president jose manuel barroso has hailed the vote. he says that there will be a tax on financial transactions despite resistance from london and washington. >> the speech comes amid a crucial week for the european project. the commission president says the eu faces economic, political, social crisis but also a crisis of confidence. the european parliament has backed tough reforms to offer up

jose manuel barroso, the president of the european commission. he is faced with a tough task as the eurozone crisis worsens. all that, plus we'll tell you about political pirates and why they scored a surprising victory. >>> first, here's my take. this was u.n. week, and there was some drama over the issue of the palestinian bid for statehood. but the real action is taking place now as the world's finance ministers and leaders meet to talk about money. i think it's fair to say that we are confronting the worst economic moment since the days after the collapse of lehman brothers in 2008. growth has slowed in europe and the united states, and it is slower even in the bubbling, emerging markets. some european countries now have deep problems with their debt burdens that appear unmanageable, and that problem is spreading to major european countries like italy. europe's banks have too little capital and too much bad debt on their books. they are posed for a lehman-like event. and here's the worst part -- in light of these problems, key governments are

. >>> own wednesday the ec chief jose manuel barroso -- apart from that clear message, what came out of the european policymakers discussions on wednesday and most specifically, what came out of the conference call between angela merkel, nicolas sarkozy and papandreou? el elinda, is it enough and are we getting assurances from papandreou that merkel and sarkozy want to keep greece inside the euro zone? >> it sounds like they've got enough out of papandreou where they were always planning to come up with a statement saying they will support gross. they said very clearly they want greece in the euro zone, that the euro zone has to stick together to make this happen. this is largely speaking what this teleconference, these phone calls were about yesterday. they were very much about endorsing greece, saying europe has to work together to pull through. mr. papandreou also reassured his european partners that greece will do it's best, that it will stick to all the grems, all the pledges that it has made. this is what the government spokesperson said after the meeting yesterday. and also wh

president jose manuel barroso has hailed the vote. he says that there will be a tax on financial transactions despite resistance from london and washington. >> the speech comes amid a crucial week for the european project. the commission president says the eu faces economic, political, social crisis but also a crisis of confidence. the european parliament has backed tough reforms to offer up confidence in the euro. the new measures center on dealing with debt offenders. they get more power to the european commission. they will be able to impose penalties on eurozone countries. it will also be able to implement macro economic reforms like binding targets to avoid property bobbles. -- bubbles, >> this will give us a stronger enforcement mechanism. we can address budget plans before national decisions are taken. also disciplined and integration holds the key to the future. we will have more integration and more disciplined. we can have a credible era. >> european lawmakers hope that this will prevent future debt crises but many experts s

europe's debt crisis european stocks closed higher after the european commission president jose manuel barroso saw the commission of will soon present for the introduction of how many of your bonds with some believed in health results of that crisis meanwhile moving up the ratings of two french banks credit agricole answer science as general as they would seem to the pundits on greek that the french banking sector is the biggest holder of their plans are for that our locations and here in russia are markets and that's right in session next than this close after the central banks of finance right decision was left on change that. eight point two five the sites let's take a look at some and that's movers on the my site stass from without proper suns the company has increased its one seat of production forecast by thirty percent to five hundred and twenty billion cubic meters of gas i have cases there my gains it's two and a half percent and don't make of it a farmer lost a little bit this spite stronger than expected results as first half of that profit rose twenty percent to twenty nine million

pounds twelve dollars over in europe stocks are higher after european commission president jose manuel barroso said the commission will soon presence absence for the introduction of carbon your bonds with somebody to help resolve the debt crisis . these has got the ratings of french banks credit agricole and society as around as they are sued the president's own greek debts the french banking sector is the greatest holder of the of the insolvent that obligations. and here in russia the markets are higher as well investors were waiting for the subtle banks of violence right decision which was left unchanged eight point six five percent. now there are a slew of economic data from the u.s. and europe including the us inflation figures throughout that sixteen hundred thirty minutes moskowitz mine let's look at some indexing was on the my sex gas almost two percent the company has increased as twenty out of production for the past by three percent to five hundred twenty billion cubic meters of gas i have cases there myself by more than two and a half percent and drug maker video form is also off fo

