for all the other european legislation, for all the directives, the supreme court, the european court of justice can sue a country that would not have applied the directives and the country must apply them. ls said okay, we're going to do the same with the stability pact. all the heads have said oh, no, no, no. we're not going to do that. it's so important because it's hitting our budgets. so we don't want the european court of justice to meddle with that. and we saw that it doesn't work, especially when you have a common currency. then it should be even more binding. so it's not a question of a transfer, it's a question of finding a way to apply what we had already committed ourselves to. and if we don't, we'll be sued. but within every country there are transfers. in germany there is a transfer. you asked me if the pact was a fiscal union. i said no. so now you are asking me are there transfers within countries? of course. in every country there are transfers. in germany we have a history of that is 60 years old where we compensate the finances from one land to the other. there is a

germany and the other successful northern europeans. the european central bank. the private banks, who are now negotiating their haircut in greece. and the international monetary fund. they're all trying to fob off shares of the rescue packages to the others, and preserve their own negotiating position to do so. therefore, none of them wants to say he or she will take care of the whole problem, even though, in fact, they will. so the result is a situation that's very unsatisfactory for the markets. the markets want to hear assurances, and firm words of rescue. those can't be given, even though i'm confident that those rescues will take place. and, therefore, the market situation is likely to remain unsettled and volatile, even though i'm confident that the outcome will be successful in the sense of successful financial engineering to avoid financial breakdown. but that's not getting to the recession and the underlying economic problem which is still there. i want to draw two or three major conclusions for the united states and answer more questions on the europea

exports go to our european trading partners so what happens to the european economy could have a very real impact on u.s. manufacturers and u.s. workers. with that, we'll turn to senator johnson who is filling in for senator sessions this morning for his opening remarks and then we'll turn to our witnesses for their testimony and, again, i want to thank senator johnson for filling in for senator sessions this morning. i just say to colleagues, there are many competing meetings of other committees this morning, including mark-ups in some, which means that colleagues who would like to be here simply cannot be here and participate in the work of other committees on which they serve. so we understand that this is a meeting in which there are many competing priorities for members of this committee. senator johnson? >> well, thank you, mr. chairman. obviously i'm here because this is my top priority. certainly the greatest threat that faces our nation is our debt and deficit issues. and all is tied into our need to really achieve economic growth and that's what the threat of europe poses to

we have to create a european public, a european space. we don't have that today. during european crisis, for instance, everybody talks about countries. we talk about greece. everybody is talking about greece, pointing their fingers at greece. but when you look at the press in europe, everybody in europe talks about this crisis in a different perspective. and we need a europe with the mobility of workers. it also means that we need transfer possibilities so that everybody can have portable pensions, for instance. if you work in five different countries, you need to be able to take your pension with you. and also we have to harmonize the retirement age. in some countries it's 55. in germany it's 67. we have a lot to do. that is to say the social dimension is one of the aspects. but it's far from being the only one. but what we have to create is of course as students you are more together than our workers, for instance. but we need more of a european public. we have to know that we all belong to the same area, for instance. >> translator: thank you. now i have a ques

the european banking system is currently being asked by the european banking authority to raise a good bit more capital. and, of course, their liquidity situation is being satisfied almost entirely by the european central bank rather than by private markets. >> sto that would explain. was a little confused about page four you continue to monitor the european xp europe european exposure of u.s. financial -- >> yes. >> how long have you been watching the exposure of u.s. firms to financial -- to the european financial -- >> the european situation was about -- came prominent about two years ago. so pretty much throughout that period. >> i guess my question is then about the new york fed that gave primary dealer status to mf global and so two years ago would be somewhere in the time frame that they were making application, february of 2011 is when they got the application done. that's when it was given. and so this watching of exposure mf global had gone up by $4 billion during that very time period. why didn't new york fed catch this exposure if that's something y'all were concerned about

