greek prime minister lucas papademos has fallen trade union executives to support moves to cut laborosts, a plea they rejected. >> regarding the national collective labor agreement and the minimum wage of the low-wage workers, we say we're not willing to take a single step back. >> greece has been in recession since 2008, and the eu commission does not expect the greek economy to grow again until 2013, and even then only at a very slow pace. greece has been frozen out of the capital markets since 2010, with private investors shunning greek government bonds, athens is completely dependent on bailout funds from the eu and imf. >> the markets have not been reacting well. our correspondent has more from frankfurt. >> the systemic risk is back in full bloom and not only because of the concerns about a potential bankruptcy of greece. in spain, the government reckons that the banks will have to raise 50 billion euros of fresh capital in the next few years because banks in spain are sitting on so many bad assets. then there is hungry, a country which is not part of the euro, but there are re

cannot rewind the greek economy and so they are facing in a big black hole what was a greek pm lucas papademos meant to be a brussels man here after all he was all but appointed by the e.u. whose interests do you think he's serving. well i think mr papademos is right almost a man with a good sense of economic analytics and i think that by now he realizes the extent of the greek problems in full and i think even he has now to concede that greece can't be solved by growing the road of structural reforms that need to be done anyway but they take time to take effect and greece doesn't have that time left the problems are so severe the recession is so deep that you need a kind of shock treatment and of course the existing exiting the euro zone would be that kind of shock because amongst other things that would mean immediately a lot of very much the value of currency the new exactly which would bring back international competitiveness to the greek companies some analysts start using the e.u. in fact of using that second bailout as a pretext to force greece to leave the euro zone in a voluntary mann

us who we evaluate the way we fools about the usa and in europe as a whole new prime minister lucas papademos says has said something of the years of them that we still face in the big challenges they still hold a candle and put all their arses into the main and within the year is that because the one thing i can tell you is that the people here in which they love thing that they're going to go in two thousand and twelve is going to the mall and the rhetoric because i'm pushing we see too much of that this year where rather than serious action in the situation just seeming to deteriorate to the time with the world leaders that you're insane leaders always a few paces behind and as i said just real impact on people's lives to say we think food into the new year what people are going to want to be seeing is the real developments of two thousand and eleven has been the year of dissent that maybe we can hope for two thousand and twelve to be the year development because people here want to see some real changes as so well tonight people are going to be celebrating the new year and seeing that in

the greek prime minister lucas papademos will meet in brussels today to secure a second bailout.with private investors. silvia is joining us again. olli rehn said we would have the deal friday or the weekend the latest. here we are monday and don't have any concrete evidence of that. >> reporter: i thought that was optimistic because the greek finance minister said after last week's meeting, after the euro group and eu finance minister's meeting they would have a psi deal. all of these deadlines people are tossing out, please take it with a pinch of salt. we know what time they need the money. that's march. by that time they will have a deal. we've had five or six like these deals and every time it was next week, next week, next week. we're running out of money next week and then we still have. that's not a surprise. we keep hearing these headlines. we're inching closer to a deal. i was cynically saying before we are a millimeter closer now. it's still the who blinks first, the give and take, how much we know the line in the sand of the private investors made last week with the 7

government has now publicly threatened to abandon the euro but warnings came from the prime minister lucas papademos as negotiations over one hundred thirty billion euro bailout package drag on with no end in sight the pm warned that the greek economy could enter an uncontrolled collapse as early as march more cash isn't secured creditors and greeks are at loggerheads with bankers refusing to write off any more debt or union say they won't make any more austerity concessions belgian business journalist you know hundred overt spreads believes that at this point there's only one option left for athens. the greek government is realizing that there is likely no option left the greek economy is going down like a storm and i think we are now at the point where everybody in greece realizes that we cannot go on like this and that unrest even on a key in the country is becoming so much of a threat that some drastic things need to be done and my reading of what the greek government is doing is that they are trying to prove that they are looking for an alibi to offer to their public by which they can say well

