several factors weighing heavy on our economy. overseas many greece. newly elected leaders are meeting right now to try and put together a coalition government. that new deposit was supposed to bring them out of the financial ruin that has sent shock waves through our own economy. you see, banks bet big on greece's recovery and the failure is being passed on to you. if greece capital come to a consensus, there could be new licks and more of a strain on the world economy. the problems in greece had a big affect on our stock market. pushing the dow to its worst week all year, and you add to that the $2 billion investment mistake by jp morgan chase. their stock alone dropped around 10% this past week. but help, well, it may be on the way. the much anticipated facebook ipo coming this week that could pump some life to investors and into the market. maybe california should invest in facebook. governor jerry brown is warning that big spending cuts may be on the way very soon. that's gauze the state's budget deficit has ballooned to $16 billion. that's nearly double the estimates from just a

. >>> payoff in greece. as the world economy is on the line. why a run on the banks could affect us all. >>> and they make cameras, but what was weapons grade uranium doing in the basement of a kodak plant and what if it had gotten into the hands of a terrorist. >>> and they promise to change your shape and drop your weight just by stepping out in a pair of their sneakers. now a shoe company is under fire for bogus claims. isn't today the reunion? ♪ you're doing it again, sweetheart. hmm? the thumb thing. ♪ -mine. -mine. -mine. ♪ mine! [ female announcer ] glidden brilliance collection paint and primer in one. available only at walmart. got a day? get some color. ♪ glidden paint makes it easy to add color to your life. glidden gets you going. glidden paint makes it easy to add color to your life. now's the time to move from to where you want to go. look up. with u.s. bank let's get the wheels turning. use our strength & stability to open new opportunities. to lend, and lift ...every business...every dream... to new heights of prosperity. good things are happening. just look up.

challenges." >>> deep austerity cuts are also changing the political landscape of greece. voters booted out many centrists who pushed those measures. greece's economy is so bad, it could drag the rest of europe down with it. the country accepted bailout money in exchange for extreme spending cuts, but they are so unpopular, voters flock to the far right and the far left on sunday. >> economic ripples from the elections in europe could hit close to home for americans and our ali velshi says we better pay close attention in the u.s. ali. >> don, let me tell you, when you look at these elections in greece and france, there are a few takeaways. greece is a small, small economy but it's kind of been holding europe hostage. france's economy is a big economy. france's president is the last in a long line of leaders who have been put out of office in the last two years because voters are unhappy with the austerity policies or this talk of government cutbacks. they think government should be spending more. in greece, you'll remember last year there was a massive parliamentary crisis, a coalition gov

. voters in greece are also showing many of their leaders the exit doors. greece's economy is so bad it could drag the rest of the world down with it. they accepted bailout money in exchange for extreme spending c cuts. the economic ripples from today's results could hit very close to home for americans as you heard. we had better pay very close attention. >> when you look at these elections in france and greece, there are a few take aways. voters are unhappy with these policies, or this talk of government cut backs. there was a massive crisis. a government was put into place to impose some of the cuts necessary for greece to continue to get loans. people don't like austerity. watching this election, these two elections very, very closely. on one hand you have liberals and the left who say too much cutting hurts an economy. if you go down this road we will have double the unemployment. but there is a message heres. this is what happens when you don't get your fiscal house in order. you end up like greece. and maybe there is something to be said for both sides of the argument. >> geor

taste. i choose boost. >>> today we're talking about greece and how the many problems there right now might impact us here in the united states. greece has some political problems, including an election that might have to be a do-over. they've got super high unemployment, high taxes, massive debt. all this combining to create a national economy that's quite unstable. it is unpredictable. greece might soon have to get out of the 17-nation eurozone. i want to bring in michael holmes to talk about this. first of all, it's simply a group of countries that all use that common currency. >> the our row. >> the euro here. if greece decides to bail, get out of the eurozone, not use it anymore, go back to its original currency, what does it mean for us? >> it's complicated whether they can do it, even get out of the eurozone. when they formed it, there was no mechanism for a country to leave it. they could be what's called an orderly exit with 12 to 18 months. they could have a disorderly exit. greece would become an economic basket case. why do we care? it could happen in portugal, it coul

