds for all other bond holders where haircut savagely they see these so this would be wanted to take its money back to have its bonds get government bonds that it didn't and it heavily deemed at face value even though the they say they never bought them at face value the bottom twentieth or thirty percent. discount which means that the greek government and that's how i finalize the whole thing. two and a half weeks both focal you could billion from one arm of the european union from the epicenter in order to give it wholesale to the e.c.b. so that these should be could profit from the bankruptcy of the greek state where the greek population was being

that ad you just saw the lure tourists to greece was not paid for by the government it was frowned funded to raise money for from all over the world we'll talk to one of the founders of the initiative that made this possible in the second half of our show plus can and should the u.s. tax code attempt to bolster jobs and innovation in alternative energy senators were talking about it on capitol hill today but commodities expert dr stephen leeb is here to tell us if the u.s. is already being left in the dust compared to other countries when it comes to renewable energy development and what this means if we truly do face oil scarcity let's get to today's capital account. so by late yesterday the spanish so called solution the bank bailout had already turned back into a crisis it is evident in spanish bond yields that we saw a spike today to a record dragging italian bond yields with them they they were up to and of course greece is next on the docket we have elections this sunday so uncertainty really seems to be the name of the game and in terms of policy solutions and to what extent the pr

the main items on the agenda, greece and spain. european commission president baroso and the european council president pledged to recover confidence in the credit of euro zone countries. a political party in favor of austerity policies won the election in greece on sunday. he said its leaders need to form a new government as soon as possible, then implement austerity measures. >> we stand ready to continue to support greece in its endeavor. >> the eu leaders stressed athat they will address mid to long-term ish us tsues includin banks. they said that will help stop a negative spiral. european banks have been left holding bad debt when government bonds have been grodowngraded. >> people who trade stocks are looking for more. a ai is here with us now. what kind of week are investors having. >> with the g-20 and the greek elections that took on sunday, we saw a nice rally in asia yesterday. u.s. and european markets ended mixed in overnight trades with the dow jones ending down a fifth of a percent lower at 12 no ,741. it weighed off

. >>> it's the final countdown in greece. people prepare to head to polls on sunday potentially deciding their fate in the eurozone. >>> very good morning to you. welcome to the program. major central banks have begun outlining their positions after coordinated action to support markets citing g-20 sources. if the greek election result triggered a market rout, central banks would step in to prevent a credit squeeze. >>> the bank of england will restart its emergency liquidity facility or extended collateral term repo facility next week on the 20th of june. the bank of england says it will hold one august shun per month until further offering 5 billion pounds at each auguction. >>> and mario draghi said he is ready to support europe's banks. he says the ecb will provide liquidity to solvent banks where needed. >> the ecb has the crucial role of providing liquidity in return for collateral. this is what we have done throughout the crisis, faithful to our mandate of maintaining price stability over the medium term. >>> silvia is

again at the end of the week the fate of the greek economy and society looms large if greek you have greece decides to leave the euro what kind of a shock waves will that decision have on the rest of europe also another secret government document was leaked today revealing new information on president obama's free trade policy beliefs what exactly did the report say and what is the why is the white house standing up for foreign companies and not the american workers and what ever wonder what america would be like with a fascist government with mitt romney becomes president former vice president may well have suggested well find out very quickly explain why and how in tonight's daily take. in screwed news an election looming at the end of the week greeks are preparing for the worst case scenario an exit from the euro and is suing economic crisis polls show that the leftists are is a party which is against austerity and wants to cancel the greek bailout is winning by a slim margin heading into sunday's election a series of party victory could mean greece leaving behind the euro and going back

again at the end of the week the fate of the greek economy and society looms large if greek you have greece decides to leave the euro what kind of a shock waves will that decision have on the rest of europe also another secret government document was leaked today revealing new information on president obama's free trade policy beliefs what exactly did the report say what is the why is the white house standing up for foreign companies and not the american workers and what ever wonder what america would be like with a fascist government a bit romney becomes president former vice president may well have suggested we'll find out very quickly explain why and how into that steely take. in screwed news of an election looming at the end of the week greeks are preparing for the worst case scenario an exit from the euro and is suing economic crisis polls show that the leftists are is a party which is against austerity and wants to cancel the greek bailout is winning by a slim margin heading into sunday's election a series of party victory could mean greece leaving behind the euro and going back to th

