. >> several lawsuits have been filed at the constitutional court to test the legality of the fund. judges have begun looking into whether the german president can sign this legislation into law. >> it covers what is known as the european stability mechanism and the fiscal pact on budget discipline. >> the judges are aware that the ruling will have far reaching consequences. it is unusual for the court to listen to oral arguments on an urgent motions, but that just underlines the significance of the case. procedures open with the court's president stressing that the constitution cannot be disregarded even in times of crisis. >> europe needs the democratic constitutional state just as the democratic constitutional state needs europe. those who tipped the scales in favor of one side lose the other. >> more than 12,000 legal challenges have been lodged with the court. plaintiffs feared germany is giving away too much power to brussels. >> we do not want people like you and i, voters in germany, to wake up tomorrow to find that we are allowed to vote for german parliament, but that parl

the german constitutional court is supposed to decide on september 12 with the permanent bailout fund is constitutional. if they say no, that would be a very big know for europe indeed. >> indeed. the on the bailout mechanism, the german chancellor remains firm on her position that troubled eurozone economies must push through austerity, and that is exactly what voters want to hear right now, is it not? >> it certainly is. a recent public opinion poll about a week ago showed that the eurozone crisis is the main political concern among german voters. a large majority of them feel that chancellor merkel is handling the euro crisis well. she remains the most popular politician in the country, so indeed, her austerity course is very popular in germany. >> as always, thank you very much. >> it is not just germany that has to approve this bailout. other eu member states have to do the same. for more, we spoke to our correspondent in brussels. >> all eurozone countries have to ratify this bailout, and six or seven are going through parliamentary processes. other member states have different

one more element in the equation, the supreme constitutional court. they have issued a pronouncement, saying that all their rulings are binding. in practice, that does not seem to mean very much. the court never actually ordered the dissolution of parliament. that was done by the military after the court said that parliamentary elections were not constitutional. so, it is a mess. or, perhaps, just a messy compromise. after which the military and muslim brotherhood could save face. the egyptians were not about to plunge -- plunging to a new political crisis. >> for more on the showdown potentially shaping up in egypt, i am joined by michael, a fellow at the century foundation. our correspondent called it a messy compromise. seems to me that there was jostling for power. just how far can you push the military? >> it is not clear. there has been quite a notion of pushing back from before the assumption of the presidency. it is clear that the military is not simply going to go away. power-sharing, what does it look like? can there be a new understanding? t

court finds that monetary payments established under the law clearly do not meet the standards for basic human existence. lawmakers must immediately establish a new policy in line with the constitution. >> the court ruled that in light of a 30% increase in prices since 1993 when the monthly stipend was fixed at 220 euros, the state has failed to meet their needs and ordered a raise to 330 euros, backdated to january 1, 2011. it is a significant extra financial burden on the state at a time of increasing economic uncertainty. >> we are going to take a break, and when we come back, we will have an in-depth report on life in germany for asylum seekers. >> that is right. stick around. >> welcome back, everyone. the issue of asylum seekers attracts a lot of media attention not only in germany but also across europe. but what is life really like for people who flee war and conflict and starvation in search of a better life? is it the case, as the constitutional court says, that what they receive fails to respect their human dignity? >> our correspondent that two men from africa who have a lot of dignity but also a lot of problems trying to live under the system here. >> they might live ri

it was a bit unclear yesterday what the constitutional court will do. on september 12th, they zion the temporary injunction which means they only decide whether the president will be allowed to sign up on present legislation. of course that is sort of prejudicial for the main cause if they stop him there signing that legislation we're sure the esm will be in trouble if they let him sign the legislation we can be fairly confident the esm will go through in some shape or form. >> silva, thanks very much for that. she's saying curb your enthusiasm. global investors seem to be looking at this today as the glass half full. >> the politics in germany moves steadily in direction of financial system stability. draghi has done a good job of suggesting fiscal response, the fiscal response has been forthcoming and that will allow the ecb to be more loose, more supportive of the financial stability as they see more political agreement. >> they can be more supportive but the question is can they be aggressive enough? are they barred from doing the kinds of things ou

