you know, the imf and the world bank and the u.n. weren't going to be able to keep up and cope with the crisis as it was unfolding when the great recession was starting in 2008, 2009. but, you know, what were the institutions that were available that were more flexible? the g8? well, the g8 is, you know, it's considered to be, it's a bunch of rich white guys. certainly isn't considered to be representative of the broad community. but how do you bring a big community together? well, the international community chose to the create something, the g20. and i think it was enormously important in helping at a crucial time to give a sense of direction. southern nations still -- sovereign nations still had to implement things, but there needed to be some form and med to bring it -- method to bring it together and get some shared coherence. that's kind of the foundation of how we got here. but now we ask the question, where's the g20 going, you know? is it really going to be a normative structure over time? how does it do that? it's unclear.

imf past -- has to have legitimacy. it cannot be viewed as the pawn of any one country or group of countries. the world is changing. this rapid growth of emerging market countries. the changes in economic importance have to be reflected in our government structure across the whole spectrum. you might want to deal with that. there have been changes in our government structure, changes in our quota system, the way our executive boards governors work, but there has not yet been enough. we have reforms is the bin decided in 2010 and proven by many countries but not yet approved by the united states of america. at think that it is quite clear that the imf serves an important role in promoting global financial stability and global growth. the something that is good for all our members, and in particular good for the united states, so it makes sense for the estates to stand behind the imf as an institution. i know that there is legislation being considered right now to put forward the increase in government reform that has bee

specifically, the imf pointed out the risks of expanding shadow banking transactions. it says the money raised through financial products that are opaque and not properly regulated are follow to local development projects and real estate investments. observers say the government is to blame. they say the policy of limiting interest rates on bank deposits has fueled the expansion of shadow banking. that's because depositors seek higher returns. the imf urged monetary authorities to step up their regulation on such activities and let banks set their deposit rates freely. here are the latest market figures. >>> heavy rain in northern japan. meteorologist robert speta is here with more. robert. >> let's start with what's going on here into yamagata prefecture, specifically where you saw a tremendous amount of rainfall from this low pressure area that pushed through on wednesday going into thursday. about 150 millimeters fell in some areas out here. you also saw report of a landslide. i want to show you video of some flash flooding that took place. now, this was a driving s

the imf cut the global growth outlook for this year and next. hampton pearson has the details. >> reporter: top e conn miconom predicting smaller global growth this year and next. china is leading the way among developing countries seeing a slowdown in economic growth. >> this means that the focus of policies would increasingly need to turn to boosting potential out ward growth in the case of china to achieving a more sustainable and balanced growth. >> reporter: the imf forecasts global growth from 3.1% and 3. % is the 2014 forecast. the u.s. economy is weaker. the imf pegs u.s. great at 1.7% this year and 2.7% in 2014. down 2/10ths of a percent. how long will the sequester last and ben bernanke to taper the stimulus. >> going forward, we think this was very much repricing episode and we expect to decrease, maybe not back to the levels of a few months ago but to decrease relative to the highs of the recent past. but one cannot rule further attacks of nerves along the way. >> reporter: leading economists and market watchers say it's not just vol

the imf says many of the emerging economies are slowing. it predicted a cut its growth estimate for the u.s., 1.7%. but the fund expects higher growth in japan. it raised its forecast from 1.6 to 2%. that's the highest amongst the group of seven industrialized countries. it explains that japan's economic policies will help boost consumption and exports. imf chief economist said japan's growth is stronger than expected. but he urged the nation to implement fiscal and structural reforms as soon as possible. >> on this, the second arrow, which is the fiscal stimulus is soon complimented by medium run fiscal plan and the third arrow, which is the structural reforms reflects substantial reforms, i think the risk is that investors will become worried about debt sustainability and then ask for a higher interest rate on japanese government bonds. >>> the people who make the big decisions at the bank of japan have made a lot of changes over the past few months, taking step does curb deflation and get more money flowing through the economy. now they'

