we have created an essential enhancement to the currency union, a banking union. will mean greater stability and provide better protection for citizens. >> the goal is to strengthen international confidence in the euro and europe's financial institutions and to keep taxpayers from footing the billl if banks fail. the idea is that banks will be responsible for their own rescue fund, a at the 5 billion euro pot of money to finance closures . it will take 10 years to get up and running. for now, if the current bailout fund is needed, germany is adamant that there will only be loans and no direct payouts using taxpayer money. >> the only route is via member states and the national compartments. that is the contractual agreement. no one has even raised the issue of changing the dsm treaty. >> a few issues remain, but if a final deal is struck tom a a banking union could be reality in just over a year. >> our correspondent has all of the reaction to that news from the frankfurt stock exchange. >> a banking union in the eurozone is assumed shape, but the feelings were mix

and the set-back along of the union bank side is very difficult because that is where the elevators exist for this building. and so they are right up against union cal. so there really isn't, we would have to completely retrofit and move the core of the existing building, to another location for all the elevating stairs. that's where it is. it's planned just like union cal building that has all of its core elements at that edge. that really was never an economic idea that we considered setting back on that side. >> did you look at setting back on the other three sides? >> we are setting back on california street on the four corners. >> what about on the union bank side? >> we did look at that, it makes for an awkward transition, that you have a very stubby, lower portion that is eight stories. and setting back 15 feet it was like a very -- it was a very removed approach to adding an addition to the building. our goal here was to have it feel like it was all one building. at the end. >> what about tearing this building down was that considered by the project sponsor because you are dealing

it goes against the grain of the credit union. >> normal unions lend a few thousand. this is what caused the bankingystem to fall over. >> it's similar to what went wrong with the banks, and the credit union is striking. the banks had to be bailed out, so the taxpayer is having to find $70 million to support the failed credit union. the difference is this - while the institutional investors in the bank never lost money, institutional investors in the credit union were the people of this down. they don't have the safety net. >> the credit union system relies on people being able to save. in ireland, where they can't repay the bills, the fear is that newbridge went big because it couldn't make the credit union model work. >> you have 800,000 mortgages. unemployment of close to 13%. i mean, it's not possible that credit unions could be immune to that kind of thing. >> newbridge was one of 12 credit unions not to belong to an association. it insists the model is viable. >> the movement is solid. it has come through. much better than financial institutions. with the exception of newbridge, it's the only

it's a similarity about what went wrong with the banks in ireland and the credit union. loans, the lack of regulation and oversight. in the same way that the banks had to be bailed out by the tax payer the tax payer is having to find $70 million to support the failed credit union. the difference is this: while the institutional investors in the banks never lost money, the investors in the credit union were the people in the town, and they don't have the safety net. >> the credit union relies on people saving and borrowing. the fear is that knew bridge went big because it couldn't make the credit union model work. >> there's 100,000 in arrears out of 800,000 mortgages. unemployment of close to 13%, it's not possible that credit unions could be immune to that. >> newbridge was one of 12 credit unions not to belong to an accession, which insists that the model is rely ible. >> the model has come through the recession. with the exception of newbridge, it's the only institution standing on its own two feet. >> ireland has just two retail banks and 400 credit unions for people

that preventing a repeat of the crippling crises that have already hit the eurozone. >> the european banking union deal aims to prevent overstates getting burned by bad banks, but it came about only after protracted negotiations. brussels will have a range of new powers to curtail the effects of taking failures and the deal will add to the existing supervision by the ecb, and deposits of 100,000 euros will be guaranteed. the mechanism will close toxic banks before things get out of hand. producing revolutionary chance -- change to france's financial sector. so that taxpayers no longer foot the bill. >> bangs will also be expected -- banks will also be expected to contribute, but it is unlikely to be enough. additional financing may come from the european bailout security mechanism. that is a sticking point among certain eu members, particularly germany. nonetheless, the german finance minister said this was the right way forward. >> this was very controversial for a long time because the interests varied widely. that is why we are building the right contribution for the stabilizing financial marke

