masters are to decide whether greece should get more time to sort out its bailout ruefulness while in germany chancellor merkel's allies say afterwards leaving the euro would be no big deal. u.s. special troops are on standby to go into syria following president obama's warning of authorizing intervention if there are signs damascus is moving its chemical arms . and russia or asked the u.s. to hand over business victor boot has been jailed for twenty five years for conspiring to kill americans but maintains he's the victim of a political witch. this is r.t. live from moscow welcome if you just joined us this kevin now in our top story at nine pm here it's crunch time for greece right now the german leader and french president are working out whether to grant our fans the breathing space it needs to sort out its finances the country's been relying on international loans for over two years but is struggling to meet its bailout conditions meanwhile chancellor merkel's allies in berlin say a greek exit would have a great impact on the peter all of a is what would not have a great impact o

greece carries on using euro's until new track when nodes are available but you raise the exchange rate at the new one on one parity with the with the drachma well what will tend to happen is that a price system will develop because people will know that. the same as euros although they've been converted to one to one rate they'll tend to be a different price for euro cash as compared to. credit or direct debit cards that will be to some extent messy but it will be perfectly practical there are a lot of countries in the world to do currency into pricing system and this all sounds very simple in times of in terms of will people using real money are there other complications that kind of macroeconomic level where there are huge complications and problems on one of the biggest is going to concern the legal position because what would happen at the point of the greece leaves the euro is it would read to nominate its debt its national debt into a drachma. now as far as domestic greek residents and. not going to have any come by that change is going to stand in on the great lauren green cause

would you say it's a better plan i think there's no doubt that greece in my view needs to get out of the euro i cannot see any way in which this current policy of austerity is going to bring any relief or slow arriving process of trying to. take. hold of our credit very much more it grazes the real value of day to greece and the other we can members of the euro face not one problem but to their own competitive costs and prices are out of line with other countries in the euro and they're also saddled with very high levels of debt the problem with domestic deflation is in principle but very badly but in principle it deals with one of these problems namely the lack of competitiveness but at the cost of making the other problem debt even worse and what we're talking about is is countries not only greece but possibly other countries that leaving the euro off to that europe file seem to fear the breakup of the year is there not some kind of ahmed getting do you think that's where listed fair well i think they're right to fear the breakup of the euro zone because. if greece for instance wer

for greece, you have to understand it was only two months ago we were discussing whether greece would be leaving the eurozone. they are going through an incredible depression right now with an incredible level of unemployment. it is very difficult for them to meet all of these austerity measures and budget cuts without exacerbating the problem and trying to get more time for that. all promises they have made have been broken and the commitments have been emptied all along. >> can there rest of europe afford to give them more time? >> we are coming to a time where markets will start doubting the ability of the other countries. there is still plenty of room for germany to come up with more aid to their partners. the big question is politically whether they will have that type of political will because right now, what we are seeing that is different from before is that the economies of the rest of europe are starting to weaken. germany, france are weakening and it is no longer a question. you lose the will to take part once the german economy weakens. >> the whole eurozone is teetering o

and regaining of competitiveness in greece and this is the exit from the eurozone and greece is bankrupt i think there's no discussion about that today and it hasn't been two or three years ago and let's imagine something does get its breathing space so what was done could the government really reverse years of recession and corruption in so brief time. greece has done quite a bit of work there is no discussion about that but even if it's the hardest possible were a lot of. extremely or very greece won't be able to pay back the huge amount of that they have loaded to their shoulder greece is able to achieve a crime or a surplus of around about five billion euros this is able to finance one hundred billion euros in debt chris has more than three times this amount. crease won't be able to get out of this crisis without leaving the eurozone the chancellor merkel has also said that the greek problem is not just economic and not just about the eurozone but also about the future politics of europe what exactly did she mean. i don't know exactly what. was here but what is obvious is that within

takes years decades correct sort of a credit to greece is going through and what's more it raises the real value of debt to greece and the other we can members of the euro face not one key problem but to their own competitive costs and prices are out of line with other countries in the euro and they're also saddled with very high levels of debt the problem with domestic deflation is in principle but the very badly but in principle it deals with one of these problems namely the lack of competitiveness but at the cost of making the other problem debt even worse and what we're talking about is countries not only greece but possibly other countries then leaving the euro off to that europe file seem to fear the breakup of the year is they not some kind of ahmed getting do you think that's where listed well i think they're right to fear the breakup of the euro zone because. if greece for instance were to leave obviously we don't know how it would all work out suppose it's possible that the rest of the euro would then hang together but i doubt it i think if greece leaves before very long con

