in italy, we are about 6%, so much, much lower. [abrami] i think that as far as the specific aspects of marriage, italy is very different from other european countries, even different from some southern european countries, like portugal, for example. in italy, still 95% of births occurs inside marriage. so the postponement means postponement of marriage and after marriage, perhaps postponement of childbearing. but i mean, marriage is still, for the time being, a must, apparently, for italian couples. [speaking italian] [translator] yes. my priority is to get married and have children, rather than pursue a career. yes, of course, but first i intend to finish my studies, and then i'll be thinking of having a family. i think that, um... the value of the family is something that can't be surpassed and comes probably before everything, even before a career. women students in italy still expect to have children. the reality is that the birth rate is still falling. [montanari] i believe that the italians are still interested in having big

italy was the lodge cay way. south tirile was the first stopover, and it was one of, basically, the only region german-speaking without allied control over the war. so it was perfect location for acquire agnew identity and to get new identity papers. the situation in south tirile and in italy in general was also unique because there were many refugees in europe. millions of people were on the move after 1945, survivors of the holocaust, slave laborers, prisoners of war, all kinds of people. and many of these people wanted to get to italy in order to get to the seaports and in order to leave europe and to start a new and better life. not just the perpetrators, not just the nazis and not just the fascists but also, for example, the victims, the survivors of the holocaust. and simon describes it well in one quote. he writes about the strange situation in italy where perpetrators and victims actually met after the war. both groups trying to get out of europe and to start a new life. and there's a very good quote by s

there is a dilemma, and not just for italy. like other countries, it is planning to make big cuts, yet at the same time it needs its economy to grow to help reduce its debt. >> tonight, france's market authority has been short selling on select stocks, including banks. the move comes after two particularly volatile days on the french markets. italy is promising tougher measures to balance the budget, silvio berlusconi says the fundamental economy is strong. is anyone convinced? >> i think outsiders need a lot of convincing that italy will push through these austerity measures. there was a range on the table, from raising the retirement age for women and also moving public holidays to sunday to boost productivity. there was also talk about privatization and cutting salaries and the public sector. the fact there are so many ideas on the table has made some people question whether this is a serious plan, but you are right to ask about where this is leading. the most fundamental question in italy, it has a huge debt, where will the

made in italy you know everything made in italy became. interesting also because you would see it in police are also i mean i think they should be a lot of support for an international a different it had national impact of our films and your films because in return you create a lot of visibility and a lot of awareness for a situation that luckily both in russia and italy it's it's a movement it's a concert transformation well you run an operation i mean the film festival at the venice film festival which is considered to be one of the worst intellectual films to lose will you continue this trend or will you will you stick to trying to try to promote pioneering technologies pioneering approaches rather than commercial production say the band and we program first we program the most are the various festival in an intellectual way we try to truths films with our belly and heart before we would do the old intellectual reasoning i mean i i think i would i would always. have doubts about films which did not an emotion and emotional response from

do you think spain could actually now be beating italy to a bailout. unfortunately we have a race to the bottom here who gets to some extent well spain does have very large boring costs as well and a large amount of refinancing coming up over the next year and the borrowing costs are increasing slightly quicker than in italy the biggest problem of spain is that it also has a significantly undercapitalised and underwhelming banking sector such that at the moment that was hit hard by the financial crisis also has bigger internal problems in terms of the request real estate market and very poor economic growth as well so there are more problems really in the spanish economy itself than then you could see in the italian economy for instance but again it does look to have a bit more political stability at the moment although with the upcoming elections that adds another layer of uncertainty so both countries the future isn't looking great at least in the in the near term. although you sound a little depressed about all this you explain it so clearly for us

no one likes that in italy, and it looks like italy could be included in that. >>neil: greg, berlusconi insisted that the italian troubles remain overstated and italy was fine, and it had more than enough cash open hand, and i am simplifying it, so, what happened? what was the real deal? >>greg: he claims that they are the object of speculators, the tallians love conspiracy figure, they were a target tore that and it went further than that. an italian investigating judges got the idea going they were going after the lit but italy has always spent way much more than they have and they are in good shape in terms of private debt with little of that. the people have money. tall yarns very conservative safers but in terms of government spending they have been out-of-control and have not shown strong signs of getting it together. >>neil: great reporting, as urge, greg, thank you from rome. italy gets it. my next guest says why don't why? republican senator from utah pushing forward a balanced budget amendment but it has been an uphill fight and it continues to be. >>g