the central bank will decide to taper sooner rather than later. can they agree on a deal? eurozone finance minister is under pressure to finally agree on the details of a banking union as the region's watchdog says banks are still loaded with sovereign debt. >>> and a slowdown in australia's mining boom catches up on revenues. it sent the nation's deficit looming well past earlier forecasts. >>> plus, the prognosis with doctors, less than healthy. gsk will stop paying doctors for promoting its drug, a first for the pharmaceutical industry. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> and welcome. you're now watching cnbc's "worldwide exchange." plenty to get through on today's program as we get into the christmas and new year's spirit. will there be much cause to celebration as far as assets are concerned? we'll speak to an expert who is advising caution on european equities in around to minutes. >>> after months of rapid gains, the u.s. housing market appears to be well on the way to recovery. but buyers beware, the seconder could cool off. we're going to check on housing at 11:00 cet. >>> as glasso smith cline

the problem. they didn't give us a european answer to that. the banking unions all of the regulations to one convergent point. to have the backstops of a resolution fund and to plan out how banks will have to be dealt with in those situations. >> two things come to mind. capital orhat bring quickly into european banks? are they investable? seendly, are we going to much more m&a consolidation in 2014 or would that be delayed? >> you have to separate those banks that need capital. i would expect them to be working on it now. it is not just raising capital, it is also reducing assets. it is deleveraging as well as building up capital and being profitable. it is very positive for the banks that are well-positioned. in terms of m&a, yes, we expect to find that some are weaker than others. some of them are over bank and need further consolidation. we expect that in italy. is already well underway. we would expect i hope to see a similar process in germany. >> will it be entry europe mergers or american and overseas? >> i would expect a lot of it to be intra. there ar

the euro. i'm thinking union. we have a supervisory body. we have the deposit guarantee. and we have the framework for winding up banks that fail. so we've created an essential enhancement to the currency union with a banking union it will mean greater stability and provide better protection for citizens. you know. we are. goal is to strengthen international confidence in the euro and europe's financial institutions and to keep tax tears from footing the bill is getting stale. the idea is that banks will be responsible for their own rescue fund a fifty five billion euro pocket money to finance closures. it'll take ten years to get up and running. for now. if the current dsm bailout plan is needed. germany is adamant that there will only amount to no direct pm using taxpayers' money. julie was in the tsunami and the routine use in this land and the state and national components of the contractual agreements. you know no one has even raised the issue of changing the esa entry team loses his stead. issues remain. if a final deal in stock. thinking it could be reality and sat still for a year. as our correspondent dorothy hall has al

editor covered the story, and he gave us the highlights of this summit starting with a set of new rules on the banking system. >> first, regarding the banking union there will be a new firm financed by the banking industry. 55 billion euros over the next 10 years. eu leaders will want to use this body. bein the future it will not taxpayers who foot the bill. there will also be a new agency with powers to shut the bank. this is an important development. will this work? critics will tell you 55 billion euros is tiny compared to the of eurozone banks, but it is an important step towards a stronger banking union. it is a sign that if they want to preserve the single currency, they will need a stronger corporation. this will only apply to the eurozone members. the french president has sought to rally support from european for european intervention. a number of countries have agreed to by logistical assistance. some include troops. if the european mission happens we will have to wait for of council meeting in january. >> african mediators are calling for peace in south sudan. prevent the to country from plunging into a civil war. south sudan gained ind

>> jean-claude trichet says that the bank would be able to rebalance their books ahead of the new stress tests next year, but still, he believes that the banking union remains a work in progress. this is what he told me. >> it is the idea, it is the very concept is to decouple the creditworthiness of the banks and the creditworthiness of the states in order to avoid vicious circles that we have observed in the crisis. i take it that this is the goal and i expect that that goal will be attained. it's a work in progress. we have to see how the supervisory function will be -- and we just had an accord in principal for the single resolution mechanism. and he think it's very important because the devil is in the details. >> what do you expect from this new round of stress tests? >> the asset quality review and the other issue is the stress tests. these are two different exercise. one is you look ae assets and judge the quality. the other is what would happen if we had new shocks that would be devastating. what has been decided is to make public the result of both in order to be sure that the market is fully informed and has a full fledged comprehensive i

