i traveled to italy over the weekend and got a chance to sit down with italy's prime minister, mario monti n an exclusive interview. i began asking him if italy will be tapping into the european central bank's new bond-buying program. >> to say that italy, because it has been a proponent, will make use of the instrument, there is a lot of difference. and under the circumstance circumstances, i believe that what italy is doing in terms of domestic policies, both budgetary -- i mean fiscal discipline and structure reforms should be enough to reassure the markets. >> reporter: so it sounds like you will not be accessing this right away. is there a threshold you would look to that you would utilize it? >> no. i think it will be important in the first place to see how the concrete operational instrument is being worked out. and then i think we will be able not to use that -- it would not be any particular stigma because by definition this possibility of intervention is constructed for those countries in europe that are complying with the recommendations of the -- it's not a sort of bailin

he is the prime minister of italy. he is also a senator for life, and until last july he was italy's minister of economy and finance. but he is not exactly a politician. as a respected economist considered to be above party politics he was chosen to form a new technocratic government. it put him at the center of the european debt crisis confronting rising interest rates that led to greece, ireland, and portugal to seek bailouts. his ability to turn calamity into opportunity has revived his nickname "super mario." i have pleased to have him here at this table for the first time. welcome. >> delighted to be here. >> rose: i see that you have said that you're not going to run for prime minister? >> no, i can confirm that i will not be a candidate. i believe i couldn't even be a candidate because, as you mentioned, i am senator for life. so candidates are candidates inn order to become members of parliament. >> rose: and you're senator for life. >> yes. >> rose: do you want to stay as prime minister? >> of course i will no

he is the prime minister of italy. he is also a senator for life, and until last july he was italy's minister of economy and finance. but he is not exactly a politician. as a respect economist considered be abo party politics he was chosen to form a new technocratic government. it put him at the center of the european debt crisis confronting rising interest rates that led to greece, ireland, and portugal to seek bailouts. his ability to turn calamity into opportunity has revived his nickname "super mario." i have pleased to have him here at this table for the first time. welcome. >> delighted to be here. >> rose: i see that you have said that you're not going to run for pri minister? >> no, i can confirm that i will not be a candidate. i believe i couldn't even be a candidate because, as you mentioned, i am senator for life. so candidates are candidates inn order to become members of parliament. >> rose: and you're senator for life. >> yes. >> rose: do you want to stay as prime minister? >> of course i will not. i will

can italy see the light at the end of the economic tunnel? my conversation with mario monti. >>> and later, the end of men is near. women are asserting their power when it comes to life, money and the workplace. the author of a book that's got everybody talking. a look at how the stock market ended the week. back in a moment. ke a closer lo. ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in education. let's invest in our teachers... ...so they can inspire our students. let's solve this. oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no

we reveal the -- deals in italy. we revealed the deals that are pushing italy to the brink. >> at the surface, it was a great deal. the italians thought they would get the money basically for free. >> and the whistle-blowers telling us about the culture of greed in britain-based banks. and the italian hero who fought the banks without any help from a british regulator. >> i saw no intervention from london in any british-based bank. >> the consequences of the scandal might be more than financial for all of europe. >> we let a social revolt and the civil war. ♪ >> the home of opera is turning sour. its debt levels are as high as greece, gee bee is shrinking, and a bailout looms. -- gp is shrinking, and a bailout looms. far from inventing banking, the italians and then said -- the italians and then said opera. most famous opera house is this one, la scala. at the times, the deals were very good value. in fact, they were too good to be true. and we all know about things that are too good to be true. investment banks cr

what italy is concerning -- about italy what it means would italy be able to continue on the path which has been designed by the current government. what i think has happened with the action of the current government, they really showed a line. they showed a value into rigor, into austerity because italians took austerity, i would say in a good way, but without rejecting it too much. everybody knew the pension reform had to be done. everybody knew labor reform had to be done. everybody knows more general spending had to be done. doesn't matter -- >> we're having a little problem with the line. when you see ross in that setting and talk about oil prices is how you get to lake como is by sports car because you need a low to the ground car. i see ross had that tuff of hair so i'm thinking sports car, open top, taking the scenery to lake como. >> ross has been doing traffic work out there. >>> vladimir putin has warned economic problems still pose a threat to a global rebound. speaking ahead of the asia-pacific summit this weekend, putin says the crisis is still not behind us. the recovery