an election win for greece's pro-bailout party leads to new hopes for the eurozone. president obama attends the g-20 summit in mexico, where the focus is europe's debt crisis. and with a key federal reserve meeting coming up tomorrow, we kick off a week long look at the fed and whether it's done too much or too little to boost the u.s. recovery. that and more tonight on "n.b.r." president obama welcomed today the greek election results, saying it's a positive step in stabilizing the world financial system. he's in los cabos, mexico where he is meeting with leaders of from the world's top 20 nations for a two day summit. a big topic at the summit will be greece's sunday elections, where the centrist new democracy party won the most votes and was asked to try to form a coalition government. president obama called on world leaders to work together to boost the global economy. >> ware going to be working under your leadership with our european partners and with all countries to make sure that we're contributing so that the economy grows, the situation stabilizes confiden

an election win for greece's pro-bailout party leads to new hopes for the eurozone. president obama attends the g-20 summit in mexico, where the focus is europe's debt crisis. and with a key federal reserve meeting coming up tomorrow, we kick off a week long look at the fed and whether it's done too much or too little to boost the that and more tonight on "n.b.r." president obama welcomed today the greek election results, saying it's a positive step in stabilizing the world financial system. he's in los cabos, mexico where he is meeting with leaders of from the world's top 20 nations for a two day summit. a big topic at the summit will be greece's sunday elections, where the centrist new democracy party won the most votes and was asked to try to form a coalition government. president obama called on world leaders to work together to boost the global economy. >> we are going to be working under your leadership with our european partners and with all countries to make sure that we're contributing so that the economy grows, the situation stabilizes confidence returns to

greece is a very small economy. it did, in fact -- the causes of the crisis are vary quite a bit from country to country. greece was a country that overspent and owe veer borrowed. and that's a major reason why it's currently in such trouble. the united states is a large diverse economy with deep financial markets, international reserve currency, independent monetary policy. great credibility after 200 years of paying our debts which by the way we should be as a strength that we should not squander if at all possible. that being said, so i don't think we're in a greek situation, and the evidence for that is that we are currently paying 1.5% for 10-year money where greece can't borrow at any price, essentially. that being said, i don't think we should be complacent. obviously we have a situation which is not sustainable and we do need to be thinking very seriously how to put the fiscal budget on -- the federal budget on a path that will be sustainable in the longer term. >> thank you. in the interests because we have

i max kaiser this is the kaiser report so what's going on with greece they put a gun to their head and they did the right thing. max keiser markets find chaos. yeah you know i want to look back at some of the headlines preceeding the sunday vote that happened in greece to remind you as we go forward because you see spain and italy are also now you know their cost of funds are increasing and looks like chaos will follow there perhaps france as it got downgraded so let's look at the lead up to the greek elections world bank warns that euro collapse could spark global crisis you're facing lehman's moment says outgoing head robert zoellick as greeks are warned over a key election the telegraph warned greek election catastrophic vote to leave euro would cause bank run. well it was like a lehman brothers moment but let's remember what the lehmann brothers moment was all about the stock was down sharply and then a false rumor was started and attractive naked short sells that is this a counterfeit stock sales of lehman brothers stock flashforward to greece greece also being attacked with naked

it given that greece is. the position right now it is highly unlikely that there will be a lot of signals. you can't if you want really real interest rate that you're so you'll exchange rate adjustments on the accounts and in other words they will not provide a safety cushion for people against the future devaluation of the setting will be probably at the exchange rate close to the one at which greece went into the euro the first place but that will follow immediately with a devaluation of twenty to thirty percent with them literally hours of introduction of that exchange rate and that will continue to develop a show that it will continue expectation is that drucker would have to devalue by about sixty percent in the meantime before it hits sixty percent it probably will devalue by seventy percent first and then will straight them up a little bit towards the sixty percent this is all of course not exact science because we don't know exactly action it also will depend on how much it is will default on will the

