theamount is too tiny for eurozone bank. more than 700 billion euros have been spent so far to shore up banks. and you have a lot of institutions. it can take time to make decisions and can be cumbersome. looking at it, i have to say this is by far the largest transfer of sovereignty from euro move -- eurozone members to europe. nothows that leaders may like it, but they have understood one thing. if they want to preserve the euro and if they want to preserve the single currency, they will need more cooperation and a stronger euro -- stronger union, rather than less as some have suggested. >> and this only applies to countries that use the euro. >> absolutely. they would have been a hard sell to britain. >> also on the agenda, coordinated defense bending. this is a pretty controversial issue. there is some common ground, but again, david cameron not very happy with the idea of cooperating further in defense and security policy. on the whole, europeans are worried about the defense. world,in a multipolar the europeans are --

august the eurozone emerged from its longest recession since the eurozone was introduced of economists aren't quite ready to pop the champagne to say goodbye to the crisis. that first hit the block back in two thousand and nine top e.u. officials admit the growing unemployment a particularly that among young europeans puts the region's financial future risk in spain and greece a situation particularly drastic with over half of people under twenty five out of a job both countries also rely heavily of course on brussels for financial help with athens looking at the prospect now the third deal may be well across the region people are weary of austerity cards and we've seen plenty of public discontent and mass protests of course covering the eurozone is our main man in berlin artie's peter oliver has been with us throughout the year and can now join us live he is there an end in sight when is this seemingly never ending financial crisis going to come to an end. well i don't think the end is really on the horizon just yet there are still big problems facing the eurozone you mentioned there

we're about to get a new member of the eurozone? ofindeed. the 18th member the eurozone is latvia.the latvian economy is relatively tall with a population of around 2 million people. but latvia's membership is still seen as a vote of confidence for the eurozone. there is much speculation that the single currency area could fall apart. not everyone is no enthusiastic -- is so enthusiastic. mark brown explains. sightn set to be a common in latvia. they become the 18th member of the single currency, but latvians are scared the transition will be accompanied by inflation. some quote you know other countries that switched before us, -- >> you know other countries that switched before us, prices went up. they could go up. , two, and that is bad. >> two out of three latvians are joining, meaning the government is struggling to sell its decision, insisting being part of the euro will boost the economy. best.ryone has done their we can be confident latvia is really prepared for the production of the euro. >> at the heart of the european entry is a cause for celebration, a sign that the sing

tax rates across the eurozone. it is important that we keep these jobs.to do that, you have got to be competitive on things like tax. >> they are clustered in cities, and unemployment is worse in rural economies, where they are dependent on consumer spending. doing well and the domestic economy not so good. government is now considering an income tax cut next year in an effort to drive growth at home. this would be after an austere winter. >> and those same international lenders have also given thumbs up to portugal, saying the country is performing well six months before its bailout program is set to end. the troika is now saying lisbon is cutting spending and implementing the reforms required and declaring it does not need the next launch of a -- traunch of aid. and the purchasing managers index which is an indicator of economic output, rose in december, and any figure above 50 indicates growth, but that expansion was held back by weaker than expected features from france. pmi in europe's second-largest , and theyll to a low say that is another sign tha

the eurozone is out of recession and will stay out of recession. german growth will be a very respectable 2%+. japan will clearly have a setback in the second quarter. overall trend growth is close to 2.5%. >> if you look at the eurozone, you are right. it looks like mario draghi is getting it together. the banks are not perfectly capitalized, but they will be in the next six months. >> are we going to have another eurozone bailout? the answer is probably not. >> will it become like japan's situation? the euro is very high and we are seeing risks of disinflation. >> there are still ongoing problems in the eurozone. problem number one is the high level of the euro. it was very interesting when manus was saying the dollar is -- through another bout of strength, but not against european currencies, and that also includes the swiss franc and the sterling. it is the european bloc as a whole. ecb would like to see the euro weaker. as we have tapering in the united states and improvement in the u.s. trade deficit, i think that this sort of level, close is