can italy see the light at the end of the economic tunnel? my conversation with mario monti. >>> and later, the end of men is near. women are asserting their power when it comes to life, money and the workplace. the author of a book that's got everybody talking. a look at how the stock market ended the week. back in a moment. ke a cser look. ...at .ae best schools in the world... ke a cser look. ...you see they all haveve somethining very interesti in common. they have teachers... ...with a deeper knowledge of their sjects. as a result, their studentsac. let's develop more stars education. let's invest in ir r teachers.. ...so they can inspire our students. let't's soe this. oh, hey alex. just pking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, g good call on those mugs. can't let 'em see whwhat you're drinking. you u know, i'm glad we're both runni a nice, clean race. no need to

up next, can italy see the light at the end of the dark economic tunnel? my surprising conversation with the italian prime minister. and later, the end of men is near? long call the weaker sex, women are asserting their power when it comes to life, money and the workplace. the author of a book that's got everybody talking. take a look at how the stock market ended the week. back in a moment. in america today we're running out of a vital resource we need to compete on the global stage. what we need are people prepared for the careers of our new economy. by 2025, we could have 20 million jobs without enough college graduates to fill them. that's why at devry university, we're teaming up with companies like cisco to help make sure everyone's ready with the know how we need for a new tomorrow. [ male announcer ] make sure america's ready. make sure you're ready. at devry.edu/knowhow. ♪ en we got married. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we

maria bartiromo will be joining us soon from italy. a private payroll report is part of a recipe for a big rally today. all of the averages hitting multi-year highs by the close. all eyes tonight on president obama at the national convention. >>> let's show you near final figures here. we're going out near the highs of the day for all of the major averages. with the do you up, a gain of almost 1.9%. we're just about at that five year high there, aren't we? nasdaq is a 12 year high, and the s&p about a four and a half year high, a 2% gain there. >> investors cheering europe's bond buying plan today. is this market rally here to stay? especially in a months that historically one of the worst months of the year. >> we have our panel to weigh in as we look at our jobs reform tomorrow. meg mcclellin, and rick santelli is staying late for us. rick, what do you make of the market response today? very dramatic and strong. >> i agree it's government induced, but it doesn't change the fact that everybody in that s&p pit, if they choose to take o

in italy, second quarter gdp revised lower. 0.8% down in fact for the ten year in italy 5rks.1%. and here in the uk, again, low yields. 1.71 for ten year here in the uk. forex markets, euro-dollar, we did get the revision to the italian gdp data. we knew it was bad anyway. down by 0.2% at 1.2778. dollar against the yen steady at 78.30. aussie dollar losts some ground, some concern about chinese growth slowing. the aussie dollar losing 0.3% against the u.s. dollar. and sterling is just hovering under 1.60. >> thanks for all of that. now let's take a quick look at what's on today's agenda in the u.s. july consumer credit is due out at about 3:00 p.m. that's pretty much it for the economic data. later this week, they, it really picks up. investors will get reports on the trade deficit, inflation, retail sales and consumer sentiment and of course the fed meets wednesday and thursday with its next policy decision along with the fed's updated economic forecasts due on thursday afternoon. there will be a press conference with chairman bernanke, as well. in the meantime, the u.s. treasur

