renzi, of course.ell, if you see the way that the italian bank, the shelving of the italian bank, i think it's a main political issue and mr. renzi has no choice, really. the banks which are going to be under ipo, and they have clearly a lot of retail issues around that. very clearly, if mr. renzi doesn't reassure i would say retail and retail shareholding, it's going to be very difficult to have the ipo, first. and secondly, there's a lot of savings in the transition to be, i would be a shoulder of these banks. >> so what do you think? do we buy the italian banks now? do we stay away until the ts are crossed and the is are dotted and the details have been laid out? is it too early to get back in? >> well, it depends which bank, clearly. we've always been very happy to be in some. and i think it might be the moment to step back in italian banks. >> presstiti. thank you, david, manager of investors. thank you. >>> negotiations from the ecb, imf and european commission have once again been burning the mi

. ♪ >>> joining me now in the studio is the prime minister of italy matteo renzi.e is in new york this week along with many other world leaders to officially sign the climate agreement reached in december. welcome back to the show. >> thank you. >> italy has now become the new entry point it seems for all these waves of migration that are coming into europe. of course it has always been, but for a while greece was the central entry point. that seems to have been shut down, slowed down. you saw this tragedy of this boat this week. what is the solution to this immediate crisis which is these waves of refugee? where will they go? what happens to them? are you going to have camps to keep them? >> there is not solution in the next two days, two weeks, two months. we need a strategy, we need a very intelligent program for the next month, and only europe could solve this very great problem because for me the real question is not tackle against the people who arrive with the ships in our borders. the real question is block these sisters and brothers who come from africa an

is prime minister renzi capable of doing that? >> he has to do it. >> reporter: no choice. >> italy has to do it. for italy, it's the only possibility to get recovery. if not, we will continue to be in this stagnant situation in which without a strong european recovery, for us it could be impossible. you know we have the best macroeconomic conditions. low oil prices, low interest rates. we have very, very good euro-dollar interest rates -- exchange rates. so we have all the positive conditions to boost economy and to exit from stag inauguration. we need big choices, but the biggest choice is to lead this euro area integration today. >> reporter: you don't sound like a man ready to step away from politics. i know there's been feverish speculation here in italy that you plan a return to politics in italy. is that the plan? >> no, no, absolutely not. i talked at an engagement with my university in paris. i will continue this engagement. of course, you can resign from parliament, as i did. but you never resign from the political engag

the government would pass -- renzi isto help set to name a replacement in the coming days. >> finally, you are going to what actress whoopi goldberg has in common with willie nelson. what is going on? >> the oscar-winning actress and is following in the footsteps of willie nelson by launching a marijuana line. she along with a northern california producer will offer a chocolate, cream, and bath salts to aid menstrual cramps. industry in the united states sold over $20 billion in products in 2015. >> i am curious to see if that product will fly off the shelves. it will fly off the cells because willie nelson's products have been flying off the shelves. >> with the latest business news. time for the press review. at what ise a look grabbing the headlines. studio,me now in the lots of focus on that day of action yesterday against the government plan to reform france's labor laws. >> they are thrilled about the turnout at the protest yesterday which happened across the country, but it got a little carried away with its calculator . it says about 1.2 million people took to the streets. tha

the vice president plans to return to washington after his meeting with prime minister renzi. more flooding threatens houston, texas, today. thunderstorms move through the eastern part of the state. a flood warning and flash flood watch have been issued for the area through sunday morning. the national weather service says storms could leave as much as eight inches in some areas. houston was hit by devastating floods last week that killed at least seven people. president obama declared a major disaster for parts of the state, freeing up funds to help rebuild. global news 24 hours a day, powered by our 24 hundred journalists in more than 150 news bureaus around the world. i'm mark crumpton. tracy, scarlett, back to you. scarlett: well, europe is confronted with an economic conundrum. g.d.p. picked up at the fastest pace in a year, while inflation is still nowhere to be found. consumer prices renewing their decline. tracy: have a look at this chart. the bars show quarter onquarter g.d.p. for the euro area. the last was a gain of .6%. the white line tracks inflation. as you can s

renzi vowed he would quit if the referendum goes against him. >>> italian banks are trading to the upside after the country's economy minister told a local financial newspaper there is no risk the european authorities will block the bad bank plan. let's get to claudia in milan following the very latest. >> hi, nancy. good morning. as you said, these stocks are higher this morning after yesterday they took quite a hit after the approval came through of this fund which will reach the level of 5 billion euros in order to help the italian troubled banks. the beginning of the session yesterday, the stocks went up. in the afternoon, they ended up closing much lower on doubts of the feasibility, first of all, of this fund, as well as whether or not it would end up getting approval. it seems that the market has appreciated the prime minister's words, leading the market higher. the ones that suffered yesterday are the two banks that are participating the most to this fund that is made up -- is gathering money from insurers, from banking foundations, and from banks. they're both participating with

so, you know, it's easy to stand here or in italy like italy's premier renzi and say we need more european integration, an intelligence service, a union. it's really appealing idea. lovely. a very good thing. i personally am is a sort of prague gnattic integrationist myself. i believe if we want to preserve the european project under the conditions of globalization and the external shocks we are seeing, financial and refugees and wars and other, we are going to have to have deeper integration, policy and rules. on fiscal policy, energy, managing immigration and refugees and defense and, yes, domestic security and we'll need this in order to survive as a project. but anyone who champions this cause or tells europeans this is what they have to do has to be aware such ideas have fierce opponents within europe. for example, in poland or hungary which, you know, didn't escape communism, you know, in their thinking to become part of yet another super national enterprise and some people for good or bad reasons think of as not much different than the warsaw pact. i personally think that's unfair b

renzi would lose his pledge to restructure italy's banks and would push through the legal reforms thate is working on -- they go hand-in-hand. the big test will be that deadline looming by early may to raise 1.8 billion euros in an initial public offering and this is where we will see whether the firm can help carry this transaction through. francine: thank you so much. michael, when you look at the banks and when you look at what we heard -- a lot of the investment banks are retrenching from europe and we had a bloomberg exclusive saying that they were going to cut its equity trading in europe. michael: right. one more domino in that story. nomura thought the legal businesses as part of an effort to grow in europe ended it just never got to the scale to where it could make significant amount of profits. that has been profitable for them. you are seeing across the world banks scaling back to what they are good at, and that is what's happening here, a significant back in europe. numeral will be focusing more on japan. tom: the operative word is rationalized. they will rationalize -- wha

this is the new renzi. -- frenzy.act number is two to 23 million metric tons -- 223 million metric tons. it is all leverage money. the market is going crazy, they have limits on it. that is more steel than china produces in a year. so the chinese are added again, but this time it is rebar steel. but as with the stock market is doing, flipping out of the stock market and going in to steal. it sells you the chinese are not done yet. can you beat that? ,att: speaking of flipping out i have a new chart on new york city real estate. this made prove more interesting to john than to guide, because he has to come back here and pay his rent. luxury real estate rentals, i assume moving into a high-rise on central park, is coming down as condo prices are going up. to be clear, this chart goes all the way back to 2001. you can see this trend, basically the financial crisis. we have not seen condo prices come down, but rent has been going up as well. and it as it rolls over, will the condo market roll over too? there was a great s