of debt to greece and the other we can members of the euro face not one key problem but to their own competitive cost some prices are out of line with other countries in the euro and they're also saddled with very high levels of debt the problem with domestic deflation is in principle but they very badly but in principle it deals with one of these problems namely the lack of competitiveness but at the cost of making the other problem debt even worse and what we're talking about is countries not only greece but possibly other countries that leaving the euro off to that europe file seem to fear the breakup of the year is they not some kind of ahmed getting do you think that's where listed fair well i think they're right to fear the breakup of the euro zone because. if greece for instance were to leave obviously we don't know how it would all work out suppose it's possible that the rest of the euro would then together but i doubt it i think if greece leaves before very long conses countries will leave as well and will end up probably with the peripheral countries possibly all five of th

would you say it's a better plan i think there's no doubt that greece in my view needs to get out of the euro i cannot see any way in which this current policy of austerity is going to bring any relief or stop this grinding process of trying to bring prices and wages down takes not years but decades to correct the sort of on competitiveness that greece is going through and what's more it raises the real value of debt so greece and the other weaker members of the euro face not one key problem but to their own competitive costs and prices are out of line with other countries in the euro and they're also saddled with very high levels of debt the problem with domestic deflation is in principle but very badly but in principle it deals with one of these problems namely the lack of competitiveness but at the cost of making the other problem debt even worse and what we're talking about is is countries not any greece but possibly other countries that leaving the euro off to that your file seem to fear the breakup of the year is there not some kind of ahmed getting do you think that's where li

would you say it's a better plan i think there's no doubt that greece in my view needs to get out of the euro i cannot see any way in which this current policy of austerity is going to bring any relief or slow the rising process of trying to. take a decade or so to our credit freeze very much more grazes the real value of day to greece and the other we can members of the euro face not one problem but to their own competitive costs and prices are out of line with other countries in the euro and they're also saddled with very high levels of debt the problem with domestic deflation is in principle but the very badly but in principle it deals with one of these problems namely the lack of competitiveness but at the cost of making the other problem debt even worse and what we're talking about is countries not only greece but possibly other countries that leaving the euro off to that your file seem to fear the breakup of the year is there not some kind of ahmed getting do you think that's where listed as well i think they're right to fear the breakup of the euro zone because. if greece for

would you say it's a better plan i think there's no doubt that greece in my view needs to get out of the euro i cannot see any way in which this current policy of austerity is going to bring any relief or slow the rising process of trying to. take. hold of our credit very much more it grazes the real value of day to greece and the other we can members of the euro face not one problem but to their own competitive costs and prices are out of line with other countries in the euro and they're also saddled with very high levels of debt the problem with domestic deflation is in principle but the very badly but in principle it deals with one of these problems namely the lack of competitiveness but at the cost of making the other problem debt even worse and what we're talking about is countries not only greece but possibly other countries that leaving the euro off to that europe file seem to fear the breakup of the year is there not some kind of ahmed getting do you think that's where listed well i think they're right to fear the breakup of the euro zone because. if greece for instance were

would you say it's a better plan i think there's no doubt that greece in my view needs to get out of the euro i cannot see any way in which this current policy of austerity is going to bring any relief or slow the rioting process of trying to. take a decade or so to a credit freeze very much more it grazes the real value of day to greece and the weaken members of the euro place not one problem but to their own competitive costs and prices are out of line with other countries in the euro and they're also saddled with very high levels of debt the problem with domestic deflation is in principle but the very badly but in principle it deals with one of these problems namely the lack of competitiveness but at the cost of making the other problem debt even worse and what we're talking about is countries not only greece but possibly other countries that leaving the euro off to that europe file seem to fear the breakup of the year is there not some kind of ahmed getting do you think that's where listed fair well i think they're right to fear the breakup of the euro zone because. if greece for

