the european central bank loses the money it's lent to the supreme commercial banks on the no circumstances should it be the depositors who have entrusted the banks of good faith with my so i mean let me tell you why why were they going with this variant then i mean if it's so unprecedented and so politically wrong morally wrong why are they going with it. as number of reasons but effectively because they can. the whole purpose the whole purpose of the bailouts in europe but i mean one of the key things about the bailouts in the european union is that it's the countries themselves are not being by all dealt and i think it's really crucial to understand it's the creditors that are being bailed out bondholders to the governments and the people in those countries see none of this money and in fact they have austerity measures loaded on them which makes the economic situation worse in all cases it's the about the preservation of some type of shareholder or bond holder or some other type of creditor and in this case the reason that they've been burned is one because no deposits or of any major e

and someone confiscates any amount at any level is a bank still a bank the entire banking industry is now changed. we should have been warned because remember during the m.f. global crisis the depositors to account all the. were made subordinate suddenly to the creditor j.p. morgan or jamie diamond completely in an illegal fashion that they broke the law they want to head at their customers and they said they stole a billion dollars so that was really the warning shot wasn't that they gamed the rules have changed that no deposit a safe anymore. the rules have changed you know the rules have been revealed you know they're probably always have been the same what is interesting is the fact that the banking system in the e.u. and the e.u. area is so fragile to begin with and anybody who came up with this idea obviously doesn't understand bank finance you know the most ubiquitous the most important and the most fleeting of all banking finance sources is the deposit because they can withdraw their money at the oldest or the should be able to and that is the money that is the most feeding an

are we talking central bank or one of the commercial banks? the governor of the biggest commercial bank in cyprus, the bank of cyprus, not the central bank. -- >> this is the governor of the biggest central commercial bank. he is reported to be saying that the refinancing and restructuring plan that the bank of cyprus, which was to absorber much of the deposits of the bank, the one here behind me, that is to be wound up. he said the plan was concocted a long time ago, not in the last few days, not in consultation with the board of directors. he seems to be saying now that there is no place for him and his directors in the new bank. he says because so much money will be taken out of the accounts of depositors the bank, in any case, a logger belongs to the shareholders. this tapped into a much deeper concern here in cyprus. it is whether the bank of cyprus this and remain solvent. -- can absorb this and remain solvent. owns or theo liabilities, the biggest liabilities of the bank, the -- and i'mon euro 0.3 billion euro that they owe for the emerg

put in the bank is basically. revealing to everybody exactly how for you to go to fill a hole that probably can't be filled think about it what is the purpose of a bank you know you take a bank is a place where you put your money to keep it safe and to hopefully get it back with potential return on it with interest so if you put your money in the bank and some will confiscate any amount at any level is a bank still a bank the entire banking industry is now changed. we should have been warned because remember during the m.f. global crisis the depositors to account all the errors were made subordinate suddenly to the creditor j.p. morgan or jamie diamond completely in an illegal fashion that they broke the law and they want to head of their customers and they certainly stole a billion dollars so that was really the warning shot wasn't that they gamed the rules have changed that no deposit a safe anymore. i know the rules have changed you know the rules have been revealed you know they're probably always have been the

and out the real bank one of the larger banks are going to be the kind of party runs cyprus brings it is a cattle this and it makes it very difficult to get direction today if we see it will happen as to where it's going to happen for us it's hard to tell my guess would be and i can't see it now i'm still working on a project but i've found several banks guilty of fraud you know. in europe as this appear on the central bank's balance sheet the same as it's appear on six or seven of these other banks products but in london they call that re i pop acacia and it's legal they would have the documents to show that it's not legal because the documents have a group called this and it's very clear now the documents of course of that missing now but just to be clear you're saying that banks in europe have pledged same collateral multiple times in illegal fashion above and beyond any any possible here in the cations game so it's real but the cation it should not be possible if you've already pledged it because you have to own it. ok now what about italy the economist the commercial banks just t

