an example from an eastern european first division match.n the 50th minute, the score was 0-0, and yet, bettors were still putting their money on a huge win for one side. then, suddenly, the home team scored five goals. >> they are very confident that they are more than two goals, more than three goals, and all of this was very successful. people that that in this game clearly knew what the outcome of the game was going to be in advance. the match was fixed, but not only was it fixed -- the worst people on both teams would have been involved in the spirit possibly the referee. it was highly coordinated. >> sport radar estimates that about one soccer match in 100 is fixed. one well-known example was the two penalty kicks awarded by the referee in the 2004 german cup, and he called no fouls. croatian gamblers have them appear allegations affixing even if the german national team. a big problem with prosecuting manipulators is that they are often based in asia, beyond the reach of the law. they maintain global networks and fronts that can place

the european fiscal impact stresses greater budgetary discipline. >> on to market. european shares traded lower and played catch up after the slump in the united states. it was prompted by indications from the u.s. central bank said it will hold off on enhanced stimulus measures despite economic weakness. here are the numbers, starting in frankfurt. beat -- the dax down. the eurostoxx 50 down by an even greater amount. and the euro trading at a value of $1.2194. french carmaker peugot will be closing one of its plants near paris. explains the economic crisis. >> european leaders are calling this an economic earthquake. >> in the past, southern europe has been at major market for peugot's contact cards -- compact cars. the company worries that turnover could plummet 10%. other locations are set to undergo restructuring. peugot's chief executive says the company is facing a difficult situation on the european market. the group has lost 200 million euros each month for the past year. it has also led to massive layoffs and the workers unit is launching a major protests.

let me deal with the question at the european union. on russia, and the situation with regards to syria, there were very hard negotiations by the foreign secretary, and all parties have agreed on a transition by mutual consent. now we need to implement that policy and all of the p5 members need to do that. he talked about taking responsibility on the economy but when are they going to take responsibility for these twin crises, the crisis of the deficit and a crisis of failed banking regulations? he asked what we have done to protect the single market. if you look at the conclusion of the summit, he would see that it says very specifically that the single market and its integrity must be protected. on the question of are the eurozone funds sufficient, i think he is right to ask that question. we continually say at he is very important that -- it is is very important that the bazookas are big enough. i think he ought to give up the hokie cokie and stick to the rubik's cube. [laughter] i will not take lectures from people who give up the r

and europeans are hailing their parliament's decision to reject the controversial antipiracy iraq which has been widely condemned for violating internet freedom. on screen and online twenty four hours a day seven days a week karen. latham's has lashed out against the british prime minister over his remarks of the u.k. could restrict the greeks from entering the country the move could also target citizens of other struggling euro zone nations but as a london should be looking closer to home to solve its own financial trouble laura smith reports. there's been speculation about massive waves of immigration from not just greece but from other economies that are struggling at the moment david cameron in response to that said that britain could potentially close its doors to immigration from these struggling eurozone countries including greece he was under pressure really to say there was a lot of speculation about these kind of migrant issues and he said if the borders came under unusual stress then the legal position was that britain could take action and close down those borders greece has

now, european leaders have agreed on the european stability mechanism to allow struggling countries easierccess to funds, but it will require those countries to yield some of their independence. >> if a state is heavily indebted, there are two alternatives -- bankruptcy or bailout assistance that comes with strict conditions attached. and restrictions on their national budgetary autonomy. at that moment, the state is no longer free. where is the autonomy if the only alternative is bankruptcy? than four years of crisis and only now are eurozone countries turning their backs on local solutions in favor of a european solution combining the ecb as banking watchdog, the fiscal package, and the esm bailout package. even economists admit a dialogue >> i can well understand that citizens and national parliamentarians say they feel ignored. we are facing a completely new situations. there are not any textbook solutions. you have to develop new approaches each time under considerable pressure so that there is often not enough time to explain things, which is mandatory in democracies. >> as governmen

statement because the prime minister knows that it is closer to the european know what he has said yes remove those people is one of the fundamental truth is a little beyond you it is not the case in the us in the states to grow keep it your movement of seeds and other european states who refuse to carry this is the needle of the future of europe but the same time we are feeling about the sentiment of national human nature exactly because we are going to march next it seems or second or that this is one of the fundamentals are going to be if we do not cut the movement of people this is of course going to go to the european union is the time when its legality is more than ever needed i think that we're going to see a divide between the european roots insult but this is the future you see. well more travel trouble of a little later this hour on r.t. when we try to check in on israel anything to declare that country's airport security is now firing through the personal e-mails of those wanting to visit the holy land that's coming up here on r.t. . to keep. did those stores in here. for go

