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In which John explains the Greek debt crisis, which has pushed the Greek government close to defaulting on its loans, the reasons why the Euro zone and the IMF are desperately trying to bail Greece out, and what the rising cost of sovereign debt means for the massive budget deficits throughout the developed world. Thanks to Karen Kavett at www.youtube.com for the illustration. Debt Chart: en.wikipedia.org

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The Greek crisis isn't just a local phenomenon; debt is a deadly global trend. Will Tim be able show his cardboard comrade that Greece's woes affect us all, or will he get distracted by celebrity bowling? Find out right now! Tim Kirby's channel: www.youtube.com Watch Why You Should Care on our website: rt.com Subscribe to RT! www.youtube.com Like us on Facebook www.facebook.com Follow us on Twitter twitter.com Follow us on Google+ plus.google.com RT (Russia Today) is a global news network broadcasting from Moscow and Washington studios. RT is the first news channel to break the 500 million YouTube views benchmark.

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02/20/2012 Nick Dunbar, author of 'The Devil's Derivatives', reveals how the country turned to investment bank Goldman Sachs for help getting around the deficit rules. In his report for Newsnight, some of those who did the deal, talk publicly for the first time. LeakSource.wordpress.com

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A primer of why Greece is in a tough situation (more in future videos)

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There were tense scenes between police and protesters as people gathered near the spot where a retired pharmacist shot himself triggered by European austerity measures.

Greece (Country) debt suicide sparks Athens protests

A wakeup call for Greece and the euro. WSJ's Andy Jordan and Joe Parkinson report from Athens on the threat of a potentially contagious debt crisis and the moral hazard of bailing out a country with bad fiscal habits.

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WSJ Europe editorial page editor Brian Carney on how the Greek debt deal will impact creditors.

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A prominent political analyst says that "Greece is unlikely able to pay the bailout money back...is unlikely to work and it is heading for a default." An interview with Chris Bambery, political analyst

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Greek party leaders have sent written commitments to Brussels saying they will stick to the agreed austerity measures even after the general elections in April. There are still EU demands Athens failed to fulfill, which led to the cancellation of a key meeting of Eurozone finance ministers. Greece is still struggling to secure the second bailout from its international creditors, without which it's due to default next month. For more on that RT talks to Marshall Auerback, a portfolio strategist and hedge fund manager. RT on Twitter twitter.com RT on Facebook www.facebook.com

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Eurozone finance ministers agreed to a new rescue plan for Greece today, with a 130 billion euro plan that would call for private investors take a loss of 53.5% on their Greek bonds. But while finance ministers are calling this a good deal, a balance, a way to secure Greece's future, a leaked report that Reuters and the Financial Times got their hands on spells trouble, warning that two of the new bailouts main principles might be self defeating. Reason's Anthony Randazzo discusses.

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www.euronews.com Greece has avoided an immediate catastrophic default on its debt after private creditors strongly backed a plan that leaves the path clear for a new international bailout. The Finance Ministry in Athens says well over 80 percent of private creditors have agreed to a bond swap deal. Under the rules, the unwilling minority may be forced to accept it. The result should mean that Greece receives 130 billion euros from the EU, European Central Bank and International Monetary Fund. "It is more than expected I think and I think it is a resounding success. It is very important, not the transaction 'per se', but the fact that this is the beginning of the restoration of confidence in the economy," said financial analyst Michalis Massourakis. In order to cut the national debt drastically, private investors are accepting huge losses in exchange for new bonds. On the streets, some are angry at what they see as one rule for the government, another for ordinary people. "They chase people for owing 100 euros to a bank, yet those who owe billions are exempt? Aren't they ashamed of themselves? I spit on them," said one man. "It's good for them. What about for us? Nothing! Everyone looks out for himself. In a while people will be on the streets. Do you know there are more than 2000 homeless?" said another. The unemployment rate is twice the eurozone average; more than half of young people are out of work. Austerity measures ordered by international creditors have fuelled <b>...</b>

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www.euronews.net Negotiators representing the investors who have lent money to Athens met again with Greek Prime Minister Lucas Papademos on Friday but there was no agreement and both sides said afterwards they were less optimistic. More meetings are planned, probably starting next Wednesday. Those investors have said they will accept getting back only half of the original loans but the talks have been complicated by demands for further concessions.

