conference with a representative from the imf amnesty international and the bill and melinda gates foundation. this is about an hour and ten minutes. >> good afternoon, everybody. i know we have the daunting task of doing this while you're eating so but we thank you for your attention. our session today is entitled the evolution of multilateral institutions in a globalizing world. the brent more institutions like the united nations, the international monetary fund, and the world bank are clearly evolving to become more inclusive of new stakeholders from new donor countries to societies and individual citizens. other global bodies such as the g-8 and the increasingly the g-20 have filled leadership gaps and they are increasingly shaping the direction of global development. now, the question that we ask, is there an argument to be made that this global -- that this global architecture needs to further evolve to advance a more equitable and sustainable world? how should these institutions be reformed to better advance human well-being and development? in what way can these institution

the imf, they've always said they would not do that. that's not what headlines are indicating at the moment. let's look at the stock action. mary thompson is here with me on the floor, break it down. >> let's look at the catalysts driving the markets. financials is actually pacing the turnaround on wall street today. but, simon, i would argue the turnaround started a little bit earlier. actually, if you look right around 11:00 or 11:30 or so when the european markets closed, you started to see a turnaround in the markets. couple things here, the s&p 500 held above that 1,300 level. broke below it slightly, but that was a key technical level traders were pointing out to me. additionally art cashin says around that time of the close there was a report out there that the pro-austerity party is leading in greece. >> yes. there were in fact two polls. which was written by reuters at half past 10:00 new york time this morning. you saw the greek stock market rally very strongly on that. over 3%. but broadly ignored here because that's not the narrative that a lot of people are seeing at the

pressure. >> sure. sure. i mean, i think for the imf, the international ngos have been increasingly important partners for us in many ways. o one, in terms of being people we consult with on many of our policy issues. we've got some current policy issues, say, on how countries manage natural resources well or or debt ceilings or how do you tax the financial sector are ones where we're having conversations with international ngos so to get their views so we can incorporate that into our own policymaking. the other important area is part of what the imf does when we work with countries is help them imfroouch transparency of their own policymaking particularly around budgets and fiscal transparency, and there the partnership is a little more indirect, but part of our object sieve to increase the scope of genuine public debate about fiscal policy and budgets. and the third area we've been doing more work on recently relating to the earlier question on jobs is work with trade un n unions. and we now have as a sort of normal part of our business, in fact, about 80% of imf missions who go

. rebecca, let me kick this off with you. a lot of action in asset classes. >> the hope that the imf might come and help spain. i think we're a way from clarity with europe from a long shot. the hope that the calvary is coming back like we saw with the ecb in december and earlier this year, i think central banks in general are helping to limit the downside. i think the bigger question is just what's the catalyst to get us up again? we need better economic data, greece resolved. i don't see any of that happening in the short term. >> larry, maria was saying, or i was, i guess, the nasdaq down the worst month in two years. you think the markets held up in may? >> when we look back on may, i think what we're really saying is how resilient the markets are in the face of such horrendous economic news. when you look at that, what the market is saying, investors are uning out of safe havens and number two, so much of the bad news is priced in. greece has been on the front page for two years. it's already news already. >> news, rebecca, you call that noise, right? the u.s. continues to be mi

from congresswoman jane harman who leads the center and imf managing director christine lagarde. >> good evening. how'd you like it? i'm jane harman the first president and ceo of the wilson center who happens to be a woman. >> and we're delighted to welcome honored guests, friends from congress and the diplomatic core. senator clinton and some very special guests. the zacaro family. it was very important to me. geraldine ferraro was a mentor to me. a special welcome to you. [ applause ] so i'm about to tell you something henry kissinger wouldn't. where to begin in the trajectory of hillary clinton's career stuns. i'm pleased to have known her and worked with her throughout much of it. while this is no retirement dinner, hear that hillary, no retirement dinner, tonight we honor you for the entire arc of your remarkable career from pioneering attorney and chair of the legal services corporation during the carter administration, a white house where jim free and i served to fist lady of arkansas to first lady of the united states to u.s. senator from new york and of course, secreta