go away well there's another institution in the news that faces an uncertain future and that is in italy moral all this bank faces uncertain future so this is monte de passkey bank otherwise known as m.p.'s or by the locals in milan is known as daddy mon and apparently it survived the porsche's and the pestilence according to this article but it has not survived the modern debt derivatives and leverage and re hypothecation wrought upon the world by the likes of jamie diamond lloyd blankfein and whatever schmidt coming out of new york well they balance sheets loaded with telling debt government debt that's right government debt as we found out now is just been totally trashed by the government's ability to swap their government debt for toxic securities we started. in ireland famously they took on more than ten times or g.d.p. sean fitzpatrick talks of we saw in greece the government they would know the referendum even though the people wanted a referendum they said no no the troika runs our country we lost our sovereignty so the country is full of toxic debt the sovereign debt has now be

go away well there's another institution in the news that faces an uncertain future and that is in italy world all this bank faces uncertain future so this is monte de passkey bank otherwise known as m.p.'s or by the locals in milan is known as daddy mon and apparently it survived the poor shows in the past still into cording to this article but it has not survived the modern debt derivatives and leverage and re hypothecation wrought upon the world by the likes of jamie diamond lloyd blankfein and whatever schmidt coming out of new york well they balance sheets loaded with telling debt government debt that's right government debt as we found out now is just been totally trashed by the government's ability to swap their government debt for toxic securities we started. in ireland famously they took on more than ten times or g.d.p. sean fitzpatrick toxic debt we saw in greece the government they would know the referendum even though the people wanted a referendum they said no no the troika runs our country we lost our sovereignty so the country is full of toxic debt the sovereign debt has n

saturday, we fly back to italy. saturday we have a concert with 200,000 people to help the earthquake zone and we are going to build four schools with the money of the concert. music can do a lot of things. >> it can. >> it can be emotional. it's good when you make love but also good when you make life, you know, when you -- when you bill something. >> 200,000 people. that's a big party. i wish you well, lorenzo jovanotti, best of luck with it. >> it's good to see you. i'm very proud to be on cnn. you know everybody will be very proud of me in italy for this reason. >> okay. all right. well a prison escape on the boarder. blocking roads. offering rewards for 132 inmate whose busted out.how they'l live. for more than 116 years, ameriprise financial has worked for their clients' futures. helping millions of americans retire on their terms. when they want. where they want. doing what they want. ameriprise. the strength of a leader in retirement planning. the heart of 10,000 advisors working with you one-to-one. togethe

but they're going to apply conditions in other words or italy's a cousin with twenty four hundred tons of gold you know who's going to end up with a gold outside going to be an italian hands anymore it'll be in the hands of some corrupt foreign bankers now the actual debt situation itself or going to passkey is interesting in that it would you know who it was around for five hundred years and then a bought a rival in two thousand and seven to try to expand out of milan and control you know cross italy but it's something that we saw over and over whether it was h.s.b.c. buying household finance or r.b.s. buying a.b.n. amro and they all then fell apart by buying those look seemingly on the surface aaa rated high reward you know banks well that's another hazard of ultra cheap interest rates thanks to the central bankers around the world the accountants come to the c.e.o.'s with their spreadsheets and say well if we're borrowing money at this cheap rate we can easily acquire these other banks not ever doing the due diligence required to find out that the bank that they're acquiring are cho

go away well there's another institution in the news that faces an uncertain future and that is in italy the moral for all this bank faces uncertain future so this is monte de passkey bank otherwise known as m.p.'s or by the locals in milan is known as daddy mon and apparently it survived the porsche's and the pestilence according to this article but it has not survived the modern debt derivatives and leverage and re hypothecation wrought upon the world by the likes of jamie diamond lloyd blankfein and whatever schmidt coming out of new york well they balance sheets loaded with telling debt government debt that's right government debt as we found out now is just been totally trashed by the government's ability to swap their government debt for toxic securities we started . in ireland famously they took on more than ten times or g.d.p. sean fitzpatrick talks of we saw it in greece the government they would know the referendum even though the people wanted a referendum they said no no the troika runs our country we lost our sovereignty so the country is full of toxic debt the sovereign deb

