the vice president of the european commission. thank you for talking with us.he swedish phone maker nokia says it will cut 10,000 jobs next year to save money. nokia lost its title as the largest cell phone maker in the world to its major competitor samsung. >> a u.s. finance your -- fianancier has been sentenced to prison after being convicted of 13 charges of fraud and conspiracy. the court found that allen stanford defrauded investors of their savings through a snowball system. he pled not guilty and blamed the u.s. government for ruining him by seizing his assets. >> don't mess with texas. >> it has been five years since the militant organization hamas seized power in the gaza strip. at the time, they had just won the 2006 palestinian alexians. >> the power grab came after a split that marked the low point from which it has yet to recover. >> the united states and the you call it a terrorist organization, but for many palestinians, the group represents hope for greater autonomy. hamas has controlled the gaza strip for five years. the group was founded in 19

it's something that takes place every six months in fact we heard from jose manuel barroso the european commission president also herman van rompuy the head of the european council and of course president putin as well and i'm not going to bore you too much by going over the whole thing again but i will pick out some of the highlights over the next minute or two if you've only just tuned into us putin started off by talking about it being a fruitful and productive meeting overall over the last forty eight hours and he said they were in agreement on all issues but they wanted to walk work towards a common aim and at the same speed as each other to deal with the issues facing russia and the e.u. right now with an heard in the introduction there from herman van rompuy talking about the best dynamics russia in the use enjoyed for years he said also interestingly made comment about what's happening of course the biggest event within the european union at the moment the economic problems they're having particularly greece he said there's no way back for the euro only a way forward he reiterated in his w

the european commission has two things it's got deal with, the immediate crisis and then long-term. >> the long-term is because they want to try to ensure mistakes made in the past few years don't happen again. 2349 three years after october, 2011, the commission had to approve money for state institutions of $4.5 trillion euros. that's an enormous amount of money. and of course that amount of money going from states to banks and other financial institutions is other reasons why other countries have sovereign debt problems. so by solving one, you're creating another. so they are trying to break that destructive link. but they are under no illusion that there are you are intelligent measures needed to take place in spain to take care of the problems of today. because the problems fall in protecting taxpayers money, things will take years to come to frew wigs. >> and big problems with big banks and in other countries. but no country in the european union however relatively strong is an island and immune to these shocks? >> yes. it speaks to systemic risk. if you ask in the euro zone, an

if you watch that full interview with the former european commission president or next prime minister of italy romano prodi in just under twenty minutes. russian investigators. have searched the flats of several prominent opposition figures and called them in for questioning the search was ordered by a court in connection with a case over clashes at anti-government rallies last month when both protesters and riot police were injured that's now talk to our knees tom barton who is following this story tom thirty years have been going on since this morning what do we know at this point. police have been searching a number of properties all those of opposition leaders including the blogger alexei novell me. solve on the t.v. presenter to send the assad check they've seized computer disks and clothes and they say that increasing your subjects' flat they found one and a half million euros in cash the searches were ordered by a moscow caught as part of a criminal investigation into a protest on may the sixth there have been protests before mostly peaceful but this one descended into fighting

union would make these reports in close cooperation with endure a the other president bill to european commission in this report how we mention the main building blocks for d.c. the couldn't economic and monetary union and i will make a proposal working methods to achieve these objectives in those building blocks bank you need to gratian is an important chapter. and in the chapter of the bank need to gratian. with d.d. . in the at this stage on supervision on the insurance and on divisional louche so we all walking on it it is the beginning only of the work i would present building blocks into what metals and we go on with that work later on and hopefully we can achieve the present results of that work already by the end of this year what would happen if we faded i never to hypothetical questions because we will not fail we will not face in the meantime we have to deal with the banking problems instead of all five member states and what we all working on in the deepening of the economic and monetary union has been so in some ways you know of and for those immediate problems than those immediate p

european commission president and the european council president spoke to reporters on monday. a political party in favor of austerity policies finished first in the greek election on sunday. they said greece needs to form a new government as soon as possible and implement austerity measures. >> we stand ready to continue to support greece in its endeavor. >> he said that the eu believes that the g-20 countries will have more confidence in the eu if they know the details of measures the eu implemented in the past and its future plans. the eu leaders stress that they will address long-term issues by unifying ways to utilize euro zone banks. it will help to stop a negative spiral in which banks lose healthy business operations when government bonds they hold are downgraded due to poor fiscal policies. the winners of the parliamentary elections didn't spend a lot of times savoring their victory. they're working to support a coalition government. they need support to chip away at the country's debt by implementing the austerity measures will keep bailout funds flowing and secure th