this would look something like the union bank next to it, which is built in the 80's is a fairly square look. and i don't think that the wedding cake approach makes sense. i would be happy it move with the understanding continue to work on design and comes back to the commission for a presentation with the new design for us to see. so that would be a motion. >> second. commissioner sugaya. >> yeah, i think what commissioner moore is trying to get at is something beyond just the design. and to try to put it in the context of the urban design plan and the downtown plan and see how all of those different policies and parameters and whatnot could affect this particular corner. that i understand. i think that without -- everything costs money. so -- i think one of the directions she was indicating was perhaps there could be a different approach to the structural system. you had the existing structural system which is concrete and it's in bays. but is there a way to lay a mat or something on top of that and then it becomes an independent system that is supported from underneath the -- but you

the european union." the e.u. clearly tackling a range of issues during this summit. we are seeing the credit rating has taken a hit, despite agreement on the banking union. the agreement clearly fell short with some people. >> the agreement on the banking was in the process, something that was going to happen. the more important discussions at the summit were about defense issues. a positive spin on it by saying certain things have been agreed, but these are things which have been agreed on for quite some time, particularly the new weapons drones, the satellite proposals, all of those things. i think the biggest problem with the defense summit, something that has been anticipated for the whole year, is that there are no new breakthroughs at all. the banking union is something we expected. that is happening. that is good news. the positive spin many commentators will put on it is misleading because basically the european union has reached an impasse where it has no strategic vision. it has no clear view of what it is tempting to achieve. about conclusions talk the european union being a defense and security after around the world. but in reality, i

and it's immediate neighbor, the union bank building has its core adjacent to our site and allowing the four corners of the building to be visible. and the design has worked with that as a tool to shape the building. all four corners of eficized. and at the center for the roof is the open space for the project. california/battery shown in this view has the corner expressed. as well as this cut-away view at halock, most are not familiar with, it's a very small alley. these two images show the corner in particular where we have taken the vertical rhythm of the existing facade and supplanted metal elements from the base all the way through and expressed through the roof scape of the building. this creates very unique spaces in the buildings at the corners for great views enjoying light and air. these elements reach to the roof at the california street side and organize roof terraces. this one for the top floor. and bracket the public open space at the roof level with large trellises that are extensions of the elements that rise from the street. we believe that the overall composition has a

starting from the credit union, we educate them about filing taxes properly and then moving on to the bank, a small one, expansion, and we work with the bank. the bank and credit union are similar. we do allow tax returns, projections. credit unions do not charge an additional loan or processing fee. processing time, on a small loan, -- consumer loans probably a few days. because we require a business plan, sometimes it takes longer. business plans take a while. especially bank statements. we need to see consistent income coming in. so far, a credit union delinquent rate is quite low because we are working with a client. we want to keep that low and as part of our mission. there is no application fee. if you are interested in an application or information, i have brochures, or you can give us a call. >> thank you. next is marked with wells fargo. >> hello, i work for wells fargo bank. i cover the northern california region. i usually focus on about $350 -- $350,000 of sbe loans. last year, for 2010, i did 43 loans. so we are lending. i usually focus on six different types of loans. start-u

but of course will be dealing with that soon he'll be like getting all the sweet sweet pressing forward plans for the banking union in making banking regulation in europe will be a key issue for this government with the social democrats of course striving that four out of their agenda very much. i think the spd leader and deputy chancellor and economics minister added most important teasing mug of bl we'll be pushing for which these ambitious plans to transform gemini is a need he said said. that was close with agendas of planning just ruling she eats more than fourteen percent of germany's any team should come through renewable sources by twenty twenty five that's a very ambitious target their problems about the infrastructure how you actually do that. how'd you get hella from the windy hill the gemini to the industrial sounds. there are many other things for them to deal with the national minimum wage that we've talked about so much. on the said program ends and pensions reform and many other things of the law for the government that says i would have foreign policy me you mentioned you are looking beyond skewer