imf program as well. that will minimize the damage in greece. it will still be horrendous. only possible upside for greece. much fame sized by american commentators who are -- take the short run, ruthlessly into -- into -- into the structural side of things -- there is a widespread belief of economists here that you can devaluate prosperity and competitiveness. i got news for you, peace its not an economy. it doesn't have rigidly downward wages and very flexible real wages. it has rigid real wages and very flexible upwards wages. so the 65% devaluation or more that you would get from, will indeed give greece this, this momentary, fantastic competitive advantage. they won't be able to take advantage of. because they don't hatch ve as resources. shifting is difficult. apart from that, even if there were highly mobile resources that could move from the training sectors. the greek worker and the greek shopper do know the difference between retail, domestic inflation would explode. i expect following exit by greece. unless they get material financial aid to fund their ongoing deficit

ripped up in commitments, actually materialized, the imf sits potentially on about $815 billion of loanable capacity. but of course not all can be used in europe. historically they have used a 1-three ratio. which means effectively we have a trillion to play with in the troika. again, nice, and it will take care of spain and italy sovereigns for a year or so, but it doesn't take care of the banks, and it is simply not enough. this is still pocket money. the e ecb can pull out the big bazooka. they print the stuff. they have the massive capacity, but they rightly think that it's not their job to act in a fiscal capacity. they have been willing to do so only when nothing stood between us the disorderly collapse of a sovereign or a disorderly collapse of systemic reports of financial institution, or now it is exit. or indeed exit via contagion. let me focus on this last thing. the risk to the rest of europe actually doesn't come from direct linkages of trade or portfolios. greece is 3% of your gdp. you can barely find it. and the portfolio exposure to the greek sovereign and the -- al

activity in those countries. massive flows of hot money to these countries. i see now that the imf is no longer afraid of saying perhaps people should be able to have some capital controls at times. so anyway, just a number of things that -- i worked a lot on fragile states, failing states, but it soon became apparent that, you know, a lot of the reasons explaining the lack of successful development outcomes was simply that these countries were embedded in a much larger socioeconomic system or economic system that was not necessarily doing them justice. >> manoosh? >> one of the things we do in the imf every year is twice a year we look at where the big vulnerables are from the economy. at the moment we've identified three. one is slow growth in the advanced economies, and if the u.s. and europe aren't growing they're not buying goods from poor countries and that's a vulnerability. the second is commodity prices. at the moment commodity prices are pretty high, and many developing countries, particularly in africa and latin america, are benefiting from those high commodity prices. but if

development and relief work. we'll hear from representatives of mf international, the imf and the bill and melinda gates foundation. it's an hour and ten minutes. >> now, we have the pleasure of doing this while you are eating, and so -- but we thank you for your attention. our session today is entitled "the evolution of multilateral institutions in a globalizing world." the institutions, like the united nations, the international monetary fund, the world bank are clearly evolving to be more up collusive of -- inclusive from new stake holders, from civil societies, and from individual citizens. other global bodies such as the ga and the increasingly the g20 have filled leadership gap, and they are increasingly shaping the direction of global development. now, the question that we ask is there an argument to be made that the global -- that the global architecture needs to further evolve to expand to a more acquitble and sustainable world? how should these institutions be reformed to better advance human well being and development? in what way can these institutions become more relevant to t

panelists to weigh in on globe outlook. $30 billion or more in imf lending sources help stabilize the global economy, european situation won't be the consequences of u.s. reluctance to commit any new funds of its own to that effort? >> bruce? or -- >> i think it's a great thing. obviously, $430 billion isn't enough to solve the problem and that would need to be leveraged. so i think it's a great thing. i find it interesting that the u.s. hasn't supported the expansion of the imf resources. and i wonder if that's not just a let europe deal with europe's problems. but it's fascinating to me we've gone from a decade of the '80s and '90s when the world bank and imf were focused on developing country problems and they're now focused on the developed country problems. and resource availability was the problem, is that much larger, and since it's affecting countries of reserve currency status, i think this is only a good sign. >> they need to war chest, the going to get worse in europe before it gets better. you need the huge facility and the central bank of europe, ecb to play its part, whi