for much of the last year, we have been encouraging the egyptians to engage in the imf and the imf to engage in egypt. find the basis pore a program but also encouraging others to provide support, as well. i think the fundamental obstacles to egypt reach agan agreement with the imf have been politil rather than economic. and i think that's what brings us back to what has happened recently. our role is not to support vils or parties but processes and principles. and one of those is that the parties need to come together to discuss how egypt is across all political actors, how urgently egypt needs an economic reform prram supported by the imf and that's what they have failed to do in the last few months, find any national consensus on the kind of difficult reforms that egypt needs. >> foreign secretary is, you highlighted the importance of respect for elections, respect for democracy and democracy being something that should help with stability. isn't it the case that democracy isn't just about elections every four or five years but how you vern in between? and this sort of winner takes

it was set up before the imf and before the world bank. but it's got, as a commercial bank, it's not like a mission and -- it's got like a mission and a duty to make a profit, but it's got almost all the same protections as the united nations or the international monetary fund. so from the moment it was set up by an international treaty, the bis' premises is almost extraer extraterritorial. the swiss authorities have no jurisdiction over it. same as the american embassy or the british embassy has that level of protection. and during the 1930s the bis became a place where the central bankers could meet meet and discuss things away from politicians and away from the eyes of reporters. and, in fact, during the 30 bes the bank was so secretive that there was a new york times reporter who went out to because el to do a -- basel who went out to do a piece for the magazine. and he said after the directors' meeting he wasn't even allowed into the room when they'd all gone because the space was so protected and so sacred. so i think that's very int

it was set up before the imf and the world bank. as it commercial bank, it's going to it's got a mission and a duty to make the profit. it's got all the same protection almost all of the united nations or the international monetary fund. from the moment it was set up by an international treaty, the bis premise was almost extraterritorial. the swiss authority have no jurisdiction over it. same as the american embassy, or the british embassy. it has that protection. during the 1930s it became a way for the central bankers to discuss it away from the politician and the reporters. in fact, during the '30s the bank was a so secretive, there was a "new york times" out to do a piece on the bis. he got to the building and said after the director's meeting, he wasn't even allowed to the room because of the space was so protected. so sacred. i think it's interesting. what it tells us, if you ever wondered how we got this place where all the people from the imf and the world bank whatever flying around the world, for example. how did we get he

the imf says many of the major emerging economies are slowing. it lowered china's growth forecast by 0.3 percentage points to 7.8%. it also predicted a contraction of 0.6% for the eurozone economy, and cut its growth estimate for the u.s. to 1.7%. but the fund expects higher growth in japan. it raised its forecast for the nation from 1.6 to 2%. that's the highest among the group of seven industrialized countries. it explains that japan's economic policies, including a massive monetary easing program, will help boost consumption and exports. >>> imf chief economist olivia black char said growth is stronger than expected but urged the nation to implement fiscal and structural reforms as soon as possible. >> on this, the second arrow, which is the fiscal stimulus, is soon complemented by credible medium-run fiscal plan. and the third arrow, which is structural reforms, reflects substantial reforms. i think the risk is that investors will become worried about that sustainability, and then ask for higher interest rate on japanese government bonds. >>

package to egypt with no strings attached about economic reform and it killedthe imf deal. that is the kind of american leadership. someone calling the libyans and saying make your money conditional on their signing. something of that sort does not require the american taxpayer to be putting up money. >> >> let's look at the number one industry which egypt has, tourism. why is tourism falling down? there is not elementary security. they will not secure the streetsecond, because tourists -- been told unmarried couples will not be able to stay in the same room, they are told, and that is not true. you have to have segregated ages, you cannot drink alcohol. these are the kinds of issues in other countries in which development succeeded. there were no insurgencies, no demonstrations and such in any, not in germany after occupation, not in japan or poland or the other country you mentioned, argentina. evenrity is the first thing. there the question is, how can we help them? second, the question is when you pour money into countries, the countries that you invest, the so-called a

