:00:04. > :00:13.More than 800 homes and businesses have been saturated.
:00:14. > :00:19.
:00:19. > :00:22.Time for World Business Report. Welcome to the programme.
:00:22. > :00:30.Keeping Greece solvent. Another attempt by European officials to
:00:30. > :00:35.patch up a row over relishing bail out funds to keep Athens afloat. --
:00:35. > :00:40.releasing bail out funds. Is the time right for Spain to ask for a
:00:40. > :00:46.bail out? A deadly fire at a Bangladeshi
:00:46. > :00:56.garment factory making packed an industry that exports more than $20
:00:56. > :01:03.
:01:03. > :01:07.billion worth of clothing. A third attempt in as many weeks -
:01:07. > :01:12.Greece's international lenders meet in Brussels today to try to unlock
:01:12. > :01:17.the next 31 billion euros of bail out money for Athens. The money is
:01:17. > :01:27.still being held back by the Troika of the EU, IMF and the European
:01:27. > :01:35.
:01:35. > :01:42.Central Bank. Take the bail out and goes, say
:01:42. > :01:46.thousands of state workers about to lose their jobs. -- and go. So far,
:01:46. > :01:51.Athens cannot get the money. If it is to get the money today, there
:01:51. > :01:55.must be a compromise between the IMF, which cannot lender to
:01:55. > :02:01.insolvent borrowers, and the eurozone, which is willing to allow
:02:01. > :02:06.Greece two additional years to meet its debts cutting target and slowed
:02:06. > :02:16.the descent into economic depression. -- a rest of the
:02:16. > :02:17.
:02:17. > :02:22.descent. -- slow the descent. But Germany
:02:22. > :02:25.says that debt relief cannot be realised. This desire is only human
:02:26. > :02:31.but they will not be an answer. This is a process. Something that
:02:31. > :02:34.has not been done for years cannot be done overnight. The market says
:02:34. > :02:40.there will be another temporary solution - a complicated manoeuvre
:02:40. > :02:45.leaving the door open to write- downs later. When must be clear
:02:45. > :02:50.that these measures do not exclude the need to reassess the
:02:50. > :02:54.sustainability of Greece in the coming years. Greece needs that
:02:54. > :02:58.money now and analysts believe they may get it as early as today.
:02:58. > :03:07.Greece is likely to be given more time and it is likely that their
:03:07. > :03:12.debt levels will be cut but not as much as the IMF would like.
:03:12. > :03:15.These delays have gone down poorly in Athens but the eurozone also
:03:15. > :03:25.knows that anger may erupt in other rescued countries if Greece gets
:03:25. > :03:28.
:03:28. > :03:30.more special treatment today. Catalans have voted in favour of
:03:30. > :03:34.pro-independence parties. The result is likely to increase
:03:34. > :03:38.tensions with the Spanish government, which is under pressure
:03:38. > :03:44.to take a financial bail out from the EU. Catalonia is the wealthiest
:03:44. > :03:50.region in Spain, with an economy the size of Portugal. Madrid says
:03:50. > :03:54.nationalists are looking for excuses after nearly running out of
:03:54. > :03:57.money. This year, Catalonia was forced to
:03:57. > :04:02.request 5 billion euros in financial aid from the Central Bank
:04:02. > :04:06.in Madrid. Many believe that prime minister
:04:06. > :04:10.Mariano Rajoy would avoid asking for a bail out after these
:04:10. > :04:18.elections because it would lose him votes. Now that the election is
:04:18. > :04:23.over, will he put his hand up? Thank you for joining us.
:04:23. > :04:27.Does this mean the Prime Minister is going to have to ask for a bail
:04:27. > :04:34.out? What is more important than that is the funding schedule of the
:04:34. > :04:38.Spanish national debt. They funded largely for the whole of 2012. They
:04:38. > :04:43.have another 9 billion euros, a relatively small amount when it
:04:43. > :04:48.comes to the art stand in debt. The funding picks up quickly next year.
:04:48. > :04:51.They have -- outstanding debt. The funding picks up quickly next year
:04:51. > :04:56.and that is a pressing need for them rather than the issue of the
:04:56. > :05:05.regional elections. With this result coming from the
:05:05. > :05:08.elections, how important is this really for Spain as a whole?