when greece or the car accident in two thousand and ten. the european union in its wisdom decided to create a bit out forms be of the same google which was to convince the markets that you to be standing behind us we could members and therefore hoping that it would never be used. but as an additional safeguard germany in particular insisted that the episode would become very an advertising for for all countries like especially delhi and spain that make think of using it as an alternative to financing themselves in the markets so they wanted to put it there but they wanted at the same time to make it very unattractive so that the large countries like italy and spain would want not what you do use which is a little bit of a contradiction. turning out of the to the to the structure of the effort. and my analogy of the c.d.o. think about what was this the oh it's the earl was finance a law. debt instrument it was a paper title which it was let me look like it like a box which contained small pieces of other people's deaths including governments

because or this is a cause or a report so what's going on with greece did they put a gun to their head and they did the right thing stacey or max keiser markets finance chaos. yeah you know i want to look back at some of the headlines preceeding the sunday vote that happened in greece to remind you as we go forward because you see spain and italy are also now you know their cost of funds are increasing it looks like chaos will follow there perhaps france as it got downgraded so let's look at the lead up to the greek elections world bank warns that euro collapse could spark global crisis you're facing lehman's moment says outgoing head robert zoellick as greeks are warned over key election the telegraph warned greek election catastrophic vote to leave euro would cause bank run. well it was like a lehman brothers moment but let's remember what the lehmann brothers moment was all about the stock was down sharply and then a false rumor was started and attracted naked short sells that is this a counterfeit stock sales of lehman brothers stock flashforward to greece greece also being attacke

and the question is if this democratic disillusionment is really unique to greece or is this something that is missed metastasizing across the european continent spreading into countries like italy and spain with the eventually wallaby that the tumor will at some point prove too large for the german corps and its surplus brother and to remove without risking a european wide disintegration well earlier i spoke about all of this with a yawn as pelosi is a contributor for the american prospect former editor in chief of free sunday a great journalist here's his take on the election results. basically the the center down to the issue of. the euro and what it takes to stay in the euro and most people were afraid that the victory would jeopardize which is usually the euro turning to new democracy even. if even though there were these yes think about this as some of us and. policies and most of the people who are really sick of austerity decided to go for sousa to try to give them the victory and in the end as you say it was a close run thing but the fear of an exit was slightly higher than th

more than greece, portugal, irish and spanish debt together. how do you stop it at greece? >> last time you were on, we talked about the risk of systemic events based on whether or not greece stays in the euro and firewall greece. and at the time, you thought that the u.s. financial system could handle it and you were pretty confident that, indeed, we'd kind of moved through this. but when you look at what happened yesterday, after that reuters story about the central banks and the whipsaw, it seems the volatility and fear trade is moving back off the table. >> i think systemic risk is always there to some extent. the u.s. is not completely isolated from what's going on in europe. i think in terms of exports, surely we in the u.s. withstand a slow down in economic growth in europe but if the issues spread in to the rest of europe, if greece leave it is euro, i continue to believe that has an affect on our capital markets here in the u.s. for that reason, we continue to talk to investors about the need for including noncorelated asset classes. >> okay. for the rest of the ye

they are now thank you for joining our team with a quick recap of your headlines people of greece headed to the polls for the second time in two months to decide at the country's future with their choice impacting the entire eurozone they are left with two options to side with austerity or to revolt against it but the move which could ultimately spell greece's exit from the euro. the united nations peace plan for syria is near collapse as observers say it's getting too risky for them to continue their mission amid the escalating violence this as moscow denies u.s. claims that a russian military cargo ship is on its way to syria with weapons and troops. and in egypt activists say the revolutions in jeopardy and are boycotting the ongoing presidential poll after the military claimed all branches of power for itself and as long as it is facing off against mubarak's last prime minister critics saying neither man's a champion of change. next r.t. talks to the person who predicted the global economic crisis the consequences of which are still being felt across the world. mr b. thank you very m

welcome back here with r t here is a reminder of the top stories of the week people of greece have to the polls for the second time in two months to decide the country's future was their choice impacting the entire eurozone they are left with two options to side with the stereo or to revolt against it the move which could ultimately spell greece's exit from the euro. the united nations' peace plan for syria is near collapse as observers say it's getting too risky for them to continue their mission violence this is moscow denies u.s. claims that a russian military cargo ship is on its way to syria with weapons and troops. and in egypt activists say the revolutions in jeopardy are boycotting the going presidential poll after the military claimed all branches of power for itself as long as to is facing off against mubarak's last prime minister with critics saying neither man's a champion of change. or next hour he talks to the person who predicted the global economic crisis the consequences of which are still being felt across the world. mr b. thank you very much for your time in two tho

