WEBVTT 00:00:01.099 --> 00:00:05.649 percent like to thank grown and grown for inviting me 00:00:05.649 --> 00:00:10.180 and for giving me the opportunity to speak to you 00:00:10.180 --> 00:00:14.690 this time not the bar the shears is that there are 00:00:14.690 --> 00:00:20.409 they no school what I have been doing for the last fifteen years the cheese 00:00:20.409 --> 00:00:25.789 gender equality on neither today and going to Krogers 00:00:25.789 --> 00:00:29.970 on unemployment and I really 00:00:29.970 --> 00:00:33.260 pick-up in every 20 years you will see now 00:00:33.260 --> 00:00:36.830 what that the previous speakers kid smoking a bong 00:00:36.830 --> 00:00:41.030 only I really focused or bench time and our discussion 00:00:41.030 --> 00:00:45.130 on they case increase click 00:00:45.130 --> 00:00:49.550 respectability become about background I'm sure that your own 00:00:49.550 --> 00:00:52.770 taking I in the newspapers for 00:00:52.770 --> 00:00:57.700 few years now I'm tripping com workers said happened eating 00:00:57.700 --> 00:01:01.490 Europe's five countries including Greece 00:01:01.490 --> 00:01:04.549 what they have in mind he's we can release saying 00:01:04.549 --> 00:01:07.659 or two girl Ireland and 00:01:07.659 --> 00:01:11.640 grease so I'm let me let me begin 00:01:11.640 --> 00:01:14.840 arm we okay re just 00:01:14.840 --> 00:01:18.510 peace lines that really some I'm there 00:01:18.510 --> 00:01:21.890 and did you what happened in Greece and I wouldn't it would be you some 00:01:21.890 --> 00:01:23.940 background on before we begin 00:01:23.940 --> 00:01:27.750 repay use Eventbrite how to handle and government today 00:01:27.750 --> 00:01:30.810 increase so at the end 0 00:01:30.810 --> 00:01:35.130 5 2009 beginning all 2010 00:01:35.130 --> 00:01:38.810 Greece finds itself in a situation where they 00:01:38.810 --> 00:01:43.369 56 and bi-annual difference between 00:01:43.369 --> 00:01:47.440 great thanks that they're collecting the taxes are collected and the amount the 00:01:47.440 --> 00:01:49.030 government spends was 00:01:49.030 --> 00:01:50.360 exactly 00:01:50.360 --> 00:01:55.580 a sixty-percent and the day accumulate you did was come into the crowd 00:01:55.580 --> 00:01:59.930 percentage would be and got who's invited a scan actually 00:01:59.930 --> 00:02:04.060 over it CP that or countries that belong to the puter zone 00:02:04.060 --> 00:02:09.660 that they're using day you know com pick to sign on in order to become members of 00:02:09.660 --> 00:02:10.520 the euro zone 00:02:10.520 --> 00:02:15.450 and being in my arms see pp that they signed when they 00:02:15.450 --> 00:02:18.590 become members over the euro zone's says that 00:02:18.590 --> 00:02:22.080 they day cannot exceed sixty percent of GDP 00:02:22.080 --> 00:02:26.850 and their i'm yearning their deficit cannot be more than 3 percent 00:02:26.850 --> 00:02:30.000 okay to be I'll so preschoolers 00:02:30.000 --> 00:02:33.050 clearly and buy an external drive from 00:02:33.050 --> 00:02:36.570 but I wanna ask the company's and new carpet 00:02:36.570 --> 00:02:40.020 the I rose that they had him as you see 00:02:40.020 --> 00:02:45.630 big gap between the red and blue lines the red line being total expenditures 00:02:45.630 --> 00:02:49.090 and add the 29 a gripping you I'm 00:02:49.090 --> 00:02:54.730 is there but it is quite small be for the conference center and the last 00:02:54.730 --> 00:02:55.580 quarter 00:02:55.580 --> 00:02:59.410 Richies when their subprime mortgage 00:02:59.410 --> 00:03:02.410 crisis erupts in the United States and starts 00:03:02.410 --> 00:03:09.390 scathing sound throughout the world northeast that between 2007 and up 2007 00:03:09.390 --> 00:03:13.290 and 2000 a there is a gap between the two 00:03:13.290 --> 00:03:18.959 got of course he's home difficult process and put a long time 00:03:18.959 --> 00:03:22.320 but then 160 2009 00:03:22.320 --> 00:03:27.130 think that he had eight they definitely increase total expenditures do not 00:03:27.130 --> 00:03:28.480 change much today 00:03:28.480 --> 00:03:31.610 they've done does not change much because the