a catastrophic and for greece and list chaos catastrophe at this point can nothing outweigh the benefit of a default we'll talk about it and on the crisis management side the european central bank reportedly stands ready to act if there is market turmoil the u.k. reportedly will unleash aggressive monetary policy in the face of a worsening euro zone debt storm so central banks are threatening to turn on the spigots. thanks. that's what they aim to do but will they drown us all in liquidity pumping an extra liter of liquidity into a container losing gallons by the day does nothing to change the deflationary dynamic we'll discuss plus it's friday we'll show you the incredibly creative way one of our viewers came up with to distinguish between a head and a proprietary trade once and for all since jamie diamond says he can't that more of your feedback let's get to today's capital account. all right let's quickly recap what we're looking at this weekend with greek elections now you could say that the political parties in greece have fallen into two categories those in favor of the tw

political parties in greece have fallen into two categories those in favor of the two hundred forty billion euro bailout loan of course to extreme austerity measures and those against it now here are the major players were looking at sunday's series the party led by alexis tsipras this is one of their rallies there he is ok he's running on a staunch anti austerity platform he stated publicly that he believes greece will not be pushed out of the euro even if they break with the austerity measures tied to the bailout on the other side we have new democracy leader antonio is some of us now he's campaigned on a platform to keep greece in the euro zone but he's been walking a tightrope of promising fiscal adjustments to ease the pain associated with the memorandum now on june first is the last date opinion polls were allowed to be publicized new democracy led with twenty two point seven percent syriza had twenty two percent and eleven point two percent but i should mention there is a two point eight percent margin of error so it is really close between new democracy and serious now if there is n

europe's sake greece musri negs on its bailout commitments my op-ed in the moment. it's not actually the greek part but it's this little thing he's talked about in spain and this was in mid may and he said the fiscally stressed spanish government was injecting large amounts of capital into spanish banks simultaneously to help finance the span of state the e.c.b. has provided large loans to spanish banks at one percent interest rate which they then read lent to their quote unquote savior i.e. the spanish state at interest rates often exceeding six percent yes so what we see is the quick change of debt for debt a quick change a con game where the indebtedness actually increases and the austerity measures are only going to have to be more severe because they're increasing the debt a lot of people think that the programs in place in europe are meant to create some kind of inflation to get some economic growth but they're actually designed to create more deflation more debt more austerity because the goal is acid stripping and futile ization well it's a con it's to take your assets and we

seem focused on greece at least all eyes in our world of financial media and the results of this time are largely similar though less fragmented with the electorate coalescing around what may appear to be a new two party landscape a new democracy and series they got twenty nine point six and twenty six point eight percent of the vote respectively so new democracy taking first place but very close was serious and of course these represent a pro bailout an anti bailout party syriza anti bailout party has refused to join any coalition that is seen as probate allowed which leaves the door open for a possible coalition among the traditional major parties. and new democracy along with the democratic left which could help give the government some amount of legitimacy because we know they need that and legitimacy it seems is the one thing missing in greek politics these days to boot that and a clear mandate by the people on how to deal with the country's collapsing economy and disintegrating social climate because greeks remain largely pro euro but anti bailout and while this vote i should me

hear a lawsuit seeking disclosure of european central bank file. that may show how greece used derivatives to hide its borrowings helping to spark a crisis that threatens the region's currency union the e.c.b. in its defense is arguing that they should have discretion to decide what is in the public interest and releasing the papers could damage the e.c.b. counter parties hurt markets and undermine e.u. policy but what lula papers there is already on the internet there's thirteen specific trades conducted by goldman to commit fraud that's not a something that's a hidden under some in a bureaucrat drawer this is max they're what they're seeking they know this they know for a fact that these deals were done between goldman sachs and greece they know for an absolute one hundred percent fact what they're trying to see is if the e.c. be. the documents may be proof that there was a tacit kulu zhen between the e.u. and greece that no action was taken so they're saying that they were cool looting that the e.c.b. knew they greece was hiding its debt and therefore they should have known

greece decides to leave the euro what kind of a shock waves will that decision have on the rest of europe also another secret government document was leaked today revealing new information on president obama's free trade policy beliefs what exactly did the report say what is the why is the white house standing up for foreign companies and not the american workers and what ever wonder what america would be like with a fascist government a bit romney becomes president former vice president may well have suggested we'll find out very quickly explain why and how into that steely take. in screwed news of an election looming at the end of the week greeks are preparing for the worst case scenario an exit from the euro and is suing economic crisis polls show that the leftists are is a party which is against austerity and wants to cancel the greek bailout is winning by a slim margin heading into sunday's election a series of party victory could mean greece leaving behind the euro and going back to their original currency the drachma fear mongering about a dangerous and irresponsible exit fr