8.1 billion euro sum of money. 4.8 billion euros to come from the eu. 1.8 billion to come from the imf. ultimately they're expected to get this money, though it will come through in two separate

they have not qualified for the $5 billion imf loan. the new government knows what needs to happen and the military needs to send a signal to the international community that is not eager to hold on to power for a long period of time. they have technocrats in. it's something president morsi has not done. >> thank you very much, indeed, for that. john is making very, very valid points this morning for what is a new dawn for egypt and its people. a very uncertain future as things stand. let's get you other news with john now back at cnn center. >> thank you, becky. >> france is apologizings for refusing to allow a jet into its air space during a return trip to russia. the president arrived home to a hero's welcome. he was showered with confetti. he was a victim of an act of aggression by france and other european countries. they denied his jet overfly rights because of suspicions edward snowden may have been on board. the bolivian president said the united states was behind the whole thing. >> translator: i would like to tell you that som

problem with the emerging markets in the late 90's the of the early 2000's and with reforms of the imf it stopped fortunately whether due to brazil or turkey india performed much better so they went to these first principles much better than we did in your doing quite well. >>host: with the phrase too big to fail what do you think? >> would give me in this is of the largely financial institutions are viewed as too big to fail without causing damage. it really hasn't got a way. and the the initial crisis has been made worse because they saw the bailout now they say they are bigger it hasn't disappeared so a lot of the work it is written that did this book how you can reform the bankruptcy code so even a large financial institution k going to baker see just like united airlines and people kept flying we would like them to do the same thing but they don't get a special deal and that would be a much healthier system. reworking of that i think there are some promising opportunities we do have the bankruptcy law that means no special favors because we have to work of that plan -- and raised

the imf has been set up, but no one knows what it is. it's only year-old. and the world bank as well. the dis is there, experience. it has jacobson. so the dna is survived. in its next stage of the next few decades basically until the 1990's the s hosted of the perjury work, the technical and secretarial work for the preparation of the euro. that is some kind of reinvented itself. and this starts to look like the 1940's with the love of obscure things that most people that never heard of to have heard of. the committee of governors and the european central bankers all mad at the dis. in the place is very important. these things were not actually part of the dis. there were based there, manage there. the dis to their banking. so it became the kind of local focal point for all of -- for much of the postwar planning, especially to do with the euro. and then in the 1990's, the late 1980's and the president of the european commission, he set up the committee to work out european union, i.e. the euro. and debased. the politicians wanted based in russell's or stra

but the reluctance of the imf was not so much the austerity measures. was a government they didn't trust and they knew didn't have the support of the people. now it is going to be different with a new minister of finance, a new feeling in the country of course they will be worried about the security, the violence, but they will know that people are supporting this government. that is why i am hoping people will support the government to enable it to go forward. >> thank you, we had an extra 15 minutes of question and answer. we are exhausting our honored those, there are many questions many of you want to ask. i apologize if you didn't get a chance to ask. we are going to have one last question and it is going to be right here. >> i want to thank you for your excellent presentation this afternoon. tom friedman's article couple days ago in his own way, deceptive object to the, he painted a very pessimistic picture of egypt. this -- always poison under his feet. at any rate, my question to you is are you optimistic about egypt's future? we are all optimis

bailout problem with emerging markets in the late 90s and early 2000s, and with some reforms of the imfthat sort of stopped. we stopped doing that, and fortune as result of emerging markets, whether brazil or turkey, india, performed much better. so that's a good story about economics. they kind of went towards these first principles i think and as result they survived the financial crisis much better than we did. they are doing quite well. >> host: when you hear the phrase too big to fail what do you think? >> guest: well, it worries me. of course, what it means is there's institutions largely financial institutions which are viewed as too big our connected to fail without causing damage at the financial system. it's not really gone away. and where the financial crisis has made it worse because people saw the bailouts of those institutions. because they were too big to fail. now to say that they're bigger and it's really not disappear. so a lot of the work, and it's written up in his book how you could reform the bankruptcy code so even a large financial institution could go into bankr

