0:00:01.099,0:00:05.649
percent like to thank grown and grown[br]for inviting me

0:00:05.649,0:00:10.180
and for giving me the opportunity to[br]speak to you

0:00:10.180,0:00:14.690
this time not the bar the shears is that[br]there are

0:00:14.690,0:00:20.409
they no school what I have been doing[br]for the last fifteen years the cheese

0:00:20.409,0:00:25.789
gender equality on neither today and[br]going to Krogers

0:00:25.789,0:00:29.970
on unemployment and I really

0:00:29.970,0:00:33.260
pick-up in every 20 years you will see[br]now

0:00:33.260,0:00:36.830
what that the previous speakers kid[br]smoking a bong

0:00:36.830,0:00:41.030
only I really focused or bench time and[br]our discussion

0:00:41.030,0:00:45.130
on they case increase click

0:00:45.130,0:00:49.550
respectability become about background[br]I'm sure that your own

0:00:49.550,0:00:52.770
taking I in the newspapers for

0:00:52.770,0:00:57.700
few years now I'm tripping com workers[br]said happened eating

0:00:57.700,0:01:01.490
Europe's five countries including Greece

0:01:01.490,0:01:04.549
what they have in mind he's we can[br]release saying

0:01:04.549,0:01:07.659
or two girl Ireland and

0:01:07.659,0:01:11.640
grease so I'm let me let me begin

0:01:11.640,0:01:14.840
arm we okay re just

0:01:14.840,0:01:18.510
peace lines that really some I'm there

0:01:18.510,0:01:21.890
and did you what happened in Greece and[br]I wouldn't it would be you some

0:01:21.890,0:01:23.940
background on before we begin

0:01:23.940,0:01:27.750
repay use Eventbrite how to handle and[br]government today

0:01:27.750,0:01:30.810
increase so at the end 0

0:01:30.810,0:01:35.130
5 2009 beginning all 2010

0:01:35.130,0:01:38.810
Greece finds itself in a situation where[br]they

0:01:38.810,0:01:43.369
56 and bi-annual difference between

0:01:43.369,0:01:47.440
great thanks that they're collecting the[br]taxes are collected and the amount the

0:01:47.440,0:01:49.030
government spends was

0:01:49.030,0:01:50.360
exactly

0:01:50.360,0:01:55.580
a sixty-percent and the day accumulate[br]you did was come into the crowd

0:01:55.580,0:01:59.930
percentage would be and got who's[br]invited a scan actually

0:01:59.930,0:02:04.060
over it CP that or countries that belong[br]to the puter zone

0:02:04.060,0:02:09.660
that they're using day you know com pick[br]to sign on in order to become members of

0:02:09.660,0:02:10.520
the euro zone

0:02:10.520,0:02:15.450
and being in my arms see pp that they[br]signed when they

0:02:15.450,0:02:18.590
become members over the euro zone's says[br]that

0:02:18.590,0:02:22.080
they day cannot exceed sixty percent of[br]GDP

0:02:22.080,0:02:26.850
and their i'm yearning their deficit[br]cannot be more than 3 percent

0:02:26.850,0:02:30.000
okay to be I'll so preschoolers

0:02:30.000,0:02:33.050
clearly and buy an external drive from

0:02:33.050,0:02:36.570
but I wanna ask the company's and new[br]carpet

0:02:36.570,0:02:40.020
the I rose that they had him as you see

0:02:40.020,0:02:45.630
big gap between the red and blue lines[br]the red line being total expenditures

0:02:45.630,0:02:49.090
and add the 29 a gripping you I'm

0:02:49.090,0:02:54.730
is there but it is quite small be for[br]the conference center and the last

0:02:54.730,0:02:55.580
quarter

0:02:55.580,0:02:59.410
Richies when their subprime mortgage

0:02:59.410,0:03:02.410
crisis erupts in the United States and[br]starts

0:03:02.410,0:03:09.390
scathing sound throughout the world[br]northeast that between 2007 and up 2007

0:03:09.390,0:03:13.290
and 2000 a there is a gap between the[br]two

0:03:13.290,0:03:18.959
got of course he's home difficult[br]process and put a long time

0:03:18.959,0:03:22.320
but then 160 2009

0:03:22.320,0:03:27.130
think that he had eight they definitely[br]increase total expenditures do not