of the eurozone, whether or not we can get the imf deal fulfilled for greece and whether the french mply indications with a lesser time will have a big impact? >> when i look at the debt crisis in europe, i've got three things written on my desk it at the moment. one of them is how are you going to service the debt. the second one is will you default on the debt. and the third one is will you inflate away the debt. we know that it's almost impossible for help to service the debt as we have seen about will these elections because the people are reallying against the austerity measures. so they're not going to service the debt. will they default on the debt? i don't think germany will allow any country to default on the debt, so we're left with option number three and that's the one that's always high on my prior i. they have to try to inflate away the debt somehow. and what they'll try to do, whether they call it long term refinancing operation or quantitative easing, held try to inflate away the debt without some people noticing. >> we'll come back to that point. greece's future, th

stick with the imf program, we are essentially going to cut you off from economic funding, and you will go bankrupt. at that point in time, greece can decide whether or not they want to stay in the euro. >> some are not talking about whether greece will leave the euro zone but when in greece will leave the euro zone. >> that may be a little too pessimistic, if you like, because at and we have to listen to even what they are saying. they say they want to keep trees in the euro. but they want to repudiate the imf program, and he somehow expects nothing is going to happen from that. if he is elected, which she may or may not be, but if he is elected, he ditches the imf program, europe cuts off funding, and then it greece has about six weeks or so of money before it runs out of cash. in the period of time, they will have to decide what to do. it will be extremely volatile. but i think it is too soon to say that they would want to quit the europe. >> it is going to be a hot summer increase in many ways. is it possible for greece to have what it is promising, which is less austerity? we

years ago. and then international financial crisis struck and the imf regained prominence. also thanks to the support from its critical shareholder, the united states. and now we see that the imf is really at the corner stone of the international monetary system. they have made it clear that they're unable to solve the crisis. they also want the international community to prevent a serve approval under the advice of the imf along the way. so if anything, what we're seeing is yes, there is a trend towards building regional organizations. but these regional organizations are not in competition with international ones. and if anything, they try, you know, to work in tandem as a team towards issues that are really in a global threat. >> what can you expect based on the outcome of the elections in greece and france. >> the outcome of the election and the election of president hollande does create a little bit of uncertainty in a sense that hollande has never held anied a ministerial position. he has never held any public office. stakeholders, folcy makers from all over the world will

again by the imf this week and the oecd. at a time of tight budgets, a proper growth plan requires not just a credible fiscal policy, but also structural reforms to make our economies more competitive, active monetary policy, and innovative use of our hard won credibility to assure inconvenientment in long term infrastructure. we are taking all of these steps in the u.k. and promoting them across europe as well. prime minister monte and i have gathered ten eu lead hes to call for the completion of the single market in digital and services, classic structural reform. president hollande is coming forward with proposals. the ecb has helped supply liquidity to european banks. i will be pursuing all of these elements at the council tonight and at the formal council in june, after which i would be making a statement to the house. growing our economies also means doing everything we can to get trade moving. at the end of the g8 meeting there was a serious discussion at the potential for an eu/u.s. trade deal. the eu and u.s. make up half of the world with's gdp. there's a huge amount of work