i spoke a brief time ago with the imf's chief economist. what made the forecast lower global economic growth? news frominor bad most of the world. for now, we have revised the forecast 20 two%. the main use is in the emerging -- 22%. the main news is in the emerging market countries, the big ones. they're all slowing down at the same time. you think maybe exports to advanced countries, given the advanced countries are not doing great, would explain some, and it does, but not all. >> china, for example, what is going on there? >> just from an accounting point of view, investment was less than expected, consumption was less than expected. so just a slowdown. it looks as if there is a slowdown, and the important thing is that it looks like a decline not only in actual output but in potential output. again, the explanations seem to be different across countries. in china, the level of investment is far beyond sustainable. just the opposite is true in brazil. very low investment is affecting demand and affecting growth. they do have something in

i spoke a brief time ago with the imf's chief economist. what made the forecast lower global economic growth? news frominor bad most of the world. for now, we have revised the forecast 20 two%. the main use is in the emerging -- 22%. the main news is in the emerging market countries, the big ones. they're all slowing down at the same time. you think maybe exports to advanced countries, given the advanced countries are not doing great, would explain some, and it does, but not all. >> china, for example, what is going on there? >> just from an accounting point of view, investment was less than expected, consumption was less than expected. so just a slowdown. it looks as if there is a slowdown, and the important thing is that it looks like a decline not only in actual output but in potential output. again, the explanations seem to be different across countries. in china, the level of investment is far beyond sustainable. just the opposite is true in brazil. very low investment is affecting demand and affecting growth. they do have something in

an imf delegation announced the deal following negotiations with pack sta pakistani officis in islamabad. >> a pakistan designed and built program, which we feel like we can support. it consistens of comprehensive reform to help solve the severe shortages which have been zapping economic growth potential. >> the agreement will be further developed by officials of the imf. its executive board is likely to approve the loan as early as september. as it faces a deteriorating state of security, pakistan is bringing back the death penalty, which it suspended in 2008. human rights groups are speaking out against the decision. the previous government placed a five-year moratorium on capital punishment which expired this year on june 30th. sharif's administration says it does not plan to extend it. the government claims there are about 400 people on death row, but a human rights group says the number could total as much as 8,000. according to reuters, the pakistani government insists that the death penalty is a key policy for deterring rampant crime and militancy in the country, amnesty internati

fresh aid from eurozone and the imf. no buyers for the luxury giant. exposure to a pretty strong asian fan base. a jump in food prices helped boost consumer inflation in june. the data suggests that they will sit tight for the time being. and alcoa gets the u.s. earnings season off to a good start. posted better than expected adjusted results and also backing its global demand forecasts. >>> warm welcome. it is tuesday, the 9th of july. plenty to come on today's show. we'll be in egypt. protesters are expected to take to the streets again today. could a timetable for elections bring some stability? expansion is back on the agenda. this is according to the latest cfo survey from deloitte. are those in top jobs all talk and no action? we'll talk at 10:30 cet. alcoa kicked off u.s. earnings season on a bullish note. but what can we expect from others? we'll get a view there. the head of the world's biggest exchange operator terry duffy, president of cme group joins us in studio. has his eye on an m&a deal. tune in to find out. thoughts or comments about a

the imf seems to take a relatively benign view of this. and you have been criticized for being not vigilant enough, not outspoken enough about these issues. the whole reason for the establishment of the imf was to establish these issues. how do you respond to that criticism? is it fair? >> we have been asked by the g- 20 to look at how policies in any one country spill over and affect other countries. we are doing that. i think when we look at that in the recent period, we identified the spillovers. we are on the lookout for policies that are misguided and causing problems. most of the focus in the early part of this year was on the unconventional monetary policies a number of central banks in different ways and different times, u.s., uk, european central bank, and bank of japan, when ween carrying out. look at those policies, we see the clear rationale that the central bank has for these policies and a setting where economies are sluggish, inflation is falling below targeted levels, interest rates have already been reduced to zero, so cen

take a look at the dow trials and the imf came out and sort of scolding the federal reserve.ere. they said that the feed needed to be more transparency and improve the transparency and certainly a premature action might spike a 25-basis point move in the bond market. take a look at the sectors, a defensive day with consumer discretionary stock and, of course not surprisingly commodities. copper has been weak and energy stocks weak. that happens any time you get china concerns. you get weakness in those sectors so the bottom line is anything we've seen this week, number one, what can move the market down is higher interest rates, concerns about higher rates. secondly any kind of concern about weakness in china also moving the market. have a grade great weekend. >> let's go to the nasdaq and seema mody is there following the big moveers? >> tyler, so many individual stock stories. starting with amazon, shares are staging a comeback after the company reported disappointed earnings last night. that's helping the nasdaq pear losses. starbucks, that's the top performing stock on th

