budget is really really small it's not the budgets of all the e.u. countries the second thing the other thing with rice this is against any subsidies right anywhere in the world especially in europe but the stuff we're subsidizing is basically maize to make ethanol to put in it put in our cars tanks i think that's awful too but it's not not harming africa we're not subsidizing cotton growing which is harming egypt we're not always the sudan we're not subsidizing cocoa beans which might be. might not even subsidizing the production of flowers kenya i mean prior to this. probably grown in kenya and then supported here with zero tariff so so c'mon we not knights in shining armor we're not the devils we're sometimes portrayed about by corrupt leaders in third world countries who want to blame their . us for their own woes ok poverty and inequality whatever is the reason for them leave many people to leave their homes in their country seeking a better life and what could be more understandable the result though is that tens of millions of migrants are on.

for the first thing is the e.u. budget is really really small it's not the budgets of all the e.u. countries the second thing the other thing with rice this is against any subsidies right anywhere in the world especially in europe but the stuff we're subsidizing is basically maize to make ethanol to put in it put in our cars i think that's awful too but it's not not harming africa we're not subsidizing cotton growing which is harming egypt we're not always the sudan we're not subsidizing cocoa beans which might be. we're not even subsidizing the production of flowers kenya. prior to this. probably grown in kenya and then supported here with zero tariff so so c'mon we not knights in shining armor we're not the devils we're sometimes portrayed about by corrupt leaders in third world countries who want to blame their . us for their own woes ok poverty and inequality whatever the reason for them leads many people to leave their homes in their country seeking a better life and what could be more understandable the result though is that tens of millions of migrants are on. the scenario i

budget is really really small it's not the budgets of all the e.u. countries the second thing the other thing with rice this is against any subsidies right anywhere in the world especially in europe but the stuff we're subsidizing is basically maize to make ethanol to put in it put in our cars tanks i think that's all full too but it's not not harming africa we're not subsidizing cotton growing which is harming egypt we're not always the sudan we're not subsidizing cocoa beans which might be. we're not even subsidizing the production of flowers kenya i mean. they're probably grown and they're probably grown in kenya and then supported here with zero tariff so so c'mon we not knights in shining armor we're not the devils they're sometimes portrayed about by corrupt leaders in third world countries who want to blame their. us for their own woes ok poverty and inequality whatever is the reason for them leaving many people to leave their homes in their country seeking a better life of what could be more understandable the result though is that tens of mi

the first thing is the e.u. budget is really really small it's not the budgets of all the e.u. countries the second thing the other thing with rice this is against any subsidies right anywhere in the world especially in europe with the stuff we're subsidizing is basically maize to make ethanol to put in it put in our cars tanks i think that's awful too but it's not not harming africa we're not subsidizing cotton growing which is harming egypt we're not always the sudan we're not subsidizing cocoa beans which might be. we're not even subsidizing the production of flowers kenya i mean. they're probably grown and they're probably grown in kenya and then supported here with zero tariff so so c'mon we not knights in shining armor we're not the devils we're sometimes portrayed about by corrupt leaders in third world countries who want to blame their. us for their own woes ok poverty and inequality whatever the reason for them leave many people to leave their homes in their country seeking a better life and what could be more understandable the result though is that tens of millions o

budget is really really small it's not the budgets of all the e.u. countries the second thing the other thing with rice this is against any subsidies anywhere in the world especially in europe but the stuff we're subsidizing is basically maize to make ethanol to put in it put in our cars tanks i think that's awful too but it's not not harming africa we're not subsidizing cotton growing which is harming egypt we're not always the sudan we're not subsidizing cocoa beans which might be. we're not even subsidizing the production of flowers kenya i mean. there are probably grown in there probably grown in kenya and then deported here with zero tariff so so c'mon we not knights in shining armor we're not the devils we're sometimes portrayed about by corrupt leaders in third world countries who want to blame their. us for their own woes ok poverty and inequality whatever the reason for them leave many people to leave their homes in their country seeking a better life of what could be more understandable the result though is that tens of millions of migrants

budget rules and it's turning up the pressure. to. keep. the. but so far italy is not changing course the government wants to deliver on campaign promises which include early retirement and increased spending on social services the problem is italy's debt as high as one hundred thirty percent of gross domestic product only greece has an even higher debt level e.u. regulations cap any country's debt at sixty percent of annual economic output financial markets are alarmed front pages warn of rising interest rates and banks are worried there are powerful players in any budget debate as they can close the spigot at any time and dry up the government spending on the streets the mood is tense. be the result of the think they were discussing this with the appropriate seriousness we should brace for the worst. i think we're on the wrong track the government's made promises that can't you kept and now we're moving in the wrong direction and you're right. on wednesday both the government statistics office and the o.e.c.d. lowered their growth outlook. mea