in the eurozone bailout of greece. we are supporting greece through the imf. i think the point that he has to consider is that other european countries and eurozone countries, some of whom are not particularly rich themselves have had a series of agreements with greece about what needs to be done and what money will be put in. and effectively, he is asking them to go back repeatedly to their own parliaments and i said i wouldn't ask for any more for greece, but here i am again asking for more. so it is very, very challenging for them. this i say in the end is going to be a matter for the greek people to decide through their election about whether they want to stay in the euro and keep the undertakings that they have given, or whether they want to choose a different path. it's for them to decide. we must be clear in this country that we should support all and any contingency plans to make sure that either scenario can be safely delivered. >> mr. robin walker. >> the prime minister in his statement quoted the extraordinary statistic that the eu and the u.s. together make up more than

our economy and the world economy is a vital part of the imf's role in supporting global stability. before i hand over the recommendations in detail, let me say the words about at home and in the eurozone. the imf could not be clearer today. britain needs to deal with its debt. and the government's fiscal policy is the appropriate part. sbu -- it is an essential part of our road to recovery. it enables interest rates to stay low. it means we can use the credibility we have earned it for the government posted balance sheet to support lending businesses, new housing, and more infrastructure. i welcome the imf's continuing support. they agreed decreasing the deficit remains the essential. they made it clear they consider the current pace of consolidation to be appropriate. they have also backed our fiscal plan. some have argued that the events in the eurozone shows that britain should borrow and spend out of its crisis, but i agree with the. christine made about deficit-reduction. we have news that inflation is down. within 1% from england's target, falling from 3.5% to 3%. it means f

-- and what a huge bone it was -- is greece's international loan agreement with the eu and imf and all the austerity and cost-cutting that entailed. it was largely rejected in sunday's election. the two big parties, the socialists and the conservatives, supported broadly, and they will try to form a coalition government. that failed. the anti-bailout party failed too. then it fell to the socialists to try to form a coalition government, and they have failed too. the president will have to formally hand back the mandate to form of government and try to bring all the political parties to his residence and request the formation of an emergency government. that will probably be followed by fresh elections. really, this country has just taken a massive leak into the political unknown, certainly a massive leaps forward into deeper political crisis for a country in the eurozone. >> what affect is this going to have on efforts to keep the country in the eurozone? >> well, to stay in the euro, greece has been told by germany that it needs to stick to cost- cutting and austerity. if it goes

. nice number. a week after this was announced. proudly, i was at the imf, meeting. and they think, i think one of their people. central bank, supervisor. the regulator. and i asked him whether this pointer was in the wrong place? they thought it wasn't funny. but i was underestimating it greatly. right. remember all, all the even latest program for recapitalizing spanish banks, and, an additional $35 billion of provisioning brings total provisioning to 137. that still assumes, household, mortgages are safe. right. and 600 billion euro was outstanding. and a very low, low -- loan loss ratio, 2.6% for something like that. and i know spain has tough, tough personal insolvency laws. and the entire extended family. in fact, the -- the extended family, just the house pets, right. guarantee any mortgage. in a country with 24% unemployment. and rising long term unemployment, ability to pay becomes an issue. you see that in ireland. ireland had just the mortgages. and ireland of course had also very tough personal insol veven laws. and not making them tougher. moody's, the extreme version, fo

that introduction, but more than that for her leadership at the imf for her extraordinary strength and vision in these uncertain economic times. and for her very steady hand as she is trying to help lead us through them. i also want to thank all the members of congress and the diplomatic core here tonight. it is very good seeing a lot of my former colleagues getting to sit with my friend susan collins. and of course, i want to along with all of you salute our host jane harman. one of our nation's most articulate, thoughtful leaders on foreign policy and national security and now as president of the wilson center she is still shaping public debate. in addition to that, she is advising a lot of us and helping to make sure that the scholarship we need for better informed decisions is being done. she provides insights and counsel on a great range of issues. and i loved the fact that jane was just referencing that under her leadership the wilson center has become the home of the council of world women leaders. the only organization of current and former women heads of state and minister

