run for president this time. but is he still the great hope of the republican party. i sat down with him for an exclusive, rather feisty in depth interview. that's all for us tonight. good morning from cnn london. i'm charles hodson. >> good afternoon from cnn hong kong. i'm andrew stevens, welcome to "world business today" today. the top stories this tuesday. >> i'm exhausted. >> as well he might be. it took more than 13 hours. europe's finance ministers have finally agreed a second bailout deal for greece. we'll tell you exactly what it entails. dominique strauss-kahn is

being questioned by french police tao now. we'll have head on allegation that is the former head of the imf participated in a prostitution ring. an exz collusive interview with an inside trade who are says dodge gee deals are note a victimless crime. >> now after all the riots and resignations, the mistargets and miscommunications, greece has its bailout. after 13 hours of talks, the word came greece had met numerous conditions and would receive $173 billion. that should help it default next month. it surely does not mark an end to the country's financial troubles. tt deal greece to cut the debt to 125% of grngsdp down to from a staggering level of 160%.

if all goes according to plan greece can miss the debt repaymentless without the need for anymore bailouts. that's officially. reuters news agency is reporting that officials privately feel more bailouts may never be needed. otherwise it may go straight back up to 160% of gdp. under the rescue plan private bondholders will face a nominal loss of 53.5% of what athens owes them. the private debt holders will take the real loss. the new bonds they're being ishl used have longer maturely dates and lower yields. if you put that together the losses are expected to be in excess of 70%. widespread cuts mean that scenes like this have become a familiar sight in greece. in order to receive the deal,

the greek parliament was forced to approve deep cuts in government spending, wages and pensions and hardly for the first time either, andrew. >> absolutely, charles. we've been talking about this for so long the markets have been baking something into a deal that was expected to come through the day. that send the neuro higher against the dollar. the euro acting quickest because it was trading when the deal went through. you can see there's a spike there. that was just minutes or seconds after the news actually emerged. the euro up about 1% against the u.s. dollar, initially peaking at 132,92. asean stock markets, response here pretty muted. in europe most of the major markets opened lower despite the break through on the agreement. we have the market reaction charles, obviously at your end

and my end shortly. now, earlier on tuesday several of the key participants faced reporters. they wearily joked they now fully comprehend the word marathon following their gruelling overnight session. junker said the new deal will pave a new way for ward for athens. >> after a meeting of 13 or 14 hours, we have reached a far-reaching agreement on greece's new program and private sector involvement that will lead to a significant debt reduction for greece and pave the way towards an unprecedented amount of new official financing being provided by the efsf to secure greece's future in the euro area. >> now, the european commission

vice president olli rehn said greece must now keep its end of the bargain. >> we expect this unprecedented solidarity of greece's euro area partners is now matched with a strong commitment by the greek political leaders to fully implement the program. first and foremost for the benefit of their fellow citizens. >> okay. let's go live to greece to see how the news is being received. the former deputy minister of foreign affairs joins us now from athens. thanks very much for joining us. there has been some skepticism in the markets that this deal is not going to provide this sustainable debt relief, that the greek economy is now too weak and it just won't meet the

targets demanded of it by the deal. what's your response to that? >> well, i think that, first of all, the responsibilities that we undertook, they're very heavy and we have to run fast in order to meet all the dates put in the program. imagine that in six months we have to do things that other countries may do in four or five years government term. so it's really speed running for greece right now. but i think that now we have also something to tell our people, something good, something like the haircut. it's the first time that the greek government elevates the greek debt instead of putting more debt on greece's shoulders. so i think that we are going to have the support from the people and we are going to pursue this structural reforms. i think that anyway the bailout

agreement, it's a great deal forl greece. but it still puzzles me the fact that ecb doesn't participate in this bailout and maybe in the future we need to start to discuss with ecb what it's going to do with 40 billions of euro profit it will make from the greek bonds it has already acquired at 70 or 50% value. >> okay. let's talk about these structural reforms. there has been concerns expressed within the eurozone that greece has not yet embarked on the structural reforms needed, which it was supposed to have done under the first bailout terms. why are you confident that greece will now tackle this problem under the second bailout? >> well, that's true because the

