european union countries have been continuing attempts to shore up the bureau -- the euro. the german parliament has approved the decision to contribute about 1/5 of the $938 billion rescue package. finance ministers have also been discussing measures to control that. -- debt. >> shockwave from athens are being felt in berlin and in the capital of the european union. the vote today by german politicians authorizing $185 billion of loan guarantees to any member struggling to raise money in international markets as part of a bigger $550 billion facility designed to support the ailing currency bloc. >> it was a very important day for the german parliament today. i am happy we managed to get a package to stabilize the euro. >> the vote in berlin as a positive signal -- is a positive signal that germany is committed to help. finance ministers are trying to work out so that it never gets to that stage again. >> the idea was to have a brainstorming session on how to monitor the economies of individual states and punish those that rack up too much debt. >> one of the conclusions of the debate is that it was very clear that there is a broad consensus on the principles of having sanctions, financi

european union finance ministers have supported a german call for tougher sanctions against countries that don't stick to the e.u.'s budget rules. the american secretary of state hillary clinton has told north korea it must stop its provocative behavior. the attack on the south korea warship will not go unanswered. a british couple and their daughter have been shot dead in pakistan in a dispute over the breakdown of a marriage. they were in the northeast of the country for their son's wedding. it's thought they were murdered by close relatives angered by a family's divorce. one man has been arrested. >> uncontrolable grief after an unbearable loss. a husband, wife, and daughter allegedly gunned down in a family feud. one of the family's sons married his first cousin which is common here. police say her three brothers are the killers enraged by the marriage break-up. and here are the victims in. the daughter leaves behind two young children. police found them near the graves of their relatives. they had come to pray for the dead. their cousin survived the attack and told me what he saw

billion bailout for greece by the european union and international monetary fund might not be enough to stop the debt crisis from spreading throughout europe. today, g-7 finance ministers were teleconferencing on the crisis, while the german parliament approved its share of the rescue package. chancellor angela merkel spoke before travelling to brussels for a meeting of the e.u. >> ( translated ): this is a very important decision that makes clear that we are protecting the currency in the interests of our citizens. but it can only be effective in combination with the ambitious greek austerity plan, which was passed in the greek parliament yesterday. >> holman: president obama said he spoke with merkel this morning about the greece crisis, and made clear the u.s. supports the rescue efforts. but even with the support of the international community for greece, anxiety over the country's debt issues rattled markets in europe and asia. >> brown: and we turn next to two economy-watchers: mark zandi, chief economist at moodyseconomy.com; and mohamed el-erian, c.e.o. and co-chief investment officer at pimco, a global investment management firm. mark zandi, starting

on sunday the finance ministers from all 27 countries -- we go -- all 27 european union states are expectedo gather in brussels to discuss the possible -- to discuss, and possibly approve the proposal. we'll talk more about that in a few seconds. that to the phones, n.j., on the line for republicans out of alabama. -- jay, on the line for republicans. caller: i would like to compliment your call-taker who was very pleasant. i wish that people could comprehend that we are long -- in a long war. some of the more sophisticated riders are starting to use the term "the long war to give we have improperly titled these battle -- [inaudible] afghanistan was one battle, iraq was one battle. this concept that we ignore is incorrect. we are in a battle in a long war. for example, we had the vietnam war that was one battle in the cold war which we eventually won -- thank goodness. also, let me review a couple of figures here. host: lend me ask you -- bring this to a close for me. how do we conclude this battle, or keep it from growing into a larger war? caller: you win the war when you destroy the enem

finance minister of canada. there is an ongoing effort that i believe will succeed to have similar regulation with the european union, the united kingdom, with canada, japan, and we have in our bill a mandate to treasury and the federal reserve that if any small entity decides to be a haven from regulation for capital, that country's institutions will be excluded from participation in the american financial system. they will be denied access. i am in negotiations with regard to hedge funds. they are worried about excessive restrictions by the eu on people who are maintaining capital for others, people who hold others. we are very aware of that, and we believe it will get a similar set of regulations. that is one reason why, if there is a tax on financial institutions, which i believe there should be, it will be on institutions and not transactions. transactions are infinitely mobile. institutions are not fixed in place, but they are far less mobile. trying to tax transactions is very difficult because of their extreme mobility. >> could you comment on the flash crash and whether or not you believe the sec is likely

financing for infrastructure has been discussed for at least 20 years. across the atlantic the european investment bank has been functioning successfully for 50 years like a major role in affecting the european union across national borders. the eib the european bank rates funds and capital markets that leases them, links them at higher rates keeping its operation sustainable. instruments such as loans to debt guarantees as well as important. as you heard this morning it can take many forms but at its heart it is really about better selection of infrastructure projects. the niv would lander grant money on a project basis for some type of benefit cost analysis. edition the project would be a regional significance transcending state and local boundaries. and it would consider different types of infrastructure projects breaking down the barriers that exist today. this would be a giant step from the federal funding of infrastructure that exist today most of which was disbursed as federal transportation grant mostly in a siloed manner. yet despite the general agreement about the purpose in need of the national to structure bank some outstanding questions remain. it is unclear whether would be limited t