the great depression. banks were failing by the thousands. federal reserve, created to prevent such a tragedy, only made things worse. what had gone wrong? 1951, during the korean conflict, president truman also faced another battle, between the federal reserve and the treasury, over financing the war. how would it be resolved? 1965, lyndon johnson's administration was spending on both a war and a great society without raising taxes. the fed was left to fight the resulting inflation alone. the nation's central bank, originally created to protect the banking system against panics, acquired more power to affect the economy than even it imagined at the outset. the federal reserve: does money matter? with the help of economic analyst richard gill, we'll explore that question on economics usa. i'm david schoumacher. coins, bills, checks-- our basic money supply. the amount of money and where it goes wiin the banking system has been the main concern of our nation's central bank. at the fed's headquarters here in washington, dc, closed deliberations

wants which is the definition of a bank. so this is very interesting once the conference destroyed in cyprus rate is the go next i would have much confidence in much of the core of europe outside of maybe two different two countries and most of the states. in specifics later on next couple weeks ok let's move over to london in the london a well you say ben bernanke is to blame how so. the catalyst of course greed is the brain but ben bernanke you drop interest rates to zero they kept in the zero you know the bank business model is i take money i have. borrowed ten dollars of capital you know in debt and then i go into business with it usually i loan you money right at my cost and then you pay money back now but you saying it's a moral hazard in other words cheap interest rates quantitative easing zero percent interest rates make the cost of crime cheap and the moral hazard just grows exponentially because nobody's reigning them in there's no regulations they say ok here we are in london whale is supposed to be no proprietary

black market by joining the banks hers or by going by some other means also they're also cutting down the daily amount of money people can get out of the a.t.m. again that's a chokehold so here in britain for example they've gone from the aspiration nation to the asphyxiation nation so david cameron george osborne have their their hands around the throats of these british people and saying we don't want you to have sixty we want to carry and people are saying ok they're going to work in the black market we're going to use bitcoin to save. we're going to buy gold and silver they wanted everything and everything to get around the corruption of cameron born in the euro zone the e.c.b. the fed j.p. morgan so it's a reward now they're going to be survivors there's going to be losers going to a lot of casualties are people going to die a financial problem well i don't want to say it again because people are a take on bridge at this term financial hole a cost but paul mair former boss paul moore did agree that when you have

advisors the bank stars who control their pensions and now the pension fund industry itself the banks are who convinced american workers convinced the government to allow their formerly previously good pension funds to be transferred to them they say oh that average is one hundred thousand dollars in these four a one k. but what the new school found was actually that seventy five percent had less than thirty thousand dollars that's not going to get you probably more than six months retirement i know we saw a perfect example of that with the facebook i.p.o. as i predicted on the show facebook i.p.o. would drop by a lease fifty percent when it became a public company but most of those account holders would be passive pension account holders so they wonder at the end of the year why their pension accounts are down five or ten percent is because the pension managers bribed the banks on wall street like goldman give them cash in the form of research and then they take a pig like facebook stick it in a pension account and watch it drop fifty percent for the fees people want to hold while lo

>> yes, sir. >> did the bank stopped sending the problem was data for the investment bank for period of time? >> it was approximately 32 weeks. >> do you restore that data to the occ? >> i did. >> did he order the data stop? >> prior to stopping the data in number of regulators had reaches for the information we shared with them. there had been mistaken losses of information and we wanted to ensure prior to restarting the data we have adequate control in place to ensure that the data got to the regulators and only the regulators. >> did you notify them that that was the reason? >> i did speak to them during that period of time. >> you told me that was the reason that information was not coming to them? >> during that -- >> january and february? >> we were not delivering the data, you ordered it restored. apparently there was some heat in the conversation allegedly but in any event you ordered the data restored 5. did you during that period tell the occ why you were stopping that data? that is my question. >> the time period was earlier but i do recall somewhere in that period of time

