these reforms would put the imf imf's finance putting modernize the imf's governance structure america's strong influence within the imf and more broadly as a leader of the international financial institutions. as the international community waits for congress to approve these reforms that we helped to design emerging and developed economies alike are looking to other alternatives as a means of driving the global system forward. our continued failure to approve the imf reforms is causing countries including some of our allies to question our commitment to the multilateral institutions that we have worked so hard to create. until these reforms are in place united states runs the risk of seeing its preeminent world in these institutions are brooded especially as others are establishing new parallel financial institutions. the fact is the imf reforms will help convince emerging companies to remain anchored in the multilateral system that the united states helped design and continues to lead and these reforms are win-win for the united states. they retain our veto power and they did not incr

we are the only country standing in the way of having imf reform become the policy of the imf. the impatience around the world is becoming extremely high. it is as if the united states said we recognized emerging countries need to have more voice but now we take this step even though it doesn't hurt the united states or the country. strengthens our position. it's critically important for leadership not just i met the more broadly for us to get this done. >> and you feel comfortable that -- i can understand if we were reluctant to engage in a deal where our loss was everyone else's gain. i totally understand taking the pro-american position on that but you are quite sure that we are not giving the store away? >> i have to say ronica we are being criticized on both sides by the countries they gain in the countries that lose standing in the way of reforms. >> let me go to the iis issue of the international association of insurance providers. we are trying trying to work out for performs as well and adopt standards. i understand the need for this and i understand the aig issue is p

the imf borden began to study the options. with the weakening commitment with the global economic issues. in response a number of developing countries led by china has begun to act independently to challenge western dominance last year the bric nations announce the shanghai development bank said they hope will apply full the world bank. sold to rival the development bank that countries such as china and russia are increasingly acting aside the establishment effective go beyond control that is some of the reasons republicans have stated they are not supporting the imf for those consequences but the more immediate question the felicitate within the imf had a time it allows a fundamental government with the institution of afford to carry more from you and with what is at stake and i yield back the balance of my time spirit the chair recognizes the gentleman from michigan for two minutes. >> thank you. secretary lew welcome back. and as the commissioner on services has pointed out with the regulatory environment to a growth agenda

we are the only country standing in the way of having imf reform become the policy of the imf. the impatience around the world is becoming extremely high. it is as if the united states said we recognized emerging countries need to have more voice but now we take this step even though it doesn't hurt the united states or the country. strengthens our position. it's critically important for leadership not just i met the more broadly for us to get this done. >> and you feel comfortable that -- i can understand if we were reluctant to engage in a deal where our loss was everyone else's gain. i totally understand taking the pro-american position on that but you are quite sure that we are not giving the store away? >> i have to say ronica we are being criticized on both sides by the countries they gain in the countries that lose standing in the way of reforms. >> let me go to the iis issue of the international association of insurance providers. we are trying trying to work out for performs as well and adopt standards. i understand the need for this and i understand the aig issue is p

approval on march 11 for the new imf program. to meet its reform requirements the ukrainian government has passed meaningful reform measures to improve public financing and reduce inefficient energy subsidies. provided the authority that here -- adhere to the reform program the imf projects that ukraine's economy will respond in 2016 -- expand in 2016. in view of the inherent uncertainties, there continue to be risks. this year's intensification of the conflict as imposed severe damage on an already fragile economy. significant structural damage has occurred within ukraine's economy. amid these challenges come ukraine's ambitious reform agenda deserves our continued support. core u.s. global security interests are at stake in ukraine and providing economic supported ukrainian government is an essential part of our strategy to respond to russian aggression. as long as ukraine's government continues to undertake difficult reforms, the international community must do all it can to support to help ukraine succeed and be prepared to a

but in the whole deal, much of the report goes into imf and the responsibilities to the imf. nothing in your report says that the whole game depends on the europeans, primarily germany, to keep balingiling out greece. now, the finance minister for greece just recently made a comment that we ought to tear up the whole agreement. now, that is causing, just on the 13th of march, it would have been nice if your report said on the 13th of march the german population switched pretty dramatically to where they don't favor greece getting my more bailout. in fact, they want greece out of the eu which then sets up the prospect that other nations who are financing the sovereign debt for europe would be extremely cautious about loaning to italy to spain, to portugal, to other nations. those would have been the nice things to hear about in this report about the economy, mr. secretary, mr. secretary of the world economy that we heard you're here to testify about, but i didn't hear any of that. i yield back, mr. chairman. >> the chair now recognizes the gentleman from colorado, mr. froman.