, do you think, given some of the warm words of the imf that people feel so differently about the value for sovereign ratings? what's the explanation for that? >> sunot sure i understand the question. >> we've had some imf testimony suggesting that there has been a ratings to perform -- during the crisis. okay? european commission has been very critical of ratings in the crisis. a very wide rachk views. why do these institutions -- you guys have disagreed with each other. why don't they disagree? why is there such a difference about sovereign ratings? >> that's really a very difficult question for me at a ratings agent to answer. it's a question that needs to be put to those who hold those views. >> am i to understand that the standard & poor's and your risk assessment, the methodology could, you just take us through the basis on which you give the united kingdom a 3, which puts us in the same category as canada, germany, japan and the u.s.?

mixed verdict on the state of the british economy. the imf endorsed the deficit reduction policies the coalition has put in place, but says fresh measures might be needed if growth fails to materialize. christine lagarde gave this comment. >> unfortunately, the economic recovery in the u.k. has not taken hold. uncertainties abound. this dress in the rural area affects the u.k. through many -- distress in the eurozone area affects the u.k. policy changes are needed before liberals become entrenched. i am pleased that prime minister cameron emphasized the use of the credibility of the government balance sheet to help the economy grow. >> that discussion will dominate the meeting of leaders in brussels wednesday. the crisis in greece will also be important. the importance of solving it has been highlighted, with warnings that the european crisis is the biggest threat to the local economy. the report on how the situation in greece is affecting countries outside the euro. >> thousands of years of history and prestige, but where does gris go from here? looking to the future is uncertain

2010, a belgium prostitute claims she was gang raped at a sex party hosted by the former imf chief dominique strauss-kahn. >> we knew he was a womanizer and loved women. we didn't know it was to that level. we went know that and if the allegations are true, that he was brutal, that he was coercing and using prostitutes and that, if, again, the allegations are correct, that he was, he could go as far as raping someone. >> reporter: he is a washington- based correspondent for tf-1, a french television network. he said straws-kahn is -- strauss kahn is currently under investigation in france where the latest allegation surfaced. >> he's under investigation for what we call aggravated pimping in an organized gang. basically prostitutes are alleging he was hurting women, friends were gathering women to satisfy his needs and that they were prostitutes. he claims he did not know that, that they were prostitutes and thought it was conceptual sex. >> reporter: the woman making the new allegation was flown to washington from europe and paid $2,500 to attend the orgy. she has not filed a comp

in entertainment. >> after his fall from grace who the former imf chief is targeting tonight. >> the flesh eating bacteria that has ♪ ♪ [ male announcer ] it's one thing... to have created an icon and quite another to have done it generation after generation. to the long line of legendary mercedes-benz sl roadsters... ♪ ♪ the 2013 sl. [ male announcer ] this was how my day began. a little bird told me about a band... ♪ ♪ an old man shared some fish stories... ♪ ♪ oooh, my turn. ♪ ♪ she was in paris but we talked for hours... everyone else buzzed about the band. there's a wireless mind inside all of us. so where to next? ♪ ♪ >> a cut on the leg has a woman fighting for her life. doctors say it is because of flesh eating bacteria. right now the woman cannot breathe on her own because of an infection that is rare. >> autrea is live. >> they have been by her side for twa says her body struggles to fight off the flesh eating bacteria she picked up on as applied. her father says he finally saw her at -- his daughter's smile but there is a long way to recover

] >> your analysis of the current situation? >> [inaudible] they said they do not want a imf in theemorandum or the country. the politicians could not hear us. they heard us loudly on sunday. >> what is next? >> what is next? we are waiting to see what happens with the government. if they are trying to make another government, a coalition government, we will be out on the streets. we will not let them do something like that. we want a government -- not only government, but we want everyone to understand in the whole of europe that the imf policies and the eu cuts not lead to anywhere. they just lead to crisis and more help for rich people. not only people of greece. it is italy. it is spain. it will be england tomorrow. it is the same thing. people have to rise up and say "stop." >> what can actually happen? denny's to be a coalition -- you support a coalition? >> he our country is bankrupt -- our country is bankrupt. we do not believe this bailout program will lead us out of the bankruptcy. we have to stop this kind of policy. you cannot solve it by taking money from the market. you need to

