president mario draghi saying that it is a very good deal for greece. perhaps no surprise there, but what is your reading of it? >> we don't know what happened in there. we don't know what they finally agreed to. we know they are probably going to accept greece's a deeper haircut. we know there has been talk of the e.c.b. taking a haircut. on the greek debt it holds. however these details are not finalized. what we know is that greece's outlook isn't that great. we have seen the least reports from the troika on the sustainability of the greek debt which pretty much sums up what everybody here appears to know that greece's position has deteriorated in the last few years. it has deteriorated because the austerity packages haven't done what they were supposed to do. so far they have turned the country into an ever deepening recession which is obviously making greece very, very unhappy. they are afraid that yet more of this -- >> i've got to bring in the live shots. sorry to interrupt you there. just want to show you viewers what we are seeing. this is the

mario draghi says he hopes more of the funds get into the real economy. i wonder if that's a forlorn hope. >> reporter: as we say in germany, hope always dies last. there's hope still. the calculation was that the first ltro was largely to -- basically to cover the funding needs of the banks, capital funding, et cetera. they should suck up that kind of funds for more or less beefing up their own coffers, and the hope is and the calculation of the ecb is that has been more or less achieved because the -- the dysfunctional interbank market seems to be unclogging. it's not quite working smoothly but there are signing that it's going more smoothly, and the hope is, of course, if the banks, inindeed, take the ecb u on the offer because there's been a lot of stigma if it should forgo this kind of opportunity and stick with the short end of the market, there's a lot of debate, but the ecb hopes enough banks and also enough liquidity-rich banks are going to pick up the funds and passion them on to the economy. that's the calculation. it hasn't worked all that wel

if we ever find a resolution to greece, if we ever, and big ifs, mario draghi and mario monti are going to be big factors here. mr. draghi has maintained, don't involve me in all this stuff. we have to get the disbursements on the austerity agreements, then, maybe, maybe, all of a sudden we have reports today that in fact the ecb will participate in a bond swap. the simple fact is, the markets took this to say, mario draghi are saying, we're trying to tie this in a nice little package, giving impetus to the people on monday to get closer to some kind of deal. he's switched things around a little bit. he said, wait a minute, i'm not a part of this, until we hear from the private sector, i'm out of it. now he's back in it. >> now he is intervening. >> absolutely. we started off quiet. all of a sudden, boom, bill was right, that was about 11:30 when we got those reports. now i'm impressed. look at this. the market leaders, bill. materials, technologies and financials all moving up. once again today, i know it makes you crazy, but greece moved the markets. >> we'll miss it when it's gone. b

but, again, very quickly, i think i underappreciated as did most people the shift to mario draghi. >>y time will tell if the policies will really play out the way he was hoping and, of course, more insight from dan who will stay with us on the show. coming up, we'll celebrate valentine's day corporate style and find out how to make money out of love. >>> yeah, indeed. and, plus, we are going to chart apple's meteoric rise to the $500 mark. is this the moment to buy, sell, or hold? keep it right here. >>> welcome back. you're watching "worldwide exchange." it is that time of the morning for your global markets report. let's start here in the united states where we'll take a look at the u.s. futures and see how we're setting up for trade on wall street. it does look like a lower day today, lower by ten points. the nasdaq slightly above the flat line and the s&p one point below the flat line, this after a strong day on wall street. yesterday the dow up 72 points. the nasdaq 27 points higher. an 11-year high there. there were light volumes. investors still worried about greece and looking

