because greece is on the euro, and so... and interest rates are very low, so no reason not to borrow. and people were running up their credit cards. >> buying air. >> reporter: buying artichoke air. >> hot air, buying hot air. and then everything that's been puffed up, like artichoke air, deflated. and that's what we're living now. >> reporter: in retrospect, says kochilas, greece had forsaken its traditional cuisine, its traditional values. and whatever had become bloated from public spending to private borrowing to haute hellenic cooking is now on a strict diet. >> so, here's a typical greek salad. >> reporter: so, tomato. >> tomato, feta cheese, your protein. >> reporter: uh-huh. >> a little bit of bread, your starch. green. you know, a lot's going-- olive oil, of course. it's authentic, it's nutritious. it's humble. and it's delicious. >> reporter: are you suggesting that greece might be actually better off going through this traumatic contraction? >> i'm not an economist and i'm not a proponent of shock therapy and my h

greece is not going to get that money it's going to go to the banks that the loan did to them in the first place so is is there a de globalization in some cases any in intensified globalization in other cases. is this an intensified globalization great market of finance cast this as in fact become more extreme partly it's because they remove certain constraints partly because new economic doctrines have come to say that whatever the banking system does when it creates money and then see it for any purpose including the casino economy but that is good and serves the purposes and there is a third aspect which is in fact probably which is the computerized economy and the overall effect of this is that control has moved right into the hands of the finance groups of governments group and the rest of them at the same time the real economy of ordinary people is actually getting worse fifty five percent of people who live under three dollars a day that remains the same twenty five thousand people who die each day from the effects of dirty water and i could go on citing fact after fact global

payments will continue three years, as long as greece continues to pass the tests by the delegation. the greek finance minister knows there are tough times ahead. >> we will continuet thsame pace. it will make the same effort. because the result must be a different state, a different public administration, or a different tax system, and other spending method and a series of major structural reforms that will make the economy more competitive. >> greece wants to privatize some state owned companies and open all closed shop professions this year, but the government faces fierce opposition from some groups opposed to deregulation. last week, nationwide strike by truck drivers crippled the country. they are against the plan to reduce the price of new trucking licenses and fear of increased competition. >>> the kenyans have voted in favor of a new constitution and landmark referendum. a final results show almost 70% of voters backing the new constitution. the president hailed the result in the capital, and the new legal framework allows for greater checks on presidential powers and the ex

>> brown: and paul solman examines the pros and cons of a massive infusion of chinese capital into greece. >> the port of piraeus, which is a traditional port in the mediterranean but it was a declining one and now will become the basic hub for all chinese products to come to the european union. >> lehrer: that's all ahead on tonight's "newshour." major funding for the pbs newshour has been provided by: and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> lehrer: there was a pair of big news stories about general motors today. the balance sheet is in the black again and the man in charge is leaving. g.m.'s earnings report marked the second straight quarter of profit for the auto maker. the company made more than $1.3 billion from april through june- - its best report in

that is probably what is quite likely to emerge after the problems with greece and with the deficits are dealt with to prevent a crisis like that to happen again they will probably take all the steps that they can think of to make this less likely what do you think will happen to the zero or whatever you may think. here it would be catastrophic for us as well what do you think is the real danger that something may happen that would not be just catastrophic for russia it would have been catastrophic for europe had it happened and the rest of the world would have been affected i mean again a lot of strain. it is the votes of many central banks around the world and that is something that would affect. europe and beyond and if for no other reason than that reason alone is probably going to assume that it was less likely that the euro would. look at your opinion. where are they in their relationship well as far as russia is concerned to russia. in the early stages of learning what do you being a union is it really started when mr yeltsin once and for this is the first time when you know p

but in particular it's in greece here today it is tensions rising greece as austerity measures backfire this is a dispute article and they're focusing on greece and they see that unemployment is up to seventy percent in some regions and in athens up to seventeen percent of all shops have closed so this is the result of the economic death spiral and i want you to look at this chart it credit crunch leads to an economic downturn which leads to a deepening credit crunch which leads to further economic contraction which leads to business failures unemployment individual bankruptcies and then finally economic chaos so austerity therefore was not a good idea andres it's not a good idea probably anywhere in the world in this type of environment which has been victimized by banking fraud and predatory bankers who ran up the guts stole the money so in response they're going to impose austerity on the people actually just to pay for the banker bonuses not to help the people well all of the measures being done around the world from austerity measures to quantitative easing are usually employed rig

