didn't that there would be a solution for greece on monday greece on the other hand for the first time says you know it's not our folds this is our creditors they have to figure it out for the first time in the two years two naf years that greece has been the bailout program is not greece that's causing the trouble. you heard or just a few billion dollars left we'll see if they can resolve that on their conference call tomorrow machinist of us with dow jones in the wall street journal. before we go this friday let's wrap up with viewer feedback because we got overwhelmingly interesting feedback on a topic we discussed on wednesday we contrasted wal-mart reportedly paying workers very little scrimping on benefits and as you know they protested today we compare that to costco which is another big box retailer which is known to treat employees pretty well and here is what you had to say on facebook joshua fabby on said my first job was at wal-mart and i hated that job the pay was bad the managers were rude and the customers just hated you i now work at costco and i love my job the pay is

period of time to be fixating on greece because greece is dramatic by and large i don't think it does anyone any favors yeah and speaking of the muddling through speaking of grueling nature of all of this especially with greece what is the deal with the deal to cut the debt who are the major parties that need to be consulted negotiated with in order to make changes to greece's cumulative interest payments on the national debt well i mean listen this is a massively multilateral negotiation it is extremely tough i covered the greek debt restructuring earlier this year and i thought that was a tough negotiation because it involves private sector creditors banks as well as hadron that involves all the countries in the euro zone involved in international monetary fund the european central bank and honestly i think that even removing the private sector from the picture those guys can make it pretty tough for themselves just by just by themselves right now what we're looking at is this we had a meeting here in brussels last tuesday feels like years ago but but also it feels like yesterday be

greece's by a massive 4.5%. the report predicts the gdp of the eurozone as a whole will shrink by 4%, but it says germany is unlikely to fall into recession thanks to robust demand on the domestic market. >> to the markets now and the greek rescue package encouraged investors this tuesday. our correspondent sent us this update from the frankfurt stock exchange. >> the stock market's, nobody really thought that the euro group would send greece into bankruptcy, but in the end, investors, of course, appreciated this new rescue package for athens. it gives time to breathe, as people were saying here, and it has set a better mood here in the share market, especially banking shares have been on the recommended lists so far. investors are saying that banks take profits out of this rescue package if the politics are able to stabilize the political environment. this also helps the financial community. >> and a quick look at the market numbers now -- the dax closed 0.5% up. euro stoxx 50 closing just slightly up. across t

actually forgive some of their debt to greece if they force greece out if this gets contentious and greece decides not to pay them i think we will see if we you know capital flee out of spain and italy if greece can go if greece can exit and it's disorderly i think immediately people take a look at their businesses in spain their deposits in spain and he plans to do business in spain or italy and say you know what let's hold on. yeah you know it's interesting i did see one one fact from sam b.c. actually that over seventy percent of greece's debts are now owed to official lenders such as the e.c.b. and the i.m.f. so that's a significant chunk that you're saying they need to forgive some of that now as far as italy and spain you had an interesting point you're writing about corporations having revolving credit lines and how it's a bad sign from a credit perspective when they draw down on it but they have them for safety in case they can't get cash so what's the importance of revolving credit in europe and are those policies in place you know there are and i think that's one thing right now

agreed to that -- the imf and greece agreed to that. when they wanted another couple of years, she saw red, really. she rolled her eyes and does not want to book any more delays because there's been years of indecision, as they see it at the imf. >> briefly, that's not the only dispute you had in brussels. also something to do with the eu budget, a problem there. >> it is very complicated. basically, they want 6.8% in budget spending next year. ministers say 2.79% and not a penny more. tonight, europe -- euro mp's had decided not to take part. on all economic fronts, europe is in crisis. >> a lot to watch their. thanks very much for the update. >> let's move to the markets now. investors did not have much to celebrate this tuesday. our correspondence sent us this report from the frankfurt stock exchange. >> the discussion in brussels about greece weighed on the general mood of the markets, even though there was a bit of a recovery towards the end of the trading day, but investors remain concerned about greece and about the way that the

and looks like greece is in a heap of mess itself. is this finally the end of the line for greece? >> i don't think so that it's the end of the line for greece but i think none of the problems have really been solved. the basic problem now that the greeks are now entering their sixth year of a serious recession. this is really more like a depression. their gdp is down 20%. melissa: wow. >> from 2009. unemployment among youth is nearing 60%. and they just cut their budget more. what's the real dispute here? the real dispute is about two things. one is, what's the way out of this mess? the creditors really want more and more cutbacks in return for which they will basically lend greece the money to pay themselves back. melissa: yeah. >> what the imf would really like to see is, there are real losses here. there are real losses. creditors have lent money that is essentially bad. just like in a bankruptcy sometimes the lenders have to take a haircut. and what the imf would like to do is for the lenders to take a haircut but those lenders are the sovereign countries of europe and their p