this means each allow our governments to submit to the european commission and to the european council of ministers in the first half of the year before it goes to the national parliament a draft budget. this is incredible issue. was asked by the european commission for years and rejected by member states to the sovereignty of parliament but now it is in place. so this is one aspect. then the acceptance of a much enhanced economic surveillance on even the process of fracture reforms in member states so there is an acceptance of more operational instruments of supervision by the e.u.. in itself, slow. 27 or the 17 members of the euro area has moved considerably, thanks to the greek crisis and if i look in five years time i would imagine euro area that would have composition more numerous than the current one. i don't see countries going out of the euro. i see some countries coming in the euro in the next few years. i believe the permanent crisis management system which we will put in place soon will be there as an ordinary crisis management. the e.u. was not contacted to manage crisis a

they still have not been able to get the european monetary union to encompass european wide financial regulation. and so the problems we have as you're describing are compound the in the european case by their failure to add that dimension across borders. now, there's a similar problem because these exotic financial instruments really do cry out for regulation. that's what basel tries to do. we've got to take the big leap to do a globalized dodd-frank. because without it, the kind of slipping around controls takes place across borders and you have an escape hatch for whatever regime is in place. >> i have to dash away. i apologize for that. it's been a great discussion. i hope we can really continue to wrestle with these issues of international monetary strategies and institutions. and i wanted to mention that it was a number of years ago that i remember an article in which warren buffett was replacing his investments to be denominated in foreign currencies because of his expectation that the dollar wasn't going to be the global currency. that is also an instrument or a change that wo

to nations on an equal police and the european union in terms of related health boards we brought in a couple years ago i don't know where the professor's been and i don't know if he's keeping in touch but talking about central planning. no political party in the u.k. is in favor of central planning. all the countries all the political parties are active in parliament and westminster and indeed i actually believe in the mixed economy to one degree or another so i think that professor is completely out of touch with viewpoint on these issues in terms of the european union i think it's preposterous to suggest that if you in europe somehow you know independent friends notably did not send troops to iraq and independent scotland if we'd been in power would not have done so that's real independence not having. weapons on your soil the decision not to have them is real independence having control of. your social security system pain sions you know that is independence of having a role and in the world i mean do you see the silly seriously think we are going to all of somalia to police comm

this means that each of our governments has to submit to the european commission and european council of ministers. in the first half of the year before it goes to the national parliament, a draft budget, this is incredible if you think of it. this was asked by the european commission for years and years and always rejected by member states isn't this -- to the parliament. it's in place. that's one aspect. then the acceptance of a much enhanced economic surveyance, there is operational influence of supervision by the eu. so the in itself slow structure of the 27 or of the 17 members of the euro area has moved, has moved considerably, thanks, one should say, to the greek -- if i say in one year time, i would imagine a euro area that would have composition more numerous than the current one. i don't see honestly countries going out of the euro. i see some countries coming in the euro in the next few years. i believe that the permanent crisis management system, esm, which we will put in place soon will be there as an ordinary instrument for crisis management. the eu was not contracted to

fund, sorry, with the european financial stability funneled and the future permanent european stability mechanism. can i interject the notion that one of the main problems brought about by the euro crisis has been the resumption of old stereotypes about allegedly inherent and unchangeable characters of different people, sometimes constructed on the mere basis of the latitude of their countries. and, of course, it was the two originating forces of the stability and growth pact for germany and france which broke down its credible 2003. provided a complicity in all of this because it was italy in the chair of the council that allowed the two large member states to break the rules. and after all, it took from 2004 to 2012 to rebuild again a credible pact. and, of course, that was made even more difficult by the fiscal indiscipline in the meantime intervened, particularly in some southern countries. but traveling on the wide open road created by the nonacceptance of the rules by germany and france in 2003. so we all have a responsibility to build a better european integration and many if not