budget rules and it's turning up the pressure. makes it even more. but so far italy is not changing course the government wants to deliver on campaign promises which include early retirement and increased spending on social services the problem is italy's debt as high as one hundred thirty percent of gross domestic product only greece has an even higher debt level e.u. regulations cap any country's debt at sixty percent of annual economic output financial markets are alarmed front pages warn of rising interest rates and banks are worried there are powerful players in any budget debate as they can close the spigot at any time and dry up the government spending on the streets the mood is tense. bitter because of the think they were discussing this with the appropriate seriousness we should brace for the worst. i think we're on the wrong track with the government's made promises that can't you kept and now we're moving in the wrong direction and you're right. on wednesday both the government statistics office and the o.e.c.d. lowered their growth outloo

budget it had a lot of it's really had a rather good had rather good conditions in the e.u. which is something that people have come to understand now in the meantime very late in the game. for them the the recognition dawns that they are asked to jump into the unknown because what we don't know and to stay in the image of the trial the marathon that will be the negotiations about the future relationship and that is called police lead hope nobody knows what it entails and people realize that now baba basal in london and in brussels thank you both. we continue this conversation in studio where i'm joined by john where the political advisor thank you for joining us so bubble has says it's almost impossible to predict what's going to happen next but i'm going to ask you the impossible what next there's to be some stage it's the first stage is going to be the circled meaningful vote in parliament this is when theresa may bring so deal in front of the lawmakers and ask ok to back this it's scheduled for eleventh of december so to know half weeks from now and the chances are she w

the italian government is not backing down over its budget despite e.u. commission warnings to dress tickly reduce its budget deficit target after talks with euro group president mario centurion or italy's finance minister said it would be political suicide to cede to the e.u.'s demands regular to be careful and i mean . we are going to reiterate our budget fundamental characteristics and russia now georgia and we will continue to discuss ways of bringing our position in line with the european commission he now knows to proceed surely we'll also take the

budget it had a lot of it it really had a rather good had rather good conditions in the e.u. which is something that people have come to understand now in the meantime very late in the game. for them the the recognition dawns that they are asked to jump into the unknown because what we don't know and to stay in the image of the trial and the marathon that will be the negotiations about the future relationship and that is completely hope nobody knows what it entails and people realise that now. basal in london and killed in brussels thank you both. we continue this conversation in studio where i'm joined by john worth a political advisor thank you for joining us so bubble has says it's almost impossible to predict what's going to happen next but i'm going to ask you they were possible what next their status in stages first stage is going to be the circled meaningful vote in parliament this is when to resume a bring so deal in front of the lawmakers and ask ok due back this is scheduled for eleventh of december so two half weeks from now and the chances are she won't to manage

powers the e.u. can find italy for budget deficit breaches but the bloc would need months to sanction a member state by then the markets will probably have to liver their own verdict. well if there is indeed a crisis looming many italians are oblivious to it as our next report from milan shows. in milan there's little sign of the economic crisis that supposedly small think that unless there's no shortage of urban development projects for example one reason why giovanni buono had no qualms about returning to the northern italian city after spending years abroad. is my impression is that the country and milan in particular is flourishing in terms of business but also in other ways he's so there's a lot going on in the city and it's rejuvenating itself. that he told us that he joined. the startup heads was founded two years ago in madrid that it's been in milan for a year now in the city's booming financial technology district here he's meeting business partners to present his crowdfunding real estate f

budget rules and it's turning up the pressure. even more. but so far italy is not changing course the government wants to deliver on campaign promises which include early retirement and increased spending on social services the problem is italy's debt as high as one hundred thirty percent of gross domestic product only greece has an even higher debt level e.u. regulations cap any country's debt at sixty percent of annual economic output financial markets are alarmed front pages warn of rising interest rates and banks are worried there are powerful players in any budget debate as they can close the spigot at any time and dry up the government spending on the streets the mood is tense. bitter because of the think they were discussing this with the appropriate seriousness we should brace for the worst. and there will be i think we're on the wrong track with governments made promises that can't be kept and now we're moving in the wrong direction and you know what. on wednesday both the government statistics office and the o.e.c.d. lowered their

