the european financial stability fund was created do you plan to use this european stability fund to to somehow reduce the coast cost of the other bailout well the first thing is that the programs that are under entered into with the i.m.f. and the european union and the european central bank we are working the program we're meeting all of the targets and this year the first two quarters of this year our land has returned to economic growth for the first time in three years so we are working our way out of the economic crisis number of decisions have been made at european union level this year and chilling the establishment of the. various flexible mechanisms which are within that which we feel will work to our benefit and will work to reduce the overall level of debt the states. the crisis last year it was blamed on the irresponsible banks the competent economic governance this resulted on the record figures that the labor party got on the recent election toe much did your government improve the situation well what would you for example answer to the left wing critics who accuse the

could actually offer a financial crunch so far though beijing is refusing to invest in a european financial stability fund intil uncertainty surrounding greece is removed and there are some who are concerned that chinese help could come at a high price for europe. alyson china will likely be asking for some major concessions one route for china's funding of the bailout fund would go through the i am not sure and i am i find now that i am at historically has been dominated by the united states and european powers and developing countries have long argued for greater voting power and more of a voice and i am asked so it's possible that china would demand greater voting powers within the i.m.f. for having its money go through the i'm after the euro zone so that's one thing and that of course would diminish the influence of western powers not and not find another thing that china may ask for is greater opportunities for foreign direct investment into europe and i that means sensually buying companies technology companies and so on in europe and in the last so china will i think you see if china decides to hel

european financial stability fund may not be able to raise enough funds.lightly positive -- [ inaudible ] if you want to an individual the big stores better option could be shop at a local business tomorrow, small business. tomorrow american express offering card holders $25 credit for shopping -- [ unintelligible ] today could be a great day to shop for a car you might save as much as 29%. the end of the month the end of the year, dealers aren't busy because of the black friday mayhem everywhere else so they may be ready to make a deal. >> jane, i hope your thanksgiving is a great one and your weekend is good too. >> thank you. we'll see you monday. >>> mike nicco with the forecast which is drying out. >> yeah, sprinkles we've been following vanishing from doppler. now we need to get rid of the clouds and open up for sunshine and warmer weather this weekend. hard to dress for winter clothes when it could be 70 in some areas this weekend. that's what we have in store. i've been watching the forecast models, no strong storm to bring us a chance of rain for

the plan will reinforce the european financial stability facility bailout fund, which will form a specialnvestment vehicle to be funded by private and public investors. this could bolster the fund's war chest to about $1.4 trillion, from the current $623 billion. >> tonight opens the door to an appropriate agree of voluntary involvement with private-sector investors will which allow work to proceed. we are determined to conclude this by the end of this year. >> meanwhile, eu leaders have already started seeking investment from outside the euro zone. european financial stability facility's ceo klaus regling visited beijing on friday and asked for china's help in expanding the scope of the fund. but the meeting did not result in any concrete measures. >> no conclusion, certainly today during our visit. what i know is that china must invest every month because the country currently has a surplus. >> at a news conference, chinese vice finance minister noted that his country is already investing in the fund and wants to know more details about the plan to bolster it. >> ongoing uncertainty in

the plan will reinforce the european financial stability facility bailout fund, which will form a specialnvestment vehicle to be funded by private and public investors. this could bolster the fund's war chest to about $1.4 trillion, from the current $623 billion. >> tonight opens the door to an appropriate agree of voluntary involvement with private-sector investors will which allow work to proceed. we are determined to conclude this by the end of this year. >> meanwhile, eu leaders have already started seeking investment from outside the euro zone. european financial stability facility's ceo klaus regling visited beijing on friday and asked for china's help in expanding the scope of the fund. but the meeting did not result in any concrete measures. >> no conclusion, certainly today during our visit. what i know is that china must invest every month because the country currently has a surplus. >> at a news conference, chinese vice finance minister noted that his country is already investing in the fund and wants to know more details about the plan to bolster it. >> ongoing uncertainty in

europe, by increasing capitol and a third is actually, to beef up what is called the european financial stability fundto provide billions and billions of euros to protect countries like italy. >>> last question here how does this effect us either way. >> well, it has potentially very significant effect, if things come apart and there is a real chance that could happen at this point alison, if things come apart, it would -- euro zone economy would go under recession, effect our ex%es to europe, chain -- exports to europe, change the value of the dollar, the dollar would go up and make us less competitive and very importantly, our money market mutual fund have about $1 trillion invested in european banks and the banks come under severe stress that could be an item for us. >>> center for financial policy, university of maryland not a pretty picture we appreciate you painting it for us. >> thank you. >>> 11 minutes past the hour, dealing with own financial frustrations a new story out raising eyebrows has to do with members of congress and their personal wealth. we will talk with the investigative editor