>> well, it's the eurozone crisis. if you look at the way he's managed that crisis in europe, domestically in germany here, but it's essentially turned the finance mip industry into's finance ministry. >> we had a euro group earlier in the week where there was a sort of road map for the eu banking union, put it like that. what do you think german position is on that? we seem to have a stage process. we're in the first instance of nationalization. and some way way back is a possibly of a rescue fund. >> if anything, it has become more hesitant when it comes to mushlzation. we talk about using public banks. with the party joining the government in germany, that has become even more unlikely, really. so it is the liability that we're seeing and potentially with this deal emerging next week, i think it is very unlikely that we're going to see any role for the year next year. >> although discipline did talk about there would be a single resolution fund. >> well, there would be a single resolution fund, but with national cha

we have data out from the eurozone. manufacturing pmi in the second estimate has ticked high from the flash. 51.6. the flash was 51.3. the output index was up to 32.1. this was on november data. the new export index, 54. the flash 53.1. it's driving eurozone activity to accelerate at its fastest pace two years. that growth is still weak. there's evidence of renewed downturn in france and spain as well as firms cutting staff so france still a big concern for the eurozone economy. we'll get more reaction on that in the next five minutes. at the same time, china is rolling out a new ipo plan. a 14 month freeze on new listings. companies will have to provide more disclosure in exchange for letting the market have more say on which deals get the green light. we're in sing ga pure with more market reaction. >> ross, beijing's news will bring the shanghai higher. the shendo boards tumbled 5%. the chinese deposit had its worst plunge ever. so before today the index had rallied more than 80% this year and it lost over 8% in toda

about the eurozone.e saw comp posit number for the whole of the eurozone which is ahead of expectations. it looks ok. at least we're starting to get some decent traction. the bulk of attraction is coming out of germany whose numbers were quite good. the french numbers were in the low 47's. in ecb, deal with numbers that have that spread? , draghi has helped get the symptoms down. is that thesurely euro is still in search of a government. germany is not prepared to be that government, understandably and i don't think merkel three is any different than merkel two or merkel one. france can't be a government given the pmi's you just mentioned. also, spain worries me. they started political campaigning next year for big election in 2000 16. on the one hand, if they do nothing their funding costs go up. if you do something with 60% unemployment, they could get --e -- with 16% unemployment we see something new from the ecb next year. it will take constitutional change which is easy and secondly, for germany in

twenty treaty age you're looking at the dates if the business at the end of twenty thirteen in the eurozone and things can look quite russi it. all does appear to be across all of the nations in the monetary union however when you look at it of a nation by nation basis you see that's not the case that is clear when is unclear looses when it comes to which is that you know for the right here in germany both large and small scale manufacturers have seen increases in the old and the old as they're receiving particular when it comes to the old to most of industry dumps go but for asian markets they've been targeting particularly hard when you look at the loses though just across the border into france the eurozone second biggest the cold. well they've seen steady contraction of the business say this of the mature to be a worry heading into twenty fourteen and on to the still serious economic problems in countries like greece spain and portugal and the end of year report really reads good work germany but the rest of you need to do better oh new year warning there from mr page to all of our repo

but the eurozone has its own ups and downs. however the region was finally on to the recession and its members have started getting ready to accede the bailout programs indeed one of them has already done it. a challenging year for the eurozone in the spring the beach and ended the longest recession in its history the cobblestones of the counts he faced a credit crunch businesses complained they went a book of bull run consumers and job seekers remained downbeat off to six quarters of contraction euros in gdp grew by just one st to st in the region still has called on my team media network including three in a hoffman in young people in spain increased mobile hospital on the twenty five year old son ahmed point european leaders held a job some it's just that the creature to help the so called must generate a healthy economy grow and to head off deflation the european central bank cut its main interest rate points to a report by what the first time the european commission games likes to stick to my niece national budgets. he sho

the eurozone story and the u.k. story is night and day. the eurozone could go the other way.h each you how central bank has got to do. >> thank you very much indeed, john ferro on the markets. >> still to come, u.s. secretary of state john kerry is back in israel to give another push to peac pallk we will be live in tel aviv it are this hour. ♪ >> welcome back to "the pulse" live from bloomberg european headquarters in london. these are the bloomberg top headlines. >> executives in europe's biggest banks are under pressure to surrender their bonuses. yesterday, six banks were fined record 1.7 billion euros from manipulating benchmark interest rates. the antitrust fine pushed sanctions to $6 billion. opposition will hold talks later with the party. that is after more than 20,000 people joined protest against rejection against a european union trade pact. gives the auto statement today. that is the end of year financial update to parliament. >> we should start calling at the winter statement. it is really not that were met there. manus cranny live outside the house of parliamen

what will it mean for the eurozone debt crisis? we speak with our political correspondent. >> and it looks like a new head coach for the world's current number two. some of russia's best-known prisoners, including the two jailed pussy riot members and 30 greenpeace activists could be freed after the country passed a wide-ranging amnesty bill. >> pregnant women, mothers, veterans, and those with disabilities are also set to be released from prison. >> thousands of people will be freed to mark the 20th anniversary of russia's post- soviet constitution. will talk more about this with a russian journalist. first, here is this report. >> it did not take long to rubber stamp the kremlin-backed amnesty law. thousands may now walked out of jail including prominent putin critics like the two pussy riot activists locked up for a protest in a russian church. this amnesty is the most wide- ranging in years. it could lead to the release of high-profile western detainees the kremlin might like to see the backup. the amnesty law extends not only

