24/11/2011

Download Subtitles

Transcript

:00:11. > :00:15.The eurozone's big three - Germany, France and Italy - meet in yet

:00:15. > :00:19.another bid to find an answer to the eurozone crisis. New man on the

:00:19. > :00:29.block, Italy's Mario Monti, could be caught in the middle as the

:00:29. > :00:37.

:00:37. > :00:41.Germans and French argue over the Hello and welcome to GMT. I'm

:00:41. > :00:45.George Alagiah with a world of news and opinion. Also in the programme:

:00:45. > :00:52.Sienna Miller tells an inquiry about UK media ethics had the

:00:52. > :00:59.paparazzi affected her life. For a number of years, I was relentlessly

:00:59. > :01:02.pursued by about 10 to 15 men, almost daily. A truce after five

:01:02. > :01:11.days of clashes in Egypt - the ruling Military Council issues an

:01:11. > :01:14.It's half-past 12 here in London, half past two in Cairo and have put

:01:14. > :01:18.one in the French city of Strasbourg, the venue of the latest

:01:18. > :01:27.in a long line of meetings aimed at finding an answer to the eurozone

:01:27. > :01:36.greatest. -- eurozone crisis. It is Mario Monti's first as Italy's

:01:36. > :01:40.Prime Minister. Signor Monti could be caught in the crossfire, if it

:01:40. > :01:45.can be believed that France and Germany are clashing over the role

:01:45. > :01:49.of the European Central Bank. There are plenty of urgent issues to

:01:49. > :01:53.resolve between France and Germany, and they are joined by Mario Monti.

:01:53. > :01:57.The message they want to send to the markets - the eurozone's third

:01:57. > :02:03.largest economy, too big to fail but too big to bail, is back in

:02:03. > :02:07.safe hands. But can Mr Monti, a respected academic economist, also

:02:07. > :02:12.play a role in mediating between France and Germany? As efforts to

:02:12. > :02:15.find a way out of the crisis seems stuck in the mud. France still

:02:15. > :02:20.wants Germany to change its mind and allow the European Central Bank

:02:20. > :02:30.to guarantee the debts of any country which runs into trouble.

:02:30. > :02:34.

:02:34. > :02:38.The fundamentals are solid, but the But there is little sign of Germany

:02:38. > :02:43.or the ECB itself changed its position. The bank is not there to

:02:43. > :02:48.print money. But how much of a jolt did Germany feel yesterday when its

:02:48. > :02:53.debt agency had to do retain nearly 40% of an auction of German bonds

:02:53. > :02:59.because of a lack of demand? Some analysts believe pressure on Berlin

:02:59. > :03:04.could be building. And another idea it has rejected so far - Eurobond

:03:04. > :03:07.issued jointly by all eurozone countries. It will certainly be

:03:07. > :03:12.discussed by the three leaders in Strasbourg.

:03:12. > :03:17.I think that today's meeting will move us closer to Europe, rather

:03:17. > :03:23.than distancing us. The German government is no longer ruling out

:03:23. > :03:27.euro bonds. Germany, of course, has its own ideas, including far-

:03:27. > :03:31.reaching treaty changes to make the rules which govern the eurozone

:03:31. > :03:41.much tougher. That will have to be part of any grand bargain which

:03:41. > :03:43.

:03:43. > :03:47.emerges. And it really does feel Joining me from Brussels is Thomas

:03:47. > :03:54.Klau from the European Council on Foreign Relations. Thank you for

:03:54. > :04:00.being with me on GMT. Do we call this a three-way meeting, or a two

:04:00. > :04:04.way meeting with Mario Monti on the side? I think it is fair to call it

:04:04. > :04:08.a three-way meeting. It is significant that for the first time

:04:08. > :04:11.the Italian leader has been asked to participate in what is an

:04:11. > :04:16.important meeting, bringing the German Chancellor and the French

:04:16. > :04:21.President together. And it is a sign of the respect with which

:04:21. > :04:25.Mario Monti is held, and the necessity to ensure that Italy

:04:25. > :04:29.continues on its reform course. Mario Monti is a heavyweight, an

:04:29. > :04:33.academic economist and also a former European Commissioner with

:04:33. > :04:36.long-standing experience of the workings of eurozone governments.