first bailout didn't work out because we didn't pursue the first structural reforms. we only imposed tax and cuts in pensions. i think that after the elections that are coming next april, we're going to have a fresh government, a government that will have an agenda of reform and will be more prepared than has been the last government that was elected under different -- a different idea. at the time the government of mr. popandreou was elected with the notion of there's a lot of money out there and we can spend more. now the new government will know that it has to worked only to pursue these reforms. before, i think that we are going to be in a better track. >> okay. if i can just ask you quickly, what makes you think that the grooek people are going to

accept still tougher austerity measures under the second bailout considering the reaction we've seen so far, the riots on the streets in not only athens but other cities in greece? why do you think the greek government will be able to sell more austerity measures to the people successfully this time around? >> well, first of all, the measures have passed the parliament already. second is almost 75% of the greeks want to remain in the eurozone and they are willing to make sacrifices to do that. the only thing they want to see is they want to see it is going to be an end in this depression period and in this great recession that we have facing. greece is in forth year of recession. therefore, you know, when you're in recession and when jobs are

lacking, there's not much hope. therefore, i think through structural reforms we're going to create this movement. furthermore, i think we have to discuss with our european partners what is going to be a new pact for increase in our incomes. this has to do -- this is going to be a joint effort with italy and portugal and spain, that they also face great unemployment rate and a recession. >> all right. >> therefore, i think we are going to be in a talk of a new marshall plan for europe which is going to be probably financed by the euro bond that is going to finance restructure and finance the creation of new jobs. >> we're going to have to leave it there. very interesting point. a new marshall plan. former finance foreign minister, thanks for joining us.

let's have a look at the bigger picture and see how the new decision for greece pans out for the broader economy and the future of the eurozone. i'm joined by michael hewson. >> i certainly would like to share the optimism of the greek politician you had on. the opinion polls tell a completely different story than the one he's trying to peddle to his people. >> where do you think will come on? >> implementation. implementation. we have elects in april. historically over the last three or four years, greece hasn't got a good track record. it's really on the back of the will of the people. if the people buy into this austerity and there's no evidence that they are, then you've got a chance. you've got a chance of them basically getting the reforms through. when you have 48% youth

unemployment, 22% ordinary unemployment, manufacturing and industrial production falling through the floor, it's a tough asing. >> it is a tough asing. >> i think there's also a bit of a naivete on the part the greek people. 72% want to stay within the euro. that's only feasible if you want to sign up for austerity measures. that is the price of admission in a sense. you either want to stay in the euro or you don't. at the moment it's very binary for me. i think greece has to default. >> here is what you're saying, and i imagine a lot of people would agree with you. grooe has to default in an ordinary way, a 100% default and

exit the eurozone. how do you think the markets would react to that? >> obviously there would have to be a bank recapitalization plan for french and german banks. i think the current status quo can't continue. if you recall at the end of last year, there was a massive bank run. if they defaulted and, all that money could go back in and they could talk about this marshall plan. >> michael we, we have to leave it there. clearly it's run and run already. >> i think it will continue to run and run, charles. >> andrew, over to you. just on that point, very interesting what mike was saying there, charles. the "financial times" had a story, it got a confidential report written by eurozone bureaucrats ahead of this crucial meeting. the quote says, even under the most optimistic scenario the

austerity measures imt posed on athens reach a recession so deep that greece will not be able to climb out of the debt hole. >> i alluded to that earlier on, i think that's absolutely right and so is michael hewson. this is what their own people are saying. >> exactly. they got a deal at all sounds quite extraordinary given this is the scenario they're dealing with. anyway, a lot more on this story ahead in the show. we'll get a look at the bailout deal and how it's playing out in the stock market u plus away from deal, dominique strauss-kahn finally gets his moment with police. we have the latest from paris as the former imf boss defended himself against claims that he was part of a prostitution ring. stay with cnn. ask me.