eu and imf and all the austerity that entails. it was largely rejected by sunday's elections. the two big parties supported broadly and a return to form a coalition government. the conservatives failed, the second party failed, too. the nfl to the socialist to try to form a coalition -- then it fell to the socialist to try to form a coalition government. the president will then tried to bring all the political party leaders to his residence and request a formation of an emergency government of national salvation. it will be followed by fresh elections. this country has taken a massive leak into the political unknown. -- leap into the political unknown. >> what effect is this going to have on efforts to keep the country in the euro zone? >> to stay in the euro, greece has been told that it needs to stick to the path of cost- cutting and austerity. if greece turned its back on the austerity measures, it cannot stake in the euro. it will not continue to receive the international loan. it will be forced to default on its debts. that would be followed by an exit to the bureau. how can

paying generic prices for the approximately 9.7 billion imf health estimates, it was used on imf drugs last year before rebates and discounts, it was a bargain. so the original estimate does sa cost money but we save money long term. this bill would require health insurance programs to abide by this and all people covered by private plans. to conclude, the bottom line is our goal for medicines must be to develop drugs as quickly as possible, drugs that are the most effective we can find for the diseases people are facing, and to get them out to every person who needs them as soon as possible. that is what i tried to do with s-1138 for hiv/aids treatment. we should reward innovators for developing these new medicines for those that do not require anyone to wait, suffer, and in some cases, die. i want to thank the panel that we have with us today. this is not only a distinguished panel, but it is a panel of folks who have been working, in some cases, on this issue and are very familiar with this issue, and i want to thank them, again, not only for being here today but for the work

. the imf apparently is in talks about spain contingency plans. the imf talks took place at the fund's european department. according to dow jones you can see considerable moves high in the euro, breaking back into positive territory versus the u.s. dollar. that has helped the dow move positive. that's jpmorgan, one of the dow's worst performers for the month of may but here helping the market overall. at least the dow will get back into positive territory as this is the final trading day of a pretty weak month for the markets. gold is on track for its fourth straight losing month. pete, here's the chat here. a little up tick. >> if you look at the gdx, the gold miner's index, it's had a phenomenal run over the last two weeks or so, up about 12%. the gdx yesterday led some of the most unusual activity we've seen. so this is about the price level they were buying yesterday. i would expect to see the gdx push toward 45. >> goldman is calling for a breakup of johnson & johnson. steph? >> it's outperformed. they have to do something. the new ceo indicated he wants to get bigger, not

. for the first time since 1976. benjamin callahan went to the imf. and it's not just our car industry that is strong. life sciences, pharmaceuticals, information technology, aerospa aerospace, the creative industries. britain has a strong base from which to grow. we have a global language, we have a time zone where you can trade with asia in the morning and america in the afternoon. we have some of the best universities in the world. and a government that is committed to making britain the best place in the world in which to start a business. now with these strengths, i believe we can see britain through the storm. but to do so, we need to act at home and together with our european and global partners. now, first, we must continue to get to grips with the deficit and to build our recovery at home. let us be clear about what we inherited. an economy built on the worst deficit since the second world war. the most leveraged banks, the most indebted households, one of the biggest housing booms. and unsustainable levels of both public spending and immigration. with a budget defici

published yesterday, the imf confirms if we needed it confirmed that not delivering growth. they've also made a number of suggestions and recommendations many of which have been talked about around the chamber today. indeed some will be implemented over coming months. but the report then goes on to suggest, recommend even a plan b to boost growth, to temporarily cut taxes. is the prime minister listening? >> i listened very carefully to what the imf says. to many two things stand out. the first is that they say reducing the high structural deficit over the medium terms, and they say the uk has made substantial progress towards achieving a more sustainable budgetary position. alongside the situation we inherited made them shiver. the second thing is the forecast for growth is the uk will grow fast their year than france, germany, or the eurozone. so they're not predicting that things will get worsement they're actually predicting that things will improve. >> mr. paul blackmon. >> thank you, mr. speaker. as our brave troops come home from afghanistan, one of the key issues is the sustainab

