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Meanwhile -- news out of Europe -- is unemployment rate hitting an all time high of 27%.
In February -- an even more astounding 64 point 2%.
Youth unemployment rate but earlier today.
Greece's finance minister announced that the country's recession wracked economy and sky high unemployment.
Will begin recovering next year so what are we missing joining me now Stephen -- managing partner of spotlight ideas.
Welcome Steve enough from Westminster there -- behind you so what exactly is this Greek finance minister smoking -- -- what do what do we what does he see that we don't.
This is extremely good question actually because.
You look at the metrics the GDP will contract four and a half percent this year that follows from a 6% contraction in 2012.
And six and -- 2011.
The country we know these elements of the food -- that they announced.
What he's hoping is that there might be some.
Slowly but the contraction in the growth by the end of thanks -- and then -- -- -- get a Jacob effects upon unemployment I think starts to improve and to convey it.
And it allows Greece to gets the point where they have a primary so -- And that means they can then go and -- for more debt forgiveness from the ever so patient investment community.
I think greedy is just a stringing the whole year -- and so on their own story a long months ago I mean it is incomprehensible that he can see the great.
Green shoots of recovery amongst this -- -- seek the ultimate optimist -- It's like a bigger picture look the ECB did as it was expected and cut its key interest rate but.
What else can -- a drug you do -- in -- situation.
What he could actually do this time around and say to some of the other -- paid to sit on the ECB governing board.
To zip it basically because the loss Friday we had very quickly.
-- and then from Finland suggesting that yes they were very much open to a negative deposit rate -- trying to help money salt circulating within the banking system.
I'm within golf and now we have -- Milwaukee from Austria saying -- -- know with markets are reading -- too much into that.
And so we ended up on Friday midday in Europe trading at a higher rate than -- had before we had the the rate -- on the Thursday.
Now has backed off a little bit this week but quite frankly we need to see less ponderous deliberation coming from the ECB a more definite action.
That requires a political elite speed -- -- -- -- to -- told people to Brussels memorandum redraw three minutes of the EC because at the moment.
It's not like the federal Bank of England which has multiple -- -- -- to a US thrust has -- inflation.
We know inflation is not -- appropriate for the ECB so why they -- -- -- delay is beyond my comprehension mania somebody else could explain this.
What about Germany before we run out of time so much depends a -- mrs.
Merkel has to say and Germany's attitude to all -- this we know that by the way immigration to -- -- out of the eurozone is gonna.
Seventeen year highs so.
Work is in other countries in the Arizona saying we'll forget this will be needed job boy gonna find a job would probably need to get to Germany.
Of what point does Germany's patience run -- is this thing goes on and on and on.
Well I think we have to remember that the Germans to export of all -- big goods and services into the -- -- and so.
Part of broad brush -- they have a strong mandate to keep your resume -- -- however what is worrying is the election comes up in September.
By the beginning of April policy -- alternative could push -- in terms of Germany was formed there already -- about 5% which means come September.
They could qualify for seats in the parliament now -- and anti Europe group.
And we've seen the anti establishment parties gather strength in Greece and the facility so there's no doubt that it could happen in Germany.
I think people are ready to -- -- become frustrated that all these euros have migrated south.
Fall the -- believe she's been a perpetual -- -- those -- -- just not coming back at the current time.
And I think the Germans who went through a lot of change on the agenda 2010 I -- -- -- was -- -- to make themselves efficient and allowing street to be globally competitive.
They -- -- seeing that other countries who didn't go through that adjustment screaming -- we want the same pay rises we will definitely deals.
Unfortunately seems to be the bureau and all rate structure is -- toward Germany wants -- not really to assist the periphery.
As always great stuff Stephen Pope joining us from London thank you so much Stephen.
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