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Jan 27, 2012
01/12
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into -- a well working one into a functioning europe. which means we have to be ready to transfer more confidences to europe. we have a stability and growth pact. we've had this in place for many, many years. but this stability and growth pact was not -- was not capped. actually germany and france haven't even watered it down at the time when the lisbon treaty was drawn up, it was said the european court of justice will not be given the competence to pass a ruling on us if we infringe upon the rules. so in the end, they were saying and our publics were saying but they're promising things that they don't really keep. and that is the view all over the world. so the real message of the fiscal compact that we're trying to agree on right now is that each and every one is to introduce a cap on debts, so-called a debt break and do this, inscribe this and incorporate in the constitution and the european court of justice. we'll monitoret
into -- a well working one into a functioning europe. which means we have to be ready to transfer more confidences to europe. we have a stability and growth pact. we've had this in place for many, many years. but this stability and growth pact was not -- was not capped. actually germany and france haven't even watered it down at the time when the lisbon treaty was drawn up, it was said the european court of justice will not be given the competence to pass a ruling on us if we infringe upon the...
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with this debt crisis mr sarkozy says no euro no europe surely europe will survive without the euro so that there's an a and a former well this is a quote from a successor in office likes to go to of course europe is going to have problems if the euro has problems but there's one thing you can be sure of and if the euro is going to survive as a common currency there even it theoretically things turn out differently which i find very improbable you think we will still have a united europe it is vital in or plug you would chancellor when greece cooked its books to join the euro should you have stopped athens from joining the single currency club in new. york i do not think that was our situation of the european commission its employees that had to conduct an inspections they had letters know that we could take the responsibility for greece's e.u. a session on ourselves and it was a purely preparatory mission conducted by the european commission and the national governments we had made the decision to take greece in we cannot claim without having firm proof that the. the nation we got the
with this debt crisis mr sarkozy says no euro no europe surely europe will survive without the euro so that there's an a and a former well this is a quote from a successor in office likes to go to of course europe is going to have problems if the euro has problems but there's one thing you can be sure of and if the euro is going to survive as a common currency there even it theoretically things turn out differently which i find very improbable you think we will still have a united europe it is...
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what are the implications of that for gazprom and europe is key to any. regulator e position is not the issue but the e.u. germany and the rest of the e.u. nations need gas to sensibly reform their energy policy like russia on the other hand has to sell gas to keep its budget in order so there's a codependency which is a good thing i would be happy to see european companies invest into russia and european markets open up to russian companies it's a good free market economy and i think europeans need gas or gas has many uses here with the political uncertainty in north africa it's good to have a stable partner that you can rely on and russia is one of the you know better than anyone else for in states that have written recently switched from export to in killed europe needs a gas supply to maintain a stable mix of energy sources but it's climatic conditions require it needs norway to gaslight but also russia's gas and therefore i think opening the market up to goshen companies would be a wise move or to short a name to do some officials oppose russia whate
what are the implications of that for gazprom and europe is key to any. regulator e position is not the issue but the e.u. germany and the rest of the e.u. nations need gas to sensibly reform their energy policy like russia on the other hand has to sell gas to keep its budget in order so there's a codependency which is a good thing i would be happy to see european companies invest into russia and european markets open up to russian companies it's a good free market economy and i think europeans...
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more optimistic on europe than most people are and beyond it is than the. number of countries emerging economies or approaching the middle income. trap as it's called and if we discuss russia concretely russia has had wonderful growth for seven percent a year. for ten years until two thousand and eight and then a much lower growth rates an r.v. expect asians are three to four percent that's a grove instead and the question is if russia and other countries that are reaching with need the income level if they manage to do. reform further and reach a growth rate of five to six percent that should be possible here or if they will stay at a three to four percent growth rate you know i've talked to my priest in the bank to couple weeks ago before the new year and she said that you'd rather. keep your money in euros rather than in the u.s. dollars that's why she said so look at all those troubles she said it's a good sign when europe was saying we're winning we're all together i knew you knew we were really to be the united states well it was so so but now when eu
more optimistic on europe than most people are and beyond it is than the. number of countries emerging economies or approaching the middle income. trap as it's called and if we discuss russia concretely russia has had wonderful growth for seven percent a year. for ten years until two thousand and eight and then a much lower growth rates an r.v. expect asians are three to four percent that's a grove instead and the question is if russia and other countries that are reaching with need the income...