minister has said he would not support the direct use of imf resources to top off the europeans financial stability fundbut can he categorically ruled out imf resources being used in directly and parallel to make up for insufficient funding from the efsf? can he square his position with the commitment to the imf within agreed resources with the comments of the managing director of the imf that there's no cap, no ceiling on imf resources? let me turn to banking reform, specifically the global financial transaction act which we support and believed to be implemented if we can reach agreement and all the major financial centers. it was on the agenda in france, but no real progress was made but i have to say, i cannot tell from his statement was the prime minister supporting it and not opposed in principle, hardly a ringing endorsement mr. speaker, i do not think we should be surprised if it a week before the summit negotiations even started, the chancellor was running the business leaders, casting doubt on whether any such mechanism and a sufficient way to raise revenue. can the prime minister tell us if h

crisis we can report said eurozone officials had agreed on a way to leverage the european financial stability facility rescue funds and france and germany are also studying ways to deepen fiscal integration. russia's markets shoot up on monday as well let's take a look at some individual shambles on the my xix energy majors are on the rise supported by stronger crude is gaining over nearly four percent banking stocks are no exception with. over burbank up over four and a half percent and carmakers dollars is also off on news of its joint venture with japan's. found more in that mother's joining the list of international car makers to localize production in russia starting from next year the japanese company aims to only produce over thirty thousand cars at solar plant and the country's far east mazda is reportedly investing around eighty million dollars in the project seoul is already has production agreements with number of international companies including. italy's. that's all for now i'll be back in forty five minutes with more here on this except. to. downplay the official ante up location on the phone i pod t

we can report said euro zone officials that agreed on a way to leverage the european financial stability facility rescue fund and that france and germany will also studying ways to deepen fiscal integration. and russia's markets are also positive the odds he has earned my sex up around three percent this hour. take a look at what's moving the year my sex on a g. major of course i on the very buoyant world prices rose snapped up more than four percent financials are joining the global trend d.t.b. up more than three percent and carmakers sawers is also up on news of its joint venture with japan's master. the headlines are next on our season statements were. limited. to do.

we can of course said euro zone officials are agreed on a way to leverage the european financial stability facility rescue fund and fund to germany also studying ways to deepen fiscal integration. in russia the markets also shot up in the first minutes of trading in one monday overly will be able to show you those figures there they are the out years up almost two percent there myself not far behind one point eight percent in the black secular what's moving the my six if we can because energy majors are on the rise are supported by strong crude rosenau two percent banking stocks also showing strong performance going to be able to send carmakers solace is also up on news of its joint venture with japan's master will look at that in just a second. as one leapfrog in russia's world market is to k.v. has become the second largest oil producer in the country the company made harder percent more crude during the first nine months of the year the new quarter which long held the position till now however the twist was not a surprise for analysts as new call paid more attention to its foreign operations lately. mass is

minister has said he would not support the direct use of imf resources to top off the europeans financial stability fund. but can he categorically ruled out imf resources being used in directly and parallel to make up for insufficient funding from the efsf? can he square his position with the commitment to the imf within agreed resources with the comments of the managing director of the imf that there's no cap, no ceiling on imf resources? let me turn to banking reform, specifically the global financial transaction act which we support and believed to be implemented if we can reach agreement and all the major financial centers. it was on the agenda in france, but no real progress was made but i have to say, i cannot tell from his statement was the prime minister supporting it and not opposed in principle, hardly a ringing endorsement mr. speaker, i do not think we should be surprised if it a week before the summit negotiations even started, the chancellor was running the business leaders, casting doubt on whether any such mechanism and a sufficient way to raise revenue. can the prime minister tell us if