:04:36. > :04:41.He is a man of ideas, and both the French and German leaders will

:04:41. > :04:47.listen to him. I accept that he has got novelty value and a track

:04:47. > :04:51.record, but he is basically part of the problem, or his country is. And

:04:51. > :04:55.as we heard from Chris Morris there, it is the Germans and French that

:04:55. > :04:59.have got to work out what they do, not least on the European Central

:04:59. > :05:05.Bank. Absolutely. I think there is also a

:05:05. > :05:10.time when leaders and particularly the French and German leader, I

:05:10. > :05:13.genuinely looking for a convincing and plausible plans. Angela Merkel

:05:13. > :05:18.said herself in a recent press conference that one of the problems

:05:18. > :05:22.for her is that she gets conflicting advice. Mario Monti has

:05:22. > :05:27.not only the Italian leader, and are therefore the new leader of a

:05:27. > :05:32.country in trouble in many ways, he is also one of the most widely

:05:32. > :05:36.respected analysts and thinkers in terms of how to manage the eurozone

:05:36. > :05:43.better. So I think there is also an important meeting here in that

:05:43. > :05:49.respect. They have now and your partner to discuss major issues.

:05:49. > :05:58.Germany is really between a rock and a hard place. It could cost a

:05:58. > :06:03.lot, a helluva lot, if the eurozone fails, but if the eurozone fails,

:06:03. > :06:10.but it could also cost a lot if it went the way that the other

:06:10. > :06:16.countries are suggesting. This could far outweigh the cost of

:06:16. > :06:24.whatever is needed to rescue him the eurozone from collapse. Germany

:06:24. > :06:34.is still resisting a more massive engagement but something like the

:06:34. > :06:34.

:06:34. > :06:38.eurobond, but to some extent, that resistance is tactical. In the last

:06:38. > :06:42.instance, it can decide on its own how to respond to the crisis in

:06:42. > :06:47.terms of how it manages bond purchases and its monetary policy,

:06:47. > :06:52.although Germany's backing is important. Angela Merkel has not

:06:52. > :06:59.said it never on the eurobond. She is partly using her stance to

:06:59. > :07:07.extract more from her partner's in terms of the exchange. Thomas Klau,

:07:07. > :07:16.thank you. Dr Constantine de Ejiofor is head of research at

:07:16. > :07:20.Swiss based asset manager. What do you think is at stake at this

:07:20. > :07:26.three-way meeting in Strasbourg? think the three-way meeting itself

:07:26. > :07:31.could be yet another exercise in trying to devise a solution which

:07:31. > :07:35.is really masking the actual issues the eurozone is facing. So I don't

:07:35. > :07:41.expect much to come out of this. There will be discussion of the

:07:41. > :07:45.eurozone, and discussion of participation. None of these issues

:07:45. > :07:51.will resolve the problems the eurozone is facing. You say neither

:07:51. > :07:54.of these issues will? Why not? problem we are trying to address is

:07:54. > :07:58.not the real problem faced by the eurozone. The problem of the

:07:58. > :08:03.eurozone is it is just not collectively the debt of the member

:08:03. > :08:07.states, it is the overhang of debt on the economies of the eurozone at

:08:07. > :08:11.large. By that measure, France is completely insolvent when you

:08:11. > :08:16.factor in all of the debts that the economy is carrying in terms of

:08:16. > :08:20.household debts, corporate debts and the banking sector debt.

:08:20. > :08:26.Germany is partly insolvent, and all of the rest of the eurozone are

:08:26. > :08:30.pretty much in the insolvency been as well. So if you think the

:08:30. > :08:33.solutions we have been talking about up until now, for example

:08:33. > :08:36.greater intervention from the ECB, if you don't think those are the

:08:36. > :08:40.solutions are the problem is something else, what do you think

:08:40. > :08:45.should happen? What should be happening is a restructuring of the

:08:45. > :08:49.debt. We should be restructuring the debts of the banks and the

:08:49. > :08:54.household. Fortunately, we cannot restructure the debt of the

:08:54. > :09:01.corporate sector, and we shouldn't be restructuring Government --

:09:01. > :09:06.government debts in the first place. Then we have to go about resolving

:09:06. > :09:10.the problem of the insolvent governments. The problem is

:09:10. > :09:13.somewhat linked to the problem of the banks, but it is also

:09:13. > :09:17.Independent on its own. The euro- zone does not have great capacity,

