of italy's prime minister after more than 14 hours of talks at last night's euro summit. >> mario monti is being seen as the big winner of the night, along with his spanish counterpart mariano rajoy. they won big concessions from germany to help bring down borrowing costs. >> it will make it easier for them to tap into europe's rescue fund and enable the fund to shore up banks directly. >> that will be key to helping spain avoid being dragged down by teetering banks. >> after grueling negotiations, european leaders have a deal in place, and it is being hailed as a historical breakthrough. the agreement means italy and spain, groaning under unsustainable borrowing costs, will now have easier access to rescue fund money. >> the euro in the european project to the big winners of this summit. >> german chancellor angela merkel also emerged satisfied, insisting she had not softened her stance. she says there was no need for additional instruments and controls and conditions remain in place. >> the high interest payments are not just a burden on government bonds but also for business. >

stocks for soccer. millions of germans gather to watch their team battle in italy in the euro 2012 semifinals. >> it is the 20th summer since the euro debt crisis started, and expectations are not high -- the 20th summit. >> officials are divided into two camps -- one saying austerity is the main solution to debt problems. >> and one saying more needs to be done to bring down borrowing costs of the countries on the front line. >> that is right. those countries are spain and italy. taken together, they are too big for europe's they'll of funds to rescue, and that is raising pressure to find a new approach to the crisis. >> bold new steps expected from germany at the eu summit, but chancellor angela merkel is staying focused on a growth package already agreed upon. "we have worked out a good program, especially regarding future investments and creating job opportunities for young people he can -- young people." proposals from the european union president are far more treasury and a banking union with central supervision. the italian prime minister wants the summit to address borrowin

germany one of the pre-tournament favorites heading home after that she won semifinal exit to italy at the euros and the basketball wives and star anthony davis joins the new orleans hornets as the first pick of the n.b.a. draft. and start there with them where the women's top seed maria sharapova has reached the fourth round with ease needing just two sets to sail past the where i say i want wrath of or getting her back to back grand slam titles after winning the french open just three weeks ago meanwhile it's the end of the road for a fellow russian bit of one of the all over she was forced to retire with illness against belgian kim clijsters after falling a set behind forty degrees going to advance to get from poland is through to the next round after freshening britain's had the watch and now after russia on a dial shot defeat yesterday it looked like they could be another upset at center court but defending champion novak djokovic came down to beat radek stepanek making it look quite easy in the end roger federer is up against french museum beneteau later on just about the start b

spain. it happens in italy, and it happens in other countries. this is also an important issue. >> he said he will urge other leaders to ease spain's borrowing costs by allowing the bailout funds for the european central bank to stabilize markets. about high unemployment and an uncertain future. and they have reason to be. spain's central bank has warned that the contraction of the economy is picking up pace. spain has warned that if it cannot finance debt, it could eventually need a full-blown bailout. >> there are those that say the crisis in spain proves the case for controversial eurobonds, despite the strong opposition from germany we have been reporting on. for some analysis, we spoke to a representative from the foreign policy think tank, carnegie europe. >> i think it is practically inevitable, whether it will be eurobonds or some kind of redemption fund. it is a question of technicalities, but i do not think that we can avoid them entirely, some form of sharing the debt, and the chancellor is against them. at some point, if push comes to shove and the euro is at stake, she wi

and italy the german parliament also approved the so-called fiscal pact which sets even tougher a budget rules for eurozone nations dr jack russell is professor off the little economy at st mary's college in california says the measures which leaders hail as breakthrough won't solve the block's core problems. you can bail out the banks but that's no guarantee you're going to get economic growth which is what you must have in the in the longer run and what i see when brussels and this growth pact is that it's very much tokenism at this quite that just moving money around from the european investment bank and so forth and the amount is a grossly insufficient to stimulate growth so that whole picture has to be further developed the euro crisis is really three crisis looms in one three dimensions and one is the sovereign debt crisis another is the banking crisis which is becoming more visible and they sustained but the other is the economic crisis the really cottony and of course we know europe is rapidly is slipping into recession and various other countries and as long as that growt

two thousand and three i rise in the program again and france. germany and italy they thought that this was again they so very neatly. and then i asked a control at least the reticle control by the eurostar to say look is it and they said no. and so that we could cheat everything when they arise and that probably i remember that helmut kohl say look we did the big africa now we shall call played it. in the next two years but then europe changes what will greece leaving the euro do to your country italy not to my county around but to all the country the banking system with big disarray and them and that is clear. you know it means the domino effect. if you keep getting worse and you gain a lot of money because of speculation then you start with portugal ireland spain italy france and then germany germany angry savalas li different can they really share a single government and economy with very different good yes look california they have california budget is much more than good but nobody backs california. said ten degrees past b.k. because the greek government cheated there is clea