i'm not as important as friends and that the eurozone. because france is in the country and its maintenance and so friends if it decides the problem with france in in my view is that there's a there's a people are mixing up the fact that there is. they need to reduce the part of spending as part of gdp with. but the end of the master's office parody and growth. i think what france needs is yes it needs to stimulate growth and the state needs to invest in areas that are important for innovation technology and friends dogs but now i can in order to finance that it needs to reduce its spending and spending means also sent spends thirty billion on our own training and professional training every year. has anyone ever look at who gets these thirty million billion when they did the same in germany now i'm german maybe i'm biased but what if god is that most of that money was given to those who need it nice full colonel in the morning. one look at unemployment benefits. how can it be that when you are when you make a lot of money and i'm not tal

>> so i think in the eurozone, i mean, the paradox is that in the eurozone, we see this phase of optimism surge into the market in the last sort of six months. and i think that one of the reasons it's driven that is because the skepticism around the eurozone has been persistent for such a prolonged period of time whereas people have been much more optimistic about the u.s. and the u.s. i think the recovery will be much more mixed. i think at the same time, factors that will drive the recovery will be prevalent in europe, as well. we would expect to see a greater feature next year, higher mergers and acquisitions activity. >> thanks for that. good to speak to you. we have a t-bill auction out of spain. maximum yield 0.872%. the three-month t-bill maximum yield 0.67%. it's ticked higher from november. >>> saputo wants cheese, it made up to $492 million offer for warrnambool. saputo's changes to the bid were criticized. the final offer is now a tenth offer since the bidding war broke out in september. it expires on january 10th. >>> shares trading higher on apollo tire after its backed away

going to go on europe whether they were going to do is as good a decent new complexes struggling eurozone economies i can manage just two days ago more or less the luxembourg foreign minister came and said his name is joel passable became as amended a question because as he appealed to germany every soul a little bit less to the wiccan to show a little bit more understanding for the content that other european countries are facing did the math respond to that today will be seen in a sense i suppose she did because what's a cold fall was a tightening of the fiscal rules. according to which european and euro his cup and she wants those rules to enable pointing to be made straight and jesus said that the eu treaties can be rewritten to make a more specific she put it by which he actually meant straight to the inmate is forcing european countries to meet the physical locations peter along these lines and counselors in france right now. does that about her concerns that terrorists is not sufficiently committed to cutting costs. tony says yes but the media had there been problems in the franco

-- the eurozone.china and america continue to order progress -- products made in germany. for 2014, people hope that the central bank help will continue. otherwise, it could be a difficult year. people still are optimistic that at least the dax will strive for 10,000 points before maybe one of the other crises could set in. >> let's have a look at the numbers for you in a bit more detail. starting off with the dax, which has closed after a short day of trading. it entered the day at 9552. slight losses. currently on the currency markets, the euro is trading one point 37 -- trading 1.3757. >> german foreign minister frank-walter steinmeier has condemned an attack on the home of germany's ambassador to greece, but he says it won't affect the relationship between the two countries. >> no one has yet claimed responsibility for the attack. germany is greece's biggest bailout lender. it has been criticized for demanding tough austerity measures as the government tackles its crisis. >> there is only one coun

we will have a welcome relief for the eurozone as it dodges a bailout. we will take a look at what is making waves on the internet. ukraine's deputy prime minister has said his government will soon side of free-trade agreement -- sign of free-trade agreement with the eu. there was a tussle over the -- the tussle over the country's future continues. vladimir putin used his state of the nation address to talk about the benefits of kia -- kiev joining a moscow-backed union. president viktor yanukovych said that he will make ties to europe. last week, his decision to turn his back on europe drew thousands of protesters to the streets. they continue to call for his resignation. v's iconic independence square is still occupied by thousands of protesters. they demand that president viktor yanukovych step down. these crowds see their future with the west rather than with the for me it's -- the former soviet power. russian president vladimir putin tried to reassure them. ofwe have always been proud our country, but we do not claim to be some sort of superpower. w

those would be transferred to a common eurozone resolution fund over 10 years. the finance ministers agreed that the resolution fund will be up to 55 billion euros. the ministers will present this compromise to the du summit next week. if approved, the new regulations will come into effect at the beginning of 2016. >> with eu policymakers paving the way for new banking rules, what are traders making of the deal? we have this report from the frankfurt stock exchange. >> the news from brussels has been good news. they will not have to pay for collapsing banks and other countries for the next 10 years, but what if the national rescue funds are too small? there would be a crisis. this would bring taxpayers from all over europe back into the game. the market would've for new economic data from the u.s.. unemployment has been higher than expected, which has been taken is good news because as long as the unemployment stays high in the u.s., the federal reserve will keep money cheap and easy. >> let's have a look now at how markets traded on thursday. in frankfurt, the