0:03:27.130,0:03:28.480
change much today

0:03:28.480,0:03:31.610
they've done does not change much[br]because the blue line

0:03:31.610,0:03:34.950
that goes beyond what does that mean[br]that means you have a

0:03:34.950,0:03:40.459
economy that is in the section you have[br]an environment for businesses

0:03:40.459,0:03:44.190
writing this because the crises and[br]therefore there is this

0:03:44.190,0:03:44.810
didn't

0:03:44.810,0:03:49.500
that the government has big gap between[br]spending and revenue decreases

0:03:49.500,0:03:54.099
it is in these circumstances in 2009

0:03:54.099,0:03:57.349
got Greece is not able

0:03:57.349,0:04:00.410
cool certainly speaks it it

0:04:00.410,0:04:03.620
has a because the the rolling over

0:04:03.620,0:04:07.040
obligations that they had good on and[br]their

0:04:07.040,0:04:11.400
for that government that was elected[br]back pain 2009

0:04:11.400,0:04:15.620
arm sorry about that in 2009

0:04:15.620,0:04:21.180
are decided that exactly loans the way[br]to be taken out and getting paid by the

0:04:21.180,0:04:21.820
troika

0:04:21.820,0:04:26.580
that these days you know bien Commission[br]the European Central Bank and a and

0:04:26.580,0:04:26.840
their

0:04:26.840,0:04:31.479
now I am at pretty sure that you all[br]know

0:04:31.479,0:04:34.560
their Latin America way

0:04:34.560,0:04:38.139
school plenty of similar financial[br]trouble

0:04:38.139,0:04:43.090
in the eighties and big head to also be[br]rescued

0:04:43.090,0:04:47.080
through these and I could use on all

0:04:47.080,0:04:51.000
funds that they would be saving and they[br]had to sign

0:04:51.000,0:04:55.130
memoranda all agreements in order to[br]receive

0:04:55.130,0:04:59.030
these loans and that point 8 p.m.[br]background

0:04:59.030,0:05:02.160
exactly the same idea was applied in

0:05:02.160,0:05:06.240
grace but in other countries as well the[br]thinking is that

0:05:06.240,0:05:10.600
if you're borrowing the primary concern[br]if the borrower

0:05:10.600,0:05:14.410
is to ensure that you're going to be[br]able to pay back

0:05:14.410,0:05:19.010
and in order to pay back some[br]supervisory board

0:05:19.010,0:05:23.280
is going to make sure that your micro[br]economic policies and the way the truth

0:05:23.280,0:05:24.669
and the economy he said

0:05:24.669,0:05:27.509
that love accept less

0:05:27.509,0:05:31.090
meaning you will be collecting more[br]taxes than work is spending

0:05:31.090,0:05:36.300
you know to be able to make payments but[br]if we think about it for a minute

0:05:36.300,0:05:39.590
you can accomplish this through two[br]different ways

0:05:39.590,0:05:43.300
one easy economy grows prior and the[br]like

0:05:43.300,0:05:46.919
then your revenue really be plenty

0:05:46.919,0:05:52.310
and you again spend for your local needs[br]and have something left over

0:05:52.310,0:05:56.259
to make payments your debtors the etrade

0:05:56.259,0:06:00.440
to do it is to slash spending

0:06:00.440,0:06:04.300
government spending you may be receiving[br]this AM

0:06:04.300,0:06:07.320
revenue now you don't spend it and[br]basically

0:06:07.320,0:06:13.260
what you do I you reduce spending on[br]health education transportation

0:06:13.260,0:06:16.750
you'll find here your public

0:06:16.750,0:06:20.760
severance literally you did use their[br]ages by how much

0:06:20.760,0:06:24.840
go percent 15 percent and 20 percent[br]pensions

0:06:24.840,0:06:28.199
you stop paying pensions you refuse[br]pensions by

0:06:28.199,0:06:31.280
34 percent and at the same time

0:06:31.280,0:06:34.660
p57 you ongoing and that

0:06:34.660,0:06:37.750
with the primary sectors with the[br]surface that will allow you to make

0:06:37.750,0:06:39.590
payments but in the meantime

0:06:39.590,0:06:44.630
you may have killed of the economy and[br]its people and this is exactly what is

0:06:44.630,0:06:48.159
happening in Greece and this is what I'm[br]trying here on the 3rd Graf