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the imf reduced predictions of global growth and the u.s. cannot do it alone.he fed will make the mistake of tapering to send in having as join europe and a downturn. liz: also, half of that members want, and this is what the minutes showed, what does asset purchases to end. we will see about that. good to see you. thank you so much for joining us on the floor show. real clues about whether the fed could begin tapering. 85 billion in monthly bond purchases. just about an hour from now have we give more clues? it is a speech about the 100 years of the far reserved. >> it's about a half an hour on the history of the fed, but then about a half an hour of questions from some very sharp economists send you know, we have the minutes which is plenty of grist for questions. we are expecting that at least someone will ask about the chairman to try and draw down on this because what have we had since the june meeting? we have the unemployment report on friday, which was much better than expected, showing about 200,000 jobs in june, upward revisions to april and may showi

amanda zaphr is a former board member for greece at the imf.s is the omnibus bill voting in on wednesday. presumably because they want to tackle reducing jobs in the public sector, something which i understand they haven't had much success with. >> actually that is the most contentious part of the omnibus bill. it's part of a long delayed plan to reduce the size of the bloated greek public sector to target redundancies. so after three years of austerity, which saw the unemployment rate shoot up to 27%, no civil servant had been fired until the closure of the public broadcaster last month. so now as part of the agreement with the troika of creditors, greece has to place more than 4,000 civil servants on a mobility scheme, which means that if they cannot find a job elsewhere in the public sector within eight months, they will be fired. >> yeah. it's only really the start of a program. public -- we got one thing we need to slim down clearly the civil service and get a privatization program going as well. so where does this sit within the broader s

the imf seems to take a relatively benign view of this. and you have been criticized for being not vigilant enough, not outspoken enough about these issues. thewhole reason for establishment of the imf was to establish these issues. how do you respond to that criticism? is it fair? >> we have been asked by the g- into look at how policies any one country spill over and affect other countries. we are doing that. i think when we look at that in the recent period, we identified the spillovers. we are on the lookout for policies that are misguided and causing problems. most of the focus in the early part of this year was on the unconventional monetary policies a number of central banks in different ways and different times, u.s., uk, european central bank, and bank of japan, have been carrying out. well-settled traditions and practices. there are a lot of things one can do to gum up the works in the senate, a lot of things you can do. but what typically happens is we exercise self-restraint and we don't engage in that kind of behavior becse in

the imf is warning that there are risks ahead for portugal, but all of these banks are saying, this is is the issue. whether or not there is austerity fatigue in these countries. in other words, will these countries be able to dial back on their spending and dial back on their tax hike? they're saying no because they you, imf, and the ecb, the troika as it is called, the three of them are hanging tough, essentially saying to cyprus and greece, you have to continue with your reforms or you will not get bailout money. that can be expected to also happen in portugal. portugal is trading at junk status with junk bond status. what is striking here is that it started out this month that just under six and a half%. you saw the bond vigilantes coming in big time. the yield the spiking north of a percent. so our rocky, bobby rhine but basically the ministers are hanging tough. you have to pull through. all send it back to you. david: thank you very much. liz: over stock has been defying the markets which themselves have been doing well. soaring 82% so far this year. actually a live feed of what

