:00:15. > :00:23.year and next. We now have World Business Report. This is World
:00:23. > :00:27.Business Report. Greece admits it will not hit its deficit targets as
:00:27. > :00:37.EU finance ministers meet to discuss the crisis. US lawmakers
:00:37. > :00:50.
:00:50. > :00:57.say Chinese imports threaten American jobs. We go to Singapore.
:00:57. > :01:02.He cannot hear us. It is an admission that is bound to cause
:01:02. > :01:11.strife between Greece and its international Vendors. The Greece
:01:11. > :01:21.government has announced it will make its deficits targets. --
:01:21. > :01:27.
:01:27. > :01:32.Wilmot -- will not meet. If Greece default or is forced out of the
:01:32. > :01:39.euro, will it be Ireland, Portugal or Spain next? That is the worry
:01:39. > :01:43.for Europe as ministers review Athens progress today. The lethal
:01:43. > :01:52.cocktail of austerity measures and the state's inability to collect
:01:52. > :01:58.taxes forces it to cut jobs to get a grip on the deficit. The
:01:59. > :02:06.difficulty for the eurozone partners is that they cannot
:02:06. > :02:10.extract deeper promises from the government to make greater cuts.
:02:10. > :02:16.There is the credibility problem. The markets do not believe that the
:02:16. > :02:20.savings will be fully delivered. Greece may not have delivered on
:02:20. > :02:29.the financial conditions, wider worries have set in about what may
:02:29. > :02:34.ha hae eurozone if the -- if it turns off all the taps. We are
:02:34. > :02:42.part of a system. If Greece default visual haemorrhaged to the whole of
:02:42. > :02:50.the eurozone. -- is well haemorrhage. We know the
:02:50. > :03:00.consequences of such an action. We are doing superhuman efforts in the
:03:00. > :03:00.
:03:01. > :03:07.last 16 months... We need to have a common talk, a common programme, a
:03:07. > :03:11.common agreement with Europe. This academic believes it is time for
:03:11. > :03:19.Euro leaders to come out of denial and open up their coffers before it
:03:19. > :03:24.is too late. They have been following this austerity policy for
:03:24. > :03:28.1.5 years. That policy is running out of time. Everyone can see that
:03:28. > :03:36.the main cause of this trouble is the banking system of Europe which
:03:36. > :03:40.is bankrupt. bankrupt.ocus on tiny bit significant problematic Greece,
:03:40. > :03:46.it is a mere tactic for not facing up to the fact that the French and
:03:46. > :03:53.German banks are insolvent. Until we find a solution to that, they
:03:53. > :03:58.will always be threatened by financial collapse. Finance
:03:58. > :04:06.ministers meet today and tomorrow, they are not promising any big
:04:06. > :04:12.announcements until later in the month. There is a lot riding on
:04:12. > :04:16.that meeting. It is a deadline to save the euro. The build-up is
:04:16. > :04:21.already underway. Finance ministers are meeting in Luxembourg to
:04:21. > :04:26.increase the firepower of the bail- out fund. In October, finance
:04:26. > :04:32.ministers will meet in Paris, a decision will be made on whether
:04:32. > :04:38.Greece gets the next piece of its 8. At the beginning of November, all
:04:38. > :04:45.the G20 leaders are meeting where th th is on to come up with
:04:45. > :04:54.a solution that will reassure the markets once and for all. There is
:04:54. > :05:04.a lot at stake, as we are all aware, the markets are being taken hostage
:05:04. > :05:07.
:05:07. > :05:14.at the moment... What we want to see, not only the Greek loan being
:05:14. > :05:17.extended, but an expansion of the European financial stability. This
:05:17. > :05:25.is the package that has been put together to bail-out other
:05:25. > :05:29.countries, for example Portugal and Ireland. That is planned for today.
