The Great Euro Crash

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For more than two years Europe's economies have been on the edge of a financial and economic precipice The dream was to bring people together. The reality is that in order to safe the Euro, the Euro elite are destroying the dream. The crisis has battered Britain too and if it isn't sorted out it could drag us into a devastating slump It's a big problem for our economy in general. We simply cannot cut ourselves off from problems that occur. in years and this is the story of house some european countries amassed unsustainable mountain' subject did much of its fitted with two dates please find all his vc five hundred billion euros the decision tomorrow into obviously often this picked and it's about how your banks came within day seven almighty crash that would've been more catastrophic of the global crisis of two thousand a date the banks were dying on their feet many of them insolvent entity is the best has its roots in perhaps the riskiest economic experiment ever carried out the creation of a single currency for seventeen very different european countries read the recruits have to go through europe pcc lost decades ago report the class is very difficult for most people the austerity measures first have to mental but the host of europeans information for you helen as a country in shock until five years ago if you see that's one of europe's greatest economic successes its economy collapsed crushing living standards and forcing the government two slash public spending these conservative people that do not protest easily we don't want to cancel in france and italy greece restaurant happy to go to the streets to make for feelings thoughts we have in front of him this is a new too faithfulness isn't independent member pri's parliament today he's leading a march against the latest austerity measure attacks of a hundred eurosport every irish household has hired two private but fire by the six people in ireland's of the five developments on refuse to pay the cases doorknobs represents your interests there representing business all right now that represented announces the gyrations and dot it is there a seminar eggs the installed and rigid corey agassi's possible admiral people at the ended at temple you can clear for the negative equity question will be in day-by-day report back and everything but feel betrayed by make one sheet betrayed when we politicians by voting for people told me lawyers anticipated here tonight and for the soul of our own across greece portugal spain as well as islands europe's citizens taken to the streets rising unemployment lost cuts in public spending it's the greatest squeeze on their living standards since the nineteen thirties that that right babbitt tactic united kingdom that came up with that here that babies export market borden offended everything teleport and outback here that back profession in the areas that is one reason why the added back in recession that will happen until armageddon in the air that would be back in intensive cac akkada meltdown it's pretty clear we better off not being inside two years and camry protect ourselves completely from events there not mean that the british banks of the region national uh... the british banking system is a very large portion recorded much larger than other other economies and uh... if the guarantees of the government's given to those british banks were cool which they could be and you that the reason goes up we are without doubt the most interesting country so how and why did your get itself in terms of holding predicament streetscape all the way back and for the second world war three times great conflict erupted from predictions there was a little new idea was after the war that we should never happen again and money as one st and political repression moldable keys to that cyclical winston churchill katie breaking the fault of generation come together as a result of calls a football player who really he did not know london walking badelain of people your he'll like it but and eliminated but it i freedom having conquered no matter what holiday telcel was a promoter of the united states of europe on the outside the uk wasn't one of the european pioneers which signed the treaty of rome in nineteen fifty-seven outlaw parts all the new european community stores the historic enemies west germany probs it's a big the netherlands and luxembourg as these countries removed barriers to trade the idea of a single european currency was always in the background but maybe explicit in the late nineteen sixties last moment responded picking possible means on its own being shot down in nineteen seventy on the instructions of governments evander luxembourg premier presented a plan semantics europe's currencies little little reactive me it'd get cbb p the people's issues but the target date in nineteen eighty was unrealistic and the plan for a getaway for a while uh... in the meantime european community continued to grow and in nineteen seventy three britain killings although some would say that you take is always be enough to send it to tax tips what is the member abc news members of the european community made their presence known complimented in one of the most which is based in brussels queen victoria pob opposite the commandant headquarters raising the flag was almost not at all newsletter the communities concierge to do it for the benefit of a few reporters who believes denom britain's idol will would come from increased trade with europe but boulder constitutional aspirations was still being noticed in germany and france in nineteen eighty one false ones all was elected president franz experienced during the war he had been a prisoner in germany and he escaped three times beats time jones well to do that more pollutant property became suspended in the nation is at the end of the war you're tuned to ninety all fair false the legs etc helmut kohl became chancellor west germany provided will be needed to read the whole grew up only a few kilometers from the french quarter