, and ireland have been unable to raise money on capital markets, the european central bank and the imf has stepped in to offer relief. only two countries in the eurozone has managed to reduce their debt ratio -- germany and newcomer, a stone you. -- estonia. >> nelson mandela is improving. he is still in critical condition to but you it's showing sustained progress. >> the antihero of the extraordinary outpouring of love that was displayed on his 95th birthday. -- hospitalized last month for a recurring lung infection. spanish media is reporting that barcelona will name their new coach. he replaces the man who resigned for health reasons on friday. >> reportedly there will be a three year contract. he is due to arrive in spain on wednesday. >> if you are a cycling fan, you might have been watching when he won. >> talking about written, a victory at the tour de france. >> crossing the line together, it was his gesture that his tour de france victory wasn't very much a team effort. at the british writer 14 minutes, 20 seconds ahead of columbia's writer. -- rider. some have questioned whe

imf telling us the global outlook in the latest releases is worse than what they expected. or what we expected just recently. if i think we are finding that we still recognize we have work to do. almost everywhere but japan the outlook is more disappointing and maybe not the big downside risk but then what was expected a few weeks ago. so the focus that leaders will once again focus on how we can really get this recovery on a steady and strong pass. that is the big challenge and i think what has been happening with the emerging markets recently, will also put in extra interest from the whole group i aid and not sure how quickly we were getting out of our recovery but europe was still struggling with a lot of difficult issues. the emerging markets looked as if they could decouple and we have seen recently as a lot of the emerging markets remain concerned not for the industrialized countries to have that discussion that includes the major economy hallow the different policies affect each other. that is not an easy conversation to have but it is critical how things seen from o

imf also raising the forecast for the u.k.it by the way was the one imf singled out, adding a little more 0.6% currencies are one to watch. the euro has fall on the new three-month lows against the floor t. british pound, charm, has now slipped to three-year lows. you have as to wonder what that means both for travel and also for corporate takeovers when people start to eye those companies. >> one of my favorite tweets of the day can i get a holler for the dollar? it's amazing what's going on. >> i know the correlation stronger dollar, higher bond yields and equity, importantly, that will be the one to watch. >> let's bring in rand see what else is moving on the big board, bob. >> i want to point out. we are 1% from a historic high on the s&p 500. i know, everybody is down on the stockmarket the earnings will be this quarter. they're down on the stockmarket because the economy recovery is not going to happen. the fed tapering will be on the stockmarket. but the s&p closing high with 1669 historic closing high. we're at 1650. 1

the -- the imf downgraded a lot of the emerging country's economies today. it downgraded the usa a little bit. i don't particularly agree with that. but china, how big a factor might china be? so far i heard all positive sweet tunes from you. any negatives out there? >> yeah, it's a short term negative. that is if the new government always comes in every ten years they're going to slow things down a little bit because they'll put in the financial reforms, but the slow down is down to like 6, 7, 8%, maybe 7% this year. that's down from 10% the last year. i'm not an expert, but what i have learned is listen to the companies. we just had a company today, alcoa, tell us their business in china is looking pretty solid. now, that's a very good indicator. the companies i'm listening to see things have slowed down, but there are still solids so that gives me hope that japan's increase in the outbreak will offset some of the slowdown in china. >> japan was upgraded by the imf. i thought that was interesting. it's kind of funny, this was supposed to be a bad summer. b

according to the imf's christine lagarde, new risks in the global economy have emerged. among them, the fed's future plans to pull back on stimulus. lagarde claims it's already having a ripple effect on the u.s., china, and brazil. she notes that europe's deepening recession also remains a concern. a new beginning for libor: nyse euronext will take over the administration of libor, the financial industry's benchmark interest rate. libor came into focus after several large banks admitted to roles in manipulating the rate, which is tied to interest rates globally. nyse euronext will take over the responsibilities early next year. tesla is on the move. the upstart electric car company will join the nasdaq 100 monday. tesla shares are up roughly 260% this year. its market cap has revved up to a value of $14 billion. tesla currently trades on the nasdaq. the nasdaq 100 is an index of the top 100 companies of the nasdaq. the shift is happening as oracle exits the nasdaq for the new york stock exchange. general motors is following tesla's lead by releasing a hot car that is als