right they're going to apply conditions so in other words or italy's a cousin with twenty four hundred tons of gold you know who's going to end up with a gold outside going to be an italian hands anymore it'll be in the hands of some corrupt foreign bankers now the actual debt situation itself or going to passkey is interesting in that it will you know who it was around for five hundred years and then it bought a rival in two thousand and seven to try to expand out of milan and control you know cross italy but it's something that we saw over and over whether it was h.s.b.c. buying household financial or r.b.s. buying a.b.n. amro and they all then fell apart by buying those look seemingly on the surface aaa rated high reward you know banks well that's another hazard of ultra cheap interest rates thanks to the central bankers around the world the accountants come to the c.e.o.'s with their spreadsheets and say well if we're borrowing money at this cheap rate we can easily acquire these other banks not ever doing the due diligence required to find out that the banks of their acquiring are

go away well there's another institution in the news that faces an uncertain future and that is in italy world all this bank faces uncertain future so this is monte de passkey bank otherwise known as m.p.'s or by the locals in milan is known as daddy mon and apparently it survived the porsche's and the pestilence according to this article but it has not survived the modern debt derivatives and leverage and re hypothecation wrought upon the world by the likes of jamie diamond lloyd blankfein and whatever schmidt coming out of new york well they balance sheets loaded with telling debt government debt that's right government debt as we found out now is just been totally trashed by the government's ability to swap their government debt for toxic securities we started. in ireland famously they took on more than ten times or g.d.p. sean fitzpatrick talks of we saw it in greece the government they would know the referendum even though the people wanted a referendum they said no no the troika runs our country we lost our sovereignty so the country is full of toxic debt the sovereign debt is now

go away well there's another institution in the news that faces an uncertain future and that is in italy moral all this bank faces uncertain future so this is monte de passkey bank otherwise known as m.p.'s or by the locals in milan is known as daddy mon and apparently it survived the poor shows in the past still into cording to this article but it has not survived the modern debt derivatives and leverage and re hypothecation wrought upon the world by the likes of jamie diamond lloyd blankfein and whatever schmidt coming out of new york well they balance sheets loaded with telling debt government debt that's right government debt as we found out now is just been totally trashed by the government's ability to swap their government debt for toxic securities we started. in ireland famously they took on more than ten times or g.d.p. sean fitzpatrick talks we saw it in greece the government they would know the referendum even though the people wanted a referendum they said no no the troika runs our country we lost our sovereignty so the country is full of toxic debt the sovereign debt is now

go away well there's another institution in the news that faces an uncertain future and that is in italy moral all this bank faces uncertain future so this is monte de passkey bank otherwise known as m.p.'s or by the locals in milan is known as daddy mon and apparently it survived the porsche's and the pestilence according to this article but it has not survived the modern debt derivatives and leverage and re hypothecation wrought upon the world by the likes of jamie diamond lloyd blankfein and whatever schmidt coming out of new york well they balance sheets loaded with telling debt government debt that's right government debt as we found out now is just been totally trashed by the government's ability to swap their government debt for toxic securities we started. in ireland famously they took on more than ten times or g.d.p. sean fitzpatrick talks we saw in greece the government they would know the referendum even though the people wanted a referendum they said no no the troika runs our country we lost our sovereignty so the country is full of toxic debt the sovereign debt has now been

. >> italy is feeling the effects of the crisis, too, although its debts are not as high as those of greece, and it does have functioning state institutions. it is the eurozone posted third largest economy and going through a very tough time. for months now, investors have been earning money on speculation that italy will not succeed in reviving its economy anytime soon. nowhere is this more obvious than at italy's unusually quiet coastal resorts. >> peak summertime, and the italian beaches are nearly empty. it seems the good times are over, and those who have money despite thespending as much. >> wages have gone down, expenses have risen, and if the price of food goes up, soon, the coast will be a luxury. >> swimming areas are only half full because families are facing big difficulties. >> 10 euros a day on a parasol and lounger. this man and his wife had been managing this resort for many years. it is a family business with 70 employees. he is feeling the pinch but still expects to attract customers. >> people who used to go to the maldives will stay in italy, and people will come