oxides doesn't use the lived through the second world war problems like baby lost a brother during that time of the war picking up from the house to believe that there should never again be a warm up to the peoples of europe and eagle creek it dot co because of the history of germany wanted anchor germany into europe to make more impossible neutral have the same objective and that is what lead euro and the european union to some extent are all about in nineteen eighty four famous bed down whether the first time these two nations paid tribute collectively to the soldiers whose lives have been taken steamrolled walls it was quote streets colours with emphasis on symbolism in this politics feeding bodies and stuff for him speaking with me to latin that done was a way of marking and and and frankly jammin in matching funds to the shin there dot meeting symbolized the determination of these tearing european figures to forge more united europe people envisioned was to have a single products form the atlantic that lead me to the urals the iso magical way woods to everything the scale of their ambition was magnificent or perhaps place a diverse cultures of the companies depicting leaders every different backgrounds it's nike uh... firstly they had no common language they couldn't be converse routine services they understood nothing of economics they disdainful columnist legal terms people two questions viewing to resume europe words by their jobs was that cultures in nineteen seventy three when island joint telemarketing it was a farm economy who's been contacted was forty percent below the average for europe dublin as the capital city of a sovereign state has always had a cosmopolitan fee none of the country has endured the international character is even more pronounced history was more bike workplace and is now is this morning what was what was around theories whose incomes went up and down into european matters or presumptive through the form of of sold we start looking uh... it's a bit beyond uh... ourselves in the smartest insult the beginning of the original new york the great diverse city of europe includes differing attitudes to how well to be created recruiter gamblers of her we'd like to gamble wonder that's reflective in the fuse insisted persistent is north of service in many ways would do with his interest group and uh... when the opportunities in the long and the cheap money writers let's have this we sense principles uh... with a consensus other cora parts of europe political grace spain joins in the great experiment all right from the very beginning there was always qualified attorney with its original four south difficult to the theft if you want to find out scouting on alaska taxi driver in rome i met for about ten masud i but that's that why did you become a taxi driver availability of the sensitivity picture job of always love handed down from father to some grandfather was a taxi driver and on the sunday june twelfth simultaneously is make stories for a massive black economy business nepotism ab restrictive working practices that limit access to many trades and professions i have basic innately some people have been used to living beyond their means bucket full of dot sometimes we are a little bit too good at animals nullified stepped-up we also feel that in some countries in europe read in the payment of taxes the spectrums without fear headway within back that way perhaps initially in the last few years we have a little waste bin and so good at playing by the rules with them the problem with the good life battalion style is that it wasn't being and it's in his private sector grew too slowly and the public sector with massive deaths it'll be so different in germany after the war in democratic west germany that was a national mission to rebuild its industrial might some of that is if the rest in hard work through manufacturing and exports where is the story of recovery in prosperity more turbulence labia in southwest terminate the internet's eighties portion bosch and camp is a world leader and cleaning systems west four th sooner let's shift supervisor king still running like clockwork i've been working cricketer since nineteen seventy eight and i love it status as much as the day and the average cost like so many german companies kefir success is built on long-term investment and financial prudence instilling a window of congress of a million in this area deal is of course is a very stable childress and is almost usually because that most of the shows a very modest bigger remiss most of the money in the company because of course is a peaceful future inability begins in taking on many of the company and what works best when the and businesses works persuade the in households too it should be shows for kids this way beyond house for all make sure that she doesn't spend more money than these in the top tool just like it's going to see a movie dust leading to a fish so this carpet this way becomes and i'm one of them begin by saving their money and only when they think they can afford something do they actually by i'll give you an example akan under the port of call that had to be financed but couldn't afford it on the water smaller com or second-hand orders it would be tough times from inconsistent uh... i've done things like that all my life just located in the early in the body of means you don't need the big macedo used to be happy you can be content and happy less to freedom quick fix up agricultural island black economy three industrial germany monetary union would hollis together wildly different cultures and economies if needed as great shock to persuade them to abandon and national parents is and if communism brought down the berlin wall and updated europe without to change forever by germany would be it even stronger germany wedding became clear that the momentum toward german unification was unstoppable the french president also on the top needed a way of constraining german power the sole use of the germans with its unified knew that wasn't anything invisible didn't stop the germans