at least mario draghi, the president of the ecb, left the door open for such for dissipation in his press conference after the council meeting this thursday. he did leave the rates unchanged at a record low 1%. that was expected by the markets. daimler -- that result was not expected. with better than results -- with better, the results for 2011, and market participants expected. as a shares to the top of the dax, police bmw -- pulling bmw along with it. >> the german dax closing up 5.5%. euro stocks picked up by 1/3 of 8%. the dow industrials retreating up in positive territory as well. the euro looking very green. $1.31806 is the number. >> minute reason in berlin, but that will law stop the red carpet this weekend. the event for film buffs here in berlin under way this weekend. the festival opens tonight with "there well, my queen -- "farewell, my queen." jake gyllenhaal was also among the stars. this year's jury is headed by veteran british filmmaker mike reid. 18 films in competition for the gold and silver bear awards. let's go to our resident film group route. you are on the red ca

reaching a seventeen month low on jenufa teens cutting the euro's decline to about four percent since mario draghi took control of the e.c.b. on the first of november the russian ruble is at the end of the session on the mice a losing. five and seventeen versus the two main currencies. plans to create the world's largest stock exchange have been blocked by the european commissioner says a proposed nine billion dollars tire between. new york stock exchange would be anti competitive. says the decision is a quote black day for europe. that's all for now the headlines are next on.

loans this was intended to raise fears of possible government defaults and bank failures head mario draghi expects york's economy to gradually recover in two thousand and twelve. and was a second largest lender d.t.b. will buy shares from its minority shareholders at a price they paid back in two thousand and seven during its i.p.o. the stocks were floated thirteen callbacks for share and as you can see it has never risen above the list price currently stocks are trading at around half the price they were initially sold on the market buyback will cost the bank around six hundred million dollars and will be implemented in the next three months had ok to be under a course to assess the buyback is a one off is that. we live in a time characterized by deep and prolonged financial crisis the instruments for decades of failing today otherwise the germans would not be rescuing the greeks the e.c.b. would not be giving interest free loans of course such moves cannot be the every investor must understand he's responsible for the shit. but in russia this was one of the first ship placements in back

seventeen month low on the genuine thirteen getting the euro's declined about four percent since mario draghi took control of the e.c.b. on the first of november the russian ruble is. versus the greenback and the are. so set to be the most hyped i.p.o. in years facebook is expected to file the paperwork for its public listing in new york as soon as today the social network will reportedly sell a ten percent stake to raise up to ten billion dollars this will be a record for a technology company but as with other high profile internet firms. out of market research has not capital says this one looks overvalued. this is a valuation probably based on future cash flow where as we are now more inclined to talk about present cash flow definitely facebook does not deliver in this much money right now so. might be a self-delusion or might might be deliberate exaggeration of market value but facebook definitely worth much much less than that amount. bad lines are next with rory to stay with us. so the substitute. can attach like a well trained army. villages in ruins. land where time stands still. all

reaching a seventeen month low on jenufa teens cutting the euro's decline to about four percent since mario draghi took control of the e.c.b. on the first of november the russian ruble is at the end of the session on the mice are losing by five and seventeen versus the two main currencies. plans to create the world's largest stock exchange have been blocked by the european commission and says a proposed nine billion dollar tire between. new york stock exchange would be anti competitive. says the decision is a quote black day for europe. that's all for now the headlines are next on our site . if you are just joining us a very warm welcome to you this is a lot from last time few headlines a u.n. resolution on syria stops short of calling for outside intervention but reflects the wishes of the u.s. . who want to see president assad moved from power russia for the meantime insists there should be no foreign interference. the u.k. high court considers that the fate. of sexual assault the wiki leaks founder insists the case is politically motivated and a response to his website. and israel's. jews based

seventeen month low on jan your first team cutting the euro has declined to about four percent since mario draghi took control of the currency be on the first of november and the russian ruble is lower by around the seven to eight copecks versus post the euro and the dog. so all set to be the most hyped i.p.o. in years facebook is expected to file the paperwork for its public listing in new york as soon as today social network will reportedly sell a ten percent stake to raise up to ten billion dollars this will be a record for a technology company but as with other high profile it's not firms like him of course he had a market research not capital says this one looks overvalued. this is a valuation probably based on future cash flow where us we're now more inclined to talk about the present because for definitely facebook is not delivering this much money at all right now so. my be a self-delusion or might my be deliberate exaggeration off of market while you're both so facebook is definitely worth much much less than that amount all right business as he will be back in fifty five minutes time i'