the finance ministers agreed that the european commission and the spanish government discuss the scale and the conditions of that. they decided to work out the details before they meet again next month. >> we have con foi dense that spain will ensure a swift process. independent auditors from abroad looked into the state of spain's commercial banks. they say those financial institutions need up to 62 billion euros in extra capital, about $78 billion. eu officials said they're ready to provide that and more. the finance ministers are still wrestling with the challenges of greece. the new government wants to relax austerity measures necessary for billions of dollars in aid from the eu. the eu officials will visit government leaders in athens to check on their plans. they fear they will have to help out the troubled neighbor once again. nhk world, luxembourg. >> eu officials find new faces on the other side of the table in greece. prime minister anthony samaras has launched his new coalition government. his party won elections but fell short of the majority. samaras persuaded the parties

the european commission estimates the cost to u.s. citizens at 120 billion euros a year. the new report from transparency international shows that corruption in europe is still widespread and his even increase in some areas. it also points to a strong correlation between corruption and high budget deficits. then there is a severe lack of public accountability and public reporting on issues such as budgets, on activities happening between politicians and business people. >> the report names portugal, spain, italy, and greece as having week safeguards' against corrupt officials, saying few are ever convicted. transparency international also described the core planning of big infrastructure projects as a form of legal corruption, citing spain's and the motorways and unused airports. -- empty motorways and and use airports. there are also the suns from the european union. >> we have seen a dramatic backsliding in this country is once they have joined and the pressure performance on anti- corruption measures have been taken off. >> the rest of europe did not escape criticism.

. >> the european commission president said europe and not need to be lectured on what needs to be donespite the bickering, g-20 leaders in mexico are expected to put up a united front in their final communique, calling for more growth and job creation. >> angela merkel also took the opportunity for bilateral talks with chinese president hu jintao. >> the heads of the world's 20 largest economies were up early to carry on their meetings in review the text of the final communique. europe's financial woes have dominated the summit. the chinese leader, hu jintao, was thanked by germany's chancellor angela merkel for his country's faith in the euro. beijing has agreed to commit $43 billion to the international monetary fund to help it protect countries from the eurozone crisis. with other contributions from brazil, russia, india, south africa, and mexico, that will take the imf's war chest to almost $500 billion. but elsewhere in the conference, the mood was sour. the rest of the world is increasingly frustrated at europe's inability to get itself out of the economic problems. european lead

european central bank and european commission of plundering the country do you think that their choice of words is justified absolutely i think it's absolutely this is what happened in the european central bank the i.m.f. are nearly brought institutions and basically what they are now doing is doing exactly what happened in the seventy's and not in america and that is the deconstruction or if you want a total destruction of the social welfare state as it was established after the second world war for the benefit of banks for financial financial the elites etc it's not it's not a secret what we call the so-called regrettable consequence of these policy or actually what i think it very much object is that the game out now we've been following elections that are happening currently. in greece with a possible outcome being the rejection of the bailout policy do you think we're seeing a europe wide and charity push gaining momentum and if so where do you think it could lead well it does certainly have to. lift. greece which ruling to be seen and then also in what way because you know they m

for the deepening of economic and monetary union in close cooperation would president of the european commission every quarter do a pin council in july. let me be clear that is no way by for the euro that is only the way i had to do was more integration we want wide awake greece to stay in the your toes those wide respecting its commitments. second tony a you russia might not prudish i'm sure we're dead the best basis for close of partnership should be an ambitious and comprehensive by not a new agreement that includes trade and invest in this context we look forward to that other peckish and of russians w t o x session. the idea of where you are asian economic union is based is based on the rules could lead to positive contribution to j prosperity and cooperation so do you want to be a spot in its mobility session and that's why i see the photo development of the bottom ship form of the new station as one of the priorities in our relations it should be a partnership that co-host all aspects of modern ization the economy society and the rule i made a point today that if i've been so civil societ