:05:29. > :05:34.What was not factored in was that news from Greece, that it will miss
:05:34. > :05:42.its deficit targets this year and the year after that. We thought
:05:42. > :05:48.this might happen, didn't we? It is not good news at all. It is worth
:05:48. > :05:53.bearing in mind that the IMF, European Central Bank have been in
:05:53. > :05:57.Athens over the past week. They will be aware that Greece is going
:05:57. > :06:03.to have to miss the original budget target because the recession has
:06:03. > :06:07.been deeper than expected. They are aware of the situation. They would
:06:07. > :06:15.not make this announcement so close to such a crucial meeting if they
:06:15. > :06:19.did not have approval from the troika. The Greece finance minister
:06:19. > :06:24.is presenting his budget for this year and the are beyond, there are
:06:24. > :06:30.a lot of new measures that are going to be incredibly difficult to
:06:30. > :06:37.implement in Greece. Great people feel that a superhuman effort is
:06:37. > :06:43.being made within Greece to make the changes. Yet is taking a long
:06:43. > :06:50.time to see a drop in the deficit. Yes, they will have to make the St
:06:50. > :06:57.CBEs human effort next year. This is the issue of communication in
:06:57. > :07:06.Greece. -- superhuman. This will not be solved overnight. It will
:07:06. > :07:11.that is being unveiled today. you for your perspective on this.
:07:11. > :07:15.We will keep you across all the details on the BBC. US senators
:07:15. > :07:20.will debate a bill that would make it easier to impose tariffs on
:07:20. > :07:25.Chinese imports into the US. It is hoped the move will save jobs in
:07:25. > :07:33.the US at a time of high unemployment. It will punish China
:07:33. > :07:41.for what they call currency manipulation. The manufacturer
:07:41. > :07:46.operates here in New Jersey. Sometimes, the owner outsource has
:07:46. > :07:56.worked to China. He is still somewhat wary of China's impact on
:07:56. > :07:59.
:07:59. > :08:03.America. We have situations where the economy here relies greatly on
:08:03. > :08:10.US business opportunities. When those opportunities are taken by
:08:10. > :08:15.foreign manufacturers, it is less work for the US people. American
:08:15. > :08:19.politicians are proposing a new bill to the tale China's exports to
:08:19. > :08:24.America at a time of high unemployment at home. Measures
:08:24. > :08:28.against Chinese imports into the US trade coming up here. That is
:08:28. > :08:35.because lawmakers believed China's currency is unfairly undervalued.
:08:35. > :08:40.That is hurting US manufacturing at a critical time. It is damaging
:08:40. > :08:50.businesses like this one. Some economists agree the way China
:08:50. > :08:55.operates is flawed. China have been manipulating their currency and
:08:55. > :09:03.engaging in wide ranging unfair trade practices for at least a
:09:03. > :09:07.decade. This has hurt workers in the US and all over the world.
:09:07. > :09:13.Obama Administration has remained silent, there is mounting pressure
:09:13. > :09:17.from Republicans who see China as an economic threat. Manufacturers
:09:17. > :09:25.are unlikely to see things change soon. This bill will be used as a
:09:25. > :09:30.bargaining chip with China in an often testy relationship. Sentiment
:09:30. > :09:40.among Japan's largest manufacturers has rebounded. It is still at its
:09:40. > :09:49.lowest level since the earthquake and tsunami. What is going on with
:09:49. > :09:57.this? This new data is giving a ray of hope for the Japanese economy
:09:57. > :10:05.which has contracted over the past three-quarters. Some positive news
:10:05. > :10:10.finally. A positive reading illustrates that optimists
:10:10. > :10:20.outweighed pessimists. The big firms are still quite her shares
:10:20. > :10:21.
:10:21. > :10:26.going forward. -- quite cautious. This quarter and going forward,
:10:26. > :10:30.there are many challenges remaining, including the very strong yen
:10:30. > :10:36.against the dollar. The eurozone debt crisis and a slowdown in the
:10:36. > :10:46.world economy. Analysts say this data will give the Central Bank
:10:46. > :10:46.