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The Greek Tragedy Continues

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  • Description

    FBN’s Ashley Webster on the ongoing drama in Greece and its inability to meet fiscal deadlines.

  • Duration 3:33
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-- -- European markets trading positive right now because of what People's Bank of China did but also because the Europeans are going to save today once again.

Wasn't good the first time to how about a second time for she does succeed another Greek bailout on its way and of course today is yet the deadline for Greece to seal that deal.

And a new rescue package worth as much as 170 billion dollars.

Fox Business is Ashley -- been following the story he's just back from Athens where he was reporting live last weekend that a good morning to you actually said the European finance ministers balls in their court we have a they -- it out of the ballpark.

Well I think so that they the belief is yes were finally gonna get some sort of deal done today but you know what this is Greece in this as the ongoing drama so you never know let's face it Greece has.

Repeatedly showed the complete inability to meet any sort of fiscal deadline and that is the problem is you just said Adam.

They already got the first time around like -- 110 billion dollars to avert a crisis that didn't work went back again another 170 billion.

Is needed to -- keep this country -- let's take a look at think he measures being debated right now.

-- whether Greece indeed can get this done they've lost a -- 150000.

Public sector workers.

In the next three years by 2015 -- minimum wage by 22%.

Those two items alone have generated the kind of -- we've seen on the streets and athens' problems again yesterday.

Pensions of more than 17100 bucks a month will be cut by 12%.

And -- yes private lenders must accept the 70% reduction in that Greek bond value they would receive cash we understand and you bombs in return those bonds expected to mature.

In some thirty New Year's time.

Meanwhile we've had -- -- Greek Prime Minister Lucas company Davis and the -- Greek finance minister of Angeles -- is analysts.

In Brussels this weekend lobbying hard saying look we've done everything we need to do now let's get this next round of money OK in fact this morning.

The -- -- finance minister putting it this way he said that look.

Greece comes in today's Euro great meeting having fulfilled all the requirements for the approval of the new program for Greeks this is a -- -- of national dignity.

And a national strategic choice and no other integrated -- responsible choice.

Can be opposed to -- -- many issues left hanging out there Adam yes well the real important question here Europeans required the Greek government promised that even if it's voted out.

That a future government -- here to the deal.

But there's no legal binding.

Constraints on a future government to adhere to the deal.

You spoke with the actual citizen rate.

Yeah are they don't put a government in place that a lot of this deal is new government come April gonna throw an -- -- I think there's a good chance of that adamant that is the huge miracles from the EU lenders look you have right now coalition government -- interim government that's pretty much down the middle.

Since this is up all blown up you've seen.

Public support either go far left -- -- right either way it doesn't matter both groups of those political parties of -- We cannot be held hostage we are being dictated by the bank being dictated to by the bank of -- -- in.

And we will renegotiate.

As one of the political party members said last week this is the huge fear the EU and as you point out -- not legally bound even though they can write assurances.

Bottom line is recently said at the top here.

Have proven time and again that's they cannot be held to these fiscal reform measures -- fox -- actually Webster appreciated while thanks --

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