blue line 00:03:31.610 --> 00:03:34.950 that goes beyond what does that mean that means you have a 00:03:34.950 --> 00:03:40.459 economy that is in the section you have an environment for businesses 00:03:40.459 --> 00:03:44.190 writing this because the crises and therefore there is this 00:03:44.190 --> 00:03:44.810 didn't 00:03:44.810 --> 00:03:49.500 that the government has big gap between spending and revenue decreases 00:03:49.500 --> 00:03:54.099 it is in these circumstances in 2009 00:03:54.099 --> 00:03:57.349 got Greece is not able 00:03:57.349 --> 00:04:00.410 cool certainly speaks it it 00:04:00.410 --> 00:04:03.620 has a because the the rolling over 00:04:03.620 --> 00:04:07.040 obligations that they had good on and their 00:04:07.040 --> 00:04:11.400 for that government that was elected back pain 2009 00:04:11.400 --> 00:04:15.620 arm sorry about that in 2009 00:04:15.620 --> 00:04:21.180 are decided that exactly loans the way to be taken out and getting paid by the 00:04:21.180 --> 00:04:21.820 troika 00:04:21.820 --> 00:04:26.580 that these days you know bien Commission the European Central Bank and a and 00:04:26.580 --> 00:04:26.840 their 00:04:26.840 --> 00:04:31.479 now I am at pretty sure that you all know 00:04:31.479 --> 00:04:34.560 their Latin America way 00:04:34.560 --> 00:04:38.139 school plenty of similar financial trouble 00:04:38.139 --> 00:04:43.090 in the eighties and big head to also be rescued 00:04:43.090 --> 00:04:47.080 through these and I could use on all 00:04:47.080 --> 00:04:51.000 funds that they would be saving and they had to sign 00:04:51.000 --> 00:04:55.130 memoranda all agreements in order to receive 00:04:55.130 --> 00:04:59.030 these loans and that point 8 p.m. background 00:04:59.030 --> 00:05:02.160 exactly the same idea was applied in 00:05:02.160 --> 00:05:06.240 grace but in other countries as well the thinking is that 00:05:06.240 --> 00:05:10.600 if you're borrowing the primary concern if the borrower 00:05:10.600 --> 00:05:14.410 is to ensure that you're going to be able to pay back 00:05:14.410 --> 00:05:19.010 and in order to pay back some supervisory board 00:05:19.010 --> 00:05:23.280 is going to make sure that your micro economic policies and the way the truth 00:05:23.280 --> 00:05:24.669 and the economy he said 00:05:24.669 --> 00:05:27.509 that love accept less 00:05:27.509 --> 00:05:31.090 meaning you will be collecting more taxes than work is spending 00:05:31.090 --> 00:05:36.300 you know to be able to make payments but if we think about it for a minute 00:05:36.300 --> 00:05:39.590 you can accomplish this through two different ways 00:05:39.590 --> 00:05:43.300 one easy economy grows prior and the like 00:05:43.300 --> 00:05:46.919 then your revenue really be plenty 00:05:46.919 --> 00:05:52.310 and you again spend for your local needs and have something left over 00:05:52.310 --> 00:05:56.259 to make payments your debtors the etrade 00:05:56.259 --> 00:06:00.440 to do it is to slash spending 00:06:00.440 --> 00:06:04.300 government spending you may be receiving this AM 00:06:04.300 --> 00:06:07.320 revenue now you don't spend it and basically 00:06:07.320 --> 00:06:13.260 what you do I you reduce spending on health education transportation 00:06:13.260 --> 00:06:16.750 you'll find here your public 00:06:16.750 --> 00:06:20.760 severance literally you did use their ages by how much 00:06:20.760 --> 00:06:24.840 go percent 15 percent and 20 percent pensions 00:06:24.840 --> 00:06:28.199 you stop paying pensions you refuse pensions by 00:06:28.199 --> 00:06:31.280 34 percent and at the same time 00:06:31.280 --> 00:06:34.660 p57 you ongoing and that 00:06:34.660 --> 00:06:37.750 with the primary sectors with the surface that will allow you to make 00:06:37.750 --> 00:06:39.590 payments but in the meantime 00:06:39.590 --> 00:06:44.630 you may have killed of the economy and its people and this is exactly what is 00:06:44.630 --> 00:06:48.159 happening in Greece and this is what I'm trying here on the 3rd Graf 00:06:48.159 --> 00:06:51.430 on the 2nd Graf here where you see 00:06:51.430 --> 00:06:55.770 government spending disposable