president mario draghi, the ecb president, will hold a news conference at 8:30 eastern. we'll see what he has to say on greece, whether they will help lighten athens' debt load for growing profits on greek bonds it owns. here are the currencies. what's happening to the euro? it is a little bit stronger against the dollar. i heard on the way in and touched the 1.33 mark. what else is going on? the ftse is up. the cac is up. the dax is up. italy down a bit and athens is higher. how about that? >> taking a flyer on equities in greece? you're all in, right? >> yeah, exactly. >> don't countries that default do spectacularly well after? >> yes. your friend brian sullivan has pointed out many a time that if you look at what has happened after a hard default in countries and a possible devaluation that the equity markets have historically had a spectacular run afterwards. >> right. >> let's talk about what's going on now, what i was saying if you take a step back from what you hear is they're in the process of another round of easing here, essentially another long -term refinanc

think so because i think that these particular dogs have learned their lesson ben bernanke the mario draghi the respectively the head of the federal reserve and the e.c.b. the european central bank what they're going to do is they're going to put out as much liquidity as possible to prevent any kind of two thousand and eight liquidity crunch because that was the last quite a crisis that they know for instance at this point in time they are not afraid of inflation because they think oh inflation is so seventies. we're over that so we have to worry about inflation we have to worry about we quitted the crisis and so the next time we have a liquidity crisis we're going to have so much cash sloshing in the system that there is not going to be a two thousand eight situation but think they they can create inflation they would love to see some inflation they can't seem to create inflation for every trillion in fresh credit they force into this this is a dead duck of an economy there's another five trillion suddenly in losses on banks' balance sheets that were not disclosed that more than cotton hea

has mario draghi expects europe's economy to gradually recover in two thousand and twelve in addition to lower interest rates the european central bank earlier flooded the market with cheap loans this was intended to raise fears of possible government defaults and bank failures despite all the efforts and many analysts say the region is likely to slip back into recession and greece could remain a constant source of problems. russia's second largest lender v.z. will buy shares from its minority shareholders at the price they paid back in two thousand and seven during its i.p.o. the bank will buy back a maximum of seventeen thousand dollars worth of shares from individual investors and legal entities the move will cost the bank around six hundred million dollars will be implemented in the next three months the buyback at a preferential price only applied to small shareholders. for more capital says that this could be a stumbling block this initiative creates were all this student active arbitrage opportunities which are north to call before it is a purely market and almost practices whe

the twas between mario draghi and ackerman over whether it was important or not -- whether you would be a man or not if you took this money or not from the ecb. i think it's important that there not be a stigma associated with lenders of last resort lending. that's the whole point of having these and so if the markets need it, they should take advantage. >>> 0 okay. george, look, the ltro has been good in the sense it staved off a systemic collapse in financial system and banks will, you know, view this as the last chance to get a bunch of cheap money so it should be good demand but then how do we stop the ecb being the only central counter party is this. >> yeah, and i think that's part of the problem which is you can't. and you can't stop it really if you don't really simultaneously have some kind of structure in europe in the banking sector to reorganize and rejig the funding base of the european banks so what's happened obviously is late last year we saw, again, the freezing up of interbank funding. we were threatened with the banking crisis. mario draghi said at his first press

we heard mario draghi saying the economy is looking a little stabilized. we point it in the same direction, said the latest data we've seen kind of confirmed that the economy is stabilizing. and, again, that's the big question, of course. the ecb will play a little closer to the chest but hoping that the ltro operations are going to be the big game changer rather than rate cuts and i think they're probably right there. we've seen that already with the loosening up of the money market, the situation there is a little bit easier and we've also seen that with bleeding through the yield spread at least at the shorter end of the market that yields have come down. >> okay. silvia, thank you. stick around, we'll talk about the ltro a bit later. i want to get into more on this rates issue with our guest host, michael brown. also joining us in the studio is the professor of economics from the university of chicago school of business. and let me start with you. you used to be at the fed as well, if i'm right. >> yes. >> until 2009. >> yes. we brought interest rates

