france's budget deficit is set to rise to over three percent of g.d.p. as a result of president amount of the cost promised to boost wages for low income workers he made the pledge following weeks of protests and demonstrations were originally sparked by over a planned she will tax hike in response on scrap the tax and increase the minimum wage by one hundred euros a month total cost of those concessions could be up to fifteen billion euros fuelling concerns of unsustainable debt. meanwhile italy's government has agreed on the basis of a new budget aimed at avoiding disciplinary action from the european union the country's original spending plans were found to be in breach of e.u. fiscal rules italy's leaders wanted to increase welfare payments cut taxes and reduce the retirement age but the uses those plans will raise the country's deficit beyond acceptable levels details of the revised budget are not yet known. so let's bring in bring in. our financial correspondent from frankfurt only the three percent g.d.p. deficit limit is part of the e used to bil

slightly over that deficit budget deficit level of three percent of overall economic performance of g.d.p. france also has a much higher debt load than it should have and that's also a consideration and so this is not setting a good example for of course everyone else in the eurozone at this critical time in the eurozone while talking about about that italy is is the euro zone's third largest economy is in line with the three percent limit bought its overall debt is enormous france and italy beginning to weigh on the euro. they are but the euro as we speak is going up just a tad behind the euro is of course the e.c.v. with all its firing power and while it's stopping buying bonds at the end of this year in just a few days it will continue to support the market with its other instruments and that's basically propping up the euro but of course there's a heady mixture there the two biggest the second and third largest countries going against the financial stability rules germany having a hard time for voting leadership at the moment in the e.u. and crow losing his role as a reformer in the e.u. it's

slightly over that deficit budget deficit level of three percent of overall economic performance of g.d.p. france also has a much higher debt load than it should have and that's also a consideration and so this is not setting a good example for of course everyone else in the eurozone at this critical time in the eurozone while talking about about that italy is is the euro zone's third largest economy is in line with the three percent limit but its overall debt is enormous italy beginning to weigh on the euro. they are but the euro as we speak is going up just a tad behind the euro as of course the e.c.b. with all its firing power and while it's stopping buying bonds at the end of this year and just a few days it will continue to support the market with its other instruments and that's basically propping up the euro but of course there's a heady mixture there the two biggest the second and third largest countries going against the financial stability rules germany having a hard time for vining leadership but at the moment in the e.u. and crow losing his role as a reformer in the e.u. it's a diffic

the budget deficit in france is set to rise to more than three percent of g.d.p. as a result of president obama promised to boost wages for low income workers he made the pledge following weeks of protests demonstrations were originally spa and over a plan to fuel tax hike and response scrapped the ties and increase the minimum wage by one hundred euros a month the total cost of those concessions though could be up to fifteen billion euros chilling concerns of unsustainable debt. meanwhile it is government has agreed on the basis of a new budget aimed at avoiding disciplinary action from the european union the country's original spending plans were found to be in breach of e.u. fiscal rules is in these leaders want to increase welfare payments cut taxes and reduce the retirement age but the e.u. says those plans will raise the country's deficit young and sceptical levels details of revised budget are not yet. so let's bring in bring in. our financial correspondent from frankfurt only this three percent g.d.p. deficit limit is part of the used to billets the pact w

g.d.p. so far lower than what france has said it's now going to have now it's only part the reason for that is because it does have huge debts over the last few years and there has since been an agreement between the two but it has led some people to say we still living in a. european union where some countries i'm not penalised for crossing the barriers breaking the rules everyone else has to play right the way to the book and thanks sure as our correspondent in paris. the united arab emirates has announced that its reopening its embassy in damascus closed in two hundred twelve on recall the ambassador is serious and conclusive a war has details. the united arab emirates is reopening its embassy in damascus now this is a diplomatic boost for the syrian president bashar al assad not least of all because the u.a.e. was one of those countries that supported opposition slash rebel fighters against his syrian soldiers over the past few years of conflict it was back in two thousand and twelve that the u.a.e. closed its office in damascus and at that time all gulf countries closed their missions