of the e.u. single market is assured this is an excellent deal as far as the european union side is concerned ok so what happens between now and december eleventh there's going to be a lot of noise and not very much light probably from the from the u.k. side essentially to reason may is trying to find a way a means of getting some kind of majority break to deal she's going to try to get as many conservative politicians to back her as possible but it looks extremely unlikely there are more the ninety conservative members of parliament who've already said that they're opposed to such a deal so the ultimately is going to be basically that deal everyone is counting on the deal being voted down on his own that december closer to the heart breaks it a new deal breaks and no breaks and without any deal now because the opposition labor party they've said hold on a minute that's not necessary you could stay in the negotiation here is something which puzzles also doesn't want and so essentially britain is

is conserved and the e.u. is achieved all of its aims it's making sure there's no hard border in ireland it's got its financial settlement for contributions to the e.u. budget citizens' rights could have the little bit more but a generally generally sorted and the integrity of the single market is assured this is an excellent deal as far as the european union side is concerned ok so what happens between now and december eleventh there's going to be a lot of noise and not very much light probably from the from the u.k. side essentially to reason may is trying to find a way a means of getting some kind of majority break to deal she's going to try to get as many conservative politicians to back her as possible but it looks extremely unlikely there are more the ninety conservative members of parliament of already said that they were opposed to such a deal so the ultimate these going to be basically that deal everyone is counting on the deal being voted down on his own that december closer to the heart breaks it a

is concert and the e.u. has achieved all of its aims it's making sure there's no hard border in ireland it's got its financial settlement for contributions to the e.u. budget citizens' rights could have been a little bit more but a generally generally sorted and the integrity of the single market is assured this is an excellent deal as far as the european union side is concerned ok so what happens between now and december eleventh there's going to be a lot of noise not very much light probably from the from the u.k. side essentially to reason may is trying to find a way a means of getting some kind of majority breaks a deal she's going to try to get as many conservative politicians to back her as possible but it looks extremely unlikely there are more the ninety conservative members of parliament who've already said that they're opposed to such a deal so the ultimate these going to be basically that deal everyone is counting on the deal being voted down on as though there were some that were closer to the he

by economic drama is playing out between italy and the european union it's really has broken e.u. budget rules and now the message from the european commission is clear the euro zone's third biggest economy won't be getting away with its laws we have more from brussels. rome may be the eternal city but it's looking like someone needs to give it some attention the social as well as physical fabric of italy has been unraveling for years with high unemployment and the persistently stagnant economy. rather than pointing to the endemic corruption italy has always suffered the populist coalition government to squarely blames austerity imposed by the european union on its problems but their vows to break hardline spending rules from brussels has led inevitably to an all out confrontation with the european commission which has said it will impose sanctions and fines honestly if it doesn't change its budgets in the strace the situation in italy is of common concern euro area countries are in the same team and should be playing by the same rules the response to all that from opponents of au

transition period so long a transition period i mean means payments a long period of payments into the e.u. budget and of course that was the reason why we wanted to leave in the that was one of the reasons why people voted to leave all right we're going to take a short break right now and when we're back we'll continue talking to a member of the european parliament discussing the draft agreement of suitcase with all from the. controversy around him stay with us. gave america a lot of new job opportunities i needed to. make some money twenty five thousand dollars. fifty thousand dollars a truck story to. people who rushed to a small town in north dakota was among the employment rate of zero percent on the gold rush is very very similar to. this beautiful. the story ended with and devastation a lot of people have left here i don't know too many people here in the slowdown so much they lost their jobs got laid off the american dream is changing that's not what it used to be. and it's a tough reality to deal. i've been saying the numbers mean something they matter the u.s. is over twenty tril

is concert and the e.u. is achieved all of its aims it's making sure there's no one bordering island it's got its financial settlement for contributions to the e.u. budget citizens' rights could have been a little bit more but a generally generally sorted and the integrity of the eve single market is assured this is an excellent deal as far as the european union side is concerned ok so what happens between now and december eleventh there's going to be a lot of noise and not very much light probably from the from the u.k. side essentially to reason may is trying to find a way a means of getting some kind of majority break to deal she's going to try to get as many conservative politicians to back her as possible but it looks extremely unlikely there are more the ninety conservative members of parliament you've already said that they're opposed to such a deal so the ultimate these going to be basically that deal everyone is counting on the deal being voted down on his or there were some that were closer to the