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Jan 14, 2012
01/12
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some questions about its exposure in europe. the focus on europe intensified today with the action by standard & poor's to cut the debt ratings of several governments. one beneficiary is the u.s. dollar. the euro currency fell in anticipation of the ratings cuts, dropping to $1.26 per euro. that's the lowest price against the dollar since august 2010. also benefiting from the european worries? bond investors. bond prices rallied, pushing down yield. the benchmark 10-year government note saw its yield fall to 1.87%. that puts it close to its mid- december low. still below 2%. but again, we did not see a corresponding rally in gold. gold can be a traditional safe haven for investors in times of distress, but not today. gold fell by almost $17 an ounce. since september, gold has seen a series of lower highs. weakness in the international market for a different kind of metal has hit coal mining stocks. after increasing production of coal used for making steel last year, patriot coal will idle some mines to cut production. patriot sh
some questions about its exposure in europe. the focus on europe intensified today with the action by standard & poor's to cut the debt ratings of several governments. one beneficiary is the u.s. dollar. the euro currency fell in anticipation of the ratings cuts, dropping to $1.26 per euro. that's the lowest price against the dollar since august 2010. also benefiting from the european worries? bond investors. bond prices rallied, pushing down yield. the benchmark 10-year government note saw...
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Jan 30, 2012
01/12
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>> susie: concern and hope about europe dominate u.s. trading again. european countries hold back on spending, but no agreement on greece. >> tom: from europe to a battle unfolding in stores across america-- beer versus liquor. we look at who's winning and how it could benefit your portfolio. it's "nightly business report" for monday, january 30. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: captioning sponsored by wpbt >> susie: good evening everyone. progress in fits and starts at a european summit meeting in brussels today, and that led to losses and a late comeback on wall street. tom, european leaders met to work on three key items: an agreement not to overspend, a permanent bailout fund to deal with the spreading financial crisis. between with still don't have a deal between greece and its lenders. a more optimistic message that europe is get on top its did debt crisis that lead to the blue chips losing 6 and 3/4 points. on the bell after dropping in the first hour of trading, t
>> susie: concern and hope about europe dominate u.s. trading again. european countries hold back on spending, but no agreement on greece. >> tom: from europe to a battle unfolding in stores across america-- beer versus liquor. we look at who's winning and how it could benefit your portfolio. it's "nightly business report" for monday, january 30. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made...
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Jan 12, 2012
01/12
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KQED
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we saw some data indicating europe's economy has slowed, and banks in europe continue to keep a record amount of money on the sidelines, not loaning it out. you may see these european worries hit the bottom lines of american companies. while earning season has just begun, there are signs already that europe has become a serious drag. erica miller reports. >> reporter: we all have to eat and drink, so you would think demand for beverages like coca- cola would be strong in good times and bad. but wall street analysts are worried that weak demand in some european countries is taking a toll on the company's bottom line. another big headwind is the dollar's rise against the euro. >> the big impact that it has, i think, for coke, is when currency works in their favor like it did in 2011, they reinvest some of that money back behind volume growth or long term revenue growth. when it works out of their favor, they don't have that same flexibility as they otherwise would. >> reporter: that's part of the reason u.b.s. downgraded coca- cola stock from "buy" to "neutral" today. the firm has an inv
we saw some data indicating europe's economy has slowed, and banks in europe continue to keep a record amount of money on the sidelines, not loaning it out. you may see these european worries hit the bottom lines of american companies. while earning season has just begun, there are signs already that europe has become a serious drag. erica miller reports. >> reporter: we all have to eat and drink, so you would think demand for beverages like coca- cola would be strong in good times and...