everyone knew that hollande was going to win and what's been going on in greece is still going on. >> talk a little bit about greece because we looked at that and thought, that could be a hot mess. they cannot get a coalition together, essentially, to even move their government forward. they're not even participating. >> greece is a hot mess. greece is a country politically and economically that is in the turmoil at the moment. this was two-thirds of voters voting against the austerity measures, and what you've ghot now, two major parties that have dot no have enough even if they go together as a coal lis to govern. there's already talk they're going to have new elections. though what would that achieve? disturbingly to me actually, one of the big winners there was 7% of the vote went to a far right extreme far right party, one that is anti-immigration. they've been called nazis by people in greece, by their opponents in greece. they got 7% of the vote. >> that is scary. >> we saw the right wing do well in france, too. the national front party did well. >> it's a strange thing whe

you this. we have elections in greece and france tomorrow, a special live show tomorrow at 3:00 p.m. eastern where we'll be covering those. but we have 10, 11 countries in europe in recession now, not a surprise. we knew they were getting there. at 115,000 jobs created, is this something that worries you about recovery or is it just not as robust as you would like to be? >> certainly some of it is reflecting the earlier gains we saw in the year. there were unseasonably warm winter weather and some of that borrowed from gains now actually things like lawn mowing companies hired up in february instead of in march and april. so we have to even it sought over the first four quarters of the year. but i agree whether are a lot of head winds to growth and the elections that we see in europe are more head winds because they may further dismantle what has been at least some kind of a political consensus in europe to save the euro. there's talk about rewriting how they go about doing that. and changing the rules over there. there's a lot of uncertainty going forward and those are all head win

live. >>> here is rundown of some of the stories we're covering. greece is on the edge without a government and it's hurting american stocks now. >>> also, he said he had a computer science degree. was not true. now the ceo of yahoo! is out. >>> and president obama on this week's cover of "newsweek" magazine with the title "the first gay president." we're going to look at whether he is benefiting or hurting from his position on same-sex marriage. >>> and don't forget, you can watch cnn live on your computer while you're at work, head to cnn.com/tv. c'mon dad! i'm here to unleash my inner cowboy. instead i got heartburn. [ horse neighs ] hold up partner. prilosec isn't for fast relief. try alka-seltzer. it kills heartburn fast. yeehaw! >>> greece is near the breaking point. a desperate effort is under way to form a new government to deal with the country's economic crisis. now, if the political parties fail to form a coalition, greece is going to have to hold new elections and the european economy, u.s. stocks could all be impacted. i want to bring in michael holms to talk a littl

points. this after some new worries about greece leaving the eurozone. this as greece tries to tackle debt issues and tries to put together a government. there are reports that greece's former prime ministers say greece at this point is thinking about preparing to leave the eurozone. so the big concern here as wall street sees it is how will this affect the global economy. we have financials getting hit hard, anywhere from 1% to 3%. jp morgan chase, shares are down. tech stocks are hit hard after disappointing earnings from dell. they are down a whopping 17%. >> so now let's talk about facebook. i don't know -- i guess you could say some folks maybe thought this might happen. this investigation now going into morgan stanley, and the price of this stock, the fact that this is just tanked. what do you know at this point? >> so this goes along with all of those questions about big banks, big investment banks, possibly behaving badly. what regulators, kyra, want to know is if morgan stanley, the chief underwriter for facebook, only told some clients it was lowering its earnings projection