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welcome back. you're watching "world business today" live on cnn. let's check out the greek investors are reacting to news out of the last three or four hours that the bailout has been approved by the troika. the athens stock exchange trading just over an hour. that's a pretty glum old reaction. obviously a lot of the expectations had been built into investment strategy on this because it did look like we were going to get a deal. very optimistic leading up to it. it's one of those buy on the rumor, sell on the news. that's what the market did, also come off the bottom a bit which is slightly reassuring. this takes it over the full year for the athens composite. it's been a pretty tough year, 50% down, hitting its lowest a little earlier this month as the greek debt talks stalled. >> let's have a look at the overall markets here in europe.

actually, you know, you would have expected a little bit of buy the rumor, sell on the fact. we're seeing buoyancy. the dax is up the most, up about .3%. you did see it selling at the start, but we're pushing it back up a xwit. i expect that's really anticipation of a slightly rozier picture than could have been expected given the write-downs a larger than expected, andrew. >> this is an interesting one to try to pick, isn't it? there's so much talk about the need to get this deal done that we had to get the deal done. otherwise there would be a default. otherwise the eurozone was in crisis. it could be the end of the eurozone. we get the deal and yet the skepticism continues. this is what -- just ignore that, we'll try to get rid of that, if we can. there we go. that wasn't supposed to happen.

i hope you saw the numbers. i can't remember what they were. technology, got to love that. basically, as you saw, the nikkei was down. the rest of narkts sort of up a little bit. not a lot of conviction in the rallies here in asia this day. >> okay. the numbers are there in another format. let's move on. the former imf chief dominique strauss-kahn demanded police question him about a suspected prostitution ring. now he's getting exactly what he wanted. we'll have the latest on a case putting strauss-kahn right back into the spotlight. how is the year row responding to that bailout deal for greece. we have all of that ahead on "world business today."

i want to remind you of the big story of the day, the $173 billion bailout deal to deep greece in the eurozone. finance ministers burned the midnight hour before reaching agreement early on tuesday. they say in return for the money, 130 billion euros athens must not back down on harsh and deeply unpopular austerity measures. this is "world business today" live on cnn. welcome back. let's turn now to other business news. while the imf managing director

christine lagarde has been discussing the rescue plan for greece, her predecessor is facing questions from police. they're investigating a suspected prostitution ring. strauss-kahn has said he has been falsely linked to sex parties with prostitutes both in the u.s. and europe. he says he's been lynched by the media and dedemanded police interview him so he can clear his name. you may remember strauss-kahn stepped down last year as the imf chief after a new york hotel maid accused him of sexual assault. in new york in august prosecutors dropped those charges and released him from custody without charge. this latest probe into what the media is calling the colton affair is putting strauss-kahn back in the spotlight. jim bittermann has been following developments and joins us from paris. >> reporter: andrew, you pretty well summarized the case. strauss-kahn arp rooifd about an

hour ago to be questioned by police and investigators in this case. he'll probably be out of sight for about 24 hours, could be extended to 48 hours, as they look into the question of whether or not he knew that he was benefiting from the services of prostitutes. this is an investigation in a prostitution ring that's been going on here for almost a year now. strauss-kahn's name came up among other names from the people that were accused and some now have actually been charged in connection with that ring. his name was dropped amongst others and has been publicized in the press here. strauss-kahn said several months ago, he said he wanted to clear his name and appear for questioning. they'll be looking into the idea that he actively knew these were prostitutes involved. if, in fact, they decide he did not know, they'll not press charges. if he did know, he could very well be charged with complicity

in prostitution and also the abuse of corporate funds because apparently corporation funds were used to pay for these prostitutes, andrew. >> jim, he's saying -- he's describing this as a media -- he's being lynched by the media. there was also some suggestion that what happened in that new york hotel room was actually part of a conspiracy. this is just a seg jegs, obviously. is there anyone -- is there much credence for this theory being put forward that he is basically a target of pollicizatiof poll >> one of the things that's going to come out i think -- we've had his name mentioned repeatedly by the people who have been charged in connection, with this prostitution ring.

and yet there's been no confirmation that, in fact, he has been linked from the police or from investigators. there's also a series of text messages from -- supposedly from his cell phone which also implicate him. again, the texts of those messages has been published in the press, but no confirmation that they're real. there's a lot of questions around this whole thing. how much is real and how much is not. that's what the police are going to be looking into over the next 24 or 48 hours depending on how long he's held. >> jim bittermann in paris, thanks so much. still to come on "world business today," we'll have more on what could prove to be quite a turning point for greece, or not. we've got an exclusive interview with an insider trader who spent 17 years betting on illegal tips and could be facing a decade behind bars as a result. i just got the popular girls from the local middle school

