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Of this. we just saw protests we saw a few weeks ago in athens. they have been violent at times. i don't know if those scenes come back but are the problems for greece over? >> oh no, no. the problems for greece are going to get even worse. as i said the economy there is contracting. it is slippinging by 8% a year. 20% unemployment and rising rapidly. there are more austerity measures still to come. more pension cuts. more benefit cuts. more wage cuts. more firing of government workers. everything is going to contract even more. so how is it possible they could repay all of this money with a r...

See you at 9:15 on fbn. patti ann? patti ann: new fear soaring oil prices could hurt our fragile economy. we're at nine-month high near $105 a barrel. according to aaa, the national average is 3.57 a gallon. compare that to a year ago when you were paying $3.17 on average. needless to say drivers are not happy. >> when they feel like they want to make more money, they up the price. and then they say well, okay we'll give them a break for a week or some then they go down 15 cents. you know, it is just modern day extortion. >> they have been going up and down all week. >> it hurts us. it cripple...

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Austerity measures including unpopular cuts. stuart varney, good morning to you. in a word will it work? >> for now, no, long term. they're already talking about a third bailout that will be required. there is a report to that effect as of this morning. you see, bill, all of this money has to be repaid. how do you get blood out of a stone? the greek economy virtually collapsed. 8% shrinking. 20% unemployment. they're being called upon to repay a total of what, $300 billion? it is not going to happen. they will need another bailout at some point in the future. bill: what does it mean for us her...

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