we should tell you out of the hands of the bank the trouble is the banks then on sold out to the public again the whole securitization thing that was one of the biggest mistake america in allowing that to happen because once you securitized it you take it off your hands first of all that encouraged a huge part of the responsibility because you know it was the tiles i will hit you lose top and i securitized what it means is you have. money as a bank and you have all have an essay on your on your books and you then bottle that us up and sell it to other people that accept being a mortgage backed securities all the bonds that banks sell which people then by believing the aaa righted assets. you have online now these sizes is this triple idol cannot trust. that that that gets it off the off the books of the banks they get cash in return and ends up being and by the public and anything goes wrong the public with the cost of it so we would that means you can actually simply say oh that's right off the debt because if you took it out of the hands of the banks or or if you took out of the hide

that they would need a bank you have the confidence in their bank we can once a couple of the banks we can counter parties to their bank then pull their support out as it's nobody wants to face as a counter party if they think their banks primary funding source which are the plaza. we're going to run the positive down to run if you tell them i'm taking your money now what about the mainstream media for example you know you're in the blogosphere but you know but you've now emerging as the go to guy in the high tech space and i'll get to that a minute with your calls on apple and google and the rest and you've really emerged as one of the premiere tech analyst really in the country but what about the mainstream like a new york times for example aaron sorkin writing that what does it really matter that the money was stolen from depositors it's all good i mean aren't they just some just some degree also responsible for this the soft fascism i'm going to say something a lot of mainstream media guys are not going to like i mean they're reporters ok most importers. are not analytical by profe

the bank of cyprus according to the deal will function as the good bank and will take all deposits of less than one hundred thousand euros from like it will however also absorb the debt. in loans which like you receive from the european central bank as emergency funding assistance a detail that anger. is like they want to push. and while this employee the worries about the health of his bank other cypriots worry about when their banks will reopen if at all we have no cash we just choose. him waiting to get something. for hello and while this year a group of pull. off a complete banking meltdown for many cypriots the feeling towards the uk is one of frustration. yes but it's about the power of the time we get to the piano it was a disaster for us it wasn't. meant to be fun with the pounds. from. january two thousand and eight when we entered the only other side upside down so slowly so you have to this kind of situation so now we have such. a situation to have to wait but. today come it's going to take so long and for now cypriots are forced to wait for banks reopen for cash to start f

the bank of cyprus, the good bank, and then the bad bank -- the bank of cyprus will survive, whereashe other will be wound up. deposit holders will have the money transferred to the bank of cyprus, savers with more than $130,000 in the other bank will face a one-off levies. this could be as much as 40%. this in turn will trigger -- -- will trigger a bailout from the international monetary fund and the eu or $13.5 billion. olihe last few minutes, rehn said a deal had to be reached. >> it has been yet another hard day's night, a long and winding road, but it was absolutely central that an agreement be reached tonight on of financial assistance program for cyprus. we now have such an agreement in place, which means that we can now work starting today to help the cyprus people to rebuild their economy. based on ant was institutions,ree the commission, the ec be, and the imf. the commission has been working hard for many months to facilitate a sustainable i recallto help cyprus i raised the issue of financial results -- assistance program novemberirst time in 2011 with the finance ministe

economy the government of the banks. you know look at that's a fair question a lot of the management of the government of the government in the economy is sort of outsourced in a way towards the banks you know that's how tarp was originally run was it wasn't that ok here we are us the government we have this these hundreds of billions of dollars we're going to save these banks we're going to save these guys for the purpose of we want the bags to put this money back into the economy to increase lending to businesses homeowners to get the economy rolling again but when they did it they didn't do it the way that you would think that you would if that was your goal would say ok banks j.p. morgan chase you know here's your twenty five billion dollars but when you use this you know you're going to agree that you're going to use it to increase lending and we're going to measure that or we're going to incentivize that or at least require it if not incentivize it and keep track of it like that's how you would think would be if the