is conserved and the e.u. has achieved all of its aims it's making sure there's no one bordering island it's got its financial settlement for contributions to the e.u. budget citizens' rights could have been a little bit more but a generally generally sorted and the integrity of the evil single market is assured this is an excellent deal as far as the european union side is concerned ok so what happens between now and december eleventh there's going to be a lot of noise and not very much light probably from the from the u.k. side essentially to reason may is trying to find a way a means of getting some kind of majority of brecht deal she's going to try to get as many conservative politicians to back her as possible but it looks extremely unlikely there are more the ninety conservative members of parliament you've already said that they're opposed to such a deal so the ultimate these going to be basically that deal everyone is counting on the deal being voted down on his own that december or closer to the heart

budget and follow the rules overseen by the in. c.j. it is utterly farfetched for the prime minister say this plan means we take control over our laws money and borders. after two years of negotiation all the government has really agreed is a vague seven page outline of political decorations which looks like a substantial dilution of the prime minister's previously declared negotiating priorities there is only the scantiest mention of workers' rights consumers rights all environmental protection no determination to achieve frictionless trade or even trade as frictionless as possible no ambition to negotiate a new cost a comprehensive customs union that would protect trade jobs and industry and so uncertainty continues for business and all those that work in those businesses. that risks decisions for investment being deferred even further costing jobs and living standards are many companies may decide the lack of certainty simply means they will. no clear plan to get a strong deal with the single market to ensure continued access to euro

herself to the project but has said that it needs to be negotiated within the overall e.u. budget which means it has to be negotiated with all twenty seven nations which means it could take years so she's saying yes to see a marker on but at the same time remaining lukewarm and that has led to considerable irritation and friction between the french and the germans in recent times drumin of the finance minister came out just last week and said he viewed germany's yes but no sort of approach to all this is a breach of faith so the mood is not all good although between the body language is good between micro merkel both where it's going to take the french project that the president across has been designing it's very unclear so the body language is good the rhetoric is certainly a positive it's optimistic do you think the any pragmatic solutions are likely to come out of these talks at a time when europe you know even the french president said himself you know there's a fragmentation of the wild going on right now well and i mean the speech you gave and bundestag was extremely

the italian government is not backing down over its budget despite e.u. commission warnings to dress tickly reduce its budget deficit target after talks with euro group president mario centurion or italy's finance minister said it would be political suicide to cede to the e.u.'s demands regular to be careful and i mean . we are going to reiterate our budget fundamental characteristics and russia now georgia and we will continue to discuss ways of bringing our position in line with the european commission he now knows to proceed surely we'll also take the worsening economic forecasts for europe and italy into consideration and that only confirms that our budget proposal makes. more debt for more growth the italian banks aren't convinced that deficit spending will end well a report says the country's five biggest banks are considering opening a two and three quarter billion euro credit line to the central banks deposit protection fund the credit line would serve to strengthen support for weaken lenders in the event of a banking crisis. of a war in italy and

the italian government is not backing down over its budget despite e.u. commission warnings to dress tickly reduce its budget deficit target after talks with euro group president mario same thing or italy's finance minister said it would be political suicide to cede to the e.u.'s demands they could at least you could fold and i mean. we are going to reiterate our budget fundamental characteristics and rationality and i join you and we will continue to discuss ways of bringing our position in line with the european commission has now gotten all supersedes your knee we'll also take the worsening economic forecasts for europe and italy into consideration and that only confirms that our budget proposal makes . more debt for more growth the italian banks aren't convinced that deficit spending will end well a report says the country's five biggest banks are considering opening a two and three quarter billion euro credit line to the central banks deposit protection fund the credit line would serve to strengthen support for weaker lenders in the event of a bankin

by economic drama is playing out between italy and the european union italy has broken the e.u. budget rules and now the message from the european commission is clear euro zone's third biggest economy won't be getting away with it largely has more from brussels . rome may be the eternal city but it's looking like someone needs to give it some attention the social as well as physical fabric of italy has been unraveling for years with high unemployment and the persistently stagnant economy. rather than pointing to the endemic corruption in italy has always suffered the populist coalition government to squarely blames austerity imposed by the european union on its problems but their vows to break hardline spending rules from brussels has led inevitably to an all out confrontation with the european commission which has said it will impose sanctions and fines on italy if it doesn't change its budgets strace the situation in italy is of common concern euro area countries are in the same team and should be playing by the same rules the response to all that from opponents of austerity w