we're satisfied with the imf package. as you know, the united states had provided a $1 billion loan guarantee for ukraine last year. we intend to provide another one in the first half of this year. and working with congress to consider another $1 billion loan guarantee at the end of this year. so we appreciate congressional support for that. in terms of other countries we've had europe and other bilateral donors increase their assistance to ukraine in recent months. that's something that the senior additionals within the treasury as well as the state department have worked on. and we're going to continue to work on. we think that this government merits continued support not only from the united states but from other countries in the international financial institution. >> i support the packages. i think we're doing the right thing. but i just urge us wur our support for ukraine must include accountability and progress being made in regards to governance issues and human rights issues. we have to make highway clear. we'll

the reserves are down before the imf approved the package. they will use money for budget spending and reserves. it includes austerity measures raising energy prices for households, and a package for government and state enterprises. mark: does this preempt a bigger package? tony: yes. it expects the overall assistance to be $40 billion, including loans from other organizations and $15 billion that the ukraine hopes to make in negotiations with bondholders on the debts. that will now take place. the government hopes to reach an agreement with bondholders. mark: meanwhile, the fighting continues in the east of the country. how would you describe the truce reached in minsk? it is fragile, about as good as we can say. tony: yes, that is the word everyone relies on. certainly, the level of fighting has decreased markedly compared to what it was before the truce. each side accuses the other of breaching the truce routinely. while it cannot be said to be absolutely quiet it is better than what it was and people hope that the truce will take full ef

they have got the imf. you could argue -- they have got the world bank. >> china wants the want to be recognized as a major currency. it definitely is one of the three major trading currencies of the world, so again -- >> the obama administration seems to be changing its stance. it is saying it's ok if we cooperate with the other by national institutions. >> over the weekend there was a lot of chatter about the major miscalculation. i wonder to what extent they are saying, we messed up here. >> the course they messed up. there is no point in making a point like that and losing. they should have known before they would lose the argument. why even bother? instead of embracing it and saying, let's work together great idea. why not? rishaad: let's talk about what we have got this week. quite a lot of economic data coming out of the u.s., but you are not convinced by the recovery. the other data, jobs data deceives when it comes to the rest of the economy. >> that's my favorite bloomberg chart. we had surprises

it is a five-year plan for china and the imf. rishaad: thank you indeed for that, christine in beijing. reporter: these are stories making headlines across the world. the united nations say that yemen is headed for civil war. sherry: this is the latest blow to the embattled president who fled the capital last month and set up an interim capital. the special envoy warned of a protected conflict like those in iran and syria and libya. the u.s. has withdrawn forces from yemen. texas senator ted cruz will announce a campaign for president later today, becoming the first major republican joining the race. he has set a fundraising goal to as much as $50 million in the primaries. he will face former florida governor jeb bush, new jersey's chris christie. they are all expected to run have not formally declared yet. singapore's founding father lee kuan yew has died at the age of 91. he has been suffering from pneumonia and his condition worsened over the weekend. he was a lawyer who love singapore from 1959 through independence in 1965 un

the imf projects that ukraine's economy. in view of the uncertainties and security situation, there continued to be risks. this year's intensification of the conflict has imposed severe conflict. currency depreciation has put a strain on the banking sector and structural damage has occurred within the economy. and it is challenges ukraine's reform agenda requires our support. it is a central part of our strategy to respond to russian aggression as long as ukraine's government continues to undertake difficult reforms, the international community must do all it can to help ukraine succeed and adaptive strategy is required at the same time, as long as russia disregards the commitment the costs will continue to rise. as with all emerging-market crises the path to success is not without obstacles, or take merely amid the current security backdrop. however, critical elements needed for success in ambitious reform programs, a government committed to change and a sizable international support package are currently in place. to that

is coupled with the imf aid. on top of that $15 billion of debt effectively getting restructured. caroline: restructured or written off? ryan: negotiations have begun and your mesko is quite the -- y uresko is quite the negotiator. she is saying that you need the full cocktail. you need extension of debt maturity and a reduction of coupon and principal. this is something we will be discussing today in a lot more detail. to what extent she is finding creditors are prepared to do that. caroline: is that why she is here? to get creditors and front of her and to explain? ryan: it is all about that. another big creditor is russia which has lent -- yesterday she said they have reached out to the russian side of it and have not heard back yet. big concern among investors particularly those holding ukrainian bonds, they will call their $3 billion loan early. they could because the ukraine debt to gdp ratio would allow that. caroline: you have been on the ground in the ukraine, with a fight fire with fire or would they re

the imf has approved $17.5 billion loan program for ukraine. they will receive an immediate $5 billion disbursement to stave off default. their economy is expected to shrink by 12% because of the conflict in the east of the country. china's central-bank has a lower deposit rates, which they had raised to maximum allowed levels. that is according to people familiar with the matter. they conducted window guidance earlier this month to encourage banks to lower the rates. they were concerned that some banks were moving to aggressively on raising deposit rates. alibaba is planning to invest in snapchat in a plan that would invest the start up at $15 billion. they plan to put 200 million dollars into the mobile app that allows users to send each other photos and videos that then disappear. coming up, we talk more fx. let's check on the single currency. we broke the 1.05 level earlier on. it is that 1.05 -- at 1.0592. we will have plenty more next. we also have some numbers before we had to break. the operating profit for full-year 2014. it is less th

