plan your there you've gotten a good feel for the politics and this sticking points to how real are the divisions because of course we hear about them but i don't know how real they are if this is just political theater and i'm saying that in the context of course here in the u.s. where we've seen debt ceiling wrangling and budget wrangling becoming the status quo kind of political theater there is absolutely political theater involved in these negotiations i believe tony blair famously said that they were actually tougher negotiations than the ones he had to hold to negotiate the northern ireland peace process so it really is the place those budget talks and remember their for seven years rights a very long time. it really is a place where national problems political problems that leaders are facing at home plea out on the european level each of them comes wanting something some of the wealthier member states like you mentioned want cuts to the budget but some of the

wealthier member states a little disagree among themselves about how big those cuts would be some of the poorest states and i can tell you for sure that most states are now poor and really needing the money from the e.u. budget one to keep those levels of spending as high as possible for the next seven years because they stand to benefit a real sticking point always has been for example money spent on the so-called common agriculture a great cultural policy which economists and and several people around the world have decried as essentially subsidies for european agricultural products now fronts sees the common agricultural policy and spending on that as a holy cow but then on top of all of that you have britain and the british prime minister who has advocated for cutting way above and beyond what anyone else has so how do you reconcile this how do you bring these people around around the table and and get an outcome obviously that could in the. tonight and it looks like they're

going to be reconvening early next year to talk about that but one important thing to note is they're under not a lot of time pressure so they can let this process drag out for a little longer ok so that i think that's important to note the political theater that you're talking about because it's easy with so much attention paid to the eurozone to go oh no talks broke down this is crazy but i guess i'm curious in terms of the sense you get is there a sense in brussels with a leader is that ok really we all just need to find the right terms for continued integration this is all going to work out or is there a real sense that they're kind of fighting against disintegration i think there's a real sense here that eventually maybe after three summit that's happened in the past as solution will be found there but there will be concessions there is no doubting that there is no doubting that we will not be seeing the kind of expenditure we saw in the previous seven year period that is now coming to an end and it really really means that the e.u.

budget reflects the state of the economies of the european union which as you know very well isn't great the danger there is the cutting and those so-called cohesion funds the funding that goes to supporting the poorer regions within the e.u. which has held what we call in europe a very very popular term what we call convergence pooling up those for regions and for countries to look a lot more like their richer counterparts and there will be cuts in that but the political theater is extremely important and for example david cameron the british prime minister that i mentioned earlier. needs for his own party's sake to keep his party together needs to appear to be very very tough with the europeans and he said coming in today he told the upon his arrival what we're doing at home that's what has to happen in europe we have to cut unnecessary spending right and that's kind of the point that. me reading the british press reporting on david cameron's

comments where he's saying hey brussels is living in a parallel universe and he blamed the european commission essentially for the breakdown saying that they're insulting taxpayers by refusing to accept cuts in its budget or make reductions in staff pay or perks complaining that two hundred staff earn more than he did so i'm curious if those complaints have merit or if this is just kind of part of the political grandstanding. i think a bit of both i think first of all it's important to remind viewers who look at this and think oh my god this is this massive thing at stake the actual core of the debate is about one percent of one percent of the total. economic output so we're talking about one percent of one percent it's not a lot of money that doesn't mean that it should be badly spends and mr cameron has a point that there is waste and we've seen every administration that there is waste

and there is space to cuts what he doesn't however mention that often is that the spending of the european commission which is the bureaucracy essentially is under seven percent of the total budget so it's really really represents a very very small slice of the whole of the budget of the e.u. that is currently under negotiation and as for the two hundred people that earn more than him perhaps he is right and perhaps actually i believe that is that is a fact that he mentions and that may be something to address capping capping those salaries but really it is important just to be sure that we know what the context of this is it's a very small amount of money in the grand scheme of things a popular argument to make that travels well traveled here to washington to our conversation to be sure and then of course the z.b. president mario draghi for his part we heard him talking about a return to confidence in the euro. i just i don't know are you confident