income and consumption expenditures 00:06:55.770 --> 00:06:59.440 the learning or won't be needed if they don't 00:06:59.440 --> 00:07:03.240 essentially com since 2010 and picking 00:07:03.240 --> 00:07:06.539 2010 because this is where I'm we sign 00:07:06.539 --> 00:07:11.510 that first bailout package so Greece has now 00:07:11.510 --> 00:07:13.660 borrow $250 billion 00:07:13.660 --> 00:07:16.890 know that too be able to roll over it's there 00:07:16.890 --> 00:07:22.080 and essentially or what they described which are there 00:07:22.080 --> 00:07:27.470 austerity measures and based on the AVR that payment center there 00:07:27.470 --> 00:07:30.820 God to the degree that you are 00:07:30.820 --> 00:07:36.670 cutting down the sink in the government sector less and less government spending 00:07:36.670 --> 00:07:39.750 we're I love you to reach have to say 00:07:39.750 --> 00:07:43.210 for the fun of course this is company 00:07:43.210 --> 00:07:46.740 nonsense and one of the things that happen 00:07:46.740 --> 00:07:50.280 me is that I have see think they see it 2008 00:07:50.280 --> 00:07:54.530 unemployed people in Greece where 00:07:54.530 --> 00:07:58.280 room the unemployed in places where 00:07:58.280 --> 00:08:02.660 downdraft 370,000 2010 their 00:08:02.660 --> 00:08:06.010 on their doing this second here the crisis in Greece 00:08:06.010 --> 00:08:09.280 before the AM at and alone scummy 00:08:09.280 --> 00:08:12.550 and we have 640 that there are but 00:08:12.550 --> 00:08:16.240 fast-forwarding and give it two and a half more years 00:08:16.240 --> 00:08:21.770 this is where the speaker comes from and you now have 1.3 million people 00:08:21.770 --> 00:08:24.850 online this is a small country 10 million people 00:08:24.850 --> 00:08:29.280 the n really meant that you were talking about earlier 00:08:29.280 --> 00:08:33.049 to the appropriation on acro 00:08:33.049 --> 00:08:36.809 need 2008 let's say worth roughly six percent 00:08:36.809 --> 00:08:41.760 today this forty percent and we 40 percent 00:08:41.760 --> 00:08:44.850 employment vicious repair unemployment 00:08:44.850 --> 00:08:47.930 that his cheeks 27 00:08:47.930 --> 00:08:51.700 can be going to 28 percent justifiably 00:08:51.700 --> 00:08:56.380 this thought that might be the babysitter com where they have here 00:08:56.380 --> 00:09:00.520 is to grass that that comparing the Greek situation with the Great 00:09:00.520 --> 00:09:02.120 Depression the United States 00:09:02.120 --> 00:09:06.160 com the craft's comment from it paper 00:09:06.160 --> 00:09:10.100 aren't prepared mind by my to call it that they leave Institute 00:09:10.100 --> 00:09:13.120 and the blue line represents 00:09:13.120 --> 00:09:17.270 Greece and you can see that bone the lead hand side 00:09:17.270 --> 00:09:20.580 graph that shows added be gross national 00:09:20.580 --> 00:09:23.800 product he's declining 00:09:23.800 --> 00:09:27.980 and is the plan and get the clanging four years into their 00:09:27.980 --> 00:09:32.050 Great Depression in the United States you have it there around 00:09:32.050 --> 00:09:37.270 nothing grace see going down and when you look at the unemployment 00:09:37.270 --> 00:09:40.320 situation saving the 00:09:40.320 --> 00:09:44.810 Blackline here so the United States the resistor 00:09:44.810 --> 00:09:48.180 around in terms of unemployment lot going 00:09:48.180 --> 00:09:51.250 our best 25 percent and coming down 00:09:51.250 --> 00:09:54.670 increase as I have shown you already it has being 00:09:54.670 --> 00:10:00.040 or Olympics crosscut 35 percent it now closer to 28 percent 00:10:00.040 --> 00:10:03.380 and rising 00:10:03.380 --> 00:10:06.940 so whether they should not increase it when we look at 00:10:06.940 --> 00:10:11.100 unemployment the basic issue is that we continue 00:10:11.100 --> 00:10:14.630 to hair we continued to head 00:10:14.630 --> 00:10:18.150 a our said all 40s 00:10:18.150 --> 00:10:21.530 the aesthetic that there was describing before 00:10:21.530 --> 00:10:25.030 this reading of the government decline 00:10:25.030 --> 00:10:28.460 ways no smaller and I will sorry 00:10:28.460 --> 