Browse content similar to 06/02/2012. Check below for episodes and series from the same categories and more!
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encouragement and support during her time as Queen. | :00:04. | :00:14. | |
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Now with the Financial News, here it is World Business Report. | :00:16. | :00:22. | |
The headlines: The battle to avoid default - Greece's prime minister | :00:22. | :00:27. | |
will continue talks to Secure a much-needed bail-out. | :00:27. | :00:36. | |
The cold spell across Europe is set to fuel a fight over gas supplies. | :00:36. | :00:41. | |
China is prohibiting the airlines from paying the European Union's | :00:41. | :00:51. | |
:00:51. | :00:52. | ||
carbon emission tax. A weekend of frustrating talks over | :00:52. | :00:58. | |
details of Greece's next bail-out. Mr Papademos will resume | :00:58. | :01:01. | |
negotiations with other party leaders today to try and get their | :01:01. | :01:04. | |
backing for a harsh austerity cuts that are being demanded in return | :01:04. | :01:08. | |
for another loan. He also needs to secure an agreement with Brussels. | :01:08. | :01:13. | |
Without it, Greece will go bankrupt in a month. Our business reporter | :01:13. | :01:19. | |
has the latest. Five frantic hours of talks in | :01:19. | :01:26. | |
Athens failed to create an agreement on budget cuts. There was | :01:26. | :01:31. | |
progress on bank recapitalisation, but agrees's prime minister is | :01:31. | :01:36. | |
struggling to convince coalition partners to go along with more wage | :01:36. | :01:45. | |
cuts. Greece knows that if it fails to take the troika's medicine, the | :01:45. | :01:53. | |
bail-out will stop. The outcome of talks with private bondholders are | :01:53. | :01:58. | |
somewhat academic. Even if Greece can play these debts down with | :01:58. | :02:04. | |
private sector involvement, there is still a need for public sector | :02:05. | :02:10. | |
involvement, that is the ECB taking a big hit. The head economist here | :02:10. | :02:14. | |
says that ministers will feel pretty constrained - one is that? | :02:14. | :02:20. | |
The government of the European Union needs to justify to the | :02:20. | :02:24. | |
taxpayers that they will use more money to bail out Greece again. To | :02:24. | :02:29. | |
do that, they need to show the taxpayers that the Greek party is | :02:29. | :02:32. | |
doing their homework. The problem is that the government in Greece is | :02:32. | :02:37. | |
very weak. It is not elected. The economy of Greece is in a deep | :02:37. | :02:42. | |
recession. Therefore, the Greek government is unlikely to meet the | :02:43. | :02:49. | |
target of fiscal adjustment. agonising wait for a complete deal | :02:49. | :02:54. | |
continues. EU and IMF leaders want guarantees that the measures will | :02:54. | :02:58. | |
be implemented, though how Greece can back up its promises isn't | :02:58. | :03:06. | |
clear. We will speak to our reporter in | :03:06. | :03:12. | |
Athens again. The agonising wait continues and there is still a | :03:12. | :03:16. | |
severe lack of clarity as to what is going on? | :03:16. | :03:20. | |
That right, all we had yesterday after five hours of talks between | :03:20. | :03:23. | |
the coalition partners was a statement from the Prime Minister | :03:23. | :03:32. | |
that said an agreement had been reached that 1.5% of GDP should be | :03:32. | :03:36. | |
cut from public spending this year. There was some agreement about the | :03:36. | :03:39. | |
recapitalisation of banks and pension funds, but there was no | :03:39. | :03:43. | |
agreement on the contentious issues that the EU and IMF are putting | :03:43. | :03:47. | |
forward, that minimum wage should be reduced and that holiday bonuses | :03:47. | :03:51. | |
should be cut. These issues, which would go down very badly among | :03:51. | :03:59. | |
ordinary Greeks are things that the coalition partners are unwilling to | :03:59. | :04:02. | |
throw their weight behind because they have elections here in April | :04:02. | :04:10. | |
and are unwilling to shoot themselves in the fort before these. | :04:10. | :04:18. | |
The IMF is saying that Greece needs to forgo short-term economic game | :04:18. | :04:28. | |
to secure their future for the long run.... Cutting the minimum wage so | :04:28. | :04:30. | |
severely is not as easily said as done? | :04:30. | :04:35. | |
That is what they say. Even though the Greek minimum-wage is about 50% | :04:35. | :04:42. | |