these masters are working out whether greece should get more time to sort out its bailout reforms while in germany chancellor merkel's allies say athens leaving the euro would be no big deal. u.s. special troops are on standby to go into syria following president obama's warning of a board for rising intervention if there are signs damascus is moving its chemical weapons. russia asked the u.s. to hand over businessman victor boot who's been jailed for twenty five years for conspiring to kill americans but maintains he's the victim of a political which. you just showed is very good evening to you from me kevin owen here in moscow it's eleven pm now and you're watching r.t. now our top story it's crunch time for greece the german leader and french president are working at whether to grant athens the breathing space it needs to sort its finances out the country's been relying on international loans for over two years now but is still struggling to meet its bailout conditions meantime chancellor merkel's allies in berlin say a greek exit would have a great impact sorry wouldn't have a great

would you say it's a better plan i think there's no doubt that greece in my view needs to get out of the euro i cannot see any way in which this current policy of austerity is going to bring any relief or solve the grinding process of trying to bring. takes years decades correct sort of a competitive greece is going through and what's more it raises the real value of debt to greece and the weaken members of the euro face not one key problem but to their own competitive cost some prices are out of line with other countries in the euro and they're also saddled with very high levels of debt the problem with domestic deflation is in principle but the very badly but in principle it deals with one of these problems namely the lack of competitiveness but at the cost of making the other problem debt even worse and what we're talking about is countries not only greece but possibly other countries then leaving the euro off to that europe file seem to fear the breakup of the year is they not some kind of ahmed getting do you think that's where listing their well i think they're right to fear th

europe's paymasters greece's hopes for a more lenient austerity while athens lashes out at germany demanding it stop spreading rumors of the imminent your exit. the two un's nuclear watchdog news talks with iran over the atomic program the islamic state claims is purely peaceful and the doubts over the agency's impartiality. international news and comment live from moscow this is all she was me you know. welcome to the program norway is about to close the final chapter of the case that's been haunting it for more than a year now has confessed mass murder and as brave it awaits a quarter verdict during the trial he never showed remorse for slaughtering dozens of people in july twenty seventh and as a senior now reports the hearings have highlighted the fact europe's multicultural policy is framing. there's no doubt about his guilt for right militant unders brave massacred seventy seven people in norway thirteen months ago to show his rejection of government policies and immigrants and is long. but the question at the heart of this trial is ian same brave because along insisted he is not that

would you say it's a better plan i think there's no doubt that greece in my view needs to get out of the euro i cannot see any way in which this current policy of austerity is going to bring any relief or stop this grinding process of trying to bring prices and wages down takes not years but decades to correct the sort of on competitiveness that greece is going through and what's more it raises the real value of debt so greece and the other weaker members of the euro face not one key problem but to their own competitive play their costs and prices are out of line with other countries in the euro and they're also saddled with very high levels of debt the problem with domestic deflation is in principle but the very badly but in principle it deals with one of these problems namely the lack of competitiveness but at the cost of making the other problem debt even worse and what we're talking about is countries not only greece but possibly other countries that leaving the euro off to that your file seem to fear the breakup of the year is there not some kind of ahmed getting do you think th

the greece -- it says greece could stay afloat but will be broke if the money doesn't arrive. what's your own sense of likely outcomes for greece by the end of this year? >> i think they will have to provide some relief to greece. i hope it will be in the form of official debt relief. and not in the form of more money, which in any case politically is unlikely to fly. and i also think that that will help greece get out of recession more easily because right now interest payments absorb a very large portion of tax revenues. >> okay. thank so you much for joining us. miranda xafa joining us from athens. australia central bank governor says the country's resources boom is not over yet. the rba expects mining investments to peak of 9% of gdp over the next two years before fading. signalled interest rates will stand pat unless there's a big change in australia's economic outlook. come october, the japanese government could run out of government. the nation's with the world's biggest debt burden is inches to its own version of fiscal cliff. legislation is languaishing. >>> and the u