continues to contribute to the e.u. budget. on many levels, it is unsatisfactory. i think the real danger is if the deal does fall, it opens up a political can of worms and a high degree of political uncertainty. vonnie: you are an economist and for brexit, what would you suggest happens next? there was always going to be a variety of opinions, many of which in disagreement of theresa may. would you rather a no-confidence vote or the dup combine -- for labor and dup combine? how would you see a solution? neil: there are a number of permutations. if the deal does not go through, and on the current arithmetic, that looks likely. of have the possibility theresa may going back to the e.u. leaders at the summit. the e.u. is not in a mood to renegotiate. this is eat, -- this is it, and this is the deal. anything they might give is very peripheral and they have agreed on the basic deal. that opens the question, where does it leave the prime minister? there is entirely the possibility that is -- that there is a vote of no-confidence, a snap election, and even a labor gover

the italian government is not backing down over its budget despite e.u. commission warnings to dress tickly reduce its budget deficit target after talks with euro group president mario same thing or italy's finance minister said it would be political suicide to cede to the e.u.'s demands they could at least give full and i mean. we are going to reiterate our budget fundamental characteristics and rationale you know julia and we will continue to discuss ways of bringing our position in line with the european commission has now gotten all supersedes any conceded we'll also take the worsening economic forecasts for europe and italy into consideration and that only confirms that our budget proposal makes. more debt for more growth the italian banks aren't convinced that deficit spending will end well a report says the country's five biggest banks are considering opening a two and three quarter billion euro credit line to the central bank's deposit protection fund the credit line would serve to strengthen support for weaker lenders in the event of a banking cr

the italian government is not backing down over its budget despite e.u. commission warnings to dress tickly reduce its budget deficit target after talks with euro group president mario sentinel italy's finance minister said it would be political suicide to cede to the e.u.'s demands to take a bigger fold i mean. we are going to reiterate our budget fundamental characteristics and rationality and i join you and we will continue to discuss ways of bringing our position in line with the european commission has now gotten all supersedes your knee can see that we'll also take the worsening economic forecasts for europe and italy into consideration and that only confirms that our budget proposal make sound it's. more debt for more growth the italian banks aren't convinced that deficit spending will end well a report says the country's five biggest banks are considering opening a two and three quarter billion euro credit line to the central banks deposit protection fund the credit line would serve to strengthen support for weaker lenders in the event of a bankin

the italian government is not backing down over its budget despite e.u. commission warnings to dress tickly reduce its budget deficit target after talks with euro group president mario centurion or italy's finance minister said it would be political suicide to cede to the e.u.'s demands they could at least give full and i mean. we are going to reiterate our budget fundamental characteristics and rationality that joerg and we'll continue to discuss ways of bringing our position in line with the european commission has now gotten all suppose it's you'll only see that we'll also take the worsening economic forecasts for europe and italy into consideration that only confirms that our budget proposal makes out it's. more debt for more growth the italian banks aren't convinced that deficit spending will end well a report says the country's five biggest banks are considering opening a two and three quarter billion euro credit line to the central banks deposit protection fund the credit line would serve to strengthen support for weaker lenders in the event of a b

you know italy of course is projecting the budget the budget will spur growth but the e.u. saying it has yet to really see where that growth is coming from who's right in this case. i mean the government argues that because it is an expansionary fiscal policy basically it is injecting cash in the economy so we should see some sort of short term boost in growth now what they are not mentioning is that because they are losing financial markets along the way and interest rates are increasing this is having ripple down effects into the economy and we are already seeing borrowing costs for households for firms go up and indeed italy is resenting the recession italian growth has already been slowing and the budget is not even approved yet. though as you know we often talk about this crisis in the context of the greek crisis that started in two thousand and nine but this is different right this seems well political it is it is indeed you're right it is conversely from greece greece was an economic crisis but with a lot of political will on both sides the greek government and the e

the italian government is not backing down over its budget despite e.u. commission warnings to dress tickly reduce its budget deficit target after talks with euro group president mario centurion or italy's finance minister said it would be political suicide to cede to the e.u.'s demands regular to be careful and i mean . we are going to reiterate our budget fundamental characteristics and russia now. and we will continue to discuss ways of bringing our position in line with the european commission he no doubt in all supersedes any we'll also take the worsening economic forecast for europe and italy into consideration that only confirms that our budget proposal makes. more debt for more growth the italian banks aren't convinced that deficit spending will end well a report says the country's five biggest banks are considering opening a two and three quarter billion euro credit line to the central banks deposit protection fund the credit line would serve to strengthen support for weaker lenders in the event of a banking crisis. earlier today we spoke to germ