g.d.p. below the limit analysts now say if it acted mr mccraw promises could push france's deficit even higher to three point five percent of g.d.p. if e.u. officials allow mr mccrone to flout the budget rules they risk creating an apparent double standard but opting for consistency by pressuring mr mccrone to pull back could destabilize the unpopular french president's government european commission head john claude juncker an italian prime minister conti met earlier today in brussels and to take a different look at some of the major economic news around the world we now turn to professor of economic americas at the university of massachusetts amherst professor richard wolfe professor great to have you back there's so much i want to ask you about today first i want to ask generally about china and their economy and not about the third quarter any particular data point but more overall professor how their economy is doing and how they've been operating for decades with specific regard to technology and are they playing by the rules of global commerce i mean given the concerns about stealing in

g.d.p. news live from berlin yellow best of protesters hit the streets of france for a fifth straight weekend thousands of police have been deployed to prevent or violence about protesters vow to keep pressuring residents from. the. my un climate change talks shoot into overtime in poland campaigners urged deadlocked negotiators to get their act together but after debating through the night there are still deep divisions on how to curb global warming. i'm calm assman thanks for joining us police have used tear gas to disperse protesters in the french capital paris as so-called gallow vests demonstrators take to the streets for the fifth weekend in a row scuffles broke out on the sidelines of a largely peaceful demonstration thousands of police have been deployed to contain any outburst of violence demonstrators say that life in france is an affordable enough presence of menu mccrone is not doing enough to respond to their concerns. helen humphrey has been following the events in paris earlier asked how today's protest compared to those of the past several weeks from people i've spoken to they

france germany open to all spain where they can get. a job where the money in euro's rather than being paid to g.d.p. because the value of the pound is full substantially also thirty percent of the chocolate is export it within the european union delays at the border after bricks it might cause the delicate product to suffer the. system you have of the moment has flows but it's ninety five percent perfect as far as a system for trading. we've got to be no. issues between the borders. for a company like mine. focus everything you do off of that is a problem. for post bricks it many in business hope there will be a solution to keep the new workers coming so for the lowest good jobs like hospitality otherwise who will make the drinks it's not just the employment market that's creating a headache for british business what they fear is a disorder the bricks that crushing out of the e.u. without a deal with brussels particularly small businesses are not really prepared for this at all. and just briefly time out a factor good year has pulled out of venezuela citing the country's ballooning economic crisis a

backtrack on economic reform yes yeah the budget deficit in france is not looking very good it actually sets to rise to over three percent of g.d.p. that as a result of president in muslim of course promised to boost wages for low income workers and he made the platters the pledges following weeks of protests the demonstrations were originally sparked by anger over a planned fuel tax hike in response might cost crap the tax and increase the minimum wage by one hundred euros a month the total cost of those concessions could be up to fifteen billion viewers fueling concerns of unsustainable debts. meanwhile the e.u. commission says that it's in talks with rome over italy's revised twenty nine thousand budget proposal with it the italian government aims at avoiding disciplinary action from the european union because italy's original spending plans were found to be in breach of e.u. fiscal rules italy's leaders want to increase welfare payments cut taxes and reduce the retirement age but the e.u. says those plans will raise the country's deficit beyond acceptable levels. of more that i'm joined by our financial market correspondent a

g.d.p. per a revised plan from prime minister just at the conti remarkably the e.u. is economy commissioner last week rejected the italian climbdown as not going far enough meanwhile prime minister edward felipe of france admitted in an interview that president emanuel micron's recently announced reversals on taxes and spending or pushed the french budget deficit to three point two percent of french g.d.p. . we now have a great top coming up but i couldn't be more excited because i'm pleased to be joined by one of my former colleagues at a law firm both of us were not lawyers that we gave unscathed. very malley the founder and managing partner of carbon who is not only an expert in start ups and venture capital but as involved with us super noble endeavor making a real social impact shane welcome it's so great to have you here also to be here good to see again so let's talk about carbon what you're involved in tell the boom busters about it absolutely could be more excited so this is been a passion of mine for advice fifteen years actually and what we've come across as you know we're at the tide where the world is changing a lot of things are going on and we're losing our humanity as the way we kind of