the overwhelming imperative in all european countries is to hold the european union together. and that now means holding the eurozone together. that has become, for all practical purposes, the definition of europe. they know europe is wrapped up in sustaining the euro and they will do it. there are two simple reasons for that. one reason is the ghastly history of europe. remember why they created the european union in the first place, to overcome the previous millennium of slaughter in europe, most dramatically, the first half of the last century. i happened to visit the holocaust museum again. if you've done that recently it gives you plenty of memory of why the europeans have pulled together to avoid letting europe, again, explode into kind of holocaust and disaster that they experienced. so they're going to hold europe together. in addition to that, they have an overwhelming economic interest. germany, which is the pivotal country, has a nirvana economic situation in europe, in the euro. germany is the largest surplus trading country and it bases it's whole economy on an ex

in a european state. it would create the armed forces of a country which does not exist. but life is single currency. it would have damaging consequences in the here and now. in the first place, it contains the germs for a major rift. secondly, it has no religious benefit. in fact t has severe potential military drawback. even a french general admitted that during the gulf war, united states forces were the eyes and ears of the french troops. without america, nato is a political talking shop, not a military force. nor is that likely to be changed in any reasonably foreseeable circumstances. defense expenditure has been falling sharply in almost all european states in recent years. even if this process were now halted and reversed, it would take many years before europe could hope to replace what america presently makes available to the alliance by way of command of control facilities, airlift capacity, surveillance and sheer fire power. defense policy can't be built on political symbolism and utopian prug

what do the europeans want from the chinese in this meeting? >> the backdrop to this meeting is the continued economic crisis in europe. the latest bailout package has yet to be agreed to for greece. european leaders are looking to beijing to invest in new bailout fund that will become operational at this -- operational this summer. speaking last month, it was suggested that china might be involved in that. on the eve of the summit, the head of china's sovereign wealth funds effectively ruled out investing in bonds. he said that china was more interested in investing in infrastructure. i think european leaders will certainly have a tough challenge trying to persuade the chinese to invest in europe. china, like many countries around the world, says that europe needs to do more in order to get its own house in order. >> if the chinese invest more in europe, will there be strings attached? will there be conditions for these investments? what do the chinese want from the europeans? >> it is a big if. if they do decide to invest in europe, certainly

have to rebut it would an independent counsel appointed how it would have to be a member of the european union i would imagine it was a real exception process and why it's already in it there's a huge difference it's already you've got about it already in the year i mean i've already look at a work on the hard very hard and book of scottish independence by joseph martin's he expresses doubt if you look at the hughes how it was one of the s.n.p. his favorite economists well i'm surprised you're one of the first ministers favorite color missy relies on him to back a bit ahead of you so i don't know innocent that's always said this alleged time easy i mentioned i've never had it i've never seen it ok well this is complete you know exist you can or you saw the militarization stage of you by and you can become saluted by a copper today again it would well if you would be named for some part of the european union all right croatia so may opt to go into the single currency as part as conditions for entry latvia is joining the euro we have already seen that is the possibility we're not in the po

what with european leaders like to see what would european leaders like to see? -- what would european leaders like to see? president obama has made very -- premier wen jiabao has made very warm words. as of yet, we've had no firm commitment that china is willing to invest in european government bonds. >> when van rompuy talks about interdependency, he has a point. there's not much for china's economy if the rest of the world and europe is going downhill. >> the eurozone is the biggest economy in the world. it is china's biggest trade partner. trade is over 1 billion euros every day. china is the largest exporter in the world. interestingly, a report came out last week from the imf. it warned that if the eurozone crisis deepens, it could have a huge impact in china. it says the growth in china could be half this year, if the recession deepens within the european union. >> martin, thank you very much. thank you. police in thailand say a man they believe to be an iranian has lost both his legs in a bomb explosion. reports say he was carrying the bomb in the busy st

what's a aaa asset in the european context? sovereign debt, including greek debt, people were convinced, and mr. bergsten said the same thing. greek and german debt were similar in their credit risk, they're not. they're fundamentally different. the entire approach is deeply flawed, not only that, senator conrad, but the way tease being implemented is very problematic, the french and germans by all accounts are backing away from even what they signed up to in basel. anthe federal reserve has for i systemically important financial institutions have indicated there will be a surcharge, that's not enough relative to the losses we face. requirements, what are the capital requirements in the basel round? >> well, it depends on exactly what kind of financial institutions you're talking about. and the headline number is between 10 and 12%. i would say the kev sill in the risk weighted assets. and if you -- if the risk weighted is so fundamentally flawed that they've missed completely the sovereign debt crisis and the true risks that a

