You're watching...
Markets.com Chief Economist Bill Hubard on the debt crisis facing Spain and Greece.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Now let's take a closer look at what's moving European markets at the always fashionable bill Mubarak chief economist at markets that.
Bill the IMF on Thursday backed giving Greece and Spain more time to reduce their budget deficit -- cutting too far.
Too fast -- do more harm than good but Germany says backtracking on debt reduction goals will only hurt confidence IDC is playing out.
Very strongly -- its waste and I think one of the things that we are seeing now.
In mr.
Draghi said it last week.
Really the whole Euro zone crisis the US fiscal crisis and even the Asian crisis now is in the hands of the government and now what we do what is getting sort of individual squabbling but maybe the most positive thing -- come out is it again that's further downgrade of the Spanish.
-- would.
Debt markets and this probably -- force the hand.
Of the Spanish prime minister to quote go -- did ask for -- I think this is what's helping.
The Euro this morning -- also giving a positive reflection on the European stock markets.
But bill what does this debate over Greece due for that request by Spain as -- looks and sees that Greece is.
Now after the fact asking for more time asking for lighter conditions on its bail out.
And you know groups like BI -- -- for actually saying that's a good idea what does that say to Spain if they go forward and ask for bail out that they can't.
Either now or even down the line if they can't figure to agree to it now to start -- didn't -- they say you know what in retrospect these conditions are -- hard to -- we need more time are we need you to back off what do you what do you think about that.
Dying you've just answered you're own question is this has been the reason why the market feels that Spain has not an.
Ask for an initial -- -- just what you just yet.
Now we asked for an initial bail out of -- at all by the weight on the second bailout a third potential bailout we will even stricter conditions so.
What really is gonna happen now.
Does the market feel that.
The IMF ES CM of the Euro -- eccentric sector -- will be willing to.
Being fought more patient with Greece now does that mean that states as we have been correct in holding out for the simple fact is.
We want the same quote kind of conditions in England and this is whether that you know -- the market is is happy and this is the whole point -- just yet.
Why Spain has not asked for initial bailout -- -- -- the simple fact he has if we asked for the first would.
By the way the second and -- -- could be much would different -- admissions really the dilemma -- it is unfortunate the markets now or now waiting for the politicians.
Rather than for up the quote the central banks and this is up to do not want my money ignores the weather and.
But London the weather does bad -- -- that CNN is part of the course.
I fed bill Mubarak over a market that come thanks -- -- -- -- --