the next move in the game came from the constitutional court, which barely a week ago was wearing in president mursi. in the new ruling, the court overturned the president's decision to recall parliament. that will be seized on by the president's critics who are suggesting he is already beginning to act almost as a dictator. >> for the first time in the history of egypt, only a few weeks after leaving office he made a decision totally against -- >> but the president is also winning friends. we found the petition -- president pushing the petition through the gates of the presidential palace. all very different from his aloof predecessor, hosni mubarak. >> muhammed mursi comes from the people and he likes people. >> tonight, supporters of the president have been flooding back to tahrir square as this new populist president challenges the old established power of the military. >> for more on the developing situation in egypt and beyond, u.s. republicans tillis john mccain has just returned from observing that elections in libya. let's start by talking about egypt and how positive are you

string of people from left to right are presenting their case in the court in southwestern germany about why that law is not constitutional. therefore, that is unconstitutional. what the court might do is say we cannot decide on this. we have to have a full hearing. therefore, the president still cannot sign it. that would slow the thing up. if you have markets watching, it is pretty damaging to slow something. >> we will have to leave it there. thank you. police in france say they've taken an arm and into custody after he had taken hostages at a school outside paris. the parents had come to drop off their children at a school. police say the gunman released them. officially launching her attempt to become the country's first female leader has promised she would work for a fare economy and improve relations with north korea. her father led an economic recovery in the 1960's and 1970's, but was seen by many as a military dictator. the british government is facing a major rebellion in the house of commons. later today, its plans to reform parliament's second chamber, the house of lords, by making that chamber mostly elected

military constitutional court ruling that branded the results of egypt's first election not all candidates are provided with muslim brotherhood came out on lawmakers tolid. the approve budgets iniament. conflict in government. the for tehran tuesday al-ass posi assadpananti-government resolve this issue peacefully and it were to get annan's ef. annan expressed a desire for iran country excluded because of ow olestinian leader following claims he was case for suspect. they'll file his2004. she released a statement saying al documentary showed techn r late in the west bank city of banks. they aim to have it in place by end of this year. at their meeting in brussels they willy fund known that oncowerful toolrstop money to the courtrt hearing that more time is months instead of makers demanded a halt to the supposed to pr any significant delay could result in market oft balan minister. italy's debts exceed of its gross domestic product but expected to decline after year due to the impaccountry's economy is 0.3% next year. thenomy get forecast jobless rates will stay high among member nations u

in germany, the issue is being reviewed by the constitutional court. >> the financial crisis threatensanks, and nations livelihoods, and the euro. the crisis keeps flaring up a new with more and more banks driving themselves toward economic ruin. now, the eurozone countries want to stop that and turn the european central bank, the ecb, into a watchdog with powers to shut down ailing banks. >> we have to keep things separate. so you have an independent reserve bank for monetary policy and a banking watchdog that can take tough measures. the banking watchdog has the right to take measures even against the will of the bank concerned. >> as a watchdog, the ecb would also form the basis of a banking union that would help raise money for a joint crisis fund. that seems sensible, but according to germany, there is a danger. >> if there are not sufficient funds, the pot has to be filled by someone, and that would be or could be european taxpayers from other countries. german taxpayers could then end up footing a losses -- footing the losses of other countries. >> in the wake of the crisis, eur

. >> [speaking foreign language] >> today, the constitutional court aware mohammed mursi was sworn in at just over a week ago, are meeting once again. they are the ones that set this crisis in motion by declaring the parliamentary elections unconstitutional. now, perhaps, they may have an opinion on whether laws passed by parliament have any legal force. it it is a mess, or perhaps just a messy compromise under which the military and the muslim brotherhood could all save face. egyptians will be daring to hope they are not about to plunge into a new political crisis. jon leyne, bbc news, cairo. >> we can talk to jon leyne. as you suggested, mohammed mursi is apparently getting on well with the generals. we are hearing today that members of parliament are allowed to go back into parliament. what kind of backroom deal do you think is going on here? >> interesting -- i've just come back from the parliament. there is security that has been reduced in recent days. there's no sign of any mass demonstrations being organized by the muslim brotherhood, which you might think it would be doing if

we're talking about a bit this is thing is not even funded it's not even passed muster in the constitutional court of germany. i don't know how they're going to rule but then the ruling is coming up on september twelfth or thirteenth something wrong so and already they're adding to what they're want to use him to do well it's not even get rid of fargo in germany the constitutional courts not agreed to it and if they do agree to it you can bet your bottom dollar they're going to say you're not raising this above you know five hundred billion this is a big your own well what happens when five hundred billion isn't enough and this is why all this pressure on merkel is just misguided there anyone in europe is expecting merkel to be able to do all of these things she can't she can't can't there she wanted to there's not enough money i mean she's not miss universe she can't save everybody and it's very questionable for at that point where anybody can really be saved anymore might sound like i appreciate you being here to talk about all of that that remains to be seen to you if that report that the i.m.f