matina are markets confident because it doesn't really seem like there has been much improvement except maybe that people are getting distracted by some other more recent headline grabbing problems like the us fiscal cliff. well i think first of all when we talk about markets and actually when we talk about our own viewers and you know my paper is readers there is an element of to teach here is in crisis has been going on for three long to motorists exhausting years and it's only the potency of the crisis begins to evaporate as it becomes from acute goes to becoming chronic and systemic and really deeply and set in the foundations of the economy i personally think that the bigger danger now is market confidence restored i think one thing that has certainly happened and actually mr drug himself has been instrumental in bringing that change has been reduction in fear is of the

euro zone breakup instigated by a dramatic exit of greece from the common currency area here in europe i think mr drugs announcements over the summer and what happened over the summer the calm and we've seen that continue until now even though the actual problems have not be resolved the problems with greece haven't been resolved ireland may be doing better under its own bailout but there is still a lot of work to be done there and it's a very vulnerable economy in its own way portugal a smaller economy also but still struggling with internal problems and then we get to spain already receiving a bailout for its banks and the big question will they also ask for a bailout for the for the country for the public spending and then there is cyprus which god truly annihilated by by the greek crisis because of the close linkages between the two countries and then there's the issue of you know you get to france

and it's been downgraded as as we heard this week by credit rating agency and and so we may not be as spooked by the euro zone crisis that may have to do with the fact that we're just really tired of it but i don't think that. that the worst is over in a sense that he cuteness of the crisis may be wearing off but the thought of the fact that the eurozone is not growing at stagnating it's very very even in germany you know growth rates are very low that's something to worry about in the longer term. and more on how that's being felt on the ground in the quarter we hear about greece and how greek people are suffering but are germans are folks in brussels are they feeling they euro zone's recession we'll hear from a tina status on that after the break also still ahead a tale of two corporations wal-mart where workers are protesting for higher pay cosco where they pay their workers a little better we heard from you

a lot of colorful responses insightful ones too you'll hear songs and tonight your feedback but first your closing market numbers. don't look the world sure but as the best and brightest tech minds gather in moscow some came to work well others came to play get up close and personal with devices that recreate masterpieces in skin russian treasures from inside and from space to keep us safe from oil spills and forest fires unleash your inner gadget geek as i search for the next big thing in the computer world and russia's only joint numerous goodies if we just take the fight straight to their president i want you.

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is easy feat. to meet. folks. welcome back what's really interesting to know to not let you get by you is that as leaders in europe talk about dealing with these problems talk about cutting greece's debt load and they mold the options to get the bailout program back on track there are disagreements that persist on very basic things that you'd imagine

creditors would be on the same page about case in point this november thirteenth disagreement between a young collage younger head of the eurozone finance ministers group and the i am ask guard on the appropriate timeline for greece hundred and twenty percent by twenty twenty we clearly have different views that. we may. when. he said under his breath but he gave a different year for greece to reach its debt plans then christine legarde and no

it's certainly not a job none of this is as matina status journalist for the dow jones newswires and the wall street journal laid out for us when we talked about the latest economic figures. of course and looking at the data that's coming out at the data looking at the eurozone it's in its entirety it is officially back in recession and we hear about the course slowing down we got the preliminary version of the p.m.i. the purchasing managers' index for a market for november showing a decline in economic activity kind of a continuation of numbers that we see but again they are numbers these are charts on paper that paint a picture of an economy that is not improving but is going actually the other way but what i want to know i'm sure you travel matina a lot for your work we know that people in greece feel the contraction they feel the pain because we hear about it all the time but i'm wondering if in france or in germany or in brussels if people are feeling this slowdown if they're feeling the recession. i think the the view from the ground is very much actually connected