yesterday, a similar result for italy as well. 5.24 for italy. it's 80 points difference on that. and on the two-year, spain yielding about 4.2%, 2.63%. the key is what's going to happen at the shorter end of curve in terms of borrowing costs for spain. how much pain can rajoy put up with before he feels he has to ask for that bailout, which is what he basically said in that journal report as well. meanwhile, while we focused on protests turning violent in spain, greece's new government is also facing its first general strike today. unions are hoping the country will grind to a halt since the prime minister was elected in june. funnily enough, the athens market is actually up today, the only one in europe that sup, despite the crowds gathering. julia is in athens and joins us for plenty more. i can see the crowd just below your left shoulder there all assimilating. what's going to happen? >> well, it looks like the crowd is dispersing, but actually, they've been marching on past the parliament for the last hour or so, so if you take that kind of crowd and imagine it going for an h

that's why italy's not going to access the esm fund. listen to mario monti because i asked him long-term growth in italy, where does it come from and what's the significance of this esm fund? >> reporter: talk to us about how you see this growth happening over the longer term? >> well, i see this growth happening, first of all, and this is not so much longer term. i hope it is short and medium term, through a decline of interest rates. because these unduly high interest rates on italian government securities, not yet reflecting the new and better fundamentals of the italian economy and public finance as interest rates hopefully -- as they started already, do come down, this will create more space for investment and for growth. >> so, rick santelli, there it is. here's a leader italy now saying that it is the threat of ecb intervention that's bringing rates down to more manageable levels because he felt that rates were too high and didn't fully reflect the fundamentals of his economy. what do you make of all that? >> well, i agree with h

spain and italy. vw is very much investing in europe. >> so the bottom line here is investment, investment, investment needs to stay here in europe, whatever the crisis is, wherever it is in the cycle of the crisis. and other carmakers, as well, that's the big question. later on i'll talk to the ceo of bentley and we'll talk about luxury cars and the exclusivity aspect as well as as i said earlier on because bentley is back into the racing game with the gt 3. back to you for now. >> patricia, thanks very much. and for that bentley interview, what would you like to ask? tweet us @cnbcwex. we're also getting people to respond to the story about the ceo of audi and putting facebook and twitter in the young cars. most people feel about it as we do. >> which group of drivers have the worst record, right? >> sounds like a trouble waiting to happen. but stick around, because still to come, china scrambling to tackle signs of labor unrest. our next guest warns price pressures could push workers to the brink.

all of that bailout money or too much of that bailout money spent on greece and say countries like italy or spain slip further into the economic mire does that mean that there's simply no cash left but there in terms of greece supposed i say they will be quite happy to hear that this is gone through but there's a huge meeting taking place in the country on wednesday now that is a meeting between the heads of the coalition the ruling coalition government there they have problems they can't decide how they're going to make the huge over ten billion worth. of budget cuts they can decide how they're going to do that without hurting the greek people too much so it could end up if they can't make those cuts all of this decision in germany might have fallen by the wayside because the bottom line is if greece doesn't cut they don't get bailout money whatever the german constitutional court ruled. live now with us is a mr john locke lender the director of studies at the. institute of democracy and corporation good to have you with us now with the permanent rescue fund now approved the struggling

europe, italy and africa, as well. r.i.m. stock yesterday down 4%. and they didn't need an outage like this of course on the same day that we have the launch of the iphone 5. >> apple's latest smartphone has already gone on sale across asia. crowds outside the store in sydney stretched around the block. and even steve wozniak had to wait in line to buy his iphone 5 at a store near brisbane. the launch hasn't come without complaints. consumers and critics particularly aren't happy with apple's new mapping app which has placed in the new ios. shares down about a quarter% in frankfurt trade. natalie morris is outside the store on fifth avenue. fans have been lining up for days. >> for days, that's right. there is a very long line these people in line, they're very zealous. the story would be probably more interesting if there weren't a line because we've come to expect that from apple launches. but really some of these people have been out here all week and it was not good waiting in line weather. we had a big storm here in line this week. but neverthel