but if in a few months or a few weeks from now then the german constitutional court in the main matter, in the main complaint decides that earn sm and fiscal pact are in breach with the fwer man constitution then, of course, we got a rob because german is in breach of the constitution but has to abide by international laws. before the hearing has started we caught up with one of the main plaintiffs here, a former minister for the former german government but now he is the core representative for a group called new democracy and her co-complainants are worried about dwindling democracies in europe. >> the main situation that we see is that democracy in europe is dwindling away and we don't like that and these are more than 21,000 people, normal people, and they do not want to wake up tomorrow and have to elect a german parliament that has no say in fiscal affairs. >> reporter: actually the group is called more democracy not new democracy but their complaints are the same and she's supported by 11,000 members of the german public who all have the same concerns. there was a small demonstr

the constitutional court says no, the parliament has to be reelected. we have another court decision. so there is big confusion with people on how this is going. it is like a roller-coaster politically. >> the german foreign minister is visiting egypt today. what is on the agenda? >> basically, it is interesting, because for president mohammed morsi, it is important that he gets international backing against this military. he got international backing on sunday from the u.s. foreign ministry. he is going to saudi arabia to try to get some backing against the military. for him, the visit by the german foreign minister. >> thank you very much for that. >> western-leaning parties have taken early leads in libya's parliamentary poll. at the results hold up, they would counter the trend of islamist victories in egypt and tunisia. the final tally is not expected for days, but initial results from tripoli and benghazi show an emergent leave for the coalition led by jabril, the former prime minister of the rebel government. the muslim brotherhood is in second p

the supreme constitutional court had earlier ruled the results of egypt's first democratic election were nonconstitutional and not all candidates were provided with an equal opportunity. the muslim brotherhood, morsi's power base, came out on top on the election. lawmakers were told to seek another court's ruling on whether the parliament is legally valid. it insists it still has the power to make laws and approve budgets in the absence of a parliament. >>> people in neighboring libya are waiting to find out who will be sitting in their parliament in the future. officials are busy counting ballots from the country's first free election in decades. voters went to the polls over the weekend, less than a year after the fall of gadhafi's dictatorship. the choices they made could have an impact on the region and the legacy of last year's arab spring. nhk world reports. >> reporter: more than 3,000 people ran for libya's assembly. marwa hegaggi is 25 years old. she's the country's youngest candidate. >> i am marwa hegaggi. nice to meet you. >> reporter: as a physician, she volunteered to treat

. >> germany's constitutional court is looking into whether it is legal to put the pact into law in germanyan be ratified if the court upholds a number of constitutional complaints against it. >> the constitutional judges will have to decide whether parliament has surrendered too much fiscal oversight to the eu. >> critics say that by approving the eu fiscal fact, germany's parliament has taken away some of its own powers. in bavaria, a rebel conservative group is backing the complaints against the plaque -- pact, calling it an assaultrmany's bat will drive europe to ruin. experts say the new laws to limit the bundestag's budgetary oversight. >> the is appalling essential to a modern national economy, and that is now being collectivized. >> with parliamentarians and the left party, they have launched complaints against the pact. they opposed austerity measures and say the deal would jeopardize social welfare systems. >> this path leads to weaker social services and weaker democracies. we do not want that kind of europe. in fact, it destroys support for the european ideas. >> the court is du

should decide what's constitutional for congress president should decide it's constitutional for the president supreme court can decide what's constitutional for the supreme court but ultimately it should be up to the people themselves through their vote to cars are final comment the night comes from stephen in edinburg scotland had these words of wisdom i mean edinburg in scotland i try and catch up with the big picture when i can i have read almost all of tom's books in the last hours of ancient sunlight would be great reading for all secondary school children as it's a consciousness raiser and that is the most important thing we can do right now raise conservationist change consciousness after all we are on the same team humanity has not much time now to get it right on this planet and i think you know that life will still go on with or without humanity but the key lies in creating a new cultural story for our children and in a generation this could change everything i agreed and that's why i wrote the last hours of ancient sunlight we have to get it that it's our culture you know it's our culture stupid