she once the interest rate deductions for greece. she wants governments to take a debt write-off and germany will not tolerate that. she wants to greece to reach 120% of g.d.p. debt by 2020. the eurozone system make about 2022. >> just following the debt talks in brussels, thank you. a completely different story on the consumer front with the german export still going strong worldwide. people are entering the christmas buying season ready to spend. >> that according to the latest research showing retail sales could top those of the last few years. >> it's official. the christmas season is open in germany. the country's retailers are looking ahead confidently to the next four weeks. market research indicates people intent to buy more than in recent years. toys and books are expected to be the biggest sellers, but more expensive items should be popular, too. >> it is noticeable that spending on jewelry and home furnishings will be stronger than usual. it is connected to the crisis. when consumers have a decision to make on how to use t

cash for greece. in exchange for. on air online live from the new center here in moscow this is a nationwide protests have kicked off in egypt with thousands gathering in tahrir square to oppose president morsi latest decree morsi made himself and the islamist dominated upper house of parliament immune to any kind of oversight including from the courts true reports from. behind me there's several hundred thousand people into korea and it protests that people are saying one of the largest they've seen really in most of the year and people are chanting against the muslim brotherhood and people a chance against this very contentious constitutional declaration which awarded the president's sweeping powers we've also seen protests across the country in different governorates against this constitution constitution that peroration as well as different sectors of society we had protests at a march today by the journalist in the case who had joined us in korea in addition judges themselves states in protest and lawyers so real

germany will be giving more financial aid towards greece we saw m.p.'s voting in the reichstag with four hundred seventy three saying yes to this aid package one hundred saying no and eleven abstentions now what this does mean though and it's being talked about throughout the week is in next year alone it could cost germany over seven hundred million euros but we are seeing the politicians at least giving their support financial support towards greece however that support isn't being particularly backed up by some of the electorate here people on the streets of germany suggesting that perhaps greece should be left to its own devices. that is enough because we won't see this money ever again. at some point it should be stopped it's high time they were capable of helping themselves we're ok for now but some day we could also get a program there's arlen specter north i ignored out to vote this is all used to be an english we have already given at least so much more on the issue started already a lot going on on one of the stars. and there's nothing more is

states we have in the edition of the greece i mean the attack that greece went through. and the greek problem dates were true before. the end of. the ring if you will similar to what we were through i mean let's remember that we had a big government at the time who were. elected to. prevent the backroom grading leaders followed them from the bank of europe and the board has been required. to go beyond the normal value. all right while hollow refining analyst at the brussels based think tank the c.i. power foundation thank you so much for taking the time to speak with us what. israel is considering a full scale military offensive against gaza following the latest round of fire exchanges with militants from the occupied territory around one hundred rockets landed in israel over the weekend while airstrikes were launched against sites inside gaza activists and writers ok tran says the potential military move requires public backing well we're seeing military interventions on an ongoing basis air strikes have been occurring regularly since saturday by now i believe total of

lucas papademos in greece and henry paulson in the united states and that one thing that thread. it's goldman sachs all were former bank stars and executives at the wall street giant all assumed prominent positions of power and all played a hand after the global financial meltdown of two thousand and seven two thousand and eight as making sure goldman sachs weathered the storm and made significant profits in the process but that's just scratching the surface steadily and still fully goldman sachs appears to be carrying out a global kutai as europe descends into an austerity induced economic crisis goldman sachs's people are managing the demise of the continent as the british newspaper the independent reported earlier this year the conservative technocrats currently steering or who have steered post crash fiscal policy in greece germany italy belgium france and now the u.k. all hail from goldman sachs in fact the head of the european central bank itself mark mario draghi is the former managing director of goldman sachs international and here in the united states after treasury sec

they say greece has done everything they need to do. greece will get the money. oops, not just yet, because we haven't quite worked out the sustainability road, as it were. there was this disagreement last week between la guard of the imf, could they stretch a sustainability report for another two years, the famous 120% of gdp. could that be the deadline, the stretch. the imf said no. the eurogroup said yes. now they're working around ways of getting to the 120%. maybe without the extra two years or at least with putting something else in place. this something else could be either one or a combination of what i'm telling you now. up to ten-year moratorium on interest rates. a lowering of interest rates on the existing debt repayments. a public sector involvement, ie cuts for the public sector, for some of all of their debt. a bond buyback program. this is the combination of things that seems to be lying on the table. and they're working on various scenarios to which hopefully and eventually all parties can agree. it is not, or so we hear here on the grapevine, it