the line with several factors weighing haeb on the economy. overseas in greece newly elected leaders met this morning to try to put together a coalition government, but the meeting broke up a short time ago and no deal. that new government was supposed to bring them out of the financial ruin that has sent shock waves through our own economy. you see, banks bet big on greece's recovery, and the failure is being passed onto you. the problems in greece had a big affect on our stock market pushing the dow, you may have noticed, to its worst week all year. add to that the $2 billion investment mistake by jpmorgan chase. their stock alone dropped around 10% this week. but help may be on the way. the much anticipated facebook ipo coming this week. that could pump some life in investors and into the market. >>> a key member in the peace process in afghanistan has been killed. r he was gunned down on his way to work. he was part of hamid karzai's high peace council. they are responsible for bringing the taliban to the negotiating table. the taliban says they had nothing to do with this assass

challenged economies. example, greece. so by the way, the greece also voted yesterday, they rejected the leaders who agreed to swallow the debt-cutting measures sarkozy helped to sponsor. looks like the europeans don't like it when they have to cut back. let's sort through all of this. how similar are they to us? do we need to look at what's going on in europe? >> we had governments over there, too much debt relative to the size of the economy. clearly you have conflicting goals here, right? you want long term to get the budgets back in balance. at least get the trajectory right. you don't want to starve an economy that's always fragile. that's the tension that's similar here. it's different, though with france and greece. >> sounds like there's no difference in the fis philosoph. how do you make this go tick-tick again. >> where it's different, though is in france and in greece, they're rebelled against the idea that people from outside the country, whether it's european central bank bureaucrats or germany were making these decisions and basically approving our budgets and setting the t

germany had agreed to cut spending. and countries such as greece or portugal or spain where the debt crisis was a really big and important issue. francois hollande says, look, not so fast. my approach is a little bit different. yes, i agree we need spending cuts, but i also believe there should be a growth plan included in any agreement with germany in the eurozone. why does that matter to americans? that's because every time there are real fears that there might be a collapse from one of the governments such as greece, that it won't be able to pay back its debts, that impacts u.s. stock prices directly. so that's one of the things i think americans will be interested in in the coming weeks and months, and that is how will francois hollande approach this eurozone debt crisis, will markets be rattled or concerned because he says he doesn't agree that spending cuts alone are enough to solve the problem, fredricka. >> hala, lots of concerns about the ripple effect that you alluded to, impacting the u.s. markets. then there's that relationship that has been built between the white house

remind people of greece. >> greece, of course, is miles an houred -- mired in a debt crisis. romney says greece is a cautionary tale and that the obama white house has chosen to ignore it. >>> september 6 is a big night for president obama and music makers. it's the night president obama will accept the democratic nomination in charlotte, north carolina. while mtv hands out its annual awards in los angeles. well, mtv now plans to air its show an hour earlier to prevent a conflict with the president's acceptance speech. the nfl has moved its opening game of the season to accommodate the president. >>> the defense in john edwards' corruption trial could wrap up its case as early as today but there are big lingering questions. will his oldest daughter, cate, take the stand? will his mistress, rielle hunter, be called to testify? and will the former presidential candidate take the stand in his own defense? edwards is accused of using campaign contributions to cover up his affair with hunter. >>> new developments and new details in the trayvon martin case. two sources close to the invest

, big election, france isn't the only euro nation witnessing a political shakeup. in greece, early exit polls show the two main parties have suffered big losses in parliamentary elections. those centrist parties supported painful austerity measures. polls also show an ultra-right party making significant gains. today's vote is expect to have an impact on u.s. markets tomorrow. >>> back here in the u.s., a manhunt is under way right now after a mom and her three daughters disappeared in mississippi. police say they have found two bodies at a home associated with adam mays, this man, he is the man suspected in the disappearance of jo ann bain, a tennessee mother and her daughters. the four were reported missing by the woman's husband. i've got aaron on the line. he's the special agent in charge of the memphis investigation. they warned the kids they may be in extreme danger. what's the immediate concern? >> well, the immediate concern is that we capture adam mays, and return the kids and their mother back to their family. >> well, what is the connection here? we've got two different