lintner to jail time and just yesterday nine more banks toure's from the iceland bank culp thing or indicted and charge for their roles in orchestrating by large scale market manipulation conspiracies. these are only a few of the arrests that we made as iceland is cleaning up its banking industry and holding their own corrupt banks toure's accountable. for their actions in the two thousand and eight financial collapse. meanwhile here in the united states the wall street bankers banks who brought our economy to its knees are still sitting pretty in their corner offices or retired with hundreds of millions of dollars of your money just like jamie diamond c.e.o. j.p. morgan in a recent report on j.p. morgan's monumental multi billion dollar trading laws diane was alleged to have criminally withheld from regulators key details about the bank's deal us and numerous other reports have suggested that diamond may have been complicit in j.p. morgan chase and gauging in additional criminal and or an ethical activity. with diamond in the rest of his fat cat buddies are doing to find that co

the banks fell apart. e whole cyprus economy, already impacted by this crisis with less tourism and shipping, now sought its banks defunct -- basically, bankrupt. they appealed for a bailout, which is now standard in europe. >> despite widespread opposition to the deal by the residents of cyprus, cyprus's parliament will not need to approve today's deal with international lenders because the parliament has the necessary legislation to implement the bailout last week. on friday, the governor of the cyprus central bank warned political leaders that the country would face a disorderly bankruptcy unless they approved the bailout. >> all of the elements the central bank of cyprus contributed must be voted for immediately and as they are. two basic reasons for it first, saw a positive message is sent abroad which will help agreement soon with the troika. secondly, absolutely necessary the central bank of cyprus has the right legal tools to allow -- handle the crisis. >> richard wolff, can you respond? >> this is

bank to the commercial banks initially but then the commercial banks will probably extend this offer to their customers and say you have to pay us an annual fee to keep your money at the bank so savers not dealing not only with a zero percent interest rates but they're being taxed effectively one or two percent every year just for the privilege of giving them money to the banks how is this going to work. max it's an incredible i think this the banks have learned from the fed and the other central banks who have been playing the same scam that if you buy tracery bond from you know in the u.s. you're get like a tenth of one percent interest a short term treasury and of course inflation is two and a half percent officially so you're basically paying the tracery you know two point four percent for the privilege of owning this is tracery people and so maybe the banks are simply copying the central banks because hey if people are willing to pay to an after cent for a sovereign bond why not two or two and a half percent for a savings account and it's of course it's just the same sort of. th

as the chairman of the bank of cyprus the country's largest financial institution has resigned. in the mediterranean state remain closed until thursday to prevent a massive run on the accounts of depositors with over one hundred thousand euros in two of the main banks could see about forty percent of their assets levied of course to raise money for the bailout. as the latest from the casino. now this is like. the heart of. with its international creditors to get that ten billion euro bailout it needs and what will happen to this back essentially is it will be split into pieces and people with deposits of more than one hundred thousand euros that are uninsured will have to take a huge here haircut a lost whatever money they have here and many cypriots for the past week have begun to motional rollercoaster wondering what is going to happen to their money to their savings every look at this example one day it was here the next day it is it and they're wondering is the same thing going to happen to their jobs or their savings to everything else they think they have precisely what di

you might take a hair cut but normally when a bank goes under, the creditors get shares in a new bank. these guys are just wiped out with no hope of recovery. >> so, the concern here is not so much cyprus itself which after all is the third smallest economy in europe, it's a tiny little island of less than a million people, is it to you more the indication that european leaders still haven't worked out how to deal with their financial problems? >> that is a good summation. they haven't. cyprus, we've known for nine months, was in trouble. they had plenty of time to cobble something together that wouldn't precipitate a panic or set the conditions for panic in the future. one of the things that the germans have not recognized yet is that piling on taxes on the private sector just deepens these recessions and makes them more severe than necessary. we haven't seen such foolry in my mind since the early 1930's when countries piled on taxes, when economies were contracting. so they're crushing their private sector, it just makes their financial fiscal problems even worse. >> yeah, i suspect