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Jan 16, 2012
01/12
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what's happening in europe has a big impact on china. it's not an economic island. we talk about the ongoing growth of china and it's emergence as an economic superpower but it needs partners to keep growing. we touched on this in the past, andrew. it doesn't have the domestic con summing to be able to fuel its own growth within its own borders. where does it sell to? it sells to the united states and the eu. in fact, the eu is the biggest market for china. two-way trade between europe and china worth over $500 billion a year. so china needs to have a healthy year. at the same time, you know, this relationship has had its strains in the past. we've seen a lot of concern in europe as the reason the united states have got what they see as china officially keeping its currency low to get an export advantage. also concern that china is not opening up its markets enough to europe. talking to one analyst today, he was interested in saying he doesn't think europe is as hard line as the u.s. is. he said to me, he believes europe is more in awe o
what's happening in europe has a big impact on china. it's not an economic island. we talk about the ongoing growth of china and it's emergence as an economic superpower but it needs partners to keep growing. we touched on this in the past, andrew. it doesn't have the domestic con summing to be able to fuel its own growth within its own borders. where does it sell to? it sells to the united states and the eu. in fact, the eu is the biggest market for china. two-way trade between europe and...
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Jan 15, 2012
01/12
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WBAL
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turn to europe. what is your recommendation to fix the euro debt crisis and get this volatility out of the -- >> europe is kind of a unique thing. i'd like to see europe solve its problems. i think the european union and euro itself is a great accomplishment of mankind. any country that says we want to see all countries be responsible and accurate. to do that it is retirement, work hours, competitiveness, et cetera. i think it is fair for them to say it is a government issue. i think it is fair for the government to say the ecb needs to provide liquidity for italian sovereign debt. they have a lot of issues to work out and need to be done almost together and soon. i think the longer you wait the higher the risk if something goes wrong that you can't control. >> what is your view on what they have done so far in terms of the lending facility. >> the last thing they did three or four weeks ago, where they expanded the amount of clout to be useand if you have the clout you can borrow three years at low
turn to europe. what is your recommendation to fix the euro debt crisis and get this volatility out of the -- >> europe is kind of a unique thing. i'd like to see europe solve its problems. i think the european union and euro itself is a great accomplishment of mankind. any country that says we want to see all countries be responsible and accurate. to do that it is retirement, work hours, competitiveness, et cetera. i think it is fair for them to say it is a government issue. i think it...
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Jan 26, 2012
01/12
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to europe. what's your long-term mission with europe? are we going to the direction of the united states of america? how do you see the future of europe if a young man or young woman were to ask you today, what will europe look like in 0 years' time, what would be your answer? >> i actually think that we're a model in and of itself, a very unique model. the united states of america so quickly will not be a role model to follow. i think what we really need is a fairly clear commitment among ourses -- ourselveses that we wish to coordinate our policies as closely as possible. the relationship between the nation state and europe, we will have very difficult debates ahead of us. particularly in germany, there are strict rules that are laid down and monitors as to the structure of our nation state. i would say to young people in a few years' time you will be able to change your residence as students, quite often you'll be able to take your pension rights with you. you'll be able to take insurances, y
to europe. what's your long-term mission with europe? are we going to the direction of the united states of america? how do you see the future of europe if a young man or young woman were to ask you today, what will europe look like in 0 years' time, what would be your answer? >> i actually think that we're a model in and of itself, a very unique model. the united states of america so quickly will not be a role model to follow. i think what we really need is a fairly clear commitment...
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Jan 27, 2012
01/12
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you said we need to dare more europe and we need to give more powers to europe. what is your long-term vision of europe? are we going in the direction of the united states of america? how do you see the future of europe if a young man or a young woman were to ask you today what would you were look like in 20 years' time. what would be your answer? >> translator: i actually think that we are a model in and of itself. a very unique model. the united states of america so quickly will not be a sort of role model to follow. but i think what we really need is a very clear commitment among ourselves that we wish to coordinate our policies as closely as possible. as regards the relationship between the nation state and europe, we will have very difficult debates ahead of us, because particularly in germany, there are very strict rules that are laid down and also monitored. but the federal and constitutional court as to the very structure of a nation state. i would say to young people in a few year's time, you will be able to change residence as students do these days. qu
you said we need to dare more europe and we need to give more powers to europe. what is your long-term vision of europe? are we going in the direction of the united states of america? how do you see the future of europe if a young man or a young woman were to ask you today what would you were look like in 20 years' time. what would be your answer? >> translator: i actually think that we are a model in and of itself. a very unique model. the united states of america so quickly will not be...