from unified the d*ldos dot was the the germans once unified within do everything they could to involve towards a single currency for the french monetary union with as much about politics about balance of power within europe about economics it idea was to strengthen the institutions of the european union relative to member countries said that the glowing power objet many could be held in check the train to with monetary union was rolling europe's leaders assembled in a small dots town to agree a treaty handshake consonants appoint about monetary union is that it was about than money i was britain's negotiator etc must-read for the opt-out from in europe and i remember the very first time and correct for all the french finance minister who was made to the prime minister from chs and at i remember stroke cell when he said to me my children will live in a politically united europe and i think that is a great thing and what i saw very clearly was before walks of the political we'll too create a monetary union and a political union in also meet only because it was the first steps towards political union it was going to teach we can only keep me in as well as the first step towards political union and monetary union was a political project in economic clothing abhijeet opposite terrible contradiction it was designed financial cult to speed up the creation of a european federation a super state but pushing for a monetary union this all the political union was in place carried in olmos risks you cannot uh... him on the feeling that works without a fiscally you cannot have in fiscal year without in effect a single finance minister which means you have to have a full politically you could easily have a full political union if the people were pretty good morning and the people quite clearly are not he was an impossible dream but you could build they single european proceed without a single european state everybody knew but it was a risk everybody knew that you putting the cart before the horse it was arrogant because the full that that way they could overwrite to democratic feature and he was irresponsible because they didn't say well this is a high risk forty and i think that was a gambling should never be taken hasty beginning of the process of beauty for stability d creation of economic and monetary union but the monetary union would be without one of the biggest economies the attitude was condescending are norman you say you're going to agree with this but when the time comes you will join that was for many people say i remember and one prominent figure the dead of night to ride to in the morning ever risk is saying to me everything you say is right that is going to happen that wasn't accustomed to for monetary union introduced before maastricht cold exchange rate mechanism walls involved adding prevented the pound another member card system rising or falling more than a set amount relative to germany's deutsche mark this enjoying the erm position of strife many witnesses to get inflation rate uh... resources monetary devices donators or the fall successful d-mark he was first elected by the clintons by so he said well we'll have a little bit of that that well the fate of britain in the yard and chairs the dangers of linking currencies when economies and governments on unified foreshadowing today's you're a crisis at all under the scheme interest rates for the uk word affects employed germany but the writings restricted jeremy turned out to be really misrepresent abdicate was forced into a humiliating exit from the erm on flat wednesday nineteen ninety two today was being an extremely difficult and president the government has to the produce best interests of processed and our membership of the exchange rate detail read the bottle to perhaps of served as a warning about the dangers of leaking currencies it may be different economies but instead it was full steam ahead to a single currency but with new rules was supposed to minimize economic tensions including a new ceiling on government initially one had said anyone who has a dead above sixty percent of gdp cannot participate that would have kept the your or small the southern countries over in digit countries would not have been able to participate and had they not participated we were taught have today's problems italy in particular hat huge debts and the government debt criterion would have kept its elite outside the euro the criminal minimize you cannot have a common currency in europe in the do u without italy stuff absolutely miss when it comes to the ratio of debt to gdp usually has at least broken criteria officially recently as a family member state of the you is too important to be excluded distinguish he's entitled the french insists it at the time that of the southern periphery of europe participates and so they argue would that the sixty percent criterion which was a firm entry criterion off the maastricht treaty was wait the requirement that that should be sixty percent or message atp was dropped a country simply have to show it was reducing debt towards that ratio which its elite could do of the major european economies having written state out of the original scolds in nineteen ninety the risk associated with it became clearer and indeed the phrase from to tell you that race in nineteen ninety-seven will eventually defend the cases clear and unambiguous will we didn't have a clear an olympic its case because he was born at the seemingly of speeches time well that was a time of sustained and the conceivably which would last for the best part of another decade even inside the nine conditions some countries elise jost met for the year and membership tests how did they squeak in in the late nineties an italian economics professor the start of bigger was researching the way the government's alright i was working on public that management of the times and you know that there was these new trend i started saying well let's go around here up to learn more one tricky hurdle for joining the red cloud was the government's deficit the gap between what it stands