the eurozone and the imf will now release almost 6 billion euros of bailout funds. greece's problems have certainly not gone away, but remember, 12 months ago, things certainly look a lot was -- a lot worse. the european central bank had a lot to do with this according to our markets correspondent. >> exactly one year ago, the president of the european central bank thomas to do everything to preserve the euro. now the price of one euro is much higher than a year ago. druggie -- draghi's promise caused a lot of confidence among investors. on this last day of the trading week, investors were a bit reluctant. a disappointing earnings report and rumors around a steelmaker dragged down the stock prices of these companies, and this also weighed on the general market here in frankfurt. >> well, we have market numbers for you now. the dax index in frankfurt was down by .65%. euro stoxx 50 slightly up, 2741 it's close. in new york, the dow jones industrial average trading at 0.15% down. the euro down a bit against the dollar, $1.3275. >> incorporate electronic news, samsung

the eurozone and the imf will now release almost 6 billion euros of bailout funds. greece's problems have certainly not gone away, but remember, 12 months ago, things certainly look a lot was -- a lot worse. the european central bank had a lot to do with this according to our markets correspondent. >> exactly one year ago, the president of the european central bank thomas to do everything to preserve the euro. now the price of one euro is much higher than a year ago. druggie -- draghi's promise caused a lot of confidence among investors. on this last day of the trading week, investors were a bit reluctant. a disappointing earnings report and rumors around a steelmaker dragged down the stock prices of these companies, and this also weighed on the general market here in frankfurt. >> well, we have market numbers for you now. the dax index in frankfurt was down by .65%. euro stoxx 50 slightly up, 2741 it's close. in new york, the dow jones industrial average trading at 0.15% down. the euro down a bit against the dollar, $1.3275. >> incorporate electronic news, samsung

you would reflect it is important to the i am, it should be -- that the imf should be part of the discussions. [indiscernible] reflecting, there are many dossiers that remain to be negotiated create the lessons of will not onlye been recovery resolution but a single resolution mechanism. what constitutes a resolution? it needs to be informed by what for the mistake that was made during that time so they cannot just be avoided in the future but the confidence that they will not fall into that error. question.t the job index. think is the progress that is being made? they are talking about diluting get. it it not the fundamental conflict -- is it not the fundamental conflict? [indiscernible] an obligation to the banks for sovereign debts which has been guaranteed. how do you see this developing? distinctionhat between theting two. we will see in october. >> it is further evidence of the abuse of being able to take a tuneup. and ask on that. it reflects on the discussions that we have had that the progress towards banking the link -- is breaking the between sovereign and banks. it is not going t

the eu and imf also discussi ii possible cuts as part of the fiscal program as athens has been in talks for the last weeks. amidst complaints from the eu it had not met reform targets under the terms of its bailout. the imf says details of the deal are likely to emerge before finance ministers sit down today in brussels. julia is in brussels with her thoughts and the latest. hi. >> reporter: good morn ing. as you said, the euro group working group trying to thrush out the details. v.a.t. on interest sales, that was one of the key election promises from the government. it may seem like a strange request. it is something they promise they are fighting for that. the big thing, of course, the public sector reforms cutting down the bloated public sector. one of the agreements was 25,000 civil servants to go on administrative leave and ultimately lose their jobs this year if they can't be transferred to other places. that apparently got an agreement among the troika and the greek officials over the weekend. there are just a few details still being thrashed out we've seen. ultimately what's --

. >> the imf reduced its 2013 prognosis from 3.3% to three point one percent, saying it had underestimated the depth of the recession in europe. -- to 3.1%. the forecast was linked to a downward revision of u.s. growth. that said, europe's leading economy, germany, will record growth, but it will be modest at just 0.3%. stay with us. we are going to a short break. when we come back, rolling back global corruption. wax stay with us. wax stay with us. >> welcome back. thanks for staying with us. transportation international has confirmed what millions of people around the world have been protesting against -- the corruption is making ever deeper inroads in courtrooms, legislatures, and banks. >> the group pointed to corruption among the police, the judiciary, and especially, political parties. the survey also shows people are less willing to tolerate corruption and that their anger over the lack of action is growing. >> they have had enough. thousands of brazilians on the streets in a wave of nationwide demonstrations against corruption. under pressure, the president has set -- is set to ple