five british citizens have been extradited to greece to face trial accused of stabbing and beating a man while on holiday in crete the european arrest warrant issued against them allows suspects to be extradited but critics say it can mean the transfer of suspects with minimal evidence the men are now accusing their government of ignoring them as artie's laura emmett has been finding out. last taste of freedom before these two young men are extradited to a foreign country accused of instigating a drunken brawl in a popular holiday resort in crete which left a man in a coma george hollands and ben herdman must go to greece following a european arrest warrant the warrant operates europe wide and doesn't require the extraditing country to present any evidence of people having been involved in a crime. having to go. it wouldn't take. long for the person to. look at the evidence look at everything. if the statements can involve. and report back to the greeks from where it used to shore for. the evidence in the case and then decide there and then whether there is sufficient evidence to say

eighty seven the fifty nine in their last warm up match before istanbul greece looking nothing like the side which knocked us out of the semifinals of the two thousand and six world finals the n.b.a.'s up and comer john b. list stars putting on a show derrick rose with the americans up twenty five seventeen in the second. polls guard finishing with thirteen points just nineteen minutes of auction defending silver medalist greece only able to regain momentum with the u.s. sealing the right by a strong twenty eight twelve run in the third quarter. and that is all the sport i'll see you soon the world weather coming up in just a taxi. there clouds childhood was overshadowed by this tragedy. they still feel the fear they faced. and remembered every second of this nightmare. that will remain in their memories and hearts forever. the town and using soldiers . innocent victims. of little angels. every month we give you the future we help you understand how to get there and what to bring the best in science and technology from across russia and around the world . join us for technology update o

eighty seven to fifty nine in their last warm up match before istanbul greece looking nothing like the side which knocked us out of the semifinals of the two thousand and six world finals the n.b.a.'s up and comer john b. list stars putting on a show derrick rose with the americans up twenty five seventeen in the second chicago polls guard finishing with thirteen points and just nineteen minutes of auction defending silver medalist greece only able to regain momentum with the u.s. sealing the rights a strong twenty eight twelve run in the third quarter. and that is all the sport i'll see you soon the world weather summing up and just a taxi. their childhood was overshadowed by this tragedy. they still feel the fear and they. remember every second of the. good will remain in their memories and hearts. and souls. a little. lift . the news today violence is once again flared up. in these are the images the world has been seeing from the streets of canada. trying to corporations are on the day. a deadly exotic disease hits russia's solved nearly two hundred people have been in fact it and

five british men are being forced to stand trial in greece because of a european arrest rule that the u.k. is powerless to stop their lawyers claim there's only weak evidence linking them to the beating and stabbing of a man while they were on holiday in crete but as more and it reports the law says they could be extradited without any proof. a last taste of freedom before these two young men are extradited to a foreign country accused of instigating a drunken brawl in a popular holiday resort in crete which left a man in a coma george holland's unbend herdman must go to greece for a european arrest warrant the warrant operates europe wide and doesn't require the extraditing country to present any evidence of people having been involved in a crime. or having to go so. it wouldn't take. long for the person. if the statements confirm. and report back to the greeks where the judicial. evidence in the case there and whether there is any sufficient evidence to say people to these foreign countries i was in prison at the incident and. yet they're still sending me out ny nomination under the

now what are the economic austerity measures in greece really about and who are they actually helping our analyst max keiser and stacy herbert share some revelations on the true nature of the financial cuts the full kaiser report is coming up next hour but here's a preview. tensions are rising in greece as austerity measures a backfire unemployment is up to seventy percent in some regions and in athens up to seventeen percent of all shops have closed so this is the result of the economic death spiral so us terry therefore it was not a good idea in greece it's not a good idea probably anywhere in the world in this type of environment which has been victimized by a banking fraud and predatory bankers who ripped the guts stole the money so in response they're going to impose austerity on the people actually just to pay for the banker bonuses not to help the people. you can watch the cars report at three thirty pm time and to bring us up to date on the financial news this hour here sergeant lomas party. hello welcome to business program with me. russia's post may be transformed into a joi

greece but three goals in seven minutes at the start of the second half seem to have won the tie. making it one one. then added another. board over the top. before the vastness. free kick. to its fans that however don't retreat hoping they still get one back from the greek side. keeping themselves a slight sniff of a chance. then missed a penalty i. made it for four and i get an i x. through on the way you go it's. because games there for us celtic failed to make it into the playoffs despite a two one second leg home win against broad at the glasgow side losing a force to an aggregate have had no problem and then ukrainian cycling to three one victory in the second leg to make the six one an aggregate elsewhere spot of prague also secured their playoff spot after beating. away in the second one nail. meanwhile in the europa league russian primarily club said big have a great chance to make it into the playoffs as they take on the pole in the missile in the second leg this evening city coach igor cushing. and on to the lead in the first match in siberia i think game in europe a com

