:00:06. > :00:16.Ireland are set to see three inches of snow. Time now for the money
:00:16. > :00:18.
:00:18. > :00:21.news. You're watching the World Business Report on BBC. No deal for
:00:21. > :00:29.eurozone finance ministers say that Greece has not done enough to get
:00:29. > :00:34.another 100 their 2 billion euros bail-out fund. -- 130 billion euros.
:00:34. > :00:39.They have to Wednesday to agree to new conditions. The Spanish
:00:39. > :00:45.government is set to revise its labour laws. They want people to
:00:45. > :00:55.work longer for the same amount of pay. China's exports fall in
:00:55. > :00:56.
:00:56. > :00:59.January, the third decline in two years. Eurozone finance ministers
:00:59. > :01:04.had a meeting in Brussels on Thursday and said that more work
:01:04. > :01:09.needed to be done before they can agree to give Greece more bail-out
:01:09. > :01:14.funds. They said a series of conditions for Greece to meet by
:01:14. > :01:22.Wednesday -- a set. They do not know whether the overall deal will
:01:22. > :01:30.make Greece's budget sustainable in the long-term. We are joined by an
:01:30. > :01:35.answer and young economists. -- and Sting young. They remain to be
:01:35. > :01:40.convinced that parties are signed up in Greece to this agreement.
:01:40. > :01:43.They want to see all three parties signed up in writing. They also
:01:43. > :01:49.want to see some legislation for the Greek parliament to start
:01:49. > :01:55.implementing measures. They also worried that there remains a
:01:55. > :02:01.financing gap. Obviously about 320 billion euros more spending cuts
:02:01. > :02:04.before they will sign off on the deal. Greece's economy is
:02:04. > :02:10.constantly contracting. The whole that needs to be filled to me is
:02:10. > :02:18.getting bigger? The Greek economy will contract for another couple of
:02:18. > :02:24.years. It'll make it even more difficult for it to implement the
:02:24. > :02:29.measures. They need is credible guarantee now that it will be
:02:29. > :02:38.implemented. Financial markets are depending on where that Greece will
:02:38. > :02:44.default on Oct. Is it in anybody's interests for that to happen?
:02:44. > :02:51.can see the impact of the concerns about Greece's debts and the impact
:02:51. > :02:58.that has sat on markets, financing for Italy, and Spain and other
:02:58. > :03:04.countries -- has had on markets. Italy, in particular, has to make -
:03:04. > :03:11.- raised a lot of money in the following months. That will place a
:03:11. > :03:17.strain on markets also. Spain and Italy have very similar problems?
:03:17. > :03:23.The problems in Italy and Spain are less extreme than in Greece. The
:03:23. > :03:32.debt lines are Lolworth, particularly in the case of Spain.
:03:32. > :03:40.-- the debt repayments are low wire. New measures need to be implemented
:03:40. > :03:44.to cut spending. Because have declined substantially. -- the cuts.
:03:44. > :03:50.The amount of debt they have to raise in the next few months will
:03:50. > :03:55.increase. Spain's government will unveil reforms to its rigid labour
:03:55. > :03:58.laws. It is in the hope that they will be radical enough to get to
:03:58. > :04:06.grips with the sky-high unemployment rate. It has angered
:04:06. > :04:10.trade unions ahead of key elections. People working in Spain's public
:04:10. > :04:15.sector in the future have to work longer hours for the same pay. The
:04:15. > :04:21.unions are not happy. It is the private sector that will be really
:04:21. > :04:29.suffering. The latest figures show that one in four are out of work.