the anti counterfeiting trade agreement was voted down by a large margin i should mention by the european parliament quite a few people though who wanted tougher restrictions on harsher penalties on those who break certain internet rules were upset by this and they are not giving up they're using a tactic frankly we're seeing used here in the u.s. as well they're trying to get other more willing countries to pass a very similar provisions and then get their own country to then adopt those provisions under the guise of harmonizing and getting everyone on the same team university of ottawa law professor michael guys writes the european commission strategy appears to use sita the candidate you trade agreement as the new act of burying its provisions in a broader canadian trade agreement with the hope that the european parliament accepts the same provisions it just rejected with the act a framework if successful it would likely then argue that active poses no new concerns since the same rules were approved within the canadian trade deal. dr guised is also an international syndicated columnist

on one hand, european solar panel experts are demanding action. you have chinese solar panel manufacturers demanding beijing stop expanding. if there is a negative result, if europe does decide, yes, this is protectionist, then there will be a lot of financial and political fallout. america already has tariffs against china. china is a big, big trade deal for the european union and nobody wants to be too swift in making these decisions they want to make later. >> the russian president vladimir putin has made a visit to an area devastated by floods earlier this month. plus waters engulfed the region on july 7. >> there was criticism about the way authorities handled the disaster. now people are complaining about the slowness of the relief operation. >> almost three weeks have passed since the floods. locals are still living in tents or the ruins of their homes. 250 euros per person. one elected -- one electric stove per household. volunteers arrive. >> women came to was crying because they had been consulted or treated badly by the -- came to was c

the european rescue fund is far too small, the experts warn.urozone states, especially germany, must take responsibility for each other's debt. the alternative is a potential financial collapse. the report states europe is sleepwalking towards a disaster of incalculable portions. among the 17 economists are two members of the german council of economic experts, which advises the german government. the report was published by the u.s.-based institute for new economic thinking, which is financed in large part by american billionaire investor george soros. he has long been calling on germany to give help to weaker eurozone countries and has called chancellor angela merkel 's policies shortsighted. meanwhile, a ratings agency moody's says germany could be overwhelmed by the debt crisis in the long term -- meanwhile, ratings agenciy moody's. it warned that top states could lose their credit ratings. >> the meetings reidy -- the moody's rating is justified. the question is why they are blind towards the americans and british because the problems ther

. >> the european championship trophy will be staying put for another four years. spanish national team returned home tired but triumphant, and now it is time to party. an entire country infected with the joyous football fever. first, a victory parade through part of the capital, followed by massive party with hundreds of thousands of fans. it is party dick has started well before sunday's final came to a close. madrid awash in red and gold. >> this is a historic and emotional moment. as i was growing up, we had not won anything, and now we have won it all. >> first our prime minister made that chancellor merkel back down the european summit, and now our football team. it is a double victory. >> it was a vastly different story in rome as italian fans called it a night. the arena emptied quickly as the match drew to a close. the 4-0 score, also a historic humiliation. it is a bitter defeat. spain was simply better. we played horribly. >> as italy lick its wounds, spain celebrated its historic achievements. the team honored in audience with king juan carlos. >> joini

we had an european monetary egremont. common. policy in terms of foreign exchange rates but not internally in. terms of interest rates and i think we had to come back to the time before nine hundred ninety nine where we had foreign exchange rate unions instead of money unions you just mentioned they're trying to national currencies and the latest poll i've seen shows that the number of germans who are in favor of reintroducing the door to mark is steadily on the increase the majority of germans are also strongly against the idea of euro bonds but german authorities keep pushing the your agenda and bailout proposals who do you think should have the final say on those issues the people or the power it's article call it. what is the learning capacity of governments i fear learn not as early as students learn at school but long long monetary story shows the one lesson is no substitute for own currencies or listed for an exchange rates if you have own currencies and realistically change rates then you have a very unpalatable pressure