0:06:48.159,0:06:51.430
on the 2nd Graf here where you see

0:06:51.430,0:06:55.770
government spending disposable income[br]and consumption expenditures

0:06:55.770,0:06:59.440
the learning or won't be needed if they[br]don't

0:06:59.440,0:07:03.240
essentially com since 2010 and picking

0:07:03.240,0:07:06.539
2010 because this is where I'm we sign

0:07:06.539,0:07:11.510
that first bailout package so Greece has[br]now

0:07:11.510,0:07:13.660
borrow $250 billion

0:07:13.660,0:07:16.890
know that too be able to roll over it's[br]there

0:07:16.890,0:07:22.080
and essentially or what they described[br]which are there

0:07:22.080,0:07:27.470
austerity measures and based on the AVR[br]that payment center there

0:07:27.470,0:07:30.820
God to the degree that you are

0:07:30.820,0:07:36.670
cutting down the sink in the government[br]sector less and less government spending

0:07:36.670,0:07:39.750
we're I love you to reach have to say

0:07:39.750,0:07:43.210
for the fun of course this is company

0:07:43.210,0:07:46.740
nonsense and one of the things that[br]happen

0:07:46.740,0:07:50.280
me is that I have see think they see it[br]2008

0:07:50.280,0:07:54.530
unemployed people in Greece where

0:07:54.530,0:07:58.280
room the unemployed in places where

0:07:58.280,0:08:02.660
downdraft 370,000 2010 their

0:08:02.660,0:08:06.010
on their doing this second here the[br]crisis in Greece

0:08:06.010,0:08:09.280
before the AM at and alone scummy

0:08:09.280,0:08:12.550
and we have 640 that there are but

0:08:12.550,0:08:16.240
fast-forwarding and give it two and a[br]half more years

0:08:16.240,0:08:21.770
this is where the speaker comes from and[br]you now have 1.3 million people

0:08:21.770,0:08:24.850
online this is a small country 10[br]million people

0:08:24.850,0:08:29.280
the n really meant that you were talking[br]about earlier

0:08:29.280,0:08:33.049
to the appropriation on acro

0:08:33.049,0:08:36.809
need 2008 let's say worth roughly six[br]percent

0:08:36.809,0:08:41.760
today this forty percent and we 40[br]percent

0:08:41.760,0:08:44.850
employment vicious repair unemployment

0:08:44.850,0:08:47.930
that his cheeks 27

0:08:47.930,0:08:51.700
can be going to 28 percent justifiably

0:08:51.700,0:08:56.380
this thought that might be the[br]babysitter com where they have here

0:08:56.380,0:09:00.520
is to grass that that comparing the[br]Greek situation with the Great

0:09:00.520,0:09:02.120
Depression the United States

0:09:02.120,0:09:06.160
com the craft's comment from it paper

0:09:06.160,0:09:10.100
aren't prepared mind by my to call it[br]that they leave Institute

0:09:10.100,0:09:13.120
and the blue line represents

0:09:13.120,0:09:17.270
Greece and you can see that bone the[br]lead hand side

0:09:17.270,0:09:20.580
graph that shows added be gross national

0:09:20.580,0:09:23.800
product he's declining

0:09:23.800,0:09:27.980
and is the plan and get the clanging[br]four years into their

0:09:27.980,0:09:32.050
Great Depression in the United States[br]you have it there around

0:09:32.050,0:09:37.270
nothing grace see going down and when[br]you look at the unemployment

0:09:37.270,0:09:40.320
situation saving the

0:09:40.320,0:09:44.810
Blackline here so the United States the[br]resistor

0:09:44.810,0:09:48.180
around in terms of unemployment lot[br]going

0:09:48.180,0:09:51.250
our best 25 percent and coming down

0:09:51.250,0:09:54.670
increase as I have shown you already it[br]has being

0:09:54.670,0:10:00.040
or Olympics crosscut 35 percent it now[br]closer to 28 percent

0:10:00.040,0:10:03.380
and rising

0:10:03.380,0:10:06.940
so whether they should not increase it[br]when we look at

0:10:06.940,0:10:11.100
unemployment the basic issue is that we[br]continue

0:10:11.100,0:10:14.630
to hair we continued to head

0:10:14.630,0:10:18.150
a our said all 40s

0:10:18.150,0:10:21.530
the aesthetic that there was describing[br]before

0:10:21.530,0:10:25.030
this reading of the government decline

0:10:25.030,0:10:28.460
ways no smaller and I will sorry

0:10:28.460,0:10:34.560
harm the used rangy trying to become[br]more competitive in export more