00:10:34.560 harm the used rangy trying to become more competitive in export more 00:10:34.560 --> 00:10:38.420 that are simply not working there shading the economy 00:10:38.420 --> 00:10:41.570 but they are not the getting us outdoor the sex 00:10:41.570 --> 00:10:45.990 now in Greece is in a bit could hear situation 00:10:45.990 --> 00:10:49.190 the United States is in a very different and they did 00:10:49.190 --> 00:10:53.620 exist under very different circumstances because you have an autonomous KNC 00:10:53.620 --> 00:10:57.860 and for those who have you that of have been participating 00:10:57.860 --> 00:11:01.250 in the day is sending out with him on Monday beauty 00:11:01.250 --> 00:11:04.460 you would be immediately recognize what that means 00:11:04.460 --> 00:11:08.280 Greece does not have it carries 00:11:08.280 --> 00:11:11.650 ovitz home cannot be shipped goods your 00:11:11.650 --> 00:11:16.340 bar all they you know and that means for example you can I think I'm here only 00:11:16.340 --> 00:11:17.350 this face 00:11:17.350 --> 00:11:21.340 you cannot get up eat mine you cannot 00:11:21.340 --> 00:11:24.730 issue bonds yourself you have to care 00:11:24.730 --> 00:11:28.010 permission and if the position is not be then you cannot 00:11:28.010 --> 00:11:31.370 so saying then my 00:11:31.370 --> 00:11:35.580 my stick 50 as you 24 also take subway BRB 00:11:35.580 --> 00:11:39.150 cool head expansionary fiscal policy 00:11:39.150 --> 00:11:42.960 so during a session on instead of the government being 00:11:42.960 --> 00:11:47.070 there I 3 able to spend more 00:11:47.070 --> 00:11:51.200 in order to make up for this thinking that they took place in the private 00:11:51.200 --> 00:11:51.900 sector 00:11:51.900 --> 00:11:56.320 you cannot do that either so you don't have fiscal plans you don't want to say 00:11:56.320 --> 00:11:58.370 but if you don't have it saved it for you 00:11:58.370 --> 00:12:02.990 so what do you have 100 any policy instruments there were a lot of 00:12:02.990 --> 00:12:07.850 up folks have talked about today incomplete this phone 00:12:07.850 --> 00:12:13.440 p I picked our all they European Union and how these needs to change I don't 00:12:13.440 --> 00:12:14.580 think I'll 00:12:14.580 --> 00:12:18.200 warm or cool of the European Union and 00:12:18.200 --> 00:12:21.589 if that is not the greatest we're gonna go anywhere you know 00:12:21.589 --> 00:12:25.500 there is no employment target 00:12:25.500 --> 00:12:28.950 for any of the country's you know the word 00:12:28.950 --> 00:12:32.500 this excess or crazy here all the country 00:12:32.500 --> 00:12:37.250 and what countries signed on 30 games to where they hit people 00:12:37.250 --> 00:12:40.720 your Park CW and he was spending 00:12:40.720 --> 00:12:44.040 under control he does not ask 00:12:44.040 --> 00:12:47.400 on or whether the economy is growing 00:12:47.400 --> 00:12:50.620 increasing creating decent jobs so 00:12:50.620 --> 00:12:53.870 the orientation on that even didn't fully 00:12:53.870 --> 00:12:57.470 you know this magnificent a benefit for those that like that this is it good 00:12:57.470 --> 00:12:58.089 landed 00:12:58.089 --> 00:13:03.730 where it is likely not there or not to have quantitative easing up by the 00:13:03.730 --> 00:13:06.200 thinking easing in terms of employment 00:13:06.200 --> 00:13:10.890 back took place of birth but at least you have to send the data center banks a 00:13:10.890 --> 00:13:15.450 we will continue this policy and being unemployment rates come down 5 percent 00:13:15.450 --> 00:13:18.680 in Europe there is no policy 00:13:18.680 --> 00:13:23.480 essentially around and going but what do we have in Europe 00:13:23.480 --> 00:13:27.410 what we have in Europe is and undegraded 00:13:27.410 --> 00:13:31.380 active labor market said appoints are 00:13:31.380 --> 00:13:36.130 what they mean by anti prom 00:13:36.130 --> 00:13:39.110 Bob spoke about handed area 00:13:39.110 --> 00:13:42.680 if you beat me in we APR 00:13:42.680 --> 00:13:46.079 got when do you have any learn there is something wrong 00:13:46.079 --> 00:13:49.560 with that person that these