and europeans are handling their parliaments just as going to reject the controversial anti piracy act which spread widely condemned for violating internet freedom. is three pm in moscow twelve noon in london you're watching r.t. this is our top story and wiki leaks has started publishing two million e-mails sent by syrian politicians and companies working within them from august two thousand and six till march this year and the whistleblower promises groundbreaking stories compromising both the syrian regime and western firm for going to go live to london to speak to r.t. sarah firth in a few minutes to stay with us as the story continues to develop meanwhile athens has lashed out against the british prime minister over his remarks the u.k. could restrict greeks from entering the country the move could also target citizens of other struggling eurozone nations now often said london should be looking closer to home to solve its own financial trouble laura smith reports. there's been speculation about waves of immigration from not just greece but from other economies that are struggling

they did a tree outside the european union, outside architecture of the european union, because theyannot get what they wanted and i cannot get what i wanted. if you look at future treaty changes, you might find that what the euro zone countries want to do can only be done by amending the existing treat it. the option of going outside the treaty will not be there. we cannot know exactly what the move will be made next. all we know is that the process of integration of the euro zone will move for a. but those safeguards would be included. it's they are very sensible safeguards. >> some people might get lost in all this institutional detail. the point i make is britain has 40% of europe's financial services industry. it is a vital business for britain but also for all of europe. -- 14%. so it is important. if you are going to see the euro zone integrated and see those 17 countries start doing more things together, we have to think, are we adequately protected from those 17 caucusing together and legislating in a way that could damage a vital industry for britain and one where we have a

no what he has said every movement of people is one of the fundamental rules for the european union it is another the discreation of any state to grow he built a new movement of citizens of other european states to his territory this is the needle for the future of europe but the same time we are feeling a deep sentiment of national humiliation exactly because we are through the last leg citizens of second order this is one of the fundamentals of the european union he would not cut the movement of people this is of course going to through the european union in a time when it's really gaiety is more than ever needed i think that we're going to see a divide between the european rules insult but this is in the future you see. more travel trouble a little later on our table and we try to check him israel anything to declare the country's airport security is now factoring through the personal e-mails of those wanting to visit the whole the line. first it was an independence day with a difference in philadelphia as members of the occupy movement from across the u.s. gathered for a key dem

know what he has said yet remove most of people is one of the fundamental truth of the european union it is not the discussion in the states to grow keep it in movement of citizens of other european states to dorie this is that middle of the future of europe but the same time we are feeling the deep sentiment of international relations exactly because they are treating what's next instance of second order this is one of the fundamentals if you are going to be new if we do not cut good movement of people this is of course going to who the european union is the time when it's really going at it is more than ever needed i think that we are going to see divide between the european insult but this is the future you see. more travel trouble little later as well on our team when we try to check in all of israel and if it is claire because there port security is no fair things to personally belts of those wanting to visit the holy land with the report of my coming up. next it was an independent state with a difference in philadelphia as members of the occupy movement from across the united st

union is governed the european we need the european union citizen support as you say you eat you say the idea of a referendum that the people's vote to see what they think about or about the european union about german support you see this is just the people support the way germany continues to shoulder up the brunt of the eurozone crisis is it fair to say that most germans are ok with brussels now being able to spend german taxpayer money as it sees fit. 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 e

there is the council of europe and the european union. i have considerable difficulty with that but the two things are separate. >> britain is a trading nation. brigandines unfettered action to -- britain needs unfettered action to europe's single market and a clear voice and say in the voice of that market. >> i think my friend is absolutely right. we export a large share of our gdp. i would not want to swap the status we have of having access to the single market and the say over the rules of the single market. i think it is important as the eurozone develops and integrate that we make sure those safeguards -- there's a series of steps we could take. some are about safeguarding will we have. these are achievable if we play our cards right. >> could i simply ask the prime minister to look at this terminology. he did not mention the united kingdom once. if there is to be a referendum that the people of northern ireland would have a strong say in this? the uk -- britain excludes in northern ireland. >> the honorable lady is right and i'm r

i'm more american in many ways than european. i'll try. but the -- for turkey, first of all, it has not given up on europe. it's important to understands that. terrorist a lot of discontent and happiness about not being able to join the european union. it has done everything in order to join the europe union and is proud of at chai. in doing the measures in terms ofly eliminated serious human rights abuse and other tortures. europe is extremely important to turkey. i think turkey is as robin said is the on. it's not the instrument for anyone. that's also because it has huge things at stake because we're talking about countries that the immediate neighbors syria, iran, iraq. it's going to take the lead of no one. and i think you know what it ends up doing will have huge impact beyond turkey and europe, for example, and so these countries european countries need to turkey 20 the play role. it has a more intimate knowledge and intimate relationship with them. i think they see turkey, of course, still sort of conflicted between the past and th

