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Greece's credibility in the international community is as good as garbage.
And -- its biggest problem by far is an attitude problem tonight Greek officials are furious.
But they may be saddled with a foreign baby sitter to make sure -- budget cuts actually happen.
In exchange rate fresh 170 billion dollar bail out.
In Greece claim -- are being asked to choose between financial assistance and national dignity here now to discuss -- my freedoms freedom fighters Fox Business stocks editor.
And my colleague Elizabeth MacDonald.
Our -- tell the democratic strategist and Peter Silberman reason magazine associate editor -- this is work.
With the financial community and they want to give a 170 billion euros to bail out the Greek -- they want to see reform measures serious reform measures put in place first.
I mean Greece is a country that has rampant corruption we know bribery where tax collectors pocket.
40% of the bills and it's a country with just eleven million people 300 billion in debt they got to grow their way out of this crisis that's going to be a marathon not a sprint.
Was it putting together the Euro.
The European community European Union whatever they call themselves Peter -- A big mistake or is this the kind of control.
And -- profligate socialist run away.
That Europe needs to have.
I think what you're seeing here is.
Of the and results of the European style welfare state you know Greece.
Was was admittedly much -- -- and most of the other countries in the in the eurozone but what Greece is done here pet as.
Is gonna end up affecting all of these other countries and so.
What would've been just Greece's problem is now everyone's problem that's that's what the EU has has done to Europe.
Loan money to the Greek government except another government which gets its cash extracting it -- taxpayers.
Who are right I would -- their own hard -- money.
Hard earned money would you loan money to the Greek government no matter what yeah.
Well obviously Alan -- in the interest is not mind is that loan monies that Greek government -- -- -- the bottom line here is Greece and the mess.
And Elizabeth is absolutely right they have to grow this way at their way added this and they also need to put these reform measures in place.
And the reality is they have not comply to date and -- -- Germany wants and to have an outside monitor.
And the Greek government doesn't want to do notice that this people of Greece are pushing back what is that what are the chances of.
Its -- basically yeah person who's not -- was not in the Greek government.
Come down from Berlin or Paris and say right you can't spend this you must spend that you may not spend this.
I it would be the IMF -- Christine -- because right now we're seeing plans that look great.
Out of Europe after you know the fourth bottle of pinot noir they don't look so great BI MF will be the want to step -- even if the the president -- had a -- Europe Europe's central banks said no external cedar will come in to -- countries like Greece they gotta do it on their own and that's the way forward.
-- since the utter collapse of MF global literally hundreds of federal agents have been poring over the firm's documents trying in vain.
To recover an outstanding one point two billion dollars of missing client money.
Early results from the probe of the -- to the media and they're not book.
We now expect that a significant amount of the money was he ready for this vaporized.
And -- eleventh hour chaos at the doomed hedge fund.
This is MF's chief financial officer.
Had told Standard and Poor's -- only days before the firm's collapse that the firm had never been stronger put aside the Jon Corzine involvement has a governorship.
Of of New Jersey.
-- was watching this that this kind of a fraud could have happened.
Apparently no one was -- I think what MF global demonstrates is not know that my colleagues are gonna disagree with me but it -- -- -- for more regulatory enforcement of what's on the books.
An additional regulations that are up today.
With where the financial industry is now.
Peter sermon what happened here -- champion of Wall Street.
A failure in politics when a person well respected.
First Financial skills loses one point two billion of this clients' money not -- zone.
And federal agents trying to find it say it vaporize.
Well look this just shows do you.
That regulators fail and that relying on regulators and assuming that more regulatory enforcement is gonna be the answer that is -- That -- it doesn't work every week we have have been beefing up regulatory enforcement.
Over and over again for your -- sarbanes -- we -- all these faulty now we've got -- don't have rule does not market -- -- -- -- -- Comes -- these hedge funds which is basically what this was is that the buyer let the buyer beware via -- should the government be concerned.
That these rich people gave it to somebody who made a gamble for them and lost the gamble.
And they're just saying it and we do need a cop on the beat -- I agree with Tara this isn't just about a lot of rules.
It's about -- night stay at night watchman with the real.
Big stick and saying -- MF global in those people in the world do you have a responsibility they need to crack around the -- and -- this on the outer limits episode it didn't doesn't vaporize a money went.
Somewhere Peter you're gonna -- business talk of Washington and about a bailout for some of Jon Corzine's former clients I -- The government decide who to bail out people lose money every day one there and when their money managers make bad investments and bad bets.
It's one thing to say we're gonna stabilize the financial system through advanced measures that we warn everybody about an advance in a very -- to things like the FDIC.
It's but these sort of after the fact bailouts and just create huge moral hazard of -- People are gonna behave irresponsibly if you have this possibility that the government just gonna come and it and make her body -- at the Andy no matter what you.
Seconds -- did you ever envision the former head of the Democratic Party the former governor of the state of New Jersey in jail.
No I did not but that's the point -- we -- every other type of criminality we have laws in place in the -- we need laws in place also did tar.
Financial criminals as well.
I understand your argument Peterson and --