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tv   Journal  PBS  June 25, 2012 6:30pm-7:00pm PDT

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>> cypress adding insult to the growing list of the eu countries seeking a bailout for its teetering banks. be stepped up. christina lighting penalty shootout. in beating england to move on to the semi-finals. -- the penalty lighting shootout. captioned by the national captioning institute click spain has officially applied for billions from the bailout fund for its troubled banks. it's not clear how much will be needed.
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not an easy date for the eurozone fourth largest economy. >> spain was not alone in seeking help. cyprus is now looking for money to bail out its banks. it is heavily exposed to greek sovereign debt. >> cyprus will become the fifth to ask for a bailout to prop up their banks. the system is closely tied to that of greece. the rating agency's fitch has reduced them to junk status. they put it at $4 billion. it released brussels -- it reached in brussels on saturday. spain will seek favorable conditions like those awarded to greece, ireland, and portugal.
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that would include 15 years to repay the loan. the low-interest rate under 4% with no repayment required in the first five years. >> this will be decisive step towards but improving credit worthiness. we will do everything we can to restore confidence in the euro. >> the spanish banks are weighted down by bad debts following the collapse of the real-estate market. it is designed to prevent a banking crisis. >> and just how worried are officials in brussels? nina joins us from brussels. the weakness in spanish banks haven't been going and many have
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seen this bring on the horizon. what about cyprus? did officials of view this as being a threat as well? >> it has been known for very long time that's price -- that cyprus is a concern. it was the massive write-down of greek bonds earlier this year in helping greece with the hair cut that pushed cyprus's banks so hard that now they need some help. analysts knew that, but what they did not know was whether or not you can see that it was going to go for the european bailout solution or rather look for help of a bilateral solution with russia or china. now cyprus has gone to the european solution. it is quite an embarrassing situation.
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on the first of july, this is the first time that the eu will be headed by a country that cannot finance itself. >> you mentioned the political situation in greece which remains uncertain. the new finance minister has resigned and the new prime minister is undergoing surgery. but what is happening with degrees right now? -- with greece now? >> greece continues to be a problem child number one. the finance minister resigned before he had even started his job. the greek finance -- prime minister is recovering from a detached retina. he will not go to the eu summit, so he will be sending 83-year- old representative for greece. when they're trying to push forward to a stronger political and economic union, they need reliable partners to do that.
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>> thanks for that update, nina, from brussels. more on the and knocked out effect on a regional level of banks with a look at the situation in cyprus. cyprus is looking for help from the eu as they struggle to shore up their banks. >> we're going to take a look at how the banking crisis is affecting every day of cyprians to say this is going from bad to worse. >> it is so bad the government is requesting budget bailouts as well as bank bailouts. >> for eight years, he owned a store here in the center of this city selling electrical goods. after the euro crisis started making itself felt, it did not take long for his business to dry up. >> people are unable to meet these expenses. they are unable to pay. we're trying to create debts. we could not take money from the
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customers because they did not have money. we could not place orders, therefore we had to close up. >> he's not alone. according to cyprian industry, 60 businesses are closing every month on average. this goes for the capital was well as the southern great part of the country. -- greek part. they got caught up in the resin crisis. financial experts blame the exposure to greek banks. >> cyprus bankings at all bhems. due to the greek problem, cyprus banking sector is unable to finance growth. >> cyprus is heavily dependent on tourism, and the crisis is taking its toll here as well. in february, bookings fell 11%.
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for years, the island was known as an eu tax haven. foreign investors who wanted a place bonds year came to financial advisers for help, but this has rattled investor confidence. he hopes cypress will hold on to their tax advantages even if it receives an eu bailouts. >> nowadays, the corporate taxes in 10%. there is no taxes or dividends blowing -- flowing to beneficial owners. as you know, the island has kept the low tax rates. that has been agreed by the european union. therefore, i believe cypress can achieve the same treatment. >> small-business owners like this one accused the business -- the government of delaying reforms for years. he predicts a bailout will not improve conditions.
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>> again, with a bailout it will be reduced some people will not be able to spend as before. generally, the prediction of our association is that 2013 will be worse. >> his store may stand empty for years to come. >> c
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was hiring on a second plane that flew there to help to look for the pilot who was still missing from the first plane. now the turkish government is trying to work out a response. they're trying to shore up support for their own position. the prime minister is expected to announce turkish official riyadh -- announcements tomorrow that will be eagerly anticipated here in turkey. national mood right now towards syria. what is the mood considering the search is on for two pilots and another aircraft has been shot at? >> the predominant mood is that syria should be punished for this. but it should be a pinpoint punishment. it should not be an all-out war with the southern neighbor.