0:10:34.560,0:10:38.420
that are simply not working there[br]shading the economy

0:10:38.420,0:10:41.570
but they are not the getting us outdoor[br]the sex

0:10:41.570,0:10:45.990
now in Greece is in a bit could hear[br]situation

0:10:45.990,0:10:49.190
the United States is in a very different[br]and they did

0:10:49.190,0:10:53.620
exist under very different circumstances[br]because you have an autonomous KNC

0:10:53.620,0:10:57.860
and for those who have you that of have[br]been participating

0:10:57.860,0:11:01.250
in the day is sending out with him on[br]Monday beauty

0:11:01.250,0:11:04.460
you would be immediately recognize what[br]that means

0:11:04.460,0:11:08.280
Greece does not have it carries

0:11:08.280,0:11:11.650
ovitz home cannot be shipped goods your

0:11:11.650,0:11:16.340
bar all they you know and that means for[br]example you can I think I'm here only

0:11:16.340,0:11:17.350
this face

0:11:17.350,0:11:21.340
you cannot get up eat mine you cannot

0:11:21.340,0:11:24.730
issue bonds yourself you have to care

0:11:24.730,0:11:28.010
permission and if the position is not be[br]then you cannot

0:11:28.010,0:11:31.370
so saying then my

0:11:31.370,0:11:35.580
my stick 50 as you 24 also take subway[br]BRB

0:11:35.580,0:11:39.150
cool head expansionary fiscal policy

0:11:39.150,0:11:42.960
so during a session on instead of the[br]government being

0:11:42.960,0:11:47.070
there I 3 able to spend more

0:11:47.070,0:11:51.200
in order to make up for this thinking[br]that they took place in the private

0:11:51.200,0:11:51.900
sector

0:11:51.900,0:11:56.320
you cannot do that either so you don't[br]have fiscal plans you don't want to say

0:11:56.320,0:11:58.370
but if you don't have it saved it for[br]you

0:11:58.370,0:12:02.990
so what do you have 100 any policy[br]instruments there were a lot of

0:12:02.990,0:12:07.850
up folks have talked about today[br]incomplete this phone

0:12:07.850,0:12:13.440
p I picked our all they European Union[br]and how these needs to change I don't

0:12:13.440,0:12:14.580
think I'll

0:12:14.580,0:12:18.200
warm or cool of the European Union and

0:12:18.200,0:12:21.589
if that is not the greatest we're gonna[br]go anywhere you know

0:12:21.589,0:12:25.500
there is no employment target

0:12:25.500,0:12:28.950
for any of the country's you know the[br]word

0:12:28.950,0:12:32.500
this excess or crazy here all the[br]country

0:12:32.500,0:12:37.250
and what countries signed on 30 games to[br]where they hit people

0:12:37.250,0:12:40.720
your Park CW and he was spending

0:12:40.720,0:12:44.040
under control he does not ask

0:12:44.040,0:12:47.400
on or whether the economy is growing

0:12:47.400,0:12:50.620
increasing creating decent jobs so

0:12:50.620,0:12:53.870
the orientation on that even didn't[br]fully

0:12:53.870,0:12:57.470
you know this magnificent a benefit for[br]those that like that this is it good

0:12:57.470,0:12:58.089
landed

0:12:58.089,0:13:03.730
where it is likely not there or not to[br]have quantitative easing up by the

0:13:03.730,0:13:06.200
thinking easing in terms of employment

0:13:06.200,0:13:10.890
back took place of birth but at least[br]you have to send the data center banks a

0:13:10.890,0:13:15.450
we will continue this policy and being[br]unemployment rates come down 5 percent

0:13:15.450,0:13:18.680
in Europe there is no policy

0:13:18.680,0:13:23.480
essentially around and going but what do[br]we have in Europe

0:13:23.480,0:13:27.410
what we have in Europe is and undegraded

0:13:27.410,0:13:31.380
active labor market said appoints are

0:13:31.380,0:13:36.130
what they mean by anti prom

0:13:36.130,0:13:39.110
Bob spoke about handed area

0:13:39.110,0:13:42.680
if you beat me in we APR

0:13:42.680,0:13:46.079
got when do you have any learn there is[br]something wrong