:09:17. > :09:23.and it doesn't have growth policies or institutions in place which

:09:23. > :09:27.would be able to allow it to get out of what it is in. Thank you

:09:27. > :09:31.very much for being with us. Let's take a look at some of the

:09:31. > :09:35.other stories making headlines: Egypt's ruling military has

:09:35. > :09:40.apologised for the deaths of protesters in clashes with police

:09:40. > :09:45.as unrest in Cairo and other cities and enters its 6th day. Thousands

:09:45. > :09:50.of protesters are still in Tahir Square. They are demanding an

:09:50. > :09:56.immediate end to military rule. Egypt's Military Council insists

:09:56. > :10:03.parliamentary elections will go ahead as planned on Monday.

:10:03. > :10:07.The State Of Egypt, four days of -- ahead of what should have been a

:10:07. > :10:11.pram for democracy. Barbed wire surrounds the Interior Ministry.

:10:11. > :10:15.Troops are on the streets. Overnight, there was the latest in

:10:15. > :10:20.a series of truces between police and protesters. But no one is

:10:20. > :10:26.optimistic it will hold. There are still huge crowds in Tahir Square.

:10:26. > :10:30.On state TV, two generals appear. For the first time, they offered an

:10:30. > :10:38.apology for the deaths of protesters. They insisted they were

:10:38. > :10:42.not like the former regime. They did not want to hold on to power.

:10:42. > :10:47.But in other cities, they sent the tanks out in the night as

:10:47. > :10:51.demonstrations continued to spread to many cities across Egypt. The

:10:51. > :10:57.opposition claimed that live fire is now being used against them. The

:10:57. > :11:01.army firmly deny they have shot any protesters. The military stay there

:11:01. > :11:05.are still determined to press ahead -- saying they are still determined

:11:05. > :11:10.to press ahead with elections on Monday. The crowds do not trust the

:11:10. > :11:14.military version of democracy. They want the general standard a

:11:14. > :11:21.complete power to a civilian Council immediately. Egypt is

:11:21. > :11:28.increasingly paralysed. This could be a long stand-off.

:11:29. > :11:33.The leaders of Hamas and Fatah could -- call themselves the head

:11:33. > :11:43.of a new partnership. Talks between Mark Kermode and bass and Khaled

:11:43. > :11:48.Meshaal come after previous talks fail to achieve anything. The

:11:48. > :11:52.Islamists of Hamas Govan in Gaza. Israel, which regards Hamas as a

:11:52. > :11:56.terrorist group, strongly opposes Palestinian reconciliation. Iraq's

:11:56. > :11:59.foreign minister has said that Syria has agreed to a protocol to

:11:59. > :12:02.send an Arab League monitoring mission to the country. The

:12:02. > :12:06.decision was made at the foreign ministers' meeting of the league

:12:06. > :12:09.which is being held in Cairo. Syria was suspended from the Organisation

:12:09. > :12:15.last week. The meeting has been moved from Arab League headquarters

:12:15. > :12:19.because of protests in Tahir Square. In Portugal, a general strike is

:12:19. > :12:23.being held in protest at austerity measures being introduced their

:12:23. > :12:27.following an international bail-out. Public transport, schools and

:12:27. > :12:32.hospitals are among the areas expected to be affected during the

:12:32. > :12:36.24 hour stoppage. Emperor Akihito of Japan has been released from a

:12:37. > :12:41.Tokyo hospital after more than two weeks. The 77-year-old monarch was

:12:41. > :12:44.admitted after suffering from a high fever, and was believed to

:12:44. > :12:50.have bronchial pneumonia. He has endured bad health in recent years

:12:50. > :12:53.and cut back on official duties. The actor's Sienna Miller has been

:12:53. > :12:58.telling an inquiry into the ethics of the British press about how she

:12:58. > :13:01.has been hounded by journalists and photographers. She was one of the

:13:01. > :13:04.most high-profile victims of the so-called phone hacking scandal

:13:04. > :13:10.here in Britain, and is what among a number of people who have

:13:10. > :13:16.suffered from press intrusion. She is talking to the press inquiry --

:13:16. > :13:20.Leveson Inquiry this week. Other witnesses include Max Mosley and JK

:13:20. > :13:25.Rowling. Sienna Miller told the inquiry about the newspaper's

:13:26. > :13:30.tactics. I actually now have an order against paparazzi, so my life

