:00:04. > :00:13.Those are the latest headlines from BBC World tears.
:00:14. > :00:22.
:00:22. > :00:27.Here are the headlines: $11 billion is at stake for crease today. How
:00:27. > :00:31.to persuade international creditors it deserves another chunk of bail-
:00:31. > :00:38.out cash. Austerity on the agenda for President Obama as he presents
:00:38. > :00:48.his deficit-cutting plan. A new home data in China reveals
:00:48. > :00:50.
:00:50. > :00:55.prices continue to rise around the country despite high interest rates.
:00:55. > :00:58.Today is a crucial one for Greece. It has to persuade its two most
:00:58. > :01:01.important landers to hand over the next slice of bail-out money. The
:01:01. > :01:06.country will run out of money otherwise. The Greek Finance
:01:06. > :01:10.Minister will hold a conference for inspectors from the International
:01:10. > :01:19.Monetary Fund and the European Union. At stake, $11 billion. It is
:01:19. > :01:23.needed to keep the Greek state going. It needs to satisfy the IMF.
:01:23. > :01:29.But those lenders want crease to speed up those austerity measures
:01:29. > :01:34.and an increase on the plan. The lenders want 100,000 jobs in the
:01:34. > :01:40.public sector to be cut by 20 fair game. That would be 20,000 more
:01:40. > :01:46.than the previous demand. I am joined by the London correspondent
:01:46. > :01:50.from a Greek newspaper. We have been in this position for some time.
:01:50. > :01:58.Corrupt and a hard place Fort George Papandreou. How does he
:01:58. > :02:06.deliver? I think it is becoming very unclear how they can make this
:02:06. > :02:11.work. We have had many policy options. The government has proven
:02:11. > :02:14.to not be very good at raising revenue. All this tax evading we
:02:14. > :02:23.have been talking about over the past year and a half have not been
:02:23. > :02:26.they could. They have been taxing the same people more and more. On
:02:26. > :02:36.the expenditure side, they have not delivered on the cuts that they
:02:36. > :02:39.
:02:39. > :02:43.have been asked. Now the lenders are saying it, listen, we have
:02:43. > :02:46.stakeholders to convince that this is a good idea. You have to step up
:02:46. > :02:53.your game. A new say the attacks in the same people, is that the
:02:53. > :02:57.ordinary man and woman in the street in Greece? The property tax,
:02:57. > :03:07.which is fairly new, has to be pushed through. How does that work?
:03:07. > :03:08.
:03:08. > :03:13.Yes. It is the lower levels of the middle class. With regards to the
:03:13. > :03:20.property tax, which was announced ten days ago, D finance minister in
:03:20. > :03:28.a press conference yesterday actually passed out over how this
:03:28. > :03:32.would be implemented. He was in a meeting with the European finance
:03:32. > :03:41.ministers. They told them it might be a good idea. But they were not
:03:41. > :03:46.convinced. Because this taxing fatigued. There is another pressure
:03:46. > :03:52.on him to come up with ideas. us through the deadlines. Greece is
:03:52. > :03:57.saying that if they do not get this $11 billion by the end of the month.
:03:57. > :04:07.A craze has said that they have money definitely until the end of
:04:07. > :04:09.
:04:09. > :04:16.the month. They never clarify this. They said they have money. There
:04:16. > :04:25.has been high speculation running today. They may have to pay coupons
:04:25. > :04:29.on some contracts. That was thought to be at 769 million euros. There
:04:29. > :04:39.is no indication they have the money to pay for that. They need to
:04:39. > :04:42.
:04:42. > :04:52.get this money by the end of the month. Thank you. The latest in the
:04:52. > :04:53.
:04:53. > :04:56.ongoing accrete saga. -- Greek saga. A drug supplier has said they had
:04:56. > :05:06.stopped supplying some Greek hospitals because they have not pay
:05:06. > :05:06.
:05:06. > :05:13.their bills in three to four years. President Obama will present a new
:05:13. > :05:19.plan today to curb the nation's deficit. Half the savings will come
:05:19. > :05:24.from higher taxes on the wealthy and pick companies. It promises to
:05:24. > :05:32.become a mother Baker political battle. -- another bitter political
:05:32. > :05:37.battle. The result is playing out on the
:05:37. > :05:45.National stage. I asked the people on this district to send a message
:05:45. > :05:49.to the people of Washington. Republicans and Democrats battle in
:05:49. > :05:56.Washington to get the country's economy back on track, an area of a
:05:56. > :05:59.New York city switched sides from the Democrats. This has
:05:59. > :06:07.traditionally been a Democrat stronghold. But in a recent local
:06:07. > :06:11.election, a Republican won the race. Republican party bosses say that
:06:11. > :06:19.that is a indictment on a President Obama and his policies. People are
:06:19. > :06:27.angry. Not everyone agrees. I still support of Obama. It is a tough
:06:27. > :06:31.time for President. He needs support for his $450 billion a jobs
:06:31. > :06:36.package. If it puts people back to work and put more money in the
:06:36. > :06:40.pockets of working Americans. approval ratings at the lowest
:06:40. > :06:43.levels of his presidency. He needs to stand up for the people who
:06:43. > :06:49.supported him in the past. He needs to scan that of working and middle
:06:49. > :06:54.class people. In these two per fill the promises he made when he was a
:06:54. > :07:00.candidate. For voters and the President, voting turnaround cannot
:07:00. > :07:04.become quickly enough. The Chinese government has been
:07:04. > :07:13.trying to call off the nation's property market. Figures to date
:07:13. > :07:20.suggest this is not working. What is happening? According to the
:07:20. > :07:29.latest data, in the month of August home prices moved higher and almost
:07:29. > :07:38.all of the country's 70 cities. In Beijing, prices rose by about 2%.
:07:38. > :07:44.Shanghai saw higher gains of about 3%. Asset prices in some cities are
:07:44. > :07:50.still rising rapidly. Governments are very reluctant to impose more
:07:50. > :07:57.strict properties -- policies on the property market. Looking on a
:07:57. > :08:07.month-by-month basis, there are some points. 60 cities saw prices
:08:07. > :08:09.
:08:10. > :08:14.fall in the month of July. These are signs that the Government's
:08:14. > :08:18.policies are starting to have an impact. One property development --
:08:19. > :08:25.developer predicted that China's property prices may have a steeper
:08:25. > :08:30.fall as banks tighten dole out to developments.
:08:30. > :08:35.An interesting story. We will look at the numbers later. Let us look
:08:35. > :08:40.at some other stories. UBS is saying that it lost more than
:08:40. > :08:50.originally thought in the broker trading case. It revealed last week
:08:50. > :08:55.that it calculated its losses at $2.3 billion.
:08:55. > :09:00.A re-release off of the Lion King of dominated the North American box
:09:00. > :09:05.office over the weekend. It took more than $29 million. That is much
:09:05. > :09:12.less than Disney executives were expecting. It was the second-
:09:12. > :09:15.highest grossing film in 1994. Alexander Lebedev punched a
:09:15. > :09:20.property developer during a television panel show over the
:09:20. > :09:27.weekend. The billionaires were discussing the financial crisis.
:09:27. > :09:32.But he was sent flying after the debate turned nasty. Alexander said
:09:33. > :09:38.that his opponent had been behaving abusively.