financial failures in places like greece and spain threaten the world economy, but the g8 leaders came away with a consensus that growing jobs could combat those troubles. >> there's now an emerging consensus that more must be done to promote growth and job creation right now in the context of these fiscal and structural reforms. that consensus for progress was strengthened here at camp david. >> the g8 leaders also declared their commitment to promoting transition in the middle east and providing food aid to africa. >>> applause greeted a blind chinese activist. he came to the u.s. after a diplomatic back and forth that saw him holed up in the u.s. embassy in beijing before finally getting clearance to come to the u.s. chen guangcheng is now slated to be a fellow at new york university working with the university's law school. what a story. he spoke to the crowd through his translator. >> translator: at the most critical junctures, the american embassy in china provided a safe haven and the american government has provided great assistance and given me partial citizenship rights

finds the majority of people living in greece, spain, italy, france and germany don't think that the year ro has been good for their countries. there is an odd thing, the same people are in favor of keeping the euro and not returning to the old currencies. to break this down explain to the us, richard quest, good to see you here. so, help me understand this. you got five countries that use the euro including greece but say it has not been a good thing, yet don't want to go back. why? >> you have put your finger on the core problem. it is basically schizophrenia, dysfunctionality, they have this complete contradiction of views about the currency. on the one hand, they love the fact that they can take their e rurks os and without changing money go from one country to the other and spend, spend, spend. but, they loath the fact that with this comes the possibility of greater integration and that's why with these surveys, let's take greece. time and again the surveys show 70% want and like the euro. the the pew survey shows that. if you then ask, ask about austerity. it's schizophrenic. >

find solutions to the uncertainty with countries like greece and spain. protesters are massing in chicago. they have gathered there ahead of sunday's nato summit. nato leaders have the global economy and the future of afghanistan as their top issues. now back to the g8. president obama is expected to speak there next hour and we will of course bring that to you live. >>> the hunt for a man accused of killing his bride on their wedding night has moved to mexico. that's where the fbi believes arnaldo jimenez has fled. his parents live in mexico. it has been exactly a week since police say jimenez stabbed his new bride in his illinois apartment. she was found in the bath tub. his phone was tracked to the texas/mexico border and he is charged with first-degree murder. >>> we'll have to wait until at least monday for a verdict in john edwards trial. the jury got the case friday but has not come to a conclusion. edwards faces 30 years in prison and is accused of misusing campaign funds to cover up an extra marital affair. he denies he did anything wrong. edwards and his mistress rielle

so she applied for medicaid, and then she moved to greece still owing the nursing home big time. the nursing home was not happy, but instead of suing the mom, it shud her son and won. john now has to pay his mom's bill and fork over $93,000. so how is that possible? john and his attorney are here to explain. welcome, gentlemen. >> good morning. >> good morning, carol. >> first off, john, when you found out you would have to pay this bill, what was your reaction? >> i was basically in shock. i did not expect to be handed a bill for my mother's care. basically caught off guard. >> can you afford to pay $93,000? >> definitely not. >> and john lives in pennsylvania which is one of 30 states which has something called a fa familial responsibility law. where did this law come from? >> it's a law that has recent application. the nursing homes have been fighting this for a while and we're attempting to seek monies from elderly people and decided to have this application for children and daughters or sons. >> and so, as i said, this law is in 30 states. we don't hear of it being applied so of

the euro zone in greece, spain, portugal, italy. he is one of a dozen of leaders in this region who lost his job as a result of the economy. the unemployment rate in the united states is around 8% and in france, it is 10%. they have to find a way to get the euro zone out of this mountain of debt. the difference between sarkozy and hollande is that sarkozy and the german chancellor came to a consensus to cut spending. but hoeland says we need a growth plan. and that sounds good but you have to find money somewhere. what are you going to do? raise taxes? get money from the central bank? all of those are details that need to be hammered out. and uncertainty is an issue for markets including the u.s. markets, don. >> and the interesting thing. the americans want to know what about me? so it will affect the u.s. markets. but obviously when people went to the polls to vote in france they weren't thinking about the world economy or the european economy or the euro zone. they wanted their own country with those measures they don't like. that's what they went to vote on. >> look, you know wh

