welcome to "the journal." angela merkel wins the key euro rescue boat with a majority former coaliti the bundestag. >> nokia plans to shut down production in romania. >> facebook is watching you. some people allege they are abusing users' rights by storing hundreds of pages of data. germany, cyprus, and estonia have become the latest countries to approve new powers for the european financial stability facility. the fund is designed to be able work for the euro at a time of dangerously high debt levels. here in berlin, legislation
passed with a strong majority. this is a major boost for angela merkel, especially on the domestic front. >> the chancellor made her way through a crush of deputies to cast her vote. the opposition social democrats and greens back to the bill -- backed the bill. the finance minister said that the vote was about more than putting more money into debt ridden countries. >> if we are to maintain stability for the democratic rule of law, the rules must be set and protected. that is what the german government is determined to do. >> the opposition welcomed his speech they were also hugely critical of merkel. some of them accused her of being slow to support europe.
>> this reluctance and these tiny steps taken have cost the german taxpayer a lot of money. they have prolonged the crisis and made it more expensive. for a long time, you have failed to explain to germans why they must make a significant and burdensome contribution towards the stabilization of europe. >> merkel rejects such criticism. she worked hard to convince each and every legislator to vote in favor. her party is happy. >> i'm extremely relieved because this sends a strong signal to europe and beyond. germany will stick by its commitment to europe. >> the comfortable majority. -- the company majority has put an end to uncertainty in germany.
>> to find that much more about what the eu has been making of that vote, let's go to our european affairs correspondent. what has been the reaction to the german vote? >> a lot of relief. officials said that they never really thought that germany would really never say no. this is a big hurdle in what has become a game of the immense hurdles. here in brussels, it is one day at a time. this is a big day in the unfolding saga. >> there are hurdles yet to come. several other nations must vote. is this a done deal? >> yes, this is not a done deal in the sense that if this was to be rejected, this would be politically a real disaster for the eurozone. the feeling here is now germany,
the key player, has done what brussels thinks is the right thing. no other country would want to be the one that helps to create a greater disaster. >> what do they want to see from athens? >> they are trying to convince the greek government that more important than the domestic problems are those affecting the whole of the eurozone. if some have said that you must implement austerity measures at the highest level if we have any hope of getting out of this mass and if you would like to receive a billion dollars of bailout money. they want to see real evidence on the ground of austerity measures. >> thank you.
later in this program, i will have more on the facility that would be managing the bailout fund. the people of greece have been voicing their rejection of the new austerity demand as far as this bailout. >> people are arguing with the representatives from the ecb. they were not given a warm welcome. there was hundreds of protests with people from the ministry of health, agriculture, and justice. many did not agree with the austerity measures. they might not have much choice. >> the banner has a message, we can't and won't pay and they are angry. they are not tired of taking to the streets. >> they have had a huge impact.
i cannot live like this anymore. it is a shame. >> the finance ministry workers blocked the building. this was directed of inspectors from the eu, imf, and ecb. they came to athens to assess the spending. >> we are demanding that the government abolished the austerity plan. they support measures that are dragging us into poverty, both civil servants and private sector workers. >> the protests are unlikely to impact the work of the international inspectors. >> italy hopes to raise up to 40 billion euros by selling off real estate and other state- owned assets. the economics minister said that this could produce the red ink by 10 billion euros annually.
they also plan to sell carbon emissions certificates to cut their debt. this is 20% of gdp, the second highest after greece. european commission's say sentiment in the eurozone has fallen this month. the dax ended the day ended the day up. the euro stocks closed up over one and a half percent. the euro is trading for $1.35. the cost-cutting campaign has moved up a notch. nokia has announced cutting another three and a half thousand.
>> nokia is hanging up on romania. they will shut their plants by the end of the year and transfer production to asia. the news is a shock for workers and the entire region. >> that is a serious problem. 2200 people will be losing their jobs. that would just compound the problem of unemployment in the country. that would be any location worldwide including germany. this is the latest in a series of restructuring efforts as their sales continue to decline. the market share has tumbled from 40 to just 20%. analyst said that the company failed to react fast enough that for soaring demands for smart phones.
>> h and m posted a drop in the third quarter. that is a total profit of five and a 25 million euros. they blame losses on rising costs for raw materials and the dropping worth of the u.s. dollar. they have 2000 stores in 40 countries. despite fears of an economic slowdown, the german unemployment continues to decline. in september, figures show a total of 2.8 million people out of work across germany. the unemployment rate is at 6.6%. this reflects the healthy state of the german economy. royal dutch shell is shutting down their largest refinery worldwide because of a huge fire burning out of control.
there was at least three more explosions on thursday. executives have not commented on what the effect the disaster might have on output. this is the company's main hub for the entire pacific region. >> some serious accusations facing facebook right now. data protection activists are accusing facebook of being like the kgb in the way that they collect information on people. this is part of a growing campaign that has launched complaints against the social network. they point to the practice of storing highly personal information even after that the user thinks it has been deleted. >> it was not easy to find out what they were keeping about him. it took multiple e-mails and
as to whether that is the case. legislators might have to intervene. >> facebook has its european headquarters in ireland. they are investigating whether facebook has breached european law. >> the security council is considering a compromise resolution on syria but they remained unclear if russia and other opponents will vote in favor on the draft proposed by european members. this video footage reportedly shows the syrian government cracking down in the problems -- on protesters in homs. in chile, police and protesting students have clashed in the capital. police used water cannon and tear gas to try to break up
demonstrations. protesters threw stones and painted police vehicles. organizers say that the higher system of education is profit oriented and provides a poor education. a court in brazil has ordered a stop to building work on a controversial hydroelectric dam. it would interfere with a tributary of the amazon. this would disrupt fishing by indigenous peoples. the government insists that this is needed to boost national energy production. opponents say it will destroy the livelihood of 40,000 people. china is launching an unmanned space laboratory. the module took off under clear skies. the mission is another giant leap for the rapidly developing
space program. >> the heavenly palace lifted up live on state television. for 20 minutes, it shot through the atmosphere and into space. it successfully uncoupled from the launch vehicle and entered its orbit. president hu jintao and other officials congratulated the launch team. they were scheduled to orbit the earth for two years. research should enable china to build their own space station by 2020. >> time travel is a new attraction in the german
capital and a dramatic new exhibit on the museum island. this will transport visitors more than 2000 years back in time to view an ancient city in a completely new light. >> this is what everyday life look like here, one of the ancient world's most important centers of power. the berlin artist has produced a detailed recreation of the city. this is a 360 degree panorama. >> this shows a complex process. this is a special act. you enter into the space. >> this took five years. they hired extra is to depict the scene. this was at the site in present- day turkey.