to the view that we see painted by those economic indicators that you mentioned so really what we've seen in the euro zone has been an uneven recovery following the kind of two thousand and seven two thousand and eight crisis and the unevenness of it is very well reflected in unemployment rates and growth rates so in the year in the context of the euro zone we often talk about the core euro zone with germany's and the finland in the austria's and the so-called periphery now while the definition of those two corporate three terms is is really not that clear so france obviously would it would be korea but its economy as the economist weekly magazine pointed out a couple of weeks ago that gives us reason to worry about it that that that kind of attitude that we see in the economic indicators is reflected on the ground so you won't see the same the same feeling on the street and the same confidence because

so much about the economy is about confidence and the streets of lisbon the streets of athens in the streets of berlin or paris it's really not the same thing and there is just far far too many shades of gray and the eurozone right now so while germans may be more optimistic and it's not like they're crazy optimistic but they have reason to be more optimistic than greeks it is certainly the case that in greece and in lisbon and in portugal and in arland the mood is not a toll that and places like belgium has actually come out looking a lot better over the last few months but even here people worry because one thing the crisis has done is show to even to the ordinary man on the street how interconnected the euro zone economies are so basically like leg would you like someone would say you know when your neighbor's house is burning you have to worry about your own house too and so much of that hangs in the balance with the.

question of the banking union which is very much still a discussion before we get to the nuts and bolts of one of the economies you're talking about when you talk about recovery and even lending of course greece is just been front page when it comes to the eurozone crisis regardless of how tired people are of it but you know how the news business is i know how it is people want drama when it comes to the headlines and that is what greece has supplied i'm curious how much do you think it's distracting from countries like spain and italy perhaps benefiting them and buying them time politically to get it together. i think it really varies is a very interesting question that you pose i think it varies sometimes the kind of the constant infighting over greece how to deal with greece's debt the draw in the greek parliament the drama on the greek streets has have actually provided a distraction and exactly like you say because no one right now is as bad as greece and obviously the market works and kind of comparative terms as well. other

countries have benefited politically and potentially economically by the situation anathemas in the rest of greece however i think it's a double edged knife and you really can't count on greece distracting anyone for a lot for much longer for example i think both the spanish prime minister and the. prime minister mariano a hole in. the respectively have pointed out the insecurity around greece and the lack of a resolution a final resolution but what will happen with this country is that in the eurozone or is it out have actually raised insecurity about their own countries and ever elected badly especially in terms of their borrowing costs so the longer the greek drama goes on goes on for the worse these countries are fairing over roll on average because of this continued uncertainty. policymaking pros. around greece and

greece's problems have been so fraught and so slow and so incremental and so grueling that you know the rational participant in the market will look back at this and think well if ican deal with such a small country that is now two percent g.d.p. of the eurozone and shrinking what will they do when it comes to bigger countries what will they do when it comes to dealing with the third and fourth largest economies in the region which ours spain and italy and spain so i think that it may be politically expedient just for a very brief period of time to be fixating on greece because greece is dramatic by and large i don't think it does anyone any favors yeah and speaking of the muddling through it's taking a grueling nature of all of this especially with greece what is the deal with the deal to get who are the major parties that need to be consulted negotiated with in order to make changes to greece's cumulative interest payments on the

national debt well i mean listen this is a massively multilateral negotiation it is extremely tough i covered the greek debt restructuring earlier this year and i thought that was a tough negotiation because it involved private sector creditors banks as well as had funded and told all the countries in the eurozone and all the international monetary fund the european central bank and honestly i think that even removing the private sector from the picture those guys can make it pretty tough for themselves just by just by themselves right now what we're looking at is this we had a meeting here in brussels last tuesday feels like years ago but but also it feels like yesterday because this week has just merged into one big thing that meeting was eurozone finance minister the i.m.f. chief christine legarde was here my dear that i get from the e.c.b. was here everyone sat around the table and tried to decide. what they're going to