and the international monetary fund the european central bank and european union are imposing on but if a countries greece italy spain portugal it's economics one hundred one is very simple to understand that i mean if these countries. with problems and you force the. public spending you. push them deep into recession like greece spain billions in foreign debt held largely by germany and france it's money which wouldn't be paid back less painfully. schools without heating teachers without jobs came listeners and unemployment on the rise makes for a bleak prognosis and as the country tips into the second recession and with more protests planned for later in the week seems like these could be set to become much more common on the streets of spain so. it's a. sturdy protests are familiar sight on the streets of greece germany set to vote on the next rescue package that would save the country for a painful default it was agreed by e.u. leaders last week at a cost of massive new cuts patrick young from investment advisory firm devi advisors things greece should have left the currency unio

but they still have not been able to get the european monetary union to encompass european-wide financial regulation. so the problems we have, as you are describing, are compounded in the european case by their failure to add that dimension across borders. there is a similar global problem, because the derivative trading in particular of all of these exotic financial instruments really does cry out for international regulation, and that is what this tried to do, but it has been very inadequate. one of these days, we have to take the big leap to do a globalized dodd-frank, because without it, the slipping around and controls takes place across borders and you have another escape hatch from whatever domestic regulatory regime is put in place. >> i have to run away. i apologize. apollo to close by saying it has been a great discussion. i hope that we can continue to wrestle with these issues of international monetary strategy and institutions. i wanted to mention that it was a number of years ago that are remembered and article in which warren buffett was replacing his investments to be deno

european stock markets well i.now the now the there are mixed view now as you can see they gave is the greek situation which is keeping me of the investors on their toes a foot see has just recently gone into the red in the dax is holding on to a quarter of a cent of games the russian markets now they all closed the most it's finished a third of a percent up by the r.t.s. was a point six percent we're going to see what happened on the individual shares on the my sex most of the blue chips have a good day sped by gained almost two percent there one point seven you can say call finished higher supported by those stronger crude prices but bucking the trend towards food retailer seven continents become the company made an offer to buy back shares at a discount to market pries it all pro higher from troika dogs says investors are lurch ahead of chinese inflation figures to out. investors are expecting. important news from china which will be released this night this is a number you for we see that inflation is slowing d

school are to encourage a european and global perspective and to promote the emergence of a european identity from an early age but the question is what does it stop being education and start being a propaganda as do angry at me piece he say that targeting youngsters and their education with a potentially one sided political view may just be a little too said mr jus are cilia r.t. brussels and libya fireworks replays gunshots in the country marks a year since the start of the uprising that toppled. by the anniversary comes at a time of continuing instability hundreds of are in the way shoes are roaming the country and the national transitional council appears unable to control them there is also evidence of the torture and abuse of the remaining cut off supporters and while leaving as leaders say they are willing to integrate the militias into security services gibran from stop the war coalition sas for now these are just empty words. of the national transitional council that with the body that was particularly backed by night during some months of bombing when he said in. almost i t

let's take another look at how the european stock markets are faring. we're about 90 minutes into the trading session today. as you can see here, we are seeing a sea of red. this is largely thanks to moody's decision to downgrade six european countries and put another enormously important countries outside the eurozone and inside the eurozone like the uk, france and austria on credit watch negative which means they could be earmarking them for a downgrade. that's got the likes of the too ftse 100 down by 0.3%, the dax down 0.1%, faring slightly better than the other european markets. the cac 40 being weighed down by the french sovereign rating as well. that market down by nearly 0.5%. britain's finance minister has given his reaction to moody's warning the uk may lose its aaa credit rating. george osbourne says it's another clear sign britain needs to deal with its debt problem. >> if we don't deal with our debts in britain, there will be no growth, no jobs, people won't invest in our country. britain has to confront its problems. that is the clear mess