the italian government is not backing down over its budget despite e.u. commission warnings to dress to clear reduce its budget deficit target after talks with euro group president mario same thing or italy's finance minister said it would be political suicide to cede to the e.u.'s demands they could at least give full and i mean. we are going to reiterate our budget fundamental characteristics and rationality that i join you and we will continue to discuss ways of bringing our position in line with the european commission has now gotten all triples its your you can see that we'll also take the worsening economic forecasts for europe and italy into consideration and that only confirms that our budget proposal makes out it's. more debt for more growth the italian banks aren't convinced that deficit spending will end well a report says the country's five biggest banks are considering opening a two and three quarter billion euro credit line to the central banks deposit protection fund the credit line would serve to strengthen support for weaker lenders in th

you know italy of course is projecting the budget the budget will spur growth but the e.u. saying it has yet to really see where that growth is coming from who's right in this case. i mean the government argues that because it is an expansionary fiscal policy basically it is injecting cash in the economy so we should see some sort of short term boost in growth now what they are not mentioning is that because they are losing financial markets along the way and interest rates are increasing this is having ripple down effects into the economy and we are already seeing borrowing costs for households for firms go up and indeed to italy is resenting a recession italian growth has already been slowing and the budget is not even approved yet. though as you know we often talk about this crisis in the context of the greek crisis that started in two thousand and nine but this is different right this seems well political it is it is indeed you're right it is conversely from greece greece was an economic crisis but with a lot of political will on both sides the greek government and the

you know italy of course is projecting the budget the budget will spur growth but the e.u. saying it has yet to really see where that growth is coming from who's right in this case. i mean the government argues that because it is an expansionary fiscal policy basically it is injecting cash in the economy so we should see some sort of short term boost in growth now what they are not mentioning is that because they are losing financial markets along the way and interest rates are increasing this is having ripple down effects into the economy and we're already seeing borrowing costs for households for firms go up and indeed to italy is resenting the recession italian growth has already been slowing and the budget is not even approved yet. though as you know we often talk about this crisis in the context of the greek crisis that started in two thousand and nine but this is different right this seems well political it is it is indeed you're right it is conversely from greece greece was an economic crisis but with a lot of political will on both sides the greek government and the

you know italy of course is projecting the budget the budget will spur growth but the e.u. saying it has yet to really see where that growth is coming from who's right in this case. i mean the government argues that because it is an expansionary fiscal policy basically it is injecting cash in the economy so we should see some sort of short term boost in growth now what they are not mentioning is that because they are losing financial markets along the way and interest rates are increasing this is having ripple down effects into the economy and we are already seeing borrowing costs for households for firms go up and indeed to italy is resenting recession growth has already been slowing and the budget is not even approved yet. we often talk about this crisis in the context of the greek crisis that started in two thousand and nine but this is different right this seems so political it is it is indeed you're right it is conversely from greece greece was an economic crisis but with a lot of political will on both sides the greek government and the euro zone to find a solution to

the e.u. tells insulate sleepwalking into instability that sas it rejects runs the latest budget but is least new government is sticking in its heels setting the stage for a showdown. president about saudi arabia despite the murder of dissident journalist . says the benefits something alliance outweigh other considerations. more than a year after the iraqi city of mosul was recaptured from islamic state the danger is still not over. the u.n. experts charged with the risky task of clearing the city of thousands of unexploded bombs and other devices. and with four years until the qatar world cup will take a look at the control of the next edition of football's biggest event on the pops. welcome to the program britain's prime minister is on her way to brussels where she'll try and finalize an agreement on the u.k.'s exit from the european union to resume a student meet european commission president young. she tries to shore up support ahead of an e.u. summit this sunday which is major depression

budget and follow the rules overseen by the e.c.j. it is utterly far-fetched for the prime minister to say this plan means we take control over our laws, money and borders. after two years of negotiation, all the government has really agreed is a vague seven-page outline of political declarations. which looks like a substantial delusion of the prime minister's previously declared negotiating priorities. there is only the scantest mention of workers' rights, consumers' rights, or environmental protections. no determination to achieve frictionless trade or even trade as frictionless as possible. new ition to negotiate comprehensive customs union that would protect trade, jobs and industry, and so uncertainty continues for business and all those that work in those businesses. that risks decisions for investment being deferred even further, costing jobs and living standards, and many companies may decide the lack of certainty simply means they will brexit. no clear plan to get a strong deal with a single market to ensure continued access

