alessio: it is indeed. conversely from greece, greece was an economic crisis, but with a lot of political will on both sides. the greek government and the eurozone wanted to find a solution to it. whereas, in the italian case, the economics has remained probably the same. it is true that italy has low growth and high debt, but this has been true for several years now. what is different this time is that the italian government is actively seeking confrontation with brussels and what we received today, this negative opinion on the budget is exactly what the government wanted, which is peculiar in a way. in a eurozone setting, shared fiscal woes. stephen: thank you very much. alessio: thank you. stephen: let's go back to sarah now with more news. sarah: thank you so much. we are heading to the united states were president donald trump has accused a federal judge of political bias after the judge ordered the government not to enforce a ban on asylum for people who enter the country illegally. trump issued the b

see he's an economist at the burble institute or brussels based economic policy think tank welcome alessio now the cornerstone of this budget proposal is the so-called citizens wage program where the government will simply hand out ten billion euros to the poorest italians so they can spend it does that have the very same effect of increasing economic growth and hope rahm's hoping for . i think that even in the most benign scenario this will have only short lived positive impacts on growth over the next year perhaps but this does nothing to address italy's long standing growth problems which are more structural in nature italy is a country where g.d.p. growth has been flat basically throughout the past twenty years and there's nothing in this budget that tries to address this in a more structural long term way now what would be better ways to boost growth. you know anything that is. that falls under the so-called structural reform envelope trying to increase. competition among firms letting capital and labor flow to firms that are already exporting more that are highly competitive investin

borrowing costs projected growth let's try and understand this a little bit more i'm joined now by alessio tared see he's an economist at the brutal institute of brussels based think tank let's you know there's this idea that the markets will punish italy before the e.u. can we actually seeing signs that this is getting painful for rome. yes yes indeed we are already seeing signs going beyond the volatility of one day of financial markets if you look at the past six months the interest rate that they tell your government pays on its bonds has increased substantially several points percentage points and this obviously is very relevant in a country that has a huge debt by like italy so even small fluctuations have a big impact on the economy. you know italy of course is projecting the budget the budget will spur growth but the e.u. saying it has yet to really see where that growth is coming from who's right in this case. i mean the government argues that because it is an expansionary fiscal policy basically it is injecting cash in the economy so we should see some sort of short term boost in

now to italy's serie a, where a milan goal in the 97th minute from alessio romagnoli helped them beat reclaim 4th spot. the match ended up playing 11 minutes of stoppage time at the end due to var stoppages, while the hosts still sitjust one place above the relegation zone and it's the second consecutive match the skipper has scored a late winner. elsewhere, ciro immobile scored twice to boost lazio‘s chances of breaking into the title race as they beat spal 4—1 at the stadio olimpico and there were wins elsewhere for sassuolo, torino and atalanta. in spain, alaves have dropped to fourth after losing 2—1 at eibar. despite taking the lead early on, as senegal international pape diop‘s 90th minute goal handed his side all three points taking them up three places to 12th, while real betis, despite leading 2—0, then trailed 3—2 before a late sergio canales goal earned them a point at home to celta vigo. columbus crew will take a slender lead into the second leg of their mls eastern conference semi—final against the new york red bulls after winning their first leg 1—0, just three days afte

alessio romagnoli scored a wonder goal in stoppage time, to secure a 2—1 win for the rossoneri.olari made a 1—0 at half time. —— interim head coach. they won 4—0 at third tier side melilla in the first leg of their copa del rey tie — with karim benzema and marco asensio among the scorers. the holders barcelona also beat third division opposition — but left it late with clement lenglet scoring their last minute winner at leonesa. first leg win therefore barcelona. borussia dortmund are through to the last 16 of the german cup, but needed extra—time to see off union berlin. twice, dortmund led — through christian pulisic and maximillian phillip, but twice they were pegged back — with sebastian polter scoring both goals for the second division side. that took the tie to extra time. and penalties were looming when marvin friedrich pulled pulisic to the ground. he was sent off for the foul — and marco reus put away the spot—kick to send dortmund through. in england, arsenal, chelsea, and middlesbrough all beat lower—league opposition to reach the last eight of the league cup. in the

