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There is talk of Germany one in Europe to have Vito power.
A Greece's budget Greece likely to oppose this idea but -- Germany use this as a deal breaker.
Taken that to my next guest director with the mom.
David while -- and David and look.
Basically the Germans want to comment to -- have a monitor to monitor how they indeed spend the euros -- money and the Greeks are thumbing their nose at this why.
Well quite -- I mean as far as Greece's consigned.
It wants -- 130 billion euros in fact is actually gone up 245.
Billion euros because the Greek economy is quite sluggish at the moment.
So that -- it needs more money from Europe.
But Germany is saying well if you want this money that we -- -- look over your shoulder is to make sure that the budget it is hidden in in order and also that you're gonna be spending this money correctly.
-- did not doing it correctly -- of course not getting the money.
They're off to other issues that the first one is how much of the Greek cup -- how much of the bonds could be written down by to the people who have been increased money.
Will be to -- -- this is the -- European Union the ECB and the IMF are -- happy with the Greek budget at the moment so that's quite a few moving parts that they need to be solved.
Before priest gets the money unfortunately when I look at this Cheryl I just wonder if Greece is ever heard of the first rule of holes are you familiar with -- first rule of polls.
No should up up up.
When your -- bugs are thinking right.
I think as far as Greece is gonna set it really has to stop thinking and just say I need the money so therefore I would do whatever you want rather than to just continually keep on thinking there's all that is really exasperating everybody here in Europe -- the rest of the world.
I know David what a black coal as the mats let let the euros a leader -- -- how to do it does throw money down a black hole.
That is Greece but look there's another big problem has Lotta market chatter today about Portugal.
Lot of concerns that Portugal is going to be the next Greece -- even know how bad Greece is going to be and now we're talking about Portugal how worried are you.
I think we are a little worried which is why this summit over in Europe at the moment needs to get some kind of resolution.
One thing they need to solve is this a new new fund this thing called the European stability mechanism.
Which is gonna be replacing the European Financial Stability Facility so this new fund the money will be replacing the old -- -- money they need to get that sort of out.
And until they do so it is very difficult for Europe to start moving out then we also have this deficit.
-- -- this that draft that deficit control treaty.
Which is ready instigated by Germany and they need to get this in place also these -- long term solutions but in the short -- they do need the money.
And in the case of a Portugal how much money will the EC BP printing in order to get to the banks to go and buy these -- these bonds.
Because eventually they gonna run out of money.
Let me ask you this David George -- excuse me George Osborne the chancellor the Exchequer.
In England where Umar.
-- -- some very volatile comments that's getting a lot of play over here in the United States he basically I cannot believe at this point.
Of the discussion.
We're still talking about -- now easy for him to cut its exit from his vantage point London and pass judgment.
But how does this affect.
The British market.
Well ultimately what it really means is that they have to come to some kind of ruse resolution with regards to Greece.
If Greece went to be kicked out of the Euro that would cause problems if in the case of recently -- to stay in the Euro they need to continually as you say.
Pump money to this black Cohen noted that save Greece but I think will be wanted to see some kind of resolution some kind of closure as far as Greece is concerned because if this keeps on -- up has been going -- for three years now I cannot believe that three years after the event -- still talking about how to solve the Greek problem to Greek crisis.
Just to find some kind of solution so we can all start moving around.
Just do it those -- 'cause he's doing raise taxes lots of fun for everybody David -- directorship photo Molly ball.
I mean I -- -- Sarkozy has his own rules I -- these plans to introduce this kind of Tobin tax it.
In front which is really not sort of a workable solution I think there's nothing really we need to remind the whole of Europe about the first rule of holes when -- -- -- Just stopped -- We cannot talk levels look at that you very much David Cook thank you very much all right well moving from Europe to China.
We're gonna tell you why the Chinese -- of the dragon they held a good time to buy gold.
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