and european stocks are higher after european commission president jose manuel barroso also a question of all super signs options for the for the option of common europe ones where somebody for help resolve the debt crisis moody's has got the ratings of two french banks credit agricole and society nation around as they are to the pendants own greek that's the. ranking sector is the biggest holder of european software that look ations. well here in russia the markets are higher as well investors were waiting for the special banks the finance for a decision which was left on change that eight point two five percent let's take a look at some index movers on the my site's gas from is good then just ordered super science and the company has increased this once eleven production forecast by three percent to five hundred and twenty billion cubic meters of gas i have places there my is getting more than two and a half percent i am drugmaker video form as news and slightly and that's this point stronger than expected results in its first half and profit rose twenty percent to twenty nine millio

european commission chief jose manuel barroso pledges greece will remain in the euro zone speaking to the e.u. parliament in strasbourg in his annual state of the union address barroso admitted that euro zone was living through its worst crisis and its relatively short history the president of the executive arm called for more unity to play to the next few years will be a bad case of a fire for an entire generation. or perhaps a lot on the r.t. dot com for more insight on what's going on with greece and the euro zone and his blog on our website the former deputy speaker of belgium is parliament motivated by news writes that the problems facing greece are not new he claims they were known about a decade ago when it entered the currency union but no one paid enough attention i know guy at r.t. dot com. several serbs have reportedly been injured in clashes with nato troops as violence has once again a flared up along the serbia kosovo border russia's foreign ministry has reacted to the situation calling for peacekeeping peace keeping forces to remain neutral and i'd hear their un mandate

hundred twelve thoughts and european stocks are higher after european commission president jose manuel barroso said the commission will soon present options for the introduction of coming of your books which some believe can help resolve the debt crisis and also in focus is a conference call between uncle morkel nicolas sarkozy and prime minister george. at eight b. a moscow time so we'll be bringing the details and. they'll be brainstorming the continuing crisis point as a solution is on the horizon and here in russia the markets are high investors waiting for the central bank's refinance rate decision which was left unchanged eight only twenty five percent now fear. that only data from the u.s. and europe include. us inflation figures you are just sixteen thirteen last time let's take a look at some index moves in the. is one percent up the company has increased its twenty eleven correction for cars by three percent to five hundred twenty billion cubic meters of gas. getting over two percent we'll bring you the details in just a moment and make of barrel farm is down despite stronger than ex

european commission chief jose manuel barroso has pledged that greece will remain in the euro zone speaking to the e.u. parliament in strasbourg in his annual state of the union address grosso admitted that the euro zone is living through the worst crisis in its short history the president didn't even use executive i'm told for more unity claiming the next thirty years will be a bad tism of fire for the entire generation. well don't forget to click on r t dot com to get more insight on what's going on with greece and the euro zone and his blog on our website the former deputy speaker of belgium is parliament load of the news writes that the problems facing greece are not new he claims that they were known about ten years ago when it entered the currency union and no one paid any attention dido raw in his blog at r.t. dot com. several servers have reportedly been injured in clashes with nato troops as violence has once again flared along the serbia kosovo border russia's foreign ministry has reacted to this situation calling for peacekeeping forces to remain neutral and here to the un mandat

issue their own currencies and partially default on their debts european commission chief jose manuel barroso has pledged greece will remain in the euro zone speaking to the e.u. parliament in strasburg in his annual state of the union address bro so admitted the eurozone is living through its own in the worst crisis in its short history the president of the e.u. is the executive arm called for more unity claiming the next two years will be a bad sense of the fire for an entire generation. but a lot on to our t. dot com for more insight into what's going on in greece and the eurozone at large in his walk on our website the former deputy speaker of belgium is parliament loaded about it with who writes that the problems facing greece are not new he claims they were known about ten years ago when the country entered the currency union but no one paid enough attention by the why at r t dot com. several serbs have reportedly been injured in clashes with nato troops as the violence has once again flared up around the serbia kosovo border russia's foreign ministry has reacted to the situation callin

european commission chief jose manuel barroso has pledged that greece will remain in the euro zone speaking to the e.u. parliament in strasbourg his annual state of the union address barroso admitted that the eurozone is living through the worst crisis in its short history the president of the e.u. is executive arm calling for more unity claiming the next few years will be a bad place in the fire for the entire generation. to be credible well we'd like to hear your views on the crisis in greece you can click over to our team dot com and have your say in our latest poll we're asking what do you think greek and e.u. leaders are discussing behind closed doors and around sixteen percent think they're debating how far the bow can stretch more than a quarter think that they are looking being how to manage and control the ball a minority think that they might be advising whether greece or to exit the euro zone porth a tongue in cheek responses so far the most popular suggesting talks are focusing on how the politicians in the state a lynching at the hands of angry voters and the plug on ars you go