government is now publicly threatened to abandon the euro the warnings came from the prime minister lucas papademos says negotiations over that one hundred thirty billion euro bailout package drag on the pm board that the greek economy could enter an uncontrolled collapse as early as march if more cash isn't secured creditors and greeks are at loggerheads with bankers refusing to write off any more debt while unions say they won't make any more stereotypic uts now is that a fiscal union will act as a last line of defense against the debt crisis but that's something that leading economist area clamors little faith in my system it is that this europe will not be able to form such a political union there is too much hatred in eighty countries two different. countries are too attached to their own so often to have different styles they have a hard time working together on international issues think of iraq the union in europe is not all that strong. is forced if you walk around brussels you feel like european union is for real but as soon as you are away from brussels and walk around in the country the

who we evaluate the way we fools about the eurozone in europe as a whole need prime minister lucas papademos says as steps summing up the year's events that we still face in the big challenges they still hold a candle and put all their assets into the main and within the euro is that because the one thing i can tell you is that the people here in greece the love thing that they're going to go in two thousand and twelve is going to the mall and the restaurant because of pollution think we see too much of that this year where profit then serious action in the situation just seeming to deteriorate to the time with the world leaders years and leaders always at the pace of the high end and as i said just real impact on people's lives to say we think food into the new year what people are going to want to be seeing is the real development to two thousand and eleven has been the year of dissent maybe we can hope for two thousand and twelve to be the year of development because people here want to see some real changes. twenty sara first reporting for us there from athens now investment advisor patr

january to review how it's trying to cut its massive debts through austerity measures from minister lucas papademoshas a stiff fine to union leaders to agree on cuts say positive reviews crucial talks over the bailout have stalled for months with credits as demanding an overhaul of greece's economy which they see as ultimately doomed to belgium business journalists your husband all of these that the game is already out of greece's exit from the euro zone is out of order for. the greek economy is going down like a storm. g.d.p. contracted by four percent in two thousand and ten by six percent in two thousand and eleven and there is probably worse to come in two thousand and twelve and i think we are now at the point where everybody's research realizes that we can now go online live and. even the country is becoming so much of a threat that some drastic things need to be done and my reading of what the greek government is doing is that they are trying to they are looking for an alibi to offer to their public buy would say well it's not. our fault is the international community that pushes this toward

p lucas papademos says the negotiations have made significant progress. silvia is monitoring it from brussels where of course the heads of state wrapped up with an agreement to put in a fiscal budget plan in 25 out of the 27 states. the czech republic, silvia, in the uk didn't sign it. so what happens now? >> reporter: my favorite headline is we're inching closer to a deal on greece. i think we've had that for the last three months, that we're inching closer somewhere. we still haven't got a deal on greece. we might have it by the middle of february. we know when the deadline is. come march they need the money but still don't know how much money they need. there's a great sense of exasperation, resignation about the whole greek situation. we know we have to save it one way or another. it doesn't matter whether we're inside the euro or outside the euro. it's a quagmire and we don't seem to get out of it. different situation in portugal. a different situation in ireland. different situation in spain and italy where where significant progress is being made.

greek prime minister lucas papademos says progress is being made as the country tries to work out a restructuring with private creditors, that's helping some of the overseas markets, moving up as 25 of 27 euro states approve an agreement to implement strict budget kree controls. the holdouts, the uk and the czech republic. >>> the eu may downgrade countries. the united states and europe's developed countries are most vulnerable to finances. if performs aren't implemented those countries could see health care related downgrades within the next few years. dow futures up 60 points, the s&p up just over 5 points. >> pfizer could help in the dow today, the can. is reporting 50 cents a share versus expectations for 47 cents and revenue was also above a little bit $16.7 billion versus $16.61 billion in a year ago period. they returned $15 in 2011 and updated guidance may be below previous guidance because it reflects unfavorable changes in foreign currency, so a forex-difference looking at adjusted 220 to 230 for 2012. 230 is where the estimate is on the street so the lower end would be below where wall