it remains to be seen -- first of all if the imf signs up on this. if they do what will happen to the economy beyond that. >> the other next question is this money enough? also david, has enough reform been done within the ukrainian economy and within the ukrainian institution to make this money effective? what stopped western creditors in the past from giveing money to ukraine, the fact it is not a fully reformed economy and not capable of best utilizing this sort of money. are western creditors more confident in it? >> reporter: exactly. two very good questions. first, is this money enough? potentially it will paste over some holes. in the long run, no we're talking $40 billion needed or could become available from other investors. the other question that you pose have they done enough? that's the big question ultimately what the imf will be discussing today and other investors have been discussing have the ukrainians taken necessary reforms. there's a very ambitious reform package they're starting to undertake. there is a great deal that needs to

congress agreed to increase china voting share in the imf. >> if it's up to indonesia the headquarters of the investment bank should be based right here and they say it's a logical choice because the country will be one of its biggest clients and they want to invest $438 u.s. billion in infrastructure and build railroad and 600 kilometers of roads and 28 sea ports and 48 dams and most of the money will have to come from foreign investments and they are working hard to host the bank and also eying one of its most powerful positions, the vice presidency. but many are questioning indonesia's chances due to a lack of proper infrastructure and space right here to host such a prestigious international institution. >> reporter: they are seeking to challenge washington's dominance of two of the world's biggest financial institutions the world bank and the international monetary fund but too long beijing says washington's voice prevailed here and institutions need reform and no longer reflect the changing shape of the global economy, an economy that is increasingly dominated by china so the ban

the bank is did he sign today target infrastructure projects that are not being funded by the imf and the world bank it's hoping to fill a funds being gap of $800 billion a year. but the u.s. says the initiative will fall short of international banking standards. in a moment we'll hear the view from jakarta and bay jinx, bus first tom acker ackerman in washington. >> reporter: here at world bank headquarters the chinese initiative is not being seen as a competitive threat. the american president of the bank says it's already in deep discussions about cooperating on infrastructure projects and another major institution the imf is also sounding positive about the new lending group. >> i think that the many are sometimes the better. and there is plenty of work to be done. infrastructure needs is not in short supply. >> reporter: the u.s. officials say they are willing to look at co funding so long as they comply with high standards of transparency and concern for the environment. mean here believe that the chinese would not have been driven to set up the new bank if the u.s. congress had

and imf within the wto? they get enough benefits. >> a lot of people argue that one of the symptoms of declining western power is the imf and world bank are losing relevancy. >> the chinese are starting institutions. the development bank and so forth. these are not going to release -- replace the imf. the chinese still get enormous benefits out of the wto. when the dispute settlement mechanism goes against them they obey it. they have something to gain from this. >> president summers had a couple jobs in washington. forcefully shifting the dialogue saying the idea of long-term investment in education is false and our policy should be on investment in jobs growth. do you think he is onto something? >> i think larry would argue that you want both. his argument is if you have a rising tide you will be able to finance a lot of other things. as an educator, he would still put a bet -- >> my kids don't know in normal america. is joseph nye optimistic that we can get back to that sense of a rising tide? >> i think

the imf. unclear if they can make the payment without getting some of them $7.2 billion left over from the bailout. they have another day in april april 14, rollover treasury bills and what billion euros on april 17. can greek banks by them? will the ecb allow them? the ecb is torn. they do not want to lose the most as it may have a supervisory role. that is the mix of things going on right now. we have a greek minister over the weekend saying confrontation is really the only way out of it. i am carries to see what the markets has to say -- markets has to say. francine: let's get to marcus. what will tsipras say to lawmakers? marcu a chance fors: tsipras -- marcus: a chance for tsipras to justify what it needs to happen and also a big question of what kind of rhetoric we will see today and whether it is gearing up for more battle or conciliatory. it has been a cup -- tough couple of months. probably more so then expected. getting a tough ride domestically as mentioned the energy minister consi

the imf deemed the current deal inadequate. ukraine must continue economic overhauls. >> this is a four-year long program. it obliges to move forward. it opens the door to receiving 7.5 william u.s. dollars in additional -- $7.5 billion in additional u.s. aid. >> the combined package is estimated at $40 billion, which plunges ukraine deeper into debt. anchor: an american astronaut and two russian cosmonauts have returned back to space. barry wilmore, elena serova, and alexander samokutyaev landed shortly after sunrise on thursday. the first female russian to have spent time on the international space station. the left earth spending 167 days in space and traveling over 112 million kilometers. they carried out a number of repairs on the station. >> hello and welcome to inside the americas. trouble at the top for brazil's ruling party, accused of taking $200 million worth of kickbacks. hillary clinton breaks her silence. had been considered a free run to the presidency. once again chile is confronted by the shadow of general pino

