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-- joining us now London David Buick a partner and BCG.
Partner is and he and I talked for -- David about the economy especially during this financial crisis is nice have you back with us when we have so many people speculating about.
What the ultimate effect will be a Greece and that set people up in Europe -- -- -- -- for the global economy.
-- -- -- -- -- -- -- -- We've got to do -- this.
Unacceptable uncertainty which is really simple and markets whether they be bonds commodities but in markets equities -- to complete turmoil.
Boxes -- -- very well with good and bad news they just can't spell uncertainty we got it in spades.
And frankly of the European politicians -- selfish reasons.
Looked as if they've been in turn action of their juicy but coming to a common pools of how to do with this problem.
We've had two years now of staring.
Greece's problems in the face sticking our heads in the sand like a bunch of ostriches -- there's just -- bad dream that'll go our way it's going nowhere.
And the fact remains his charge other.
I was instead jump in there because what we're obviously seeing this this.
Is incredibly economic situation -- you mentioned the politics of it off me what is is really telling us about the state of politics in Europe instead of democracy.
Well the trouble is that -- we're now into a the situation where we have because.
All of a -- for a period of the last ten years where we've borrowed whether it -- government individuals or industry and Colmes gargantuan sums of money.
-- very little ability of being able to repay them.
And -- results which the banking system throughout the world particularly in Europe at the moment.
Is unsustainable and without the help from the central banks that have absolutely no possibility.
All -- confidence in their assets under any circumstances.
Now we can straighten out I've ever period of time if there is an austerity program that is -- -- Greece is in no position.
With virtually no industry and -- -- to speak of any of any great size will be able to service that the -- -- tax officials hope.
So therefore nobody pays -- -- refuse to sell any assets such as ports airports land -- the competing part lot of money from it.
And they're trying to -- original start to program which as a result which people going hungry because they've got no income.
And they can't pay their bills this -- to stall.
And we have to send the world -- message had a European Union means business.
And how -- how does that happen David because some are suggesting that the European Union will not survive this.
That the ripple effects that could affect America's economy as as well as the global economy overall.
Did you -- that actually happening a collapse if you -- the banking system in Greece and then all these ripple effect across banks.
Across the continent there.
I think there's some.
Stir era I mean Greece can't survive in the your opinion in the story in the -- and certainly can survive the European Union.
If the banking system and the governments of Europe have made contingency plans.
In the course of the last two years and what that they didn't do.
Because -- had plenty of time to write down Greek debt to virtually nothing.
All -- some all get some fresh capital and -- correct uttered by this contagion it.
The fact remains is that Italy and Spain haven't got a great opportunity ever period of five years of being able to rebuild their economy.
And if the -- of the European Union sings from the same initially and pulls together they get out this and it's a question of allowing Greece the time.
That these sensitivity.
To make this transition over to -- -- yes the -- will probably devalued by thirty to 50%.
What we can deal with that.
Because people have to live from to have -- and if you show them.
Tender loving kindness and how to get on the can do with it what they mustn't be allowed to do is to walk away from their responsibilities -- We got this that would -- -- planet that is role because if you do that and you allow them to get aware that such Preston for the rest of your.
Sounds like there's a lot of work ahead David nice to see you look forward -- back.
To talk more about this during the -- issue thank you very much.
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