greece deserves that. the greek people deserve that. they made tremendous efforts. >> they want parliament to pass another painful round of cuts and reforms. >> the greek government says it could happen as early as this friday. >> of portugal, and german and shiller -- german chancellor merkel says the portuguese austerity measures have been painful but that it will lead to a better future. there will not need to renegotiate the terms of their current program but most citizens were not welcoming her with open arms. portuguese protesters had a clear message for the german chancellor. the crowd clearly blaming her for their rhetoric -- their misery. the chancellor adopted a non confrontational tone of. at the press conference, she sang in the praise of the prime minister's efforts to reform the economy. >> i think the prospects have a markedly improved as a result of the reform program and the government's bold actions. >> many in portugal have lost faith in european leaders. antagonism towards the heads of the german and portuguese gover

then, we turn to greece's financial crisis. paul solman offers an inside look at the negotiations to tackle the debt problems. >> as both knowledgeable outsiders and insiders attest, the tug-of-war between europe's borrowers and lenders continues and probably will, for years. >> sreenivasan: many americans are headed to the mall tonight after finishing thanksgiving dinner. we examine how black friday has morphed into gray thursday. jeffrey brown has another thanksgiving day story about a turn of the century photographer who documented the lives of native americans. >> he ended up being the largest traffic odyssey in american history. he ended up doing 2,200 pages of text telling life stories, diets habits, sex lives. it's documentaries of lives and nations and people and one man did it all. >> sreenivasan: and we close with an encore look at a story about china's moves to satisfy a growing demand for meat. that's all ahead on tonight's "newshour." major funding for the pbs newshour has been provided by: and with the ongoing sup

the problem for greece is that greece in the euro appears to be uncompetitive. you either come out of the euro, and you have big significant drop in the value of your currency so everything that you do, no one would seem there is much change in import costs, but suddenly everything in greece is more than competitive. but if you stay, instead of the currency dropping 0%, every person's salary has dropped 30%. so this gets much, much harder. >> it's clear the internal devaluation is much more difficult, but also that it has been happening in greece. p what's your take on this? ich heard t i've heard the argument about the internal devaluation which is extremely difficult and results in the break down of the social cohesion. p are they making enough progress in your view, will they continue to make enough progress in your view to come out of it more competitive? >> obviously the pressures start at once, so things do get more competitive, but that's another way of saying things are getting really unpleasant. a better analogy really is ireland is where the process is

plus greece is set for a weeks free as workers across the board kick off strikes against austerity. new cuts to satisfy international and. international news in coming from the new center here in moscow this is almost thirty million americans have already cast their votes for president queuing for hours at early polling stations across the country although too soon to tell which way the verge is working mitt romney a lot together according to most polls but lost in the rivalry between republican and democrat alternatives that many americans have longed for. here it is the venue for the next presidential debate with the alternative candidates in this election our studio in washington d.c. though it's not very big as you can see it will make sure there is lots of room for discussion on issues that somehow don't fit into the mainstream media discourse here alternatives to obama and romney have effectively been pushed out of the major national debates we ask how and why. pushed out and quite literally jule styne presidential nominee from the green party was arrested on the day of the se

and and some eurozone finance ministers really are going getting pretty fed up with greece and would rather cut them loose. i think there are a considerable number of people who would like to cut greece loose at this juncture a because it's probably the most humane thing to do but second of all because ultimately the greek government has simply field to do anything that it has really be supposed to do in terms of privatization and so on and many times it's an act of legislation but feel to follow through the taxation system in greece is broken all of these sorts of horrible things lead us to the fact that greece is governed in a third world fashion at the moment not in the first world fashion and that all to me is causing a huge amount of frustration with a great many e.u. finance ministers some of whom because they've got lots of money such as say germany at all and and so on some of them because they've actually taken their medicine the poor irish twenty thousand people on the streets of dublin at the weekend complaining about the austerity medicine they've had to take a nod they'r

shoppers were focused on holiday shopping deals, in europe, finding a deal to release emergency aid for greece remains elusive. euro-zone finance ministers and the international monetary fund tried for a third time today to reach a deal with greece. the hitch is further austerity measures, and another potential hair-cut for investors who lent money to greece. on wall street it was a mixed session. the dow fell 42 points, but the nasdaq rose almost ten points, while the s&p fell three. >> susie: a changing of the