one of the reasons imf reform ratification is so important. our ability to keep action at a high standard is critical. it is not an accident. frankly the united states has stalled a modest and reasonable set of reforms. >> i would suggest they go to the knew development bank because they know they can get the project financed. >> i no that there are other countries joining those institutions who are concerned about environmental standards. those issues will have to be worked out as the knew banks develop their rules. they are responsible for what we do directly and through the institutions we are appointed a leadership role in. >> i want to ask you a question. when it comes to global challenges food insecurity and gender imbalances, the world continues to rely on developing countries make concrete investments to meet challenges. tangential, but there is a huge balance in asia. the course of one child policy. the disproportionate effect it has had on little girls. can you.to anything that this administration has done to address that gender imba

interview, he said he imf add to the basket. i think it is for obvious reasons. represents thet ongoing aspect of what has been happening for the past many particularly the huge important in world trade they -- world trade. i don't think we should have seen so dismissed as in 2010. i think it is going to take the -- to do it. at the moment i am assuming it owing to happen. quite what would it mean to the value of the renminbi? >> i'm not sure. think the weakness going to be temporary. i think it is part and parcel of up, andp, -- growing the chinese are trying to deliberately introduce more volatility. these days when people ask about the euro i say it's going to go up and down. >> a year ago you said short the euro. you made the right call. >> i am kicking myself. i know why i am not using other people's money. i almost not the day. i was feeling cocky with myself area -- myself. i am not going to be uncle george soros. i kind of got it right. i'm not convinced it's going to fall that much in the future. i was amongst those that was not in the slightest bit surp

greece still owns the imf just shy of $1 billion this month. today, the country's handing over another payment of $591 million. this after it paid $55 million last friday. the final payment for this month of $5355 million is then due on friday, the 20th of march. with me in the studio is our world business correspondent nigel castro. it's easy to get lost in the numbers. let's look at the more macro picture here. would you say there's actually been a slight change in the mood music surrounding greece particularly that key dynamic between germany and greece? >> i'm actually not sure that there has been. i think there was for a little while, because, notwithstanding his hard math kind of persona. >> the german finance minister. >> indeed, i mean he kept things going, but some of the more less intended in greece have had strong things to say about greece. there was this unnecessary reference to the need for war preparations. this has had the unfortunate effect of rather than changing public opinion within greece by and large -- within germany, i s

and then later we have the euro payment due to the imf. there are crucial payments in the week thereafter. 1.4 billion and treasury bills will need to be rolled over. on friday we did have fitch come out and say that greece presents a substantial credit risk and there is a 72% chance that they reneg. earlier in the month it was 67%. there is a question as to whether they will be allowed to refinance the t-bills and how healthy the greek banks are. caroline: a phenomenal amount of debt, have him euros worth -- 8 billion euros worth. -- have over a trill -- half of a trillion euros worth. manus: the started your is cold and the -- starter gun is pulled and cameron has dissolved parliament. >> the biggest risk is the eu exit. this is the full-page ad, the first step in wooing the business lobby. they will be here today to take the plunge and focus it around commitments on your. -- europe. torries plunged and -- pl;edged and in/out referendum. this could resume positively by many in the business community but we are likely to your other things

i do not think the imf payment is going to be missed. i think it might be partly political to visit. i am sure there are people looking at how money can be borrowed in the future. there might be calls going out to goldman sachs and other banks. the 450 million euros is not that challenging to find. francine: what does it mean for the banks? >> if you look at the percentage of funding coming from the ecb and the domestic greek deposits, those of the biggest components. as long as the headlines continue to be uncertain you will see a bleeding of the deposits. if there is a political signal, i expect the ecb to increase the ceiling. i think a lot depends on the political signal and what i see, despite the rhetoric and disagreements we will see a compromise of one kind or another. francine: we have breaking news. i was trying to find it on my bloomberg terminal. this is a rating by fitch. the outlook is stable. we will have more from china. stocks have had a spectacular rise. fitch the latest to affirm the a plus. here is a look at what else

