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against hasty budget measures. he'll testify today and according to prepared mark, he'll suggest that economic growth is likely to be weak for some time. he will say the path of fiscal consolidation should be gradual with a multi-year phase in of reforms. and he'll warn heavily indebted countries not to resort to draconian measures to fix their budgets. he argues this would risk a self reinforcing negative spiral of growth killing austerity. they have to shift the way they think over there. their response has been raise taxes, cut spending. but they really need to grow. they're so fo...

we'll keep our eyes on that. looks like probably going to get a weaker start handing over from here in europe to you. and actually talk about handing over, i've had enough of staying here in europe. what i want to do is come over to the states. and funny enough, it's easy to do. >> love this. >> what is wrong? >> i thought you were in london? was that not just there? >> yeah, that -- all the times that i've been -- >> welcome. tv magic. >> you can imagine sitting in joe's seat. great to have you today. >> joe couldn't make it? >> joe couldn't make it, so you flew over just for us. >>...

she'll talk about what's ahead for greece, and the eurozone's economic commissioner. >> let's have a look at where we are. this could be the first weekly decline we have so far this year for the dow jones industrial average. the nasdaq actually doing better for the week abroad. it's still gaining. s&p also down, and indeed it has a weekly decline. what are traders talking about today. mary thompson is our eye on the floor. >> they have plenty to talk about, don't they? >> i think they would love to have a piece of that facebook. >> if facebook becomes public, it would rank 25th in th...

>wipelley: good evening, european heads of government worked for weeks on a deal to prevent greece from defaulting on its debts and threatening the work world economy. tonight there is reason to believe the greek government may be collapse and take the deal with it. she chaos in greece triggered a sell-off on markets all around owe world. on wall street the dow fell nearly 300 points and an important wall street firm called m.f. global has collapsed because of its exposure to european debt. we have reports from both sides of the atlantic. first, anthony mason in new york where the ba...

>> pelley: good evening, european heads of government worked for weeks on a deal to prevent greece from defaulting on its debts and threatening the world economy. tonight there is reason to believe the greek government may collapse and take the deal with it. the chaos in greece trick triggered a selloff on markets all around the world. on wall street the dow fell nearly 300 points and an important wall street firm called m.f. global has collapsed because of its exposure to european debt. we have reports from both sides of the atlantic. first, anthony mason in new york where the bankr...