and tax revenues had to be three percent or less gdp pia became suspicious that banks have been helping governments took understate the true deficits hydra sensed that in that period some governments where using derivatives transactions to read use their public deficit source to ensure that their level of the trash on the three percent required to enter into your hair was respected these complex financial derivative deals arranged by banks helped governments highlight what they were borrowing one day i was interviewing one of his project that manages and this person gave me a contractor she thought that died new little of derivatives she's at all professor if you want i can show you our an example and she didn't have forgotten i started looking at it ashley was a a peculiar content and then i start getting excited and i said what is this and i understood that and these contracts where man exactly to reduced budget deficit to be can rely on it yet ten to fifteen years later inouye bennett accountant would have said he's is not proper a late entrance of the year except this kind of creative accounting into and art form what did in the movement is settled the criteria most interested but greece it is a really good weeks which he uh... assistance and garden sex uh... cooked the pope's okay even the germans could indeed just about for filled up the present but here is they were willing to so the blind eye to the other countries that would really really wasn't in the subject if we'd known decreases figures were wrong then we've made a different decision tried using for decisions were made on statistics provided by the european commission we had another reason to be suspicious of this latest kind wouldn't do it in silent on this trial there was also an attempt to prevent members of the error from borrowing too much euro was launched a stability and growth packed sit annual deficits should never exceeds three percent of gdp index told me man in two thousand and three two most powerful members that rule can i just ask walks emotional reaction waltons where france and germany past full the rules of the students who regret pack to be weakened well we we with uh... who say shock of coz we had to of search expressed uh... major major khalsa fifty grave concern assigned said major countries hindi you will hear had decided that he was with not for them and of course the had uh... the view that to the specter should be destroyed i basic explained dynasty he not only country that you need afraid well you need rooms to be respected and you need civilians to be sure that that was a respected was the big moment i mean in terms of the best foreign now i think it was the big mo it closer b had uh... the major countries continued to say it is essential we would probably have to be in uh... i would say emerge stronger position went to the crash is key there was not able to rein in years and public spending and borrowing listbox apply with a fiscal permissiveness that allowed advanced the colors of the software instability unprecedented peacetime public debt burdens and that the no new is dangerous this is a carrot cheek decks the household businesses and governments all over the western world dats all outside the resort to in presents and america but for the likes of greece spain island portugal in that city the cost of borrowing even cheaper by joining the your end creeping a riot each you're a member states biet at different restaurants because that credit risk that this is that they have to pay it back or not was different germany metadata pay-back oxide leading your respective and suddenly i was said well does that mean leases borrowing costs should be the same stoney is well it's one currency and that's exactly what happened so the idea of credit risk for each individual sovereign state went out the window and every year i sovereign nation could effectively eighty-five at the same way to start winning what that did facilities perfectly is give them factory keith i later went like the wild on that right exact and i have a fabulous sheet and profit all these easy money through the frenzied property to especially in spain that island a small street eden dublin is one example this leak bubble ten years ago that voice wasn't a member of the trial poland's parliament he was a property developer looking to join the growing list of islands multimillionaires by building a little italy by the lessee it was originally just out one of the area about all of the shops and undersized because i was not at the time building something like this in our size of it making bought the site behof into the new arrests content derek wastelands muhammad's cafes and shops not because the market that that is acceptable as all their ad what worked twenty four million euros medical silent house prices more than travels between nineteen ninety five to two thousand seven height of the group more houses were being built in ireland than in england with its population thirteen times is great doublet property prices even outpaced values inflated london prices were rising by a couple thousand every week on apartments and houses it was people were killing apartments and houses and the price was rising as they will kill you the people at the front of the few gotten cheaper than people to back it wasn't just island in spain five million new homes were built between nineteen ninety-seven as two thousand seven increasing the number of poems in spain by increase in spanish households with just two point five million this building that was financed by city loans from banks amending scraped love i guess that we descended on the rolodex politician in the years old from the surpassed the first sign of little bags horribly wrong appeared in the us and spread to britain easy attended was invented a looks at the end of the them the provided with the collapse of huge banks such as the demon brothers enrolled i kissed on the road to the global economy hasn't happened european leaders stories as an anglo american medicine caused by the recklessness of the wall street at the time