:13:30. > :13:38.has changed dramatically, but far number of years, I was relentlessly

:13:38. > :13:45.pursued by about 10 to 15 men, almost daily. Anything from being

:13:45. > :13:49.spat at or verbally abused. I think that the incentive is to get as

:13:49. > :13:54.stronger reaction as possible, so as other people have mentioned,

:13:54. > :13:58.being jumped out at so that you get a shock, or saying things to get an

:13:58. > :14:03.emotional reaction. They seem to go to any lengths to try to upset you,

:14:03. > :14:06.which was really difficult to deal with. Ross Hawkins is following

:14:06. > :14:10.today's proceedings at the High Court in London. I gave a brief

:14:10. > :14:13.explanation of what these hearings are about. Could you give a little

:14:13. > :14:17.bit of background for our viewers around the world?

:14:17. > :14:21.In essence, the judge is leading an inquiry here to try to work out if

:14:21. > :14:27.there is a better way to run and regulate the British media that has

:14:27. > :14:31.been riven by scandal in the last few years as it has emerged that

:14:31. > :14:36.some journalists, particularly on one paper, the News of the World, a

:14:36. > :14:39.paper now closed, had got stories by hacking into the voice mails of

:14:39. > :14:43.people's mobile phones. And in doing that, they have heard from

:14:43. > :14:47.some very high-profile people like the actress Sienna Miller. At the

:14:47. > :14:51.moment they are hearing from former motor Sport boss Max Mosley. They

:14:51. > :14:56.are talking not just about photographers misbehaving, but

:14:56. > :14:59.privacy. Max Mosley is making the case that years after a piece about

:14:59. > :15:03.his sex life was published in the News of the World, he is still

:15:03. > :15:07.fighting court actions in 22 or 23 countries around the world to close

:15:07. > :15:11.down stories and websites. And at the heart of this is that

:15:11. > :15:20.for a question of how you regulate the press. It is a thorny question

:15:20. > :15:24.If taught extent to lead us to buy something because you say it in the

:15:24. > :15:28.public interest? It's a defence of British journalists in other cases

:15:28. > :15:32.and in others, it's not. We've heard from many Seventies and

:15:32. > :15:37.victims of crimes saying there must be much tighter rules are -- from

:15:37. > :15:41.celebrities. Of course, journalists here say if you bring that in, you

:15:41. > :15:48.could end up with a celebrity chatter, when all we hear from

:15:48. > :15:55.famous people is what they want us to hear when they are selling a

:15:55. > :15:58.film or book -- Charter. Still to come on GMT: Coming up we have a

:15:58. > :16:03.special report by the BBC's Angus Crawford, on the future of Afghan

:16:03. > :16:10.children, who have failed in the their asylum claims to Britain.

:16:10. > :16:14.First though let's get all the business news. I've been spending a

:16:14. > :16:19.lot of time talking about the eurozone. One thing I want to pick

:16:19. > :16:25.up with you, it looks as if even Germany is now beginning to pay a

:16:25. > :16:29.price. I think it's safe to say that this crisis is running out of

:16:29. > :16:33.road of. The leading financial experts to talk to say we have

:16:33. > :16:36.reached the end game, not so much the end but a moment of truth where

:16:36. > :16:42.we either take a leap forward all we face the break-up of the

:16:42. > :16:45.eurozone. Global markets are turning their back on Europe. We

:16:45. > :16:51.are seeing large selling volumes out of Asia and the US on all

:16:51. > :16:57.things Europe. We have to remember, back in September, world leaders

:16:57. > :17:02.gave Europe six weeks to save the euro. In effect, so did the markets.

:17:02. > :17:05.Two options, either break up the eurozone or the ECB step sin in a

:17:05. > :17:13.big way. Some believe the EC be stepping in won't save it. Listen

:17:13. > :17:16.to this. I'm afraid we are getting to the situation, even if the ECB

:17:16. > :17:22.was to step in, which I think is very unlikely because of German

:17:22. > :17:28.resistance, even if it stepped in with unlimited buying, I think this

:17:28. > :17:31.stage we have got to now, in the global market place, is shying away

:17:31. > :17:36.from the euro because they are fed up with the dithering and

:17:36. > :17:42.uncertainty. I'm not even sure that would save the situation. So that's

:17:42. > :17:46.all right then. Talk about doom and gloom. The backdrop to this is