no more free movement of people britain getting back control of its borders no more paying into the e.u. budget no more subject to european court of justice rules and importantly importantly for people on the right of her party she wants to try and get language inserted into this declaration that points out specifically that there be no more customs union after this transition period the customs union in the withdrawal agreement such a problem now for her critics on the right they want to see language that makes it strictly temporary that gives britain a unilateral right to exit it once the transition period has finished that will determine whether she gets it through this deal through the e.u. summit at the end of the week and also through parliament perhaps the week after that but that's not her only problem of course there are more talk of a possible leadership challenge here in britain letters said to be flying into the chairman of the conservative party backbench m.p.'s committee if he receives forty eight letters demanding a vote of no confidence into reason may he's obliged to tr

budget and follow the rules overseen by the e.c.j. it is utterly far-fetched for the prime minister to say this plan means we take control over our laws, money and borders. after two years of negotiation, all the government has really agreed is a vague seven-page outline of political declarations. which looks like a substantial delusion of the prime minister's previously declared negotiating priorities. there is only the scantest mention of workers' rights, consumers' rights, or environmental protections. no determination to achieve frictionless trade or even trade as frictionless as possible. no ambition to negotiate new comprehensive customs union that would protect trade, jobs and industry, and so uncertainty continues for business and all those that work in those businesses. that risks decisions for investment being deferred even further, costing jobs and living standards, and many companies may decide the lack of certainty simply means they will brexit. no clear plan to get a strong deal with a single market to ensure continued a

the italian government is not backing down over its budget despite e.u. commission warnings to dress tickly reduce its budget deficit target the talks with euro group president mario same thing no italy's finance minister said it would be political suicide to cede to the e.u.'s demands they could have to be careful and i mean. we are going to reiterate our budget fundamental characteristics and russia now julia and we will continue to discuss ways of bringing our position in line with the european commission she now knows her proceeds you'll need to see that we'll also take the worsening economic forecasts for europe and italy into consideration that only confirms that our budget proposal make sounds. more debt for more growth the italian banks on convinced that deficit spending will end well the report says the country's five biggest banks are considering opening a two and three quarter billion euro credit line to the central banks deposit protection fund the credit line would serve to strengthen support for weaker lenders in the event of a banking crisi

the italian government is not backing down over its budget despite the e.u. commission warnings to dress tickly reduce its budget deficit target after talks with euro group president mario same thing or italy's finance minister said it would be political suicide to cede to the e.u.'s demands to take a bigger fold and i mean. we are going to reiterate our budget fundamental characteristics and russia now julian and we will continue to discuss ways of bringing our position in line with the european commission has done that in all circles it's surely we'll also take the worsening economic forecasts for europe and italy into consideration and that only confirms that our budget proposal makes. more debt for more growth the italian banks aren't convinced that deficit spending will end well a report says the country's five biggest banks are considering opening a two and three quarter billion euro credit line to the central bank's deposit protection fund the credit line would serve to strengthen support for weaker lenders in the event of a banking crisis. another yea

reporter: the italian government is not backing down over its budget, despite e.u. commission warnings to reduce its budgett deficit target. after talks with the your grorop presidenent, italy's finance minister said it would be political suicide to cede to the e.u.'s demands. >> we're going to reititerate or budget's fundamental characteristics and rationale. and we will continue to disiscus waways of bringiging our positin line with that of the european commission. we'll also tatake the w worsenig economic forecast for europe and italaly into consideraration. that only confirms that our budget proposal makes sense. reporter: more debt for more growth? italian bags are not convinced that deficit spending will end well. a report says the countntry's fe biggest banks are considering opening a 2.34 billion eurocard at line purchase served to strengthen support for weaker lender's in the event of a banking crisis. helen: and, earlier we spoke to a germany economist the ecb's former chief economist and asked m what was likely to h happen next. >> at a certain point in t

up behind the e.u. commission in this row with italy brussels has rejected italy's spending plan an unprecedented move and given the country a few weeks to submit a new version italian prime minister josep a qantas said there is no plan b. to his program which is big on deficit spending. now for more on the meeting let's turn to our brussels correspondent georg matis georg we've heard already a lot from brussels about at least budget what did we hear today from euro zone members themselves a finance ministers here in brussels were pretty reunited when it comes to italy's fifty mond of the commission rather hear that italy should hand in a new trial for budgets they spoke of dialogue as well that so that showed some room of flexibility but the advice for instance from the french finance minister was very clear take the hand that has been reached out to you from the e.u. commission send in a new budget. so what happens next what's the next step. well the next step is that italy has time until the thirteen

