really ok so the hunters able unsustainable means well it just can't carry on like this so what are the implications obviously there's been talking greece of dropping the drachma what about italy what are the implications if it does prove to be totally unsustainable and the country does literally go bust. well at the moment most of the fears about italy are from the eurozone crisis a hold so you really need to find a long term solution to the problems in greece portugal and ireland at the moment investors are wary of the lack of growth and competitiveness in the italian economy but that itself is not enough to explain the massive increase in yields it was seeing so i think it really comes down to a long term solution to the rest of the eurozone crisis which will involve some for debt restructuring because there's no other way to return these countries to solvent see a really strong reforms to competitiveness but members and there are so many real members of the eurozone i've got to be co-operative they've got to help each other now we're hearing that deutsche bank has reduced italia

of course because a really investor the same we don't have confidence in your ability to slash your unsustainable debt level i'm here in the euro zone find a cheap safe that also is a call to literally we will continue our mediation in our investment show includes a hundred really and the interesting thing is to say here is an interesting internal e-mails that are a way out because when greece went down they went to asia to close for investment and they had a big treasury car on a tour of asia trying to get those cars growing economies to buy italian bond now i need to claim that my world or of the hive describe baka treatment of the course but the can. well for more on what's facing italy we can now talk he's an economist with the independent think tank open in europe joining us live now in london thanks very much for being with us here on r.t. well as we just heard silvio berlusconi hasn't asked for a bailout yet but has he succeeded in calming investors today or do you think a rescue package is inevitable. well i don't think you'll succeed in calming investors but i don't think a bailout will

the debt levels are unsustainable. we just heard about the new austerity measures in italy. the question is whether europe will come together and whether the germans will say that they will bail out italy and spain. it is coming down to that. this is a monetary union plus a political union. >> what are you saying? europe is not capable of sorting out its debt crisis? >> well, that is exactly what we are saying. they don't have the institutions and there is not a political responsibility. there is no luck stops here in terms of making the countries that have been borrowing and running these unsustainable debt load, no one will stay stop. there is a people fiscal union. -- no one will say stop until there is a deeper fiscal union. >> we are hearing people talking about this, what would be the impact on the global economy? >> europe is the largest trading partner of both china and the u.s.. they have one of the richest pools of consumers around the world. if europe was to have a serious recession, it would have a huge impact. as we have seen, the u.s. is not able to balance tha

if something is unsustainable you have to cut costs that the day has been strongly contested many talented journalists have found themselves out of the job. is not transparent. the people want. to talk. to the. recent firings and uncertainty about the implications of the new law or just some of the recent events to look cool seeing serious concerns about hungary's democratic future everything mokhtar the government needs an independent media so if this government thinks that it can oversee the whole media it can influence the whole mediate can regulate the whole media it's very. very bad ground but heavy criticism from both within the country and internationally the government is sticking by the new media laws and the changes they could bring could be start to radically transform the face of hungary's media so it's a bit of past. what is due to reach nearly thirty degrees tomorrow here in the russian capital moscow up team takes you to the capitals outskirts to find the best ways to take a break from moscow's summer heat. great . comfortable. unique. so different but the only one. moscow.

if europe is going to blow, the debt levels are unsustainable. we just heard news about a new austerity measure in italy. the question is where it -- whether europe is going to come together and whether the germans will said abel bailout italy and spain. it is coming down to that. what we are seeing is the fact that the euro zone -- that is going to become an issue going forward. >> europe is not capable of sorting out its debt crisis? >> right now, that is exactly what we are seeing. they do not have the institutions and there is not the political responsibility. there is no buck stops here. they are running at the is unsustainable debt loads and and dangers of the single currency. no one can say stop until there is a deeper fiscal union. europe is going to have to come to terms with that if the euro is going to survive. >> what would be the impact on the global economy? >> it would be tremendous. europe is the largest single trading partner of both china and the u.s. it has one of the richest pools of consumers around the world. it is incredibl

