today was supposed to be the day that all european leaders, merkel hollande and all met in brussels. the agenda was to vote yay or nay on a bailout deal for greece. hours ago the meeting was scrapped because the finance ministers who work for those leaders could not find common ground. instead, a smaller subset of leaders from the eurozone nations is set to start meeting this hour. the word out of brussels is that mean european officials believe the latest proposal from athens doesn t go far enough. will greece get kicked out of the euro? should it be. joining me in new york to discuss are the professor of economics and public policy at harvard. the times assistant managing editor and cnn s global economics analyst and in london is the editor in chief of the economist. welcome, all. zani you have the economist has
has won. okay. two words? i would say marco rubio. that s what i would say. brianna, mike anna dan, thank you so much for coming this morning. thanks for spending your sunday morning with us. jake tapper will be right here next week. fareed zakaria gps starts right now. this is gps, the global public square. welcome to all of you in the united states and around the world. i m fareed zakaria coming to you live from new york. it s been a tumultuous week on the world stage, and we ll tackle all of it. from vienna. tense negotiations over iran s nuclear program. from brussels. tough talk about greece s debt problem.
they ve felt has been that they had a credit card when the world market saw that they were fraudulent with their books, they lied about their debt they lied about their deficit. it got cut off. the creditors, the official creditors came in and they definitely cushioned the blow. but it was very to pay that kind of money. they ve racked up a huge bill. it does need to be written down but most of the changes have to come from inside greece. they have to want to become a modern european state. i see little will to do that. 90 seconds before the break, rana can a temporary or permanent grexit work, or is this another liamman like moment? a lot of private creditors have gotten out of greece. we re not going to see major international dominos. china creates a new greece every six weeks but i think it threatens the political integrity of europe.
debt down in 2010. instead they kicked the can down. this is not a systemic immediate problem to europe in the way that it was a few years ago. if greece goes out of the euro now it will not wreck the euro overnight. what it will do is introduce a corrosive uncertainty that at some point will become a real problem again. because there is a fundamental tension in the euro. it s supposed to be irrevocable, so once you join it that s it you re there for good but it s also supposed to be based on rules and discipline. the way this greece drama ends will determine which of those things is more important. fundamentally does the problem ken has talked about, which is the lack of competitiveness in greece, is europe strong enough to be able to carry this kind of forget greece. there are other countries that are uncompetitive. part of the issue is europe hasn t done much structural reform in the last ten years. that s true in some cases. i think that the core of
you see the public at large really never wanted a deal with greece. the german public i think feels like hey, let them go. we re better off without them. they have never believed the greeks were good for their word in terms of reforms and i think it underscores that this has become a political problem as much as an economic problem. the greeks have said fine we ll leave. socialist government. they ve taken all this pain. tremendous pop ulymph. you can understand their point of view. but i don t think the math works. what i was going to ask you before we were technically interrupted. you wrote an editorial just before greece made its proposals where you said to stay in the eurozone the prime minister will have to jettison almost every promise he has made to his voters. he sort of did in the plan he put forward. yet, it doesn t seem to be working. what do you think is going on? i think, as rana said it has