tv BBC World News WHUT May 17, 2012 7:00am-7:30am EDT
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cabinet. its job is to prepare for elections that could seal the fate of the euro. a judge, a soldier, and some professors. not a politician in sight. they will discuss europe's big question -- austerity or growth? >> hello and welcome to gmt. i am george alagiah, with a world of news and opinion. also in the program -- the ratko mladic trial has adjourned just one day after it began. the judge said prosecutors may errors in disclosing evidence. it will be vigil today. london becomes the official torchbearer. >> it is midday in london, 7:00 a.m. in washington, and 1:00 in the afternoon and athens, where a caretaker government has been
sworn in. it is made up of a judge, a soldier, and several leading academics. the politicians will be on the campaign trail again. on june 17, the greek people will have to choose between politicians ready to tear up the eurozone bailout deal, and those who say they will stick to it. the outcome could have far reaching consequences way beyond the borders of greece. >> [speaking foreign language] >> standing together to try to steady the greek ship as the greek people get ready to elect a new government. it will be a difficult few weeks for them and a period of uncertainty for the markets. >> [speaking foreign language] >> prayers were offered up, and probably just not in greece for this group of technocrats. the university professors, a
retired diplomat, a former general. the fear remains that a political limbo in greece will be followed by a stronger anti- vote next time.the next ti >> what we should look at is the optimal scenario, where the country has the political resolve to observe the commitment, comply with the undertaking, and stay within the zone, which seems to be the wish of the population. >> spain's stock market reflecting that it will be first in the line of fire, if greece led to a default there. the worry is the contagion would not stop there. >> prime minister david cameron has used a hastily rearranged speech to underline his message is that the eurozone is at a
crossroads and must sort out weaker economies like greece. >> the idea that they can borrow and spend their way to recovery is a dangerous solution. it is increasingly clear that they are less likely to sustain the necessary adjustment, economically or politically, and was the core of the eurozone, including two european central bank, does more to share the burden of that adjustment -- including the european central bank, does more to share the burden of the adjustment. >> political pressure on the german government notes, too. mounts, too. >> chancellor angela merkel says she's looking at additional growth measures. the leader of greece's's radica radical left says she is playing poker with people's
lives. >> let's go to athens end our correspondent -- athens and our correspondent. richard, how is this campaign going to be different from the last one? >> firstly, it is probably be much more vitriolic than the last one, given what was said during some of the protracted negotiations to try to form a coalition government over the last eight or nine days or so. there was some very strong language used between different party leaders. i think it will be a vitriolic campaign. we will also see the new democracy conservative party, which came out on top on the election on may 6, and is now trailing behind syriza, will and targetially amen targeaim
at syriza now. it will try to win over votes to new democracies though they do not see a further hemorrhaging of support. i think it will be a tough fight over the next few weeks. >> presumably, they will be keen to tell the greek people that really what you are voting about is not parties, but whether you can continue to be in the euro or not. >> that is definitely one of the strategies being used by brussels and other organizations and countries in western europe. we are certainly during that period we of already heard it from the leader of -- we are certainly hearing that. we have already heard that from the leader of new democracy. if you vote for new democracy, you will stay with the euro. if you vote for the left-wing
syriza party, it will be back to the drachma. >> there's lots of speculation here about whether or not there's a run on the greek banks. there have been lots of stories. can you help settle that argument for us? >> there has been quite a lot of mistaken reporting. essentially, there's been a mess translation of what the president said. there was a report that 700 million euros, according to the the president.onda he was talking about the weeks since the election. >> richard, thank you very much. thank you. let's get straight over to aaron heslehurst now and talk about
this. the shock waves. we're hearing what it's like for the greek people. the shock waves are spreading already. the latest place to feel it is spain. >> the spanish government went to the international money market to sell some of its debt. the interest rate, the yield we always talk about, basically works like this. investors will buy some of the debt, but this is what they want you to pay in return. that interest rate was considerably higher then the last time spain sold some of its debt. the yield is near 5%. that is painful for medium-term debt. we're only talking about three- year bonds here. typically, they are quite low. this makes it very painful. it makes it painful for the government to service its debt. just yesterday, the spanish