and run many 00:13:49.560 --> 00:13:54.070 the president's applying made by the 5k contact with everything 00:13:54.070 --> 00:13:57.350 education and that he thinks so 00:13:57.350 --> 00:14:02.010 cuz the fight poverty educate them if you educate them 00:14:02.010 --> 00:14:06.120 they have good skills to bed getting the market today 00:14:06.120 --> 00:14:12.079 the right way he said they get employed Bernard professor that it or read that 00:14:12.079 --> 00:14:15.680 ain't necessarily so and 00:14:15.680 --> 00:14:18.930 I love love you made the comparisons between 00:14:18.930 --> 00:14:23.430 white folks and got the folks when it comes to different levels over education 00:14:23.430 --> 00:14:23.980 because 00:14:23.980 --> 00:14:26.990 I remember teaching gender all 00:14:26.990 --> 00:14:31.199 you get exactly the same picture up until the late 90's then something's 00:14:31.199 --> 00:14:34.860 teams huge huge gaps that that inexplicable 00:14:34.860 --> 00:14:40.870 back pain prism so if they suck yoba boy 00:14:40.870 --> 00:14:45.329 these problems I think what you do you have to pay 00:14:45.329 --> 00:14:48.899 you have to think they did you and you don't have to pick up my pic you don't 00:14:48.899 --> 00:14:49.779 have to fix 00:14:49.779 --> 00:14:52.970 the labor markets you don't have to think about 00:14:52.970 --> 00:14:57.730 whether it be man he said patient to cry everybody'd your feet say about 00:14:57.730 --> 00:15:00.940 and who are wrongly labour s 00:15:00.940 --> 00:15:04.269 was most vulnerable in the opinion 00:15:04.269 --> 00:15:07.779 all the europeans the most vulnerable the you 00:15:07.779 --> 00:15:11.190 they don't care any 00:15:11.190 --> 00:15:15.839 experience maybe they have the same level of education 00:15:15.839 --> 00:15:20.920 but if it is any no I meant we have to help them 00:15:20.920 --> 00:15:24.750 become and purely a bomb and 00:15:24.750 --> 00:15:27.760 be there educate them a little bit more or 00:15:27.760 --> 00:15:30.670 we had through I love them 00:15:30.670 --> 00:15:35.410 given first tends to the company so that government 00:15:35.410 --> 00:15:39.509 for you see in Sweden you feel and 00:15:39.509 --> 00:15:42.990 in Germany you never see them countries in Europe 00:15:42.990 --> 00:15:46.540 has been focusing on two things when they speak 00:15:46.540 --> 00:15:49.600 about hand I'm 00:15:49.600 --> 00:15:53.740 one these increasing and create be 00:15:53.740 --> 00:15:57.579 the other is increasing the ability to be an entertainer 00:15:57.579 --> 00:16:01.259 anything wrong with that no 00:16:01.259 --> 00:16:05.410 he doesn't line though some people absolutely this is this story for 00:16:05.410 --> 00:16:06.930 excitement to the bookmaker 00:16:06.930 --> 00:16:12.709 but not for everybody and there are other issues that pic to do 00:16:12.709 --> 00:16:16.279 wreath demand for labour so 00:16:16.279 --> 00:16:20.160 in a situation like the one we are facing 00:16:20.160 --> 00:16:23.259 now movies and what they had here 00:16:23.259 --> 00:16:27.180 is com be any live in great see if you can look 00:16:27.180 --> 00:16:32.540 I the first column this is 2008 and the next column 00:16:32.540 --> 00:16:35.790 shows you the and Gromit 00:16:35.790 --> 00:16:38.999 then second quarter of 2013 00:16:38.999 --> 00:16:42.860 work you will observe actually if you work to 00:16:42.860 --> 00:16:46.360 look at all of these on rates 00:16:46.360 --> 00:16:51.129 he's got every city country except for German 00:16:51.129 --> 00:16:54.300 Casey their employment increase 00:16:54.300 --> 00:16:57.379 including of course you have that fire 00:16:57.379 --> 00:17:00.490 countries that time that lady cokie 00:17:00.490 --> 00:17:03.809 com Highland Greece Spain and so on 00:17:03.809 --> 00:17:07.230 but what is important in Arby's 00:17:07.230 --> 00:17:11.669 is that that countries such as Bulgaria on 00:17:11.669 --> 00:17:16.209 let me I'm that in Paris all their finances 00:17:16.209 --> 00:17:20.470 any there for their ability to pay that there had a didn't find that ticket 00:17:20.470 --> 00:17:21.569 services 00:17:21.569 --> 