pay slashed in half in january and the bank disclosed 17,000 layoffs in february. the flood gate of bad news first opened last year when jp morgan's european arms made a giant trade on the global economy. dubbed the london whale for its sheer size, it cost the bank $6 billion. >> the rules need to be revamped. >> grilled over that very trade last week on capital hill, senator carl leaven took executives and the bank's regulators to go awry. >> the occ has issued a cease and desist order. but i believe you and your colleagues have a challenge to get america's biggest bank back on the straight and narrow. >> for now, jp morgan is taking strides to right its wrong. when diamond discovered the payday practices, he called them horrible. >>> though suffering a bit of tarnish, jp morgan's sterling reputation is not in long-term jeopardy. even amid the misdepths, the bank posted record profits. its stocks up 50% from last summer. for "nightly business report," i'm kayla tashi. >> meantime, banks are gearing up for a busy season. application for home mortgages dipped more th

banks. for you know. in europe as a super hero on the central bank's balance sheet. the same as it's appear on sixty seven of these other banks products but in london they call that the cation and it's legal ok well i have the documents to show that it's not legal because the documents have a group called this and it's very clear now the documents of course of that missing now but just to be clear you're saying that banks in europe have pledged same collateral multiple times an illegal fashion above and beyond any any possible here in populations game real bifurcation should not be possible if you've already pledged it because you have to own it to get it ok now what about italy the economist the commercial banks just the pages of handles that italy should also take a fifteen percent cut of deposits and they are telling depositors they're telling to take this threat seriously what do you think what you think i dare i like to see it happen as a good t.v. . you know when you take you know you don't know who these depositors are what if you know i mean italy is famous fo

workers with robots but what will happen is that the central bank will be replacing the robot and that robot will be set to stun and kill more than it already is well miska is on to say get rid of a million workers replace them with a million robots and you get rid of a million complaints about working conditions as well as unwanted high profile work related suicides and i think this is something we see throughout the economy we have become hyper focused on just these numbers and that the annoyance the nuisance always and many of the arguments is people get in the way you know they have babies you know women give birth to a child who needs health care for their entire lives so it throws the spanner into the works of health care we have people who get into fights fall in love have wars all sorts of things get in the way so his argument could be extended to the entire situation like ok you mentioned the cancer villages in china well robots don't get cancer either so what about all these pesky humans that keep on complaining about their children getting cancer because of all the toxic dum

of course, the first bank of jan policy board meeting. the new bank of japan chief and lot of focus there on what measures he may take. the nikkei has risen to fresh highs and the yen has weakened on the premise of the government and the bank of japan are going to do everything possible to battle deflation here in japan. that's a big focus next week. >> we'll be keeping a close eye. what can you tell us? >> let's have a look at some of the levels. euro zone cities and uncertainty over the italian government. the euro does remain a big focus and how it's trading against the yen. 120.75 to 76. that compares to lower 120 levels when stocked closed here yesterday on thursday in tokyo. dollar/yen top of the screen 94.23 to 24. some traders are appearing to buy the dollar based on the bank of japan's easing. we shall see a lot of focus for next week's policy board meeting by the bank of japan. >> back to you. thanks for that update. i have some other economic data for you out of japan. first, let's start with employment data. the jobless rate ro

of america finishes flat on the day. bank of america still up about 8% on the year. back to you. >> josh, thank you so much. >>> bank of america. my next guest calls it the stock to own in 2013. that is the stock meredith whitney is bullish on. joining me right now in a cnbc exclusive to talk more about that is meredith whitney of meredith whitney adviser group. good to see you. let's talk about your call on bank of america. obviously b of a came out the winner in the stress tests last week. >> one of the most undervalued stocks going into the stress test. what's amazing about this is very rarely do these big banks have both value, catalyst and momentum. and bank of america had all of that. so up 20% just in the last three months. and probably another 20% from here. and it will continue having momentum. this catalyst, when i say it's a stock to own, the stress test was a huge catalyst for this name. it's been this stealth, you know, stealth operator stock -- they announced cost cutting measures back in 2010. no bank has announced the kind of cost cutting measures tha