:17:46. > :17:52.where is growth going to come from? Retail figures coming out of

:17:52. > :17:57.Britain suggest it's not happening here. UK retailers are taking a

:17:57. > :18:04.hammering and have for some time. Consumers are hanging on to their

:18:04. > :18:12.money. Arcadia, the owner of big high-street shops, their profits

:18:12. > :18:18.slumped nearly 14%. It blames the weather. Warm weather meant less

:18:18. > :18:23.people in their winter collections. We spoke to Philip Green and ask

:18:23. > :18:28.them how to have it's going to get. It's going to be tough landscape

:18:28. > :18:35.for quite a period of time for the very competitive. We are going to

:18:35. > :18:44.have to be better than we've been before. There's nowhere to hide. We

:18:44. > :18:50.have got to hope fleecy the economy Let's have a quick look at the

:18:51. > :18:58.markets. Don't be fooled, they are up. Lots of bargain hunting going

:18:58. > :19:03.on, George, at the moment, but we Thank you very much. This is going

:19:03. > :19:06.to run and run and run, the story. And you can read much more on the

:19:06. > :19:16.eurozone debt crisis on the BBC website. You know the address,

:19:16. > :19:23.

:19:23. > :19:26.because I have forgotten it, This is GMT. The headlines. Italy's

:19:26. > :19:28.new prime minister joins talks on the eurozone debt crisis, amid

:19:28. > :19:30.sharp differences between France and Germany. Egypt's ruling

:19:30. > :19:36.military council has said parliamentary elections will go

:19:36. > :19:44.ahead as planned on Monday. Earlier the generals apologised for the

:19:44. > :19:46.deaths of protesters. The BBC has learned that Britain

:19:46. > :19:49.and three other European countries may start sending Afghan children,

:19:49. > :19:52.who have failed in their asylum claims, back to Kabul next year.

:19:52. > :19:58.But refugee groups have warned that the whole policy could be unlawful,

:19:58. > :20:00.because young people risk ending up in orphanages in a war zone. The

:20:00. > :20:03.British government insists the changes will only affect 16 and 17

:20:03. > :20:12.year-olds whose families can be traced. The BBC's Angus Crawford

:20:12. > :20:17.has been talking to one young man On the streets of London, far from

:20:17. > :20:21.home, this man feel safe. In Afghanistan, the Taliban tortured

:20:21. > :20:25.his father, cutting off his arm as punishment. The family lived in

:20:25. > :20:31.fear. Three years ago, when he was just 14, he was smuggled a loan to

:20:31. > :20:36.the UK. And he claimed asylum. What would happen to you if you were

:20:36. > :20:39.sent back home? TRANSLATION: If I go back to my

:20:39. > :20:43.village, I would have to hide and after a few days, the Taliban would

:20:43. > :20:49.find out I was there and either they would kill me or forced me to

:20:49. > :20:51.be a suicide bomber force of blow myself up somewhere. But we have

:20:51. > :20:58.learned the Home Office has teamed up with a government of Norway,

:20:58. > :21:02.Sweden, and Holland, to find a way of sending 16 and 17 year-olds

:21:02. > :21:09.whose asylum claims have failed, back to Afghanistan. The returns

:21:09. > :21:14.could begin as soon as next year. In September, suicide bombers

:21:14. > :21:18.attack the US embassy. European refugee groups warned the policy

:21:18. > :21:21.would mean returning of vulnerable children to a war-zone. The Afghan

:21:22. > :21:25.government opposes the move and says there's no adequate child

:21:25. > :21:30.protection system. Despite billions of pounds of aid being poured into

:21:30. > :21:34.the country, more Afghan children seek asylum in the UK than any

:21:34. > :21:37.other nationality. The Home Office says there has been no final

:21:37. > :21:43.decision on starting the turns and says it will only happen if

:21:43. > :21:47.families can be located at or arrangements for care are in place.

:21:47. > :21:54.As for this man, he is in limbo, too scared to go home and terrified

:21:54. > :21:57.that Britain may decide he is no longer welcome.