what we have now is a system that is unsustainable. you see it in europe. that is why we have to discuss this. until democrats yield on structural changes in entitlements, we are hanging over a cliff. >> does that -- didn't the president agree to some cuts? >> raising retirement to 67. in the republican bill, there are reforms medicare that would save $300 billion. they do not want a payment advisory board which will change the payment system and incentives. >> the president of united states is on television every other day. name one structural change in entitlements he has ever enunciated in public. 1. >> raising the retirement age to 67? >> he has not. >> it was part of this negotiation -- >> he was asked about a week ago. "was structural changes will you ender in entitlements?" he did not mention that. he had every opportunity. he has not. >> mark, you were trying to get a word in. >> you talk about the recession and the numbers, and they are devastating. the number of people unemployed, but that has come with a cost to the federal treasury. we have lost

not only talking or been talking about it but they have laid people off because they saw that it is unsustainable. so i think. this debate has become very politicized it's more about politics than about professional commerce see i mean if something is unsustainable you have to cut costs and if if something is over bureaucratized. you know you're going to have people laid off so. based on this new media law i think the whole media needs a bit of rethinking including the national media and that is going to be. that is going to hurt some people that's the unfortunate consequence of such a situation why did they each east speak out to say very clear on this particular a shame when as we said it's ignored other very important issues that have been happening here in the country why do you think that he has this issue to speak out say very clear about. it was an ideological and political. attack now we have a right wing government. and right wing government is always attacked by the left wing liberals in the european parliament this is our past experience. how this works we can only guess we have a soci

if something is unsustainable you have to cut costs that the day has been strongly contested and many talented journalists have found themselves out of the job. is not transparent to. the people on the basis. of. the recent firings and uncertainty about the implications of the new law just some of the recent events of the cooling serious concern about hungary's democratic. everything more critic government needs an independent media so if this government thinks that it can oversee the whole media it can influence the whole mediate can regulate the media it's a very. very bad ground despite heavy criticism from both within the country and internationally the government is sticking by the new media laws and the changes they could bring could be set to radically transform the face of hungary's media so it's a bit of panic. about what happened to him. lysol me take away. feeling. of them is. to sleep. and. if. ok ok. this street still keeps its secrets but now it's time to reveal the shooting of the soviet files on some. wealthy british. margetts why not scandals. find out what's really h

very politicized it's more about politics than about professional commerce i mean if something is unsustainable you have to cut costs and if if something is over bureaucratized. you know you're going to have people laid off so. based on this new media law i think the whole media needs a bit of rethinking including the national media and that is going to be. that is going to hurt some people. but the unfortunate consequence of such a situation why did he speak out think this particular when as he said it's a signal that other very important issues that have been happening here in the country why do you think that each a space station he can say very clear about to say the voice of the e.u. i mean the e.u. doesn't have a single voice on anything you say they pretend that they have a common foreign policy but they don't need you know everybody's doing their own stuff i'm saying. the voice of the e.u. i think is an overexaggeration of for putting too much emphasis on. on the e.u. there are parties and there are national. delegates to this parliament and of course everybody has their own ideology an

only talking or been talking about it but they have laid the people off because they saw that it is unsustainable. so i think. this debate has become very politicized it's more about politics than about professional comments yes see i mean if something is unsustainable you have to cut costs and if if something is over bureaucratized. you know you're going to have people laid off. based on this new media law i think the whole media needs a bit of rethinking including the national media and that is going to be. that is going to hurt some people. that's the unfortunate consequence of such a situation why did they each east speak out thing very clear on this particular issue when he said it's ignored other very important issues that have been happening here in the country why do you think that this is a sheet speak out save a claim about to see the voice of the e.u. i mean the e.u. doesn't have a single voice on anything you say they pretend that they have a common foreign policy but they don't i mean you know everybody's doing their own stuff saying the voice of the e.u. i think is over exaggeration

it's unsustainable course. we're already in an unsustainable place. >> greta: the bill is supposed to bring the debt ceiling through the year 2013, will it? >> i'm doubtful. we're going get a revised budgetary outlook from a congressional budget office, the non-partisan accountants to evaluate this and they will probably project it won't get it through. but go to the underlying problem. i've argued that the big deal is not the debt limit in august 2nd but rather the debt. the deficits that we are running and the mounting debt. that continues to be my concern. >> greta: when you are being whipped, time to get you to vote yes on this, you raised those concerns, those that wanted you to vote yes, did they say no, you are wrong? >> no, in fairness, there was no arm twisting and no threats. there was no heavy-handed. >> greta: did they say you are wrong with the ideas? >> we generally agreed, but there is the best we can do. i think i'm sympathetic with that argument. giving all credited where it's due, conservative