and your surge of protests in greece turned violent as the country's parliament backs a new round of stinging spending cuts. a once in a decade pollard transfer kicks off in china as president hears in the towel and voice of the current leadership prepared to step down to lead young leaders to develop the country's call on a me. plus the bickering over the budget britain's david cameron and german chancellor angela merkel failed to agree on e.u. spending plans join talks in london. you're watching r g a live from moscow with me to say first anger and violence have spilled over onto the streets of athens with police using tear gas and water cannon against greece protesting draconian new budget cuts demonstrators hold petrol bombs with more than one hundred detained as the country's parliament passed an austerity package and at securing the latest bailout archies paid all of our reports from the greek capital. what we have seen though is anger on the streets of athens we saw a crowd of around one hundred thousand people gather in the square just behind me in front of of the parliament

greece is cutting to the. splashing the cash british court spending for. sure is business trips all around the world that's coming up. plus hundreds gathered to the model in the parliamentary election in ukraine opposition parties say they're ready to renounce completely to protest against. those stories and plenty of. the sun rises over what seems like and last forest but here in new directions crime hundred kilometers north of london fall stalk as in much of the world it's disappearing at a catastrophic rate. mortgages both illegal and those finding ways to outsmart the system filing down the forests of the region for them profit goes well beyond the future of our planet and the result could be an ecological crisis the world wildlife fund for nature makes regular trips to help local rangers do what little they can to stop the logging but it's not easy lager set up trucks making them hard to reach in an already rough terrain and have mastered ways to jump through legal loopholes this is a nature reserve we're only sanitary logging of disease trees is allo

. >> the german parliament approves billions in loans and guarantees to save greece from bankruptcy. >> with more and more shoppers seeking out handcrafted and traditional gifts, germany's famous christmas markets struggled to keep up with the demand. tens of thousands of egyptians are out protesting against president morsi at this hour after an islamist-led assembly raced through the approval of a new constitution, a move to end the crisis. >> the document is based on sharia law. critics say it ignores fundamental democratic principles and marginalizes the nation's large christian populations. it has set the stage for conflict in a more increasingly divided nation. >> opponents of the president are outraged at the document adopted by the assembly. protesters are maintaining a vigil, and demonstrations are growing. critics warn that egypt is fast becoming an islamic state. >> hosni mubarak never divided the egyptian people. now, there is president morsi, and we do not know if he is the president of egypt or the president of the muslim brotherhood. >> islamists who dominate the assemb

greece deserves that. the greek people deserve that. they made tremendous efforts. >> they want parliament to pass another painful round of cuts and reforms. >> the greek government says it could happen as early as this friday. >> of portugal, and german and shiller -- german chancellor merkel says the portuguese austerity measures have been painful but that it will lead to a better future. there will not need to renegotiate the terms of their current program but most citizens were not welcoming her with open arms. portuguese protesters had a clear message for the german chancellor. the crowd clearly blaming her for their rhetoric -- their misery. the chancellor adopted aconfron. at p cre she sang in the praismi r co the prospects have a tads a portugueseal heitopthmct governments has reached new hehe t than merkel's ur a reasonable.they' d "she is jcalling on the fur witg povert sawth pougseusri meare e torspondence ch d eadod tonvinc >>he sd e ihe tsee hecoeae ld hbout t presanofraase t cotr ion tck bau ty th he tsean leit t dl eoeope

in september before goldman's lucas papademos was installed as greece's prime minister. for most traders it's not about is that we don't really care down much how to in the face the how to fix the economy how to going to fix the whole situation our job is to make money from it and personally i've been dreaming of this one for three years when the market crashes when the euro and the big start to crash if you know what to do. if you have the right plan to set up you can you can make a lot of money from this and as we've seen over the last decade goldman sachs knew exactly what to do they had the right plan set up and it's nothing short of a global global credit top as restante bluntly told the b.b.c. . this is not a time right now to wishful thinking the government going to sort things out the governments don't rule the world goldman sachs rules the world and we should do something about. it and that's the way it is tonight tuesday november twenty seventh two thousand and twelve for more information on any of the stories we've covered visit our web sites at thom hartmann