away in greece. when you think of greece, what do you think? the debt? it's about $540 billion in our dplar dollars. or do you think of the history? maybe you think of the beautiful greek islands. i don't know like mikanos. there are those who say all those things i just mentioned are assets. and they are valuable assets worth a great deal of money to, i don't know, a cash strapped country. there are suggestions that greece should hold a fire sale, or at least consider renting them. let's bring in cnn's richard quest from london. i am not the only person who thought those islands were very valuable. angela merkel has even made the suggestion to the greeks. is it real? is it a possibility? >> well, when you put it like that, no! that's the short answer. the greeks are doing some fairly imaginative things to try to balance the books. for instance, the acrop lis has been rented out. you can rent private policeman.man. and yes, no doubt, some of the greek islands will be leased. those that aren't already, of course, in private property. but greece is already having a fire sale. it is

from the former prime minister of greece saying greece is at a real risk of leaving the eurozone. you are seeing fears really play out in the markets right now. as i said the dow tumbling 138 points. oil prices down a bit below $180 a barrel. showing peszmism. >>> do you bring your lunch to work? we'll explain. ity the word that we use is jubilation. as you're getting older, you should be able to do the things that you love. [ sneezes ] [ male announcer ] you may be an allergy muddler. try zyrtec® for powerful allergy relief. and zyrtec® is different than claritin® because it starts working faster on the first day you take it. zyrtec®. love the air. [ sneezes ] >>> brace yourselves. this is pretty gross but you are going to hear this. turns out that the break room in your office nastier than you probably ever imagined. just how germ infested it is and how to protect yourself. >> we are here in the cnn break room. listen to this. according to a new report you got to beware. the break room is crawling with contaminates. it is safer to eat your lunch off of a toilet seat than yo

past the hour. opening bell ringing on wall street. dow futures down over worries about greece leaving the eurozone. tech stocks may suffer today as dell reports weak sales. >>> to maine where we learn more about that paris to charlotte flight and passenger who said she had a device implanted inside of her. because of that threat, us airways flight 787 was diverted to bangor, maine. u.s. fighter jets escorted it there. the woman will likely undergo psychological tests. >>> to pennsylvania where state lawmakers pushing legislation to defund planned parent hood. republican state representative darryl metcalf will introduce it today. two anti-abortion groups co-wrote the bill that would put health care providers that offer abortion services at the bottom of the priority list for state funding. >>> former first lady nancy reagan is following doctor's orders not to attend big events until she gets better. she backed out of an event last night that featured house budget chairman paul ryan. she broke some ribs back in march and has been slow to recover. >>> we get to watch history in

about $12 million at the event. also on thursday, the olympic flame will be lit in greece. the games start in london on july 27th. >>> we save the best for last. sunday is mother's day. please make sure to call your moms. >>> we'll have much more with the latest headlines and live reports. cnn sunday morning begins right now. >>> from cnn world headquarters in atlanta, this is cnn sunday morning. one defendant took off his clothes in court. another screamed you are going to kill us. we'll go live to guantanamo bay, cuba, where court just finished up a few hours ago. >>> bodies in mississippi may be linked to the disappearance of a mother and her three daughters. now a look at the suspect who is believed to be armed and dangerous. >>> and this. >> my fear with amendment one is that my daughter would lose her health insurance. >> reporter: we've told you about north carolina's amendment one, which if it passes on tuesday will ban domestic partnerships of any kind. now find out which political superstar is coming out against it. >> reporter: later, did you see it? was it huge? eve