. >> what about the european bailout fund, european financial stability facility. one trillion yen. what do you make of this? >> well, this is the number that fixates markets. the question is will it ever be enough. 1 trillion is impressive and i'm very optimistic that europeans will be able to come up with this huge sum. the question is when the crisis is getting even bigger, when risks get deeper, when we lose trust in the incoming new italian government, will this be enough? it will never be enough. the europeans are doing -- they're producing a leverage. when the crisis gets deeper, the target floats further, they need to assert the capital markets and talk to investors in japan, asia, in the u.s. so the key is trust. will the mechanism be stable enough. i think they will come up with something rather convincing by next month. >> and even though speaking of a potential investor china seems to be dragging its feet, you're still optimistic. >> they put a lot of money on the table and the crisis is unfolding all the time. everybody is looking at everybody. when will it end. europea

european bailout fund. the european financial stability facili facility, 1 trillion euros. what do you make of this? >> will it be enough? 1 trillion is impressive and i'm optimistic the europeans will be able to come up with this huge sum. the question is, when the crisis is getting even bigger, when risks are getting bigger, when we lose trust in the incoming new italian government? will this be enough? it will never be enough. what the europeans are doing is producing a leverage. when the crisis gets deeper, the target floats further. they need to reset the capital markets and talk to westerners in japan, asia, and the u.s. so the key is trust. will the mechanism be stable enough? i think they will come up with something rather convincing by next month. >> and even though speaking of investors', a potential investor, china, seems to be dragging its feet you're still optimistic? >> well, china and japan and many investors have already put a lot of money on the table and this crisis is just dragging on and unfolding all the time, so everybody is looking at everybody. when will it end? and the europ

the ministers are working up plans for beefing up the fund called the european financial stability facility. they seek to increase it to 1 billion euros. discussions include guaranteeing government bonds issued by debt strapped countries, that is to make them more attractive to investors. another option involves setting up a special framework within the fund to get aid from countries outside the eu. some senior officials say the international monetary fund should be tapped for help. >>> in part three of our special series, an indian's india, we hear from a man spearheading a make or of three wheel vehicles. motor tricycles cater to transportation issues in india. now the market for these affordable cars are gaining popularity. >> this is a three wheel motorcycle. they are very popular on indian roads. they are used for multi purpose taxi for carrying people around the city. this man is the chairman of the group that is the leading manufacturer of the three wheelers and motorcycles. the automaker focuses on middle to low income consumers said to be potential force in the nation's economy. >>

the ministers agreed to implement the measures of the eu bailout fund known as the european financial stability facility next month. on greece's debt problems, they welcome agreement between the ruling and opposition parties to launch a new coalition government. the ministers decided to demand that greece submit a letter confirming the country will implement the eu bailout package. they also agreed to send an inspection team to italy in the next few days to monitor the country's efforts to rebuild its finances. the international monetary fund will oversee the reconstruction. >>> and now let's check the markets. u.s. stocks turned higher in late trading after comments from an ecb official alleviated worries about the euro zone debt issues. to see how things are kicking off in japan, let's go to the tokyo stock exchange. how are markets reacting this tuesday morning? >> good morning. the european central bank came out and said he expected the euro zone debt issues to be resolved within two years, and that helped clear up a little concerns after we saw italian bond yields as you mention there hitt

the ministers agreed to implement the measures of the eu bailout fund known as the european financial stability facility next month. on greece's debt problems, they welcome agreement between the ruling and opposition parties to launch a new coalition government. the ministers decided to demand that greece submit a letter confirming the country will implement the eu bailout package. they also agreed to send an inspection team to italy in the next few days to monitor the country's efforts to rebuild its finances. the international monetary fund will oversee the reconstruction. >>> and now let's check the markets. u.s. stocks turned higher in late trading after comments from an ecb official alleviated worries about the euro zone debt issues. to see how things are kicking off in japan, let's go to the tokyo stock exchange. how are markets reacting this tuesday morning? >> good morning. the european central bank came out and said he expected the euro zone debt issues to be resolved within two years, and that helped clear up a little concerns after we saw italian bond yields as you mention there hitt

the ministers also agreed to implement the measures of the eu bailout fund known as the european financial stability facility next month. on greece's debt problems, they welcomed the agreement between the country's ruling and opposition parties to launch a new coalition government. the ministers decided to demand that greece submit a letter confirming the country will implement the eu bailout package. they also agreed to send an inspection team to italy in the next few days to monitor the country's efforts to rebuild its finances. the international monetary fund will oversee the reconstruction. >>> here in japan, japanese optical equipmentmaker olympus admitted on tuesday it had neglected calculating losses from securities investments since the 1990s. a spoexzperson for the firm said that a third party committee found that fees olympus paid to a consulting firm in connection with the purchase of a british medical equipmentmaker, as well as funds to buy out three domestic firms were used to cover its latent investment losses. the company says it will hold a news conference tuesday afternoon to provid