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Jan 27, 2012
01/12
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CNBC
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can you fix europe? on the conference call you indicated you expect things to improve this year, but there is skepticism there. >> careerly, we continue to restructure our business in europe for a number of years now. up until this year, we've been profitable for years. with the slowdown going so fast, it hurt us in the fourth quarter. based on restructuring, plus the new products fell. on the revenue side we have a number of new platforms coming in. >> you shift production to the lower cost centers, romania, russia, turkey. >> absolutely. >> can you get rid of the high cost centers completely? >> i think there will always be a balance moving the products around where the markets are. >> $2.3 billion is how much it cost you guys last year. how much of that was because you were caught in the hedging trap, if you will, as prices spiked and then fell off? is that gone this year? >> right. most important, the biggest piece were the commodity prices themselves. as we all know, the commodity prices fell off in
can you fix europe? on the conference call you indicated you expect things to improve this year, but there is skepticism there. >> careerly, we continue to restructure our business in europe for a number of years now. up until this year, we've been profitable for years. with the slowdown going so fast, it hurt us in the fourth quarter. based on restructuring, plus the new products fell. on the revenue side we have a number of new platforms coming in. >> you shift production to the...
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Jan 27, 2012
01/12
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the big story out of europe here. private creditors will continue talks with the graek government today on a bond swap plan. the institute of international finance, the banking group that's leading the negotiations, said last night in a statement that some progress had been made and the talks focused on the legal and technical issues of a voluntary haircut. ross? >>> the world's biggest aluminum producer, joining us first is oleg deripaska, the ceo. you were discussing more bank ing covenance. are you feeling slightly better about that? is. >> we are all concerned, there's no doubt, but the situation is to live with the circumstances. that's why we just look at numbers which produce our main consumer, the transportation sector, construction sector, and the electronics, kitchen appliance and so on. and what we've seen in those areas, of course a certain area where we can feel and actually see some downturn like in europe. but there is an area where going forward to asia. also reports of signals for the last quarter. th
the big story out of europe here. private creditors will continue talks with the graek government today on a bond swap plan. the institute of international finance, the banking group that's leading the negotiations, said last night in a statement that some progress had been made and the talks focused on the legal and technical issues of a voluntary haircut. ross? >>> the world's biggest aluminum producer, joining us first is oleg deripaska, the ceo. you were discussing more bank ing...
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Jan 25, 2012
01/12
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the center of the danger is europe. the rest of the world is increasingly affected. >> the imf was less competitive states like greece, italy, and spain to press on with reforms, and to make sure struggling economies are adequately protected, it is calling for europe to boost the size of the pending rescue fund. >> the larger rescue fund will generate confidence. when people have confidence, interest rates fall and reforms can have a positive midterm effect on growth. >> the imf also wants europe to continue tackling national debt burdens. it does not want to put more stress on the weakened economy. >> negotiations on voluntary restructuring of greece's debt the one with most sides -- with both sides wanting more concessions. finance ministers in brussels had been debating the point of a bigger firewall. >> eurozone colleagues keen to present a united front in brussels. the plan will be in place much sooner, on july 1st. germany objected expansion of the rescue fund. germany's the main contributor to the emergency fund,
the center of the danger is europe. the rest of the world is increasingly affected. >> the imf was less competitive states like greece, italy, and spain to press on with reforms, and to make sure struggling economies are adequately protected, it is calling for europe to boost the size of the pending rescue fund. >> the larger rescue fund will generate confidence. when people have confidence, interest rates fall and reforms can have a positive midterm effect on growth. >> the...
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Jan 30, 2012
01/12
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europe is in trouble and the bloc europe has traditionally been -- it's fast part of europe. you spoke about this building that china has donated to the african union costing $200 million u.s. dollars. if you speak to ordinary people they'll tell you that a building is not what africans need. they need trade. a special on looking at african countries that do business in china and the main complaint is that the chinese bring in their own laborers. when unemployment is high on the continent. people on the ground would prefer fair trade with china and for local labor to be utilized, andrew. >> i apologize. we have to break off early. we're having problems with the sound there. joining us live from johan necessaryberg. apologies for the quality of that sound. >> andrew, staying in africa and its relationship with china, choo in a's state run news agency is saying that the chinese embassy in sudan saying that they have rescued 17 chinese nationals. they're said to be in good condition but there's as of yet word of another 54 being held at the moment. the rebels captured them in th
europe is in trouble and the bloc europe has traditionally been -- it's fast part of europe. you spoke about this building that china has donated to the african union costing $200 million u.s. dollars. if you speak to ordinary people they'll tell you that a building is not what africans need. they need trade. a special on looking at african countries that do business in china and the main complaint is that the chinese bring in their own laborers. when unemployment is high on the continent....
