it's all about of board they say they say not to worry in fact italy treasury says no danger to state finances following reports of derivatives losses treasury denies derivatives contracts used to meet criteria to enter euro and italy treasury says derivatives contracts were subject to systematic checks by euro stat always confirmed to be in conformity with the rules so this is what they always you know turn to it as well as your us that remember they were also involved in the greece disaster eurostat pumps out faulty statistics just like in the u.k. the office of budgetary analysis of statistics pumps out false information but of course it's above board but the ship is capsized. so you know they're above board but they're underwater and they've capsized it's like saying get up on the titanic victims there they made it there's they made it to the deck but the ship was capsized doesn't do them any good doesn't well actually now that you mention that makes me think of comparing them to the indian journalist indian t.v. journalist reports flood from victim shoulders an

will never be able to pay off now importantly who was the director general of the treasury of italy at the time oh it was one mario draggy who you might recognize as the guy in charge of the e.c.b. the european central bank well following these derivatives these dodgy derivatives he then went to goldman sachs in two thousand and two a similar thing again to what we saw and greece but there is a concerted conspiracy of racketeering and price fixing and manipulation and accounting fraud involving mario draggy all the policy makers in italy always saw the same thing in greece christine legarde totally implicated in massive financial fraud at the i.m.f. the troika the e.c.b. the e.u. they're all involved of course and it's not a stated fraught in that. you've got a group of gangsters divvying up let's say the brooklyn fish market or some trucking franchise it's all through the back channels of the shadow banking system where they meet in private groups like build a burger the g twenty or the i.m.f. confound totally off the record completely without scrutiny or oversight and they cook books

there will be any additional government funding anytime soon, so those fighting to save italy's cultural treasuries -- treasures captioning and audio description provided by the u.s. department of education. >> bokara: well, i think that one of the most important traditions to learn about today is islam, because there's such a pervasive sense now of fear and confusion in the world. and so in order to really learn what the core teachings of islam are,

italy. also higher in the u.s. as well. treasury 2.25%.bove the highs we saw from may last year. we'll keep our eyes on that. and, of course, the currency mash ets, dollar/yen volatility continues, back down to 97.86. and the bank of japan saying there is no talk of curbing volatility, did mean we saw the yen strengthen. also in japan, softbank is sweetening its offer for sprint nextel, boosting its total bid to $21.6 billion from $20.1 billion, shoots very large 78% stake. >> a couple of days after unveiling an alternative plan to buy t-mobile, japanese wireless giant softbank finally proposed the revised plan for the sprint deal. the bank has agreed to raise $1.5 billion to increase its offer to asquare sprint, hoping to fend off a rival offer from dish. this offer comes the day before sprint's scheduled shareholder vote on the bid, now pushed back two weeks. the new plan raises softbank's offer to $21.6 billion, but it is still below the dish offer of $25.5 billion. though the japanese wireless firm said the new deal will offer sprint s

italy. ten-year treasury yields, 2.1354%. how many funds are nursing losses in the month of may on this rise of bund yields and treasuries. 2.032% gilt. on this level, can they back up even more? pretty well day for the dollar yesterday, particularly post the ism number. we saw dollar/yen, one stage down to below 99. you can see this morning back up to over 100. but extreme volatility. that applies to the aussie/dollar, as well. sterling/dollar goes up to 1.53. 1.5291% is where we stand at the moment. this was this view that in a sense the ism number was sea was maybe suggesting that we would get a delay in tapering. we had comments out a little later that that would happen. so let's find out what's going on in asia overnight, as well. joining us, chloe is in singapore. hi, chloe. >> hi, ross. interesting to see dollar/yen crept back up to a hundred for most of the asian session. it was sitting below that. a lot of that has to do with the huge move that we've been seeing. interesting to note after another day of choppiness, t