can italy's reputation be saved? like a good italian espresso, it only works when there is enough pressure. >> good espresso is what i need right now. >> that wraps up this special edition of the in depth, looking at the growing economic crisis on both sides of the atlantic. >> stock markets in the u.s. and europe suffered big losses monday, and more turmoil is expected. >> will keep you informed. stay tuned. captioned by the national captioning institute --www.ncicap.org--

is a big economic call affair for italy. traditionally leaned over it italy for. us for nature or for the interest of. all the italian factories in libya. the libyan government. that you created which is that i am because bank a in the past they even today they own as small amount of fear it's. very important for our economy and so that's a different question when. we have we have the side the telegram and the side of the bell seen in benghazi because there was a big economic interests and their concerns now that we could possibly see a very disorganized group of rebels coming in and maybe a similar situation to be seen in iraq where this organization plays out this is a big. speech really because of the actually the people are solved as not being made by forces coming from the east the falses. more link at the really tight end government but the forces coming from the west which seems more link at the with british government i mean in italy we have a similar. situation in libya even with even now as like a big chess between italy and france. to reach the core of

this time representing the united states in italy. low lights from the seen premiere a bit later. >>> first to the big news live at 5:30 a.m. here at 30 rock in new york city. a massive sell-off on wall street sending the dow plunged as investors raise new concerns over the strength and stability of the u.s. and european economies. the semi meltdown comes as we await the july jobs report due out, as i said, about three hours from now. markets around the globe already tumblin tumbling. the dow, as we said, fell over 500 points yesterday, erasing all its gains for the year. posting a 4.3% loss in what one analyst calls a bloodbath. the percentage loss is on the s&p and nasdaq higher than the dow. the worst drop since the height of our financial crisis. the ninth down day for the dow in the past ten sessions. any hopes for a rally after washington's debt ceiling deal faded quickly. commodities did not fare much better as oil, gas, and silver fell by more than 5% in the u.s. bond market, also now on track for its sharpest week-long declin

well a new storm is brewing and beleaguered europe as italy enters crisis talks with the e.u. over its borrowing costs the country's bond yields have reached their highest level since the year i was adopted spain is facing the same problem as traders rush to rid themselves of risky investments let's not get more from european europe correspondent daniel bushell daniel higher so how bad is it that we had it for another year as i'm bailout here yet again. people and politicians here in brussels are very angry and very worried because they're feeling they've been lied to yet again i mean the first greek bailout they were told never again by e.u. leaders then of course came portugal and ireland then a second greek bailout now it's really is in crisis talks it's been in crisis talks today in luxembourg with john claude. finance chief and they've been talking about something called the yields we're going to be hearing a lot about that in future because over six percent are considered unsustainable that means the amount of money that italy has to offer the percentage of return it has

it had to do with mostly italy and spain, but mostly italy. the eighth largest economy in the world apparently going over a cliff. he is too big to it -- it is too big to bail. the interest rates on italian bonds went over 6%, and the prime minister of italy goes on television in the middle of this on wednesday and declares his economy sound. he is not going to do anything. that is what put the world markets into a swoon. europe is in big trouble. >> the unemployment rate dipped slightly to 9.1%, and the private sector added 154,000 jobs, at 37,000 government jobs because of the minnesota state shut down.owar 117,000 -- >> there is no signs of any growth, and we are cutting spending at a time when we should be adding spending to stimulate the economy and jobs. >> but there is a larger -- >> the way it worked in 2009 and 2010. >> italy's problems are related to our problems in this way. western democracies and dug themselves into a giant hole by paying for welfare -- by creating welfare states they could not pay corporate europe has a bigger pr

so if the worst does happen what you're saying is italy's too big to rescue well. on a minute it's always easier to talk with hindsight i suppose but it wasn't too big to be accepted into the eurozone club in the first place if it was ever too big to rescue how did they invited in well this is the appalling thing that happens when politicians get involved in finance because actually italy should never have been able to join the euro in the first place because it owed far too much money but ultimately the rules were bent and changed and people like things to be fudged on the application forms just as they did with greece incidentally and ultimately they were able to say the euro is a political success and the problem now is the hard headed economic reality has finally it's hardly had the markets are scared and actually we have no political leader who's actually willing to admit just what a crisis we're in at the moment we're hearing just got some news coming through the fire the germany and france are urging quote complete and speedy implementation of a tally in the