budget two budget problems in the euro zone italy now france terry there the budget deficit is set to exceed the e.u.'s limit of three percent of g.d.p as a result of president in model m. accost promise to boost wages for low income workers and he made the pledge following weeks of protests the demonstrations were originally sparked by anger over a planned fuel tax hike in response might cost perhaps the tax and increase the minimum wage by one hundred euros a modest the total cost of those concessions could be up to fifteen billion euros fuelling concerns off an unsustainable debt. and meanwhile italy's government has agreed on the basis of a new budget aimed at avoiding disciplinary action from the european union and the move comes after the country's original spending plans were found to breach e.u. fiscal rules italy's leaders want to increase welfare payments cut taxes and reduce the retirement age of the e.u. says those plans will raise the country's deficit beyond acceptable levels the details of the revised budget i'm not yet known. i'm on that i'm joined by our financial market correspondent all of us in frankfurt only so t

g.d.p. but spain belgium portugal and slovenia are among the nations who got a telling off for breaching those rules it's france's big spending plans for next year that's really got a tally of politicians riled paris is projecting a three point two percent deficit for twenty nine t. while rome was threatened with sanctions the e.u. as far as france is concerned a signal that france won't be punished it's not gone down well in italy it's been perceived that this discrepancy. seen italian leaders try to force through their budget since day one this is the first to tally and budget the e.u. doesn't like no surprise this is the first italian budget written in rome and not in brussels the economy. the italian economy is healthy and this is an economic move that will give italy district pretty neat we won't change one comma in this document there is a plan b. you know to go into the ground that are both going on. working for the future. and italian m.e.p. from the five star movement we spoke to says there are positive aspects in the new budget despite italy's struggles with the. some. things about the it's people think

g.d.p. spain belgium portugal and slovenia are among the nations who have had a telling off for breaching the rules but it's france's big spending plans for next year that has got the time politicians riled paris is projecting a three point two percent deficit for two thousand one thousand and while rome was threatened with sanctions the e.u. has signaled france won't be punished it's that perceived discrepancy the scene leaders try to force through their budget since day one. this is the first a town in budget the doesn't like no surprise this is the first italian budget written in rome and not in brussels the economy italian a sign that the italian economy is healthy and this is an economic move that will give italy this to pretty neat we want change one comma in this document there is a plan b. you have to go through that that we are not going boards that are betting on. working for the future. it. right in italian m.e.p. from the five star movement we spoke to says there are positive aspects in the new budget despite italy struggles with the some where even he thinks about that it's people think about of course

g.d.p. spain belgium portugal and slovenia are among the nations which have also had a telling off for breaching the deficit rules but it is france's big spending plans for next year that's got to tell you and politicians are all part of this is projecting a three point two percent deficit for twenty ninth dean while rome was threatened with sanctions the e.u. has signaled france won't be punished it's not perceived discrepancy but seeing that selling leaders tried to force through their budget since day one this is the first time in budget leave you doesn't like no surprise this is the first italian budget written in rome and not in brussels. the italian economy is healthy and this is an economic move that will give italy distributing needs we want change one comma in this document. the plan b. you know to go to. the both the on. the future. ok let's get reaction from a tele an e.p.a. coder rio from the five star movement welcome to the program why is the government in italy capitulated over the budget is it an admission that they got its numbers wrong. no not really actually we over steam ate our major when we first percent of th

