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Former British PM Brown on Resolving EU Debt Crisis

This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.

Hello to our views across China, I'm Saijal Patel from CNBC and you're watching "Asia Market Daily".

The euro is facing its biggest test since it was created in 1999, as debt fears continue to plague the single currency.

But should all members of the euro zone support one weaker player?

CNBC's Maria Bartiromo asks former British Prime Minister Gordon Brown that very question, and also seeks his opinion on whether or not the UK should've offered a bailout loan to Ireland.

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(SOT) Gordon Brown, Former UK Prime Minister:

"Yes, but you've got to see the European problem has three different elements, and I think people are seeing it only as one at the moment. It's not just a fiscal deficit problem, it's a bank liability problem, the banks have got to face up to the fact they have got huge debts, and they are undercapitalized. Equally at the same time you got a growth problem, so solve the problem of the deficit without growth and you've got a deficit will come back again. So you've got to have in my view, a European sort of high noon where you did what we did with the G20 in April 2009 we brought all the leaders to London, we said look we're sitting here until we get a solution to this problem and what the markets have got to be convinced of, is that you've solved not only the fiscal deficit problem, but the bank liability problem and the structural impediments to growth. So it needs a European strategy that is built on these three elements. So I believe that Europe is perfectly capable of delivering that sort of strategy, it needs the political agreement of a number of leaders, I was a person who refused to bring Britain into the Euro, because I could see the inflexibility of the euro, which we're now seeing at the moment, but I want the euro to work because it would be a economic and political disaster if the euro then was unable to cope with the circumstances over time, but you don't deal it with one answer, you have to have answers to these three problems and it's got to be done very quickly in my view."

Maria Bartiromo: Is it fair to say though that UK didn't participate in bailing out Ireland even though it's not part of the Euro is to save its own banking system?

(SOT) Gordon Brown, Former UK Prime Minister:

"I think it's more to do with trade with Ireland. Our trade to Ireland is very important to us, but equally at the same time there were bank debts, the Royal Bank of Scotland in particular which had a huge exposure in Ireland, but I would say the definition of this problem in Europe, you got the periphery in trouble, you've got Portugal, Spain, Greece, and Ireland in trouble, and that somehow there's no problem at the core, I think there's an all European problem, because if you cannot grow, if Europe cannot grow, and if even some of the big banks at the core of Europe have got liabilities and will require bigger capitalization in future years, then that is something you'd be better to deal with it now than have to deal with later."

Maria Bartiromo: We talk so much about the rise of the east, and in many cases the decline, or certainly the slow stagnation in the west, what really should be done, and what are the implications of this rise in the east?

(SOT) Gordon Brown, Former UK Prime Minister:

"The size of the Asian consumer market in 10 year's time will be twice the size of the American consumer market. So you're talking about a massive shift in the economy. The major driver of growth is going to be Asian consumer demand. Now we have got to be prepared for that and equip ourselves for that. So first you have to provide the products for these markets, and that requires the skills and the technology that America, particularly America, but America and Europe can produce. Secondly we have to become the great free-traders So it's in America's interests to become not protectionist, but free trade. And I think the third thing is you need global co-operation, you can't do this now without China, India, America, Europe working together, and it's not working well enough. Free trade is going to be the weapon that America and Europe have to get into these markets, and have the cooperation to get jobs. I mean I believe if we can persuade China to consume more, more quickly, and the rest of Asia, I'm talking about Indonesia, Japan and so on and so forth, and we invest more in the goods we can make for the future, then probably we can create 15 million more jobs by 2014."

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Oprah is wrapping up her 25th and final season with two special shows, recorded at the Sydney Opera House today.

The queen of talk TV has been traveling across Australia for the last seven days, and as Darren Connell reports, the country may never be the same again.

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There's one thing you can say about Oprah Winfrey, and her entourage of 300 guests, 150 TV crew, she has made a big impression on Australia..

Australia going into an Oprah frenzy over the past few days, as she's weaved her way across the country leaving no heritage listed stone unturned on her Ultimate Australian adventure.

We've seen them on the Harbour Bridge. We've seen them flying over the 12 Apostles. We've seen them in Uluru. We've even seen them dropping in to a barbie (a barbecue) with a few locals, to get to know the real Australia.

She may be called the queen of Talk TV, but her trip to Australia has been no less than presidential in scale.

In Melbourne, her one and only public reception was attended by the Prime Minister and Victoria's newly elected premier. Not to be outdone, in Sydney hundreds turned up to see her having lunch at Bondi.

While the big O was in fine voice at a red carpet function attended by the New South Wales premier. For some getting close to Oprah is almost a spiritual experience. And no one will be hoping for a divine intervention more than Australia's tourism industry.

In one of the marketing coup of the century, the government paid around $5 million dollars to bring Oprah out to Australia. It's the first and last time Oprah's show and audience has ever gone overseas and its hoped she can weave her midas touch on a tourism industry that's facing a series of headwinds from an escalating dollar plus sluggish growth in key markets.

(SOT) Andrew McEvoy, Managing Director, Tourism Australia:

"Look I think Oprah Winfrey is a real coup and I think it's the personal connection she brings. It's her audience too, 25 - 54 year old women, above average income and in our world they are the travel decision makers. Its a real coup for Australia. It's a real coup for the tourism industry."

And it looks like the investment is starting to pay off. It's estimated the trip has already generated tens of millions of dollars worth of exposure even before the show goes to air.

"I love Australia." With publicity like that, Tourism Australia will be loving Oprah too.

Darren Connell, CNBC Australia.

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That wraps up the latest "Asia Market Daily".

I'm Saijal Patel from CNBC.

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