if something is unsustainable you have to cut costs that the day has been strongly contested and many talented journalists have found themselves out of the job. is not transparent. and secondly if people. wanted to talk. to the. recent firings and uncertainty about the implications of the new law or just some of the recent events to look cool seeing serious concerns about hungary's democratic. everything more critic government needs an independent media so if this government thinks that it can oversee the whole media it can influence the whole mediate can regulate the media it's a very. very bad ground despite heavy criticism from both within the country and internationally the government is sticking by the new media laws and the changes they could bring could be start to radically transform the face of the congress media serve a bit of past. for more new. video games online today big brother who directs you no more watchful eye a trouble maker the new rules of the police force we commuted to monitor the social networks of people. the online. news day eleven years ago a strong lobby t

if something is unsustainable you have to cut costs that the day has been strongly contested many talented journalists have found themselves out of the job. to do. recent firings and uncertainty about the implications of the new law just some of the recent events the cooling serious concerns about hungary's democratic. everything more critic government needs an independent media so if this government thinks that it can oversee the whole media it can influence the whole media it can regulate the media it's very. very bad ground but heavy criticism from both within the country and internationally the government is sticking by the new media laws and the changes they could bring to the start to radically transform the face of hungary's media. that have passed. a us court has this week given to iraq veterans the green light to see former u.s. defense secretary donald rumsfeld for. illegal imprisonment and torture if president guilty he could be held accountable the americans claimed in two thousand and six that if they were actually in iraq made pale step ten government contracts they were then

if something is unsustainable you have to cut costs that the day has been strongly contested many talented journalists have found themselves out of the job. is not transparent to. the people on the basis. of the. recent firings and uncertainty about the implications of the new law just some of the recent events the cooling serious concerns about hungary's democratic. every critic government needs an independent media so if this government thinks that it can oversee the whole media it can influence the whole mediate can regulate the whole media it's very. very bad ground despite heavy criticism from both within the country and internationally the government is sticking by the new media laws the changes they could bring could be set to radically transform the face the congress media so it's a bit of panic. but you can also visit our website. for more news of course on dot com lots of updates on the latest video here a few of the items that are online for you right now big brother interacting them all. troublemakers in new york at the police called the unit to monitor social networks of peopl

if something is unsustainable you have to cut costs that the day has been strongly contested many talented journalists have found themselves out of the job the. recent firings and uncertainty about the implications of the new law just some of the recent events the cool thing serious concern about hungary's democratic. every critic government needs an independent media so if this government thinks that it can oversee the whole media it can influence the whole media it can regulate the media it's very. very bad ground but heavy criticism from both within the country and internationally the government is sticking by the new media laws and the changes they could bring to be such a radically transformed face of hungary's media circus. that a past. former u.s. defense secretary donald rumsfeld may face trial on of allegations of torture after a court and two americans to follow a law suits against him while in iraq in two thousand and six two private security contractors claimed was engaged in corruption in response the u.s. military reportedly held them in prison for nine months where they were

investors to get them to pursue is to invest in internet anything about that but then it goes to be unsustainable and its knees over six percent at the moment saying it's all of those promises that the terror that has catapulted holiday the return type of the christ in madrid and italy national dead of course is much bigger than it g.d.p. of a group called that which caused one eva the trouble that people here are saying here is entirely the economy is just too big to fail in other words much bigger than agree and of course you could put together it the fact the third big thought that germany and france in the euro zone and if the e.u. 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

this is not only talking about people off because this or that is unsustainable. so i think. this debate has become. very politicized. about professional commerce. and something is unsustainable you have to cut costs be they strongly contested many talented journalists have found themselves out of the job. is not transparent but saw. some other. recent firings and uncertainty about the implications of the new law or just some of the recent events that a cooling serious concern about hungary's democratic. government needs an independent media so this government thinks that it can oversee the whole media. influence. and regulate. very. very broad ground despite heavy criticism from both within the country and internationally the government is sticking by the new media laws the changes they could bring could be start to radically transform the face of hungary's media. a bit a pep. talk about options for high. i saw me take out. the. of them in. it. took. it was the first order. of. this street studentships its secrets but now it's time some reveal the significance of the soviet