pick up the bail for the year for the private banks what respect i never said that's what i was i'm saying it's not in the context of a fully functioning banking union that we want to see open run in next year which will be a european banking union if god is in place the cost to national taxpayers regardless of whether they're irish are not should be far smaller than the how it's been in the past and dot's why we are pursuing this spine communion but you know what i'm conscious of all of this that at the end of any crisis that ever happens for the be bunking our economic again what always happens is the regulators central bankers politicians they say this will never ever happen again and it keeps on happening but we have to ensure is that if this does top and again it doesn't how is such a concept clueless make an awful cost for taxpayers mr donahue thank you very much for you very much and if you like the show please join us again same place same time here on the world the pike. speak your language. program see documentaries in arabic. reporting from the world talks about six of the interviews intriguing stories are you. trying. to. visit. the head

a repeat of the crippling crises that have already hit the eurozone the european banking union deal aims to prevent member states get sunburned but that banks. but it came about only after protracted negotiations brussels will have a range of new powers to curtail the effects of banking failures. the deal will add to the existing supervision by the ecb a new agency to wind up failing banks deposit on the one hundred present your nose will be guaranteed the new agency known as the single resolution mechanism locals toxic parents before things get its terms. we are introducing a resolution weekends. europe's financial sector. it sort of xp years. no longer afford to be the parents will also be expected to contribute to a special fund for buying soldiers to be phased in over ten years. but that's unlikely to be an elf and additional financing may come from the eurozone bailout funds. the european stability mechanism. that's the sticking point among certain eu members particularly germany nonetheless the german finance minister said the deal was the right way forward. but this is an impo

the eu banking union is making progress. ing, 90 world leaders as part of the memorial service for nelson mandela in johannesburg, south africa. u.s. regulators are set to usher in a new era of tough banking regulations with a vote today to adopt the so-called volcker rule. our very own hampton pearson is in washington with the details. hi, hampson. >> hey, ross. well, you know, this is really a bigg biggie. as we say in sports for those of you scoring at home, the top three u.s. banking regulators, the fed, the fdic and the occ as well as the securities and exchange commission and the commodities future trading commission will unveil final details of the volcker rule at 9:30 a.m. eastern time. they're expected to vote and adopt a measure later in this day. now, the rule, which has swelled to more than 800 pages is named after the former fed chairman, paul volcker. it bans banks from proprietary trading or making betts on markets with their own money. it also limits their ability to invest in private equity and hedge funds. a

the load for this government. person in this cabinet of course will be dealing with that and he will be getting on this week with pressing forward plans for the banking union. i think the banking will be a key issue. i think the leader and economics minister will be pushing forward these ambitious plans to transform germany's energy sector. of coarse, what the germans are planning, just to remind you, more than 40% of germany's energy should come from her noble sources by 2025. that is an ambitious targets. there are many other things for them to deal with. the national minimum wage that we have talked about so much on this program and pensions reform. >> what about foreign policy? ties with both russia and united states are pretty strange right now. >> the new and former minister has got a big job on his plate as well. he's got to repair relations with united states. following the united states and espionage scandal. the first thing to deal with is russia. it'll be interesting to see. in the past, he has been very pragmatic. chancellor merkel has been speaking more wary. there's a potential for some tension in the two relationships there. that whole quest

pick up the bail will be here for the private banks what respect i never said to us what i was i'm saying it's doubt in the context of a fully functioning banking union that we want to see open next year which will be a european banking union if it's in place the cost to national taxpayers regardless of whether their irish are not should be far smaller than it has been in the past and dot's why we are pursuing despite kenyan but you know what i'm conscious of all of this that at the end of any crisis that ever happens for the be bunking our economic again what always happens as a regulator the central bank or the politicians they say this will never ever happen again and it keeps on happening but we have to ensure is that if this to happen again it doesn't how is such a casa klyce make an awful cost for taxpayers mr donohue thank you very much for you very much and if you like the show please join us again same place same time here on the the world . right on the street. first street. and i think the church. on army corps put. an instrument. to be in the. largest consumer of the seas and i see it with me in the country is the federal government simpl