prime minister warned that spain risks being frozen out of the international money market. i asked the experts, what's the sticking point for that to happen? >> around 6% or 7% roughly. that is considered the tipping point. we're already near worrying levels. we are facing an increasing stressful situation in greece with ecb pulling out some of its funding. that puts more pressure on the spanish banks, as well. >> a huge amount of debt at stake there. let's leave all this. let's talk about facebook. we will find out just how much facebook is worth. >> you want to hear some numbers that will make your eyes water? a lot of rich people are like to get richer tonight. later on today, we will hear
what the share price is at facebook. they put out a price range of $34 to $38. we're hearing it will probably trade at $37 per share. will mean it will raise $15 billion for facebook. it will also put $1 billion in cash in the pocket of the young 28-year-old founder mark zuckerberg. facebook as a whole will be worth $100 billion, more than the likes of ford, disney, and kraft. >> and facebook does not make anything. >> how in the world do you value a company at $100 billion that does not make staff and does not sell stuff? >> facebook has 900 million users around the world. everyone acknowledges it's a great thing to use and talk
about. everybody is still confused about how they're going to maximize the amount of revenue they can eke out of each person that uses the service. you have companies like gm in the states announcing this week that they are pulling their advertising -- just $10 million per year. >> the questions continue. one private investor will make money. bono from u2 will make about $330 million. >> as if he needed it. >> thank you very much. thank you. now to some of the other stories making headlines around the world. . the judge presiding over the tribunal for former bosnian serb army commander ratko mladic has suspended the trial indefinitely. he said there were significant disclosure errors by prosecutors and they are obliged to share the information with the defense. alan little is at the hague.
can you explain this adjournment and how significant it is? >> it's very frustrating for officials here. they do not like delays. these trials are already long and drawn out. the victims come day after day. they are anxious for justice to be done. something like 7000 pages of prosecution documents or not passed to the defense. both sides except it was essentially a clerical error. at the same time, the defense do need time to go through those prosecution documents. the defense has asked for six additional months to process that material. the prosecution has said they have no opinion on how long the defense should need. the defense is now under great
pressure to grant a significant delay. everyone is very frustrated. they know it will play badly in headlines around the world. incompetence.like in confiden >> even so, the prosecution focuses on the srebrenica massacre toward the end of the war. >> the whole morning was devoted to the one massacre, the most the notorious massacre that happened at the end of the war in 1995 that finally tipped the western democracies and others into agreeing to taking action against the serbs. we heard in great detail what happened, the killing of about 7000 men and boys at srebrenica. the court heard that the defense
team of ratko mladic submitted the plea of alibi on srebrenica, saying that the general was in belgrade attending a wedding in meeting some u.n. officials. the prosecution says that was true, that he was in belgrade for two or three of the days, but given the nature of his command, it was inconceivable that he did not know what was happening, or that the men that committed the killings were not actually on his orders. we know a little bit more about the defense that general ratko mladic might be offering. when he says he does not know anything about it, it will take some persuading, i think. >> thank you very much. thank you. for the first time in the united states, the number of white babies being born is less than the number of other races. figures from the census bureau in washington show white babies accounted for less than half of all the births in a 12-month
period ending last july. hispanic births were at 50.4%. still to come on gmt -- the giant under water turbine is set to catch the current. the brazilian president has asked a truth commission to investigate human rights abuses, including those during military rule. it will examine the period from 1964 to 1985. no trials will result from the findings is due to an amnesty period. >> [speaking foreign language] >> after decades of silence and unanswered questions, brazil is finally facing the truth with the inauguration of a
commission. he is among the thousands of brazilians who were arrested and tortured during the military dictatorship. >> [speaking foreign language] >> brazil deserves the truth. the new generation deserves a truce. above all, those who lost friends and relatives deserve the truth and the facts. >> he had the support of three other former presidents. for some in the military, the deep involvement in this issue is further evidence that the truth commission is an attempt at revenge. victim's of the regime also criticized the commission, because it will have powers to investigate and in people and crimes -- investigate and the
name people involved in crimes, but will not be able to punish anybody because of a 1979 amnesty law. the commissioners sworn in today will have two years to carry out increase -- to carry out increasinquiries. it will at long last bring some closure for victims and their families. >> this is gmt i am george alagiah. -- this is gmt. i am george alagiah, with a world of news and opinion. i am george alagiah, with a world of news and opinion. a caretaker government has been sworn in, which will take greece to new elections next month. the war crimes trial of general ratko mladic has been suspended due to what is described as disclosure errors by the prosecution. just over two months until london will host the olympic games.