italy significantly as well as to the other troubles of greece ireland and portugal so investors are really saying that they don't have confidence to support the words of a united as the country can deal with the problems and the more has described the market treatment as a cause but the concerned. parties down are pushing reporting right there now as many analysts believe the spike in bond yields shows that the sovereign debt crisis is a long way from being under control economics journalist patrick young says an italian bailout would be disastrous for the entire eurozone the european union's bailout fund is on the verge of running out of money as soon as one of those major economies such as spanner italy default and every day the market is saying it is terrified of the debt that has been built up in the system and it's appalled by the fact that nobody in the eurozone wants to actually lead a sight of this problem if italy asks for a bailout there simply isn't going to be enough money there in order to manage to pay it at the same time we've got a problem because banks in france and

it could make a product which calls for one eva of the troubles of people here and say here in italy the economy is just too big to play oh another would be much bigger than the greek island of corsica could again up in fact the third big bust of germany and france in the euro zone and it will be even if it does once a bailout italy is just because both of you. got your greece's second rescue package less than two weeks ago and while that failed to give investors enough reassurance what more is being done to limit the damage. well you're right it's really good policy very savage spending cuts the austerity measures and when the intelligence they've been willing to accept it that's the trouble with greece as well and people are calling it a national strike me as trying to reassure and say that so the situation is all right both you know the markets are really good ones who decide that we've heard one of the world's biggest lenders but we can buy that slashing its exposure to italian government bit as one of the some of the concerts not just greece i wouldn't want to call it a really b

is a big economic call affair for italy. traditionally linked with the telly for. gas for the tour for the interest of all the big italian factories in the. libyan government. over ukraine which is the biggest bank in the past. and even today that only a small amount of. it's. very important for our economy and so that's a different question we we have we have the side the telegram and the side of the bell seen in benghazi because there was a bigger canonical interest in it and they can sense now that we could possibly see a very disorganized group of rebels coming in and maybe a similar situation to be seen in iraq where this organization plays out this is a big. speech for you because of the actually the people are solved as not been made by forces coming from the east the falses. more link in the retail and government forces coming from the west which seems more link at the with british government i mean in italy the scene in the. situation libya even with even now as like a big chest being a member between italy france would be trying to reach the cause of all

is a big economical affair for italy. traditionally leaned over to tell it for. us for not sure for the interest of. all the big italian factories a little. bit maybe in government. over ukraine which is the time because bank a in the past they even today the owner has more amount of. them for kong and so that's a different question. we have we have decide the telegram and the size of the bell seen in benghazi because there was a bigger canonical interest in it and they can sense now that we could possibly see a very disorganized group of rebels coming in and maybe a similar situation to. that this organization plays out this is a big. speech really because of the actually that people are sol does not be made by forces coming from the east the fault is. more link at the retail end government but the forces coming from the west which seems more link at the with british government i mean anything seen in the. situation in libya even with even now as like a big chest between italy france be trying to reach the core of all the oil fields some of the gas fields in lib

here doesn't want to bail them out the question is can they afford to italy's parliament. pretty savage spending cuts just last month but all the solons all the the italians won't take them they're talking of national strikes they're talking of refusing to accept pretty much the same as we saw with greece which saw all these horrible violent protests on the streets that were really fearing a repeat. of the horrible scenes that we saw in athens and once again we see europe is turning to the emerging markets for risk you. the european investors seem not willing to boy so it's really a case of the emerging markets once again coming in to bail out the struggling economies of europe. reporter there daniel bushell and market analysts fear the spike in bond yields is a clear signal that the sovereign debt crisis is a long way from being under control and earlier i spoke to. an economist with the independent think tank european based in london he believes that bailing out italy would prove an impossible feat for the eurozone. if you look at the size of the eurozone financial stabi

capital good to have you with us this hour beleaguered europe is caught in stormy seas once again as italy has held crisis talks with the e.u. ever its surging boring costs the country's bond yields of reach their highest levels since the year it was adopted and prime minister silvio berlusconi has stalled. short of asking for a bailout but let's get more now from this from our europe correspondent daniel bushell and he's joining us now live in brussels prime minister berlusconi tried to reassure the troubled markets but just how serious is the situation right now there . well don't panic is what prime minister silvio berlusconi told the parliament but that's exactly what the markets are doing he said that he had italy's debt under control and that he was putting in spending cuts to make sure that the economy was viable but the news came out the bank one of the world's biggest lenders has slashed its exposed not just to italy but to the other troubled states of greece ireland and portugal which really sends out the signals because it's the business who decide at the end of the day not the