of fiscal centralization through without the will of the people it's a simple as that now jose manuel barroso reiterated his call to issue a joint eurozone bond so the debt of we countries is shored up by the strength of the major players by the german chancellor has rejected them saying they'd make a whole e.u. a union of debt how realistic do you think that is as a solution. well it isn't a solution a toll of course for mr bruce that was communist he started his career as a communist being thirty five years in financial services i'm a professional economist is no point to be taking the slightest bit of names as opposed to bribes he hasn't a clue no what we need to do is to get national governments democratically elected back to running their own economy is the european union and part of the solution here the european union is part of the problem it's the european union in the eurozone which has created this terrible cataclysmic problem so new is not part of the solution mr berg said least of all. all right godfrey bloom your british hero m.p. for the u.k. independence party not mincing your

president of the european commission, jose manuel barroso. >> [interpreter] mr. president, ladies and gentlemen, ministers. i think we've got to be honest and clear in carrying out our analysis of the state of the union. union. today we are facing the biggest challenges this union has ever had to face throughout its history. a financial crisis, an economic and social crisis, but also a crisis of confidence. confidence in our leaders and leadership in europe itself, in our ability to find solutions. now, the causes of the crisis are well known. europe didn't respond to the challenges of competitiveness. some of our member states live beyond their means -- lived beyond their means. in the financial markets there has been unacceptable and irresponsible actions and types of behavior. we have seen increasing unbalances grow between member states, particularly those in the eurozone. and there is a crisis of globalization and a degree of cynicism that contributed to exacerbating the situation. so, our societies are extremely worried. a lot of our citizens are afraid of

jose manuel barroso is the former prime minister of portugal and currently the president of the europeanjoins me now. thank you very much for doing this. >> thank you. >> so how are you going to solve the greek crisis? clearly greece needs more money. in order to get the money it has to commit to a much more extensive commitment to reforms than has been done. >> there's a team made by the european commission, commission, and imf working to define exactly the conditions necessary for further support to the greek economy. i think the latest announcements made by the government of greece are very encouraging. and in fact, there is no other way than groik making reforms and serious fiscal efforts. if this is the case, we are going to provide the support because it's important for greece but also important for all the euro area. >> when you look at italy and spain, greece is a much smaller problem in the sense that it's 2% of europe's gdp. when you look at italy, spain, they have to roll over 600 billion euros of debt in the next two years. does europe have that money? shouldn't you go to the

at the same time, european commission president jose manuel barroso warned there is no simple solutionthe debt crisis. >> we are confronted with the most serious challenge of a generation. this is a fight for the jobs and prosperity of families in all our member states. this is a fight for the economic and political future of europe. this is a fight for what europe represents in the world. this is a fight for european integration itself. >> sreenivasan: in a related development, the italian parliament passed a new austerity plan to reduce italy's deficit by $70 billion over the next three years. hundreds of demonstrators protested in rome against the plan's tax hikes and spending cuts. the protesters threw smoke bombs as they clashed with police in riot gear. a major investigation of last year's gulf oil spill put the overall blame on b.p. today. the u.s. coast guard and the federal bureau that regulates offshore drilling issued a final report. it said: the report said b.p. violated a series of federal rules on the well's cement seal and blowout preventer. both failed, leading to the d

president, jose manuel barroso. [speaking in french] >> translator: mr. president, ladies and gentlemen, ministers, i think we've got to be honest and clear in carrying out our analysis of the state of the union. today, we are facing the biggest challenges this union has ever had to face throughout its history. with the financial crisis and economic and social crisis, but also a crisis of confidence. i confidence in leaders and leadership in europe itself, in our ability to find solutions. now, the causes of the crisis are well known. europe didn't respond to the challenges of competitiveness. some of our member states lived beyond their means. in the financial markets and there have been unacceptable and irresponsible actions, types of behavior. in increasing and balances grow between member states, between leaders in the eurozone. and the crisis of globalization and the degree of cynicism which has contributed to exacerbating the situation. so, our societies are extremely worried. a lot of our citizens are afraid of the future. and more than ever, there