in greece now as greek politicians work to form a government will fill in the gaps with the micro picture that affects so majorly the macro picture and will european leaders allow greece to renegotiate its bailout terms will different officials are saying different things but we'll talk about how that could work when it comes to wast parity you know that blanket term austerity well it involves actually any number of measures and some are better than others when it comes to helping or hurting growth will break down the hierarchy and look who is using the eurozone to deflect. but europe is a significant event forward but your opinion about this treaty a position. that was jamie dimon back on the hill today before what with out it was a tougher committee we'll show you the best of and talk about what was missing let's get to today's capital account. with the greek elections taking place this past weekend and europe the focus of the g. twenty going on now we decided to devote a bit more time to the subject of europe's debt crisis and specifically the case of greece then other financia

the molse profound impact on the eurozone to date takes place this weekend in greece. it was only six weeks ago that the previous election results left the country in political confusion. traditional parties suffered at the hands of more radical groups. the two front-runners seems to be the left wing series and the center right new democracy party. for more on this, the bbc's tim willcox joins us from athens. tim, not too much of an exaggeration to say the greeks are on the verge of making history with these elections. >> absolutely right. two days ago before this vote, the second volt, six weeks after the first one, which could shape the whole future of the eurozone and the political parties have been holding their final rallies, the new democracy party will be holding its final rally this evening just below me here. last night was the turn of that series of parties, the left-wing party headed by the charismatic 37-year-old, alexis. his language is changing slightly. it was interesting to hear what he said last night and compare it to a few weeks ago. when he originally emerged i

? >>> back from the brink but for how long? greece, the crisis, the vote, and now what it all could mean for the u.s. economy. >>> the verdict is in tonight for pitching legend roger clemens, and we'll have the reaction. >>> and top chef. what can happen when you leave dinner up to a 13-year-old? what can happen when you leave dinner up to a 13-year-old? "nightly news" begins now. captions paid for by nbc-universal television >>> good evening. as you are about to see egypt has come a long way from the revolution we witnessed last year. not everybody thinks what's happening there right now is a good thing. they have elected the only islamist president in the heart of the middle east. he is a member of the muslim brotherhood, senior military commanders in no hurry to give up power there are telling egyptians to trust the armed forces. and the fear tonight is this may start another very messy and perhaps violent time for the largest arab nation in the world, the home to 85 million people, and the struggle for power may not be over. it is one of the dicey situations we're watching around the

welcome back you're watching r t here is a look at the top stories of the week people of greece had to the polls for the second time in two months to decide the country's future with their choice impacting the entire euro zone we are left with two options to side with a stereo or to revolt against a move which could ultimately spell greece's exit from the euro. the united nations' peace plan for syria is near collapse as observers say it's getting too risky for them to continue their mission and escalating violence this as moscow denies u.s. claims that a russian military cargo ship is on its way to syria with weapons and troops. and in egypt activists say the revolutions in jeopardy and are boycotting the on going presidential poll after the military claimed all branches of power for itself as long as is facing off against the bards last prime minister with great ease saying neither man's a champion of change. now our t.v. chats to the person who predicted the global economic crisis the consequences of which are still being felt across the world. mr b. thank you very much for your

. greece's party wins the majority of parliament. >> a coalition will be formed to calm fears. >> the obama administration warns not to expect any resolution to europe's problems. >> no relief rally in india as the bank fails to lower interest rates. citing high inflation. . >>> okay. welcome to today's issue of "worldwide exchange". >> i'm back from vienna. you're off to brazil. >> that's why they call it "worldwide exchange". what's going on? >> let's get right to it. supporters in greece celebrating their party's victory over the radical leftist opposition. this along despite a long day of coalition talks ahead. speaking in athens the conservative leader said he was confident a government could be formed. >> translator: we are committed to work with dedication and consistency in toward embark on a difficult path. once we get to the top of the hill a solution will emerge. a hopeful solution. >> meanwhile, the leader of the anti-bailout party said the radical left would remain a force to be reckoned with. >> translator: we will be present in any process as the opposition party. we wi