building in egypt after a week of relative calm, because, again, late last evening the supreme constitutional court here issued its decision that the executive order that was issued by president tureen after discovered was unconstitutional. that means that the egyptian parliament democratically elected back in november now has officially been dissolved. no legal course, no appealing the decision. it raises tensions between the new president and the judicial and supreme council of the armed forces, both supported the dissolution of parliament. now the support, taken to the streets, supporters of the president. what will happen trying new tactics and bringing back this parliament. >> thank you. >>> traders are hoping for a better open today after tuesday marked the fourth straight day. the dow fell. an early look at markets as we get all up in your business this morning. cnbc's karen choe join us us in london. karen, june was the best month for stocks since 1993. what will it take to get out of this mini slump? >> well, we're going right through corporate earnings season now. it's a difficult time fo

clear that this degree of reinstating parliament by the president will not get through the constitutional court. [unintelligible] the courts are blocking this. limited -- the military council remains silent. they're trying to engage in a dialogue. even if you have a parliament or you do not have a parliament, the next contentious issue will be the constitution, which has to be written. it is the main contentious issue. how will the military be controlled by the democratic institution? is it going to be the next -- that is going to be the next upcoming struggle in egypt. the issue of parliament is a closed issue. >> thank you very much. >> it has been 17 years since bosnian-serb forces overran the u.n. safe haven of srebrenica. they slaughtered thousands of use -- of muslim men and boys. >> it was one of the worst atrocities since the second world war. people there are commemorating the victims. ♪ >> tens of thousands of people gathered in sweltering heat for the service. it was held at the massacre memorial in the town -- in a town not far from srebrenica. bosnian muslims say it is important to

there is the president of russian federation who is acquitted in the constitutional court in the main law. that their minds the main. topics and the main guidelines or the policy. including the media policy the presidential administration is monitoring how the presidential decisions are being implanted being enforced. in the reaction. the presidential administration also takes part in the workin out these guidelines and helped to the president. prepare this policy. the government as a tease. just conducting this policy in the reality so presidential administration is the control how these things are being be enforced and the government just the instrument of this policy here are giving it complicated though an honest answer to a simple question you're a journalist yourself you used to be a journalist you now here on the other side of the state on the other side of the fence so what i'm asking it is that is that you are supposed to be you yourself personally could a responsible in this government for i quote state policy towards media so i want to understand what kind of post see how y

that's not the question my organization is looking into what we are saying in top germany's top constitutional court in tights through it is that the german parliament gives up too much of its summer energy when the ears and the fiscal compact take over most of the german taxpayers' money so this is what we're saying and that therefore there needs to be a referendum to decide where their german citizens agree that these powers are concerned conferred to a higher david which is the european union i understand i do understand what you're saying but as we know here this court is ruling on whether or not this whole act in the e.u. the eurozone whether or not it's constitutional or not for brussels basically to spend german taxpayer money if it is ruled unconstitutional what are the options exist for saving the eurozone do you think. yeah the option is to work out a number of turning to this and to say what is the best way and what do citizens actually want which europe do they want and which europe do they want to take responsibility to for and for this to happen we are saying that there should be a con

we've been following, the key finance minister meeting is on the agenda and also a german constitutional court ruling which also will be a key focus there later in the week. and that's going to be focusing on the bailout funds used for weaker eurozone economy. that's a big issue right there. all of that has kept a little bit of the lid on the euro and that's also close to two-year lows against the dollar. keeping low against the yen as well, compared to the gains it made last week following the more upbeat eu summit at the end of june. let's have a look at some of the fx levels. it is coming up on the screen. 79.55 to 58 dollar/yen. euro/yen 97.96, still the euro a little bit weighed down by events in eurozone. >> how about volatility in commodity prices? what's behind some of those recent moves? >> quite a lot of incidents going on there, whether it's gold oil or even corn futures. let's go through some of those. we did see volatile swings for wti crude following a strike in norway which did see wti crude on the new york mercantile exchange drop. also fluctuating as the dollar rises and falls