you without see now italy is hosting the leader of libya's opposition to discuss future energy contracts and even though the rebel council is yet to prove its legitimacy prime minister silvio berlusconi has promised to transfer millions of dollars in frozen khadafi out let's cross over now to sarah ferguson monitoring the meeting for us sarah hello to you are italy is libya's largest economic partner what do these millions mean to the rebels. well it's a huge amount of money is exactly what the libyan rebel council would have been hoping for when they came to this meeting today with members of the italian government that's been going on this afternoon in this building behind me and top of the agenda really was going to be discussing this money becoming frozen and also from the italian side there's a lot of vested interest in trying to gauge whether previous very lucrative contracts that italy has with libya will be honored by the new transitional council now the means to going on today we've had the latest amount announcement from prime minister berlusconi say half a billion dollars in f

could be on to something we don't want to buy those bonds either and the problem for italy is it has a lot of refunding coming up in the course of the next six months in other words it needs to sell a lot of debt by patrick now spanish and italian bond yields surged less than two weeks after greece's second huge rescue package aimed at staving off contagion does this mean that the deal was simply a bad one to pick it absolutely dollars i mean i we've been discussing this for weeks and you know something the problem here rory is that no one in the euro zone wants to cure the problem they simply want to throw effectively aspirant to cure an appendicitis annoyed everyone is gradually getting the appendicitis throughout the euro zone and unfortunately the way to cure appendicitis is actually surgery. at least seventy billion euro austerity package passed last month has done little to calm the markets is there a way out of this deadlock or what are people going to see that is by this paying banks its fat cats and lining the pockets of fat cats and what we know what is the end game here it

. >> italy and a the squabble over who was responsible over the failed rescue. and investigating the solar system's biggest planet, jupiter. it certainly has been a week to write home about, almost two trillion euros have been wiped off the global markets. >> they are worried about the u.s. recovery. jobs data was stronger than expected, but only a small drop. it did not last long before the volatility set in again. >> there was little respite for battered financial markets. a day after suffering their sharpest drop since 2008. investors were jittery despite better than expected jobs data. the president, those figures are a drop in the ocean. >> this is the seventeenth month of job growth in the private sector. nearly 2.5 million private- sector jobs in all. we have to create more jobs than that each month to make up for the more than 8 million jobs that the recession claimed. we need to create a self sustaining cycle where people are spending and companies are hiring and the economy is growing. we know that will take some time. >> things are even worse. germany

spain and italy. >> as important as greece might be, ireland, spain and italy, that's a whole different ball game. . >> and italy's debt is over 120% of gdp. if it stays over 6%, that i ear going to have to refinance and -- i mean, they need a bailout. then we're in a very different game. >> appreciate you janing us. thank you very much. >>> meanwhile, new photos of the behind the scenes talks that prevented the united states at least for now from an historic default on its debt. we're learning more about who with will feel the pinch from the bill to raise the debt limit and cut spending. the bill signed into law by the president today over at the white house. lisa sylvester is joining us now with more on this part of the story. lisa? >> $2.1 trillion in cuts, and the first wave of that actually starts in fiscal year 2012. congressional approach aye tors are going to have to take out their red pens and decide how to cut billions from the budget. the debt ceiling deal swings a big ax up front that grows even bigger over time. starting next year, $25 billion will be cut from discretionary

up to the new transitional council inviting the public face of the group major brill to italy. was conduct these closest european allies when the native bombing campaign began back in april police switch sides and began courting the rebels in full the war almost a third of italy's daily energy needs were imported from libya an oil giant any was the largest foreign operator in the country the government here have been doing all they can to safeguard these contracts but the if they will be able to maintain these previously close business cause it's by no means a given in a post gadhafi libya the future looks extremely uncertain and there are little guarantee one of the biggest problems italy and other western countries since the beginning of the war has been the struggle to adequately understand the internal workings of the rebels themselves. among the rebels there are many factions genuine people. and many of these groups of rebels are from the politicians with gadhafi and then they completely change their face with the wind as they say and you to me i think corrupt politicians.