. >> the aim of achieving -- the imf made a recommendation that the u.k. banks slow up their acquisition, thereby producing more money available to british businesses and small businesses. does the government agree with that recommendation and will they work with the bank of england to implement it as soon as possible? >> i think the gentleman raises an important point. this is a difficult issue to get right. here we are rightly discussing two problems. one the need for growth. the other, the need for financial stability and making sure you're safe with the head winds of a potential eurozone storm approaching. i think the best approach is to work hand in glove with the bank of england to get that balance right. that's what the government will do. >> i'd like to congratulate the prime minister on his stamina. he has done three summits in two days on two continents. can i reiterate the points made, we have to -- what we need, and it's essential that we have a review of nato's strategy with a full commitment by all its members. >> i'd like to thank my friends. that will be enoug

. christine talked with france. she said it would be messy but the imf had to be technically prepared. joining us now, david roche from hong kong. great to see you. one wonders how it's going to pan out. if the greeks don't fulfill the terms of the bailout lrks the -- will the imf say no more money? >> i don't know if it's going to be the imf or eurozone which will push the button. probably both together. i think they're in broad agreement. i think you'll hear from merkel. she mads nows about grease always being welcome. the losers of that will be grease. you know, you're already seeing deposit flight. once you get into deposit flight, your banks run out of liquidity. at this point you're day fe fac out anyway. i don't think it matters if it's lagarde or merkel who pulls the trigger. if they don't get around to voting for their parties the austerity measure will be pulged by both. >> david, let's assume that -- the polls suggest that's not going to happen. are we in a position to be able to pull the trigger without causing normal damage to the rest of the block? >> no, we're not. let'

thing to counter its own crisis. >> translator: i think the terms greece is facing now by the imf is very reasonable considering what korea had to go through. i ask the corporations, the workers and the people to accept those terms. >> times have changed in south korea now contributes its share to the international monetary fund. >> the emf has $400 billion to tame the financial cry circumstance however, it can only be used it if greece accepts the terms. it if they don't, there is no disbursement. i would not leave greece the way it is now. i urge the leaders of france and germany to take active discussions. >> arab spring has taught thaws contingencies can happen any time. what plans does your government have in store? >> we don't want north korea to collapse. that would mean a huge burden on south korea if north korea opened up and lives within the international community this, nuclear issue can be resolved. if pyongyang lives within the international community, it can survive on its own. once it stands on its own feet, i believe it there can be a peaceful unification. >> a quick

. let's get started. >>> we're going to start with breaking news. new trouble for the former imf chief, dominick strauss-kahn. he could face new charges in the alleged gang-rape of a belgian prostitute, during a party at her hotel in washington, d.c. this was almost two years ago. french prosecutors saying they're launching a new investigation, based on statements two escorts made to police. dominick strauss-kahn was imf chief. he was also arrested after a new york hotel maid accused him of sexual assault. but he was cleared after her story fell apart. >>> also, world leaders gathering in chicago to decide the exit strategy for the war in afghanistan. it's part of the nato summit. and as expected, things turned violent in the street between the protesters and police there. president obama is playing host. and he is facing a lot of pressure from allies who want troops out sooner than 2014. all the while, demonstrators, making their voices heard like this outside in the streets. check out the chaotic scene near the summit site. 45 people have been arrested. >> is a lot of the work