he took office this morning swearing the oath of office in front of a constitutional court, because he was supposed to do it in front of parliament, but parliament has been dissolved, and as a result he was forced to do it in front of this high court and that has led many people here to question whether or not the president will have all of the powers and legitimacy of a fully elected president. the president himself says he gets all of his power and legitimacy from the people of egypt directly. this despite the fact that the military council has pledged to hand over full power to the presidency to mohamed morsi. nonetheless, the military council which has been running the country for the past year and a half has retained some of the president's powers. they say they will hand over complete sovereign powers once a new constitution has been written. >>> former israeli prime minister shamir has died. he died at a nursing home today after a long illness. he was the second longest-serving prime minister in israeli history and a very controversial figure as well. throughout his life and car

elsewhere around the world this morning portugal's constitutional court struck down the government's latest austerity package. lawful said cuts to pensioner and public worker bonuses and vacations couldn't go ahead because they promoted inequality that's a harsh blow to the government's austerity program and is likely to mean deeper cuts elsewhere portugal was given a seventy eight billion euro bailout from the evil last year to save it from bankruptcy. hundreds of people have taken to the streets in northern pakistan there protesting over the reopening of nato supply routes the first convoy crossed into afghanistan early friday with plans for all containers passing through to be scanned for weapons the route was shut last november after a u.s. airstrike that killed twenty four pakistani troops. it's one eighteen moscow time next the dark secrets of america's most infamous prison camp as we talk to a british lawyer who's investigated some of the worst cases of abuse in guantanamo . on. today i'm joined by philip sands professor international or even averse to college london and autho

some of the stories making headlines around the world egypt's constitutional court are suspended a presidential decree which would restore the country's parliament earlier on tuesday for a brief session after a call from the new president mohamed morsi despite being having been ordered by the military to dissolve you simply was elected this winter in the country's first general election since the revolution but was. caught in cairo last month. union forces u.s. and e.u. sanctions have driven a rant to shut down oil wells cutting production to its lowest levels in two decades the move is likely to mean a loss of billions of dollars in revenue to terrill a senior iranian official says a private support group has been set up to try to bypass a european ban on buying the country's oil sanctions are intended to put pressure on iran over its nuclear program with the west suspecting it's trying to build nuclear weapons which tehran tonight's. i wish. to project at the moment when as promised we are joined by the business. world trade organization details on the market good day for russia has been a go

constitutional rights. in such cases it is the duty of the court to determine the giuracony he ts gd s w heplstent in their constitution that any law inconsistent with the constitution is bullet. that is regardless whether a particular result will be popular. courts must protect the emth cstut declaring an unconstitutional statute invalid. only then can citizens be assured that their freedoms and rights will be preserved. rv a itajicev legislative and executive branches insuring a proper balance of power not only among the three branches of government but also between the people and their government. of cours pplcawa s en reflect current public opinion. as alexander hamilton pointed out, until t people have amended the constitution iis llti alluponhemselves vilyo noge of the people's sentiment can warn their representatis in a departure from it. with this background in mind we turn to the iowa srmecot' e bnula bug by 12 individuals who resided in six communities across iowa. i want to talk just a minute about them because sometimes people forget that this lawsuit was about t lesf al pe aot trac lu oe atover

look now at some other top stories from around the world portugal's constitutional court has struck down the government's latest austerity packages on wall fall it said cuts to pensioner and public worker bonuses and vacations could go ahead as they promoted inequality it's a harsh blow to the government's austerity program and is likely to mean deeper cuts elsewhere portugal was given a seventy eight billion euro bailout from the e.u. last year to save it from bankruptcy. armed gunmen have forced to oil terminals in eastern libya to halt production ahead of libya's first post gadhafi parliamentary election on saturday the protest comes after threats to sabotage the rudiment demanding a more equal allocation of seats the current set up will see western libya dominate parliament at the expense of the oil rich east on thursday the main depot for election materials in the east was hit by a suspected arson attack. there's no shaking with dimitri and the business task and the side continues in who won't be russia's third largest oil company doesn't lead the russian shareholders into m.k. b.p.