the bank deposits in the u.s. are 45 trill, theirs are eight or 9 billion, so their system got way out of control and skew and way out of balance i think they are dealing with that. i think that makes it unique but the principle of unassured depositor bondholders taking a hit in europe sent dialogue around the system and there are different interpretations of what exactly happened in cyprus, in the u.s. that is taking place for a long time so the bondholders, and the holding companies -- fdic and suffered lossness uninsured losses suffered in liquidations and it happened before, so, you know, and i think the bank system in the united states is well capitalized but it shook a little bit in europe because of the debate could this be applied in my country and what i hope it doesn't start is capital flight issues going on, where money was moving around country to country, because mario drop gas stopped that in the summer and that settled everybody down so hopefully people will keep distinguishing this as a unique even

it's one of the highest in the west bank, at more than 20%. quiteincredible -- incredible when you think this is one of the biggest tourism sites in the west bank. >> thank you, reporting from a very stormy and wendy bethlehem. it is a diplomatic dispute -- and windy bethlehem. it is a diplomatic dispute. why two italian marines are heading back to india to face trial. and a global problem >> hello again. you are with al jazeera. china's president has arrived in moscow for talks with russian president vladimir putin. they are expected to focus on trade and military cooperation. in cyprus, hundreds of people are protesting against plans to cut their jobs. the government says the next few hours will determine the future of the country. all additions are set to debate how to stop the country from going bankrupt. the lease say more than 20 people have died in riots in central myanmar. say more than 20 people have died in riots in central myanmar. the united nations is marking world water day to draw attention to water security. in many parts of the

>> the trust in the european project and the banking union, i would say that the urgency for the banking union has only been proven from this whole situation. >> yesterday, julia, though, being the most extraordinary detail so far where he had to come out and backtrack on comments he had made suggesting cyprus would be a model for the way the euro would deal with the banks going forward. >> he said he didn't recognize the word template. ultimately, the timing was pretty bad, but he has a point. isn't there a situation we have in the eurozone where the banks are dragging their feet, not addressing their balance sheet issues, hoping for a newly pledged ecb is going to come in there and do the work for them. >> and is even if he's right on substance, it now becomes a point about clarity. what can investors take from this? what are they supposed to keep in mind when evaluating banks and whether to invest in them? europe ultimately needs growth and that growth has to come through a functioning banking system. >> but a banking system that's ultimately going to be part of a banking union. we kn

at least according to the bank of england. central bank warned in its quarterly bulletin thursday that leverage bloomed corporates which in turn can make those firms more susceptible to default. what does robin dumar think about it? you know a little bit about private equity. were you surprised to see the bank of england address this issue? >> i was surprised to see the bank of england address it with such vehement. because while there is an issue in terms of debt maturities, i think we're going to be just fine, bringing all the institutional forces to investing in these securities. >> your firm is a major private equity player. it's interesting that you make this point that, in fact, what you see yourself as doing is providing liquidity, stepping up into the market and filling a void that banks themselves have left when it comes to fund approximating. >> kelly, that's absolutely right. there's no question that the banks have withdrawn very substantially from the markets. they're not lending the way they were. they're under a r

again they see what the big central banks are doing they're starting to aggressively buy gold as we've been saying on this show russia huge gold buyer china huge gold miner and buyer and they're out there around the world accumulating gold on the stealth to increase their position the central banks and the game being played a circular firing squad otherwise known as quantitative easing happening around the world with central banks debasing their own currency can only end one possible outcome and that is with gold the ten thousand dollars of them so they don't want to be left at the altar of the new global currency grid holding nothing but a bunch of ramen noodles and they want gold and so finally max as we talk about this quantitative easing about the possibility of the euro falling apart but if it's all because of just a typo and i will look at this quick final headline here from the united states about what a typo does to a human and what it could possibly have done to our global economies another person dies from the stress