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they're very aware of the national pride in the field that incident. turkey should not ignore this. on the other hand, they have to find a balance between hitting back tthe syrians and setting the whole region on fire, which they do not intend to do. they have to walk a fine line here. that is why everyone is wondering about the program. announced tomorrow. >> thank you for that from incidental. -- from istanbul. this comes as turkey continues the search for two of their pilots. the fate of the f-4 and its crew shot down in syria is one that emerged after the aircraft accidently strayed into syrian airspace. >> nato ambassadors are due to address this on tuesday. european union foreign ministers hoped for sanctions against damascus to be stepped up.
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>> the search continues for the two pilots of the shot down plane. syria continues to dispute the circumstances surrounding the incident. it could take months to establish how and where the plane was fired on. the eu is standing firmly behind turkey. >> we can then be an acceptable shooting down of the turkish military plane by syria on friday -- we condemn this shooting down. must comply. we will continue to put pressure on the regime. >> the german foreign minister has praised the turkish measured response. so far, he has responded on a diplomatic level. >> we are not prepared to speculate about military intervention. it is something we advise against. instead, it is necessary to continue working to find a political solution.
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>> restraint is the message from the eu foreign ministers. on tuesday, the discussion to move to an emergency nato session is called by turkey. >> the political transition in egypt is continuing with the president-elect putting together a coalition expected to be proposing a wide ranging domestic and foreign policy changes. muris was declared winner over the weekend. >> the candidate from the muslim brotherhood promises to be a leader for all egyptians, but he will have his work cut out for him. >> as tyrone awakened to a new political era, tahrir square settle indebted to normality. some of them got a few hours of sleep after night-long celebrations. on sunday afternoon, jubilation erupted in the square as it became clear that mursi had won,. said he wanted to be a leader for all egyptians.
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he also tried to relay national concerns -- international concerns. >> we will preserve the international accords and treaties. we carry a message of peace to the world. >> the message has become garbled when it comes to iran. the president-elect has denied giving an interview with the iranian news agency. they claim they spoke with him sunday before he was named president and that he vowed to pursue closer ties with iran. he is reported to have said, "part of my agenda is the development of ties between iran and the trip that will create a strategic balance in the region." questions remain over how much authority mursi will actually have with having curtailing of the president's powers. some demonstrators have about to stay put until their demands for full democracy are met.
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"stay with us. after the break, a look at euro 2012 and the england-italy match.
6:46 pm the first port of call. >> thanks for staying with us. >> welcome back. the european soccer championships have been keeping a large portion of our planet on the collective edge of their seats. the italy have an inkling came down to a grueling penalty shoot out. -- the italy-finland game came down. >> the italians managed to hold their nerve and stop them. is is not the first time england has had a problems with penalty kicks. >> jubilation for the italians, both in the stadium and back home. the party in wrong continued late into the night after a match that was on a knife's edge for most of the evening. the game began with a flurry of
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chances. he hit the post in the third minute. moments later, johnson had a good chance for england. it was denied by the keeper. the upstanding playmaker do with a dream pass, but the keeper ride in the nick of time. they kept up the tempo and he was deservedly named uefa's man of the match. italy kept dictating the terms of the second half, but they squandered their best opportunities. the rest were blocked by the england keeper, joe hart. . and continue to have opportunities. rooney miss the last one for england in regular time. after extra time, the score was still nil all and it went to penalties. he let his goal in for italy.
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this crucial penalty was saved. diamante made no mistake. italy won 4-2 and penalties. this is the sixth time they have lost in a tournament on penalties. >> italy will now face one of the tournament favorites, germany, on thursday. the germans have a high octane attack but this is as far as they got against the italians in the world cup six years ago. >> what are their chances? here is the german captain on that. >> they're very clever. they are tactically very adepts. we know that about the italians. they are difficult to be. -- to beat. we're looking for a classic game of football. we know it's never easy against the italians. hard work is always required,
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and that will be the case in the semifinal. >> impressive possession soccer. >> that could be a challenge for germany, whose young players have one goal in mind, winning the tournament. >> there is no denying that the euro 2012 can be a real zoo. tough conditions and lots of spectators, just like the real zoo in gadansk. this is where they are preparing for their clash in warsaw where they will try to improve on their non-to impressive record on the italians. we're concentrating on the present. what happens in the past does not interest us. no one figured the 2006 world cup winner would go far, but in the quarterfinal match against england, they showed their superiority. they had problems scoring. if their star forward improves, he could make life hard for germany.