. >> this sunday ireland will become the first eurozone country to exit its bailout program. three years after the banking sector collapsed, dublin agreed to 68 billion euros in emergency loans from international lenders. although this news is welcomed in ireland, it was only made possible after heavy act fices made by the irish people, many of whom say they're not yet feeling any of the effects of recovering. let's go to the cautiously optimistic finance minister, michael noonan. >> people are going in confidence that the damaged economy has been significantly repaired and that we are now creating jobs again and that the economy is growing. but i think people, more than anything else, want assurance that this won't happen again, and that means we'll have to continue with the fiscal policies of controlling deficits and making sure that is sustainable. >> that was michael noonan speaking there. as ireland regains its financial sovereignty, our business editor, steven carroll, takes a look back at how it was that this country went from boom to bust. >> it was once the envy of e

and ireland becomes the first state to officially break free from the eurozone bailout program a milestone on its road to financial recovery. you're watching our team live from our moscow studios where it's just after nine in the morning i'm lindsey france thanks for joining me. ukraine's president has called for a stop to any forcible action by police and activists he also wants those arrested during the protests in kiev to be granted amnesty president victoriana corvette maybe he concessions after holding talks with the opposition over the crisis that gripped the country but he's refused to dismiss the cabinet what started out as a rally in favor of signing an agreement with the new has turned into anti-government demonstrations with thousands camped out in central kiev massive rallies in support of the government are also expected to take place just hundreds of meters away from the heart of the opposition protests artie's alexy or chef king is in kiev and takes a closer look at how the revolutionary mood is affecting every day life. the korean capital has been in the protest mode for mo

>> of course germany is the powerhouse of the eurozone.here be be conduct tries, greece, portugal, spain, who might be hoping for a kinder, gentler germany if you like. they might be seeing social democrats perhaps as the get cops to the cd u angela merkel's right hand man will certainly stay as finance minister. he ultimately is the man who steers economic policy in this country and he takes germany's terms toward the weak her countries. he has been hawk issue on fighting, deficits as we know in those troubled countries in the eurozone. thanks very much indeed. serb ythe serbian government is investigating a massive grave. representatives from missing persons organizations are at the scene in the town of ruska in the southwest of the country. thousands of supporters of the ukrainian president have staged a counter rally in kiev as anti-government protests continue. the general prosecutor has requested house arrest and there is speculation they could be scapegoats for the recent unrest. two big protests going on this weekend tell us about

i think the german economy benefits from being tied to the eurozone.he stability framework that germany has pretty much ensures area -- flat.at that means competitiveness improves for germany. there is a price to pay for that. it seems germany is reluctant to play that price. if you are going to have the rest of the eurozone go through a nominal devaluation and really very strong austerity, then i suspect that germany would need to increase its budget deficit. we don't want your money to waste its money so there are plenty of things to do. invest in infrastructure which wasn't that -- neglected over the past 20 years. reduce the tax rate for the lower income groups. they are quite high in germany. people are concerned about any quality rising. that is one way to deal with that. at the same time a, can consumer growth going. >> our markets too complacent about europe? market growth is very shy. a lot of these countries are still not competitive. the euro is high. the ecb has talked the talk but not actually done anything. >> we have a number of vertical

twenty thirteen treated them pay some of the data for business at the end of twenty thirteen in the eurozone and things can look quite rosy at first glance orders appear to be across all of the nations in the monetary union however when you look at it on the nation by nation basis you see that's not the case there's clear winners and clear loses when it comes to winners look no further than right here in germany both large and small scale manufacturers have seen increases in their all of the orders they're receiving critically when it comes to the automotive industry that's come from asian markets that they've been targeting particularly hard when you look at the losers though just across the border into france the eurozone second biggest economy well they've seen steady contraction of their business say something to cheer to be a worry heading into twenty fourteen and on to that still serious economic problems in countries like greece spain and portugal and the end of year report really reads good work germany but the rest of you need to do better or new year warning there for mr page to al