. thank you for joining us. here is what we have for you today -- the deep fears of people in italy. largely exempt -- why the greek orthodox church is not affected by the crisis. and sniffing out winners for the euro 2012. regions, famous for producing fast cars like ferrari and lamborghini, balsa macall vinegar. it is very important for italy's economy, especially now in the current crisis that is the -- particularly affecting south of europe, but life has come to a standstill since it was hit recently by two major earthquakes. the first was the heaviest quake in the region in 500 years. more than a dozen people were killed and thousands lost their homes. those houses are still standing do not dare return yet. >> the call of the birds is the only sound that interrupts the sound of the silence. in this area of northeast italy, many historic city centers are virtually abandoned. the many aftershocks that continue to hit the stricken region make clearing the rubble impossible. the town hall clocks stopped at 4:45, then it's after the as quake hit on may 20. most of the old bell tower

one match happening between germany and italy. that's in brussels. another one today in poland. silvia is at the match in brussels. we're more likely to get results in the football version than the one you're attending in brussels. >> reporter: yeah. i think i rather be at the one in poland. first it will be shorter. even with extra time and penalty kicks. the second one, we will have a result out of poland. as far as the polish match is concerned there's a chance germany will be kicked out of the euro. hopefully here in brussels there's a chance of anybody being kicked out of the euro. we have one week to save the euro, you can't let one of the larger countries go hell. so, the bottom line is we always have these drama drums the moment we get into this crucial summits. but ultimately all we can do is play into deep space. angela merkel's game if that's the right word is deep space. more institutions for the eurozone. institutional framework. for miss cal union. more budget control. she is kind of right because if you look at it the markets for ten years have always admonished the euro

state. in two thousand and three i rise in the program again and france germany and italy they thought that this was a game they survived in need and then i asked at least they are required to call controlled by the eurostar and they said no and so that we could cheat everything when a rise of the program go i remember that helmut kohl say look we did the big africa now we shall call plate eight in the next two years but then europe changes what will greece leaving the euro do to duell country italy not to my country all but toward the country the banking system. really big disarray and then in that case korea you know the domino effect if you keep getting worse and you gain a lot of warning because of the collision then you're stuck with for. a italy france and in the end germany germany and greece of all sleep different can they really share a single government and economy with very different who yes look california but california budget is much worse. but nobody expects california because of the greek government cheated there is clearly no doubt they have completely cheated

color is currently playing reality of italy and as you can see the color of the top of the first set meanwhile in the men's draw russian mikhail youzhny is into the second round in twenty six c. it's a come from the second down against american donald young well down to three roger federer had no problems are going spain's algo ramos and russian igor andre always on court again all of a golding golding has taken the first step but i'm very of the second and his compatriot makes return of his taking on florian meyer of germany and as you can see florian my is closing in on a straight sets victory. in the mean time world number one a top seed under-funding champion novak djokovic completed. straight sets six three six three six one finished. for one hour where we now know the semifinal lineup at euro two thousand and twelve italy securing the last spot following a penalty shoot out victory over england on sunday it was the italians who had dominated both the normal and extra time in kiev in the post three times but neither team could find the back of the net penalty shoot out was neede

trouble in spain and now italy. and the problem now is it's in the air. something you can't see. economists call it a contagion. nbc's stephanie gosk reports from the next trouble spot in italy. >> reporter: street brawls in rome today. social unrest triggered by painful economic reforms -- higher taxes, budget cuts, raising the retirement age. italy faces a recession, deficits, and troubled banks giving it a place alongside portugal, ireland, greece, and spain -- countries that threatened to unravel the 17-nation eurozone. their initials earning the nickname piigs. but italy has an advantage the others do not. some of the best known and respected brands in the world. how is business? >> pretty good. i mean, 2011 we closed the best year ever in terms of sales and turnover. >> reporter: this ferrari factory in the north is a shining example of what the country's economy still does right. italian leaders say it's products like this that will help this country grow out of the recession. the makers of ferrari assure me this is a very smooth ride, but the road ahead for italy's econo

i think in two thousand and three i arrived at the program again and france germany and italy they thought that this was a game they serve every need and then i ask at least they are required to control by the eurosport and they said no and so that we could cheat everything when i have eyes that they probably know i remember that helmut kohl say look we did the big africa now we shall call plates in the next two years but then europe changes what will greece leaving the euro do to your country italy not to my country all that but to all the country the banking system will be a disarray and then and that is clear you know what i mean the domino effect if you keep getting worse and you gain a lot of money because of speculation then you start with portugal ireland italy france and then germany and greece of falsely different can they really share a single government and economy with very different mood yes look california by california budget is much more than greece but nobody attacks california because the greek government cheated there is clear no doubt they have completely cheate