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exceeds in europe mr further why should the e.u. increase its dependence on gazprom is get me or my. opinion guide or stance on we're not talking about russia's dependence we're talking about cooperation between russia on the one side and the european union on the other in the energy sector you know stream is viewed as a priority project both by russia and the e.u. because it's been part of europe's energy networks since two thousand and six recognized by the european parliament and the e.u. council of energy ministers brussels wants all russian energy companies not just gazprom to be allowed to export gas to europe what are the implications of that for gazprom and europe. regulator e permission is not the issue but the e.u. germany and the rest of the e.u. nations need gas to sensibly reform their energy policy to keep russia on the other hand has to sell gas to keep its budget in order so there's a codependency which is a good thing i would be happy to see european companies invest into russia and european markets open up to russi
exceeds in europe mr further why should the e.u. increase its dependence on gazprom is get me or my. opinion guide or stance on we're not talking about russia's dependence we're talking about cooperation between russia on the one side and the european union on the other in the energy sector you know stream is viewed as a priority project both by russia and the e.u. because it's been part of europe's energy networks since two thousand and six recognized by the european parliament and the e.u....
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Jan 9, 2012
01/12
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it doesn't help matters in europe. what needs to happen, i think, within europe is the banks need to invest this money in businesses within europe and at the moment it's been part of the ecb. what i think he'll do is probably outline the course of the next rate cut. i think we could see that may be in the next couple of months. >> okay. michael houston there, markets analyst from cnc markets joining us. andrew? >>> nina, the imf chief christine lagarde is a long way from europe. she's on a trip to south africa. europe's troubles were never far from her mind even as she tried to put a positive spin on that. robin kerno sat down with the imf chief. >> reporter: we start off the year and it seems as if all those problems with the eurozone are back to bear. >> we need to be very taenttive to what is being done and effectively delivered in europe. if you look at what has taken place in the last 12 months, significant progress has been made in terms of bailout mechanism, in terms of acceleration of stability funds such as th
it doesn't help matters in europe. what needs to happen, i think, within europe is the banks need to invest this money in businesses within europe and at the moment it's been part of the ecb. what i think he'll do is probably outline the course of the next rate cut. i think we could see that may be in the next couple of months. >> okay. michael houston there, markets analyst from cnc markets joining us. andrew? >>> nina, the imf chief christine lagarde is a long way from europe....
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Jan 27, 2012
01/12
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certainly in europe. it does beg the question as to whether there's going to be any consolidation in this industry which does seem to need it. >> they need to lay off people, become more technological. it's not happening. >> all right. >>> coming up, breaking news on consumer sentiment. much more "squawk on the street," straight ahead. ♪ >> coming up with b you may have six socks sitting on the shelf, but cramer has six stocks sitting in his mind. six stocks in 60 seconds when "squawk on the street" returns. what makes the sleep number store different? the sleep number bed. the magic of this bed is that you're sleeping on something that conforms to your individual shape. you can adjust it to whatever your needs are. so whatever you feel like, the sleep number bed's going to provide it for you. and now, the company that redefined sleep is redefining memory foam. save $400 on our all-new memory foam bed. and at our white sale, stock up and save on our exclusive bedding collection. only at the sleep number
certainly in europe. it does beg the question as to whether there's going to be any consolidation in this industry which does seem to need it. >> they need to lay off people, become more technological. it's not happening. >> all right. >>> coming up, breaking news on consumer sentiment. much more "squawk on the street," straight ahead. ♪ >> coming up with b you may have six socks sitting on the shelf, but cramer has six stocks sitting in his mind. six...
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while exports from july but to radstowe considering heading off the sanctions by cutting supplies to europe as early as next week global policy consultant got a mommy told me that by threatening to turn off a tower for rallies hoping to soften the impact of this century. the calculus from iran's perspective is going to be if there's a preamp to make cutting exports see ford the july first date that the e.u. has set for cutting the exports and iran preemptively cuts it's three four hundred thousand barrels with exports to the e.u. will it be able to drive prices up enough by doing that to offset for that you know right now what is going on with iran is that the there is an existential threat to the government and quite frankly from the u.s. perspective i don't think there's a lot of hope that these sanctions will actually get you right to stop its nuclear program think the real unwritten objective here is quite frankly in a column by different name but it's regime change ultimately they want to put as much pressure that as they can on this government elsewhere around the world tonight the su
while exports from july but to radstowe considering heading off the sanctions by cutting supplies to europe as early as next week global policy consultant got a mommy told me that by threatening to turn off a tower for rallies hoping to soften the impact of this century. the calculus from iran's perspective is going to be if there's a preamp to make cutting exports see ford the july first date that the e.u. has set for cutting the exports and iran preemptively cuts it's three four hundred...