eurozone finance ministers and to the second. her head. this morning that determined stance was her turn the stability into it london welcome to cctv it's on to win a game the presidents of russia and ukraine met in moscow and its continuing demonstrations in kiev. protesters of being demanding the resignation of president of top down or call the children's decision to abort plans to enter into a trade agreement. but the european duty. jenner coverage made a strategic advantage to what moscow and he has just secured a thirty five percent discount on the net for gas supplies from russia to have the safety of korean economy from financial collapse. our moscow correspondent carry out bomb that took us more. i was of negotiations behind closed doors. the russian and ukrainian delegations reached accords on some very sensitive issues. russian president biden and putin stressed the importance that moscow places on its historic ties to ukraine reminding his guests. ukrainian president viktor the new clothings that russia accounts for thirty perce

see final effect on the rest of the eurozone and all the world eat the rest of the eurozone bass with gemini wanted to do. it's a problem because with when you have a genetic tendency soul to the patient a compression of the missing dimension of weeks we've come to you except i still think these so i need to be happening week ease. citigroup because i completely agree that the schedule. for putting that in place we may keep you really want for your help back to steal something that will astound you. and sorry in situations like the one relating to the mural the team but the potential impact on employment and auntie becky smith is going to be extremely unique. we have not seen a situation where they mean we become we meet the labor market tightened in the trees the competitiveness of the german firms. lucky for us confirms article picky because it may be the sweetest most of the gentle curves of kentucky because it'll look proud and so they can afford to pay higher weeks. i'm wondering how in the woods. and that consumed the jewish people that they had no immunity this witch because th

this will only apply to the eurozone members. the french president has sought to rally support from european for european intervention. a number of countries have agreed to by logistical assistance. some include troops. if the european mission happens we will have to wait for of council meeting in january. >> african mediators are calling for peace in south sudan. prevent the to country from plunging into a civil war. south sudan gained independence two years ago, but political and social crises remain. his formernt accused vice president of trying to topple him. that sparked a wave of at nick violence across the nation. is across theile nation. tens of thousands have fled their homes according to the you in. >> -- to the un. shelter from violence. shelters have grown crowded with people in search of safety. clashes continue with forces and troops loyal to the former deputy. the united nations says 34,000 people are seeking refuge at you in basis in the capital and in the city near the center of the country. people who have taken

raises its 2014 growth target for europe's largest economy as evidence shows demand from within the eurozone is finally picking up. >>> deutsche bank is to close its commodity business mainly in london and new york. display you're watching "worldwide exchange," bringing you business news from around the globe. >> a former south african president nelson mandela passed away last night at the age of 95. world leaders have been sending message messages of mourning for the leader. >> he is now resting. he is now at peace. our nation has lost its greatest son our people have lost a father. >> for now, let us pause and give thanks to the fact that nelson mandela lived, a man who took history in his hands and bent the arc of the moral universe towards justice. >> nelson mandela was not just a hero of our time, but a hero of all time. the first president of a free south africa, a man who suffered so much for freedom and justice, and a man who through his dignity and through his triumph inspired millions. >>> on behalf of the united nations, i extend my deepest condolences to nelson mandela's family,

what a wonderful question i think as far as the eurozone so i mean the euro's probably shot itself in the foot because the countries within the euro zone when they are dealing in international trade that perhaps you know weren't as strong in deciding that the rest of the world should use the euro as the base currency in other words where they want to the buy goods from china they're quite happy to actually buy goods but it's the newer stalins so really i think i think the euro the euro zone hasn't been as forceful as they could have paid they don't so there may be you know the euro would have been more freely traded but at the moment i mean the euro is still still quite freely traded in comparison to the yuan which is not as freely traded because there are still some countries in the world that might say if i want to do business with china i would much rather deal with them using either the u.s. dollar or some other kind of currency so in answer to your question what is going to happen to the euro that really depends on what the eurozone decides itself because they want to be more for

the eurozone is now quite strong and quite stable.e currency there is a common fiscal policy as well. we are on the margins of having a banking union as well. we will have another round of discussion on the last element of the banking union, which is putting a resolution fund in place for any banks that go under in the future. >> why did you decide to completely go it alone? why didn't you leave yourself some room for maneuver? the opportunity to avail yourself of the omt? it seems there were other options, but you have taken the most radical option, some would say. was a fairly balanced decision. i took a lot of advice from people like christine lagarde and mario draghi and some of my colleagues and finance ministers. it was the correct thing to do. with the reaction of the markets and the rating agencies -- it has proved to be a good decision. a are not going out without backstop. we have significant cash buffers -- over 20 billion. the. right now -- the period right now is very benign. if we had a line of credit, it would be a 12 m