the olympic torch has no completed its weeklong tour of greece and will be handed over formally today. it will be flown back to the uk for the relay, which will last for 70 days until the games begin at the end of july. the stadium inom athens. >> thank you very much. preparations are well under way. i am under a dark tunnel. this is where the athletes used to come in all times and to the stadium -- in old times into the stadium. this is where we shall see the i.p.'s. we will see the london mayor and the princess royal, her royal highness, who will receive the
torch. what is the significance of this place? >> this is the only place in greece that gives you the link from the action to the modern. in the second century a.d., rich local businessmen came here. it is the first all marble stadium. in the 19th century, there was the idea that we might want the olympics to revive the nation. the money was given to recreate the stage. >> that was in 1896, which is why it seems the home of the modern games. the flame will be put onto the
high altar. there are rain clouds around at the moment. that all will happen in a few hours. it is such a significant backdrop. the greeks, especially in this time of austerity, are very proud of this link with ancient times. >> they have a reason to be proud and athens. in 1870, that was the first time this stadium was used. they have their own history. strange to see the greek teams struggling to raise the money to get to london 2012. we know the ceremony this evening is paid for in part by private sponsorships. it is quite extraordinary.
>> it is has always been like that. this is how it has always been. >> thank you very much. thank you. the princess royal will receive a torch with the flame. it, whichch will be l will be passed to the princess royal. london will finally be custodians of what is described as the greatest show on earth. >> thank you. blind dissident activist chen guangcheng has confirmed to the bbc he expects to be given a passport in the next two weeks. mr. chen has been in at the center of a diplomatic quarrel between the u.s. and china.
martin patients is in beijing. >> initially, mr. chen was supposed to stay in china and pursue studies. that deal quickly unravelled in a matter of hours after mr. chen said beijing would not guarantee his safety. the blind activist now says he wants to study in the u.s. that position is supported by a the obama administration. mr. chen does not have a passport, although there has been movement on that front. here is what the blind activist had to say to us when we spoke to him a little bit earlier. >> [speaking foreign language] >> people from the immigration administration department have here. we had our pictures taken and forms were filled out. they said within 15 days. once they get the passport, they
should not bother with this anymore. they did not promise the passport. they did not say anything definitely. i cannot look at the moment. my wife also needs approval to go outside. i believe it would not let me go out, even if i could walk. >> why is it taking so long for mr. chen to get a passport? beijing doesn't lead to give the impression that it's caving in to american pressure. they say he is allowed to study abroad like any other chinese citizen. beijing wants to give the impression that it's going through the procedures and that mr. chen is not a special case. the reality is, while the blind activist remains at a beijing hospital, this crisis continues. >> in the stormy waters north of scotland in the orkney islands,
there are some of the strongest currents in the world. in theory, they could generate a vast amounts of electricity. the challenges are formidable. the latest device is being put through its tests. >> i am at sea amongst the orca islands -- the orkney islands. every day, a mess of tidal current flows between the atlantic and the north sea. potentially, extraordinary power, which is why a range of tidal energy devices is being tested here. one of them is just below me here. i can show you in some underwater footage taken by a robotic vehicle how this thing works. it is a giant propeller that
spins as the tide flows, generating electricity, which is sent on to the mainland. the plan is for 10 of these devices to be deployed. that should produce 10 megawatts of power. it will be one of the largest commercial tidal power installations when it is completed. to put this in perspective, you will need 1000 of these machines to match the kind of output you would get from a conventional oil, coal, or gas power station. operating in this harsh conditions is clearly a challenge. let me show you how they deployed in this one. they did it when conditions were slightly calmers. . it shows you how difficult it is in regions like this.
people behind us believe it is vital for britain's energy future to harness the massive power at sea. >> a reminder of our top story on gmt. greece has named a caretaker cabinet of technocrats to take control of the country and organize fresh elections for june. the leaders of germany, france, italy, and britain will they conference call to discuss the eurozone ahead of the g-8 meetings this week. british prime minister david cameron has said the euro area is at a crossroads and could go into uncharted territory. there's plenty more to come. stay with us on "bbc world news."
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