what happens if an economy as big as it to be runs out of money well that's italy and spain greece is a minnow it's two percent of the euro so italy and spain are serious places there is no doubt that spain is going to need more money italy under very good leadership of prime minister monti if it's going to avoid it but if spain goes in for a full bailout beyond their bank bailout of the hundred billion euro if you add in the greek totals as peter pointed out your super going to run out of money and then you have to go back to a very angry german populace represented by their parliament and say ok we were wrong we were kidding we need more money they need more challenges and more importantly more political challenges the finns say maybe greece should leave the euro they are a contributor the dutch say you know maybe we are not for more european integration of our pension money has to be cut you're beginning to see a group of people in the north say we need limits on what we do at the very moment the countries in the south say we need more money they're stirring up a world of hurt for

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country like spain like italy or greece thank you very much indeed for your thoughts very interesting here we have to say a fair joining me live there in paris great to have you on r.t. thank you thank you well in a few minutes from now here on r.t. with the latest from the front line in the battle for the white house as the democrats and dorothy come a president for a second term some of obama's old promises don't appear a little more than words. but first france is considering supplying heavy artillery to the syrian rebels to help them fight president assad's forces that's according to diplomatic sources who say paris is also stepping up support for the syrian opposition to help them forge a government in waiting. as the latest. prom's has faltered providing direct aid and money to five syrian cities as paris intensifies its efforts to weaken the presidency of bashar assad now this is the first time a western power has made these announcements and these kind of moves and follows reports last week that powers had identified areas in the north the south and the east of syria that woul

this does not mean spain and italy have to come to the pcb and ask for help. the threat might keep interest rates down enough -- the market likes it. gold is up. we have three more things to get through. jobs data, open federal market committee meeting and how does the german court will on everything? very important. >> some important issues. the fed rearing its head. that may be absolutely major and as we look at a positive day on the market crude has reverse that is moving slightly lower at had been lower. at and energy be rallying along with this party if people believe companies might do better? >> it should. most of this year it has done that. as the stock market rallies crude-oil -- what is happening right now is we come to the end of the system, big usage of oil and natural gas so the driving season coming to an end. the cooling season, air-conditioner is, electricity and natural gas coming to an end. we saw those market sell-off and will week and we are seeing lower levels from here. cheryl: i am one of those people like mr. fries. i need freezing. tha

preparing for a huge interview with one of italy's most influential leaders. >> thank you, bill. leaders from around the world have been gathering here to talk about the global economy and the prospects for growth. we continue to focus on the ecb's new bond buying program, and the word that i'm getting here is that italy will not be accessing that bond buying program, and instead, the country will stay on course in terms of the reforms that have been put in place. i'll be talking with the prime minister during this conference in an exclusive interview. join me to talk about what's next. so far, monti had been getting the buy in from the people even though he raised taxes and cut back substantially on programs. now the people want to know how much longer will they have to face this austerity. is term is over in april, the people and the markets want to know will his programs remain in force even after he is gone. the big issue here is the rise in unemployment numbers we're seeing across the region as well as the debt in italy. you're talking about debt 120 times gdp. we'll talk ab

in italy world's oldest bank faces uncertain future moment to the passkey did not survive berlusconi's bunga bunga parties it seems the country the bank is on the verge of bankruptcy it's the third biggest bank in italy and now it has all these government bonds which is trying to sell but of course the yield keeps on going up and up meaning their bonds are going down and down so they're caught in a spiral nobody knows for sure there is some sort of bailout agreement reached with the italian government but nobody knows what it actually means the government debt became toxic and they're unaware of this you know member indiana jones at the scene where he replaces the bag of jewels with a bag of sand. but it doesn't quite do it and the big boulder follows him down through the tunnel this is the this bank now in italy they realize that there was a swap and they now hold government bonds that are junk and they're trying to run away down the tunnel. and with finances across the e.u. in the doldrums many ones prosperous companies are finding themselves having to trim the fat but it's easier sa

