or 700 asylum seekers or whatever they turn out to be. they consider this an outrage, it s something being forced upon them. would a country that small depend on charity really save forgo all the benefits of the eu over the issue of 500 to 700 migrants? i don t think so. i think we should expect this kind of resistance as a starting point. when they get back down to practices and how to manage the flow, i think a lot of the countries will find it s better to be part of the system and to participate. so you think those sort of threats might work? well, threats is not the wordy use. it s something that look, europe for two years has done a lot of finger pointing. why isn t greece or italy doing more to keep the asylum seekers to keep them where they belong because. but speaking, where they belong
tumble. the u.s. market. by more than 200 points. this is, it could reach here. bret, the problem is in a sense the problem is greece but it isn t greece. it s greece and beyond. portugal and ireland and italy and spain. it s, you know, the word of the day is contagion. the possibility that this grows. greece by itself, especially if you are looking at the worldwide bond market is not that big a share. not that big a player. but when you start looking at europe and when you start looking at the situation with german banks, then i think you get to the point where, you know, as we heard this could be potentially catastrophic. the more it grows. bret: in this environment, president obama is introducing the debt commission that is going to come up with some recommendation by december. but says we re not going to talk about anything before december. right. i mean there are huge differences in the scale of our problems and the kind of debt we have. but this should be a warning. we sh
greece, $160 billion. take a look at this map. the financial upheaval there spread to other countries could touch off a global crisis, it s spreading fast. the country right here in red are in the worst shape. the next worse in orange. this is a scary picture. we are back with the panel about the greek economic tragedy. start with charles. i think the map explains why the germans in the end will have to act. they re the anchor of the european financial system. they will act. they have been slow to. the reason in the end germany will act is because a lot of french and german banks are heavily exposed on the greek and spanish and portuguese debt. so if there is a default, the banks will also collapse, so they will have to bail out the banks or greece. you might as well do it rescuing the greece and have the banks reimbursed. the reason that the germans are so reluctant is because the chancellor has state elections coming up on the ninth of may. this is huge unpopular, about
80 to 90% of germans oppose a bail-out. the reason is the germans are traditionally frugal, hardworking and that is not exactly thegerman perception of the greece. i ll give an example. retirement age in germany is 67. greece it s ostensibly 65, 60 if you are a woman. however, if you work in any of the hardship jobjobs, then there is a ten-year earlier rer t retirement. it s not just the coal mining. it includes radio announcers, musician and hair dressers. it chose the wrong profession. if i had been a greek hair dresser i would be in the island drinking uzo so i understand why germans are reluctant. bret: we re glad you re not a greek hair dresser, charles. took a wrong turn early in life. bret: want to point that out. a.b. can you follow that? [ laughter ] i m going to leave charles alone. he is the man of many
tumble. the u.s. market. by more than 200 points. this is, it could reach here. bret, the problem is in a sense the problem is greece but it isn t greece. it s greece and beyond. portugal and ireland and italy and spain. it s, you know, the word of the day is contagion. the possibility that this grows. greece by itself, especially if you are looking at the worldwide bond market is not that big a share. not that big a player. but when you start looking at europe and when you start looking at the situation with german banks, then i think you get to the point where, you know, as we heard this could be potentially catastrophic. the more it grows. bret: in this environment, president obama is introducing the debt commission that is going to come up with some recommendation by december. but says we re not going to talk about anything before december. right. i mean there are huge differences in the scale of our problems and the kind of debt we have. but this should be a warning. we sh