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www.euronews.com Without Greece achieving its bond swap deal the eurozone's financial system could be destabilised and the euro undermined. So vital it is to Greece's financial future that the Athens government will use "collective action clauses" a legal means to enforce the deal on all holders of its outstanding debt that is regulated by Greek law. Major banks and pension funds have supported the debt swap but when they trade in their bonds for new ones it means they will take losses of as much as 74 percent on the value of their investments. With the deal Greece will get out of repaying over 100 billion euros of the money it borrowed. The European Central Bank is exempt from participating in the bond swap. Bank President Mario Draghi defended that on Thursday saying it was in the "public interest". He added the ECB has a "duty to do everything to protect the taxpayers' money that it was entrusted with." Draghi also said there is no 'Plan B' for Greece to leave the eurozone if the bond swap and second bailout fail. He said: "To have a 'Plan B' means to admit defeat, and we don't want to be defeated." Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

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WSJ's Matina Stevis checks in on Mean Street to discuss likelihood of Greece's proposed debt swap becoming a reality and what it would mean to the country's economic future.

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Even after a Greek debt deal is finalized, there are numerous new and old challenges, Stephen Fidler reports on Markets Hub.

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www.euronews.net Will this finally be the day Greece gets the cash it needs to avoid bankruptcy? That was the question at the EU Council in Brussels on Monday, as eurozone finance ministers met to sign off a 130 billion euro bailout deal. French Finance Minister Francois Baroin said all the elements were in place. The sense is Athens might have done just about enough. "I'm optimistic, but in any case we need a clear approval from the eurogroup," Greek Finance Minister Evangelos Venizelos said.

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Many European observers sighed a breath of relief when the Eurozone approved a $172 billion debt relief package for Greece. Is it enough to reverse the ominous winds that have blown through the region for the past year? WSJ's Thorold Barker makes a stop on Mean Street to discuss.

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This morning, the big announcement out of Europe is that the ECB has reached another bailout deal with Greece. I know we have all heard this before. This is the second bailout package for the country in two years. Who will be next in line for another bailout? Will it be Portugal, Ireland, Belgium, Spain, Italy, or perhaps Lithuania? We can only wonder if today's Greek bailout deal will be a sell the news event. We shall see soon enough. The S&P 500 Index e-mini futures (ES H2) are trading higher by 2.00 points to 1349.00 per contract. Earlier today, the Bank of England (BOE) increased its quantitative easing program by £50 billion to £325 billion. They also kept the benchmark interest rate unchanged at 0.50 percent. The other major central bank in Europe; called the ECB, also held their key interest rate unchanged at 1.00 percent.

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It's been a tough night in Brussels where Eurozone ministers have reached a deal on a second bailout for Greece. It took them several hours to agree on the one-hundred-and-thirty-billion euro cash injection, expected to save the country from default. Earlier the Greek Parliament went through a storm of public outrage and several internal conflicts to approve the austerity measures demanded by international creditors. RT on Twitter twitter.com RT on Facebook www.facebook.com

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Greece has admitted it's still not able to deal with its deficit - the key demand of its international creditors. That's even taking into account mass layoffs announced yesterday, and a new round of austerity cuts which still need Parliament's approval. RT on Twitter twitter.com RT on Facebook www.facebook.com