. >> we want -- i want -- greece to be in the eurozone. it is a which we have expressed since the beginning of the crisis, but now, it is up to grease to make the efforts which are indispensable to achieving this goal. >> germany and france are seeking a common position in the face of greek requests for more time to carry out the reforms demanded of them. >> let's go now live to our chief political correspondent, who is standing by outside the chancellor were talks between merkel and hollande are continuing at this hour. it does not sound as if the greek prime minister will hear what he wants to when he arrives in berlin tomorrow. >> in fact, this was quite a strong statement from mr. hollande and angela merkel indicating that there will be no relaxation of the conditions being demanded of greece. the leaders have had differences in the past. francois hollande has tended to favor a growth path, where as angela merkel is seen as a hard- liner on austerity -- whereas angela merkel is seen as a hard- liner on austerity, but they have done the

is more competitive not grinding deflation they would tell fifteen years but instantaneously greece is forty or fifty or sixty percent more competitive than the demand for greek output is going to take off that doesn't happen overnight but in a matter of months that will happen greek exports will start to rise create imports will fall and that will generate employment more income in greece so there's a trade off a difficult period to go through first of all in order to secure later greater prosperity so if you compare that situation to the austerity that the greeks are now facing which would you say is a better plan i think there's no doubt that greece in my view needs to get out of the euro i cannot see any way in which this current policy of austerity is going to bring any relief or solve the grinding process of trying to. take years decades correct sort of a credit crisis greece is going through and what's more it raises the real value of debt to greece and the other we can members of the euro face not one key problem but to their own competitive costs and prices are out of line

would you say it's a better plan i think there's no doubt that greece in my view needs to get out of the euro i cannot see any way in which this current policy of austerity is going to bring any relief or solve the grinding process of trying to bring. takes years decades direct result of a credit crisis greece is going through and what's more it raises the real value of debt to greece and the weaken members of the euro face not one key problem but to their own competitive cost some prices are out of line with other countries in the euro and they're also saddled with very high levels of debt the problem with domestic deflation is in principle but the very badly but in principle it deals with one of these problems namely the lack of competitiveness but at the cost of making the other problem debt even worse and what we're talking about is countries not only greece but possibly other countries then leaving the euro off to that your file seem to fear the breakup of the year is they not some kind of ahmed getting do you think that's where listed fair well i think they're right to fear the

you only have to look at greece. the highlight out of the numbers, the point to take home is what's happening in the powerhouse of europe which of course is germany. yes, germany eked out growth, .3%, but at those growth rates it certainly and clearly shows that germany is nowhere near as bouyant as six months ago. that's a problem and could be a sign of things to come because i've been told today, if germany doesn't get a grip and handle on the solution sooner rather than later it's big trouble for germany. germany relies on the success of the eurozone, 40 percent of exports go into europe. saying all of that, though, somebody did tell me today there could be a positive out of this negative. let's have a listen to this, connor. >> at the very least. you may have noticed politicians and policymakers, if they are still talking because many are not today, they are actually talking about october increasing. i think they 3450eu9 mighting traveling on hope, because if markets are back in september the markets will have an

europe's patience with greece is wearing thin. antonis samaras needs to win favor abroad but he must also start to heal his broken country. >> that is where mr. samaras will push talks today and later in the week and talk about how the country is suffering from austerity, one third pushed below the poverty line, unemployment, 23 percent and for young people, a staggering 54 percent. a source tells me he will not press for the two-year extension, he does not want to cause bad blood with them at this stage but he will broach the topic. will they respond positively? they are tiring of greek delays but they don't want to see greece leaving the euro for the moment for fear it could spread contagion to other indebted countries. >> mark, in athens, thank you very much. we're going to have a look at some of the other stories making headlines around the world. japan is sending its ambassador back to south korea to deal with a dispute over island territory which both countries claim. the ambassador was withdrawn in protest after the south k

and the euro debt crisis in greece is not the biggest issue here on the frankfurt floor. nevertheless, the euro debt crisis remains an issue because there is lots of uncertainty going on here, although investors are quite sure that angela merkel will not fulfil any wishes of the greek government to get more time or even for another debt cut. the dax ended up this first trading day of this week unchanged. >> let's take a closer look at some of those market figures now. the dax closed at 7033. the euro stoxx 50 down by 8.5%. the dow jones industrials currently at 13,264. the euro trading for $1.3345. argentina has filed a complaint against the eu at the world trade organization, objecting to a spanish law that limits imports of by a diesel fuel. spain has 60 days to show that its rules are not unfair, after which argentina can ask for a wto panel to settle the matter. the claim comes at a time of strained relations between madrid and when desires after argentina nationalized the ypf will company, a subsidiary of spanish oil repsol earlier this year. >> here in germany, new

