New York Times Jack Ewing on the Eurozone Problems
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Automatically Generated Transcript (may not be 100% accurate)
I failed to mention earlier that we're going to be giving away yet another guest -- to -- senior gonna wanna stay tuned. How will the participate in that present text or call yet you've got a text us when he here at the gas pump. Well he got to wait for that sound effect -- you've got to be the fifteenth -- -- -- or gas. At 66. -- our guest is Jack Ewing he's the European economics correspondent for the New York Times in the International Herald Tribune. Good morning Jack welcome to the show. Good morning. Appreciate your time and David following this whole eurozone story for an extended period time. What do you expect to learn from the meeting that's going on in Brussels this week. Well it's going to be a pretty crucial meeting of European leaders are getting together and there are under a lot of pressure to do something. To reassure investors eventually the public that they are getting -- crisis under control. Took part reaching dominance -- tackle your work her. Such. The crisis is just got worse and worse and everybody including. President Obama what other foreign leaders are calling them to finally take a bold action. Jack explained to our listeners if you can what you mean because you rate your article and you talk about how they have to backstop each -- banks. That that's hard to understand from a layman's perspective why would a German bailout a Spanish bank. Well I guess for the same reason net or you know someone and smarter they'll change alone in there. Texas. You yours back if you call. Well the -- so problematic I think a lot of these guys like. Eastern Goldberg triple -- Atlanta wherever but they do business all over euros so. One of them get trouble. Consequences really for the broader global currency area. And one of the big problems is that digger doesn't have something equivalent the FDC where the arms are sure. So if you're engaged think for example you're wearing my bank fails. That is my money in the early note that you. Or your. Client to choose to reassure depositors. I guess if they do that then they're gonna also want to go hand in hand that some kind of a guarantee. As it relates to austerity measures and spending. How how do you do that when its intra country. Well that's that's the big impact because. You know Germany in the country and the body. It took a one that had. The -- debt and strongest economy. Germany -- wanted to pay well and understandably. They don't want to do that eventually -- assurances that. The money could be well spent. And it stated believe they are sort of saying we want the money but we don't want your book and emotional story cheap. That would be able to reflect you can't control our budget and this is what we're fighting and it's not clear Republican. Kind of reminds you of the United States back in the 1850s. A problem between north and south right. The heroes over slavery. And in Europe it seems to be. Over money. You outage couldn't go further back to Alexander Hamilton and when the US went to a federal system. And the public the debt that the country had built up. Fighting a war -- well I remember my history. And that's when it make it difficult decision to order federal system and that's really where Europeans now. You know it in Europe avoided recession last quarter what do you expect their GDP to be in the -- that we exist right now one rule yet that announcement does it seems like there. Right on the cusp of falling into a recession. -- I'm pretty sure that they will. Have a negative quarter -- -- Technical definition of recession because -- durable one quarter and looking at the tactical to the notion of course -- It does look pretty clear that. The economy is shrinking and even Sherman elections I mentioned the strongest economy is slowing down. So that had to all the problems because -- oracle chief structure street and the extra budget got. Great -- in it seems almost inevitable that they're gonna turn to a recession I guess now it's just a matter. Of how long and how deep the recession is right. Yeah that's what nobody knows at this point. It's not clear where they're called in the comfort in future what. Currently can keep your corn. Acres strong export demand from. China -- Asian countries -- -- well. But those economies are slowing too so I actually not clear where he is going to come from the teacher content that computer. There -- are -- Jack thank you very much for your time we sure appreciate it. -- against Jack Ewing and joining us from the New York Times today on the financial exchange.