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The Greek Parliament is set to approve the country's new international bailout deal later today as more protests, against austerity measures in return for rescue funds, are planned. Athens received a second bailout this year. Combined with its first rescue package, the country stands to receive over 172 billion euros in loans from eurozone countries and the IMF. But Greece's creditors claim the country's most recent austerity measures could be 'accident prone'. Experts say the country may fail to lower its debt burden to the specified targets, later requiring more rescue loans. Greece is in its fifth year of recession, and many believe it needs to recover before debt reduction plans can have much effect. For more on this, we're joined by Attorney and Professor of Constitutional law, George Katroungalos, live from Athens. RT on Twitter twitter.com RT on Facebook www.facebook.com

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www.euronews.net Fears that Greece could default on its massive debts are mounting after eurozone finance ministers in Brussels rejected an offer from the country's private creditors late on Monday night. Despite that, the Greek finance minister Evangelos Venizelos said he was confident an agreement would be reached. "We have the green light of the eurogroup to close the deal with the private sector in the next few days," Venizelos said.

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Eurozone finance ministers are expected to formally endorse Greece's second bailout package on Monday. The final deal to funnel a rescue package worth 130 billion euros ($170.9 billion) is an important lifeline to the debt-hit country, for without it, Greece will default on a 14.5-billion-euro bond redemption due on March 20. www.ibtimestv.com

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One nation that didn't have its rating cut is Greece which is already at junk bond status. Now talks that could have seen banks write-off half of Greek debt, have broken down. The government had been negotiating the possibility with its private sector lenders. Failure to reach an agreement means Greece may not get its next bailout payment from the EU and IMF, and could default on its debt repayments. Al Jazeera's John Psaropoulos reports from Athens.

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Let me first says the Max Keiser is awesome. He brings an amazing amount of insight to the subjects he discusses and he has opened my eyes to a huge amount of things. Max Keiser is the daddy. Having said all that, Max Keiser is completely and utterly misunderstanding what is happening in Greece. I do not think it is possible for him to misunderstand it more. Max Keiser is lumping Germany in with the ECB, the EU, France and the international banking cartel and nothing could be more incorrect. Sure, Germany is attaching very strict conditions to the Greek bailout cash. I think this is normal. Greek politicians are degenerate spenders of other people's money and the simple fact is they cannot be trusted to represent the Greek people. Germany knows this, Greeks know this, Max Keiser seems to not know this. The EU, ECB, France, Goldman Sachs want to cure the global financial crisis with inflation. Germany does not.......... read the full article here Video Source: Max Keiser Financial holocaust looms as Germany storms Greece - YouTube.flv

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RT talks to a prominent American economist about the current state of the world's financial plight, and where it's heading next. RT on Twitter twitter.com RT on Facebook www.facebook.com

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Greece is the worst hit of the Eurozone countries by the debt crisis. Now the country's taxman hopes to reclaim some of the staggering $57bn in unpaid taxes as officials turn their attentions to its wealthier citizens. Evangelos Venizelos, the Greek finance minister, has also announced a new round of tax rises and spending cuts worth some $5.3bn. Al Jazeera's Andrew Simmons reports from Athens.

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nma.tv In the run-up to the European Debt crisis, Greece racked up plenty of debt as a member of the Euro. When it became clear that Greece was in big trouble, other Euro countries had to help or risk contagion. Angela Merkel of Germany forced bondholders to take a 50% haircut while Sarkozy of France went to China for some relief. Merkel was praised for her leadership in cobbling together a bailout for the Greeks but in a twist that put global markets in turmoil, Greek PM Papandreou announced a referendum to decide whether or not to take the deal. Merkel and Sarkozy are sure to put pressure on Papandreou to take the deal immediately. If not, Greece might find itself out of the Euro.