already said that they're not going to bail out europe are not going to kick in funds to the european financial stability facility which is what the last or posi has been trying ever has been basically taking the chinese to do so the europeans are going to solve this mess on their own. beast those three gentlemen that you mention they might be the most influential people on the face of the planet but you know when you have a particular crisis when your house on fire it doesn't matter how rich and powerful you are at the end of the day it's the fireman you know holding the codes it's the most powerful in that if you can situation in the situation that we currently find ourselves at which is a weakened european banking structure and a collapsing and insolvent sarver in a sector you're going to have to go to the local governments at this point in time i have to say that. god help us all i george pop in jail is the most powerful man in the face of the planet as his actions or whatever you want to call that what he's doing his actions are going to churn in the fate of europe and that's a fact and so you know.

european finance ministers meeting in brussels today and tomorrow could make progress on resolving the region's debt crisis. >> the european stability fund more leverage so it has more power the financial health of italy will certainly be on the agenda. italy's borrowing costs hit almost 8% today, a euro-era record and a sign that the country could need financial aid like greece, portugal and ireland. >> tom: after the closing bell today, standard and poor's applied new criteria to the credit rating of dozens of big banks, and most of those banks had their credit rating dinged. among those seeing their ratings downgraded-- bank of america, j.p. morgan, citigroup, wells fargo, morgan stanley, and goldman sachs. the downgrades come after s&p changed how it computes debt ratings for large financial institutions. among the changes-- less confidence by s&p that governments would bail out banks that get in trouble. the new criteria aims to link bank's credit health to the health of the overall economy. more on the impact on banking stocks coming up in "market focus." >> susie: still ahead-- enron was once the energy company to work for. then, its house of cards folded. we continue our look a

stability with. our own financial resources we. need in the european package why the international monetary fund with white become all sort of money that could be used in different way otherwise are we ready to lend financial support to the european union like china for instance we were not requested to provide any direct financial support what would you read but review puts a period where the international monetary fund if you are requested to provide direct financial support will consider this and will consider the most efficient ways to do so what about the bric countries a lot of people look up to them as like the last couple hope what should they do. to maintain global financial stability all great contrasts. are trying to provide for highest growth rates possible consequence to us in achieving quite growth rates the key words are global financial stability chinese growth for brazil good russia. thinks very important for global economy right now and the share of brics countries is quite big in the global g.d.p. . introduction of the gross become to screw you to the higher risks in the global economy occupy wall street i know

european financial stability problems. can you allowed to imf resources being used indirectly in parallel to make up for insufficient of funding from the european central bank? there is no cap, no ceiling on imf resources. we believe it should be implemented if we can reach agreement in all the major financial centers. it was on the agenda, but no progress was made. i could not tell from the statement whether the prime minister really supported it. not supported in principle is not a ringing endorsement. the weeks before the summit negotiation had even started, the chancellor, casting doubt on weather any such a mechanism is a significant way to raise revenue. can he tell us what steps he will be taking in the weeks and months ahead to advance the cause? mr. speaker, the first substantial paragraph of the communique says, since our last meeting, a global recovery has weekend, in advanced countries, leaving unemployment at unacceptable levels. that is true in this country, mr. speaker. growth has declined - flatlines. does the prime minister understand why people are so disappointed by the failure of the is comments? -- of the

european bailout funds and avoid defaulting on its massive debt. and there is also growing concern right now about the financial stability and the future of italy.nalists close to italian prime minister silvio berlusconi say the leader is on the verge of stepping down. joining me live from rome, italy, is matthew chance. good morning, matthew. what's the situation on the ground there? >> reporter: well, if he is stepping down, he's keeping it very close to his chest, at least publicly, because we've just spoken to the press office of the prime minister, silvio berlusconi, and they're denying that he's intending to do that. instead, what we will see over the course of the next few days is a lot of pressure to be brought down on silvio berlusconi, as he faces a crucial parliamentary vote tomorrow on plans for the 2010 budget. so, for last year's budget, which still has to be passed. if he fails to get the majority in that parliamentary vote tomorrow, then we could see some kind of movement in terms of him staying on in power, ali. >> matthew, obviously, the implications of italy defaulting are substantially more serious than greece. is there some