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from cnn hong kong, i'm andrew stevens. >> i'm charles hodson at cnn london. welcome back to "world business today." let's get back to our top story. negotiations went down the wire. but after more than 13 hours of talks into the wee hours of this morning in brussels, eurozone finance ministers finally agreeing on the essentials of a second bailout dealor greece, worth $173 billion. the european commission vice president olli rehn laid out the

details. >> this program is supported by a very substantial contribution by the private sector as jean claude jun kefr explained. this requires a haircut of 53.5%, and there are several efforts will reduce the greek public debt to the level of 120.5% over gdp by 2020. >> olli rehn pointing out it's the private bondholders taking the bigger hit. imf boss christine lagarde welcomed the deal saying it laid the foundation for greece to return to prosperity. >> the combination of these significant efforts plus the

ambitious program with a clear focus on competitiveness should really give enough space for greece to restore its competitiveness, to improve its debt sustainability and to demonstrate that with good and solid and rigorous implementation checked on a regular basis by the various partners associated with the program, it can get back on track. >> well, with a colossal debt and years of austerity ahead, that journey could be a long one. joining us with more from agent then is elida. what do you see as the reaction in greece? >> reporter: the initial reaction is it's close to what greece expected. what remains now is to see how much of this can really be implemented. this has been the main thing dominating headlines here since

early this morning. is greece in a position to deliver. there are two key issues that also seem to be perplexing, let's say, greeks. the first one is this idea of stronger surveyians that was mentioned, or if you like, possibly a permanent task force in greece. the greeks think this may sort of infringe on national sovereignty in some capacity. we don't know the details of exactly how that monitoring is yet going to take place, and the other one is to do with this whole idea of an escrow account. people in greece are worried that if the money -- if priority is given to servicing the debt and interest payments to that account, that maybe if the requirements are not met in the way that they should be, that there be no money to then pay salaries and pensions and for the everyday needs that they have. >> what are the political parties likely to take by way of

their position on this deal? presumably it's going to be a major element of the election campaign that must be getting under way. are there those political voice that is are being raised, incredibly raised that are saying we need to tear up this deal. it's no good for us? >> these are the same voices that -- [ inaudible ]. >> elinda, we seem to be having a problem with the sound there. we maybe might get back to her a little later on. let's have a quick look at european stock markets now. we are seeing gains, nothing too enormous. they seem to have disappeared. it's gone up and down. the only one still keeping its head above water is the xetra

dax. i imagine what's going to be very important for these markets is what wall street does when it comes back from its holiday, andrew. >> the initial futures on wall street was slightly higher after the deal came through, charles, whether it can hold those gains is another matter. certainly the mood does seem to be turning a little bit shower. the upside was only ever luke warm. as we see now, it is starting to fade away. this is what happened here in asia this day. the markets actually dipped pretty much straight away after the bailout deal was announced. it did pair the losses somewhat. the nikkei actually was only the market to finish in the red, down by about a quarter of one percent. mazda down by 10% in tokyo on reports it plans to issue $1.3 billion worth of new stock to try to support its business. gives you an idea of just how tough the big carmakers are finding because of the strength

of the yen. the rest of the markets up here, australia faring best up by a little less than 1%. let's get more on everything that went down in brusseltion. juliette mann joins us from brussels. there was a lot of feelings that this would be a straightforward meeting, that the details had been hammered out, and it was really a gathering and quick signing off and off they went. 13 hours later they came to agreement. why did it take so long? >> it hasn't just taken last night. they've been working on this for weeks, for months. then they had to work through the night. european finance ministers pulling an all-nighter to come to a deal. i'll tell you why. the mood here is cautious optimism. no one is really coming away from these negotiations really happy. let's talk it through. the imf, you've heard their language, very, very guarded. still sticking to the notion that really greece needs to have