the city of london committees as i know is imminent comments and the consequences germany's tells them that killed made a point in contrast with the fifty best at this point bmp house ralph manatee unstuck dot then baden didn't act had something like this the initials fall month connie's all-star the bugs and their families and while britain and america women being that banks for years and seems a little respect them its banks in the summer two thousand nine experienced experiment of quake as the global slowdown began to bite and you greet government revealed massive hayden that's greece essentially life's balance it's deposition the political costing grace manipulated the numbers the years they manipulate the numbers to get into the air said on once they would be in the year is a they've been it makes them protecting yourself greece disclosed the government debts were three hundred billion euros one hundred and twenty nine percent of its gdp abt the debts were to become they got and bigger because the global recession led to a slob in the payment of taxes highlights tax once the economic growth disappears then you suddenly realize a lot of the quietest fueled fight that and in fact the country's depositions t-rex practically the greek government slash public spending and raise taxes causing riot lenders degrees began to fear things would get their money back stopped lending greece have no choice but to ask for a bang out from the do you and high and that's even though novosti roles aggressivity bailouts this panel was the day the most blatant example of that was the first day not to grease which was done under and alter call of treaties misuse actually meant to deal with natural disasters like slobs and left craigs with a bang out of a hundred and ten billion euros for grace the center for the financial economic storm shifted from wall street in london city arizona as the chairman for the us federal reserve ruefully pointed out to his counterparts and and and keys was are meeting the proximity and at times jump through it and now it's your tour that usually it was clearly illustration of this things that uh... re where indy it center of the crash other hugely indebted years and countries all settlements of boycotted by investors island in portugal to be bailed out half the price of having to implement brutal tough stuff out in its early the condition for restoring comp two markets with the ejection from office the prime minister sylvia about a scary the irish economy especially property market was ruined a number of coming back i sat down with a conference and he says brutal bites change to move dramatically used to come to us laptops said now you've come to us our friends jesus like leverage before the crash uh... i would have been conservative ideas the boats in the middle the banks are moving remember assets southern them father peanuts they would probably realize i'm glad it was uh... ten million soap operas were seventy israel pirated ten makes delays the banks who teen million year his which he hasn't got hundreds of miles property developers were in the same thomas state and if they were bused said she would have banks that leads to them city irish government nationalized almost the entire irish banking system and promised on other debts but crippling cost ten irish taxpayers european banks pcb u did not want all banks to collapse because it meant that their banks wouldn't cut the moon notion that taxpayers who likes to be taken care of the problems badly wrong to say is useless banks has been a bitter pill by december two thousand and eleven european leaders gathered would be hero perilously close to collapse fill a growing fears that the italian and spanish governments wouldn't be able to repay their massive deaths europe's leaders tried to restore calm by reviving abt toughening the constraints on borrowing by governments that have been abandoned just six years the fall the headline sports all about housing cameron made it harder the year is only does to reform the currency union it's important that we get the things that britain heats and so i decided not to sign that read while hyphal victory in europe much more important act dangerous was taking place in the eater the financial markets in the olsen of two thousand eleven mi tierra del banco finding it increasingly hard to borrow they were being boycotted by john us money market funds who were using them in the middle of dollar big european banks like these hearings frank but where increasingly wary of the lending to each other when banks calm borrowed they called land and in a worst-case they find it hard to repay that debt and they get a bust the years that was basic of old-style tensioning devastating banking crisis at the franklin headquarters the european central bank it was rather left how bad this weather conditions in the years in banking market in new york fuhrman running up to december injured in the process in lebanon to conditions where freedom drums uh... european bonds were facing very as you hear difficulties to to fend for themselves to access finance and um... were very close for a mother finger collapse team as a booking systems your area which in itself would have also alleged to affinities economy and to deflation and this is something that the city could not accept good morning starting thank you both for the european central bank merrier druggie made a dramatic and unexpected intervention the governing council decided the fallen to conduct tool longer term refinancing operations photo was cold and heroes with a majority of thirty six months this is a banking rescue unlike anything the world has ever seen ec be provided more than a civilian heroes of american seek three-year loans minuscule interest rates hundreds to prop up the banking system was at the main reason that you offered these three-year loans knows the main reasons you should be decided to to look for a business for yours which used to rooms used ah... that liquidating the bonds that tore is vital for the economy to function sort of the city's not to property