and as you know, paulson still gets called by people like mario draghi.ll get a call on whether this is comparable to what happened in 2008 and he still has the ear of ben bernanke and i want to get his view on what's happening in the u.s. economy and jobs and all of that. it's hopefully going to be an exciting half hour. >> and there's news out of china about that maybe they feel a little bit more comfortable with investments in europe. we've had some of the gdp data which i'm calling pretty good. i don't know. up 0.3%, town 0.3%. that's not that bad, andrew, for all the animals speared, getting drained out of that part of the world. and yet france was able to actually grow 0.2%. >> right. i don't know. maybe things are better than we think. we'll hear what hank paulson has to say on that. i'm hoping that maybe he'll give us a little bit of color on discussions we have with mario draghi. perhaps it's not as deep as we think. >> you know, i've said this to joe in the last hour and being self ref rehn chal and self-centered, but i'm going to bring it up ag

mario draghi announced party leaders had reached an agreement on austerity measures.re absolutely necessary to obtain a bailout. again, it all boils down to implementation, but at this stage, the euro is up and stocks look as if they'll open higher as well. >> and the eu would approve of that plan? or not yet? >> you know, i think at this stage we're still looking for more details on what's happening. again, you know, it all depends on implementation. it's one thing to get agreement, another to actually force it on the greek people. they've proven how much pushback is already in the country and i believe strikes are planned for tomorrow. >> deja vu. >>> "the daily rundown" will be back in 30 seconds. >>> you're looking at live pictures of cpac, going on right here in d.c. we told you what's become the largest annual gathering of conservative activists. kicking off the hour is senator jim demint, one of the first speakers. big confab there. >>> president obama will announce ten states are now exempt from the bush era no child left behind act. it will give those states

mario draghi likely to be questioned about the central bank whether they want to accept a haircut onek debt holdings or not. silvia is there. silvia, if we don't actually have any agreement on the table then presumably he's going to say, well, i can't talk about it because we don't even have an agreement yet so i can't weigh in. >> reporter: yes, one might wonder why we have a euro group meeting tonight if we still have nothing on the table. they could have just had a phone conference if anything, but bottom line is you're quite right. in terms of the overriding question will the ecb take haircuts will they chip in on that score? no deal on the table, why should the ecb at the moment say anything or give way on anything. we're hedging our bets, no reason there should be haircuts mao. next question, please. there will be plenty of questions. we can ask about the upcoming ltro. we can ask about collateral requirements. we can ask about the interest rate outlook. we can ask about the economic outlook. there are plenty of questions about but a lot of question marks because there are not

the ecb, mario draghi told us, the effects of the ltro still filtering through the markets, still moreme and saying that he expects the next three-year ltro will be substantial when it comes to the end of this month and we should be anticipating the impact on the bond market, too. in the meantime just 2% exactly right thousand for the bund. that's where the yield stands on the german market. real tightening for spain and italy which is seen as good news because we saw yields pushing up a great deal higher on the ten-year debt in the peripheral countries, concerns about the outlook for their economies. 5.21 is on the spanish debt and 5.44 roughly on the italian debt and the u.s. treasuries just to point out what's going on there, just over 2% yield. christine? >> eu ministers delayed the second bailout or refrined from giving it to greece. fallen exports, or more importantly imports also weighed on sentiment across the region. the take a look at some of of these markets. kospi in south korea falling 1%. sensex off 0.2%. we have the nikkei falling on those greek concerns below the key 9,

