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Greece is 'Austerity Laboratory' says PM

July 8th, 2015

Episode 419 of 860 episodes

Greek Prime Minister, Alexis Tsipras, tells the European Parliament that after 5 years of austerity Greece is effectively an 'austerity laboratory. Mr Tsipras has promised his government will submit "credible reform" proposals to its creditors on Thursday. Mr Tsipras was speaking during a fractious debate on the Greek debt crisis in Strasbourg. Greece is desperate for a third bailout to avoid bankruptcy and possibly crashing out of the euro. We get the latest on the crisis from Athens and Brussels. In China, small investors, who own about 80% of shares on the country's stock markets, have seen the value of their savings fall by more than a third in just a few weeks. On Wednesday, alone the Shanghai Composite fell by more than 6% and regulators took steps to try to halt the massive drop in the value of shares. But will the measures work or could this financial market storm be even more of a danger to the world economy than the problems facing Greece? Also in Strasbourg, MEPs have voted to give their broad support to the agreement which has been billed as the biggest free trade deal in history, the abolition of trade barriers between the US and the European Union. But the Transatlantic Trade and Investment Partnership has been controversial. We hear from both sides of the debate. And we discuss the detail of Britain's post-election Budget and find out what effect it has had on the London financial market.