more than the Portuguese wage, a similar sized country, the cost of | :04:42. | :04:47. | |
living here it is higher than that of Portugal. Greece cannot cut even | :04:47. | :04:52. | |
more from the wage. One party as spoke yesterday said that, actually, | :04:52. | :04:55. | |
people are earning less here because the tax exemption threshold | :04:55. | :05:00. | |
has fallen since last year. Greeks already feel very squeezed by | :05:00. | :05:06. | |
austerity. There is a fear that if these sort of measures were to be | :05:06. | :05:10. | |
pushed through, that could inflame social unrest on the streets of | :05:10. | :05:14. | |
Athens even more than we have seen in the last few months. No party | :05:14. | :05:19. | |
wants to be seen to be supporting that just weeks before elections, | :05:19. | :05:28. | |
if they happen, in April. One news wire says that the | :05:28. | :05:31. | |
international creditors have imposed an 11am deadline today for | :05:31. | :05:34. | |
agreement on this issue. We will keep you up-to-date when we get | :05:34. | :05:37. | |
developments. As you have been hearing, Severe | :05:37. | :05:42. | |
weather across Europe is taking its toll and energy companies are | :05:42. | :05:46. | |
bracing themselves for a fight oversupplied. Temperatures of-met | :05:46. | :05:56. | |
:05:56. | :05:58. | ||
35 degrees in Russia -- minus 35 degrees, where most of the gas | :05:59. | :06:07. | |
comes from, have seen drops in delivery... The country is | :06:07. | :06:11. | |
preparing contingency plans just in case. We are speaking to a Russian | :06:11. | :06:15. | |
contingency expert. Initially, when there was a drop of supply to | :06:15. | :06:19. | |
Europe, Russia pointed the finger at the Ukraine, a little bit of a | :06:19. | :06:23. | |
fight there. What is your perspective on that? This is | :06:23. | :06:28. | |
nothing new. As we have seen in 2006 and 2009 when similar fight | :06:28. | :06:32. | |
happened between the Ukraine and Russia, it was quite difficult to | :06:32. | :06:38. | |
establish who was at fault. Is it Russia not supplying enough, or the | :06:38. | :06:41. | |
Ukraine not transporting it? In this case it is again difficult to | :06:41. | :06:49. | |
establish whether the Ukraine is siphoning off, as Russia is | :06:49. | :06:57. | |
claiming, or is Russia diverting the gas supplies to its domestic | :06:57. | :07:01. | |
market? We are hearing, of course, very harsh temperatures in Russia | :07:01. | :07:05. | |
and the Ukraine. There have been about 100 deaths there over the | :07:05. | :07:14. | |
weekend. With this escalate and impact supplies to Europe? Again, I | :07:14. | :07:22. | |
think it depends on what is happening. If it is really Russia | :07:22. | :07:25. | |
diverting gas supplies to its domestic market because of the | :07:25. | :07:32. | |
harsh winter conditions, then this may impact on European gas supplies. | :07:32. | :07:36. | |
The good news is that the European Union has seen these problems | :07:36. | :07:41. | |
before and they are well prepared, as we have seen. They are saying | :07:41. | :07:51. | |
that they have enough gas in their storage and hope that this spell of | :07:51. | :07:56. | |
cold will always sooner rather than later. This seems to reoccur you | :07:56. | :08:03. | |
are ear, the relationship between their trading partners must be | :08:03. | :08:11. | |
getting fractured -- a year after year. They will say that they are | :08:11. | :08:15. | |
meeting their contractual obligations, they will push for | :08:15. | :08:23. | |
alternative export routs. It the Ukraine is right, it is really a | :08:23. | :08:28. | |
great impact on the European Union, EU officials will start thinking | :08:28. | :08:34. | |
more about diversifying their energy import routes, putting more | :08:34. | :08:44. | |
stress on other methods. Thank you for your perspective. | :08:44. | :08:54. | |
:08:54. | :09:04. | ||
China has banned Airlines from playing a carbon tax. -- paying. It | :09:04. | :09:08. | |
has said it will prohibit its airlines from paying this tax on | :09:08. | :09:11. | |
carbon emissions. They join the Americans, the Russians and the | :09:12. | :09:21. | |
:09:22. | :09:30. | ||
Indians are -- who are aiming to avoid these charges. Beijing says | :09:30. | :09:39. | |
it will employ unspecified measures to protect their companies.... | :09:39. | :09:43. | |
There is no indication that there will be any immediate impact on | :09:43. | :09:48. |