would you say it's a better plan i think there's no doubt that greece in my view needs to get out of the euro i cannot see any way in which this current policy of austerity is going to bring any relief or slow the rising process of trying to. take a decade or so to our credit freeze very much more raises the real value of day to greece and the weaken members of the euro face not one problem but to their own competitive costs and prices are out of line with other countries in the euro and they're also saddled with very high levels of debt the problem with domestic deflation is in principle but the very badly but in principle it deals with one of these problems namely the lack of competitiveness but at the cost of making the other problem debt even worse and what we're talking about is countries not only greece but possibly other countries that leaving the euro off to that your file seem to fear the breakup of the year is there not some kind of ahmed getting do you think that's where listed as well i think they're right to fear the breakup of the euro zone because. if greece for instan

hands this isn't out of greece and greece. you know a vicious. spiral the economy. loading and collapsing they pass there's no going to. them you'll see. that in the private sector of greece that insolvent the banks that insolvent. so it's completely up to the eurozone to decide whether it wants to give that greece an opportunity to stay afloat in the eurozone or whether they would want to push the greek economy and society it was where they would simply put all their arms up in the air and enter and leave the euro now. if greece doesn't get the latest cash this thirty one and a half billion euro it will default on its massive debt how wide will that shockwave be felt if that happened still said thank you. not that wise and not that significant because let's face it releases already defaulted last march to the private sector and massive seventy five percent was imposed upon the bondholders in present value terms now that depp's that in mainz which is unsustainable when you use that debt to the official sector of the european u

you paymasters are to decide whether greece should get more time to sort out its bailout reforms while in germany chancellor merkel's hour lies say athens leaving the euro would be no big deal. u.s. special troops are on standby to go into syria following president obama's warning of authorizing intervention if there are signs damascus is moving its chemical arms . and despite america's countdown to pullout from afghanistan there is a warning that washington is fueling insurgency following a deadly wave of insider attacks against western troops. and welcome to r.t. where we broadcast you live on screen and online twenty four hours a day and seven days a week well it is crunch time for greece germany and france prepare to decide whether to grant athens the breathing space says it needs to sort its finances out the country's been relying on international laws for over two years but is struggling to meet its bailout conditions meanwhile angle america's allies in berlin say a greek exit wouldn't have a great impact on the euro zone parties peter oliver is there with more the two have diffe

well over the next few weeks greece could find out its fate in the country's future as a part of the euro that's certainly going to be something that's all for discussion when francois hollande the french president arrives here in berlin for chats with chancellor angela merkel now the two have differing opinions over how the debt crisis in greece should be dealt with as well as across the eurozone in general. chancellor merkel very very big on wanting to see cuts she said that greece must stick to a very rigid plan in order to find eleven over eleven billion euros worth of cuts before the next round of bailout money which is to shortly france warland in france saying this well they're a little bit more flexible when it comes to greece now this meeting is going to take place here is really to try and make sure that they're both singing from the same song sheet when it comes to what to do with athens it comes of course shortly before the greek prime minister heads to paris for talks with all and hopefully there will be a consensus between germany and france over what to do before then

as greece received two hundred fourteen percent of g.d.p. as aid how can we do that with spain these sums become astronomical too big for the rest of europe and i think everyone knows that how much deliberation can really afford any and now on the on what to deal how the problem you the problem of the southern european countries total bank and government debt of twelve point five trillion euros is too big for germany to to be solved. germany's g.d.p. is two and a half trillion so the only possibility is there the investors themselves except some haircuts if the banks in spain for example have a problem because of these huge write off losses on their toxic credits to. real estate investors well then the creditors of the bank would have to lose the money first of all you could try to detect with the swap that is the old equity owners hand over their shares to the creditors in exchange for a haircut that would be a fair deal for the credit. the equity owners would lose their money. bear the risk that's their function and if that is not enough i

europe's premier economies damage greece's problems but more time to implement cuts while athens launchers out of germany demanding it stop spreading rumors of its imminent you were exit. and the use nuclear watchdog with news talks with iran over the atomic program the islamic state claims disputed peaceful and made doubts over the agency's impartiality and. this is coming to live from moscow hello and welcome to the program norway is about to close the final chapter of the case that's been haunting it for more than a game now has confessed to mass murder on this brave awaits a quarter verdict during the trial he never showed remorse for slaughtering dozens of people in july twenty levon and. now reports the hearing has highlighted the fact yorks multicultural policies failing there's no doubt about his guilt for right militant unders brave massacred seventy seven people in norway thirteen months ago to show his rejection of government policies and immigrants and is long but the question at the heart of this trial is ian same brave because along insisted he is not that his extreme and set