do to restore greece's debt to sustainable level over the medium term. having arrived at that point. was it was a very big success because they couldn't even agree and i don't think this they have quite yet agreed on what they define sustainable. and over what time horizon we're talking about here but anyway they get into their room they sat there for twelve hours and at around five am they just rushed out of the building telling us and there were few of us brave if you sold laughter that time telling us that they hadn't reached an agreement and they would have to reconvene this coming monday now we heard today that there will always also be a teleconference on saturday tomorrow to prepare this meeting and this fellow conference will be with the participation of yours and finance minister and representatives of the i.m.f. and really there is one big fault line between the i.m.f. which has very strict rules about that sustainability it's part of its mandate its

part of its charter and it cannot be involved in bailouts and in countries that do not have the kind of guaranteed medium term debt sustainability and the rest of the euro zone but also each member state in the euro zone has different opinions and has different different interests and what should happen in terms of greece's bailout none of them wants to lose money they can go back to their parliaments and explain that they've lent this country so much money and eventually they're not going to see back we're not going to see part of it back so it's really impossibly complicated negotiation that's been dragging on for a very long time however what we have been hearing which is positive is that there is now a few billion left between the negotiating parties that they need to figure out and people here today have been not beat as all junk loads younger the president of the year is in finance ministers group and also prime minister of luxembourg and i bumped into him in the building we were having the summit at and he said he was

very calm. didn't that there would be a solution for greece on monday greece on the other hand for the first time says you know it's not our folds this is our creditors they have to figure it out for the first time in the two years two naf years that greece has been the bailout program is not greece that's causing the trouble. you heard or just a few billion dollars left we'll see if they can resolve that on their conference call tomorrow davis with dow jones in the wall street journal. before we go this friday let's wrap up with viewer feedback because we got overwhelmingly interesting feedback on a topic we discussed on wednesday we contrasted wal-mart reportedly paying workers

very little scrimping on benefits and as you know they protested today we compare that to costco which is another big box retailer which is known to treat employees pretty well and here is what you had to say on facebook joshua fabby on said my first job was at wal-mart and i hated that job the pay was bad the managers were rude and the customers just hated you i now work at costco and i love my job the pay is awesome the managers treat me awesome and for the most part our members are awesome to work for god bless costco so if this guy's. true if that's really true what he says then i guess that kind of supports what we were saying on wednesday and there's that incalculable about treating our employees a little bit better we can't confirm that that is there is true but it we thought it was worth reading in addition we talked about c.e.o.'s delivering for shareholders as a reason for always cutting costs or not giving employees more money and here's what steve burke had to say my experience as an employee and shareholder is that maximizing shareholder value is a minute and

a farce instead corporations work hard to maximize executive compensation we've certainly seen some examples of that work companies fail but still manage to pay their executives quite nicely even during bankruptcy we've seen that with hostess we saw that with m.f. global anyway good point moving on camera. lee badgett said that wal-mart is the master at shifting the cost of its products elsewhere to the environment to the taxpayer who is had to subsidize underpaid employees with medicaid and food stamps to the slave labor in china one has a high social cost but the american public is good at ignoring the true cost of wal-mart's products nothing hits at home quite like the video that we saw today like this. still to. know they sure were not to tears we deterred we will live we leave you with those images

because that is all we have time for thank you so much for watching baser to come back next week and in the meantime you can follow me on twitter at lauren lester you can like our facebook page catch our shows on you tube or on hulu come back on tuesday we'll have a debate between mike stead locke and peter schiff but for now have a great night. to least be told language. programs and documentaries in arabic it's we'll hear on all t.v. reporting from the world talks about six of the p.r.p. interviews intriguing stories for you here. in trying. to find out more visit our big don't know it's called.

parents versus social workers docu nabby b.m. labs dot and me me that damn good many children have become prizes to fight for why does the last threaten families of the social forward to seeing the theme of they have right up your home anymore they feel that they have any kind of for suspicion about the world will feel for your children are also ninjas better at bringing up kids than their own mom and dad. using what we have an industry that is so. concentrated on the ground for trade to. i've.

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