will not be able to open today and for quite some time. they were broken into and looted. they are still paying for the effects of a year ago in ferguson. it is a long-lasting economic impact part of which causes some of the problem. when you have a high youth unemployment rate in places like ferguson it is hard to mnl imagine being a police officer and having your hands tied. that van filled with was filled with police officers inside. you heard the sheriff s deputy saying they didn t have on uniforms but were marked. you know that van is sitting in the middle of everything. you open fire on that you know you will hit somebody in. that vicious cycle, a day of disobedience, those stores will have to see if they are brave enough to open. we will follow this story on the channel. president obama issuing a new
down. greeks could only take out 60 euros a day. if they were to do that for an extended period of time, the banking system would absolutely literally run out of cash. they have a deepening economic crisis, 20% unemployment rate. the youth unemployment rate there is 52%. without fresh funds they collapse and probably leave the eurozone and abandon the your roe as a currency being forced to go back to the old currency the drachma. what does that mean? does greece stay in the eurozone eurozone, what does it mean? it s both political and economic. if they leave the eurozone without any fresh cash it s bad enough that the greek economy has already collapsed by 26%. it would go into free fall. that would be horrible for the greek people. if the they exit the your pro-zone for which there is no legal mechanism in europe it would call into question the integrity of the single currency, the currency union in europe and whether or not
i talked to you yesterday about prices of olives and olive oil going up here too, and the comparisons to the 1930s depression here. how bad is it really for the average greek? for the average greek, they are seeing numbers that are equal to or worse than we saw in 1932 at the depths of our depression when the unemployment rate was 25% across the nation. that s true in greece. their gdp has declined by 26%, likely to fall more. and the youth unemployment rate is 52% and rising. so if indeed they were to break from the eurozone and reintroduce the drock, their own foreign currency which could plummet in value, they might not only suffer a depression but a hyper hyperdeflation. that would be truly devastating and they don t have access to outside money. so how they survive without a bailout is increasingly
earning. beloworrowed like it was going out of style. yeah. they were living in a certain style that was quite different. when you hear people say, well isn t the u.s. greece? that s totally confused. the u.s. deficit exploded because we had the worst recession of our lifetimes. it was not a permanent choice in the way that the one in greece was at all. it is worth noting however that the greeks have felt the austerity measures and if you track the measures in spain and portugal and other troubled economies compared to greece the effects have been felt very pointedly in greece. where the unemployment rate is 25%. the youth unemployment rate is 50%. the austerity doesn t look. look at the u.s. examples compared to the european s example. thank you for your thoughts and time. coming up house democrats take aim at right-wing hero and outlaw deadbeat cliven bundy.
now the huge failures of the euro grup led to ultimatums. after all these failures, after five years, the greek people have the opportunity to decide on the final ultimatum by the euro group. it s a time of hope for europe, the common monetary union hope that everybody can live together. so the finance minister of greece, mr. varoufakis saying it s a period of hope to try to stay to the. there s a very divided european union with the north doing okay with lower unemployment rates and less debt. and the entire southern half of europe like greece with very high unemployment, very high debt, and no hope. let s just take a picture here of a pensioner that kind of summarizes the entire story, holding his hand on his head and basically saying i don t know if i ll make it or not. in the last week they ve introduced capital controls. some of these pensioners can t even get access to the 120 euros a week to survive. in that camp of the nos, many, many of the south say our youth unemployment r