:04:29. > :04:34.The government is ready to release its latest reforms. Unfortunately,
:04:34. > :04:38.these figures are not getting better in the short-term. Into
:04:38. > :04:44.thousands of they will be worse. It forces us to pay special attention
:04:44. > :04:49.to easing economic growth and pay attention to jobs. It will have
:04:49. > :04:54.Sajal -- several measures with the aim of cutting unemployment. It
:04:54. > :04:58.will stop severance payment to stop employers hiring people on long-
:04:58. > :05:03.term contracts. Companies will be given more power to set the waiters
:05:03. > :05:07.are paid workers. According to the newspaper in Barcelona, the elderly
:05:07. > :05:12.will be able to work part-time, at the same time as collecting their
:05:12. > :05:16.pensions. The Spanish economic minister said the reforms will be
:05:16. > :05:24.aggressive. One of the key targets will be to reduce youth
:05:24. > :05:28.unemployment. It now stands at one in two being out of work. Getting
:05:28. > :05:37.people back to work is key to creating spending any growth in a
:05:37. > :05:41.country which is heading into recession. -- and growth. China has
:05:42. > :05:48.released some surprising trade figures. They are not just for one
:05:48. > :05:53.months. They are significant number less. They are, indeed. We saw
:05:53. > :05:57.exports falling for the first time in two years. Imports falling as
:05:57. > :06:03.well. This has raised a lot of concerns about the impact of the
:06:03. > :06:07.global snot -- slowdown on the Chinese economy. Its load 0.5% due
:06:07. > :06:14.to sluggish global demand. The European prices are not
:06:14. > :06:22.withstanding. They were also due to the lunar New Year. The
:06:22. > :06:26.celebrations in January to February, compared to last year, China was
:06:26. > :06:30.shut down to run at half speed at factories. This has delayed
:06:30. > :06:35.shipments around the world. Imports figures were particularly worrying,
:06:36. > :06:41.they dipped 15%. That has raised a loss of the about the slowing
:06:41. > :06:45.domestic demand. It is particularly worrying as it gave any indication
:06:46. > :06:51.of slower growth. China is trying to boost domestic consumption to
:06:51. > :06:59.try to offset slowing exports. They want to rebalance their economy. As
:06:59. > :07:05.a result of that, China has a lot of other big worries such as
:07:05. > :07:11.inflation. That has been rising as well, particularly in January.
:07:11. > :07:16.Tackling that is their chief pack - - priority. We saw prices rising
:07:16. > :07:21.for the first time since July. We saw prices climbed just before the
:07:21. > :07:28.holiday that started on 22nd January. The IMF report earlier
:07:28. > :07:34.this month says that the Chinese banking system should be cut its
:07:34. > :07:41.8.2 estimate this year. Bankers bonuses will come into the
:07:41. > :07:46.spotlight in Britain on Friday with the release of the annual results.
:07:46. > :07:52.The bonus level for top managers angered a lot of people last year.
:07:52. > :07:59.Bob Diamond was re warded $9 million. He is in line for $5
:07:59. > :08:06.million this year. Will he handed back? Britain's media is on an NT
:08:06. > :08:16.bonus ball park. Its new target is the chairman of the Barclay's Bank.
:08:16. > :08:24.They have already stopped the chairman of the RBS from getting
:08:24. > :08:29.his bonus. Due to public pressure he refused his entitlements. Will
:08:29. > :08:35.they have any rights to complain when the Barclays Manager, who has
:08:35. > :08:40.never taken a penny of bail-out money, is due to receive his bonus.
:08:40. > :08:48.The whole bonus system is faulty. Management clients are claiming
:08:48. > :08:58.rewards that only genuine risk takers deserve. The eye of money is
:08:58. > :09:01.
:09:01. > :09:11.at Greece, and John capital is up. Your own money is at risk. You're
:09:11. > :09:12.
:09:12. > :09:15.taking a salary, a wage. The Labour Party ordered banks to stop by Mrs.
:09:15. > :09:25.George Osborne said that they are speaking up and iMac business
:09:25. > :09:26.
:09:27. > :09:32.sentiment. -- anti-business. news and the media and so one are
:09:32. > :09:42.looking at these people and decrying these companies. They are
:09:42. > :09:42.
:09:42. > :09:50.saying why should we pay the issue bonuses to them -- these cute. That
:09:50. > :09:55.will go into stop people from being happy question. There is a broader