00:17:26.010 beef is not protected them prominent black and white because 00:17:26.010 --> 00:17:29.330 day reason you got any crime and wars 00:17:29.330 --> 00:17:34.340 that your head markets eugenia shaping and demand globally 00:17:34.340 --> 00:17:40.260 global growth rate suppose time why would have a problem with the men 00:17:40.260 --> 00:17:44.480 and you get and unemployment ok 27 percent 00:17:44.480 --> 00:17:48.110 increase because a black up demand for labour 00:17:48.110 --> 00:17:51.250 there anything that is being offered is and maybe 00:17:51.250 --> 00:17:54.520 so what do they do they didn't give stipends 00:17:54.520 --> 00:17:58.020 all the equivalent in the grass will be two hundred dollars 00:17:58.020 --> 00:18:01.030 and I'm for someone to go through a 00:18:01.030 --> 00:18:05.570 training school per month ago and there are 00:18:05.570 --> 00:18:09.070 start these after studies that pixel that 00:18:09.070 --> 00:18:14.900 the and period be getting better at home you get employed by the progress 00:18:14.900 --> 00:18:20.380 once the program ends nothing doing forward about 00:18:20.380 --> 00:18:24.710 unemployment I'm not sure what this is okay 00:18:24.710 --> 00:18:28.420 one word about on youth unemployment 00:18:28.420 --> 00:18:31.840 and then I we pay the next three minutes 00:18:31.840 --> 00:18:35.670 food company what we're doing grace I am be careful 00:18:35.670 --> 00:18:39.110 and I it I'm addressing both my colleagues fearing their room and 00:18:39.110 --> 00:18:42.290 everybody else youth unemployment is very high 00:18:42.290 --> 00:18:46.840 are increase as was mentioned actually today 6 percent 00:18:46.840 --> 00:18:50.460 so here you have to use any blanket get credit for 00:18:50.460 --> 00:18:53.740 you know I love this country is a red line you can clearly see 00:18:53.740 --> 00:18:56.880 and climb in rates are much higher better 00:18:56.880 --> 00:19:01.420 I think I'm for the race for the population aged 55 to 64 00:19:01.420 --> 00:19:08.420 but see what happens if a look at the National ratio 00:19:08.789 --> 00:19:12.000 ok this is an employment share 00:19:12.000 --> 00:19:16.740 by age saying Greece a hair today at one point one point 00:19:16.740 --> 00:19:20.429 3 1.3 mi n people and employed 00:19:20.429 --> 00:19:24.700 and what I'm asking here it is how many among them I yearn 00:19:24.700 --> 00:19:29.130 what is this shared anything like increase is 170 thousand 00:19:29.130 --> 00:19:33.230 proper one going 3 medium people 00:19:33.230 --> 00:19:38.059 but rather than 73,000 that I down do they not face a problem 00:19:38.059 --> 00:19:42.889 absolutely yes but here is the hypocrisy in the last year we had 00:19:42.889 --> 00:19:46.639 five meetings in europe for me there's 00:19:46.639 --> 00:19:50.169 to see how they would respond to an end run into you know they know they talked 00:19:50.169 --> 00:19:51.980 about most use any run 00:19:51.980 --> 00:19:55.440 and they came up with bit different budgets 00:19:55.440 --> 00:19:59.909 to support projects that but I was talking about but we had received 00:19:59.909 --> 00:20:02.700 resending plan for 100 and 70,000 00:20:02.700 --> 00:20:06.519 and they believe 1,000,000 people without 00:20:06.519 --> 00:20:10.870 any response essentially so there is another kind of record 00:20:10.870 --> 00:20:14.279 there with you then line and that they think we have to be 00:20:14.279 --> 00:20:17.690 mine no okay so now 00:20:17.690 --> 00:20:22.370 I have two more very fast and can you 00:20:22.370 --> 00:20:26.559 I hope you will ask me some questions so I we 00:20:26.559 --> 00:20:29.950 whet your appetite about.com this 00:20:29.950 --> 00:20:34.139 that about what I want to talk you in the next day 00:20:34.139 --> 00:20:38.409 saying that this over there estimates that they had I 00:20:38.409 --> 00:20:42.210 okay out that you're going to see this famous 00:20:42.210 --> 00:20:45.919 for one person for many 00:20:45.919 --> 00:20:49.620 people that came have been Business College love them was called means 00:20:49.620 --> 00:20:55.450 payments he spoke about financial fragility