just turned eleven pm in the russian capital beleaguered europe is caught in stormy seas once again as italy has held crisis talks with the. costs the country's bond yields have reached their highest levels since the euro was adopted however prime minister silvio berlusconi has stopped short of asking for a bailout and all europe correspondent daniel bushell. don't panic is what prime minister silvio berlusconi told the parliament but that's exactly what the markets are doing he said that he had italy's debt under control and that he was putting in spending cuts to make sure that the economy was affordable but the news came out the bank one of the world's biggest lenders has slashed its exposed not just to italy but to the other troubled states of greece ireland and portugal which really sends out the signals because it's the business who decide at the end of the day not the politicians and investors are saying they really don't trust the word of the national politicians who say they've got their house in order so it to me has been in crisis talks today with john closed your guy who represen

much of the worries in europe are centered on spain and italy. the italian president said he'd speed up a package of austerity measures but there are concerns that european leaders aren't acting decisively enough. stephanie flanders has this assessment. >> you might wonder why the markets are panicking right now. after all, didn't the week begin with the good news that america wasn't going to default on its debt? but investors are worried about economic growth as well as debt. >> whether it's in the corporate or the public sector now, everybody is trying to repay debt to atone for the sins to have past. and the consequence are lack of demands and lack of growth. >> in the euro zone, fear of slow growth has fueled tear -- fears. investors worry that if countries like italy and spain can't grow, they won't be able to tie together their growth. the problems of individual countries have turned into a problem for all of yupe. -- europe. so what can world leaders do? they might want to rethink their holiday plans, for a start. the leaders of france, ge

the figures are high compared to italy and spain. last season, stadiums were over 90% full on average. we don't have corruption scandals. we don't have sponsors buying of clubs and the players are closer to the public. >> the match is over, they win the super cut. >> is definitely worth coming. we are a small family. we are crazy. >> it is a ritual that will be repeated as the new season gets under way. being there is everything. >> the biggest claim to fame was a puppet theater. the team has to prove it deserves to stay. the curtain is about to open in the famous theater. while they perform their rounds , not far away, 11 protagonists are preparing for their new role. >> we have a little stage fright. we have to be used to the idea that you have to get thrown into the deep been. >> the fifty first club to enter the first division. is the first time in the history. they made it a dream come true last season. >> i think teen has a good mixture of experienced and inexperienced players. each of them was determined to test is lemon. >> s

italy is set to transfer millions of frozen and libyan assets to the rebel government even as russia argues the new leadership has yet to prove its legitimacy. to western states call for tougher sanctions against the syrian regime journalists on the ground say it's a footage used as evidence of the government crackdown is hard to verify. it. worldwide news live from moscow this is r.t. with me recently showing an unmanned space resupply vehicle lost in the skies on thursday could have completely burned up in the atmosphere that's according to russian space officials that would mean no wreckage made it to earth but a thorough search and recovery operation is underway in syria siberia anyway fears that some toxic materials may have come down there. for the latest on this story. what are we hearing about the damage caused by this disaster. well what we're hearing happened was around five minutes into the mission one of the booster rockets on the carrying this the progress unmanned space refueling module up to the international space station was a misfire on dr resulting in the whole roc

message purportedly from the congo he says he's still fighting on the front line whatever the truth italy is promising to transfer millions of dollars of frozen libyan assets over to rebel authorities or to sarah ferguson as the latest. we've heard on the back of the information released today when the italian government met with the heads of the rebel council mark me to braille that happened just behind me in this building here earlier today and we had the announcement that at least plans to release a half a billion dollars of phrase in live in assets and we then heard that the rebels had apparently been able to make a kit as they then heard from his spokesmen get as he speaks been saying that that wasn't the case and then we've heard that there is to get out for himself every least thing information speaking saying clearly as usual for the rebels to rise up and continue fighting the rebel it's an extremely confusing time and this is really pulled into focus what a lot of critics have been saying which is is this really the right time to be releasing money to the rebel council they're no

italy is set to transfer millions of dollars of frozen libyan assets to the rebel government even as russia argues the new leadership is yet to prove its legitimacy. western states call for tougher sanctions against the syrian regime but journalists on the ground say footage used as evidence of the government crackdown is hard to verify. and super star struck.