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what about europe. >> europe is one of the biggest risk factors out there. european debt situation is a european banking crisis. as we know from our own banking crisis in 2008, there's nowhere to hide if europe really does melt down and the eurozone fails to maintain the euro. the risk is still out there. i have a lot of faith those in the eurozone are committed to making this work. that said it's going to be a very rocky year. every day, day in and day out, we find financial markets are watching what the italian bond auction is, what the spanish bond action is, german, french bond auction. this is odd. that means we really aren't decoupled. you can have a reacceleration of growth in the united states but this is a head wind for us, not only because directly exports to europe is slowing as europe goes into recession but indirectly europe is china's largest trading partner and china is slowing as well and they buy a lot of our stuff. >> richard quest host of cnn's quest means business, richard, happy new year to you. euro fell against the dollar, lows we have
what about europe. >> europe is one of the biggest risk factors out there. european debt situation is a european banking crisis. as we know from our own banking crisis in 2008, there's nowhere to hide if europe really does melt down and the eurozone fails to maintain the euro. the risk is still out there. i have a lot of faith those in the eurozone are committed to making this work. that said it's going to be a very rocky year. every day, day in and day out, we find financial markets are...
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Jan 25, 2012
01/12
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WMPT
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but the primary concern for investors continues to be europe. meeting in brussels today, european union finance ministers were pressuring greece and its creditors to support a deal to restructure that country's private sector debt. the move comes as the international monetary fund warned today more preparations are needed to protect against a greek default. it wants europe to double the size of its bailout funds, so any potential default can be contained. as international markets continue to twist and turn, u.s. investors are wondering if they should keep their money closer to home. suzanne pratt reports. >> reporter: for many americans, dining in a french restaurant is the only foreign exposure they'll ever get. but even if you never travel abroad, investment pros say a big chunk of your stock portfolio should go international. that may be hard advice to swallow, given the recent pictures and headlines coming out of europe. on top of that, the poor performance of international stocks last year left a bad taste with many u.s. investors. the e.a.
but the primary concern for investors continues to be europe. meeting in brussels today, european union finance ministers were pressuring greece and its creditors to support a deal to restructure that country's private sector debt. the move comes as the international monetary fund warned today more preparations are needed to protect against a greek default. it wants europe to double the size of its bailout funds, so any potential default can be contained. as international markets continue to...
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not going to bail out southern europe any more or does germany have a historic bit to europe has from putting its been there gave i'm not against discussing a red line the problem is that if you start to talk about a red line then you'd eventually have to correct it in germany is interested both politically and economically in a functioning europe that the economic interest is easily explained would forty percent of our export goes to the european union and beyond if those countries are hit by a crisis then so is germany secondly or both the lesson we learned in the past and our prospects for the future dictate that germany is not strong enough geo politically to play a significant role in a game where the us is one superpower and an asian leader in this case china is the other new european state is only a united europe can take on a role like that if that's why germany is interested in a united europe it is not just because of the past but for the sake of our citizens future that will come from the lord of being gerhard schroder chairman of the board for the north stream gas pipeline
not going to bail out southern europe any more or does germany have a historic bit to europe has from putting its been there gave i'm not against discussing a red line the problem is that if you start to talk about a red line then you'd eventually have to correct it in germany is interested both politically and economically in a functioning europe that the economic interest is easily explained would forty percent of our export goes to the european union and beyond if those countries are hit by...