leadership is desperately needed in all of these major policy areas whether it is eurozone or defense. for the moment, because we have a situation where the british, french, and germans are not on the same page, it is very difficult for any nationstate to exercise leadership. >> you believe we will at some point come to a unified strategic vision? where will this leadership come from? >> most commentators assume it will collapse or it will all move forward to some new federal vision. sorry about the word federal. or it will continue to muddle through. the reality is europe is accustomed to muddling through and that is probably the best we can expect, but it is far from being ideal. your book has just been released. you are a professor for international deletions at yale university. thank you for taking the time to join us. it is time for a sports update the concernn with over the lack of european enthusiasm over football. ifa president is disappointed in what he perceives as european indifference towards his club. is more popular in south america, asia, and africa than europe where it

but it would actually help around the periphery of the eurozone. as well, they want to export their way out of recession. but now i'm joined by the chief economist of germany's second biggest bank, commerzbank. first of all, thank you very much for joining me in that chilly cold weather here in frankfurt. secondly, my question would be what are you expecting today? are we seeing more easing or is it just a reiteration of what we have heard before? >> well, i think the ecb does not want to surprise the market two times in a row. i think the focus will be on inflation projections. we expect the 2014 inflation projection to be revised down to 1. 1.1%. 2015 will be at 1.4%. that means significantly below the 2% mark of the ecb. >> so will we see a further easing of monetary policy next year or will we actually see rate hikes? because some of them are -- some people argue for a rate hike. >> forget about rate hikes. i think the crisis comes as the periphery countries outnumber the bundes bank in the ecb. and when you have inflation rate around 1%, when

today we had a downgrade for the eurozone, the supernational entity that is the eurozone.g lack of unity between the members probably is significant. increasingly see this highlighted. only this week we could sit highlighted in the banking union and the tension that exists. we end up with a sub par story. >> the rating downgrade is hardly a surprise. of southernt half europe, most of southern europe , the ecbemi-depression has to contend with deflation risks, germany is unwilling to act as the -- as it should do any monetary union as the surface credited company and promote adjustments. were germany saying we will tell you what to do we want you to be like us, but we're not to pay for it. that is not a tenable basis for a striving monetary union in the longer-term. i think that given current policy settings, giving the unwillingness of germany to expand its policies is putting all the pressure on the inipheral countries, which 2014i would be surprised to see a resurgence of crisis pressures in the eurozone. useost people i talk to language that seems to suggest that the cr

now the eurozone is confident that the celtic tiger is rising again.the irish themselves are torn between having lost all of their face and wanting to believe in a new beginning. >> to the north, brian mccann and is building, building for a new ireland. >> i feel that the green shoots have started and that the country is on a good run. >> elsewhere in the city, matthew is packing for australia. >> if i had the choice, i would say here. it is unfortunate for us. >> ireland is an ireland of mixed feelings. the grass is greener elsewhere, some say. others are counting on a better future. property developed brian mckeon is constructing apartments and business is booming again, somewhat ironic considering the building sector is emblematic of ireland's financial collapse. the banks recklessly loaned huge sums to developers and almost went under. >> good cruise over the years, we had to let them go -- goodcrews over the years, we had to let them go because we had no work for them. >> now more work is on the way. >> we have turned a corner. we are very optimis

will likely be 50 billion euros across the eurozone.t will be paid for through so thed cuts, etc., amount that falls on national ares or european backstops likely to be pretty small in sovereign debt terms. the may european elections will be sort of an issue, likely to be a euro backlash that occurs. that can impact sentiment. that is not a big enough trigger. the big issue is what will the recovery look like and will there be more disinflation forces. the market is going to be disappointed and the recovery will be extremely bumpy. the ecb will have to capitulate. >> haeckel, we have to leave it there -- michael, we have to leave it there. turns 10. expanding into the next decade and what tech ventures he has his eye on. ♪ >> both wall street and regulators are claiming victory after the adoption of the strict nubile girl role. rule. strict new volker own were able to push the start date to july of 2015. this uses the automatic spending cuts and reduces the deficit. would end a three- year cycle of partisan showdown. the world bank of s

the eurozone by no means out of the woods. other european countries have been waiting months for germany's government to get back to work. big outstanding issues -- banking union. we will know more about what is on store on wednesday. -- what is in store on wednesday. the area of energy policy, the coalition agreement signed today is relatively vague. but it is clear this is a major challenge. we are seeing electricity prices rise significantly in germany as the government tries to wean the country off of nuclear power and fossil fuels. a big challenge. sigmar gabriel, the spd leader, will become super minister for energy and the economy. he will have a lot to tackle. we also know that the spd, the junior coalition partner, wants to see a minimum wage at the top of the agenda for the coalition, and an extension of the pension system to people who in the past have had lower benefits. quite a lot to do ahead. >> we heard sigmar gabriel say this will be notify in the sky coalition. -- no "pie in the sky" coalition. >> it is ambit