destroy the euro and specifically the chinese have been buying up greece at very good prices right very low prices and the the anglo americans are beside themselves because their attack on the euro is not working because the chinese are supporting the euro by supporting greece i don't see did the chinese dumping the dollar because that would massively devalue what they do have however they have intervened to sort of cross up the u.s. british strategy these are b. europe so they're showing certain signs of economic independence only game in the world right now is beggar my neighbor and dumped the depression on somebody else so they tried to do it with china the chinese have kept the renminbi stable they tried to do with europe that won't work sooner or later something is going to blow. take a look now at some other stories around the world this hour. rescuers have found the black box of a plane that overshot the runway in northeast china killing forty two people fifty four others were injured the plane was trying to land at night in fog and burst into flames the survivors have been taken

greece portugal spain they are reducing their welfare programs they're cutting the programs the citizens have to obviously to tighten the belts. do you think it will have consequences on the people on the values of the people will they from now on have to think once again about survival rather than self expression in the short run certainly the no one likes these measures are very unpopular and the government in greece as you know is extremely unpopular to the point where some of them are hiding. it's a real crisis the values are another thing the media the media reaction is we hate it but the basic values don't change that fast mostly values change during your first twenty years use get a basic personality that doesn't change very much afterwards so the basic values won't change overnight if what happens is the start of a decade or two decades of severe. severe poverty than they would tend to work in the opposite direction of the logic you're absolutely right human. long run if we are in a story great depression of the twenty first century then i would predict return back to all used to

five a british man of being forced to stand trial in greece because of a european arrest rule that the u.k. is powerless to stop their lawyers claim there's only a weak evidence linking them to the beating and stomping of a man while they were on a holiday in crete but his lure emmet reports the rule says they could be extradited without any proof. a last taste of freedom before these two young men are extradited to a foreign country accused of instigating a drunken brawl in a popular holiday resorts in crete which left a man in a coma george collins and ben herdman must go to greece for the european arrest warrants the warrant operates europe wide and doesn't require the extraditing country to present any evidence of people having been involved in a crime the links all having to go through to clear my name. just. know it wouldn't take it wouldn't take long for the person to. look over this look at the evidence look at everything. look at the statements confirming manon involvement. and report back to the greeks from where the judicial fortyish could look into the evidence in the case

eighty seven fifty nine in their final warm up game greece looking nothing like the side which knocked the u.s. out of the sameas of the two thousand and six world finals and the up and comers and bilious stars putting on a show called derrick rose scoring with the americans up twenty five seventeen in the second quarter the chicago bulls guard tradition with thirteen points in just nineteen minutes of action defending silver medalists greece on able to regain momentum with the u.s. sealing the route via a strong twenty eight to twelve wrong. now the u.s. open has been a happy hunting ground in recent as far as federer who won five consecutive titles at flushing meadows but with no major in the bag since january the pressure is back on this week and as the final grassland of the season as the number two seed behind world number one rafael adult obviously coming back to new york is always extra special for me i've been in the last six years open finals and i do feel like we you know i have a great chance to win again i had very good some are probably the best summer in my life. right he

i'm john koet to hear a penalty to greece for misrepresenting its membership application in the e. u.. is there no provision for say ending the membership of greece in the european union or penalizing them some way so that they understand that this kind of deception doesn't work for the union. it's been a disaster. i don't understand why something or more hasn't been done? >> that's the problem, and that's why we would like to have and everybody states it's clear if they don't fulfill the criteria, the negative criteria that's with us. i will not blame the last government, but it was a political decision. everybody knows it. . . it's parliament that have to [inaudible] and the commissioners looking over the budget to and the deficit is too high or whatever and house to change and the [inaudible] and they decide what they have to do after the commission can vote okay to reduce it in that way because the mechanism is the problem. in the prior year's you have an election that is evaluating to get more competitive in the market. that was but under the year of we have to% before the cri

others are still struggling, like greece. today figures are looking backwards to the three months ended in june. what does the future hold? there is anxiety in france and other a economy is just as there is in the u.k. about whether the pace of the recovery can be sustained. there are signs of confidence ebbing amidst fears of government cuts. if the u.s. takes a turn for the worse, that will not help france. we cannot assume there will be another big step up. >> for two weeks pakistan has been ravaged by rains that brought about massive flooding. the un secretary general is flying there to see the damage for himself. fears are mounting about the spread of disease. the sindh and punjab provinces are of major concerns. more rain is also falling in the area. our correspondent reports from pakistan. >> this is a disaster of epic proportions. for a nation already broke and tormented by militants, another huge burden to bear. the floods have killed 1600 people so far. aid agencies are warning did these could bring a second waves -