it is the same story at commerzbank.ommerzbank says it has written off nearly three-quarters of its portfolio of greek government bonds. drops for deutsche telekom. they fell 66% in 2011. the company booked a net profit of 60 billion euros last year. there -- the ceo says writedowns in the u.s. and greece contributed "big-time" to the fall of. the plan to invest heavily in united states. the european court of human rights has slammed italy over its treatment of migrants from north africa. >> the court ruled that the decision to send fleeing migrants back to libya was a violation of fundamental human rights. >> last year, 1500 people died trying to reach italy by crossing the mediterranean. >> the ruling handed down by the judges in strasbourg has implications, not just for italy, but dozens of questions across -- countries across europe. >> it is a clear indication that the high seas are not a lot rezone. -- law-free zone. >> they deported migrants to libya. they had an agreement with the gaddafi regime as part of the so

but today, commerzbank up about 8.9%.expected this a little bit on the back of greece being resolved and the ecb will make part of that resolution very soon. apart from that, of course, we also have press reports coming up over and over again. we talked to commerzbank, how they're going to plug their capital debt identified by the ecb. the press reports now specifically talk about this profits in mortgage companies. now we have the possibility of reports talking about this part of the business could not be sold, but it could be wound down with, meaning part of the business would be moved into the internal bad bank and could be period on commerzbank balance sheets. the commercial real estate value, as well. they have distressed assets up about 757 billion euros. that could be put up for sale, repackaged, resold into the market especially in the first probably year. of course, potentially that would be very good news. good news apart from that sentiment, as well, is that we heard from the chief of funding that the environme

in terms of commerzbank specifically, of course a capital gap is huge.g of january, we heard from commerzbank that there are about 57% into getting some capital and only at the beginning of this month they actually started to market their new bond, their corporate bond worth about 1 billion euros ahead of unsecured funding at commerzbank said sentiment is good. sentiment in 2012 seems to be positive. are we finding it easier to get rid of or sell our corporate bonds, i.e. the funding environment, raising capital environment is looking good. of course they have to pay a hefty premium in terms of the actual interest. however, important is they have about 6 billion euros worth of capital requirements for 2012 alone and if the sentiment is good that makes it easier to close that gap, the financial gap. >> patricia, thanks for that. julian, was the eba forcing the banks to raise capital a good idea or a bad one bearing in mind the time scale and what it's done in terms of making credit companies worse as banks sort of scale back their balance sheets? >> that'

in germany commerzbank gained one point seven percent. to twenty three percent here in russia markets are mixed in evening trade with the my six losing a quarter of a percent let's check on the index movers some energy stocks you raised earlier games with. more. than a half a percent meanwhile financials are mixed as. losing it is is half a percent higher rating by the economist magazine that has the world's second best in terms of return on investment over the past decade. as now it only losses and is trading flat. european gas consumers will now get russian fuel with a ten percent discount the country's gas monopoly says it's agreed to a price cut but fought off calls to increase the spot price component in its contracts the concession comes after a long drawn negotiations with some of gas from biggest customers including france's squares and wind gusts of germany gas from his long term supply contracts are indexed to the price of crude but its customers demand the company switch from an oil based formula due to the influx of cheap spot

officials prepared to finalize a deal on history measures to gain access to a second bailout in germany commerzbank jumped eight point three percent while georgia bank rose two percent lifting the dax index. here in moscow markets are trading higher with energy majors boosting the indices on the high oil prices the r.t.s. is up one point four percent is up just under a percent let's look at some individual share moves on my this hour gold is more than six and a half percent down on profit taking up to surging more than fifty percent investors bet its london listed parent will make a buyout for food retailer several continent is in the red as well saying up to saying it will buy back shares with a discount to the market price and russia's largest oil company will snap has slipped into the bread. well russian firms us blushing record amounts on advertising despite the crisis prices for billboards commercials and t.v. campaigns are expected to grow as the economy continues to strengthen. they say a picture is worth a thousand words that you're likely to see a lot more like this one last across russia