gdp-to-debt ratio of 120% by 2020. that's going to be tricky. they're riley going to have to stick to their plans here. the ecb, they'll be working behind the scenes, wondering, though, if their fund is going to be ready in time or if they're ever going to be big enough the next time they're called upon to help. many countries are wondering as well if it's more than just buying time for greece. this means they're not going to go bankrupt in march, but all eyes are all the greek elections in april. the austerity measures are going to be tricky vote winners that's for sure. look at what the greece people have gotten out of this package. it's going to go directly to the greek economy, most to fund the debt swap. so a very small amount is going to go directly to them. in real term, it means more salary cuts. it means lower living conditions

and again ahead of those elections is a tricky one. who is going to vote for those? >> absolutely. you're right. there's absolutely -- from face value at least, very little in the form of growth mechanisms in that package which dug suggest, as you point out, a lot of people say this deal buys time. that suggests we could be back in this situation perhaps within a year or two of another bailout. i don't know if you've managed to talk to many of the participants there. there can't be much of an appetite for more money going into this problem, can there? >> they say they're cautiously optimistic and they want to take one day at a time, one meeting at a time. the next daye date on the agenda is the meeting of eu ministers on the 1st and 2nd of march. what they're really hoping for this time is a strong commitment by the greek government to stick to those austerity measures.

it's going to be a tricky way to sell to the greek public, of course, because the austerity measures signed off last week led to the riots on the streets. what's interesting here is nobody is talking about it being a quick fix. it's a band-aid, buying time for greece. their problems are so deep that it's going to probably take decades to rebuild the economy. christine lagarde and the imf, she was saying what this is about is increasing their scope to be more competitive. things that need to be sorted out, they need to reform the retail and financial sectors. they need to overhaul their wage systems. they really need to make their primary industry. we're talking tourism, shipping, trying to make those more internationally competitive. that's not something you can do, even in putting in an all-nighter over a 13-hour meeting. that's going to take decades. >> there's big massive reforms still to come.

juliette mann joining us live from brussels. still to come, the deal may be done. we'll look at how greece's bailout is playing out on the currency and bond markets. that will be next. [ male announcer ] lately, there's been a seismic shift in what passes for common sense. used to be we socked money away and expected it to grow.

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here is a very interesting market verdict on what has been agreed overnight in brussels. the price of gold up by 6.6, up to 1740, topping $1740 an ounce. clearly investors are saying there's an increase in sun certainty as a result of this deal. welcome back to "world business today" on cnn. >> it's been about five hours since greece's bailout was finally approved. our hope, pushing the euro higher. fear has also propelled greece's

bond yields as well. ramy inocencio has been looking at these bond markets for us. they are quite sensitive to what's going on in the eurozone. what's it telling us? >> the biggest movement i want to tell you about is the rally in the euro we saw over the course of the day. in the first 15 minutes afterward came out right here, the euro actually popped half a percent against the u.s. dollar. that's as investors bought into it, just under if $1.33 market. it's since pulled back at about 1.3268. we're looking at a three-month high against the japanese yen. one analyst i spoke with said the euphoria can be short lived and if the euro can't rally, the long-term strength will begin to look a bit questionable. when markets open in europe, we didn't see any further europe purchases. this rally could be short lived. getting on to the greek bond market as you were mentioning,

in addition to the euro, the greece's benchmark ten-year bond rose by 1.1% on news of the bailout deal earlier today. basically this means, of course, it will cost the greek government more to borrow money. this means bond slemts are demanding a 23% return on any money. that's a clear sign there's still plenty of nervousness about greece and its ability to pay down its huge debt pile. >> ramy, thank you very much. for years he lived a secret lich of insider trading before he got caught. he's telling us how he kept police off his tail for nearly two decades. that exclusive interview is coming next on "world business today." so what do you think? basic.

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welcome back live from cnn london in hong kong. this is "world business today." the troubles for kingfisher airlines in india just keep mounting up. the company is owned by the flam point entrepreneur v. j. mall yeah. the shares of the company were down 20% as the company's ceo faced questioning before the country's aviation regulator. that loss was paired back quite sharply, but still trading more than 7% lower as i speak.

