the esm, the mechanism that should replace the usf will be ready in 2012. when we do that, all member states will have to pay in capital for that mechanism. all member states, not only the aaa member states, will have to put money in the esm. this is the big difference with the esf. capital will not be available. this increases the credibility. the amount will be about 500 billion euros. the imf will have a fund that will be increased with bilateral contributions from member states. it will be about 200 billion. other members of the international computer -- international community have also been invited to contribute. they will be managed with all of the conditionality is and the stricter rules and regulations of the imf. the german government has decided yesterday about the modalities of how we are going to contribute. since the private sector will also contribute, we are going to stick to the practice of the imf in terms of private sector contributions to the sovereign debt. the same clauses are going to be applied. on the one hand, we will have greece.

the chancellor said that 500 billion euros are enough for the rescue fund esm.he does not want to discuss about more money for the fund, as rumors were telling. and this has been reason enough for traders to sell shares. not only the dax went down. the euro lost ground, under $1.31. there seems to be a clear sign that foreign investors seemed to leave the euro area. >> we will stay in frankfurt for a closer look of the numbers. the german dax finished the session down just about 0.5%. the euro stoxx 50 also trading lower, finishing at 2260. on wall street, the dow is pretty much flat, up by 0.1%. on currency markets, the euro is weaker, trading at a value of $1.3039. the u.s. federal reserve's top policymakers have convened in washington, d.c., for their last meeting in what has been an extremely tumultuous year. they agreed to the benchmark interest rates unchanged, near historic lows of 0%. the fed also says the u.s. economy has grown moderately, as hiring and consumer spending have improved. as a result, it is holding off on any new steps to boost the economy

instead of replacing the original efsf with a new version called the esm.te easier access to funds. in stocks, general electric surging on an analyst upgrade that predicted solid results from its financial services arm, ge capital. but netflix slipping after verizon announcing plans to launch its own video streaming service that could reach as many as 85 million households in the united states. that's it from cnbc, first in business worldwide. i'm going to hand you back over to "hardball." >>> welcome back to "hardball." as we discussed earlier, mitt romney said no to donald trump this afternoon. the candidate said he won't attend what promises to be one of the silliest political circus events of the campaign. donald trump's so-called debate later this month. well, romney's decision stands in contrast to his chief rival and the front-runner in the current polls, newt gingrich, who, of course, plans on attending that circus up with donald trump. some romney supporters have come to view gingrich asreat according to politico toback,s panicking, yet. but to man

all of your record, personal as well as political record, is there for the public to look at esm i would not say it's a disqualifier, i wouldn't go that far. people make mistakes and you are held accountable to those mistakes and the public will listen to the circumstances and make their decision. but certainly it's a factor and it should be a factor. you're electing a leader. you're electing someone that trust is everything. particularly in this election. this election, the people of this -- of iowa, i hear this all the time, who can we truce? and i go on and talk about my record and talk about the fact that i've been married 1 years and have seven children. i have a record of consistent and conservative politics, i talk about, you know, my past. i think that's important. and for the people to go and determine whether they're trustworthy enough to earn their support. >> congressman, what's your view? >> i think character is very important. i don't think it should be necessary to have to talk about it. i think it should show through in the way we live. i think it should show through in y

they'll also make the european bailout fund turn into a permanent vehicle which is being dubbed the esmwo or three-ler words. that's going to become a permanent fund at least one year sooner than expected. that gives you an idea, kyra, how severe the crisis is. how important they get it right. nicolas sarkozy says they want to make sure it applies to all 27 members of the european union. ten members don't actually share the euro and aren't part of the eurozone. if they can't get all 27 people to agree, they'll put up with all 17 members as a plan b if you like. >> we'll, indeed, follow if there is a plan b. thanks. >>> political buzz. your rapid fire look at the best political topics of the day. three questions, 30 seconds on the clock. playing today, cnn's political talk show host and kmeetian pete dominic. will cain and radio host and tea party leader dana laush. >> michele bachmann wants to pick up some. take a listen. >> one thing that we've seen is that a lot of herman cain supporters have called our office and they've been coming over to our side. i think part of that is because p

number two, the esm, the mechanism that should replace the esf should be ready in 2012. when we do that, all member states including us will have to pay in capital in this mechanism. i underline all member states, not only the aaa member states will have to put money into the esf. this is the big difference with the esf, and it's an important factor, the fact that capital will now be available, and this increases the credibility that did not exist. the amount will be about 500 billion euros. number three, the imf will have a fund 245 will be increased with bilat ram contribution from -- bilateral contribution from member state, and so these contributions will be lookout 200 -- will be about 200 billion euros. other members of the international community have been invited to also contribute to this new imf fund. when in fund will be in the imf, they will be managed with all the conditionalities and the strict rules and regulations of the imf. they decided yesterday about the modalities how to work. since the private sector contributes, we are going to stick to the practic

minister is specifically get the bail out our back to the first negotiation that i had to do on the esmaty. on this negotiation we prevented a treat going ahead at the level of 27 because they were not adequate safeguards but i think we'll see now frankly a period of great change in your. no one quite knows where this new organization outside the european treaties will go and what powers it will seek and how it will act. know what also knows exactly how the eurozone is going to development. my job is to protect and defend the national interest at all times and that is what i will continue to do. >> someone is not known -- [inaudible] the prime minister has my full support for what was an inevitable decision. the relationship between the physical contact of the 26 and the european union however remains uncertain. in particular the fiscal compact says the objective remains to incorporate these provisions into the trees of the union as soon as possible. would he agree in the light of that but the battle for britain's interests still has a long way to go? >> the point i would make is that t

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minister is specifically get the bail out our back to the first negotiation that i had to do on the esmtreaty. on this negotiation we prevented a treat going ahead at the level of 27 because they were not adequate safeguards but i think we'll see now frankly a period of great change in your. no one quite knows where this new organization outside the european treaties will go and what powers it will seek and how it will act. know what also knows exactly how the eurozone is going to development. my job is to protect and defend the national interest at all times and that is what i will continue to do. >> someone is not known -- [inaudible] the prime minister has my full support for what was an inevitable decision. the relationship between the physical contact of the 26 and the european union however remains uncertain. in particular the fiscal compact says the objective remains to incorporate these provisions into the trees of the union as soon as possible. would he agree in the light of that but the battle for britain's interests still has a long way to go? >> the point i would make is tha

minister is specifically get the bail out our back to the first negotiation that i had to do on the esmtreaty. on this negotiation we prevented a treat going ahead at the level of 27 because they were not adequate safeguards but i think we'll see now frankly a period of great change in your. no one quite knows where this new organization outside the european treaties will go and what powers it will seek and how it will act. know what also knows exactly how the eurozone is going to development. my job is to protect and defend the national interest at all times and that is what i will continue to do. >> someone is not known -- [inaudible] the prime minister has my full support for what was an inevitable decision. the relationship between the physical contact of the 26 and the european union however remains uncertain. in particular the fiscal compact says the objective remains to incorporate these provisions into the trees of the union as soon as possible. would he agree in the light of that but the battle for britain's interests still has a long way to go? >> the point i would make is tha