the savior is this man, mario draghi, the new head of the european central bank, an institution that as powerless and obscure until now. for much of the last couple years it had taken a backseat amid the crisis around it. you see, its original mandate was almost solely to keep inflation low and stable, but now under draghi, it has become europe's savior. they did the equivalent of printing nearly 500 billion euros of cash. essentially the central bank lent money to more than 500 european banks at just 1% interest. what was the effect? look at this chart. it show was we call bond yields, the rate of interest governments pay to raise money from bonds. both italy and spain's rates have fallen sharply in the last three months so they pay less to borrow money. that means they can get their financial houses in order without as much pain. at a more microlevel, barclay's estimates that a cheap source of cash from within the ecb will boost the earnings of eurozone banks by 4% this year. that is going to trickle into the rest of the economy, but most importantly it means that a run on europe's

i would say that mario draghi has taken a big step to address that, with this massive liquidity facility. >> one of the ratios that i really like to look at is stocks relative to other real assets. probably the one that is the most super charged in terms of its emotion is gold. >> i don't see a foundation for doing any fundamental changes with the balance sheet right now. but i think there are a number of people around the fomc table that want to do something, particularly related to particularly related to mortgages. really expensive.ty systemse >>> today 'moves in the markets clearly indicating what comes up, must come down. shares of apple, which have closed higher nine days in a row, today ending in negative territory. the nasdaq also following suit. another tech stock that weighed on the nasdaq, that's zynga. analysts downgraded the sthok morning. if you read the reports yund lying concerns continues to be zynga's growth going forward. there were, though, a couple of bright spots in trade. take a look at tava. mixed results this morning. their testosterone drug ended higher. baidu r

we've done shows where it's -- right now the european central banker, mario draghi and bb netanyahu in israel have as much say over the re-election of the president. >> we should have him over for coffee. >> i think it's interesting, obviously obama can't do this but what i find interesting is the disparity between what the administration says in public about jobs and what they say in private when you go to report at the white house? >> what do they say? >> well, continually, right, they've announced jobs, jobs, jobs. we're going to focus on jobs numbers. if you go there and have interviews with economic advisers, they totally acknowledge this fallacy that the president can create jobs. >> right. >> there's an old joke about how there's no lever in the basement in the white house that you can pull to create jobs. >> isn't that one of romney's other problems? >> yes. >> he's categorizing himself as a washington outsider. one of the issues that president barack obama had coming in is >>> i'm in this race because i care about americans. i'm not concerned about the very poor. we have a saf

kudos to mario draghi. we cannot rally like this for the rest of the year.hink the s&p would be up. >> are you still a buyer? >> absolutely. we saw the 42 print last friday. it continued to climb. as we see this stock equity kind of pullback, i think it is time to buckle the chinstrap. just like at my notre dame days, we're going lower. >> i'd like to see weiss with that but on backwards. [ laughter ] >> next on "halftime report," the real deal or buffett's berkshire? the trade next. ♪ ♪ here we are, me and you ♪ on the road ♪ and we know that it goes on and on ♪ [ female announcer ] you're the boss of your life. in charge of making memories and keeping promises. ask your financial professional how lincoln financial can help you take charge of your future. ♪ ♪ oh, oh, all the way ♪ oh, oh >>> all right. positive day on wall street seems to be adding a little bit of momentum. we were just at 13,070 on the s&p 500. grasso mentioning that at the top of the show. that would be above the 2011 intraday high for the mark. and the s&p is already basically been sitti

. >> that's right and this guy, mario draghi is so smart. what he's doing here if the story is right in the german newspaper is he's putting a nice bow tie around the greek deal. he's saying all these parties supposed to meet on monday, okay, you wanted the ecb to do something, i've held off. i said i wouldn't, now i'm tipping my hand to you. now i'm telling you how we're going to play a part in this. the only thing i don't like, it doesn't look like the greek wills get any savings from this. if they swap the bonds for new bonds, the greeks aren't going to give the money to the greeks, they're going to give the money to the national banks. i don't think the greeks are going to get anything out of that. >> no, but the market's embracing it nonetheless. >> absolutely. >> bob, thank you very much. our economy is front and center in today's market surge as well. inflation, housing, manufacturing data all coming in better than expected. and jobless claims hit a four-year low. our senior economics reporter, steve liesman, kicks off our power surge