but he said papa se wind up working for bunks we're working for c economy if you are simple so was it in a sense of beneficial side-effect all the decision to provide these loans they also practice say the banking system it's d teach messages use your pin but if you stand at its worst for proposed which was to support your open economies but little the trillion euros has found its way into the real economy it's gone somewhere else at heroes trosch for trusting so that the european banks are not force to pay their own reckless decisions pcb's giving the pressure of one percent for three years without rush they're investing in government bonds so postpoints propping up the post of mints with free money ontological afro calling its success is the money trickling out into the car window of the country movies being stuck in the balance sheet of the box we've seen the statistics your statistics would show that they used quite a loss of the new money cemented italian and spanish governments the paradox is that it's part of the reason why creditors of the banking system fault that the banks for week is because they filled with a with true exposed to these governments and yet he's got the and so now doubling up on their exposure does this make sense was an adobe upstairs exposure or zeros are kind of compensating photos uh... of z uh... was explores wasn't even close to us what to do that too has yet to toot toot tut an acute as usual fashion presence uh... and sources your room the decision of bombs to buy city government bones it's a business decision the banks were dying on their feet many of them insolvent and really that's and is el teatro has turned them instead into still unsolved wounded at least i need a car back uh... in addition of course the elca or has been used to uh... nobody out uh... significant amounts of sovereign debt at the top of the vote all the lies so it has been useful they keep in keeping the sylvan showed a road as well for the hard work still to be done by injecting a trillion euro-skeptics failing european banks bgc the with putting and almost sticking plaster hemorrhaging here is a man but need to make the cd admits the meds do no more than bites haim for a prop up your to be found beaches of in general uh... but a very powerful on noses services delivered for come has to be used uh... properly by governments to fix is a year's end on a new shows to fiscal issues and a convicted him as he shows up to the government has officially serious mistake crisis of the crisis in the areas that have acting raised more to go out let's bank it's in a and many of the region's babies banks these crises of being met firefighting which for a period for childbirth flames a big question now is whether currency union mental reform if necessary to ensure its long-term survival said what's necessary for the euro to survive well its member countries each have to be competitive otherwise the weaker economies are unable to pay their own way in the world vacancy more than they sell abroad and become more more indices remedy available are uncompetitive accommodates devaluing to make that exports cheaper is debatable inside the residence we are pretending to be a so you don't appreciate what the currency prisoners you can print just when your problems which is what you're doing you can do but he was which is what you're doing that's the essence of the person we don't have a principality our currency the euro got nothing to do with us if you come devalue your currency because you're not going to a monetary union and yeltsin is to become more competitive by reducing cost that means slashing public services cutting wages the bitter truth to this that some european countries have become too expensive and have to deep bill you within the euro becoming cheaper this is a very painful process there's no way out uh... if uh... if they don't become cheaper their current account deficit some will persist forever it's a lesson that was mentioned germany more than a decade ago the germans understood the competitive pressures that were coming from china and india and the rest of the word he sat down with the unions and early nineties they decided to have wage moderation changes in the ways work works changes in productivity due to do a job right we adopted the release of the ad program and sort through despite some serious difficult in sixty in the end it cost me a job this was the price we have to pay frog today switch in the eastern far better than most other countries in the appears in the kitchen here's what's calling the year is an apology since two thousand costs employing workers in exiting spain island in portugal fifty percent in forty percent more that in germany which makes the business is very uncompetitive it means report of the state it's early in the rest to stop living on living standards for that people may have to drop by offset some european countries would have to reduce their prices the prices for their own good spot thirty percent how can you do that it's easy to talk about it but it's very difficult to do that you have to change millions of prices millions of wage contracts the uh... the unions will be in this region enacting a country like spain or italy to compete with germany is getting to be hard italy's new prime minister and i a m on c and an elected technocrat is slashing public expenditure he's also trying to reduce the cost of public sector and private sector by reforming the rights and privileges workers the good life italian style is on them threats it's it isn't good years loan growth it's a middle-aged last week here at the problem is madsen's turning out to be extraordinarily painful to put it mildly litigate days disciplining literally dot taxes are moving quickly comments sick itself the business is done uh... for today double a ball we live in a nice age here alan livelihood has been reprinted in italy taxi driving his traditionally phoenix a show for the first trades that marry him what he wants to open up the competition do you understand why government mariana montes restructuring calgary