0:13:46.079,0:13:49.560
with that person that these and run many

0:13:49.560,0:13:54.070
the president's applying made by the 5k[br]contact with everything

0:13:54.070,0:13:57.350
education and that he thinks so

0:13:57.350,0:14:02.010
cuz the fight poverty educate them if[br]you educate them

0:14:02.010,0:14:06.120
they have good skills to bed getting the[br]market today

0:14:06.120,0:14:12.079
the right way he said they get employed[br]Bernard professor that it or read that

0:14:12.079,0:14:15.680
ain't necessarily so and

0:14:15.680,0:14:18.930
I love love you made the comparisons[br]between

0:14:18.930,0:14:23.430
white folks and got the folks when it[br]comes to different levels over education

0:14:23.430,0:14:23.980
because

0:14:23.980,0:14:26.990
I remember teaching gender all

0:14:26.990,0:14:31.199
you get exactly the same picture up[br]until the late 90's then something's

0:14:31.199,0:14:34.860
teams huge huge gaps that that[br]inexplicable

0:14:34.860,0:14:40.870
back pain prism so if they suck yoba boy

0:14:40.870,0:14:45.329
these problems I think what you do you[br]have to pay

0:14:45.329,0:14:48.899
you have to think they did you and you[br]don't have to pick up my pic you don't

0:14:48.899,0:14:49.779
have to fix

0:14:49.779,0:14:52.970
the labor markets you don't have to[br]think about

0:14:52.970,0:14:57.730
whether it be man he said patient to cry[br]everybody'd your feet say about

0:14:57.730,0:15:00.940
and who are wrongly labour s

0:15:00.940,0:15:04.269
was most vulnerable in the opinion

0:15:04.269,0:15:07.779
all the europeans the most vulnerable[br]the you

0:15:07.779,0:15:11.190
they don't care any

0:15:11.190,0:15:15.839
experience maybe they have the same[br]level of education

0:15:15.839,0:15:20.920
but if it is any no I meant we have to[br]help them

0:15:20.920,0:15:24.750
become and purely a bomb and

0:15:24.750,0:15:27.760
be there educate them a little bit more[br]or

0:15:27.760,0:15:30.670
we had through I love them

0:15:30.670,0:15:35.410
given first tends to the company so that[br]government

0:15:35.410,0:15:39.509
for you see in Sweden you feel and

0:15:39.509,0:15:42.990
in Germany you never see them countries[br]in Europe

0:15:42.990,0:15:46.540
has been focusing on two things when[br]they speak

0:15:46.540,0:15:49.600
about hand I'm

0:15:49.600,0:15:53.740
one these increasing and create be

0:15:53.740,0:15:57.579
the other is increasing the ability to[br]be an entertainer

0:15:57.579,0:16:01.259
anything wrong with that no

0:16:01.259,0:16:05.410
he doesn't line though some people[br]absolutely this is this story for

0:16:05.410,0:16:06.930
excitement to the bookmaker

0:16:06.930,0:16:12.709
but not for everybody and there are[br]other issues that pic to do

0:16:12.709,0:16:16.279
wreath demand for labour so

0:16:16.279,0:16:20.160
in a situation like the one we are[br]facing

0:16:20.160,0:16:23.259
now movies and what they had here

0:16:23.259,0:16:27.180
is com be any live in great see if you[br]can look

0:16:27.180,0:16:32.540
I the first column this is 2008 and the[br]next column

0:16:32.540,0:16:35.790
shows you the and Gromit

0:16:35.790,0:16:38.999
then second quarter of 2013

0:16:38.999,0:16:42.860
work you will observe actually if you[br]work to

0:16:42.860,0:16:46.360
look at all of these on rates

0:16:46.360,0:16:51.129
he's got every city country except for[br]German

0:16:51.129,0:16:54.300
Casey their employment increase

0:16:54.300,0:16:57.379
including of course you have that fire

0:16:57.379,0:17:00.490
countries that time that lady cokie

0:17:00.490,0:17:03.809
com Highland Greece Spain and so on

0:17:03.809,0:17:07.230
but what is important in Arby's

0:17:07.230,0:17:11.669
is that that countries such as Bulgaria[br]on

0:17:11.669,0:17:16.209
let me I'm that in Paris all their[br]finances

0:17:16.209,0:17:20.470
any there for their ability to pay that[br]there had a didn't find that ticket