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we really got to watch him, because he really uses his body in the game. he's very good at finishing place. we generally concentrate on the team, not on individual players. it is the italians who will have a tough go. our goal is to take the next at to get into the final period whether one of germany's players will help them take that step is an open question. he is still recouping from a leg injury. in this all or nothing match, there is no monkeying around. >> still to come, a look to the u.s. with the supreme court is due to rule on health care. >> here is a short look at these other stories. >> russian president vladimir putin as on a visit to israel. they want moscow to step up the pressure on iran over their nuclear program. after meeting with the israeli prime minister, benjamin netanyahu, they said they wanted to use "peaceful means" to deter
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iran. >> the court in ukraine has adjourned a second trial of the former prime minister. she has refused to attend meetings in the tax evasion cases for health trials. already serving a seven-year sentence for abuse of office. >> colorado's facing its worst wildfires in a decade. 11,000 people have been evacuated on sunday from colorado springs and nearby towns. some of the top tourist destinations are under threat. military tanker planes have been called in to help the firefighters. >> now to the united states where the supreme court is said to rule on the legality of the president's health care reforms. >> while americans wait, in a reuters survey showed most a opposed the changes.
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>> if the court declares obamacare and constitutionalist, many americans hope that at least some of the more humane of the provisions continue to be upheld. >> it's the end of another work day for ben ritter in pennsylvania. his quality of life and that of his family have improved since the passage of president obama's health care reforms. 10 years ago, his twins were diagnosed with leukemia. his employer-sponsored insurance covered the treatment, but then his business started cutting jobs. the family feared he would lose his position, and with it -- their health insurance. >> there were a few times when we were worried with the downturn in the economy and they were closing some parts of his business. they let go a majority of the department he worked in. he was left to just him and another gentleman.
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there was a point in the past few years where we were terrified. >> if she had lost his company health insurance, his odds of finding another policy would have been slim because prior to president obama's health-care reform, they denied or charged exorbitant rates to cover those of pre-existing medical conditions. the health care reforms changed that. today, they can no longer deny coverage to children with pre- existing conditions. from 2014, this rule will apply to adults as well. >> there was a huge sigh of relief on my part and my family. we did not have to worry if my husband lost his job if other insurance companies would discriminate against our girls. we knew it would be legal for them to refuse care. that was a huge, huge fear we have always lived with. >> now they're worried that the supreme court could dismantle
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obama's health care reform. that is a scenario that would spell financial ruin for the family. >> it's very important. if it is upheld, the conditions, the key ones that affect my family, will stay in place. if it's overturned, then we have to redress back to the middle ages. >> relieved that their daughters have recovered, they are bracing for the supreme court ruling expected this week. >> how would you work like -- how would you like to work abroad? 19 of the leading companies have come together to make it possible for a number of young leaders in africa. >> we spoke to one of whomlande. >> his greatest wish was to work with commerzbank.
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coming from zimbabwe, he has seen at hyper-inflation close- up. his job provides a contrast. >> i work for the central bank in zimbabwe. i am more of a regulator. i'm in commerzbank which is regulated by the european central bank and the bundes bank, so i'm now getting to see the other side of the coin. >> the financial institution african team operates a network spanning 50 african states offering services to financial institutions and banks there. investors are closely watching every sector in africa from energy to infrastructure. with his unique experience, he has provided his german colleagues with valuable insights into such areas as banks and investment risks in zimbabwe. he understands the imponderables
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of doing business in africa. it has also witnessed firsthand how the global financial crisis has impacted african countries and their banks. rarely 200 meters from his office building, he comes across evidence of the anger over global financial policies. we asked the economist what he thinks about the occupy movement. >> i think they have every right to be concerned about the financial crisis because i think it is there for everyone to see what happens when we have a financial crisis in 2009 that started in the united states of america. i believe people would not want to go through the same process again, so i think policy makers should take heed of the concerns of the people. >> after one year with commerzbank, it will be time to return home. besides happy memories, he is taking with him a wealth of
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experience and insight into how the number two german bank operates. >> ireland has lost one of their mayest famous inhabitants. >> the giant 100-year-old toward is known as lonesome george has died. he was the last of subspecies they thought was extinct until they found him in 1972. over the years, researchers tried to pass on his genetic material without success. thanks so much for being with us. >> see you soon. >> bye bye.
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