:21:57. > :22:02.The Home office insists that no final decision on returning Afghan

:22:02. > :22:05.children has yet been taken. A spokesman told this programme

:22:05. > :22:11.repatriation will only occur if families can be located or

:22:11. > :22:14.appropriate support and care arrangements are in place. Joining

:22:14. > :22:16.us now from our studio in central London, is Shoaib Sharifi, an

:22:16. > :22:23.Afghan journalist who has travelled the people-smugglers' route from

:22:23. > :22:29.Afghanistan to the UK. Thank you for being with us. What other

:22:30. > :22:33.chances, do you think, the British Government has of finding the

:22:33. > :22:38.families of these people they want to send back, and ensuring they do

:22:38. > :22:44.go back to somewhere that is safe insecure? I think that will be

:22:44. > :22:48.quite challenging. And almost impossible, because it's not like a

:22:48. > :22:57.couple of months journey. Some of these children have left

:22:57. > :23:01.Afghanistan at the age of 12. During the journey, I have been

:23:01. > :23:06.talking to them from Afghanistan or the way to France. I come across

:23:06. > :23:12.children who left at an age of 11 and 12, and some of them were with

:23:12. > :23:16.family members and on their way lost their family members. Three or

:23:16. > :23:21.four years on this journey until they make it to Britain. They

:23:21. > :23:26.hardly remember anything about Afghanistan for the the other issue

:23:26. > :23:31.is, they don't want to go back to Afghanistan. They don't want to see

:23:31. > :23:34.their families. The chances are, I met some children, who tried for a

:23:34. > :23:41.second and third time when they were deported, in the other

:23:41. > :23:47.countries, they don't want to go back to their families because they

:23:47. > :23:51.know how severe the situation is. Is it right, to make the assumption,

:23:51. > :23:55.that at least some of these children, perhaps the majority,

:23:55. > :24:02.their families, if they can find them at all, they would be in areas

:24:02. > :24:05.controlled by the Taliban now? actually, there are many areas in

:24:05. > :24:13.Afghanistan which under the control of the Afghan government but

:24:13. > :24:17.influenced by the Taliban. It's not only the Taliban. Also right now,

:24:17. > :24:24.there is a demand in the exploitation market for children

:24:24. > :24:33.like them by drug smugglers and the Taliban and, astonishingly, we have

:24:33. > :24:39.seen many young children being exploited by drug smugglers to take

:24:39. > :24:45.drugs to the borders of Afghanistan. We have seen a shocking rates of

:24:45. > :24:52.suicide bombers, children. There is a high chance of them being

:24:52. > :24:56.exploited. If they are taken back to Afghanistan. Equally, the

:24:56. > :25:02.British Government and European governments says there must, point

:25:02. > :25:06.when the responsibility for these children, teenagers now, obviously,

:25:06. > :25:11.the responsibility reverts back to Afghanistan. It's only a couple of

:25:11. > :25:16.years away from British troops leaving their altogether. Actually,

:25:16. > :25:23.the route to the problem should be addressed. The couple is the home

:25:23. > :25:33.of thousands of street children, and child labour is a high rate, so

:25:33. > :25:33.

:25:33. > :25:37.if the Afghan government exploit hundreds of children into becoming

:25:38. > :25:42.drug smugglers, they should see why children are leaving and address

:25:42. > :25:45.the root of the problem and that the number one, unemployment. If

:25:45. > :25:50.that is addressed, by the International Committee and the

:25:50. > :25:55.Afghan government, I think that is the solution in the longer term,

:25:55. > :26:03.otherwise it's impossible to stop. Thank you for being on GMT. Now

:26:04. > :26:06.here's something that sounds like it's straight out of a film.

:26:07. > :26:09.Australian police are trying to solve the mystery after a lot of

:26:09. > :26:13.dough was left in a pizza restaurant, if you'll pardon the

:26:13. > :26:15.pun! It seems a man left a suitcase at Cafe Marco in a suburb of Sydney,

:26:16. > :26:19.which had a million Australian dollars stuffed inside. There's

:26:19. > :26:22.been an arrest but it's still not clear if it's the person who left

:26:23. > :26:26.the money behind. We're coming to the end of GMT. Before we go, a

:26:26. > :26:29.reminder of our main story. Leaders of the three biggest eurozone

:26:29. > :26:31.economies are holding emergency debt talks. The French president

:26:31. > :26:34.Nicolas Sarkozy is urging his German counterpart Angela Merkel to

:26:34. > :26:40.abandon her refusal to allow the European Central Bank to become a

:26:40. > :26:43.lender of last resort. Today's mini-summit takes place in the