0:17:20.470,0:17:21.569
services

0:17:21.569,0:17:26.010
beef is not protected them prominent[br]black and white because

0:17:26.010,0:17:29.330
day reason you got any crime and wars

0:17:29.330,0:17:34.340
that your head markets eugenia shaping[br]and demand globally

0:17:34.340,0:17:40.260
global growth rate suppose time why[br]would have a problem with the men

0:17:40.260,0:17:44.480
and you get and unemployment ok 27[br]percent

0:17:44.480,0:17:48.110
increase because a black up demand for[br]labour

0:17:48.110,0:17:51.250
there anything that is being offered is[br]and maybe

0:17:51.250,0:17:54.520
so what do they do they didn't give[br]stipends

0:17:54.520,0:17:58.020
all the equivalent in the grass will be[br]two hundred dollars

0:17:58.020,0:18:01.030
and I'm for someone to go through a

0:18:01.030,0:18:05.570
training school per month ago and there[br]are

0:18:05.570,0:18:09.070
start these after studies that pixel[br]that

0:18:09.070,0:18:14.900
the and period be getting better at home[br]you get employed by the progress

0:18:14.900,0:18:20.380
once the program ends nothing doing[br]forward about

0:18:20.380,0:18:24.710
unemployment I'm not sure what this is[br]okay

0:18:24.710,0:18:28.420
one word about on youth unemployment

0:18:28.420,0:18:31.840
and then I we pay the next three minutes

0:18:31.840,0:18:35.670
food company what we're doing grace I am[br]be careful

0:18:35.670,0:18:39.110
and I it I'm addressing both my[br]colleagues fearing their room and

0:18:39.110,0:18:42.290
everybody else youth unemployment is[br]very high

0:18:42.290,0:18:46.840
are increase as was mentioned actually[br]today 6 percent

0:18:46.840,0:18:50.460
so here you have to use any blanket get[br]credit for

0:18:50.460,0:18:53.740
you know I love this country is a red[br]line you can clearly see

0:18:53.740,0:18:56.880
and climb in rates are much higher[br]better

0:18:56.880,0:19:01.420
I think I'm for the race for the[br]population aged 55 to 64

0:19:01.420,0:19:08.420
but see what happens if a look at the[br]National ratio

0:19:08.789,0:19:12.000
ok this is an employment share

0:19:12.000,0:19:16.740
by age saying Greece a hair today at one[br]point one point

0:19:16.740,0:19:20.429
3 1.3 mi n people and employed

0:19:20.429,0:19:24.700
and what I'm asking here it is how many[br]among them I yearn

0:19:24.700,0:19:29.130
what is this shared anything like[br]increase is 170 thousand

0:19:29.130,0:19:33.230
proper one going 3 medium people

0:19:33.230,0:19:38.059
but rather than 73,000 that I down do[br]they not face a problem

0:19:38.059,0:19:42.889
absolutely yes but here is the hypocrisy[br]in the last year we had

0:19:42.889,0:19:46.639
five meetings in europe for me there's

0:19:46.639,0:19:50.169
to see how they would respond to an end[br]run into you know they know they talked

0:19:50.169,0:19:51.980
about most use any run

0:19:51.980,0:19:55.440
and they came up with bit different[br]budgets

0:19:55.440,0:19:59.909
to support projects that but I was[br]talking about but we had received

0:19:59.909,0:20:02.700
resending plan for 100 and 70,000

0:20:02.700,0:20:06.519
and they believe 1,000,000 people[br]without

0:20:06.519,0:20:10.870
any response essentially so there is[br]another kind of record

0:20:10.870,0:20:14.279
there with you then line and that they[br]think we have to be

0:20:14.279,0:20:17.690
mine no okay so now

0:20:17.690,0:20:22.370
I have two more very fast and can you

0:20:22.370,0:20:26.559
I hope you will ask me some questions so[br]I we

0:20:26.559,0:20:29.950
whet your appetite about.com this

0:20:29.950,0:20:34.139
that about what I want to talk you in[br]the next day

0:20:34.139,0:20:38.409
saying that this over there estimates[br]that they had I

0:20:38.409,0:20:42.210
okay out that you're going to see this[br]famous

0:20:42.210,0:20:45.919
for one person for many

0:20:45.919,0:20:49.620
people that came have been Business[br]College love them was called means

0:20:49.620,0:20:55.450
payments he spoke about financial[br]fragility and that's where the means the

