Page 35 - Austerity Program News Today

Spending the money with special interests? a universal problem. >> dylan ratigan, i appreciate the thoughts. dont go anywhere. were joined by art cashin, the floor director of ubs calling us from the floor of the stock exchange right now. art, what are you seeing? how are tempers there? whats the concern? give me a pulse of things. >> reporter: a couple things happened, including a little separation of markets if you would. when the tv screens filled up with the unrest beginning to boil over aga...

>> reporter: about 60% of the germans are opposed to giving money to greece to bail out their debt, but andrea merkel said we must. the plan now is probably between the international monetary fund and the european commission to raise between 60 to 130 billion euros to help greece at least start to get back on their feet. that is just the beginning because this country is so deep in debt, its always the possibility it could default or restructure their loans. right now, the government is putting ...

The country, were talking about a country going broke and going bankrupt. and the european union cannot allow that. it would affect the entire euro zone, all 16 member nations. in fact, now the ball is actually in the court of the germans. theyll be going to parliament may 7th to approve their part of the bailout program. the idea is that theyre going to come up with 60 -- about $60 billion as the first payment to cover a debt thats due may 19th in greece. but, in fact, what the greeks owe is as...

That report card is now not the grade that it originally had been. consequently, its going to get more expensive for them to borrow money. this is a bad spiralling effect. >> art, do you want to weigh in on that? >> no. i think thats exactly correct, you know. there was a famous old book about world war i called the guns of august. barbara tuchman, the author, said the world stumbled into world war i # because everybody believed somebody would be smart enough to stop it. thats what i think every...

Moment in the history of the euro zone. leaders are giving the country until sunday to finalize a deal hoping to prevent a financial collapse. it is yet another life line for greece. yesterday was supposed to be the day for proposal to be submitted but european officials were caught off guard when greeks prime minister showed up to the meeting without a viable plan. greece now has until thursday to pretent present a plan and until sunday to strike a deal. >> how are they going to come up with a ...

Greece. just like spain, just like italy and portugal. >> were the united states of america, were not going to accept that kind of an austerity program and were not going down the tubes, weve got to fight back, we need congress to work together and the president to work with the congress. and all of this-- how can you work with a man who says they want to poison the air and water and how do you work with somebody like that. >> look, this is what happens-- the reality is. >> wait a minute, hold i...

Their government? >> its a very interesting result, isnt it? and effectively what it seems to suggest is there is a rejection of the austerity that nicolas sarkozy was pursuing and perhaps a message to germany here that the rest of europe isnt prepared to go down the road any further on this austerity program. the problem here is we dont actually really know what hollande will implement when he comes into power. he got elected saying he would introduce taxes of 75% on those earning more than $1 ...

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And .8 and unfortunately they came out at the low end, .5 and means the economy has just recovered the loss it made in the last -- >> slow going. >> analysts are talking about a situation of stagflation, bleak news ahead of the weather. >> certainly, what happens in britain will be looked at certainly by american progressives and some in the middle who will say camerons austerity program is flatlining the british economy. >> why do we want to make drastic cuts. >> there are some parallels. i do ...