, but it is clear that the imf being senior to everyone else, once they are delayed to the imf then you are in the countdown to the next payment, which they would not be able to make -- and so forth. manus: let's set greece aside for a moment. hopefully it is something that will get resolved. if we look at the broader context of europe the mongering seems to have tapered out. consumer prices in germany are up. spain, things weren't as bad on the inflation outlook. you see and you look of very yeah -- you see a very holistic picture. >> of what i think we are seeing in europe today -- and this is something we have been hearing from the ecb -- a cyclical recovery, below oil price, the weaker euro, improving credit channels, these factors that have been helping the european central lift higher. the danger that i see is that if we don't continue with the reform process, is that, a year or two this recovery could run out of momentum. when you look at the details of the recovery, they have -- the sector has been quite important. when you look at the other side of the atlantic, it is back at p

the010, the imf said that yuan was not a good candidate. since then china has really they havets programs opened up free-trade zones. hong kong shanghai connect happen. quite a lot of things to get the yuan circulating in the global economy. they have planned to free up rules for investors overseas. china is now the world's second-largest economy. -- may bee sun can't time for you guys to come into the basket. busy and reforming its own economy. we are also seeing slowing growth and why now? china can't do anything unless it sees this fitting into its overall land. -- plan. this dust into the overall plan. longer-term by governments. china is looking to make the currency more freely tradable. as it looks to recap the currency, this can add something to the currency. when people buy bonds as they usually do with the reserve currency, it is money you can use for economy. china did learn that lesson with all the u.s. bonds they held in reserve for many years. this would also make the currency cheaper for chinese banks. not necessarily a bad th

it exited the program from the imf a year ago. it's basically on track for a very very strong performance in terms of economic growth this year having been the fastest growing euro zone economy in 2014. it's replacing those loans with very cheap long-term debt. the irish ten year paper which at its peak was a yield of 14 to 15%, you couldn't touch it was now under 1% for ten years. they have come a long way and stuck to the program: they turn this economy around and not have a boom like we have last time around. with that said it's very happy with the situation one year before the election and it's obviously a very mirror image. very different from what we're seeing in greece. so i spoke to him about compare and contrast almost. >> we actually made better propositions than they were making themselves. by that i mean that we didn't tax employmentment we didn't increase income taxes. we made propositions that balanced out in the sense of being able to have a constructive engagement with them and there by make progress. now we're in

>> this is about ukraine doing what it needs to do to make the imf happy, so the imf gives them the $17 billion as part of a bigger package later in the month. economically speaking, things are really getting bad precipitously year. we have an inflation rate officially of around 28%. unofficially people are saying it's closer to 65%. the economy is said to contract by 12% this year. >> ryan, we are going to have to leave it there. we will speak to you through the mornings programming. >> let's look as chinese stocks digest a mixed weekend. we had surprise rate cut from the people's bank of china. on the other, more evidence of disinflation. good morning, eve on. -- yvonne. but china has lowered interest rates as the economy continues to show signs. a surprise move. more help is needed. they are expecting another triple cut in the near future. let's talk about the liquidity to come here. they have talked about lending down 25 basis points eve effective yesterday. the one-year deposit down to two and a half percent. the lending rate 5.35%. some say the timing was right. some even say it w

greece wants more talks on its debt repayments, but insists it will not renege on what it owes to the imf. the government faces $7.5 billion to the ecb this summer. they pledged a series of government reforms that must be finalized by april. greece will not be given any more money until those reforms are accepted by their creditors. >> we will prioritize, we will not be the first country not to meet our obligations to the imf. we shall squeeze blood out of stone if we need to do this on our own. the ecb payments are in a different league and we shall have to determine this. >> the israeli prime minister has arrived in washington for a speech to congress that president obama does not want him to give. the speech has strained relations with the u.s.. he was invited by republican leaders who did not tell the white house in advance. >> police fired pepper spray to break up a protest on sunday. dozens of stores selling baby formula to mainlanders. the protesters blame them for distorting the local economy. hong kong's lack of sales tax make popular items cheaper. the goods are often taken over

all of these things, sticking to our long-term economic plan as the imf and the visit fis, to -- imf and others have advised us, to make sure the south end can continue to grow and perform well. >> in protecting universal benefits the prime minister says pensioners deserve dignity when they retire. retired constituents might say what is the point of a bus pass when there are no buses or even trains? [laughter] or even trains, as the conservative bourough counsel pocketed the additional money, which would have been used. will the prime minister do the right thing? >> the honorable lady needs to bring her question to a close, but that question notwithstanding a display of considerable rudeness, will be heard. that is the end of it. i don't care how long it takes. >> thank you, mr. speaker. will the prime minister do the right thing and ensure concessionary travel for all pensioners is fair and equitable? prime minister cameron: buses are the responsibility of the county council. i think the point made was a fair one. i talked about dignity and security in retirement because we have kep

we don't have the ability to move forward without an imf program. alix: investors will be eagle to hear about how the firm plans to recover from setbacks. amex said it is parting ways from costco. investors are betting if oil prices continue to fall we may see mergers and acquisitions pick up within the industry. some consultants say oil and gas companies will spend $450 billion buying each other this year. where will this energy be focused? thank you for being here. what kind of activity do you expect? asmar: good afternoon. thank you for having me. given the downturn the oil and gas industry went through, i think it is going to take time to begin in earnest. the industry needs to reset to a new base. the bid asks for delta between buyers and sellers become narrow. a number like that is certainly possible. the question would be and how many deals and over what time. that is a number that could occur. alix: what do you think? guests: i think what osmar: is saying is correct. potential buyers want a low amount. until volatility lessons, which the peo