0:20:55.450,0:20:56.049
moment

0:20:56.049,0:20:59.289
comes from that you have on seen and[br]heard on

0:20:59.289,0:21:02.980
but he also spoke about the employer of[br]last resort

0:21:02.980,0:21:06.580
policy which is this that is a sham[br]policy

0:21:06.580,0:21:10.679
got we heard about before getting my[br]text advertiser

0:21:10.679,0:21:14.870
it is called it doesn't guarantee an[br]Employment Guarantee

0:21:14.870,0:21:15.330
and

0:21:15.330,0:21:19.010
and I and they thankfully again to my[br]colleague

0:21:19.010,0:21:23.880
on professor baby it because he[br]explained very much like the days

0:21:23.880,0:21:27.740
what I want to do in the next one minute

0:21:27.740,0:21:31.050
I guess the pet hair is to

0:21:31.050,0:21:36.230
tell you that in 2010 the libyans the[br]cute spoke

0:21:36.230,0:21:39.350
with look at Teddy who was the Minister

0:21:39.350,0:21:43.640
of you remembered about all who was a[br]minister old labor at the time

0:21:43.640,0:21:48.220
and they had not signed any agreements[br]anymore and that but we were in a

0:21:48.220,0:21:48.840
recession

0:21:48.840,0:21:53.110
so we spoke to look good together with[br]the trade unions because you need these

0:21:53.110,0:21:54.320
kinds of agreements

0:21:54.320,0:22:00.220
an agreement was reached in 2010 before[br]the signing of the memorandum that an

0:22:00.220,0:22:02.300
Employment Guarantee programme was name

0:22:02.300,0:22:06.700
and she said we don't have a lot of[br]money but what we have left over for the

0:22:06.700,0:22:07.540
year

0:22:07.540,0:22:11.050
we we start the program with 50,000[br]55,000

0:22:11.050,0:22:15.570
and they said and in terms of the design

0:22:15.570,0:22:18.780
and how do you do that property all

0:22:18.780,0:22:23.470
some of us including myself back at work[br]in South Africa and Mexico

0:22:23.470,0:22:26.770
in India the problems that actually

0:22:26.770,0:22:30.130
home way talked about earlier we[br]mentioned at least

0:22:30.130,0:22:33.670
earlier and we headed to the XPS anyway[br]we started this

0:22:33.670,0:22:38.450
then what happens is austerity measures[br]and then bailouts coming

0:22:38.450,0:22:43.310
they devastate the economy they didn't[br]state of course labor market convey

0:22:43.310,0:22:46.910
1b you with a fifty thousand here so

0:22:46.910,0:22:50.190
we have said of course

0:22:50.190,0:22:53.340
that one the estate because the stock

0:22:53.340,0:22:56.660
secondly en masse see

0:22:56.660,0:23:00.370
kind all eighty investment in the[br]construction plan

0:23:00.370,0:23:04.470
as the setting increase otherwise we're[br]not getting out of this situation

0:23:04.470,0:23:07.120
your hair suicides

0:23:07.120,0:23:10.630
you have homelessness to the phenomena[br]that we never imagined we're going to

0:23:10.630,0:23:11.070
see

0:23:11.070,0:23:14.520
are no water no sanitation no heat

0:23:14.520,0:23:17.630
Nikkei I am and

0:23:17.630,0:23:23.490
they are now looking in 20 the[br]opportunity that may exist that we're

0:23:23.490,0:23:25.170
going to change the government

0:23:25.170,0:23:30.360
I'm sending that this Government will[br]poll because they keep insisting on the

0:23:30.360,0:23:31.500
same policies and that

0:23:31.500,0:23:35.490
a new more and like 10 a progressive[br]government with

0:23:35.490,0:23:39.910
arm it they call them work we have done

0:23:39.910,0:23:43.200
here therefore as we are conversation we

0:23:43.200,0:23:46.970
various om home

0:23:46.970,0:23:51.340
constituencies in place is the week have[br]created

0:23:51.340,0:23:55.670
a program for 250,000

0:23:55.670,0:23:58.820
or 515

0:23:58.820,0:24:02.670
thousand jobs we care course the big

0:24:02.670,0:24:07.520
way sixty percent all the cost goes for[br]wages

0:24:07.520,0:24:12.370
forty percent goes for any station and[br]materials because their projects that