. >> germany get ready for a euro 2012 clash of the diet -- titans in and make or break semi against italy. ♪ welcome. turkey says it would not hesitate to use force in response to any future incidents involving syria, who shot down a turkish warplanes last week. ankara says it has changed the rules of engagement for its own forces and breaches of the border will be met with the response. >> this comes as the nato military alliance, which turkey is a member, discussed the downing of the warplane. on tuesday, nato stood with turkey and condemned syria. >> the turkish prime minister called the downing of the turkish jet a hostile act and one that would not go unanswered. he warned that any incursion into turkish territory by syria would be met with force. >> any military unit approaching turkey from the syrian border that represents a security risk will be seen as a military threat and will be treated as a military target. >> the prime minister said syria had come to constitute a danger to turkey and called for the syrian president to step down. he offered his country's full support to "li

rejecting the idea of debt sharing the move crushing the hopes of spain and italy two of the country's worst hit by the crisis. that's got some action here as you know neal good to see you today just a couple of hours now we'll soon know our final two of the european football championships yeah those three weeks have gone pretty fast from the roar and exactly right germany versus it is the big one tonight i'm getting the popcorn in for one we've got plenty more than just. thanks for joining us this thursday afternoon here in central moscow this is sport today on this is what we're looking at this hour. trouble thinking spain moved to within the game of a historic third straight major championship title done in portugal on penalties in the euro two thousand and twelve semifinal. continental quest germany italy preferred to go head to head in the second. half those european championships later on thursday. dane painting europe is the seven see the car line was on day three wimbledon. it wasn't pretty but spain won't mind too much the reigning world and european champions qualifying for s

full democracy are met. "stay with us. after the break, a look at euro 2012 and the england-italy match. www.dw.de/studyingermany. 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 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 term

willing to buy into that perhaps spain is off the brink and the question is whether italy is. nonetheless, they're willing to put on a little risk today not only in the dow jones industrial average but other markets that include key commodity markets and the flight to safety is less intact today than yesterday and we will be able to hear more of that from rick santelli with the auction results. i'm anxious to see how it did. the market is up 87 points and nasdaq up about half a percent on trading session, s&p up half a percent, up above that 1300 trading mark. watch that in the closing basis for s&p 500. and gold co-mex up a third of ew percent and crude oil, up.28. >>> rick santelli is here to tell us whether or not they bought into the action. >> i haven't formulated. as i go through the metrics, i'll process. 32$32.3 billion, the needle was 38.7. .385 bid at .38. i didn't see a trade higher than .38. priced out of that range a bit. bid to cover 3.42, did better, 3.53. very light on indirects. 10 auction averages 38%, this was 27%. i think we will give this a b minus, not a

sharing the move crushing hopes of spain and italy two of the country's worst hit by the crisis. allies turning into enemies three out of four pakistanis now think of the u.s. as the or foe anger as grown dramatically over civilian deaths from american drone attacks and out of thousands killed in the surgeons he triggered by the u.s. led war in afghanistan. at iran's exclusion from the upcoming international meeting on syria casts doubt over the impact of the gathering which aims to find a way to and the country's bloodshed russia has insisted on the participation of tehran a key player in the region that notion firmly rejected by washington. but more inside of the mounting debt woes are to talk to peter americans author and have the workers party of belgium his interview is coming right up. today we're joined by peter merton c is a belgian politician of the worker's party and he's also the author of a book called how dare they which focuses on the european crisis and he tries to dissect and find alternative reasons behind what's going on in europe thanks very much mr martin's for joini

turn to the european championships where italy star striker mario balotelli has dedicated his match winning performance against germany to his mom his double enough to see the germany two one in the semi final more saw last night and set up a fine with defending champions spain on sunday for little its first half header and powerful strikes or seaside before the break a last minute penalty for ms it also was germany's only consolation afterwards balotelli said it was the happiest day of his life and dedicated the goals to his mum sylvia who did talk to him from the age of italy fans were also extatic about the haze and their team's performance and with more reaction his richie found portly. mario balotelli love him or hate him he's the reason italy or in the euro two thousand and twelve finals has been in the headlines a lot so last year or so mainly for the wrong reasons but he's produced perhaps one of the best ever performance to help italy to play spain in the final. made us win tonight we are very happy for a great great game with commitment and we want him like this like this

at home for him as a seismic political shift going on with the old elite old italy's rather feeling the public backlash against austerity and even comedians are proving successful alternatives to the current leadership. reports that italy's economic situation is no laughing matter so it might come as some surprise that it's full of a t.v. comedian that. is the latest character to still italy's political spotlight how much does the euro crisis continue voters have become increasingly disillusioned with mainstream politics and a radical a populist greed and was waiting movements such as youth organization here in rome to have been growing in force and popularity that take willow and his five star movement now thrive on ly shunning traditional media and gaining huge respect with its younger generation something that technocrat premier nary a monkey has a far failed to do they're all whispering about young people but young people are not really representative of the stone goes off people in government and trades are very often. old people which. took the right feeding off what you see r