this was a very proudly pro- european country and largely still is. 25 years in the european union. it set up with the euro in 2001. that was seen as validating greece with european credentials. in the last few months, there's been an increasing wave of anti- german sentiment. germany has been its paymaster general. that is a troubling change here in greece. this country is changing fast. the grease that many people here once cherished is changing -- the greece that many people here once cherished is changing fast. the political party has lost that trust from a large majority of greeks. >> simply understandable. thank you very much. mark lowen in athens. we can get a sense of how people are coping with the measures in greece. we can now speak to an athens resident. thank you very much for speaking to me. explain to me how your life has changed in the last few months. >> it is pretty hard to explain. there are two things that bother me. i guess every person in my generation and the ones to come -- basically, they have taken all hope for the future from hesperia these numbers -- from

a european russia. control center has given instructions to track an artificial earth satellites and. all modern racial information is fed to the outer space control center. first so get a quiet classification official it says lloyd dismissed fourteen fifty as m of three hundred thirty three. the stuff makes no secret of the fact that the russian radar transmitter sees european air space in great detail. on the station's unique radar tracks even submarine launched missiles in the barren sunlight sees the sea of a whole sky and around the north pole. up. our system is being expanded in response to the expansion of the european missile defense shield. the the aim is to match the measures being taken in europe that the new stations are being commissioned here to respond to nato as activities. for them . we will buy new means limited or alter our plans for the deployment of missile defense components in europe. russia has not closed the deal it will continue a dialogue with the united states and nato on the

we how these european you know voice and the more we all seem to be able to install the united kingdom through the usa i think it will still be there well when the tories win a tory saying it is up to you but i joined this old scottish fellow fashion industry for will remember. tell me just let me be here when you surely know. i was just glad if you're hearing me and is signing up to the common fisheries policy case i want to talk about the ocean anymore so i don't want to talk about an issue any more i want to talk about the facia of the european union david thank go to you ok we have this issue with scotland we have an issue also in belgium where we have. a fragile state to say the least here what is the future we're going to see more states with with what we see is the european union and we are going to fragment even more and is that a good idea but maybe it is a good idea because it might be more democratic as you pointed out. well but putting aside whether we say split belgium in half and then we can divide antwerpen in half again to sort of recreate the previous division of germa

european companies european parliament the european commission can be blamed on this situation course they didn't do their homework what they really did they will have they're going. to create their underground storage is commonly infrastructure infrastructure but what they really did. speak to no different export. options from iran from. now on other projects course because pro have to cut off some supplies to you. it's because you have such a scheme for more gas because of the cold weather but in practice tell us how we use it to switch up the tops and increase supply well technically it's not there to use a course once you decide to increase the production somewhere in the mold. it will take you three four five days to bring this mount of gas to you so. should you do to avoid repeats of the situation again. according to my opinion. and have to. show the clear signals how much gas will it need for not for the show a period of time like today they need some extra gas because there is no enough guess of the spot market. but. long term prospects of the ghost supply in europe and accord

level. >> in the future, european data privacy laws should apply to all companies active in the european market. even if they are not based in the eu and process data from outside. >> but legislation alone will not solve the problem. the german government says users need to be more careful with their private data on line. >> make sure you do. we will have more on safer internet day coming up. >> first, a round of other stories making news this hour. air france has canceled hundreds of flights on the second a strike by pilots, flight attendants, and airport staff. the four-day walkout has been prompted by draft legislation that would make it more difficult for aviation workers to go on strike. >> the president of the maldives has resigned after a police mutiny. a group of officers joined a protest against the sacking of a judge. a successor has already been sworn in. >> authorities in eastern australia say flood defenses are expected to hold as water levels reached their peak. so far, it has destroyed hundreds of homes upstream. thousands of queensland residents have been ordered to evacu