0:24:12.370,0:24:13.650
are waiting to be done

0:24:13.650,0:24:16.720
along the lines that he heard already[br]but

0:24:16.720,0:24:20.200
including in the case of Greece and[br]vital mentor

0:24:20.200,0:24:23.750
local environmental at work that these

0:24:23.750,0:24:27.809
home waiting and work you have improved[br]review

0:24:27.809,0:24:31.580
is then macroeconomic implications

0:24:31.580,0:24:35.429
upset program so let me just look at one[br]sec

0:24:35.429,0:24:39.230
you could pay it wait till 586

0:24:39.230,0:24:43.380
you toast per month and you cryin

0:24:43.380,0:24:49.309
record meet new people 550,000 people[br]because the multiplier effects

0:24:49.309,0:24:52.590
you we generate more jobs in the economy[br]so they

0:24:52.590,0:24:55.670
got their number of jobs that the one[br]candidate got pleeease

0:24:55.670,0:24:57.549
700,000

0:24:57.549,0:25:02.259
good thing he course and not unit 67

0:25:02.259,0:25:05.519
billion mind you $7 billion-a-year

0:25:05.519,0:25:09.190
is work with a right now for he Curtis

0:25:09.190,0:25:12.549
payments army do that day

0:25:12.549,0:25:16.119
that belongs to 35 this other countries

0:25:16.119,0:25:19.350
essentially Sabrina moratorium or just[br]three

0:25:19.350,0:25:22.730
yes we don't make payments would just[br]two years

0:25:22.730,0:25:26.019
and we during the summer but money to a

0:25:26.019,0:25:29.440
job-creation program we could solve so

0:25:29.440,0:25:32.609
many many problems in Greece so

0:25:32.609,0:25:36.019
who things out own or because he's

0:25:36.019,0:25:39.559
7.1 BDN corners you know

0:25:39.559,0:25:43.129
art day practically everything that we[br]did a

0:25:43.129,0:25:46.299
you end up with the course ok CBN

0:25:46.299,0:25:52.149
bandwidth CDN year you can support full[br]time jobs

0:25:52.149,0:25:55.539
for 700,000 many you've got handgun

0:25:55.539,0:25:58.710
impact these therefore becomes

0:25:58.710,0:26:02.049
and ASAP they any good

0:26:02.049,0:26:06.019
you i'm talking about. is and Employment[br]Guarantee programme

0:26:06.019,0:26:09.999
serving precisely their goal

0:26:09.999,0:26:13.840
all this had been a great importance in[br]expansionary fiscal policy

0:26:13.840,0:26:18.080
for me instead of investing container[br]and waking

0:26:18.080,0:26:21.869
aren't here the jobs get created you go[br]the other way round

0:26:21.869,0:26:25.379
you target you're spending your public[br]spending

0:26:25.379,0:26:29.859
directly on job creation the last say[br]that I'm not gonna go through

0:26:29.859,0:26:33.100
because I just did everybody stations by[br]now I

0:26:33.100,0:26:37.739
describes for the case increase where[br]would the money come from which is

0:26:37.739,0:26:38.489
always a question

0:26:38.489,0:26:41.690
where will the money come from we can[br]find the money actually

0:26:41.690,0:26:45.809
week don't having to have not gone get[br]the political will

0:26:45.809,0:26:49.399
and back to school for peace for the[br]United States

0:26:49.399,0:26:52.779
and they cool beans that eventually we[br]will

0:26:52.779,0:26:56.100
be able to be open and international

0:26:56.100,0:27:02.480
I'm that Khamis to changing in fact[br]constitutional rights

0:27:02.480,0:27:05.860
the way they did in India because that's[br]what they didn't get

0:27:05.860,0:27:10.880
they amended the constitution and the[br]right to work movement that took 10

0:27:10.880,0:27:11.460
years

0:27:11.460,0:27:14.809
to take root by now guarantees

0:27:14.809,0:27:19.260
employment not sweet I'm not whatever[br]but for front-month

0:27:19.260,0:27:24.179
every year in router areas braid your[br]hair seasonal and fun

0:27:24.179,0:27:28.030
and now your hand more art than

0:27:28.030,0:27:32.440
one-third all the population[br]participating year after year

0:27:32.440,0:27:36.309
if you get can do it please do not come[br]to the united states cannot

0:27:36.309,0:27:37.909
thank you you