the lure tourists to greece was not paid for by the government it was frowned funded to raise money for from all over the world we'll talk to one of the founders of the initiative that made this possible in the second half of our show plus can and should the u.s. tax code attempt to bolster jobs and innovation in alternative energies senators were talking about it on capitol hill today but commodities expert dr stephen leeb is here to tell us if the u.s. is already being left in the dust compared to other countries when it comes to renewable energy development and what this means if we truly do face oil scarcity let's get to today's capital account. so by late yesterday the spanish so called solution the bank bailout had already turned back into a crisis it is evident in spanish bond yields that we saw spike today to record dragging italian bond yields with them they they were up to and of course greece is next on the docket we have elections this sunday so uncertainty really seems to be the name of the game and in terms of policy solutions and to what extent the private sector will

are no longer covering anyone who wants to send stuff to greece. greece is clearly a country with two minds about the future. those for and against the bailout are level in the opinion polls. there is no money to pay for energy supplies. greece exit the single european currency. >> if greece led to the euro, the reaction would be frantic. every government, every central bank and all financial markets would be faced with the immediate choices. the first 48 hours of a greek exit would depend on precisely why the exit happened. politically, it is impossible to expelled breeze from the eurozone. neither of the parties likely to win the election want to leave. driven by economics, driven by capital flight, bank loans and the breakdown of cross border payment mechanisms. correct -- >> you are going to get less money back. there is also a significant likelihood that banks would go under in greece. the last number of companies would be bankrupt as well. there are straightforward forms of default. >> with the far left writing -- riding high in the election, a collapse would spell trouble.

mcdonald's in greece only way with drachmas, no impact, nothing to worry about. >> let me send this over to susan, mcdonald's, coca-cola, nike. they're likely to rein in if there's more turmoil in europe, what do you think? >> it's important to keep it in perspective. so, the u.s. economy, you'll actually with gary, the u.s. economy is not driven by exports. and we only export 10% of our-- gdp to 10% of exports. and versus consumption driven consumption and demand. the percentage that comes from europe and great britain is only like 2%. jonas, we haven't heard from him yet. >> these are great points for people who are rational. in a panic, don't care about the exports, the last few collapses of country and russia, soviet union defaulted on a little bit of debt, that was a big deal on the financial markets and the economy. and i believe thought it was a default on some debt. it doesn't take a lot to cause a worldwide panics we've written off greece and it would have to spread to other countries. the u.s. economy is weak, not in a reception, but it's weak, we can't take the entire eur

amazon store, join us for the after the show, show. >> bracing for greece and the countdown for sunday's election close ins, the fear that chaos will break out and a leader who wants to break out of the eu. if the vote goes that way will a massive financial meltdown be on the way. i'm lori roth in for brenda buttner for bulls and bears. tobin smith, jonas max ferris, gary b smith along with todd shown berger and susan. todd, start with your worries. >> absolutely, tell you, laurie, this vote is not going the way that we, wall street, main street, anybody around the globe wants to hear, this is going to be a horrific moment not just for the united states economy, but everybody in main street, right here, usa has to be vitally concerned with what takes place with greece tomorrow. >> do you think the u.s. will see the impact of the the vote. >> zero. let's look at-- (laughter) >> i hate to burst todd's bubble, but we've had a million horrible greek moments the last two years, three years, as far as i know. look, jamie dimon said the impact of a greek default, if it goes that way, on our fin

-election in greece. the country secured a second multibillion euro package in march consisting of loans and debt restructuring. these include cuts in public sector pay and pensions that are becoming hard to meet. the spending cuts have left the economy in a deep recession. in last month's election, many greeks voted for radical party that have vowed to pull the country out of its bailout and austerity agreements. however, if the country renounces its bailout terms, greece's international partners could stop providing the funds which the country needs. sunday's re-election will help determine whether the financial crisis that has plagued europe for over two years is slowly coming under control or about to get much worse. earlier today, our business anchor spoke with martin schulz at fujitsu research institute and a specialist on the european economy. ron started by asking him about the possibility of greece leaving the euro zone. >> well, there is still a high possibility this will happen because it's almost impossible for the people in greece to vote for those parties who brought them i