of issues that steeled exist i would like to stress our gratitude to european union and the european commission for its great to its support of russia in the process of joining the w t o obviously we discussed you the problems you took going to achieve in visa free regime of acute for travelling between russia and e.u. exist and visa barriers is an obstacle to the development of humanitarian context and economy we also analyze how the joint initiative a partnership for modernization is being implemented we will go on working in order to achieve a number of large joint processes with the participation of russian and e.u. businesses with the participation of followed by national institutions. given in mind the agreements that we have already achieved between our large financial success and it was a very big part of our plan recessional worse aimed at our energy partnership one of the key. base explore our bases for our relations in a kind of field steel in the us we have questions that require further discussion and settlement but in the context of importance. it's going to reach that with time p

and you can watch the full interview with the former european commission president and ex prime minister of italy ramana prodi in just about twenty minutes from now. russian investigators have searched the flats of several prominent opposition figures and called them in for questioning the search was ordered by court in connection with the case over clashes at an anti government rally last month when both protesters and riot police were injured parties tom bottom. police have been searching a number of properties those of opposition leaders including the blogger alexina valmy. and the t.v. presenter check they took away items such as computer disks and clothes the searches were ordered by a moscow court as part of a criminal investigation into a protest on may the sixth that protest was unlike those many before it and that it got violent and descended into fighting novell no doubt soft were among hundreds arrested amid widespread accusations of excessive violence both from protesters and from police a new law massively increases the fines for violations in protests from the old to total

watch the full interview with former european commission president to the next prime minister of italy romano prodi in just over an hour archie. just four days into the euro two thousand and twelve football championship and things are beginning to heat up in poland and ukraine and it's not just on the pitch but lisa. poland have arrested fourteen people involved in a brawl between polish and croatian supporters just before sunday's match between croatia and are that in the late it's the latest incident in a string of clashes that have already seen a number of teams warmed over their fans behavior by the problems surrounding euro twenty twelve don't end there are two the next years have he is in ukraine's capital kiev. well unlike poland said so far has been pretty much perfect crates on the open eyes ational point of view would have been no fights only minor bar brawls have been reported but there was a serious complication with the ukrainian biggest airline is delaying that about thirty flights need only three thousand people to not reach their destinations in particular the host city

he wants the full interview with the former european commission president and next prime minister into the romano prodi in just over an hour. another news russian investigators have searched the flats of several prominent opposition figures and called them in for questioning the search was ordered by a court in connection with the case over clashes that and the government rally last month when both protesters and riot police were inserted let's get the latest now from marty's tom barr following this developing story tom searches have been going on since this morning what do we actually know at this point. police are searching ten properties across more scope those of opposition leaders including the blogger alexei in the valley surrogate without self and the t.v. presenter to send your sub check. they've seized computer disks and clothing amongst other things and say that in the flat of concern your subject they found one and a half million euros in cash the searches were ordered by a quarter as part of a criminal investigation into protests on may the six most previous protests have b

spoken to the man who is often described as the euro's founding father later former european commission president romano prodi says the troubles began with a lack of control. when the euro was bore it was clear. that we needed political links on fiscal policy i advised that the problem of and now the tories to call. the behavior of best thing. in two thousand and three i rise with the program again. france. germany and italy they thought that this was a game they severely need. but we have. to go do it again or it's a behavior of the partnership you have to hope cobble rules on that here but probably. more like according to the call drawn on the back he's used to. kind of leadership can always minister is a lot of story yet but we do so others. can only if we lose it. and you can watch the full interview with the former european commission president and ex prime minister of italy ramana prodi just over an hour from now here in r.t. . russian investigators have searched the flats of several prominent opposition figures and called them in for questioning the search was ordered by a court

economy says european commission yes it's the illiterate school leavers and work with households that are causing the long term damage to the british economy according to the european commission but it's a subtle form of inflation is that you let your education system collapse because you are unwilling to spend a penny on it and as a result your tommy can't grow either you're not going to get productive citizens paying taxes if they all join the zombie apocalypse because an educated adults yeah but let's look at it the other way max the report does not once mention the zombie banks the report does not want to mention the fraud pushing banks toure's it's the poor the stupid the illiterate you know that's who they blame stacey you bring up an excellent point you know it was a few years ago when people first started to talk about the zombie banks in japan and much was written about the zombie banks about how the this this was going to become a zombie plague around the world and people who had this and said no no it couldn't possibly happen now the zombie bank has turned into zombies on b