council and within particular the european central bank so they live in the diaspora really. the knob of rescue policy. in that particular situation germany has a responsibility to instigate a riot against. a rescue policy which leads. every day closer to the precipice but as you know the german political class as the political class in brussels all these representatives of central brussels powers then the prisoner's dilemma they don't want to admit defeat and that's why the story goes on and unfortunately every day it continues to last it will cost the taxpayer the european taxpayer of all different countries a lot of money as you say as you say that you know the taxes keep going up and certainly the austerity measures and the cost cutting keeps going on as well marcus kerber a professor of political economics live in berlin i'm sorry we don't have any more time but thank you for coming on the program today thank you so much. this is r.t. israeli officials unanimously accused iran and the lebanese group hezbollah of carrying out a deadly attack against israelis in bulgaria a

in part because most european investors are very, very focused upon the european market and not lookingtunities in the u.s. >> what does it mean for high yield, like the junk bond market great yields. should investors be more wary. >> high yields in the u.s. are expensive. the bargains more to the extent there are any bargains are in europe. the trouble again this is a technical, funds are being pushed out of investment grades. investors are mindful they need 2%, 3%, 4%, to get returns like that they can't live in investment grades. they move down the credit curve. the fundamentals don't validate that trade. it's a concern. absolutely. >> still to come big blue isn't suffering from the blues. ibm issued not a bad outlook for the rest the year as this cheery view gives a report card when we come back. >>> welcome to "worldwide exchange". if you're just joining us i'm kelly evans. . >> i'm ross westgate. these are your headlines from around the world. . >> better than expected numbers from european blue chips including novartis. >> earnings from u.s. tech giants like ibm and qualcomm. >>

this new european stability mechanism will have access to 700 billion euros in capital. eurozone members will provide $8 billion of that directly and will make available another $620 billion in capital. germany is to be europe's paymaster, bankrolling the lion's share of more than 27%. esm loans will be available to vulnerable countries unable to raise capital on the markets. the esm will even be able to buy sovereign debt on bond markets. if the constitutional court ruling prevents germany from contributing, the mechanism will not come into force. it needs to be approved by states representing 90% of its capital base, and that is impossible without germany. >> who are the people behind these legal challenges then? >> as we heard earlier, they come from a wide spectrum. some are lawmakers who feel responsibility is being taken away from them. others, ordinary citizens concerned about how their taxes are being spent. >> at the end of june, germany's parliament voted to approve the fiscal compact and from a bailout fund. the move delegates a large degree of fiscal policy-m

we don't wait until european legislation or regulation coming up. we also have no brussels, no belgium, but european towns, towns in europe, trying to find one another and to press, to put pressure on mayors and regional ministers to commit themselves to invest in bicycle policies. so those towns can learn from one another. as i told you, brussels, i have found several similarities with the two towns i have been getting to know now yesterday and today. we have about one million inhabitants. brussels is 10 to 10 miles on distance and i agree with what has been told here that that is in favor of promoting cycling because the distances are never too long, although we also have a difference of height. i mean, like amsterdam is plat as a pancake we would say. brussels does have some, well, ups and downs. an important issue politically is that we have -- we are, in fact, giving big gross national product to the country, 20%, although we're only 10% of the population, but yet most workforce is coming from abroad, from flounders, from outs. so they are comi

union if we do not cut movement of people this is of course going to rule the european union in the time when it's really gaiety is more than ever needed i think that we're going to see a divide between the european insults but this is the future you see the more travel trouble a little later for you on our table only trying to check in on israel anything to declare the country's airport security is now factoring through the personal e-mails of those wanting to visit the holy land that's coming up here and i mean. how does the idea of multicultural society. sharing the motherland r.t. . industry claims the process is perfectly. us. that brings nothing but our income for. the environment. and the industry isn't telling the whole story. that goddamn liars. they're here to this land make as much money as they can and get the hell out of. life from moscow that wasn't in the band and say with a difference in philadelphia as members of the occupy movement from across the us gathered for a kid demo at least two people were arrested at will following the rally which had a heavy police prese