if something is unsustainable you have to cut costs that the day has been strongly contested and many talented journalists have found themselves on the job. is not trust. the people on the basis. of the system the recent firings and uncertainty about the implications of the new law just some of the recent events the clues are serious about hungary's democratic . everything worked at the government needs an independent media so if this government thinks that it can oversee the whole media it can influence the whole media it can regulate the whole media it's very. very bad ground but heavy criticism from both within the country and internationally the government is sticking by the new media laws and the changes they could bring to be set to radically transform the face of hungary's media server a bit of past. perfect. outdoor activities emotion and dru's knows exactly how to keep fit and stay cool in the heat. wow that was absolutely brilliant careful not to crush. well i just love the summer here in moscow. and what's go out with you in about seven minutes from now first of all it's ti

because this or that is unsustainable. so i think. this debate has become. very politicized it's more about politics than about professional columnists. something is unsustainable you have to cut costs that the day has been strongly contested and many talented journalists have found themselves out of the job. is not. the. recent firings an uncertainty about the implications of the new law or just some of the recent events to look cool zing serious concern about hungary's democratic future. the government needs an independent media so if this government thinks that it can. influence can regulate media. very. very bad ground despite heavy criticism from both within the country and internationally the government is taking by the new media laws the changes they could bring to the states are radically transformed based hungary's media. r.t. that appear. to help. i think just a few minutes take away. from . the. for the. we've got it from the biggest issues get a human voice face to face with the news makers. of the of them is. simply. wealthy british style. but i

if something is unsustainable you have to cut costs that the day has been strongly contested and many talented journalists have found themselves out of the job. is not trust. the people on the basis. of the system the recent firings and uncertainty about the implications of the new law just some of the recent events to look cool zing serious concern about hungary's democratic future everything more critic government needs an independent media so if this government thinks that it can oversee the whole media it can influence the whole mediate can regulate the media it's a very. very bad ground despite heavy criticism from both within the country and internationally the government is sticking by the new media laws and the changes they could bring could be set to radically transform the face of hungary's media serve a bit of power. you can always do that are we. scientology dot com for more news day v.a. here's one for the longing today big brother directing the watchful eye of troublemakers in new york is a nice former unit to monitor social networks of people to no good it's also online

if something is unsustainable you have to cut costs that the day has been strongly contested and many talented journalists have found themselves out of the job. it's not just. the. recent firings and uncertainty about the implications of the new law just some of the recent events to look cool zing serious concerns about hungary's democratic future every critic government needs an independent media so if this government thinks that it can oversee the whole media it can influence the whole mediate can regulate the media it's very. very bad ground despite heavy criticism from both within the country and internationally the government is sticking by the new media laws and the changes they could bring could be said to radically transform the face of hungary's media so. that a path. to better. i think just a few minutes take away. for the full story if we've got it first hand the biggest issues get the human voice face to face with the news makers on our t.v. . you. tube the limited to just say the food to. feed. if. if was. wealthy british style but. sometimes it's kratos money. hi pat. ma

this is not only talking talking about people off because they saw that it is unsustainable. so i think. this debate has become. very politicized. pressure. something is unsustainable you have to cut costs that be they strongly contested and many talented journalists have found themselves and the job. of the. recent firings an uncertainty about the implications of a new law just some of the recent events look who's in serious concern about hungary's democratic future. the government needs an independent media so if this government thinks that it can. influence can regulate. very. very bad ground but heavy criticism from both within the country and internationally the government sticking by the new media laws the changes they could bring could be start to radically transform the face of hungary's media. that attack. former u.s. defense secretary donald rumsfeld may face trial over allegations of torture after a court allowed two americans to far lawsuits against him. six through private security contractors claim their firm was engaged in corruption and response the u.s. milit

if something is unsustainable you have to cut costs that the day has been strongly contested many talented journalists have found themselves and the job. is not just. the. recent firings and uncertainty about the implications of the new law just some of the recent events the quds are serious about hungary's democratic. everything or the government needs an independent media so if this government thinks that it can oversee the whole media it can influence the whole media it can regulate the whole media it's very. very bad ground but heavy criticism from both within the country and internationally the government is sticking by the new media laws the changes they could bring could be start to radically transform the face of hungary's media so. that a path. you're watching the weekly. on this sunday here on r.t. i'll be back in just a few moments with a recap that writes. wealthy british scientists i know it's america that's not on its side of. the. markets finance scandal find out what's really happening to the global economy for a no holds barred look at the global financial headlines in two