we watch the full interview with former european commission president and prime minister of italy romano prodi in just twenty minutes. russian investigators have searched the flats several of. prominent opposition leaders and called them in for questioning the search was ordered by a court in connection with a case over clashes at an anti-government rally last month when both protesters and riot police were injured does not cross the line hard tom barton for the latest details tom the search has been going on for several hours now what do we actually know at this point. police have searched ten properties across moscow those of opposition leaders including the let's say in the valley. solve t.v. presenter to send your check the searches were ordered by a moscow colt as part of a criminal investigation into a protest all made to six which turned violent with accusations of provocations by protesters and of excessive violence by police some opposition leaders have also been asked to appear for questioning to morrow and that's the date of a planned demonstration organizers are calling the m

european commission president baroso and the european council president pledged to recover confidence in the credit of euro zone countries. a political party in favor of austerity policies won the election in greece on sunday. he said its leaders need to form a new government as soon as possible, then implement austerity measures. >> we stand ready to continue to support greece in its endeavor. >> the eu leaders stressed athat they will address mid to long-term ish us tsues includin banks. they said that will help stop a negative spiral. european banks have been left holding bad debt when government bonds have been grodowngraded. >> people who trade stocks are looking for more. a ai is here with us now. what kind of week are investors having. >> with the g-20 and the greek elections that took on sunday, we saw a nice rally in asia yesterday. u.s. and european markets ended mixed in overnight trades with the dow jones ending down a fifth of a percent lower at 12 no ,741. it weighed off against the lurking concerns in spain. for more on that and how stocks are trading in japan this tues

it was signed off on friday by the european commission. they have been holding off over concerns that this would be considered an illegal state aid payment they believe to perhaps not surprisingly they didn't don't involved in that same power cuts in greece at least for power cuts in greece. it does highlight two issues. first regulation here. and two, we have an ongoing liquidity problem with businesses, with payments here that i can't see an end to leading to the election and we don't have clarity beyond that. >> julia we'll see you very soon. thank you very much. >> meanwhile our question of the day what do you expect from the european central bank policy meeting. if you want to join the conversation weigh in, get in touch with us at worldwide @cnbc.com or tweet us or directly at kelly underscore evans. >> indeed, kelly. coming up next we'll be talking to a guest who says that greek bonds are the trade the year. how does that work? find out more in a moment. ment. [ male announcer ] this is the at&t network. a living, breathing intellig

also in the financial times is a report that the european commission president. has called on nations to go further than the of the measures proposed last week to go beyond these measures and submit to a single cross borders supervisor. now also in the news cyprus may be the next country poised for an international bailout after spain on monday's finance minister hinted that the cash strapped country may apply for financial aid before the end of this month that's in case the economy finds it difficult to support banks which are exposed to the greek banks of course. over in asia in japan the nikkei has been feeling the pressure going down one percent as the international monetary fund is calling on japan central bank to go ahead with monetary easing saying that the yen is pretty much overvalued. and in a rush or there's no trading because of a public holiday that will be trading tomorrow though they'll have to be playing catch up and on saturday there was trading long story here as it was up one percent going to one of the best trading weeks so far this year in te

as the european competition commission has said the loan will be supervised and that of course contradicts comments from the country's prime minister they did to cater to the hundred billion euros of financial aid was different from the conditional bailouts of other e.u. states spanish and a whole lot of other says the resolution of the country's troubles remains a distant prospect. when you're one hundred billion euro into any economy well you're likely to get a hike in shares in the stock market of course that was to be expected but we've seen that before in all their bailouts countries. smirk for a few days and then investors realize that we're still in an economic crisis in an economic downturn in the case of spain even in a recession we have sorted this one out about we are still in big big trouble the spanish government has been pushing a very very strict agenda of austerity cuts for months already certainly the banks have to be bailed out we need our banking system intact of course but people who stand it because the banks are actually at the root cause of this crisis case of spain

they are worried they are under pressure from the european commission. will he ensure that they help others ta? >> i have not tried one of these delicious sounding beverages. i will wait after tomorrow. i do understand there is an issue involved. i would be very happy to arrange a meeting. >>