-- the international monetary fund, the european commission, and the european central bank. >> the greek prime minister told parliament that some foreign officials are predicting that greece will fail, thereby undermining the country's efforts. he says he is confident his country can trim 12 billion euros from its budget and stay in the eurozone. >> we will prove that greece can pleasantly surprised both friends and opponents and even itself -- pleasantly surprise both friends and opponents and even itself. >> on tuesday, civil servants and pensioners were again out on the streets protesting. inspectors from the eu, imf, and european central bank are currently in greece to discuss those measures with the central government and will recommend whether athens should receive further assistance or not. >> another negative headline for europe's economic engine. >> debt troubles have caused a sharp drop in factory output. >> the economy has contracted at its fastest pace in more than three years with the service sector shrinking as well as manufacturing. >> the slowdown in german industrial act

despite not being a member of the european organization for nuclear research also known as cern russian scientists have contributed in men's slate to its projects including the large hadron collider and now with russia possibly joining the club our interview show spotlight focuses on what this could mean for the research community. hello again or welcome to spotlight the interview show on r t m l bernard and today my guest is wrong that russia and europe had reached a new heights in scientific operation if everything goes as planned russia will soon become an associate member of the european organization for nuclear research that said it means lots of new opportunities for both sides but some obligations to how helpful congression brainpower be for the nuclear scientific community and what will the new level of cooperation mean for russian research we're asking the director general of cern mr rove the third for. the european nuclear research center or simply cern operates the largest particle physics laboratory in the world its most celebrated project is the large hadron collider the gi

they transact a lot with european banks.and we in the united states have not sufficiently prepared for those difficulties. >> the debt crisis and economic chaos could have a dangerous ripple effect around the world... >> narrator: if difficulties in europe lead to the failure of a big american bank, it could be catastrophic. >> how palpable is the fear? how much of an impact could this have in the u.s.? >> narrator: since 2007, the five biggest banks in america have become larger. today, they control assets equal to 56% of the american economy. >> the occupy wall street movement has gained momentum across the country with... (protestors chanting) >> narrator: last fall as the european debt crisis worsened, occupy wall street launched its protests in new york. >> i remember sending e-mail to my boss asking, "is anybody watching? does anybody care about this?" "what? the protests? no." that was the response, you know? i mean, just wasn't an issue. >> when i first saw occupy wall street, i was highly skeptical. and i just thoug

. >>> european earnings season under way. they are setting the beat forecast for the second quarter and warned eurozone debt crisis will take its toll. >>> investors in china brace for a gloomy earnings season. china shares tumble after a raft of firms issue profit warnings hurt by slowing growth. >>> and citigroup kicks off a big week for u.s. corporates as the bank reports second-quarter results before the opening bell. >>> plus, it is inflation softens in june raising hopes the central bank will cut rates at the end of the month. >>> there's nothing like a reunion. >> he's back! >> i am. this is fantastic. it's good to be here. i, look, while i was away, what's going on with your guys on that side of the pond? >> the americans -- >> are they so desperate for new york to reclaim the title of lead financial center that they want to dump the bank of england, the bba, all the regulators over here over the libor? >> look, i just think we can't get new york to pay enough attention to what's going on over here. >> but is that the

countries well we're not laboring the european union we are part of european union and obviously european union. is. a considerable part of our life in all senses but again european union will never buy hundred percent of our products and even if they buy one hundred percent of our product always makes sense to produce another hundred percent and sell them to russians so relations with russia are extremely important but of course we are e.u. member country and we are nato member country. you are there harmony party came first in the in the last election in autumn that was i think but you were blocked from from making a government by a co-op. right parties do you think that you would live long enough to see to see your party. be invited to a. coalition that will form a government but wouldn't really talk in terms of being invited or not being invited we go at number one place number one last year in full we didn't get fifty one percent so each effect of a man's right wing nationalist were able to form their own coalition well we don't believe that this coalition though will end up as a suc