warned further unrest could delay crucial talks with the imf over a $3 billion aid package. jew receive yousef is in cairo more. >> good to see you. a lot at stake for egypt which really marks the first free presidential election and the outcome really confirms what preliminary indicators. you mentioned the two candidates. we saw quite a reaction to those results. campaign headquarters torched yesterday and protests in the square. but from investment peck speaker difference, this puts a lot of added perceived risk to the situation. polarity of choices which also for a lot of egyptian voters, a choice of a lesser of two evils is what many have described to me as being. and again, fitch ratings putting out a statement saying the runoff could prolong the political stalemate and that will put a lot of pressure on the loan negotiations, death desperately needed funds. take you a look at some of the investor reaction, we saw a loss of some 4.7% in two trading sessions. similar for some etfs. we're seeing a similar reaction when it comes to the three month t-bills, trading or had yield

from diallo. he resigned from the imf and dropped a bid to run for president of france after he was accused. >> the fbi is looking into j.p. morgan's $2 billion loss that resulted from risky trading. they have opened a preliminary investigation into the loss. the federal reserve, the security exchange commission or looking into it. the ceo says he takes responsibility for the losses. >> americans seem to be skittish about spending money right now. the commerce department says retail sales rose 0.1% in april. that is down from the previous two months. americans spent more money on big-ticket items as well as eating out. >> you can now view your social security earnings and benefits online. statements are available in a new feature. they used to mail those statements but stopped doing that last year to save money. experts tell us you should review statements to make sure they are being reported accurately. >> some bad grades for the river we depend on. we will tell you about the troubles facing the potomac river. what's the capitals are searching for a new head coach. while strasburg

renegotiate with the imf, >> it is getting harder to export goods to greece. according to a german newspaper report, and major supplier of passport credits is refusing to deliver to greece. but investors seem to be recovering something. shares rose unexpectedly on monday in athens, but they have fallen sharply since the elections on may 6, leaving greece without a proper government. analysts are scared the country's cash reserves will soon run out. >> with everybody is understanding is halt in security situation can be -- is a halt in security situation can be, especially for a lower financial community. >> the new elections are set for june 17. the outcome could well decide greece's future in the eurozone. >> those conflicting messages dominated trading on monday in frankfurt. we have this report from the trading floor. >> pro-austerity and pro-reform politicians in greece could win the parliamentary elections in the middle of june. that is what the news polls indicate and agreed relief to the people here. the share prices benefited in the beginning, at least, but the share price

discussing with the imf a possible rescue loan. spanish government came out and denied this and the imf also said that the meetings were only internal within the imf and not with the spanish government so euro saw an immediate pop, rallied at 30 and once spain came out and said that that wasn't the case it fell again so you're always subject to the up and downs with the euro. so if we walk through the level of the trades, i'd like to enter a euro cad position of 128.50 on the bounce. i look at a move down to the figure and that's a low from about june 2010 which i think is a good level to aim for, and i put a stop up at 1.2950. >> ameal yeah, did you choose cad because of the jobs report tomorrow, or is that completely separate of that? >> i chose it for a couple of reasons. i chose it because i think u.s. data will outperform european data and canada being linked with the united states and if you do have a risk off move, canada will suffer less than aussie or qe and that's another reason how you could stay in this trade as well. >> all right. amelia, great to see you. >> good to see yo

hosted by former imf chief domonique strauss-kahn. >> we knew he was a womanizer. we knew he loved women. we didn't know he was to that level. we didn't know that and if the allegations are true, that he was brutal, that he was coercing and using prostitutes and that if again the allegations are correct, that he could go as far as raping someone. >> guillen debray is a washington correspondent for tf1, a french television network and says strauss-kahn is currently under investigation in france where this latest allegation surfaced. >> he's under investigation for what we call aggravated pimping in an organized gang, basically prosecution alleging he was hurting women. friends of his were hurting, gathering women to satisfy his need and that those women were prostitutes. he claims he didn't know that, he didn't know they were prostitutes and he thought it was consensual sex. >> the woman making this new allegations is she was flown to washington from europe and paid $2,500 to attend the orgy. she has not filed a complaint. this time last year strauss- kahn was arrested in new york c