for two decades probably a great deal longer ultimately there is a fiction price to be won from greece greek economic numbers the idea that suddenly when you have an economy that's in a tailspin it's collapsing an incredible almost unprecedented grit that suddenly everything's going to switch iran is really not going to have the situation for mrs merkel who has got a terrible dilemma is she's actually going to have to do something radical that she hasn't done before in the euro crisis which is make a decision and actually how did she made any decisions a couple of years ago it would have been a lot better than the than the last a plus the sticking plaster is that if you don't like to these euro crisis the truth is there's no messing around here greece is bankrupt on those stars get him over the course mrs merkel must agree with her about ventures she has to inject greece from the euro because tragically it's the only human solution for everybody involved. the eurozone debt shock waves buffeting britain now there's a thought of the u.k. should look east for success more of that in the c

europe's from economies damage greece's hopes for more time to implement cancer while athens lashes out of germany demanding it stop spreading rumors but with imminent a year exit. the un's nuclear watchdog will use talks with iran over the atomic program the islamic state claims is purely peaceful and they doubt over the agency's impartiality. international news and comment live from moscow this is r.t. was mijnheer ship of our thanks for joining us norway is about to close the final chapter of the case that has been haunting it for more than a year now and fast mass murder and as bravery awaits a court verdict during the trial he never showed remorse for slaughtering dozens of people in july twenty seventh and as artists are syria reports the year e has highlight is the fact europe's multicultural policy is failing. there's no doubt about his guilt far right militant unders brave massacre to seventy seven people in norway thirteen months ago to show his rejection of government policies and immigrants and is long. but the question at the heart of this trial is ian same brave because al

well over the next few weeks greece could find out its fate and the country's future as a part of the euro that's certainly going to be something that's all for discussion when francois hollande the french president arrives here in berlin for chats with chancellor angela merkel now the two have differing opinions over how the debt crisis in greece should be dealt with as well as across the eurozone in general. chancellor merkel very very big on wanting to see cuts she said that greece must stick to a very rigid plan in order to find eleven over eleven billion euros worth of cuts before the next round of bailout money which is to shortly francoise hollande in france saying this well they're a little bit more flexible when it comes to greece now this meeting is going to take place here is really to try and make sure that they're both singing from the same song sheet when it comes to what to do with athens it comes of course shortly before the greek prime minister heads to paris for talks with all and hopefully there will be a consensus between germany and france over what to do before t

next though no sign of relief for greece after its p.r. blitz in europe to try and win more time to enact a painful reforms promised to its creditors the greek prime ministers met the french president now after seeing the german chancellor a day earlier but both of the keep a masters of held back from giving greece that breathing space it says it so urgently needs cause of the rising pressure at home with the parliament leader saying neither the time nor the content to be renegotiated asset management specialist philip roth believes no matter how hard greece tries it won't be able to pay back what it owes. greece is bankrupt i think there's no discussion about that today and it hadn't been two or three years ago even with the hardest possible work and a lot of cut and extremely austerity. greece won't be able to pay back the huge amount of their load to their shoulder there's only one way of rescue and greek gaining of competitiveness increase and this is the exit from the euro zone and politicians always argue there are enormous costs inv

as greece received two hundred fourteen percent of g.d.p. as aid how can we do that with spain these sums become astronomical too big for the rest of europe and i think everyone knows that how much deliberation can really afford any and now on the on what to deal how the problem you the problem of the southern european countries total bank and government debt of twelve point five trillion euros is too big for germany to to be solved. germany's g.d.p. is two and a half trillion so the only possibility is there the investors themselves except some haircuts if the banks in spain for example have a problem because of these huge write off losses on their toxic credits to. real estate investors well then the creditors of the bank would have to lose the money first of all you could try to detect with the swap that is the old equity owners hand over their shares to the creditors in exchange for a haircut that would be a fair deal for the credit. the equity owners would lose their money the bigger the risks that's their function and if that is not en