:05:09. > :05:15.This is a constitutional crisis. On the one hand, the Catalan region
:05:15. > :05:19.has given a man debt -- mandate to pro-independence parties. At the
:05:19. > :05:24.same time, the central government says that any referendum would be
:05:24. > :05:28.illegal. So we have this clash. The regional government goes back on
:05:28. > :05:37.its manifesto war they break the law. This is going to be a
:05:37. > :05:41.constitutional crisis. 15 billion euros is anticipated to be
:05:41. > :05:45.transferred between Catalonia and the state. It is not clear exactly
:05:45. > :05:50.how much of that would remain and revert back to Catalonia in the
:05:50. > :05:55.event of independence. There is quite a lot to work out. Some
:05:55. > :06:00.analysts say that what is happening in Catalonia can be seen as
:06:00. > :06:04.something of a microcosm as to what is happening across the eurozone.
:06:05. > :06:10.Absolutely. Taxation is all about transferral. Bringing money from
:06:10. > :06:14.one part of society to another. If you want to be part of society, you
:06:14. > :06:18.must agree to taxation. In most countries, that is ordinarily
:06:18. > :06:22.accepted and mandated according to the nature of the country but with
:06:22. > :06:26.Europe at the moment, we are seeing these huge transfers from northern
:06:26. > :06:30.countries like Germany to the southern countries like Spain.
:06:30. > :06:34.Ironic that Spain may potentially ask for a bail out from other
:06:34. > :06:40.countries while at the same time there is the possibility that
:06:40. > :06:43.Catalonia may separate. Looking at Catalonia specifically, if it were
:06:43. > :06:50.to gain full independence, warned the region be as wealthy as some
:06:50. > :06:54.anticipate it would be? According to some anecdotal evidence, some
:06:54. > :06:57.businesses have been incentivise to move their headquarters out of
:06:57. > :07:03.Barcelona into the main territory of Spain. There are suggestions
:07:03. > :07:08.that some tax revenues that are governonian
:07:08. > :07:11.government might move out of the centre. -- that currently go to the
:07:11. > :07:17.Kat Moon in government. And administrative costs would have to
:07:17. > :07:23.go back to Catalonia. There are some checks and balances. It is
:07:23. > :07:30.unlikely that Catalonia would get that Hall 15 billion euros. One
:07:30. > :07:35.issue to consider is that Catalonia, if it were independent at the
:07:35. > :07:40.moment, trains for the rest of Spain and that would be affected if
:07:40. > :07:50.it were to get independence -- trains in the market with the rest
:07:50. > :07:58.
:07:58. > :08:01.of Spain -- tades. A deadly factory fire in Bangladesh has prompted an
:08:02. > :08:10.investigation into the garment industry's standards. What effect
:08:10. > :08:14.could this fire have? The industry must have a look at its current
:08:14. > :08:18.rules and regulations regarding factories because it could impact
:08:18. > :08:24.not just the industry but the overall economy. The garment
:08:24. > :08:29.industry is a major source of revenue for the country. It brings
:08:29. > :08:33.in 20 billion euros -- $20 billion US in exports mainly from the US
:08:34. > :08:37.and Europe. Bangladesh has thousands of garment factories
:08:37. > :08:41.exporting various forms of closing to major retailers in about one
:08:42. > :08:46.dozen countries but over the years, many of these factories have been
:08:46. > :08:50.criticised for not having proper safety initiatives in place.
:08:50. > :08:57.International retailers could stop dealing with Bangladeshi retailers
:08:58. > :09:04.if they fail to implement the measures to protect their own
:09:04. > :09:10.workers. Shares in a Japanese company are rising sharply. Why is
:09:10. > :09:14.that? They are currently increasing 6% after a Japanese media report
:09:14. > :09:19.said that shareholders had accepted a bail out from a government-backed
:09:19. > :09:25.fund. That will purchase 60% of the struggling company for more than $2
:09:25. > :09:29.billion US. Major clients like Toyota, Nissan and six others will
:09:29. > :09:36.supply the remainder of the money. Renaissance, a key supplier to
:09:36. > :09:45.Japanese automotive makers, has seen demand decline in recent
:09:45. > :09:49.months. More information will be announced in early December.
:09:49. > :09:54.Argentina will today appeal a US court ruling that demanded it had
:09:54. > :10:00.to pay out $1.3 billion US to investors holding bonds that the
:10:00. > :10:08.country defaulted on in 2001. The government has until 15th December