we've got about ten minutes to go before the end of the session in india. now, the ceo was called in to explain the airline's large scale flight disruptions which have been happening over the last ten days. more than 100 flights have been canceled so far since saturday. the debt ladened airline says it was forced to cut more services after its bank accounts were frozen on monday. kingfisher remains insistent it will be able to return to full service soon. the carrier has been battling a billion dollar debt for some time, currently operating at about 25% of its capacity. not surprisingly the staff are getting restless. "the times" of india reporting more than 3,000 pilots have quick in the past six months. the problems piling up on

kingfisher. >> interesting. let's talk about somebody else who has been living in luxury and very much on the wrong side of the law. in new york, a former independent day trader profited for nearly two decades from insider trading. then the fbi caught up with him and his illegally acquired millions. he spoke exclusively to our felicia taylor about his past an his future. >> reporter: so show me where this all took place. where did the crime happen? >> well most of it -- the last four years from this room. >> reporter: for 17 years garrett bauer traded on tips he got from his friend, ken robinson. >> when a phone call came in? >> those type of phone calls happened once or twice a year. i spoke to ken probably five days a week. >> robinson got his tips from matthew kluger, a washington lawyer who would get confidential nonpublic information about mergers and acquisitions from his firm's e-mail servers. the trio shared the profits, a

total of more than $32 million according to court documents. >> the whole idea was for me to do all the trades so there would be no connection to him and his connection to the lawyer and then he started doing some of these trades when i said i didn't want to do them anymore. so it was really at that point where i guess -- i assume the fbi and the sec investigated him. >> reporter: when the fbi came for ken robinson, he turned in garrett bauer. >> after about a month or so i stopped being angry. ken didn't force me to do what i did. you don't always know what you're getting into. you do know the information is illegal. most people think they're not going to get caught, and trying to let people know that people do get caught. >> reporter: bower and kluger pleaded guilty in december to conspiracy to commit money laundering an obstructing justice. they could face sentences up to 20 years.

robinson pleaded guilty and could get a more lenient sentence, possibly avoiding prison time. neither the prosecution nor the fbi would speak on camera about any matter currently before the courts. but in a statement, the fbi told us, securities fraud remains a top investigative priority. >> you know you're crossing the line when you're getting the information from someone who has a responsibility not to give you the information. it's very serious, the crime, the penalty, what i'm facing, almost ten years in prison. i'm losing everything i have. it's pretty serious. >> reporter: that includes millions of dollars in fines and civil penalties. the government has already seized all of bower's bank accounts and property, including the apartment he bought for $6.6 million in cash in 2009. >> do you care about losing this apartment? >> not that much. really i don't. one of my friends was concerned if i take you around the apartment, it's not really going to show you who i am. >> reporter: while he awaits sentencing, bower is keeping

busy, giving speeches to law and business students trying to prevent others from doing what he did. >> what are the worst days like? >> the worst days are just thinking about not being able to start fresh when i get out. it's sort of overwhelming to know that i'm going to owe all this money when i get out of prison and how am i ever going to pay it back. >> reporter: felicia taylor, cnn, new york. let's have a look at the way the european stock markets are reacting to news that greece's second bailout was agreed overnight. more than $170 billion. we are seeing selling now. it kind of started off with selling, a few gains and now back to selling, off by about .3% across the board, andrew. >> okay, charles. here the picture in asia, a little more positive, i would have to say. only japan finishing in the red this day. hong kong, shanghai and australia all up today. but obviously the mood in asia

when trading starts tomorrow is going to be interesting, and it will no doubt be led by what happens in europe later today. as you were saying, charles, how the u.s. markets react to this. europe certainly not exactly cheering the debt deal for greece. there is a party mood spreading, and it's spreading across the americas. we're talking, of course, about mardi gras. if you didn't know, because i didn't, mardi gras is french for fat tuesday, the day where everyone can indulge before lent. celebrations going on for weeks now. check out some of those floats. there's certainly a festive atmosphere. no one can confuse that with what's going on on the streets of greece. don't forget, if you want to comment on any of the stories you see on the show, get in touch with the whole team on our facebook page. let us know what you think. you can also send us your thoughts on twitter.

follow us at cnnwbt. check out the tweets from the "world business today" team. i'm charles hodson in london. >> and i'm andrew stevens in hong kong. you're watching cnn. charles and i will be back later in the day, joined by ali velshi for the next round of wbt. a lot more analysis of what's going on in the eurozone now the greek debt deal has been signed. good-bye for now. -- captions by vitac -- www.vitac.com

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