as greece received two hundred fourteen percent of g.d.p. as aid how can we do that with spain these sums become astronomical too big for the rest of europe and i think everyone knows that how much deliberation can really afford any and now on the on what to deal how the problem you the problem of the southern european countries total bank and government debt of twelve point five trillion euros is too big for germany to to be solved. germany's g.d.p. is two and a half trillion so the only possibility is there the investors themselves except some haircuts if the banks in spain for example have a problem because of these huge write off losses on their toxic credits to. real estate investors well then the creditors of the bank would have to lose the money first of all you could try to detect with the swap that is the old equity owners hand over their shares to the creditors in exchange for a haircut that would be a fair deal for the credit. the equity owners would lose their money the bear the risks that's their function and if that is not enou

germany is not prepared to make any concessions to greece. chancellor merkel will not pump any more money into the country without signs of improvement. as europe posey largest economy, germany is also most vulnerable to a greek the fault -- as europe's largest economy. germany has also put up guarantees, but that is not all. the european central bank has been buying up greek sovereign bonds as well. it has paid for 13 billion euros worth of those bonds with german taxpayer money. berlin is also guaranteeing international monetary fund payments to athens to the tune of 3 billion euros. and the greek central bank's outstanding payments to germany's bank come to a hefty 30 billion euros. together, germany stands to lose $83 billion in the event of a greek sovereign default. statistically, that would cost everyone in germany almost a month's pay for a cashier in a supermarket, and it represents some 33% of the government's annual revenue. >> the finance minister would have funding gaps in those years in which repayments would be due. of course,

leaders frown at athens as calls changes bailout terms if greece doesn't get its massiveness bailout it will default on its loans europe today care and we'll have more from nextel car i thank you very much tail up next we do have a recap of the day's top stories with me try and stay with us. wealthy british style. that's not on the title of. markets why not come to. find out what's really happening to the global economy with max cause or for a no holds barred look at the global financial headlines tune into cars a report on our. home to the future life so is better down where it's wetter so get on board and check out world class cutters as they get a lightweight super strong make over giant floating lab prepares to charge under explored aides to logan arctica and find a novel way to make waste with a brand new empty to be a supposed whatever your destination kids are right to tomorrow's water world today . magine assets. phone watches show every single moment. and waiting for you to stumble. i saw a man with a video camera so i moved over and he followed me. you know we realized they

the short run i think greece stays in. i think they will get the $31.billion euro troferj keeping them in the euro through the course of the rest of the year. after next year if greece has further problems and falls off track, it's anybody's guess. >> rooney: . >> susie: all right w all of these question marks still lingering over europe, what does all of this mean for the american scene? will this derail u.s. stocks in september? >> well, i mean if things go poorly the ecb doesn't come up with anything, if numbers and the reports coming out of greece are far worse, and spain's problems become more aggravated, yes, i think it certainly does flow into u.s. equity and debt markets. i don't think there is any way around that. it also puts more pressure on the u.s. fed to come out with q e3. the issues facing the fed is if europe doesn't do anything, it's going to fall on mr. bernanke and company to fill in the gap. so i think the u.s. economy has got pretty anemic growth. 1.7 to 2% growth for the course of this year. if europ

no sign of relief for greece after its p.r. blitz in europe to try and win more time to enact the painful reforms promised to its creditors the greek prime minister has met the french president after seeing the german chancellor a day earlier both key paymasters have held back from giving greece the breathing space it says that urgently needs angela merkel's under rising pressure at home with the parliament leaders saying neither the time nor the content can be renegotiated asset management specialist in a warning from our police no matter how hard greece tries it won't be able to pay back what it owes. if they greece's bankrupt i think there's no discussion about that today and two or three years ago even with the hardest possible. and a lot of. extremely. vague greece won't be able to pay back the huge amount of debt they have loaded to their shoulder there's only one way of rescue regaining of competitiveness in greece and this is the exit from the euro zone and politicians always argue there are enormous cost involved with

well over the next few weeks greece could find out its fate in the country's future as a part of the euro that's certainly going to be something that's all for discussion when francois hollande the french president arrives here in berlin for chats with chancellor angela merkel now the two have differing opinions over how the debt crisis in greece should be dealt with as well as across the eurozone in general. chancellor merkel very very big on wanting to see cuts she said that greece must stick to a very rigid plan in order to find eleven over eleven billion euros worth of cuts before the next round of bailout money which is to shortly francoise hollande in france saying this well they're a little bit more flexible when it comes to greece now this meeting that's going to take place here is really to try and make sure that they're both singing from the same song sheet when it comes to what to do with athens it comes of course shortly before the greek prime minister heads to paris for talks with all and hopefully there will be a consensus between germany and france over what to do befo

