pryce i want to bring you in here we've seen time and time again a year i.m.f. world bank bailouts loans etc all come a very high cost for the country that is implementing the classic example is say probably pakistan which is going through a restructuring of its state right now with the i.m.f. but it's putting in place very well. policies as a cost of doing that that droid's social change with in the country itself because and we've seen it in pakistan we've seen it in greece people rising up people getting out the streets people protesting and then people blaming poor people and immigrants for the situation that they're in is there a better way of doing this without causing this belt tightening that is so restricted. well there is and i think the i.m.f. itself was told by its own economists that what he was doing was going to be counterproductive because basically you could enter into a sort of vicious cycle and you just can't get out of it except once you reach the bottom really so what happens is if you try and reduce the deficit very fast which is exactly wh

pryce here from london the greek economy was in a huge mess at the time so it's a win. win the election and now after 4 and a half years they have allowed us to deliver some of the blame has to be put with the european union surely they put too stringent conditions on the streets a policy that was too much belt tightening for a country that was struggling to actually afford a belt. well the european union and the i.m.f. put rather stringent conditions on greece even before syriza came to power so we mustn't forget that we already had a number of bailouts before since 2010 of course situation had deteriorated the economy was sinking. have lost about 25 percent of its output before even syriza came to power so they didn't inherit anything particularly solid or safe and of course in addition to all this because of course there's been quite a little delay in reaching an agreement after they were voted in in 2015 we had about 56 months of negotiations we didn't go anywhere we had even worse conditions put on such as capital controls so the greek economy suffered even more no

vicky pryce, chief economic adviser, at cebr. it hasn't been reflected in consumer spending. the consumer is very hesitant. the interesting thing is that a recent survey suggests that they are not very certain about job prospects, despite the fact that unemployment is now at a record low. so something is happening — i think brexit uncertainty possibly, and they also still feel, actually, poorer than they were before the financial crisis, in real terms. nevertheless, it is good news for the consumer more generally, and let's see what they do in the future. the retailers, of course, are still screaming because spending in shops has been pretty poor recently. of course, the retailers and others cannot really pass the increased wage costs on to consumers, so there are issues about profitability in a number of sectors. but, yes, i think people feel that if investment were to suddenly recover — because firms have so far employed more people to meet the demand that is out there, rather than invest in plant and equipment or even in i

pryce she is a chief economic advisor at the center for economics and business research and also in athens a european affairs analyst yes simitis welcome to you all i'd like to begin with demetrius repeated. your party said or did rather what it said it wasn't going to do and now it's going to be punished and the the general election is that right. well it seems that. on from so far what we have from the polls is that new democracy is ahead on the poll should seems that it's a bit of a difficult fight political struggle for syriza. it's soon to be to have some final results but it seems that the situation is is difficult for for the party and it follows the the defeat we had 6. 3 weeks ago when the european union elections so what's happening here is that you have a electorates that's unhappy with the policies that your government put in place policies that you said you were never going to do and then you did. so what's the next or what what happens next verse or it's a why why did you mean do that. well there are a number of factors why is it is a sin this difficult position electo

pryce she is a chief economic advisor at the center for economics and business research and also in athens a european affairs analyst yes simitis welcome to you all i'd like to begin with demetrius repeated. your party said or did rather what it said it wasn't going to do and now it's going to be punished and the the general election is that right. well it seems that. on from so far what we have from the polls is that our new democracy is ahead on the poll should seems that it's a bit of it a difficult fight political struggle for syriza. it's soon to be to have some final results but it seems that the situation is is difficult for for the party and it follows the the defeat we had 6. 3 weeks ago when the european union elections so what's happening here is that you have a electorates that's unhappy with the policies that your government put in place policies that you said you were never going to do and then you did. so what's the next or what what happens next verse or it's a why why did you do that. well there are a number of factors weiss's ace in these difficult position elector

pryce and yanis kids and that is and thank you too for watching you can see the program again any time by visiting our website al-jazeera dot com and further discussion goes well facebook page facebook dot com forward slash a.j. inside story and you can also join the conversation on twitter handle is at inside story for me and the whole team. can the unrest in mali be stopped the situation is not easy i would hope that there is not a medical on has the united nations failed to protect the people and help end the violence special representative of the un security general from ali mohamed salah and a d from talks to al-jazeera. al-jazeera was there when i was doing breaks but also a day to see what happens next. on the fired by the barrier where model barricaded all 7th street that b.b.q. here at the movies now is being all about change people have gone past the fear barrier the mission of the national army is to 60 complex and i'll just do a stories about telling it from the people's perspective what they think is happening in their culture. he lived in brazil's largest favela. one day

vicky pryce, chief economic adviser, cebr. in other business news, us politicians have described facebook‘s plan to launch a cryptocurrency as delusional, they also questioned if the company could be trusted with people's financial data. the senate banking committee was grilling the man in charge of the project about how it will work. david marcus said libra wouldn't be lauched until regulators were happy. he's due to answer more questions from another committee today. christine lagarde has announced she will be stepping down as managing director of the international monetary fund. it comes after she was nominated to be the next leader of the european central bank. she'll leave her role at the imf in september. g7 finance ministers are likely to discuss her replacement at their meeting today. will british firms be able to get the staff they need after brexit? the government is proposing to limit visas to workers earning over £30,000 but business groups say that should be lowered to £20,000. they say that such a move would