couple top world news stories now portugal's constitutional court struck down the government's latest to stereotype package is unlawful it said cuts to pensioner and public worker bonuses of vacations couldn't go ahead because they promoted inequality is a harsh blow them to the government's austerity program and it's likely to mean deeper cuts elsewhere now portugal was given a seventy eight billion euro bailout from the e.u. last year to save it from bankruptcy. been protests in northern pakistan over the reopening of a nato supply route through the country earlier this week the roadway was shut last november after u.s. airstrike that killed twenty four pakistani troops it only reopened when america eventually apologized just a few days ago the first convoy crossed into afghanistan early friday with plans for all containers passing through to be scanned torching r.t. live from moscow twenty two minutes past eleven pm now it's catch up with dimitri the business there's kind of a tree we've got another sign that the economy in the us isn't doing as well the someone thought yeah that's

around the world in brief portugal's constitutional court struck the government's latest sterrett in packages unlawful it said cuts to pensioner and public worker bonuses and vacations couldn't go ahead as they promoted inequality plus a harsh blow to the government's austerity program is likely to be deeper cuts elsewhere portugal was given a seventy eight billion euro bailout from the last year to save it from bankruptcy . for three all terminals in eastern libya the whole production ahead of the first post gadhafi parliamentary election this coming saturday the bring threats the sabotage the poll from a movement demanding that elected seats speak more equally allocated as things stand western libya representatives will dominate parliament at the expense of the all rich east on thursday the main depo for election materials in the east was hit by a suspected arson attack. the big protests in northern pakistan over the reopening of a nato supply route the roadway was shut last november after a u.s. airstrike that killed twenty four pakistani troops not only reopened when america even

fact is a brief now around the world constitutional court struck down the government's latest facility packages unlawful it said cut pensions and public worker bonuses and vacations couldn't go ahead as they promoted inequality that's a harsh blow to the government's austerity program is likely to be deeper cuts elsewhere portugal was given a seventy eight billion euro bailout from the e.u. last year to save it from bankruptcy. have been protests in northern pakistan over the reopening of nato supply routes the roadway was shut last november after u.s. airstrike that killed twenty four pakistani troops and they reopened what america eventually apologized a few days ago the first convoy crossed into afghanistan early friday with plans for all containers passing through to be scanned. keep abreast of all news twenty four seven on the web site r t dot com keep abreast of business there too but for now let's get a live update with dmitri dmitri market still down absolutely although they have recovered slightly since we last looked at them but ever since we got the jobs report from the unit

a look now at some other stories from around the world portugal's constitutional court has struck down the government's latest thirty packages unlawful it said cuts to pensioner and public worker bonuses and vacations could go ahead as they promoted inequality it's a harsh book out of the government's austerity program and is likely to mean deeper cuts elsewhere was given a seventy eight billion euro bailout from the e.u. last year to save it from bankruptcy. armed gunmen have forced three oriel terminals in eastern libya to halt production that's ahead of the first post gadhafi parliamentary election on saturday there had been threats to sabotage the poll from a movement demanding that elected seats be more equally allocated as things stand western libya representatives will dominate part of the mint at the expense of the oil rich east on thursday the main depot for election materials in the east was hit by a suspected arson attack. and they were going protest in northern pakistan over the reopening of a nato supply route through the country earlier this week the roadway were shot las

court in israel has an activist tradition, particularly since the 1990s. and part of that is because israel doesn't have a formal written constitution. as pretty wide latitude to make judgment on laws passed. and in recent years that's often involved settlements on the west bank. there are several pending cases that deal with the legality of certain settlements and they have in some cases ordered that settlements be torn down or the separation barrier be re -- be moved because it was disrupting the pattern of life in the palestinian territories. and so this has in many cases put them at odds with the israeli government. and there have been several attempts over the years to limit the court's power. it's still a fairly powerful body in israel. >> so here at the table, you know, those are some pretty crazy examples of activist courts. how do we interpret the most recent decision? the health care decision. was that an activist decision? or was that -- >> the best definition to me of the activist judge is, you know, is a judge who does something you don't agree with. until, you know, conservative justices what they want. i would say what

their room for maneuver has shrunk in part because of the constitutional court, the german court which delayed a decision on one of the mechanisms, the esm and that's why draghi had to step in to assure the financing to that point or at least suggest he would. >> joining us now is chief investment advisor for asia. andrew, thanks for being with us this morning on such a big week. looking ahead to that ecb meeting on thursday have markets run ahead of them or are expectations too high? >> quite possibly because i think it is unlikely they are going to cut interest rates at this stage having cut them already twice. and also it is very unlikely that they are going to have a bond purchasing scheme announced although draghi said he did a clint eastwood, go ahead, make my day. but i can imagine that potential schemes could be laid out although given the european stabilization mechanism, banking license -- the ecb doesn't license money but the scheme does. so i suspect we might get more talk about potential additional increases of liquidity. ltro could be one way. the last one was dedicated t