felt creating these additional institutions on top of the existing world bank and imf creates parallel institutions which would compete, but from the chinese perspective and from the perspective of most developing countries, the prolong with the world bank is that the voting right system is quite acronistic and voting rights are heavily skewed to developed countries and china's share of voting rights in the world bank is far below the share of gdp. >> staying with china two years since flood waters swept through the chinese village and the government was criticized for being unprepared and heading number of deaths and al jazeera harry faucet reported in the days immediately after the disaster and 19 months later he returned to try and find more answers. >> reporter: the river that runs through is a trickle now as winter keeps a grip on northeast china but destruction left in summer of 2013 is still visible. we arrived four days after the flash flood to a town full of grief and anger. they were accusing authorities of covering up the true extent of the death toll. another person tried t

approval on march 11 for the new imf program, which will unlock a large disbursement of imf financing. based on international support pledged to date, ukraine's foreign exchange reserves are set to increase significantly over the next few weeks, which will bolster confidence and provide the authorities with space to further execute their ambitious reform agenda. to meet its reform requirements in advance of the imf board meeting, the ukrainian government passed meaningful and difficult reform measures to improve public finances and reduce inefficient energy subsidies. since these measures were taken, ukraine's currency and capital markets have rebounded significantly. provided that the authorities adhere to the reform program and the security situation does not deteriorate further, the imf projects that ukraine's economy will expand next year and foreign exchange reserves will rise substantially. in view of the inherent uncertainties in the security situation, there continue to be risks. this year's intensification of the conflict has imposed severe damage on an already fragile econom

those discussions are only beginning with what we anticipate will be the approval of the imf program tomorrow. second, let me also mention that treasury, specifically -- is cooperating with the ukrainian authorities on the other issue you mentioned, the recovery of assets. those assets went missing with the departure of the previous regime. we're certainly willing to look at the issue that you mentioned should that eventuality arise. but right now, russia as i said russia has not accelerated this claim and also this claim is going to be subject to the discussions between the ukrainian government and its creditors. >> one final point, i hope we don't wait until russia pulls such a tigger. i hope they don't, but then if it's all too late and the process of doing what is necessary to create the appropriate protection under international law as it relates to the u.n. security council resolutions, it may be too late. it seems to me there is no harm in having a discussion to be poised for that possibility so that we are not on the back end of trying to play catch-up ball. >> thank you, sen

this is data from the imf. those numbers according to the imf's predictions get better, but not much better. we are looking all the way out to 2020. private investment does not recover. there is not enough money in the public purse to make up for that. we were just in ukraine. i was struck by the retail numbers. they are way down. they are bad everywhere in the country. guest: i was in the east where there was fighting. we have had panic buying. the real story that was revealed a customer asks which of the bears are selling best. the shopkeeper looked at him like he didn't know what he was talking about. they hadn't sold anything today. the economic activity has fallen off a cliff. brendan: the imf demanded that ukraine make changes to its economy. that is going to be bad as well in the short term. they assume that nothing is going to get worse. guest: i think it's unfortunate that the imf asked for conditionality in the middle of a war. i think it's politically the wrong thing to do. it sends the wrong message

prioritizeoing to this and not be the first to not repay our obligations to the imf. the have determine this. markets and what it looks like right now. green arrows across the board. and 35 points away from the 6000 mark. they are cutting the one and the otherates big news is india. night and was a mixed joining us in the studio is the managing director and portfolio manager. and critics say this was a chance for the first full year budget to come out of the gates and set the town and it was a little tepid. what do you say? >> the budget is not all-encompassing and it is a fiscal statement with policies and some broad direction. it is a harsh to judge the country in the face of the budget. they could that, have done more with fiscal consolidation and have not done that because they want to focus you need tomy and empower the sector to be smart. the government has taken that gamble and i would be disappointed if they do not get back on the past next year. i think it is pro-growth. >> you are willing to be patient and give them the benefit of the doubt. what kind of opp

contribution to the multilateral effort the imf is leading. the issue has seen the last few weeks the ukrainian started that a hard legislative work to attack the problems in the economy economy, i gave a long list in my opening statement with the anti-corruption enduro to open the banking system to scrutiny. that will require implementation and with those economic support funds we have passed for to go to u.s. mentors and advisers to help them the public but it is a long road in that is why we have structured our support for the second loan guaranteed now but don't come back and tell the fall to see how the employment because that the ukrainians said to no less. is. >> now we go to the gentleman from california civic figure mr. chairman. this is a very complicated issue and perhaps a lot more complicated than the black-and-white alternatives we have been hearing about today. at one point with have heard ukraine desperately needs economic help and i would hope that our goal with his right to be occurring of thought to basically defeat or she r