keiser this is the kaiser report so what's going on with greece did they put a gun to their head and they did the right thing. max keiser markets finance chaos. yeah you know i want to look back at some of the headlines preceding the sunday vote that happened in greece to remind you as we go forward because you see spain and italy are also now you know their cost of funds are increasing it looks like chaos will follow there perhaps france as it got downgraded so let's look at the lead up to the greek elections world bank warns that euro collapse could spark global crisis you're facing lehman's moment says outgoing head robert zoellick as greeks are warned over key election the telegraph warned greek election catastrophic vote to leave euro would cause bank run. well you know if it was like a lehman brothers moment billows remember what the lehmann brothers moment was all about the stock was down sharply and then a false rumor was started and attracted naked short sells that is this a counterfeit stock sales of lehman brothers stock flashforward to greece greece also being attacked wi

party victory could mean greece leaving behind the euro and going back to their original currency the drachma fear mongering about a dangerous and irresponsible exit from the euro is coming from the political right in greece as they try to sway voters away from the surrealism already ahead of the june eighteenth elections thanks to this fear campaign bankers in greece say that as many as a billion euros a day are being withdrawn from greek banks and used to stock up on food like pasta and canned goods but cirus a party leader alexis sapir us pushed back on tuesday saying that the e.u. will be forced to renegotiate with greece once his party takes power saying if one of the seventeen countries is brought to collapse the fire will become unquenchable and will not be limited to greece and the southern countries it will break up the eurozone and that will not be in anybody's interest sapir as well not to detail some of the reforms he will push through once elected saying if we are elected we will move swiftly swiftly to recapitalize banks with common voting shares what we call sociali

. a rally behind her and all the world's eyes are on you. >> reporter: hi there, brian. yes, greece invented both democracy and theater so you can expect grand political theater as we head in to the key vote on sunday. behind me, preparations under way for a last and final rally by what we believe are one of the two leading parties here. new democracy. this is the pro-bailout party and one hour from now, we expect the leader to take the stage and talk to the crowd here. the crowd is nearly -- clearly not as big as we have seen in some protests and we know about the same size, maybe smaller than the anti-bailout party that held the rally yesterday evening and we showed you live here on cnbc. as it happens, we'll bring it to you live. he was trained at the harvard business school and been delivering a tough message to greeks that they have to stick with the austerity measures and at the same time if they want to do that, they want to stay with the euro, vote for new democracy and not the opposing party. greeks and the state of greece is a very, very tough position because of the bailo

phrase eola jean describing these these people in greece who are being financially raped they're they're subjected to financial terrorism from christine legarde in the i.m.f. they're dying they're having their livelihoods in their countries assets stolen stripped from them from folks like the i.m.f. they're being left with absolutely nothing and she needs to herself i think enjoy the wrath of the mob at some point to come in there and restore some justice because she's she's sure her head is completely in the wrong place of her anatomy sheets she's not thinking clearly she's waving the flag for bank paris credit liam neeson credit agricole who are owed money by the greek government is exactly right she is down there trying to. to get money paid back to be to be paid back yeah that's to pay back but those debts the b.n.p. floated were secured therefore they took the risk now they've got to eat the last it's called capitalism ok if you make a bad bet you pay for you then don't go crying to the government like a little whining you know seven year old child. because i did. well let's

bailout mean for the terms of ireland greece and portugal as bailout that those countries have submitted to and when it comes to revolting against the harsh terms imposed by the euro crowds could upcoming greek elections be the best platforms we'll discuss also the nobel prize is about to become a little less of a prize the nobel foundation reportedly has to cut back after a decade of overspending on i guess a nineteen global know it all doesn't come cheap we'll tell you what we think in today's loose change let's get to today's capital account. so when we talk about bailouts or bank recapitalization or rescue plans what usually capture the headlines are dollar amounts the names of various abbreviated technical vehicles for bailouts be them the f.s.f. or the e.s.m. there's usually mention of a country's top politicians a technocratic commission or international organization thrown in here or there usually merkel somewhere in there but when you get to the actual data gritty of what's behind titles like a stability facility or a so-called solidarity fund are you really looking at

troubles erupt. >>> it's the final countdown in greece. people prepare to head to polls on sunday potentially deciding their fate in the eurozone. >>> very good morning to you. welcome to the program. major central banks have begun outlining their positions after coordinated action to support markets citing g-20 sources. if the greek election result triggered a market rout, central banks would step in to prevent a credit squeeze. >>> the bank of england will restart its emergency liquidity facility or extended collateral term repo facility next week on the 20th of june. the bank of england says it will hold one august shun per month until further offering 5 billion pounds at each auguction. >>> and mario draghi said he is ready to support europe's banks. he says the ecb will provide liquidity to solvent banks where needed. >> the ecb has the crucial role of providing liquidity in return for collateral. this is what we have done throughout the crisis, faithful to our mandate of maintaining price stability over the medium term. >>> silvia is at the watcher's conference in frankfurt.