then he photographed everything from one standpoint. they used the photos to fuse the focus to get there. a rotunda has been built to display the panorama. some people are fascinated by an image of this size. >> along with the impressive panoramic, the museum is exhibiting some 450 newly restored pieces from its collection. this gives a fresh perspective on the ancient world. >> i will be back after a short break with more on the rescue plan to bail out europe. stay with us.
>> the german bundestag has approved the european bailout fund by a large majority. this was established as some european countries reached crisis levels. the fund employs 12 people right now but that number is expected to increase as the fund grows. the agency's job is to keep debt rated eurozone nations from >> tucked away in luxembourg, there is a tiny agency task with a massive responsibility, to put out the fiscal fires of afflicted economies. the fund gives money to cash strapped eurozone countries. they do this by issuing bonds. the money generated by the sale goes to the indebted countries. the member states act as guarantors for the bonds. soon, the figure is set to rise by 787 billion euros.
germany is to be responsible for at least one-quarter of that figure. this will enable it to buy bonds is struggling countries to give them new funds. the new authority would let it issue loans to financial countries to help them bolster their banking systems. this is supposed to be replaced by a long-term solution. >> although the german parliament might have passed the bill at expansion, the legislation has little public support. and they told prior to the vote, 75% of germans say they were opposed to any new
bailouts. germany is making the largest contribution. even from merkel's own party opposed the legislation. they say it is wrong to saddle the next generation with that they did not create while others have been much more positive view. >> this man is against expanding the bailout fund. back the other is in favor. both want to save the euro but they disagree on how to do it. >> i am for the expansion of the bailout fund. i believe it is vital to ensure the future of our currency. >> i oppose the whole idea behind disability fund. it sets out to fight that with more debt and that is wrong. >> germany already shoulders debt from two trillion euros.
every second that figure rose. the eurozone bailout fund could drive the nation's debt bill even higher. critics say that is not compatible with the constitution was sets a limit on debt. >> at the european level, we are expanding our opportunities for debt. >> we are well within our debt limits. there's plenty of room to maneuver. we could honor existing agreements with grease without endangering our own debt limits. >> this is an emergency that german politicians had hoped to prevent. when the euro was introduced, they rejected the idea that eurozone countries should be liable for each other's debt. >> we need to be true to our
word. we made a promise to the people and advised the rules accordingly. individual start asking, why should i stick to the rules. >> which is why critics say countries like greece must be forced to take the path of bankruptcy. >> nothing would get better by letting greece go bankrupt. the debt would not disappear. we would have the same problems as before. >> two views on how to rescue the euro that is going towards the same goal. this is moving in opposite directions. >> joining us is our european affairs correspondent. is there a conviction in brussels that this is indeed the right road forward rather than allowing greece to default in side of the eurozone on at least
part of its debt? >> officially, the position is that it will be a political disaster for greece to defaults, either in an orderly way, or just by going bankrupt. the effort in brussels is still about containing greece, containing the euro crisis within greece and trying to make sure that greece is in an economic position strong enough to repay its debts in return for the bailout loans. that is why there is every effort going on in athens to ensure that the austerity package is actually put in place on the ground and it is working for the benefit of the greek people so that they can repay their debt. >> is brussels concerned about bailout fatiguing countries like austria, germany, the netherlands?
75% are opposed to new bailouts. >> angela merkel has complained about the weight of expectation on germany's shoulders. they have populations that to not like the idea that they should be responsible. i think the vote in parliament in germany and doors in the prospect of a much bigger bailout fund has been greeted with a sigh of relief because it takes the pressure off the other countries. if the most predominant country says winnie to go with this for the greater good, the consideration is a smaller countries will say that we need to do the same. germany is prepared to do that, we are prepared to follow up. >> it is not just the periphery, also countries like italy and france that could see banks going down, deficit ballooning. is there a sense that these
could be doomed? >> there is a feeling in some quarters that good morning -- good money is being thrown after bad. they might have on board consequences for the much bigger economy, spanish, italian. france is exposed to greek debt. even though there is gratitude in brussels about the vote in the german parliament, everyone says one day at a time. there are hurdles every day. >> has the stature increased? will they have more to say on financial matters? >> i think the criticisms about how angela merkel has been slow to react, those are not really shared because people understand when you have protesting citizens who don't want to see money going towards greece or anywhere else, they can understand why angela merkel did not rush in with a clear
figure to throw greece or any other country. no one knew the shape of this crisis. they are still assessing this on a daily basis. this might even increase in size. people in brussels say is a bit rich to expect the german chancellor or anyone else to have seen this coming and they could have acted in a bigger way. >> thank you so much for those insights from brussels. >> thank you for joining us as the bundestag bows to increase guarantees and funding for eurozone bailouts. thank you for watching.