. >> the imf reduced its 2013 prognosis from 3.3% to three point one percent, saying it had underestimated the depth of the recession in europe. -- to 3.1%. the forecast was linked to a downward revision of u.s. growth. that said, europe's leading economy, germany, will record growth, but it will be modest at just 0.3%. stay with us. we are going to a short break. when we come back, rolling back global corruption. wax stay with us. -- >> stay with us. >> welcome back. thanks for staying with us. transportation international has confirmed what millions of people around the world have been protesting against -- the corruption is making ever deeper inroads in courtrooms, legislatures, and banks. >> the group pointed to corruption among the police, the judiciary, and especially, political parties. the survey also shows people are less willing to tolerate corruption and that their anger over the lack of action is growing. >> they have had enough. thousands of brazilians on the streets in a wave of nationwide demonstrations against corruption. under pressure, the president has set -- is set to p

the imf was saying the u.k. may grow more than it had anticipated. they cited europe and they cited china and brazil and they said 3.1, not 3.3 this year. when it comes to next year, 3.8 and not 4. i'll tell you what, the u.s. also got a cut as well. 1.7 as opposed to 1.9. christine la guard has been critical. the ftc has slapped a fine of $3.2 million on a debt collection agency. this company is called expert global solutions. i guess nobody really likes debt collection agencies. there will be those that will cheer this. apparently this company was chasing debt for people that they didn't even owe. i guess it's about time that industry had a little bit of a slap on the wrist, brian. >> every year scott does a great job over at cnbc. he does the best states for business. he finished his tour on that. what were some of the results? >> yeah. south dakota actually came in at number one. you look down the list. it's a number of states that do appear to be more business friendly. they offer good competition on the ten categories that he looked at. you've

chairman, i'm interested in the survey done by the imf where they reported that the u.s.e pace of fiscal consolidation especially at a time when the monetary policy has limited room to support the recovery further, and specifically that imf recommended that congress repeal the sequester, raise the debt creeling to avo ing ceiling and adopt backloaded measures to support long run fiscal sustainability. would you agree with the imf's conclusion that the austerity policies currently in place have depressed growth in the united states, and to what extent can the monetary policy offset the adverse consequences of the current contractory fiscal policy? >> well, as i have said that the fiscal policy is focusing too much on the short run and not the long term. it includes the sequester, and the tax increases and other measures and according to cbo cutting 1.5% points from growth in 2013. that would mean instead of 2.5% growth maybe we will be enjoying 3.0% growth. at the same time congress has not allowed the long run issue where is the sustainability remains unachieved. so yes,

the imf may pull out.is in the 6th year, 20% j jobless rate and greece is trying to tax their way out. charles: and that's amazing. and by the way we're not left out. america, we're 72 hours away from the june jobs report. the first since fed chairman ben bernanke hinted that he could slow down on the printing presses. what about that one, liz? >> whether or not we remain in qe infinity. we don't know. we're looking for 170,000, weaker than 175,000. charles: the goldilocks number, 175,000, a great america. this is a shortened trading week, but your money is making big time moves, make no mistake about it, and we'll have big news and major impacts on the market friday. the jobs day, right now this is the calm before the storm. the opening bell is next. the boys used double miles from their capital one venture card to fly home for the big family reunion. you must be garth's father? hello. mother. mother! traveling is easy with the venture card because you can fly any airline anytime. two words. double miles!

when the imf talks about possible reduction of global economic growth, a slow down in the u.s., thatopper, it's been all over today. copper got slammed on reports that they are going to open the huge copper mine in mongolia. on top of that, copper stocks in london rose, but, you know, after that imf report, initially, copper went down, but it rebounded because, again, i think the qe is back on every's mind giving copper quite a ride. back to you, cheryl. cheryl: metals may surprise us. we'll see. thanks, phil. >> thanks. cheryl: all right. quarter till. time for stocks now on the floor of the new york stock exchange. you know, keith, earnings season, off and running with alcoa, but what about the rest of the week? >> well, the rest of the week is from big names is kind of slow, but what we're looking towards is friday with jpmorgan and wells fargo reporting. the financials in the spotlight, at least for me and second quarter earnings, expected to do well this quarter. what i want to hear from not big money center banks, but smaller regionals and credit companies is, where does the bu