and that's where the means the 00:20:55.450 --> 00:20:56.049 moment 00:20:56.049 --> 00:20:59.289 comes from that you have on seen and heard on 00:20:59.289 --> 00:21:02.980 but he also spoke about the employer of last resort 00:21:02.980 --> 00:21:06.580 policy which is this that is a sham policy 00:21:06.580 --> 00:21:10.679 got we heard about before getting my text advertiser 00:21:10.679 --> 00:21:14.870 it is called it doesn't guarantee an Employment Guarantee 00:21:14.870 --> 00:21:15.330 and 00:21:15.330 --> 00:21:19.010 and I and they thankfully again to my colleague 00:21:19.010 --> 00:21:23.880 on professor baby it because he explained very much like the days 00:21:23.880 --> 00:21:27.740 what I want to do in the next one minute 00:21:27.740 --> 00:21:31.050 I guess the pet hair is to 00:21:31.050 --> 00:21:36.230 tell you that in 2010 the libyans the cute spoke 00:21:36.230 --> 00:21:39.350 with look at Teddy who was the Minister 00:21:39.350 --> 00:21:43.640 of you remembered about all who was a minister old labor at the time 00:21:43.640 --> 00:21:48.220 and they had not signed any agreements anymore and that but we were in a 00:21:48.220 --> 00:21:48.840 recession 00:21:48.840 --> 00:21:53.110 so we spoke to look good together with the trade unions because you need these 00:21:53.110 --> 00:21:54.320 kinds of agreements 00:21:54.320 --> 00:22:00.220 an agreement was reached in 2010 before the signing of the memorandum that an 00:22:00.220 --> 00:22:02.300 Employment Guarantee programme was name 00:22:02.300 --> 00:22:06.700 and she said we don't have a lot of money but what we have left over for the 00:22:06.700 --> 00:22:07.540 year 00:22:07.540 --> 00:22:11.050 we we start the program with 50,000 55,000 00:22:11.050 --> 00:22:15.570 and they said and in terms of the design 00:22:15.570 --> 00:22:18.780 and how do you do that property all 00:22:18.780 --> 00:22:23.470 some of us including myself back at work in South Africa and Mexico 00:22:23.470 --> 00:22:26.770 in India the problems that actually 00:22:26.770 --> 00:22:30.130 home way talked about earlier we mentioned at least 00:22:30.130 --> 00:22:33.670 earlier and we headed to the XPS anyway we started this 00:22:33.670 --> 00:22:38.450 then what happens is austerity measures and then bailouts coming 00:22:38.450 --> 00:22:43.310 they devastate the economy they didn't state of course labor market convey 00:22:43.310 --> 00:22:46.910 1b you with a fifty thousand here so 00:22:46.910 --> 00:22:50.190 we have said of course 00:22:50.190 --> 00:22:53.340 that one the estate because the stock 00:22:53.340 --> 00:22:56.660 secondly en masse see 00:22:56.660 --> 00:23:00.370 kind all eighty investment in the construction plan 00:23:00.370 --> 00:23:04.470 as the setting increase otherwise we're not getting out of this situation 00:23:04.470 --> 00:23:07.120 your hair suicides 00:23:07.120 --> 00:23:10.630 you have homelessness to the phenomena that we never imagined we're going to 00:23:10.630 --> 00:23:11.070 see 00:23:11.070 --> 00:23:14.520 are no water no sanitation no heat 00:23:14.520 --> 00:23:17.630 Nikkei I am and 00:23:17.630 --> 00:23:23.490 they are now looking in 20 the opportunity that may exist that we're 00:23:23.490 --> 00:23:25.170 going to change the government 00:23:25.170 --> 00:23:30.360 I'm sending that this Government will poll because they keep insisting on the 00:23:30.360 --> 00:23:31.500 same policies and that 00:23:31.500 --> 00:23:35.490 a new more and like 10 a progressive government with 00:23:35.490 --> 00:23:39.910 arm it they call them work we have done 00:23:39.910 --> 00:23:43.200 here therefore as we are conversation we 00:23:43.200 --> 00:23:46.970 various om home 00:23:46.970 --> 00:23:51.340 constituencies in place is the week have created 00:23:51.340 --> 00:23:55.670 a program for 250,000 00:23:55.670 --> 00:23:58.820 or 515 00:23:58.820 --> 00:24:02.670 thousand jobs we care course the big 00:24:02.670 --> 00:24:07.520 way sixty percent all the cost goes for wages 00:24:07.520 --> 00:24:12.370 forty percent goes for any station and materials because their projects that 00:24:12.370 --> 