well over the next few weeks greece could find out its fate in the country's future as a part of the euro that's certainly going to be something that's up for discussion when francoise the french president arrives here in berlin for chats with chancellor angela merkel now the two have differing opinions over how the debt crisis in greece should be dealt with as well as across the eurozone in general the chancellor merkel very very big on wanting to see cuts she said that greece must stick to a very rigid plan in order to find eleven over eleven billion euros worth of cuts before the next round of bailout money which is jus shortly francoise hollande in france saying this well they're a little bit more flexible when it comes to greece now this meeting that's going to take place here is really to try and make sure that they're both singing from the same song sheet when it comes to what to do with athens it comes of course shortly before the greek prime minister heads to paris for talks with all and hopefully there will be a consensus between germany and france over what to do before th

well over the next few weeks greece could find out its fate in the country's future as a part of the euro certainly got to be something itself a discussion when france was the french president arrives here in berlin for chats with chancellor angela merkel now the two have differing opinions over how the debt crisis in greece should be dealt with as well as across the eurozone in general. chancellor merkel very very big on wanting to see cuts she said that greece must stick to a very rigid plan in order to find eleven over eleven billion euros worth of cuts before the next round of bailout money which is jus shortly francoise hollande in france saying this well they're a little bit more flexible when it comes to greece now this meeting that's going to take place here is really to try and make sure that they're both singing from the same song sheet when it comes to what to do with athens it comes of course shortly before the greek prime minister heads to paris for talks with all and hopefully there will be a consensus between germany and france over what to do before then as far as the

well over the next few weeks greece could find out its fate in the country's future as a part of the euro that's certainly going to be something that's all for discussion when france well and the french president arrives here in berlin for chats with chancellor angela merkel now the two have differing opinions over how the debt crisis in greece should be dealt with as well as across the eurozone in general the chancellor merkel very very big on wanting to see cuts she said that greece must stick to a very rigid plan in order to find eleven over eleven billion euros worth of cuts before the next round of bailout money which is to shortly france will land in france saying this well they're a little bit more flexible when it comes to greece now this meeting is going to take place here is really to try and make sure that they're both singing from the same song sheet when it comes to what to do with athens it comes of course shortly before the greek prime minister heads to paris for talks with all and hopefully there will be a consensus between germany and france over what to do before th

. >> no more concessions for greece. german politicians state their claim ahead of a key meeting between angela merkel and antonis samaras. >> the ecb is considering setting a trigger for sovereign bond purchases. >> the former wife has a suspended sentence. >> london shares are under pressure, workers told to return at south african mine or face dismissals. there's a $1 billion rights issue pure speculation. >> okay. welcome to the show. i was a little lonely on friday. >> how did it go? >> i was lonely. dublin was good? >> i was not lonely. >> no. >> you'll have time at the end of this week and a little bit next week. we'll have to make the most of it while we're together. >> for the next three days. let's tell you what's coming up. celebration is over for europe's top politician. leaders of germany, france and freese will hold a series of meetings this week. on friday the greek prime minister, antonis samaras is expected to ask for more lenient bailout terms when he meets both those leaders. top politicians refused to

europe's premier economies greece's hopes for more time to implement cuts while athens lunchers out of germany demanding its top spreading rumors of its imminent euro exit. the once nuclear war stopper news talks with iran over its disputed atomic program which the country claims is a purely peaceful. news from russia and around the world this is the with me our thanks for joining us norway is about to close the final chapter of the case that's been haunting it for more than a gear now has confessed to mass murder and his bravery awaits a quarter verdict during the trial he never showed remorse for slaughtering dozens of people in july twentieth and as our senior now reports the hearing has highlighted the facts europe's multicultural policies failing there's no doubt about his guilt for right militant unders brave massacred seventy seven people in norway thirteen months ago to show his rejection of government policies and immigrants and is long but the question at the heart of this trial is the unseen brave because along insisted he is not that his extremist xenophobic ideology is not