and now i'll have traders reacted to the ongoing talks in brussels about the banking union stephen wilson to stop somebody from the frankfurt stock exchange. it would take a long time to establish a single bank to move in time maybe too much time critics say because in the beginning of next year they'll will be with the stress tests fall back and switch with a show which had bangs out stable in the yuma area and which i'm not in general. investa said that that the decisions that have been made in brussels are good for the financial sector but said they did not like this into share prices and worries about below the economy trek down the markets again and so the dax pills down the negative territory stephen walt and frankfurt now let's go to check on how the markets have been trading mid weight while stephen just mentioned in frankfurt the dax closed lower at ninety seven east of the euro stocks who is index was also down almost half a percent and try to sell the way in new york and right now the dow is trading well played thirty six percent lower. and last year is trading at one dollars a

i am going to focus on what she had to say about the banking union. said that there will be a banking union. it is going to come in 2014. she also pressed for further eu integration. she says that will be a major task for the next four years. she is referring to the contractual agreement which will be discussed by the eu leaders in brussels tomorrow. these are agreements that will be undertaken -- at least germany wants these countries to undertake agreements to go through certain economic reforms and make countries more competitive. there will be a bit of a tussle over whether there will be financial incentive or countries to actually undertake these agreements. that is something angela is really pushing at the moment. speechall, it is a setting up germany's position for the next four years. , thereked about the need might be a need for treaty changes in order to bring all this together. >> euro zone finance ministers did make progress last night. do we have details of this financial backstop? >> all we know about the financials that -- the financial

we do see some differences between the big banks, the small banks, and the credit unions particularly when it comes to things like free checking accounts. fewer than 40% of the large banks offer a free checking account on a standalone basis. at the other end of the spectrum more than 70% of credit unions still do. > >i noticed at bankrate.com, your website, that you actually suggest to people to be nice and be polite and maybe you can get some of these fees removed. how well does that actually work? > >what we have seen is that branch managers in many cases have greater discretion than they have had in the past to retain customers but here is the thing---you have to realize are you the type of customer they are likely to retain? if all you have is a checking account and you never keep more than $300 in it, they may show you the door. on the other hand, if you are somebody who has large balances, you have multiple products and other lines of business with the bank, you are exactly the type of customer they want to retain and they're not gonna let you run out the door because of one anc

complicated, critics are saying that what is needed is a tour that enables the european union or the eurozone to close down banks overnight, if you will, if that bank has problems, but the finance ministers have come up with a very complicated mix of competencies, and ultimately, the last stable say with a group of finance ministers, and that is something that the european commission here has already said it cannot accept. having said that, while everybody agrees that it is important for europe to have a single resolution mechanism, as they call it, negotiations will have to go on with the european parliament that also has to give its consent, and the european parliament has so far said it is only happy about the deal in as much as it guarantees more deposits, so those negotiations are going to be really tough. >> something else being discussed is eu defense policy. will we see an eu army? what can we expect here? >> no, we will not see an eu army as long as britain is still in the european union, and that is going to be quite a while. what you do have to say is that defense matters are being discussed for the f

the european union's banking watchdog has warned about the dangers of using bits coin as the currency has become more and more pap lar and its value has shot up. -- popular and its value has shot up. >> a stern warning from the i.'s watchdog. consumers are on their own if they lose any money using bitcoin. it isn't backed by central banks or government and there's no protection or compensation if a digital wallet is hacked. this comes on the heels of china banning it. but there are increasing signs that bitcoin is moving into the mainstream. the world's first bitcoin a.t.m. recently opened in vancouver. >> right now we are seeing consistent increase in demand for bitcoin and rightfully so, because the currency is getting more useful. >> and this week sweden followed suit, launching europe's first bitcoin a.t.m.. >> now we see more and more broader adoption of the currency by the general population and that's also where we want to come in and help people. >> the u.s. sass said that the virtual currency could be a legal means of exchange boosting its prospects of wider acceptance. but t