what i want to ask you, b.k., right now we're seeing this mario draghi, kudos to him, he was the lenderst resort. he provided this half a trillion dollars via the ltro. what point does america l and draghi, at what point does that relationship become a little contentious? end of february we're going to see an ltr or could potentially grab another trillion dollars in the euro. that could be devastating to the stock market. >> i don't know if that would be devastated. germany wants a lower euro, print a trillion, knock yourself out, that's what merkel will say. >> get steven weiss in here. were you the one the other day saying the yield on the 10-year was going to 1% this year? >> no. it wasn't me, but i'll take credit for it. i think what happens is there's no other place for liquidity to go when you get new ltro. talk to huge portfolio managers. that's what they're looking for. that's why they're bullish. bonds are tapped out. >> kilburg, final comment, quickly? >> i think your going to see sensational there's nowhere to go like steve said. >> final trade's next. until the end of the qu

mario draghi taking over the lead leadership of the ecb. >> the question, peter and silvia, is -- and this has been the debate going on in germany -- is whether we have caug cauterized the system from a bigger greek default, peter. >> i rather suspect that that's exactly what is happening. certainly the comments from mr. schaeuble over the course of the last few days suggest, and this may be brinksmanship, but suggests we're in a better position now to cope with problems than we might have been a few months ago and i've always suspected that it's in the eurozone's interest to continue to bail greece out until such time as the rest of the region is sufficiently strong to cope with any catastrophe which might arise. that's why i think this deal will go through but certainly it's not in the eurozone's interests or the greece's interest in order to get future bailouts. >> all right, peter, thanks for that. senior economist at commerzbank. silvia, plenty more to come from you over the next three hours. thanks for now. >>> ross, well, china stocks have had a volatile session. they surge fol

mario draghi, head of the ecb, could be fairly happy with himself when he left this meeting in the early hours of the day. here is what he had to say. >> it's a very good agreement, and we certainly welcome first and foremost the commitment of the greek government to undertake the actions to restore growth and stability. we also welcome the commitment of the wror oeuro member countr help greece to come back on the path of growth and job creation. >> reporter: so i think what we can say he delivered what was necessary. anything else, no deal after last night's meeting would have really sent the market sort of on a roller coaster that hasn't happened. we have a slightly light reaction to it. there's been this leaked report from the troika out which places worst case scenarios,s worst case scenarios, paints a much darker picture if the reform process isn't pushed ahead and if the economy doesn't pick up again. of course we could be looking down the barrel of an ugly 125% debt to gdp ratio but closer to 270% and all the problems attached to it. but at the moment we have a bit of a breather,

we've done shows where it's -- right now the european central banker, mario draghi and bb netanyahu in israel have as much say over the re-election of the president. >> i think it's interesting, obviously obama can't do this but what i find interesting is the disparity about what the administration says in public about jobs and what they say in private when you go to report at the white house. >> what do they say? >> well, continually, right, they've announced jobs, jobs, jobs. we're going to focus on jobs numbers. if you go there and have interviews with economic advisers, they totally acknowledge this fallacy that the president can create jobs. >> right. >> there's an old joke about how there's no lever in the basement in the white house that you can pull to create jobs. >> isn't that one of romney's other problems? >> yes. >> he's categorizing himself as a washington outsider. one of the issues that president barack obama had coming in is that he didn't really know the landscape maybe as well as hillary would have known it or where the bones were buried. >> where the lever in the wh