and european officials are moving closer to an agreement to close greece's funding gap in germany commerzbank gained one point seven percent and bank took on one point three percent. the russian markets are mixed this hour with a miser sliding into the red erasing earlier games let's check on the index movers on them isaac's some energy stocks he raised gains with the third of a percent financials are up by half a percent higher a rating by the economist magazine scores it as the world's second best stock in terms of return on investment over the past decade. bank is up thirty percent looking ahead to the coming trading sessions i was under. a dialogue has some suggestions for investors. llobet the circular slide rule and yes they are most popular or more popular during the dome of the us and when we got the op the it's just these are financial so. these are. also maybe the retail sector will be one of the most attractive because off there was i knew about wal-mart to get it get him interested in x. five. with him and the activity will attract some interest from the foreign investors. the che

and european officials are moving closer to an agreement to close greece's economy and germany commerzbank gained over one and a half percent and deutsche bank took on one point three percent. here in russia markets rose to a six month high as all traded at its strongest lever in six weeks a level in six weeks the r.t.s. m i six ended the week mixed over the miles it's losing point one percent less. check on the index for some isaacs some energy stocks you raised earlier games where the rosneft finishing down more than half a percent we were off an actual mixed spread bank boys have a percent higher rating by the economist magazine scored it as the world's second best stock in terms of return on investment over the past decade and even you bank has reversed early losses and was trading flat mark rubenstein for metropol wraps up the week for us. you know the few factors are playing against each other one we've been getting all the positive amarcord data i'll be knighted states with a whole week on the other hand we don't have there is a lucian with a great story this week which markets are

. >> patricia has more on what's been going on at commerzbank. >> reporter: very interesting to see the way that the market is reacting to the numbers today. on the net front below expectations. 638 million. however, if you look at some of the details, we could pick up some nice things. if you look at the analyst comments so far, reiterating the trade aspect earlier on. debt swap they are announcing could actually be potentially positive for the shares. they opened down and started to recover, down about 3.7 ers and just making comments saying the cost provisions are to remain flat for 2012. remember that here the costs have been reduced and lower loss provisions were lower than what the markets did expect. we should have been more on a positive spin as well. if you look it at the analyst rating in general, they are rating that stock still have a buy rating, one overweight. back to the numbers right now. now the numbers in terms of the forecast are seeing a solid performance. a solid profit for 2012 and the long lost provisions for the entire year should come below 1.7 billion euros. wh

peter dixon, senior economist at commerzbank. this new deal, peter, already the 120% target for getting debt down to gdp has slipped. we're looking at 120, 129% this deal goes ahead. i mean, this isn't sustainable anyway, is it? even if we agree this package isn't going to work. >> it certainly isn't. if you just roll the dime forward, it looks likely given the g it dp growth, interest rates and l balances, the ratio will rise quite sickly over the course of the next five years. it implies a bigger haircut or perhaps a widening volume of creditors. either way i don't think this deal will cut it in terms of a debt target. >> so we're still effectively throwing money to buy time. meanwhile in november alone 126,000 greeks lost their job as a country, 11 million people. the greek economy seems to be getting worse. where does this path lead, even if we agree to the package now, where does the path lead? >> a very good question. i don't think anybody knows. ultimate ultimately it does suggest that greece will be forced into a bigger d

eurozone crisis as i suggested, the major events in europe -- you were talking about deutsche bank commerzbankese other major banks of germany and france -- plus the major banks of italy and spain, all of those banks would be endangered. they would not all fail, but some of them would fail. the question is -- what happens to those transactions and deals therein, with u.s. financial institutions? this is a significant threat to our economy as well. host: exports to the european union, here are the numbers. $68 billion. what do we get? $368 billion. guest: yes, they are our largest trading partner, as i said. and actually, the fact that the united states buys more from europe than we sell has been a support for the european economy during the last six months, as this crisis has actually driven down the european economy. i would say that europe is likely in a recession today. it certainly looks to me, as an economist, that it is in a recession already. u.s. purchases of these exports have been a significant support for the last year. host: rich joins us from st. louis, missouri, on the democratic