france or germany or to all spain where they can get. a job where the money in euro's rather than being paid in g.d.p. because the value of the pound is full substantially also thirty percent of the chocolate is export and within the european union delays at the border after. rex it might cost a delicate product to suffer the system we have at the moment house floors but it's ninety five percent perfect as far as a system for trading. we've found through the nose. issues between the borders is for a company like mine. focus and everything we do after that is a problem. for the coast bricks it many in business hope there will be a solution to keep the new workers coming also for the lower skilled jobs like hospitality otherwise who will make the drinks it's not just the employment market that's creating a headache for british business what they fear is a disorderly bricks that crushing out of the e.u. without the deal with brussels particularly small businesses are not really prepared for this at all. well every year the time person of the year announcement makes headlines and it makes a statement this

engine cars towards electric ones but the problem he faces is that france is the most taxed economy in europe forty nine percent of g.d.p. is taxation and if you keep pouring water into a glass eventually it spills over and you have a mess and that's exactly what he has the moment so he's done the right thing on the environment but what he's not done is address the wider issues around the social equity of taxation in front it's interesting i'm just looking at a couple of comments coming through we broadcast this show on facebook live some of our viewers are writing in and saying this isn't about the climate anymore it's about government reform micron's speaks for the rich the greed of power is overtaking the needs of the environment you think that's what's actually happening here that the core issues being lost oh i think undoubtedly this is much wider than than simply a protest about fuel taxation and it shows that where you reform big taxes and fuel taxes that needs to be done as part of a wider reform of. employment taxation policies because both the shift to green cars and away from oil and a shift away from taxes o

engine cars towards electric ones but the problem he faces is that tax france is the most taxed economy in europe forty nine percent of g.d.p. is taxation and if you keep pouring water into a glass eventually it spills over and you have a mess and that's exactly what he has the moment so he's done the right thing on the environment but what he's not done is address the wider issues around the social equity of taxation in front it's interesting i'm just looking at a couple of comments coming through we broadcast this show on facebook live some of our viewers are writing in and saying this isn't about the climate anymore it's about government reform micron's speaks for the rich the greed of power is overtaking the needs of the environment you think that's what's actually happening here that the core issues being lost oh i think undoubtedly this is much wider than than simply a protest about fuel taxation and it shows that where you reform big taxes and fuel taxes that needs to be done as part of a wider reform of. employment taxation policies because both the shift to green cars and away from oil and a shift away from taxes o

have rocked france now paris has already admit that those concessions costing billions of euros already going to push the two thousand and nineteen budget for two point eight percent of g.d.p. all the way up to three point two percent meaning it breaches the european commission's stated objectives of three percent now brussels is said it will not tolerate any breaching of these rules post two thousand and nineteen under this condition move tolerates a national debt higher than three percent as a one time exception however it must not continue beyond twenty nine team and it's not the first time that france has actually breached these limits in fact when we look over the last ten years they've reached the limits more than they've been within them and spot the fact that penalties are supposed to be applied to a country that breached these rules so far none have been of plight france that's also the same for germany which breached the three percent barrier back in two thousand and three but spare a thought for italy that's been struggling to try and get its two thousand and nineteen budget approved this year past the allies the eagle eyes of the european commission and that's

france germany will be to find where they can get. a job where the money in euro's rather than being paid to g.d.p. because the value of the pound is full substantially also thirty percent. the chocolate is export it within the european union delays at the border after bricks it might cause the delicate product to suffer the system we have at the moment house close but it's ninety five percent perfect as far as a system for trading. we've got to be no. issues between the borders is for a company like mine. focus and everything we do after that is a problem. coast bricks it many in business hope there will be a solution to keep the new workers coming also for the lowest skilled jobs like hospitality otherwise who will make the drinks it's not just the employment market that's creating a headache for british business what they fear is that this order the bricks that crushing out of the e.u. without a deal with brussels particularly small businesses are not really prepared for this at all. who makes the brits drink so i think that's the big story the manufacturer goodyear has pulled out of venezuela c