result and the celebration that followed, could be the thing that keeps greece in the european union as a full functional member and here's why. a lot of young greeks, stayed up really, really late last night partying to mark their team's big win and a lot of those folks are more likely to vote for the left leaning syriza party, that wants to cancel the bailout and all the harsh austerity measures that come along with it and, most greeks have to vote at ballot boxes in the area where they were born instead of where they live now and, the more conservative new democracy party might have a leg up because today, like the day after the super bowl in greece, it might be tough to get a lot of young, potentially hung over citizens to drive a long way to vote but if that left-leaning syriza party does well today it could trigger a financial earthquake in europe, because, the bailout, if it is candlesled the imf said they will cut greece off from funding. and if greece is cut off they'll likely ditch the euro for the old currency, the drachma and if that happens, one drachma will equal

we were at before this election and now the reason to continue on dragging out greece is pain a lot longer germany gets a little bit more time to shield itself for when eventually greece does have to exit exit the euro and maybe this is maybe this is this the salvation of the year olds really if it if it gives germany enough time to protect itself from the rest of europe from greece exiting but nothing's really changed so what you think that it actually could get better from here not necessarily worse i mean has this also maybe done permanent damage to the euro in terms of just the mentality to be honest with you i don't think that greece is where you are right on the money when you were talking about spain it's really all about spain and italy greece is a much smaller economy maybe the shock waves can actually have a difference make a difference but spain is a huge economy it's twice as big as the three bill the other three bill the economies come by and if that things happen in spain then whole the. will euro titanic ship is going to go down will also point out spain it wasn't jus

yields hitting 7%. the big thing in greece, michelle is there. we'll talk to her in a second. sunday elections. in trade, the last time i showed showing a 31% chance only that the far left party wins the biggest percent part of the vote. the banks today up on the hopes that the pro-bailout party does win. by the way, in greece, the unemployment rate today came out. it is jumped to a record 22.6%. germany in the middle of this chart for a reason. they are the stalwart in europe. the question around germany, will they budge from a hardline stance? there are reports out maybe, just maybe, angela merkle and company prepared to soften the stance on the shared debt burdens for europe and said germany must be strong and conceding the german strength is not infinite. in switzerland, the swiss central bank saying to boost the capital. those shares down. and got to go to finland. we have talked about it. talking about it more on this show. nokia announcing 10,000 job cuts. all right. let's get back to greece. right now, in many ways, greece as small as it is is the most influential country in

various skin the fault thing as already happening in greece and unfortunately when you have to watch private in public diet it takes a long time up to a decade or two to be leveraging that means to standardize to save more to reduce that over time and that implies that low economic rule that high unemployment rate and some degree of social and political instability and that penis so we are able to i would say. you know these slow economic growth difficult session the eurozone that is call of the fall by governments is going to stay with us for a number of years if you gave a percentage of a chance of greece exiting the euro zone how much would that be and would it be good for greece to come out of years and i would say that you know by next theater i would say there is at least a probability the greece exit the euro zone thinking about it surely even if they like not in june a new government is going to try to get a forum that it can all mix which is becoming so sustainable the day we lags it and i would say that it could be good for them as long as the exit is all of the early . mea

>>> all eyes on greece. key election looms and european leaders urge greeks to vote in favor of the eurozone and tough austerity measures. people in greece are facing a difficult decision this weekend, and that decision will have an impact on the debt-ridden country's future, the future of the eurozone, and the stability of global markets. greeks vote sunday in their second parliamentary election in six weeks, it essentially boils down to two choices and two visions. leftist leader alexis teprus wants to scrap a $130 billion euro bailout deal greek officials signed with the european union. he's opposed to the strict austerity measures the agreement imposes on his country. debt reduction measures that include pay and pension cuts. he insists he isn't aiming to pull greece out of the eurozone. his main opponent is antonis samaras, the leader of the new conservative democracy party. he wants to stick to the bailout deal but wants to renegotiate some conditions. other leaders in europe support that position. they want greeks to swallow the tough austerity medicine, tackle their debt and