but not to greece because greece had to pay every single euro of the four point two billion to the european central bank now why why do they see b. they see b. in its wisdom if you recall a year a year and a half ago entered the secondary bond market then bought stressed bonds of these islands on support of the problem up that failed of course. nevertheless it ended up with billions of worth of greek government bonds in its books now in march those bonds for all other bond holders where have haircut savagely not they see these so this would be wanted to take its money back to have its bonds get government bonds that it didn't and it heavily deemed at face value even though the they said he never bought them at face value the bottom twentieth or thirty percent. discount which means that they get government and that's how i finalize the whole thing. to have weeks both focal you could billion from want of the european union from the epicenter in order to give it wholesale to the e.c.b. so that these could be could profit from the bankruptcy of the greek state where the greek population is bein

welcome back you're watching r t here is a look at the top stories of the week people of greece had to the polls for the second time in two months to decide the country's future with their choice impacting the entire euro zone we are left with two options to side with a stereo or to revolt against a move which could ultimately spell greece's exit from the euro. the united nations' peace plan for syria is near collapse as observers say it's getting too risky for them to continue their mission and escalating violence this as moscow denies u.s. claims that a russian military cargo ship is on its way to syria with weapons and troops. and in egypt activists say the revolutions in jeopardy and are boycotting the on going presidential poll after the military claimed all branches of power for itself as long as is facing off against the bards last prime minister with great ease saying neither man's a champion of change. now our t.v. chats to the person who predicted the global economic crisis the consequences of which are still being felt across the world. mr b. thank you very much for your tim

greece will ultimately exit. when does it happen, how orderly or disorderly is it and who follows greece out the door of the eurozone. we think the eurozone will get smaller. the half measures are buying time. it is possible though it's not happening so far, it is possible they can put in place in some of the countries structural reforms to get their economies to grow so if they're able to buy time to improve the fundamentals of some of the core european countries then this can end in a reasonable manner. if they're kicking the can down the road and not making hard choices they're buying time for no reason. as mohammed likes to say it's a bridge to nowhere. we're focused on the downside risks. >> do you think spain is able to recapitalize the banks and stay in the euro? >> our base case scenario spain is so large other countries will help them stay in the euro, the core of four and likely more than that but less than the full 17 and so it's obviously a tough situation. in the u.s. we had one treasury department,

imax kaiser this is a con is a report so what's going on with greece they put a gun to their head and they did the right thing stacey ever max keiser markets finance chaos. yeah you know i want to look back at some of the headlines preceeding the sunday vote that happened in greece to remind you as we go forward because you see spain and italy are also now you know their cost of funds are increasing it looks like chaos will follow there perhaps france as it got downgraded so let's look at the lead up to the greek elections world bank warns that euro collapse could spark global crisis you're facing lehman's moment says outgoing head robert zoellick as the greeks are warned over key election the telegraph warned greek election catastrophic vote to leave euro would cause bank run. well it was like a lehman brothers moment but let's remember what the lehmann brothers moment was all about the stock was down sharply and then a false rumor was started and attracted make it short sells that is this a counterfeit stock sales of lehman brothers stock flashforward to greece greece also being att

watching r t let's take a look at the top stories of the week as well as the latest news people of greece had to the polls for the second time in two months to decide the country's future with their choice impacting the entire eurozone they're left with two options to side with the steering or to revolt against it the move which could ultimately spell greece's exit from the euro. you know the nation's peace plan for syria is near collapse as observers say it's getting too risky for them to continue their mission and minutes play violence this as moscow denies u.s. claims that a russian military cargo ship is on its way to syria with weapons and troops. and an agent activist say the revolutions in jeopardy and are boycotting the ongoing presidential poll after the military claimed all branches of power for itself as long as it's facing off against mubarak's last prime minister with critics saying the other man's a champion of change. and it's our teacher hats to the person who predicted the global economy crisis the consequences of which are still being felt across the world. mr b. thank y