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mind that while russia has the alternative of shipping to asia europe has no such alternative and europe's geopolitical position will only improve if it manages to enter a tiny heartless ship with russia on and at the same time grant only u.s. session to turkey that would be a sound strategy aimed into the future the rest is yesterday's debate alice and is from guess that if russia does decide to go east could that mean the gas shortfall for europe and i bet it is near no that will not happen russia was an exceptionally reliable supplier during soviet times so no one has to worry about that junction which i will say again that you're a canard it is incredibly important for russia to keep it a budget balance among other things therefore we're not talking about the conduct here but a codependency to get progress in shipping liquefied natural gas. makes europe less dependent on pipelines can that affect this project and. i don't think it would have a negative effect on the project as europe's liquefied gas market is quite limited to move there's nowhere to sell is in germany or poland has a d
mind that while russia has the alternative of shipping to asia europe has no such alternative and europe's geopolitical position will only improve if it manages to enter a tiny heartless ship with russia on and at the same time grant only u.s. session to turkey that would be a sound strategy aimed into the future the rest is yesterday's debate alice and is from guess that if russia does decide to go east could that mean the gas shortfall for europe and i bet it is near no that will not happen...
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i said that europe would survive. it has taken the europeans much time and many crises to come to the realization they will have to bail out their spendthrift and unlucky partners in greece, ireland, perhaps portugal, spain as well. germany can afford the bill. well, europe has survived, but the situation did not resolve itself nearly so easily as i thought it would. but my biggest miss was probably the u.s. economy which i thought would recover more vigorously than it did. so what do i think this year? i'm going to double down on my bets. i might have got the timing wrong but the substance right. europe will deal with its problems, not in a clean dramatic way, perhaps not the way i thought. there will be various complex mechanisms that will involve european central bank, some kind of bond insurance. i remain convinced germany will not let europe fall apart. if things get too dangerous germany will write the checks. it's trying to get the best deal it can, the most reforms from countries like greece and italy before i
i said that europe would survive. it has taken the europeans much time and many crises to come to the realization they will have to bail out their spendthrift and unlucky partners in greece, ireland, perhaps portugal, spain as well. germany can afford the bill. well, europe has survived, but the situation did not resolve itself nearly so easily as i thought it would. but my biggest miss was probably the u.s. economy which i thought would recover more vigorously than it did. so what do i think...
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the world economy and the neoprene maybe the forum in davos will be helpful so we're asking one of europe's most prominent economists former advisor to the russian government founders. on january thirteenth standard and poor's downgraded nine european countries including the stronger ones like france and austria both received a negative outlook considering the european leaders inability to cope with the debt crisis the weaker spain and italy were downgraded to an economist say they are one step closer to the greeks and now rio being part of europe russia has to come up against the global challenges but as for now it's managed to cope and economy is still growing. oh mr alston to walk into the show thank you very much for coming my pleasure well on the eve of this year's davus i want to comment form the organizers warned that i quote the world is facing significant and urgent challenges that we have. of only on prospects for future growth and the cohesion of societies and quit while it's struck me that exactly the same words we used last year during the forum well it is just a repetition of
the world economy and the neoprene maybe the forum in davos will be helpful so we're asking one of europe's most prominent economists former advisor to the russian government founders. on january thirteenth standard and poor's downgraded nine european countries including the stronger ones like france and austria both received a negative outlook considering the european leaders inability to cope with the debt crisis the weaker spain and italy were downgraded to an economist say they are one step...
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you know, again, we're in europe. i know the eyes of the world are on europe. you know, we are living with terribly challenging and hugely consequential economic policy choices. we have a lot of unfinished business even on the financial reforms side. and a lot of foundation laying for better policy outcomes on the things that are good for growth, investment every for opportunity in the united states not just for the long-term fiscal. so i feel like we've got a long year of hard work. and i know it's a political moment in the united states, and people are skeptical about whether we can do anything. but our judgment is that we still have a chance in some of these areas to make some progress. and i'm going to focus on that as long as i can. >> tim geithner, a pleasure to have you. >> nice to see you, fareed. >> thank you all. >>> we will be right back with a story you won't want to miss. why one of the world's greatest exporters is now buying more goods than it's selling. a fascinating reversal of fortunes in asia. they came to see us in florida... make that alaba
you know, again, we're in europe. i know the eyes of the world are on europe. you know, we are living with terribly challenging and hugely consequential economic policy choices. we have a lot of unfinished business even on the financial reforms side. and a lot of foundation laying for better policy outcomes on the things that are good for growth, investment every for opportunity in the united states not just for the long-term fiscal. so i feel like we've got a long year of hard work. and i know...