they were told that the bank with close -- that the bank would close. some tried to storm the building. the whole situation is very shaky indeed because it looks as if as one problem goes, another one comes up. >> thanks for the update from nicosia. on today's market action, and european shares suffered their biggest drop in three weeks on thursday. the negative market sentiment, however, had less to do with cyprus and more to do with a report showing an unexpected slowdown in german manufacturing output. our correspondents and as the summary from the frankfurt stock exchange. >> cyprus was once again the major topic of the financial markets. the ecb's decision to cut the lifeline of separate banks on monday caused a real shock -- the lifeline of cypriaot thanks. although the ecb had won several times that they would do so, and no one took it seriously. markets have also been hit by disappointing economic data. the eurozone's downturn is deepening, and german growth pulled down in the service sector and the biggest tree signal no soothing message today -

the largest u.s. banksare deep and derivatives, which are complex instrument, which derive value from other asset. the derivatives behind the jpmorgan will trace the part of a so-called synthetic credit portfolio sometimes called an sep that essentially made out sites that on whether particular financial instruments or entities for credit worthy of a default or specified time periods. the best or maybe cheaters in the london office of the u.s. banking giant jpmorgan chase. their trades, meaning their beds grew so large that they wrote the $27 trillion credit derivatives market, single-handedly affecting global prices and finally attract a media storm in finding out who was behind them. that's when the media en masse to jpmorgan investment office, which until then had been known for making conservative investment with bank deposits. at first, jamie diamond in the april media reports about the wheel trays or a tempest in a teapot. and let later the bank admitted the truth of their creditor of the defense had

. >> and now, to the latest on the financial crisis in cyprus. all banks there will remain closed until at least next tuesday. michelle is on the ground with the latest efforts to overt the threat of a banking system collapse. so, michelle, the first question is obviously, why are the banks still closed and why won't they open before tuesday? >> well, the reason they're still closed is if they're afraid they reopen them, the banks will collapse because everyone will try to take their money out. so what they'll do is try to extend the banking holiday through the weekend. that's going to give the government, they hope, time to recapitalize the bank. that's a long-winded way to say pitch the bank. put a lot more money in them so they are stronger. not until tuesday because it happens to be a holiday. >> michelle, this is suzie. what do you think could happen on tuesday? there's been so much pent-up anxiety, what happens when those banks open? >> well, it all depends on what happens over the next four days. so cyprus rejeblcted the first idea and they try to r

before joining the people's bank of chinar pboj. zhou turned 65 in january, the age when most officials retire but he was promoted to a national leadership position this month, that made him exempt from mandatory retirement and allowed him to keep his post at the central bank. zhou's tenure is not only the longest in china's central bank's 64-year history, he's one of the longest serving chiefs in the world. zhou took the helm of the pboc in 2002. he has engineered a number of major changes since then. zhou is considered the architect of the country's broad financial reforms. he was the driving force behind the liberalization of interest rates and he was also in favor of scratching the yuan back to the u.s. dollar. china watchers say zhou has played an important role in transforming the state-controlled economy. >> in terms of economic and financial sector reform, governor zhou has been involved and also had been leading a lot of the very important reforms that will help china to advance in this next stage of development, and

we'll head to new york and get you the latest on u.s. banks before the federal reserve releases the annual stress test results. >>> and the european central banks, yes, it's expected to keep rates on hold at 0775% today. ecb president mario draghi isn't expected to unveil any new information today. carolin roth is in frankfurt. carolin, what is the gossip there? what are people expected today? >> i think by and large, they're expecting that mr. draghi will be more dovish, he will point at some easing in the future, but it would be premature to believe that the ecb is going to be cutting rates from its record low of 3.11% today. why is that? a couple reasons. first of all, we haven't had a warning in mr. draghi's communication yet and he usually gives us one or two months warnings. second of all, your dollar rates have dropped by some 700 pence since the last meeting and that in itself could be boosting growth, albeit with quite a considerable delay. thirdly, mr. draghi, an a italian himpz, may not want to give the impression that he is too con