that's another big blow up in the eurozone crisis. in fact, it is possible we will be looking back one day on 2013 as the year that the currency zone stabilized. >> the crisis is far from over. for millions of people who are out of work in countries like greece and spain, but the currency itself has actually strengthened in value over the past year. >> this imposing skyscraper and frankfurt's west end district is to become headquarters of the european central bank next year. the european common currency also seems to be reaching for the sky. the gains it made against the u.s. dollar surprised many analysts. at the beginning of 2013, it stood at $1.33, but now it is hovering at around dollar spent -- $1.38. the euro has been helped by the eurozone's improving economy. banks have boosted their capital reserves. ireland has already exited the international bailout program. the ecb has relied less on monetary stimulus and the u.s. federal reserve and the bank of japan, and that strengthens the euro against the dollar and the yen. >> we ar

we kick off with data with, the final pmi data for the eurozone showing the euro has lost momentum in november. final services pmi, 51.2. it is up from the 50.9 flash, but lower than october. sharp divergence in the final composite numbers in germany and france. the french composite down 48. only managed two readings above 50 in the last 21 months. italy serves its pmi back below the break even mark to 47.2. compared to germany's composite pmi, up at a 29-month high. sharp differences between the core in europe. meanwhile, the opec meeting is up in france. >> the morning hawkish ministers, historically the nighgoerans and the venezuelans, as well. we know the storm clouds are brewing, brewing because there are concerns about massive oversupply in the oil market in 2014 from both outside of opec with the canadians, the pakistanis, and, of course, u.s. shale set to increase production and within opec, as well. opec currently produces 30 circas a day. there are concerns that if others manage to up production, including libya, then there is concern about massive oversupply. and who is goi

however, it will get increasing deflation risks in the eurozone. the ecb may be forced to go into the conventional territory. if we get some inflation pressure, the fed may be forced to tighten much faster than market effects currently. also the tapering and it's in part on emerging markets is a risk. emerging markets reacted very well to the interest. fed. >> it's all pressed in. >> absolutely. looking forward it will be difficult in a way for the fed to taper in a way that will be smooth for the u.s. economy and emerging markets. this is another risk worth watching. >> what's left out here is the fact that we're seeing the emerging markets at a spike. does that worry you? it doesn't seem like the pboc has a grip on tightening its schedule. >> the markets were concerned about china. most of the risks did not materialize. the chinese authorities are trying to strike a very delicate balance. minimallize the risks. on the other hand, to address some concerns, bubbles over heating the economy. it is likely to continue to see volatility as it tries to

germany has been in the eurozone for three or four years. that had 10 years to build a 55 billion dollars. what happens if there is a problem in the near term? that is the real question. >> thank you, john. bloomberg industries senior banking analysts. what can the eurozone expect after the fed taper decision in 2014? our next guest has more analysis on that. his top three stocks for the new year. stay with us. ♪ >> time for company news. a $1.5an to sell billion. most int shares up the six years. they plan to sell $3 billion and assess overall. game in had is biggest four years to outsource its handset production to foxconn. a seat as a transformation into a smaller services provider. ace -- they took a right down. tiffany is being ordered to pay $500 million to swatch group as -- after joint venture failed. were inruled they breach. they said they blocked the development of the swatch watches with tiffany branded. they were taking $300 million charge in the fourth quarter. welcome back to "countdown." i am mark barton. barclaysguest said w

one that stands out here of course that is he said it was unfair not to be burned onto ceases the eurozone authorities prevented the irish authorities from applying losses the senior bondholders said to have been changing their mind to a fraud in the course but willing to help the political campaign the ongoing campaign to try get some of the fun back to solidify some opposition few days will catch up the bill a chamber at lunchtime today they were protesting over to contain the most services to over explain it has been includes measures to introduce the momentum fortunes case. the desserts are a woman accepted as having no debate on this one around this through. it stuck with tactics and i was going on here it's the bulldozing of legislation we have not been given the opportunity to properties which you really get to it. there certainly needs to be an address of this and if the current quarter which is to tickle the spot for people circulate of our support. these terms company liberty mutual is creating one hundred and fifty jobs at its base and largest town in dublin. new jobs will be pr