and in just the same way the banks had to be bailed out by the taxpayer so the taxpayer is having to find 7 $70 million to support this failed credit unionfference is this. the institution investors in the banks never lost any money, the institution investors in this credit union were the people of this town. and they don't have that safety net. the credit union system relies on people being able to save and want to borrow. in austerity island where many say they can't repay their bills and pay the loan. the fear is newbridge went big because they couldn't make the credit union moted el wor modele you have people in arrears and unemployment close to 13% it's not possible that credit unions could be immune to that kind of thing. newbridge was one of many that didn't belongs to the national association. they say it's still viable. >> the movement was coming through better than many other institutions with the exception of newbridge they are the only institution that are standing on their own two feet. >> ireland has two retail banks left and 400 credit unions for people to use for savings and loans if the credit union were to fail it sure

the balance sheets of the banks. >> do you think that the banking union in europe will provide enough support for the banking sector very concept is to decouple the creditworthiness of the banks and the creditworthiness of the states in order too void vicious circles that we have observed in the crisis. i take it that this is the goal. and i expect that that goal will be attained. but it's a work in progress. we have to say exactly how the single supervisory mechanism will function. and we just had an accord in the principle for the single resolution mechanism. i think it's very important because the devil can be in the detail. so we have to look at it very, very carefully. >> no 2014 a new set kwaut review in europe. what do you expect from this new he round of stress tests? >> two things. one is the asset quality review and the other one are the stress tests. these are two different exercise. one is, you know, you look at the assets and you judge the quality of the assets. the other one is what will happen if we had new stocks that would be devastating? what has been decided is to make public the result of both t

useful in all eu summit in brussels by unveiling plans for the third and final pillar of the european banking union. the plants will cease the rescue of flail banks with no forcing taxpayers to foot the bill at the summit leaders police and returned to win the bob hope for the issue the saints french president francois tonal the race the idea of a comb and emergency fund for military operations such as france's current mission in the central african republic for one of the bjp friends took the initiative with united nations or did you know it's right that europe should support this. i have received lots of backing from european governments almost all of them. it would just open the door with no funding is to follow the political support to a general says that we keep busy. others opposed to handing over too much pallets of brussels british prime minister david cameron said he wouldn't accept a separate eu miller tree falls. two men accused of measuring of the keys hotel in london streets earlier this year but found guilty. muslim extremists michael i did the job and michael i did go on a very good.

the members. >> you look quite pleased about that. >> i'm quite pleased that we have a strong banking system and i'm quite pleased that we secured the member states that the outside of the banking union will be treated equally. >> but fragmentation risk is not going to be addressed by this banking union given your current assessment. is that your view? >> well, i think the complexities is the drawback of this compromise. >> joining us meanwhile the president of the euro group has been rejecting the idea that the decision making progression is going to be too slow. >> the vast majority will be taken by the executive board. if there is no consensus, the members will decide by simple majority. the second agreement that we had is that the executive director of the board will decide how much time can be taken and that will be a limit that everyone has to stick to. so if he says we have 24 hours, then it will be done in 24 hours. so i'm quite sure it will be fine. >> all right. you can see the shares in saab are up a little higher, up 25%. after the firm won a 4.5 billion contract to replace brazil's fleet of aging process. the move was a blow to boeing who was competing for that. stephane

foundation, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers work hard to understand the industry you operate in, working to nurture new ventures and help provide capital for key strategic decisions. we offer expertise and tailored solutions in a wide range of industries. what can we do for you? >> "bbc world news" was presented by kcet, los angeles. captioning sponsored by macneil/lehrer productions >> woodruff: the u.s. is rushing missiles and surveillance drones to iraq after a surge of violence from al-qaeda-linked insurgents. good evening. i'm judy woodruff. gwen ifill is off this thursday. also ahead: from the shadows to the spotlight-- we look back at u.s. government spying programs revealed in 2013; plus, a battle over keeping the waters of lake tahoe clear. >> the blueness comes in large part from just the incredible cleanliness of it. and the trick is how do we keep that quality and keep using it.