street's jitters over europe may not be over. greece could be heading towards a new election, one that could lead to its exit from the eurozone. political leaders are set to meet tomorrow to discuss the new government, but no one seems able to pull enough support to create a coalition. that's a big problem because if they can't agree, greece will have to hold a new election. the war in afghanistan claimed two more lives today while the peace effort lost a key figure. gunmen assassinated a former taliban member who had turned his back on the militants to work with the peace council established by president karzai. nato lost two soldiers as well today killed in an ied attack in eastern afghanistan. that brings the death toll for the coalition to eight in the past three days. >>> a gruesome scene in northern mexico today where police found -- have found 49 bodies left along a highway. some decapitated and dismembered. i talked with our senior latin american affairs editor rafael romo about what police believe happened. >> this is all due to a big turf war between two drug cartels. on

all, when you talk about the debt crisis and europe and greece. >> absolutely. there's long been criticism that the g-8 is just a talk fest, they get together, have high-minded conversations and they go home and nothing changes. this time around and at the serene setting of camp david, i wonder who is going to get which hut. >> they're cabins, not exactly huts but, you know. >> yeah, the big thing is going to be the european debt crisis, greece in particular, of course, but a lot of people very worried about spain, italy. mario monti is there for the first time. the japanese premier as well, and that guy there key, francois hollande. he's a fiscal and ideological made as we would say in my country with the president, with president obama. he's a guy that's more into the growth than just austerity and, of course, he's butting heads with angela merkel in germany about the austerity measures. one of the important things to remember from the president's point of view, baps what happen europe is not irrelevant to what will happen here. >> how do you think the new players will shake up

there does continue to be uncertainty is in greece, they haven't been able to form any kind of coalition, so undoubtedly we're going to continue to see it unfold in the months and weeks to come. but one thing people were looking at is the debut of "the avengers avengers." both the nasdaq and the s&p are finishing on the up side. >> tell me that disney did not come to the rescue of the euro crisis. >> things looking a lot better than expected? tomorrow looking good too? >> what we have got, walt did any is going to report its earnings. but i think the markets are going to sort of turn for the near term, because there really isn't really to focus on. >> always good to see you, my friend. >>> and that does it for me, i'm in for brooke baldwin, but "the situation room" is going to take it from here with mr. wolf blitzer.

. >>> greece's president calling a meeting with leaders of the three main political parties to create a unity government. he's expected to pitch the idea of a government run by technocrats. >>> two russians an and american are on the way to the international space station. the spacecraft blasted off today after more than a month of delays. crews fixed a problem with the capsule's hull. >>> for the edwards' corruption trial. we don't know if the former presidential candidate will take the stand in his own defense but we know his older daughter, cate, will testify and that could be as early as today. >> reporter: the defense in the john edwards' trial said they could wrap up their case by the end of the week, as early as today we could see cate edwards taking the stand. it could go a long way to let the jury in on the extent of the family drama in the case and personalize her father because the jury heard sorted details about his affair with rielle hunter during the course of the trial and likely that cate edwards would have information about what elizabeth edwards was saying regarding john edw

cause us to hit a wall like they have in greece, spain and italy. sub prime mortgages, they came close to bringing this economy to its knees. this debt is america reese nightmare mortgage. it's adjustable, no money down and a sign to our children. and politicians have been trying to hide the truth about this nightmare mortgage for years, just like liar loans. this is not just bad economics. it is morally wrong and we must stop it. >> all right, the word from iowa. lots unfolding. rapid fire, let's roll it. here we go. it continues. president obama joining thousands of people mourning and paying tribute to the nation's police officers. i don't know if you knew this, but today is national peace officers day. the president took part in a ceremony on capitol hill, thanking the names offal s off officers. >> we honor those who gave their lives in the service of that commission. their families are in our thoughts and prayers as we remember the quiet courage of the men and women we have lost. >> tens of thousands of police officers from around the world came to d.c. and gathered for pol