00:24:13.650 are waiting to be done 00:24:13.650 --> 00:24:16.720 along the lines that he heard already but 00:24:16.720 --> 00:24:20.200 including in the case of Greece and vital mentor 00:24:20.200 --> 00:24:23.750 local environmental at work that these 00:24:23.750 --> 00:24:27.809 home waiting and work you have improved review 00:24:27.809 --> 00:24:31.580 is then macroeconomic implications 00:24:31.580 --> 00:24:35.429 upset program so let me just look at one sec 00:24:35.429 --> 00:24:39.230 you could pay it wait till 586 00:24:39.230 --> 00:24:43.380 you toast per month and you cryin 00:24:43.380 --> 00:24:49.309 record meet new people 550,000 people because the multiplier effects 00:24:49.309 --> 00:24:52.590 you we generate more jobs in the economy so they 00:24:52.590 --> 00:24:55.670 got their number of jobs that the one candidate got pleeease 00:24:55.670 --> 00:24:57.549 700,000 00:24:57.549 --> 00:25:02.259 good thing he course and not unit 67 00:25:02.259 --> 00:25:05.519 billion mind you $7 billion-a-year 00:25:05.519 --> 00:25:09.190 is work with a right now for he Curtis 00:25:09.190 --> 00:25:12.549 payments army do that day 00:25:12.549 --> 00:25:16.119 that belongs to 35 this other countries 00:25:16.119 --> 00:25:19.350 essentially Sabrina moratorium or just three 00:25:19.350 --> 00:25:22.730 yes we don't make payments would just two years 00:25:22.730 --> 00:25:26.019 and we during the summer but money to a 00:25:26.019 --> 00:25:29.440 job-creation program we could solve so 00:25:29.440 --> 00:25:32.609 many many problems in Greece so 00:25:32.609 --> 00:25:36.019 who things out own or because he's 00:25:36.019 --> 00:25:39.559 7.1 BDN corners you know 00:25:39.559 --> 00:25:43.129 art day practically everything that we did a 00:25:43.129 --> 00:25:46.299 you end up with the course ok CBN 00:25:46.299 --> 00:25:52.149 bandwidth CDN year you can support full time jobs 00:25:52.149 --> 00:25:55.539 for 700,000 many you've got handgun 00:25:55.539 --> 00:25:58.710 impact these therefore becomes 00:25:58.710 --> 00:26:02.049 and ASAP they any good 00:26:02.049 --> 00:26:06.019 you i'm talking about. is and Employment Guarantee programme 00:26:06.019 --> 00:26:09.999 serving precisely their goal 00:26:09.999 --> 00:26:13.840 all this had been a great importance in expansionary fiscal policy 00:26:13.840 --> 00:26:18.080 for me instead of investing container and waking 00:26:18.080 --> 00:26:21.869 aren't here the jobs get created you go the other way round 00:26:21.869 --> 00:26:25.379 you target you're spending your public spending 00:26:25.379 --> 00:26:29.859 directly on job creation the last say that I'm not gonna go through 00:26:29.859 --> 00:26:33.100 because I just did everybody stations by now I 00:26:33.100 --> 00:26:37.739 describes for the case increase where would the money come from which is 00:26:37.739 --> 00:26:38.489 always a question 00:26:38.489 --> 00:26:41.690 where will the money come from we can find the money actually 00:26:41.690 --> 00:26:45.809 week don't having to have not gone get the political will 00:26:45.809 --> 00:26:49.399 and back to school for peace for the United States 00:26:49.399 --> 00:26:52.779 and they cool beans that eventually we will 00:26:52.779 --> 00:26:56.100 be able to be open and international 00:26:56.100 --> 00:27:02.480 I'm that Khamis to changing in fact constitutional rights 00:27:02.480 --> 00:27:05.860 the way they did in India because that's what they didn't get 00:27:05.860 --> 00:27:10.880 they amended the constitution and the right to work movement that took 10 00:27:10.880 --> 00:27:11.460 years 00:27:11.460 --> 00:27:14.809 to take root by now guarantees 00:27:14.809 --> 00:27:19.260 employment not sweet I'm not whatever but for front-month 00:27:19.260 --> 00:27:24.179 every year in router areas braid your hair seasonal and fun 00:27:24.179 --> 00:27:28.030 and now your hand more art than 00:27:28.030 --> 00:27:32.440 one-third all the population participating year after year 00:27:32.440 --> 00:27:36.309 if you get can do it please do not come to the united states cannot 00:27:36.309 --> 00:27:37.909 thank you you