the only thing that people believe it's enough when mario draghi says i will be the lender of last resorteveryone. without those two elements, is it enough? the answer is no. >>> the question is austerity the answer in terms of achieving the growth you need in gdp to put these ratios on a sustainable level? >> and of course we're watching the straw vote play out in greece. the problem is there's no invested interest in shall rimpging the state in greece. there's no invested interest in shall rimpging anybody's income. no interest group will support that. one final quote before we go on. toll brothers, he's the good news. i'm the son of a homebuilder. my whole family competed against toll brothers, a great company. 19% order growth. very good number. so far encouraging. >> mr. spy sani, let's get over to kevin ferry, who joins us. kevin, cnbc contributor, chief market strategist, what are you looking at this morning? i would say traders are focusing on the yen, which has been absolutely sandblasted, and oil. those are the two markets traders are watching the tone in the s&p is looking for

>> i think mario draghi is absolutely right.nation of fiscal consolidation and structure reforms is key for the countries in the euro area but also for other countries in europe. many countries have changed their economic policies. with a u-turn which was needed after the many, many years of the standstill in economic reforms. this has changed the overall picture of europe. i think this is -- >> forgive me. i didn't mean to interrupt you. can the democracies actually take the pay? you've got 50% youth unemployment in spain. mario monte is warning of opening hostility in italy. there are elections looming in france and greece. do you have any concern germany's insistence on austerity could detroy the eurozone's solidarity, that it could actually lead, potentially, to a break-up of the eurozone? >> it is not about the rollovers in the country in europe and about the continuity and the consistency of policies and the future of the euro area. the risk that the euro area to break up, i think it's really exaggerated. and there will be

it sounded like the mario draghi for president report.tence says, we believe that the ecb's intervention has materially reduced the risk of a liquidity-driven bank failure and averted the possibility of a severe credit crunch and additional recessionary pressure across the economic and monetary union. >> long-term refinancing operation, 1% money for three years. 800 banks availing themselves of this opportunity to the tune of 529 billion euros. this is it, though, right? they're probably not going to do it again, are they? >> that's a great point. the body language is no. we're getting a modest rally in europe. some of the bank stocks up 2%, 3%. here's what i think the problem is. you're right. once we know historically -- when central banks turn the spigot off, stock markets run into trouble. that's going to be a problem for the market if the ecb says, this is it. find a way for your banks or money market funds to start funding your operations. by the way, we're going to have this problem, too. this is why i'm watching bernanke this morn

mario draghi keeping his cards close on whether the ecb would meet that black hole by writing down somering one quarter now cumulatively gdp. >> the european markets are closing now. >> simon, back to you. your point largely is that the package would not be credible if some big ministers in this case labor in greece were not upset about it. right? >> that is encouraging, yes. but there's also a political game going on that they seem to not like it in advance of the election in april, so bear that in mind. that doesn't mean to say we are out of the woods. there's a lot to discuss at that meeting in brussels. i think the fact that draghi is going there shows you how much there is at stake. the dutch and the germans much the dutch finance minister saying he wants to see what they are proposing. the question of whether the french and the germans are going to try and strip greece of further sovereignty and embarrass them by saying the money we pay you will go into an escrow account, not your national coffers, so we can still have control and ensure you do move forward. >> although to be fair

it's a lead story in "the journal" because they got to sit down with mario draghi, i guess.ut i wonder if we're listening here. the traditional social contract is obsolete now. again, the second day in a row where yesterday it was china deciding from state capitalism, entrepreneurship and we read this it again. >> we knew this. >> we knew it but we're still, you know, we haven't learned from the problems that europe has right now. so do you think that we get 3% plus gdp so that oil is even higher than it is or is it all going to be geopolitical? >> in situations like this, joe, a diplomatic solution could come out of the clear blue in a heart beat. >> really? how? they're going to stop with their nuclear aspirations? >> there will be a climbdown. we went through the whole thing with saddam hussein. it did ultimately end in a war but it ten years' worth of back and forth of allowing inspectors in, kicking them out and situations rising and falling. if this situation calmed down, oil prices would be back down $10. if if these prices sustain themselves, and we've rallied from $