if something is unsustainable you have to cut costs that the day has been strongly contested and many talented journalists have found themselves out of the job. is not transparent to. the people on the basis. of. the recent firings and uncertainty about the implications of the new law just some of the recent events to do cooling serious concerns about hungary's democratic future everything more critic government needs an independent media so if this government thinks. it can oversee the whole media it can influence the whole mediate can regulate the media it's very. very bad ground despite heavy criticism from both within the country and internationally the government is sticking by the new media laws and the changes they could bring to the start to radically transform the face of hungary's media server a bit of past. twenty five minutes past the. here in the russian capital this is r.t. israel this week approved the building of a set of sixteen hundred new homes in east jerusalem on land that palestinians consider to be their territory the un called the decision provocative with just

we're on an unsustainable path. borrowing 40 cents of every dollar we spend. this year the interest on our debt is 240 billion. it's projected in ten years to go to 940 billion in interest in one year. this is unsustainable. sooner or later, if we don't change, these kind of ratings will continue. when you have a democratic senate that will not produce a budget, and 830 days without a budget, a president who submitted the most irresponsible budget in history, who is continuing to talk about spending more, investing more, whose secretary of education, was demanding a 13% increase in the department of education next fiscal year, beginning october 1st, you know we're in denial. we're not understanding the threat. the president is going to have to look the american people in the eye, a a tell them, we are on an unsustainable course. he got to do that. and if he asks us to reduce spending by 10% across the board, all these departments and agencies, congress would rally to him, you know, in a bipartisan way. >> senator -- >> if he's going to deny we have a crisis, h

let's announce to the american people we are going to fix the programs that are unsustainable. otherwise, we end up like greece and unable to provide the benefits. >> david walker, the comptroller general for the u.s., had a discussion with me during this past week, which is available on our website. he is skeptical about the road the super committee is going to take. this is what he said in part. >> candidly, the deal that was done was very modest. we have to do a lot more. they punted on the big four, namely medicare, medicaid, social security and tax reform. we'll see what happens with the special joint committee. candidly, i think the tough choices are probably not going to be made until after the 2012 elections. >> after 2012, which includes the question of whether tax increases of any sort can and should be part of the deal that the super committee works on. >> well, there's a fundamental belief many of us have. why raise taxes and take money from people and give money to the government, which has grown enormously in size or debt went from $10 trillion to $14 trillion. wh

know there's no country in the world that can run a fiscal policy like this over the long term it's unsustainable it's just you know you look at argentina you can look at the whole history of any any third world country tries to be able it was it was up in the face of mentioning so we have to start analysing a long term fiscal budget we have to focus on generational balance not budget balance that's the key issue the fiscal gap of the country is chilling eleven trillion don't take my word from it just take a c b o o's june twenty second projection it will present a calculation it's that and we're that means as we need to cut spending either immediately permanently by forty percent raise taxes by about two thirds of the of the permanent that's what these numbers are so i don't know that that happened are you are you really can start you seem you know this is your your policy analysis and you're an economist and you write about this but i really concerned you it is something that keeps you up at night. well you know you're just written a book called the totally screwed his father you know. it's i a

he said it was unsustainable. >> i pulled a biden. what i meant was he should have made his point more clearly jie. he shouldn't have said, "iunderstand it is dash." >> >> e-2. >> it is the sequel to et. >>> coming up, what is it like to live on the surface of a hideous monster thing. we read the new book by paul mccurio. where should one go to celebrate the 20th anniversary of "point break"? i would recommend my basement, but it is pretty crowded. >>> do you live to get radical? if so you are not only aware of the fact it is 20th anniversary of the movie ". break" the --" point break" but devoted broads know that tonight marks part two of the red eye special report on what made johnny utah tick, how body road his stick, and why gary busey is so gary busey. the following package is old ka the godfather part twof point break sequel. it is rocked to the very foundation. >> just got back from rockaway. while i wasn't radical there, i developed a radical hunger. i know what you are thinking. where can i go to celebrate the 20th anniversar