what means the european union. what we owe the european union and what we expect from the eu. we summarized all this in the berlin statement, which mentioned first that war is over, and we talked about the freedom, about good living standards, friendship. this would be the new normal. we talked about multiplicity and diversity, and we talked about the conviction that the great question of the time can only be solved together. that was the basis of what we wanted for the future in the 21st century. we can only answer the questions if we are together, and i think in this berlin statement we summarized very well what we wanted for europe. and we concluded and i quote -- "the citizens are europe are fortunately united. we are fortunately united." europe defends freedom, democracy, freedom of the press, all of this is anchored in our freedoms. and thanks to economic success in unity, and when we read huma. freedom of the press. we can see that in a world of 7 billion people, there are many people who still have to fight for all of this. so if it doesn't go by itself. we shouldn't t

school are to encourage the european and global perspective and approach the emergence of a european identity from an early age but the question is what does it stop being education and start being a propaganda when the suggestion is being. a better europe is automatically more europe than i have a problem with that as do angry m e p's he say that targeting youngsters and their education with a potentially one sided political view may just be a little too said mr tests are cilia r.t. brussels later our finance guru max kaiser brings you his assessment on the health of the global economy the kaiser report asks what google is trying to achieve by offering you five dollars in exchange for your search history. so you see forty acres and a mule you know they give you five bucks to spy on you and i would be surprised if you have people from overseas rushing to america to get five dollars from google people in greece for people in greece five dollars twenty five dollars that's a whole six months of pay and it shows you the whole neo feudal system ok now these economies these the rich people

they still have not been able to get the european monetary union to encompass european-wide financial regulation. so the problems that we have, as you're describing, are compounded ie failure to add t dimension across now, there's a similar global problem because the derivative tradings in particular and all these exotic financial instruments really do cry out for internatiobasel tries to do but it's been very inadequate. so one of these days we've got to take the big leap to do a globalized dodd-frank because without it the kind of slipping around, the controls that adam lerrick mentioned takes place across bored eshs and you have another escape hatch from what every american union takes place. >> i have to dash. i want to say it been a great discussion. i wanted to mention mr. lerrick it was a number of years ago i remember an article in which warren buffett was replacing his effort -- the threat out there could have profound consequences both enormous shocks but it's also an instrument or a change that would have an impact on the cost of our goods to the world. and to the degree th

and european stock markets pared losses on thursday afternoon karajan data from the u.s. showed signs of economic recovery in the world's largest economy stocks fell after moody's investors service threatened to downgrade more than one hundred financial institutions hey. in russia markets ended in the red with the r.t.s. losing one and a quarter of a percent. half a percent but check on the index what was otherwise x. banking stocks were along the main which reaches of the days of one percent of the to be closed one point four percent in the red is january net profit growth sixty percent of that russian accounting standards bucking the trend all companies have gained a quarter of a percent. russia's economy will have a dynamic start to the year but is set to lose stream in the second half at least that's the verdict of standard and poor's ratings agency which says that the country's growth will drop to three and a half percent this year among the reasons the central bank slowing growth to cut inflation wrists and continued capital outflow. russia's largest lender has fina

scotland achieves independence will you allow the people of scotland to vote on whether to stay in the european union and ask our labor party friend why the let the people of scotland vote on there and why not let the people of the united kingdom as a whole vote on that why should laws be made in brussels that apply to people in the united kingdom or in scotland if it's independent when the people of scotland in the united kingdom have never consented to surrender their sovereignty to a bunch of bureaucrats in brussels ok i can if you want to go you want to answer one of those questions or both is a completely separate to be i mean so many things that have been mentioned here are complete annoyances in l.a. to police i've been in politics for three years six to view the sixteen of those in the late to do it is in of and i've never had a single person come to me ask me for a lot to beating forward you seem to think i should be a focus of a political party i joined the s.n.p. because i want to go on to an equal nation among all of the see the united nations on an equal police and the european uni