the spanish state after spain the next domino could be italy the euro zone's third largest economy italy's prime minister a technocrat name mario monti is openly acknowledging that his country could be the next to fall and the new york times is reporting quote the main fear is that italy cannot grow its way out of a recession fast enough to pay a mountainous national debt other concerns include the fact that italy will have to shoulder a large portion of the spanish bailout bill even as a grapples with its own sharp economic downturn because italy does not have enough economic growth to generate the money itself the government will probably have to borrow it high interest rates adding to an already have the debt load so as crippling austerity pushes greece to the brink and leaves spain in need of a bailout which could threaten the entire euro zone british voters are now worried that their country could be next conservative prime minister david cameron brought austerity to the u.s. in two thousand and ten and since seen virtually no economic growth and a new poll shows a seventy thr

around italy, isn't it? >> it is. >>> plus, the biggest u.s. city to file for bankruptcy in the country's history, perhaps. what impact will chapter 11 filing of stockton, california, have on the muni bonds market? we'll head to the u.s. at 5:30 eastern to discuss. >>> first of all, spanish prime minister has told parliament he will ask eu leaders to stabilize the euro summit ands they cannot continue on a long-term basis they come as eurozone finance ministers to hold a summit in cyprus this afternoon. this is what we were talking about, no euro bonds as long as i live, the vow from angela merkel. she made the comment to parliamentarians from her coalition departments in a closed door meeting in berlin. she'll met with francois hollande this evening in an attempt to forge an alliance ahead of the summit. >>> despite merkel's long stance against issue, and van rompuy includes his vision of you roar bonds. >> let me tell you fiscal union is more than just about euro bonds or stability bonds. it also means, more coordination of taxation policy and much stronger policy to budget ma

quest germany and italy to go head to head in the second semifinal of the european football championships later on thursday. steady progress serena williams struck just five games as she reaches the last thirty two it will then along with the russian maria sharapova. on the second chance a global sport manufacturer is looking to discover a young russian talent with all that chance of stardom have gone. but starting with football and italy and germany do battle later on thursday for the right to face spang in the final of euro two thousand and twelve the atmosphere is building in warsaw poland is in the polish capital and caught up with fans from both sides of the divide. germany italy a true clash of the titans. these two countries to establish themselves as powerhouses of european football over the last seventy years germany have looked imperious so far in this tournament played for one for their supporters would have preferred a semi final clash against england but instead they will have to pick their wits against an italian side who have never managed to beat at a major t

comedians are proving successful alternatives to the current leadership. has more. on that italy's economic situation it's no laughing matter so it might come as some surprise that it's full of a t.v. comedian that paid. the latest character to still italy's political spotlight almost as a year in crisis continue voters have become increasingly disillusioned with mainstream politics and a radical a populist breed and grassroots movements such as youth organization the right have been growing in polls and popularity that they grew low and his five star movement now thrive online shunning traditional media and gaining huge respect with its younger generation something that technocrat premier nary a monkey to say far failed to do they're always bringing about young people but young people are not really represented in the stone thing goes off people in government and trades are a very often. old people which. don't have to the right feeling of what use is really happening in the county we're trying to make you to europe change that's the point you have tried with some kind of policies

. not football where we now know the semifinal lineup at euro two thousand and twelve italy securing the last spot following a penalty shootout victory over england on sunday it was the italians who had dominated both a normal an extra time in it in the post three times but neither team could find the back of the net so a penalty shoot out was needed to decide the tie italy would it not for too much to the delight. alessandro demanding to hear off the list. from ashley's young and cold easier in the us through the last four or they will face germany. well for further analysis on the game and the tournament as a whole partridge caught up with the chief football writer a british newspaper the daily mirror a martinet first stating that italy were deserving winners. from the first fifteen minutes they were by far the better team england showed great courage to visually and great desire in the end it wasn't quite good enough and of course the familiar feeling from twelve yards so how do you think italy would do against germany to play like that. on the they could about twenty percent germ

leaving the euro do to your country italy not to buy counter-rally but to all the country the banking system. will be this other way and then and that is clear you know what i mean the domino effect if you keep getting worse and you gain a lot of money because of speculation then you're stuck with portugal ireland italy france and then germany germany and greece of falsely different can they really share a single government and economy with very different good yes look california by california budget is much more than good but nobody attacks california because the greek government cheated there is clear no doubt they have completely cheated and the devil was six seven current high level was declaring it so the day so is not is not to be staked it is a by doing. so you have to admit no targeting to push that. how do you stop financial markets the credit rating agencies moody's fitch standard imposed having with choke hold on europe all of the result we were way out they don't attack the united states or china because they are too big dogs and they only remedy is to become a big governm