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Short of saving Greece from a financial abyss, investment advisor Patrick Young is one of those who thinks the country's supposed salvation at the hands of the EU will leave it more or less powerless. RT on Twitter twitter.com RT on Facebook www.facebook.com

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www.euronews.net As eurozone finance ministers meet in Brussels, Germany and France say they want Greece to reach a deal quickly with its private creditors that will cut its massive debt to sustainable levels. Talks are going on to convince the banks and investment funds to accept big losses on their loans to Greece

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All attempts to form a coalition have so far failed in Greece, as far left leader Alexis Tsipras rejected proposals by the pro-bailout parties. This comes after Sunday's parliamentary elections in which no party managed to secure an overall majority. Without the deal Greece will be forced to hold a new election in June. German Chancellor Angela Merkel said any new Greek government must stick to the austerity plan, agreed upon in exchange for the bailout. Economics expert Yanis Varoufakis warns her demands are unrealistic. RT on Facebook: www.facebook.com RT on Twitter: twitter.com

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www.euronews.net Greece said on Thursday that it is hopeful of finally securing a 130 euro EU/International Monetary Fund bail-out to avoid bankruptcy within days, but the financial markets remain sceptical as they have heard it before. The timetable has slipped repeatedly, and even though Athens is rushing to get its pledges lined up, investors are not convinced that there is enough time to reach agreement.

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As the economic crisis take hold of Greece, ordinary people struggle stress and anxiety as they go about their lives.

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Economics Prof. David Hummels, Purdue University, shares insight into European debt crisis, specifically Greece.

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RNN Weekend Report discusses the current Gold and Silver pricing, Financial Repression and visits Athens, Greece to discuss the current Greek debt situation with Greek citizens. IMPORTANT LINKS FOLLOW: Financial Repression Forum by Eric Original of Turdville: bit.ly Zero Hedge Article about Surrender of Greek Autonomy: bit.ly

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www.euronews.net Finance ministers from the 27 European union countries in Brussels have been holding further talks in Brussels. They have agreed that private holders of Greek debt may need to accept losses of up to 60 per cent on their investments, if Greece's growing mountain of debt is to be made more sustainable in the long term.

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With the euphoria over the deals reached at Brussels dying down, the numbers are now being pored over by economists and experts to see if they add up. One of them is RT's Max Keiser who believes nothing's changed - the EU's still fighting debt with debt. RT on Twitter twitter.com RT on Facebook www.facebook.com

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Greeks should REVOLT against debt SLAVERY! Financial Fascism The Greek parliament has approved a bill on an unprecedented debt write-down with private investors, a vital part of the EU's bailout plan, which is set to save Athens over €100 billion. The bill, which was passed on Thursday, will pave the way for a massive bond swap whereby private investors are to exchange their bonds for new ones of lower value and longer maturity. The restructuring would wipe €107 billion ($142 billion) off the country's privately-held debt. Greece is now expected to issue a formal offer to bondholders. Officials say this must be done by Friday and completed by March 12, when the country will face debt repayments amounting to €14.5 billion. Athens hopes to get at least two thirds of private creditors to sign up to the deal. This would allow the swap to be enforced on the remaining lenders. There are still concerns, however, that private investors will not be so eager to buy any new Greek debt. They already hold about €200 billion of Greek bonds and with the swap will take a real loss of 73-74 per cent. The private debt restructuring is a key demand put forward by the EU to Greece in exchange for another bailout worth €130 billion ($172 billion) in loans to be paid by 2014. The eurozone finance ministers approved the package on Tuesday, thus averting Greece's default on all obligations for March. Analysts say that while allowing Athens to service the debt next month, the EU is setting Greece <b>...</b>

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Greeks pay tribute to an elderly man who took his own life during a protest against austerity measures in Athens.

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www.euronews.net The 52nd Thessaloniki Film Festival was held as Greece was hitting the headlines because of the country's debt crisis and turmoil in the government. Stringent economies affected the festival but in spite of heavy budget cuts it staged a rich and eclectic programme, screening 150 feature films and documentaries from 53 countries during 10 days. Fifteen films were up for prizes in the main section of the festival with the winners from across Europe. And the organisers were also winners with audience figures up around 20 percent from last year.

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