this just in the european parliament rejects the controversial act to a bill against internet piracy live pictures here from brussels. this seems to be a victory for the opposition who has been saying that act is a grave threat to individual freedoms will join me for all the details in a few moments. in the firing line barclay's former boss is set for a tough questioning from british m.p.'s this wednesday over a deepening banking scandal. that many people are also being why the ek government have allowed the financial industry to maintain its stranglehold over bush politics aside a little. time julian assange. it is true for three weeks as the secret has the final episode of julian assange as news making interview show airs on our t.v. we'll look back up to highlight and impact the series. here with r t live from moscow where it's three pm and our top story the european parliament has rejected an online piracy pact which critics say risk destroying internet freedom counterfeiting trade agreement known as act it was aimed at tackling copyright theft let's not get the latest from our t

and as the european union's a bargain to rein in oil kitson iran says it's been stockpiling money and goods as a buffer against sanctions from brussels. but i'll be back with a news team with more on those stories in half an hour from now in fact in fifteen minutes from now the meantime it's a special in-depth interview in our business presented to me to medvedev talks to a pulitzer prize winning author on iran's ability to export oil now that those sanctions are in effect. on the first of july europe will seize importing oil from iran and new u.s. sanctions will also come into place now to talk about how this will affect the energy market i'm now joined by daniel yergin he is the chairman of my h.s. there and also author of the quest and pull a surprise when i know it's a big pleasure to have you on the thank you so right now what we're seeing on the energy market is a downward trend although over the years of the economic turmoil two thousand and eight two thousand and nine and the following years we have seen oil prices pretty high what do you make of the downward trend today it's

union or in other words this is basically the scenario of a complete disintegration of the european union in that case there are economists contract next year where around five percent now this will be this will not be as spain full and not to not be as dramatic increase of a magnitude as did in two thousand and eight but obviously this is going to be it is going to be bad this is going to be bad so this is actually the very or the negative scenario as far as russia is concerned from from spain and greece exiting the european union ok to me just how bad can it get with your. senses that we're headed eventually maybe certainly not in august but possibly before the end of this year to the second scenario that we discussed because i just don't think that there's enough capital to deal with the spanish problem in the spanish problem is coming very fast the fact that you have some point six percent or. the sovereign running for spain is just completely unsustainable they should be a two in two and a half percent and there's no way that they can get down there without either having a hard

but i sincerely hope that the european union doesn't collapse because for all its faults the european union on what it represents is much much better than the ultra nationalist. or alternative. who knows what's going to happen. i think it's possible the european union will survive and i hope it does support and if i were russian if i would russian i would actually be hoping that's the case as well because the collapse of the on the rise of extreme forms of nationalism in europe is going could pose the question if it can challenge for russia france which are from upwards thank you very much for this into your. culture is that so much of me is going to make a lot of people here you look at the recently published report minus really judge included that israel is not in fact occupying palestinian territories as engendered so why. the. mission would be so much brighter if you only sung from finest impression. starts on t.v. dot com. wealthy british style sun. that's not on. target . markets why not scan. find out what's really happening to the global economy in the cause a report on. he .

yes remove those people is one of the fundamental truth of the european union it is not the case in the us in the states to grow keep it your movement or citizens of other european states to dorie this is the needle of the future of europe but the same time we are feeling about the sentiment of national relation exactly because they are through the must not exceed sins or second order this is one of the fundamentals you're going to need if we do not cut the movement of people this is of course going to who the european union is the time when it's really got it it is more than ever needed i think that we're going to see a divide between the european insult but this is the future you see. now more travel trouble a little later on r.t. when we try to check in on israel anything to declare the country airport security is now battering real personal email of those wanting to visit the holy land. how is the idea of multicultural society. sharing the motherland r.t. . oh the goldfish bowl that told. her hand. in. hand over the speed of. the flame good. on her and her and. her i wish i. was

joining us now to talk more about the european financial crisis, andres garcia-amaya.. global market strategist at j.p. morgan funds. thanks for coming to us. what's the real danger in europe now? >> well, the interesting thing is the last two weeks, the market went from focussing on the macrostory to the microstory, basically looking at earnings which actually have been better than expected, hence the market kind of grinding up higher. now, on friday as earlier you're mentioning in your program, valencia, one of the regions in spain is basically asking for a bailout from the larger spanish government. this is nothing new. if you just look back a couple of months back, one of the largest banks in spain, b bancia was partially nationalized. the markets in essence had just switched gears and foe kiss on the micro, and are looking back and realizing that the situation in spain has really not been resolve and we're dealing with the same structural issues we have been for the last couple of years. >> susie: you know, investors everywhere knew the situation in europe is not o