you know italy of course is projecting the budget the budget will spur growth but the e.u. saying it has yet to really see where that growth is coming from who's right in this case i mean the government argues that because it is an expansionary fiscal policy basically it is injecting cash in the economy so we should see some sort of short term boost in growth now what they are not mentioning is that because they are losing financial markets along the way and interest rates are increasing this is having ripple down effects into the economy and we're already seeing borrowing costs for households for firms go up and indeed to italy is resenting the recession italian growth has already been slowing and the budget is not even approved yet. though as you know we often talk about this crisis in the context of the greek crisis that started in two thousand and nine but this is different right this seems well political. it is it is indeed you're right it is conversely from greece greece was an economic crisis but with a lot of political will on both sides the greek government and the

lead to market more oil well the comments came hours before an e.u. imposed deadline for its need to submit a new draft budget brussels rejected very initial plan which would deficit spending at two point four percent of the country's g.d.p. italy is so fossett it will not change its plans arguing it must bend to pray state's economy invest a consensus of the showdown have led to a rise in borrowing costs. well our own going conflict between rome and brussels is a big concern because italy is not just any economy is the euro zone's third

powers the e.u. can find italy for budget deficit breaches. but the bloc would need months to sanction a member state but then the markets would probably have delivered their own verdict . about markets paul shares time five percent in the u.s. dragging other tech shares down all over the world today suppliers of mobile phone parts across the globe it said that their largest customer widely taken to be a poll asked them to materially reduce shipments investors now fear that the fox or i phone is not selling as well as in the past apple is already under pressure after posting disappointing earnings earlier this month but then that would no longer report the sales numbers for its flagship smartphone bestest critic criticized that decision fearing a lack of transparency in the company's books. it's going straight to our markets first one and done a cope in front. loses forty billion dollars market value is that serious or just chickenfeed for a company that big. well i'm sure it was a really dark day ye

that is completely rejected by the e.u. commission and it's a first time that the government is not cooperating with the commission to find a solution and so brussels is now on for a showdown with italy so what's next what does this show include. where the commission can as early as next week launch a so-called excessive deficit procedure and advise italy formally to come up with new proposals and to get down to two to straighten out the numbers the estimate for growth for example all the levels but this procedure can easily take six months or more and the plan here bus is to take it until after until after the european elections in may two thousand and nineteen and the commission has a need to support from other member states but it will be a very messy procedure given that the populace right wing government really will not cooperate so far well it'll be interesting to see how the markets react in the meantime of course brussels has a lot on its plate these days also busy with breaks it in apparently there's a draft a deal

passed e.u. finance chiefs could in fact face sanctions the country wants to give tax breaks and provide a basic income for people in poverty says' know it. is already burdened with so much debt the european union has already moved to launch disciplinary procedures but really bout would be a last resort if italy fails to fall in line. assessment is that it elise that afterwards to the east in particular to see this noncompliance was a consulate accommodation of sorts these are to live with what they tell and government. of the able we see of the country sleepwalking into instability. will discuss this with the european commission president. as you know on saturday night i'm invited to dinner for what will be a constructive confrontation we have always been convinced about our draft is a draft that we thoroughly thought through and prepared we are convinced about the concrete notice of our political economic plan and so i'll be happy to evaluate the next steps you're pretty direct words there from

you're watching news from berlin still to come the budget showdown between italy and the e.u. a defiant rome vows to take it to the next level. the first palestinian militants in gaza including hamas have announced they will halt rocket attacks on israel if israel ceases its latest bombing campaign cross border violence flared up after an israeli raid on goes over the weekend palestinian militants responded by firing hundreds of rockets into southern israel killing one and injuring dozens and israel replied with airstrikes which left seven gazans dead egypt reportedly brokered the cease fire overnight. celebrating in the ruins these mass supporters this is a victory they gathered in gaza to achieve the militants military. the group's t.v. station my lai and rubble. but her mass managed to fire hundreds of missiles into israel. and his wound it is ready to respond if the truce breaks down i think there's we are committed to it as long as the israeli occupiers are but our hands are on the trigger if they violate it. disgrace disgrace these israeli protesters shout that building