talks you talk about the bailout fund being a balance of barely anything here how likely is it that italy will ask for a bailout do you think. well you know it's going to be very very difficult because it's really a game of chess i mean if it really asks for a bailout there simply isn't going to be enough money in there in order to manage to pay it at the same time we've got a problem because banks in france and germany well they're very much split the big banks are finding ways to try and reduce their risk and reduce their profile of debt in these lesser quality nation actually forgive me for interrupting if i may you know you mentioned these banks particularly german ones i adore you and this is a huge bank has reduced italy's bond holdings cutting its exposure to the countries that by eighty eight percent in the first half of this year that is a sign that the big banks really are rushing to cover themselves so that's a whole big move absolutely it's a huge move and don't forget i mean going to a bank is actually a highly high street bank in italy so it's very very active there the big

so there are concerns over italy, concerns of spain, and traders saying you cannot fight the tape, there are concerns about another recession, and not even a double dip just another recession and tomorrow, more news on the economy and we did not expect it to be good and what that means for the markets tomorrow, i don't know but we will get the jobs number for july. more news on the economy. and we have had all week many bad economic data. where this goes? i don't know. i leave that to you. >>neil: i don't, but today this is extending to europe and france, germany, london, all seeing drops of 3 percent to 4 percent and worries that italy and spain could become the next greece. today, london with the latest from david. it looks like everyone at once just ran out of options. what happened? >>guest: it was as though someone shouted "fire," in a crowded cinema and everyone headed for the exit. that is what was happening not u.k. markets out of 100 shares in the ftse only four were in positive. the rest were negative. during the day it looked everything was under criminal until the e.u. commis

is a big economical affair for italy. libya traditionally lean with italy for. gas for natural. for the interest of all the big rally and factories. are trying to. move around and clear. over ukraine which is the biggest bank a bust they interbred it on a small amount of shale. they are very important for our economy and so that's a different question in there we we have we have decide i'm going to have the size of the red bell seen in benghazi because there was a bigger canonical interest in it and they can sense now that we could possibly see a very disorganized. group of rebels coming in and maybe a similar situation to be seen in iraq that this organization plays out this is a big fear. because of the actually the people are solved has not been made by for all its is coming from the east the fault is. more link of the rebel and government forces coming from the west which seems more link in the with british government there i mean in italy we have assumed. to question the need even with even as like big chests between interleave and france trying to reach the call of all the

is a big economic call affair for italy. traditionally lean with italy for. gas for the tour for the interests of all the big italia and factories. are trying. the libyan government. over ukraine which is that i am because bank a in the past day or even today the owner has more amount of fear share it's. very important for our economy and so that's a different question being. we have we have decide the telegram and decide to some of the red bells in. bankruptcy because there was a big economic interest in it and they can sense now that we could possibly see a very disorganized. group of rebels coming in and maybe a similar situation to be seen in that this organization plays out this is a big. issue because of the actually the people are solved as not being made by forces coming from the east the false is. more link at the really tell environmentalists the falls is coming from the west which seems more link of the with british government there i mean in italy we have a scene in the. situation in libya and even with even now as like a big chest between entirel

and now libya banks are teaching talks to the editor in chief of one of italy's italy's prominent news magazines about the country's role in these conflicts and says economic interests are a big factor with italian politicians. allegations of italian forces paying bribes to the taliban first appeared in the media in two thousand and nine planes that were furiously denied by rain but now u.s. diplomatic cables uncovered by italian less press a magazine reveal that concerns aided the alleged payments reached the highest levels of the us administration we're joined now by the editor. jenny kay thank you very much for joining us say you're magazine uncovered these diplomatic cables. these cables go. down so what was going on in afghanistan we have the. source and you can intelligence about this. by the government. nine. do we can mix. give us a confirmation because according to this fire. personally president bush who was. corny as we need to stop the in afghanistan when the. publisher of some allegation all of the ten are part of this or the member of the government of the fans means the.

even if it does will to bailout italy is just colorful to do. daniel greece's second rescue package less than two weeks ago and while that failed to give investors enough reassurance what more is being done to limit the damage. well you're right into the people with their hearts the very savage spending cuts the austerity measures as they're known but the entire lives they've been willing to accept that that's the trouble with greece as well the people are calling it a national strike me as trying to reassure and say that the situation is all right both you know the markets are really the ones who decide that are you heard one of the world's biggest lenders by slashing its exposure to italian government debt as well as to other countries not just greece i wouldn't want to go i'm really pleased to say we don't have confidence in your ability to slash your unsustainable its level and the euro zone finest as they say are. we will continue our mediation. but investors are showing closer to panic really and the interesting thing is that if you are it