meanwhile greece's mediterranean neighbors are on a quest for foreign financial aid. as will find out from our business. with us in just over an hour but the island could face some hurdles on the way deeds yeah and they are actually in danger bill of isolation from other european countries and that's due to the island's popularity way. all i'm going to be out and about six thirty g.m.t. with the business thanks a lot katie see you later what are some other world news this hour at least eighteen people have been killed in three separate bomb attacks in afghanistan the deadliest blast was in the southern helmand province when a minibus hit a roadside bomb killing ten civilians including four women and two children the second attack killed three policemen and we did two others in the southern city of kandahar and in the east a military convoy struck a landmine killing five local troops. according bahrain is denied a release request for prominent human rights activists an appeal regime these cases been adjourned until next month of job serving time for tweeting and partic

lead to unprecedented violence as part of the mentor approves a new set of cards in his bid to keep greece solvent and in the euro zone. turkey says it wants nato surface to air missile wanted for her with syria a french call for a no fly zone over the conflict torn country. and a major power transfer begins in china with president hu jintao handing power to the younger generation telling them to root out corruption and keep me. by from our studios in central moscow you're watching r t with me and he said now it's four pm here in the russian capital eight pm in beijing but we begin in greece where a new package of billions of euros in cuts and austerity measures squeezed through the part of the meant to be met by violent protests outside frustration over the disintegrating economy led to street battles between firebomb wielding demonstrators and riot police armed with tear gas peter all over reports now from athens. what we have seen though is anger on the streets of athens we saw a crowd of around one hundred thousand people gather in the square just behind me in front of of the parliamen

they'll get to greece the money they need. it's press department setting i suppose the issue the germans will have with it. so i think greece you don't have as to worry about for the next few years. >> do you agree, justin. >> >> yes, and i certainly agree with the point being worried about a default. we certainly saw a change in attitude when there was a lot of political upheaval in greece. the potential contagion from that gave a big shot to the political class and they want to avoid a hard default in greece. it's a long time until 2022 and certainly all of the numbers we've had so far will prove to be wrong. >> and it will reiterate the ubs call to look at the northern part of the eurozone in terms of investment and probably increase southern flight. justin knight, thanks very much for joining us. ross, over to you. >>> just over an hour and ten minutes in to the trading day. stocks around 8:1, decliners outpacing advancers. very flat session for the dax and ftse yesterday. cac 40 down 0.3%. you can see we're down 0.7%. thr

against it you want greece out of the euro zone out of the european union. didn't understand your question to me why you are against it do you want greece to be kicked out of the eurozone out of the european union where. you go. quite convinced that you have. the chance to develop in a proper way within the euro which is a strong currency their competitiveness is very weak. making a lot of efforts to. better it to make it better but. quite sure that won't work within the euro zone so it would be. to. be a good for. those who are bailing out now and those who try to fade out be bailed out to make a new start your stance is very different to the leader of your party angela merkel and she was playing hardball with greece to begin with but now she seems to be softening in her stance. such a policy with bailing out you know where you're coming. slope down here. you start giving money into that. it's not enough you say oh i have that much. already in it i can stop it now but quite sure that that won't work because the fundamental data our terms of economics are ag

however, if we're talking about getting greece back on its feet, it involves finding a way to help greece's economy actually return to growth. while some of the terms of the deals were a little more favorable than many had feared, at the end of the day, you have to find a way to help these economies grow. that probably means pausing some of that austerity. >> susie: you talk about it being a favorable deal, and you picture that other troubled companies in europe are saying, i want a deal just like greece got. what does that mean for the european economic recovery? >> i think it certainly complicates things a little bit. there is clearly an issue of moral hazard. many other countries may look to the deal that greece got and say, hey, maybe i can get a similar-type deal. in the end, when we think about what is plaguing personal europe, a lot of it has to do with austerity which has been forced on the economies, which are really, really depressed, and pushes them deeper into the hole. part of what needs to be done moving forward is pausing some of that austerity. you can't go to a country in a

we just forty eight days away from falling into total economic despair also riots again erupted in greece as the greeks continued to protest the austerity measures that are destroying their country is america out of the woods when it comes to austerity policies or is there a chance republicans will still force those crippling policies down our throats and when the newly elected congress gets underway the house will still be controlled by republicans in the senate will still be controlled by democrats what that republicans across america do in twenty one to keep as many democrats as possible out of the halls of congress and what effect did it have on this year's election. you need to know this it's time to tax the rich that's the essence of what vice president joe biden said following the democrats' big wins on election night speaking to a pool of reporters on wednesday biden said democrats clearly have a mandate on tax reform and this issue of taxes will have to be settled soon as congress returns for its lame duck session next week and the so-called fiscal cliff looms at the end of the y