alessio potato government, you cannot have a general election and the whole idea that brexit itself isrd to play to the heart brexiteers as bait thinks it is. i think what she's tried to do is scare true —— the two extreme and the debate by telling brexiteers that if they hold out for the diaper brexit they want, the deal brexit, you might end up with no brexit and telling the remainders to one second referendum, if you try to one second referendum, if you try to do be did and get second referendum you made and of inflicting a no deal. not out referring to geoffrey boycott. she's not someone who's over thinking on her feet, but to do not someone who's over thinking on herfeet, but to do —— to be paired to question put to her today said you like cricket, how many more wickets have to file from your cabinet and she said well, good thing you mentioned it, my hero is jeffrey, what he did and he stayed until he got the right as she turned away and walked and i was in the press gallery at the time and you could hear the cheers from journalism she said something on her feet to l the fact that

borrowing costs projected growth let's try and understand this a little bit more i'm joined now by alessio tad see he's an economist at the brueghel institute a brussels based think tank let's you know there's this idea that the markets will punish italy before the e.u. can we actually seeing signs that this is getting painful for wrong. yes yes indeed we are already seeing signs going beyond the volatility of one day of financial markets if you look at the past six months the interest rate that they tell your government pays on its bonds has increased substantially several points percentage points and this obviously is very relevant in a country that has a huge debt by like italy so even small for fluctuations have a big impact on the economy. you know italy of course is projecting the budget the budget will spur growth but the e.u. saying it has yet to really see where that growth is coming from who's right in this case i mean the government argues that because it is an expansionary fiscal policy basically it is injecting cash in the economy so we should see some sort of short term boost

alessio terzi is an economist for economics think—tank bruegel, in brussels. welcome. charlotte post, is this more about politics than economic says far as the italian government is concerned? this is all about politics. this is a budget plan that makes very little economic sense thatis makes very little economic sense that is likely to have surprisingly contractionary impacts on the economy, which is a first. the government is spending more but because it is losing its financial markets' trust, it is going to have a negative impact on the economy and it is all about politics and ready pandering to its eurosceptic electorate, looking for a clash with the european commission. the italian government argues it needs to spend its way out of the economic troubles. what are the solutions are therefore the country to deal with debt? —— what other solutions. keeping interest rates low is of fundamental importance when you have such a high debt level and this government has made very little effort in explaining its fiscal plans to financial markets in premise, and we are seeing

wants to hand out ten billion euros to the poorest italians so they can spend it we asked economist alessio test see if that could really boost growth. i think that even in the most benign scenario this will have only short lived positive impacts on growth over the next year perhaps but this does nothing to address italy's long standing growth problems which are more structural in nature eateries a country where g.d.p. growth has been flat basically throughout the past twenty years and there's nothing in this budget that tries to address this in a more structural long term way. a sharp drop in the price of oil is sending ripples through the global economy a financial correspondent and the vice is tracking the story from frankfurt we've seen this downward trend for a number of weeks now have we. yes we have seen that down the trend for a number of we ever since october third. friend has oil has lost some twenty five percent in value and that's because investors all of a sudden realized wait a moment next year the economy's going to cool down and bet also will mean that oil demand will slow d

bloomberg has learned the was alessio ofr merrill lynch before its merger with bank of america.om: thank you so much. can you bring up that painting again? fromoks like something sixth grade. $30 million. a shorter. francine: i actually like it. tom: franson, what can i say echo right now, single best chart. we're going to do this with jim glassman was forced at gunpoint read on rip van winkle. right now it is rip van powell. he is been asleep with all of the other central bankers. as a real fed target rate comes up, it is still free money, jim glassman, when is the when when he wakes up and says, oh, real interest rates? >> that is fascinating because of someone did wait government deep sleep, they would not know what this angst is where having about. it gets to an important point. i personally think this expansion, like the third game of the world series, has a shot at going extra innings. i think one of the things that makes that happen is getting me fed's football for gas pedal. having the real fund rate of zero is probably not getting the foot off the gas pedal. we don't kn