industry is troubled ballin shots of the rules that control the taxi driver similar avoided a lot of lab oracle's if they want to create some jobs without spending any money plummeting anyone contacting not what we have to wait its turn by license which we have to pay for from ciation too long story illicit assuming no no knowing that the way dismantling restricted employment practices has already led to national protest just workers pharmacist lawyers and many in the public sector as well as taxi drivers albeit on strike the future for many looks challenging mediation top-quality fifty years ago i would've been happy from us and to carry on the family tradition of tax utilities today on tuesday i hope the future will be more rosy for housing and that you'll find that city possible under the law and order and since the crisis living standards in thailand being squeezed by around the faith her grandson retired bureau became part of the important thing i taught that they would be too offensive republics hotline now of course we realize we all working on the same level playing field michael swyto to accidents for both of we're not good enough to pay requirements that's what we're trying to do confirmed times www and it's uh... our fight at the moment we're working three shifts because of the car in hindsight we have to start working third shift because two shifts couldn't come up behind him on with their feet again huh with limited issue it outside our workable worker seven flights forced off fall more productive that may retaliate in southern european competitors it's sunny and hot and a massive titties german efficiency is created the largest surfaces there was a success proposal still to produce eighty five percent of talking to the food usa one point seven billion euro redouble law business lost in the living uses so what all cause release double-digit every year there's a lot particles recalls and how the german taxpayers bfl end up with a huge bill for bailing out the weaker economies it was a good decisions have here in germany canton but at the same time i don't think it's fair that we are getting in the pumps and hasn't been such a success in other european countries to stop them this weekend for peace gemini which is paying for the rescues the troubled economies is insisting that they are not countries live within their means not everyone likes taking the supposed med san this and i had never voted for nicolas or cozy i'd never voted for a glimmer so didn't vote for them to tell me what to do some would say europe is now being run by the government with the people's pockets gemini precisely the opposite what president we talk hoped monetary union would achieve that may be because the political union followed monetary union is yet to happen pisa the crisis at least makes one thing envious we need more of your political union is the only way to save the stability of europe heat seems to me that uh... europe could go for figuration diseases citizen who speaks their uses of your uh... speaking as former governor on pcb because the city's go to to a decision which has to be taken by the people here the creation of a fully fledged united states of europe a federal super state with taxing spending in for a week all decided centrally maybe have to save the euro and restrain german power but pleased elections in france and police showed voters rejected austerity here is that it's becoming less united politically and economically the underlying forces assume driving the country's approx the diverges is getting wider and two perspectives crew of the various countries uh... more and more at loggerheads buckling under the weight of huge debts is causing tequila concern spanish banks remain weak and need to be strengthened with a big injection of capital to absorb potential losses the spanish banks all very formal fifty eight he got a very large local banking sector which is controlled by local sources if you want to look for cities provi capitalism corruption and as a result uh... very large losses and look for but sourcing and if you combine that with the construction review really after the race is and spine has more unsold housing units the united states of america which is a pretty startling statistic state manifest all the year is eggs floors obliging property market huge debts burdening businesses and households failing banks i've government unable to balance its books of the work force unemployed well spain be the next its head against the cuts doing in close fiscal austerity forces reduction in public employment you were in the have forty eight percent of spanish young people out of jobs so the danger of social unrest is getting bigger whatever happens millions of europeans in the highly indebted countries are becoming forever off dead grinding year having voted against austerity the greeks have been told to grin and bear it all gets out of the year is a greek exicted killed a year at have that could lead to a chain reaction of collapsing banks which would has terrible dangers for britain how banking sector is dreams national and we simply cannot come on social from problems that occur in the years and actually gonna a financial serves his sectors for will review over six times bigger the now and will you call me if you get a g displaces latins america answer dispose of people from banks anna become for our economy in general slickers that choice confronting here is that looks probably an appealing if it survives millions of european space new year's a squeeze living standards but if it works for parts households businesses banks governments with face the risk of going bust i'm not what happened at devastating impact all bretton on our banks all how living standards fail although the carved at fabindia ray may seem price leading it carbs well lat could leave for the kind of economic depression and financial mayhem we haven't seen since the nineteen thirties stay with us here on the b c h d for a little light relief we're off to grandma's house next

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