that rose after eurozone manufacturing pmi data jumps to the highest level since two thousand and ten. i might get a boost to stocks in the region as well curly hundred and forty one was seventy six to eighty two but the common car as he fell out of touch after ecb president of mario try these comments at the european parliament which you've touched on earlier as well live. so that's a bit of a focus on that. still all eyes are going to be on the outcome of the federal reserve open market the policy committee meeting which ends on wednesday and wouldn't see if there's any further position squaring by that i mean if investors continued to take some profits from recent gains forty five major hedge funds globally are going to position themselves ahead of that meeting and the following results as well but for now pretty positive session is tuesday here in tokyo. my back teeth are turning things off of the copy that was from email attacks on the tokyo stock exchange and that that's the latest from us on the business team at this hour on tv with the tackle some of the markets open. it is. p

mixed data coming out of the eurozone yesterday. the different influences of france and germany.look? assess the made -- theyey shocked in the markets. they cut interest rates. see germany, the manufacturing sector picking up a by the end of the year. you'd expect a net a rate cut or more at any type of stimulus -- you can expect a interest rate cut or more of any type of stimulus. that is where they are going to focus their attention. >> what does the rest of the eurozone the do? interestingbeen over the past few months is the fact that france, you cannot say it is the core economy anymore. it is very, very weak. absolutely. it is looking much worse on that front. >> kathleen, thank you for joining us. we will look at the chain fight for survival. ♪ >> i am mark barton. plans onghi criticized how to deal with failing banks. he said of the current proposal might be too complicated. leaders are meeting in brussels to come up with a resolution mechanism to ease financial crises. angela merkel will be sworn in for her third term as german chancellor. yesterday she signed a platform.

but that's unlikely to be an elf and additional financing may come from the eurozone bailout funds. the european stability mechanism. that's the sticking point among certain eu members particularly germany nonetheless the german finance minister said the deal was the right way forward. but this is an important step it was very controversial for a long time because the interest in it then he quietly. those findings with building is the my contribution to the stabilizing financial markets it is your will the locals in the european parliament. where's the school to with the house before the current parliament's term incentives in may. it is all gone banking in india came just hours before the eu summit kicks off in brussels european leaders are set to discuss joint defense for the first time there in five years. britain and germany are aiming to downgrade plans for deeper eu military cooperation. but france for its part wants to add a new line of eu funding for unilateral interventions like its current operation in the central african republic meanwhile a new report from amnesty intern

run viable to have the right to close down if it so wishes any of the six thousand banks in the eurozone. i'm so lots of question still to be on said and if that works out that ninety five percent of their while on the dutchman but i will say she say there will be another nice thing to send the eighteenth. the eu called a crucial eu summit when this is all supposed to be results to ensure confidence in future euro market. and now i'll have traders reacted to the ongoing talks in brussels about the banking union stephen wilson to stop somebody from the frankfurt stock exchange. it would take a long time to establish a single bank to move in time maybe too much time critics say because in the beginning of next year they'll will be with the stress tests fall back and switch with a show which had bangs out stable in the yuma area and which i'm not in general. investa said that that the decisions that have been made in brussels are good for the financial sector but said they did not like this into share prices and worries about below the economy trek down the markets again and so the dax pill

as the year draws to a close we look at the impact of austerity in the eurozone with nations like greece demoted to emerging markets status while others like ireland exit the bailout program with piles of debt and unemployment us. media organizations are simply a branch of the establishment. we can leave julian assange talks with r.t. about media freedom in his organization's new film depicting challenges whistleblowers face in getting out the truth. in moscow i match reza good to have you with us here on r t our top story this hour seven of the people wounded in a suicide blast in volgograd in southern russia have been transferred to moscow all in extremely serious condition meanwhile investigators are trying to determine who carried out the explosion that ripped through the main railway station there killing sixteen people and injuring scores are he's margaret howell has more from boulder right. volgograd busy train station that was rocked by the blast of a terrorist bomb on sunday afternoon shards of metal ripped through an area around a security checkpoint as passengers waited for th

that moon but certainly europe is one of the main challenges that will be facing this coalition the eurozone by no means out of the woods. other european countries have been waiting months for germany's government to get back to work one of the big outstanding issues banking unit so we will know a bit more about what's in store as a snake on wednesday. other challenges ahead. certainly the area energy policy here to the coalition agreement was signed today is relatively easy but it's clear that the area is a major challenge. we're seeing electricity prices rise significantly. here in germany and the government tries to wean the country off its nuclear power and fossil fuels. a very big challenge their faces each take my capri of the spd leader who will now become so our minister for energy and the economy silky will have a lot to tackle both had to learn to like the priorities we also know that the spd the junior coalition partner very much wants to see a minimum wage at the top of the agenda for the coalition and also an extension of the pension system to people going past a touch lower ben