, -- and union bank. >> at union bank, our relationship managers work hard to understand the industry you operate in, working to nurture new ventures and help provide capital for key strategic decisions. we offer expertise and tailored solutions in a wide range of industries. what can we do for you? >> "bbc world news america" was presented by kcet, los angeles. captioning sponsored by macneil/lehrer productions >> sreenivasan: for a second straight day, a deadly blast rattled the russian city of volgograd. stoking security fears in a country that will host the winter olympics in just six weeks' time. good evening. i'm hari sreenivasan. gwen ifill and judy woodruff are both on holiday. also ahead, author and journalist david ignatius, just back from a visit to iran. details reaction inside the country to the nuclear talks. >> i asked this hard line person close to the leader, go did you think compromise is possible on the nuclear deal and he answered directly no, i don't think it is.

walker and that's how he got to be the chairman of the board of brown brothers harriman when when george herbert walker went when to set up a. bank the union bank of new york that helped set up a branch in the netherlands to help fund hitler to rise to power as the ball worked against communism in europe now these are historical facts that those of us who work in this area the special area have come to know very well what we've been trying to do is when we had some can access to the judicial branch we could get to the judicial branch in place this type of information before a jury and ask a jury to decide what they think about something like this the problem is now that with such a huge majority of the federal judges all appointed by ronald reagan george bush or left over from richard nixon in ford you know that the problem is they don't care about the constitution they basically think the constitution is the ship that sits in the harbor in boston that this is a political war that they view themselves as being involved in and what we have to try to decide is whether or not we as american citizens are going to join together to rise up to do

the summit coming up. in a brussels on december twentieth. things like banking union things like a staunch or european defense can set something the stars and have a common defence policy stated that the teachings. she's probably not be the change of political colors overnight daddy does seem that she is in charge still true to her stride he said that in europe domestically. my kids sometimes be too strong for her and ninety have to change today. it's a matter of changing attuned to remember the social democrats overwhelmingly did vote in favor of this coalition they put it to a referendum of the party says she's governing with the willing consent of of of all the members of this coalition the question is it's go ign to you if you want it's gonna be a heavy emphasis on pensions pension reform. ah perhaps even of allowing people to work mr number of years forty five years paying into the system to retire at sixty three the courageous sixty seven that can be a big issue going and obviously germany leading the way right now on this decision to weave itself with nucar ene

the credit union, it was found bid her dad. it ballooned in the last few years. she was amazed to find the creddicre creddize credit union dolled out loans that banks would balk out. >> an investor was given $3 million. that goes against the grain of the credit union. >> normal credit unions lend a few thousand at a time. this did exactly what caused the banking system to fall over. >> it's a labor party to what wept wrong with the banks. bad loans, and in the same way that the banks had to bell bailed out, the taxpayer is having to find $70 million. the difference is this. while the institutional investor in the banks never loft money. the institutional investors were the people of the town. the >> the credit union system relies on people wanting to save. the fear is new bridge went big, because it couldn't make the credit union model work. >> there's 100,000 people in arrears on the mort ims. unemployment of close to 13%, it's not possible that credit unions could be imyun. >> new brim is one of 12 not to be long to the association. the move is solid and came through. better than other financial institutions. with the exception of newbridge, it's the only insti

, where european finance ministers say they have made a cruise in the long-standing efforts to deal with eggs. -- banks. beingnking union negotiated would likely be the eu's biggest project since the introduction of the euro. >> when banks across europe found themselves on the brink of collapse in 2009, governments across the continent put their hands in their pockets to bail them out. many almost dragged nations with them. now european ministers have had a breakthrough. the deal would create an eu wide rescue fund paid for by the banks themselves worth 55 billion euros, but it won't be up and running for a decade. >> the question of how the national contributions will be put in a network that will be mutual allies to 10 years has to be answered by an ntergovernmental agreement. this is not germany's chosen ath. >> the key point of the agreement, that it will be the banks and not the taxpayer who pays. all ministers were keen to sell it as a victory. >> the french red lines were clearly accepted. it is a decisive step towards tanking union. fund is in place governments will be mostly responsible for their own banks. the

foundation, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank>> at union bank, our relationship managers work hard to know your business, offering specialized solutions and capital to help you meet your growth objectives. we offer expertise and tailored solutions for small businesses and major corporations. what can we do for you? >> and now, "bbc world news america." >> hello, and welcome to the program. big demonstrations and opposition for the government in turkey. thaksinators clashed in square, but thousands -- at the doganrt, thousands of erodga supporters gathered to watch him speak. the upcoming corruption scandal is the worst he has faced in his three terms in office. >> protests continue against the turkish government. protesters were targeted by water cannons, tear gas and plastic bullets. scenes reminiscent of the massive antigovernment demonstrations. fireworks rocks and at the police in reference to the corruption scandal for recip tayipp erdogan's administration. >> i am here to condemn bribery and asked the government to resign.