the imf program is public. the targets in this consultation are public. with regard to the savings we need to achieve over four years. as well as the percentage of our gdp that we can in and the average year, used to finance the debt. i think anyone putting the pieces together has gotten a clear understanding of the situation and i think most people understand that the ukrainian people have borne an extraordinary burden over the last year and a half and this is part of making sure that ukraine moves forward as a sovereign state with a renewed and restored economy. ryan: the imf gave you a deadline of sorts to kind of come to some understanding in good faith, with creditors, by the end of june -- or at least have some talks. do you have to do a deal, do you have to have a restructuring in place by the end of june? is that a must? natalie jaresko: yes it is. the end of may is when it would be. we do need to reach agreement with our creditors. francine: that was ukraine's finance minister natalie jaresko talking to ryan chilcote. tune in to bloomberg tonight

we're not going to be the first country not to meet our obligations to the imf. we shall squeeze blood out of the stone if we need to do this on our own. the other payments are in a different league and we shall have to determine this in association with our partners. >> the israeli prime minister benjamin netanyahu has arrived in washington for a speech to congress that president obama doesn't want him to give. netanyahu is expected to concentrate on the dangers of iran's nuclear program. his speech has strained relat n relations with the u.s. he was invited by republican leaders who didn't tell obama in advance. he won't meet with president obama. >> at the international space station, new docking ports that will support the next generation of shuttles. developed by boeing and space x, expected to enter service in 2017. back inside the iss, an astronaut reported a water leak in his helmet for the second time in as many space walks. >> yuan fell to two-year low after china's central bank cut rates over the weekend. other key events we're watching this week. we'r

the imf guidelines clearly spell out that u.s. monetary policy, including quantitative easing is not currency manipulation. the first factor is protracted large-scale interventions in currency markets, and the u.s. has not engaged in that. the second factor is having an excessive amount of foreign exchange reserves. i could go through each factor. but suffice it to say that the imf has explicitly supported each round of u.s. quantitative easement since the great recession. u.s. monetary policy would not be put at risk by addressing currency through tpp. i look forward to discussing with my colleagues mr. chairman, in a bipartisan and bi-camera basis and with the administration how to include a strong enforceable currency manipulation provision, as well as tackling the other major outstanding issues in tpp that i outlined late last month in a document that i called "a path toward an effective tpp agreement." thank you, mr. secretary for your dedication and your service to our nation for many years, going back to the days when you w

the imf european central bank often known as have agreed in principle to extend greece's bailout until june but getting access to more money is dependent on athens implementing reforms which are distinctly unpopular there. remind ourselves of greece's financial position. not good. it's debts run to at least 324 billion euros. some people put it higher than that. 6 billion euros has to be paid back in the next two weeks and greece is funding day-to-day by borrowing from its own banks. issuing new bonds to repay the old ones. this is known as rolling over. emergency lending from the european central bank. on thursday, the prime minister warned that the only option now is to restructure greece's debt. raise tensions with the lenders further but we'll be keeping you up to date throughout the day. >>> also a world series this friday. we're going to have an interview with china's richest man. ling owns the largest private real estate company. and he's been talking to our chief business correspondent about his plans about why britain is the top local investment tip. you can see that interview

be many more talks between the eurogroup the greek authorities, and also the other institutions, the imf, the ecb, the european commission. according to our reporting, not so much common ground between the different sides. jonathan: never much common ground. rebecca christie, thank you very much for joining us this morning. it is time to get the investment take on greece. i'm joined by stuart richardson. stewart, great to have you with us. guest: thank you for having me. jonathan: a low bar in brussels. this referendum talk, what is it all about? one minute it is on the eurozone, then that is pushed aside. then it is a referendum on policy. what are you expecting to happen? guest: not much in the short term. i think this whole talk of referendum is one part of the politicking that is going on between brussels and athens. maybe towards the end of the week, tensions could rise a little bit. payments could rise a couple billion euros. if greece could raise -- i don't expect any major interruptions even by the end of the week. they've given themselves for months. they are clearly some major

are going to have big payments that they are going to need to make and they will likely need the eu imf, ecb money if they are going to hope to stay current in their program. guy: hans nichols in berlin. thank you very much indeed. francine: we will continue to talk about the developments in greece. we will be talking to the former italian prime minister mario monti coming up on "the pulse." guy: as the greek drama plays out, we're not sure if it is zero pities or aristophanes -- euripides or aristophanes at this point, euro-dollar continues to play out. what will it mean for asset allocation in europe? we have plenty of time to get into the issues. will we get parity? >> there is that expression, don't fight the fed. that is the guidepost i would use for this. for the next year, dollar could appreciate 5% to 10%. when you think about the divergence of monetary policy this is as clear a set of guideposts as we've got for how to navigate this year. francine: for such a long time everybody was saying that the dollar should be so much higher than it was. lester, we saw dollar weakness and