policy but does this affect fiscal policy as if italy and respect to the debt ceiling and the deficit periodic leave the fed makes remittances to the treasury appears back all of its profits to the treasury every so often and with one that's taking out its money it's taking out some of its profits to pay the interest on on accessors or so what its remaining to the treasury is somewhat less because because of this payment system you know senator bob corker i don't resent hearing he confronted bernanke you about the issue of increasing payments on issues on the interest of excess reserves. were. he returns on the reserves as you put. market rates will bring exactly what they could be getting in the market in the commercial paper market any world. you're seeing is the fed really paying market rates. the fed in order to encourage banks to keep their money parked at the fed as to pay above my. rates and that's comparable to other riskless securities now if you look at what the general collateral repo rate is what the fed is paying right now it's similar to that but it's actually they're paying it's still substantially different they're paying do

treasuries. pimco suffering significant losses this month. >>> now, italy could stand to lose billions of eurozonedoesn't name the banks involved but thought the contracts date back to the late '90s. experts say it sheds more light on the tactics that helped italy into the single currency despite its debts. staying in italy hundreds gathered in rome to protest against the conviction of prime minister silvio berlusconi for paying for sex with an under age prostitutes. the message is we're all prostitutes and demonstrators calls the seven year prison sentence scandalous. silvio berlusconi took to facebook to express amazement saying he was convinced he would be acquitted. for more on the precarious nature of italy's situation, read why jpmorgan's could a cloigs be the most fragile in the eurozone. >>> the uk finance minister george osborn will stand before parliament to deliver his spending review in which he's allocating resources to government departments. he's under pressure to save 11.5 billion pounds. we go to westminster. we'll be covering the events live as they take place. just in the uptick

said they're talking to the bank of italy, talking to try to understand just what's going on for the derivative contracts. it all began when we have that leaked treasuryesting that it has restructured eight derivative contracts in 2012. it had an independent order to look at this based on current market pricing. 8 billion euros. we're not talking a huge chunk of money, yet again questions being raised about the health of the italian banking sector. it came at the same time as we were having conversations with people in milan yesterday. rumors abounding that the italian finance ministry were talking to the ecb about potentially accessing the ont. not really seeing that kind of news reflected in the markets, but i did speak to the italian finance minister and i asked him whether he had or is having conversations with the ecb. listen in. >> no, not at all. not at all. i think it's a system that has been successful in stabilizing market considerations but there is nothing concerning italy. we just obtained the clearance from the european union who are no longer under excessive deficit procedure. there is turbulence in the market but for italian purposes i

italy and spain coming down after rising yesterday. spanish yields up to the highest level for six weeks. 4.66%, currently 4.58%. keep our eyes on treasuryging down 2.19%. a sell-off on emerging market assets as well. big volatility in dollar yen. we'll bring you up to speed with all the latest on asset prices as we count down towards the u.s. also still to come, the bundesbank jens weidmann comes out swinging. we'll have the latest from germany right after this. the next hour of "worldwide exchange" coming up. i want to make things more secure. [ whirring ] [ dog barks ] i want to treat more dogs. ♪ our business needs more cases. [ male announcer ] where do you want to take your business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have the security you need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but e

you see treasuries spiking higher, so you see the yieldings on the french and the german bonds spiking higher and on the periphery. that in europe is more important. italythose moves, major moves. maybe that's why we saw some pressure coming off the market here because the european seller was going away. bob, because we haven't really seen much move in the ten year, it's up 223 now? >> it really was. this is more about the bond market than the stock market. look, the stock market started turning around when bond yields started moving down, bond prices started moving up. look at an intraday. there's the s&p 500, that green line. the white line is 10 to 20-year treasuries, the tlh. as the prices moved up, the u.s. market moved up. bond yields are really impacts things today. some of this has to do with higher interest rates overall here. but we've had a couple weeks now where higher interest rates have really put pressure on emerging markets. thailand, the philippines, india, look at the decline. this is just today. we've got to get some stability in interest rates. just want to point out the base metals. big declines that we've seen recently in some of t