struggle for greece to form a new government. [♪...] >> announcer: with nothing but his computer, an identity thief is able to use your information to open a bank account in order to make your money his money. [whoosh, clang] you need lifelock, the only identity theft protection company that now monitors bank accounts for takeover fraud. lifelock: relentlessly protecting your identity. call 1-800-lifelock or go to lifelock.com today. [ truck beeping ] morning, boys. so, i'm working on a cistern intake valve, and the guy hands me a locknut wrench. no way! i'm like, what is this, a drainpipe slipknot? wherever your business takes you, nobody keeps you on the road like progressive commercial auto. [ flo speaking japanese ] [ shouting in japanese ] we work wherever you work. now, that's progressive. call or click today. >>> checking top stories this hour, almost a week after greek elections, there is still no government in place. the president will be asking all party leaders to form a national unity government. that will be the only way to avoid new elections and avoid financial assista

thursday the olympic flame will be lit in greece. the games start in london on july 27th. and we saved the best for last, sunday, of course, is mother's day. that will do it for me. have a wonderful sunday, everyone. >>> newt leaves the field but may need practice as a team player.

euro, that supporters hope will be prosecute prevent a crisis like the hundreds hammering greece and spain right now. richard quest is joining from us london to talk about this. richard, first of all, help us understand this a little bit. what are the irish voting for today? >> it is called the fiscal compact. that's what we know it at. it is a 20-page treaty and what it does is the new rules of the road. it is setting out the ways in which the members of the eurozone will relate to each other, budgets, sanctions, deficits, structural deficits, and in fact some would say this is what they should have been doing for the last ten years. anyway, better late than never. the problem is ireland is the only eurozone country that is actually putting it to a referendum. the rest are doing it through national parliament or ratification processes and ireland needs the money because if ireland says no today, then effectively it is lifeline will be cut off. i mean, it is a bit like vote how you like but we know how you will vote. you get the idea. ireland is expected to vote for the referendum to

work through these very serious matters. iran being on the table. greece, the eurozone being on the table as well as big economic concerns. how much of their dialogue has also been about iran? i know that's going to dominate the nato discussions the president will be heading off to later today once it embarks in chicago. however, is it one of those items that does seem to be of universal concern for these g-8 leaders if they are willing to talk about, expound about? >> sure, fred. it did dominate the conversation last night. this g-8 summit started with a dinner. ten leaders, eight of them the g-8 members, and representatives from the european union. they talked a lot about iran. it seemed from a senior administration official that the president and the white house, that they are encouraged. they feel like, and this really matters, here in just a few days we're going to see conversations begin in baghdad between iran and five nations, four of which are represented here as well as china and they will be trying to pressure iran to give up its alleged nuclear weapons ambition. it seeme

whole process, a lot of these countries like spain, like ireland, like greece, started this process already in a recession. so that again sort of makes it even that much more painful. and then i think there is also the part that the bond markets are also very worried about what's going on with growth. i think the important point here is you're not going to get me to say, no, you shouldn't do austerity or certainly you'll never get me to do you shouldn't do austerity eventually. what i've been pushing for is a reasonable alternative. and i think the alternative is to take all that effort, all that passion that's currently going if to immediate austerity and say use to legislate the best plan possible for getting spending down, getting tax revenues up if you need to, over time, get those legislated, but don't do the cuts immediately when the economy really can't take it. phase them in gradually, say what your time table is. tie those actual measures to when the economies are healthier and more able to withstand them. >> it is called the greatest two minutes in sports. it, of course, i

will help take the olympic torch from greece to the u.k. people are getting ready for the london olympics. the opening ceremony is a little more than two months away. zain verjee is in london. you're so lucky. >> i am. it's really exciting here. the big flame hand over ceremony is going to happen at a stadium in athens. there will be a big choreography as they hand over the flame to princess ann who will be there for the ceremony of the united kingdom and then david beckham and then they will bring it by plane to the u.k. how are they going to bring a torch, you wonder, a lit torch by plane. they transfer it to a lamp. it will travel, one flame, 8,000 miles to different cities across this country. the interesting thing here is that there are a few backup flames. it looks like there's just one. actually, there are two or three in different locations just in case they need that actual flame. i don't know. we may want to call it a bailout flame from greece. i don't know. just in case. it's also going to be in a secret location every night that it is in a different city and there's a