greece faces a 1.2 billion payment to the imf. >> they believe that there is no great problem, there is a european problem. we want to go on together and solve all this misunderstanding. we will go on with the honest compromise. our intention is to implement these decisions. in a constructive way, in a way that will help lead to ending the crisis in europe. molly: that is the greek prime minister speaking following his meeting today in brussels. iceland has announced it is dropping its bid to join the european union six years after first applying. membership seemed attractive in 2009. that appears to have changed. thomas waterhouse tells us why. thomas: choosing to stay out in the cold. iceland informed the eu of the government's decision to cancel its application to join. >> iceland's interests are better served outside the european union. thomas: one key obstacle was the difference of opinion between brussels and iceland about the fishing quotas. it is vital to the island's economy. talks began in 2009 when the elected government felt euro zone membership could help them cushion th

according to imf boss. the indian finance minister telling me there might be too much euphoria around the stock market. >> i think the markets aren't the best representative of the economy. >>> trimming the consumer lending business again by ge. >>> and welcome everyone to the show on this monday morning. last week it was the currency space that dominated investor discussion. the euro dollar trade. this week will be janet yellen lose patience? that will be the big question. >> absolutely. age lot of moves we've seen in the bond and currency market has been around expectations what she may or may not say. expectations remain around june to september. that's a sufficient strong data we've been seeing has been enough to push the dollar higher. >> it ha. it will be interesting to' if janet yellen comments on the negative impact on the stronger dollar. something we'll watching on tuesday and wednesday. >> and the weaker euro has been driving the european better that night u.s. >> take a look at u.s. futures. her

the loan from the imf is the latest attempt to help the country avoid bankruptcy. in total the combined package of assistance from the imf and others is estimated to be $40 billion. >>> charges have been brought against two people linked to the paris attacks in january of this year. both men are said to have been in contact with the gunmen who opened fire at a jewish supermarket. dna from one of the accused was found on a stun gun it is claimed at the scene. >>> swedish prosecutors now say they could question wikileaks founder in london which could unlock a stalemate in the almost five years it has taken to investigation sexual assault allegations. jonah hull reports. >> reporter: at the ecuadorian embassy in london is police presence is poised day and night to arrest the wikileaks founder if he steps foot outside. from his almost three year confinement inside, he is said to have welcomed a swedish prosecution request to be able to interview him here. it is alleged he committed sex crimes including rape involving two women in sweden in 2010 allegations he has alrea

delay on pushing for a form on the imf, that preceded all of this, as the u.s. criticism of this investment bank. publicly, are we hearing any one noting those as missteps? >> not publicly. it is sort of given that the u.s. has been wrong-footed on this. but having said that, the public criticism has basically been, can we trust this bank to be beyond reproach? will that lending, and this is all about infrastructure lending. they're talking about very big amounts of money to fund very big projects, and there's no shortage of those projects throughout asia. the question is, will that money be delivered cleanly and honestly, or will china use this bank as a way of exerting political leverage. we will lend you the money if you do something for us in return. that is the question. it's not an illegitimate question by any means, and we'll have to wait and see how this bank operates to make sure it is above reproach. if it's not, and it becomes a tool for china, then it's a failure. but think how many other founding members are involved. the very, very top level there.

that, the imf will accept on the 11th of march. now that i'm on the ground, i have to say, it is quite visual. this country is in dire financial straits. francine: all right, ryan chilcote. i think we have some technical difficulties because he is in the eastern part of ukraine where phone lines aren't working that well. guy: let's talk about the way investors should be reading this situation. tim ash is here, the head of emerging-market research at standard bank. russian markets up this morning. is that the right reaction? guest: they've been rallying for a month or so on the assumption that the situation in row -- in ukraine may go through a lull. the people may think they are winning and there is a positive outcome. guy: the protests like this, does it change anything internally? guest: i think -- it happened late on friday. the investor base had the whole weekend to think about it. they had time to look at the demonstrations. investors hate instability. i guess the reality is that the opposition in russia are weakened, despite

the imf is also sounding positive about the new lending group. >> i think that the manyier, sometimes the better. and there is plenty of work to be done. infrastructure need is not in short supply. >>reporter: u.s. officials say they're willing to look at cofinancing some projects with the chinese-led bank as long as they maintain the high standards of transparency and the environment. >>> turkish special forces have entered a courthouse in istanbul where a prosecutor was taken hostage by an armed group. a banned leftist group has claimed responsibility and is threatening to kill the prosecutor unless certain demands are met. negotiates are now under way. they are now investigating the death of a teenager who was hit by a tear gas cannister two years ago during antigovernment protests. >>> search operations are continuing in the french alps around the site of the germanwings crash last week. 150 people died after the co-pilot veered the plane into a mountain top on the french alps a week ago. >>> istanbul and the capital were among the areas hit by a electrical blackout. reports sugge