i must lose on all but a for greece's fellow saw for italy italy world's oldest bank faces an uncertain future moment to do passkey did not survive berlusconi's bunga bunga parties it seems the country the bank is on the verge of bankruptcy it's the third biggest bank in italy and now it has all these government bonds which is trying to sell but of course the yield keeps going up and up meaning their bonds are going down and down so they're caught in a spiral nobody knows for sure there is some sort of bailout agreement reached with the italian government but nobody knows what it actually means the government that became toxic in their own aware of this you know remember any other jones at the scene where he replaces the bag of jewels with a bag of sand. but it doesn't quite do it and the big boulder follows them down through the tunnel this is the this bank now in italy they realize that there was a swap and they're now all government bonds that are junk and they're trying to run away down the tunnel. it is a five ten pm here in moscow and after a twenty hour battle for syria's largest

economy is becoming a mere of italy's economy under the leadership of silvio berlusconi. he describes a system of crony capitalism in which government supports for big business has overwhelmed by support for a free market. it's a little under an hour. >> i want to thank you all very, very much for coming tonight. my name is brian anderson, i'm the editor of the manhattan institute for "city journal." it is a great pleasure to introduce luigi zingales, one of our valued and let me add most charming contributing editors who was here tonight to speak about his brand-new book, "a capitalism for the people: recapturing the lost genius of american propserity." now, when he first arrived in this country to study economics back in the 1980s, he enthusiastically embraced the american dream, the idea that what brings you success is hard work, not luck, not who you know, which was too often the case in his native italy as it is in many other democratic countries. this was central to american style capitalism which he recognized has been an extraordinary engine of prosperity making e

citizen depends very much on where you sit if you're in spain or if you're in italy there's probably some relief that you know finally interest rates can come down will come down that we're going to see a bit of. you know the end of the debt crisis is in sight if you're in germany though with all the worries you've had in your history about excess monetary creation and hyper inflation you're probably not feeling quite as good today as you were yesterday. and let's now see how the equities are reacting to all of this first to the u.s. were wall street is the only one trading this hour and we're seeing a bit of a rally there more than two percent for the nasdaq following all the measures announced in the europe and european markets ended the day in a pretty cheerful mood as you can see almost three percent for the dax after the e.c.b. also left the interest rates unchanged something that investors expected banking stocks and resource companies are leading the gains france unemployment rates in the second quarter rules to the highest of about thirteen years but that didn't seem to faze

things are better for greece's fellow sufferer italy either the world's oldest founded before christopher columbus discovered america is no on the verge of bankruptcy well the banks predicament is explored in the cause report with explaining its looming downfall the full program is coming up in the next hour but here's a quick preview for you in italy world all this bank faces uncertain future monti passkey did not survive berlusconi's bunga bunga parties it seems the country bank is on the verge of bankruptcy it's the third biggest bank in italy and now it has all these government bonds which is trying to sell but of course the yield keeps going up and up meaning their bonds are going down and down so they are caught in a spiral nobody knows for sure there is some sort of bailout agreement reached with the italian government but nobody knows what it actually means the government became toxic in their underwear this you know member any other jones at the scene where he replaces the bag of jewels with a bag of sand but it doesn't quite do it and the big boulder follows him down through the

bill italy sat's major problem and the other problem is the fact that the eurozone is in a recession so far and he is now stating that the recession cool go on for the next two year this is not good news and the e.c.b. is not addressing this problem. despite not being in the troubled euro zone britain is feeling the pain of a double dip recession nonetheless with the economy shrinking nearly one in seven shops in the u.k. stood vacant at the end of june and that number could be said to grow forty's laura smith. only you know. a nation of shopkeepers and dave mears family are some of the proudest with three generations in the flooring trade this shop has been here for seventeen years but recession has hit the business hard and dave's had to fire more than half his staff really high in a one off. i think. anyone with it would not want to put someone to work. boy. but everyone would have gone so. dave and his staff are victims of persons dreaded double dip recession which means the economy's been shrinking for three consecutive quarters but the second time in four years for ordinary peo