serbia could do more to improve its chances of joining the european union.ave to wait and see what brussels decides. >> thank you for joining us. >> while china might be reticent on buying eurozone bonds, it is very happy doing business here in europe. >> we have a report from madrid to lookism investments that chinese firms are making there. >> this industrial straight -- stayed near madrid dates back to the 1970's but almost all the companies operating here are chinese. chinese wholesalers started moving in to around 10 years ago. now, more than 400 businesses to sell clothes, domestic products, and electronic goods to retailers. he is one of the few who are prepared to let us look behind the scenes. he says business is healthy at the moment, even if there is no growth in spanish sales. >> the market has become more and more saturated, but the demand for these kind of an expensive goods is growing in germany and holland. customers come in once in awhile. they shop, and of the take entire truckloads' back with them. >> the chinese wholesalers do not get all

capital markets, european capital markets. that's really i think what european policymakers mr. going after, the notion of extending these negotiations so everybody understood what the problems were. and it's been successful that is why you didn't see a big sell-off today. >> susie: so then i think a lot of investors are wondering what do i do with my money. i don't know what you are telling your clients. some people feel is it okay to keep my money in the u.s. or is it still important to have a global portfolio. what are you recommending? >> well, certainly looking at the u.s. economy it's stronger right now then the european economies both in terms of employment trends and general output. so the european economies don't look as favorable as the u.s. so u.s. stocks look more sound. additionally u.s. companies have done a whole raft of cost-cutting over the past couple of years which means they've had tremendous earnings power. so on average i would say u.s. stocks are better than most overseas stocks, less speculative, more solid. so u.s. stocks really seem to be the way to go.

france or the europeans and certainly the other countries the gulf countries really playing according to the rules that are being laid down to them by the americans they are the people who are trying to explore any possibility we've seen this before in the. other when the west were somewhat in the opposition and they were i mean. anybody who wanted to have a dialogue with the government regardless of whether they were life to not they were accused of being. stooges of the government or their agents of the government or they are not the path between now and this is that they are now at the present moment i think in terms of the opposition in syria and i fear that this is really why all of the russians are trying to get the opposition to talk to the government because that's the only way you can resolve the problem i think they will stop those people from even though position from discussing with the government sitting with them and this is really where they've done the same thing in libya where civilian and peaceful protests were converted into an armed conflict so that it gives the pr

subject to the european central bank the european central bank has settled interest rates are courting to the needs of the core europe which is or germany austria the france the netherlands. right the right to do that and those interest rates were very low for spain they were adequate for most countries part of very low for spain so what happened these that we received an enormous amount of credit which priest spanish debt this particular. piece of foreign called the forty forty. so what happened is that these cheap money has created bubbles like the real estate bubble and when the crisis started the real estate bubble. fell down and of course companies started going back dropped public administration started not receiving income they were accustomed to and the whole the whole economy blew up only thing many government come in but the protests have continued what do you think spain's future now holds the government is doing what. you are peace telling them to do cut public spending and make some structural reforms like labor reforms which is ok. but that's not going to solve the proble

the overwhelming imperative in all european countries is to hold the european union together. and that now means holding the eurozone together. that has become, for all practical purposes, the definition of europe. they know europe is wrapped up in sustaining the euro and they

we want to defend the whole europe not just some european countries we want to european allies and friends to join our missile defense strategy. lucina in the event of the situation with a european missile defense system becoming unfavorable to russia we reserve the right to take no further steps in the nuclear disarmament area. the kremlin has repeatedly demanded that nato guarantees that the european missile defense shield would pose no threat to russia's strategic interests sofa the west has refused to cooperate with must go on the issue. intercontinental ballistic missiles are transported through snowbound russian forests under the cover of darkness. the movements are shrouded in secrecy the people in charge need to perform training drills and test the hardware on the roof . suddenly the convoy comes to a halt there's a forest stream blocking the path. crossing it's quite a challenge for the drivers of motor vehicles weighing many tons. as specially considering of a carrying nuclear warheads. engine is make sure that the heavy launches safely reach the opposite bank with the most hazar