foundation, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers work hard to know your business, offering specialized solutions in capital to help you meet your growth objectives. we offer expertise and tailored solutions for small and businesses and major corporations. what can we do for you? >> and now, "bbc world news america." newsis is "bbc world america." the death of nelson mandela brings a sense of loss around the world as people paid tribute outside his home in johannesburg. crowds take to the streets in so weto to remember their former leader. example nelson mandela has left for the rest of us to follow. welcome to our viewers on public television in america and around the globe. since last night when the world learned of the death of former south african leader nelson mandela, the tributes have been flooding in. we learned from president jacob zuma that mandela will be given a full state funeral on sunday, december 15. the white house has confirmed president obama and the first lady will trav

foundation, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers work hard to know your business, offering specialized solutions and capital to help you meet your growth objectives. we offer expertise and tailored solutions for small businesses and major corporations. what can we do for you? >> and now, "bbc world news america." welcome. in turkey's minister one has announced a major government reshuffle. the resignation of three ministers earlier on wednesday after a probe into corruption. here are the details. >> it is a corruption scandal that is shaking the very core of the turkish state. economy, theof the interior minister, and the environment minister all had to resign. the charge, that they along with their sons have been involved in high-level fraud involving illicit money transfers to neighboring iran and bribes for construction projects. they debt -- they have done nothing wrong they insist. in a news interview on turkish television, he blamed her to want -- he blamed the prime history himself

foundation, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers work hard to know your business, offering specialized solutions in capital to help you meet your growth objectives. we offer expertise and tailored solutions for small businesses and major corporations. what can we do for you? >> and now, "bbc world news america." >> hello, our top story this hour. as the u.n. goes to double the numbers of peacekeepers in south sudan, the numbers dead are in thousands. express appreciation for the response with the secretary- general and the security council are showing to the tragically unfolding situation in our country. >> edward snowden says it is mission accomplished. he says he wanted society to have more of a say in being monitored. we have been in rome as pope francis celebrates his first christmas eve mass as the head of the catholic church. hello and welcome. peacekeeping troops are going to be sent to south sudan. thousands of people are thought to have been killed in a week of fighting between r

foundation, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers work hard to know your business, offering specialized solutions and capital to help you meet your growth objectives. we offer expertise and tailored solutions for small businesses and major corporations. what can we do for you? >> and now, "bbc world news." >> this is "bbc world news america." poured, but their voices soared in celebration of the life of one great man. tens of thousands filled up the stadium at the memorial for nelson mandela. who of global power. nearly 100 world leaders flew into pay tribute, and president obama's eulogy captivated the audience. >> in the art of his life, we see a man who earned his place in history through struggle and shrewdness and persistence, faith. >> the french president arrived in the central african republic where to french troops have been killed trying to stop the escalating violence. welcome to our viewers on public television here in america and also around the globe. it may have been pouring

foundation, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank. >> at union bank, our relationship managers work hard to know your business, offering specialized solutions and capital to help you meet your growth objectives. we offer expertise and tailored solutions for small businesses and major corporations. what can we do for you? >> and now, "bbc world news." >> this is "bbc world news america." reporting from washington, i'm katty kay. the u.k. governments accuses syria of murdering this british doctor who was on a mission of delivering humanitarian aid. his family asked to the bbc. distraught. we were in shock. we were expecting him home on friday. >> vladimir putin offers a lifeline to cash strapped ukraine. and reaching out to relatives online is nothing new, but were these children it is providing a connection to a father who is behind bars. welcome to "bbc world news america." a british doctor imprisoned in syria for more than a year has in effect been murdered by the assad regime. that is the charge by the u.k. government tonight. he w