the people of europe repeatedly say no. >> listen, if the people of europe vote against the bailout package, let's take germany. i can't blame them. i can't blame them. and i think that's a key factor. my point is -- >> one of the key factors, i keep going back to this. i question the euro from the start. when you have so many countries with so many different political systems how can one currency really trump all of it. you look at portugal, for example, that is a currency that hurt them when they got the euro. >> it's actually our attempt to better our selves and to work and to trade and to live -- >> i'm for europe. i think the euro and the free trade is a good idea. >> if you did tell a country like portugal. >> it was never enforced. >> i agree. >> that was the issue. you're going to see a voter revolt. voter revolt against all this spending and borrowing. that's coming. that's going to be a big message and the german parliament has to vote on friday, simon. that's going to be a huge, huge vote. unbelievable vote. let's move on. >> thanks so much. i'm actually heading to portugal tonig

europe that is whole, a europe that is free, and a europe that is at peace. [applause] as president obama said in problem little more than one year ago, a strong europe makes a stronger partner for the united states and we need strong partners. that is why we will do everything we can to support this great endeavor of yours. the past 65 years have shown that when americans and europeans devote their energies to common purposes, there are almost no things we are unable to accomplish. together, through the marshall plan, we rebuild europe and made perhaps the greatest investment in human history. we built the world's most enduring security alliance, nato, and state political force that ties america and europe together and brought us even closer. together, we established the greatest commercial relationship in the world's history, comprising 40% of global trade and helping in an era of social prosperity. together, we provide hope and relief to those suffering q but terry catastrophes in more places than i can mention -- suffering catastrophes in more places that

let's call it europe. because it's not greece. it's basically europe. the bailout was designed in such a way, like long-term capital, where all these countries have now taken on additional leverage on their balance sheets to support greece. so it's a europe problem. it's not a greek problem. and if you look at one of the things that masked this problem, it's been the very solid earnings that came out for the first quarter. a lot of those earnings if you go back and dissect what companies have said, they talked about the global re-emergence, the global recovery that's in place. go and read -- that's what they say. and what they say in the mda is that they basically say there's a global recovery in place. well, there can't be a global recovery in place if europe is going to basically double dip second half of this year. and you've got to factor that in. >> i want to bring in brian kelly at the prop desk. brian klee of kanundrum capital, you've been following this situation very closely. i want to throw this possibility at you, a financial crisis in europe

is real. >> europe, people really freaking out there now about europe. some of the people are saying the shorts are having a field day here. they are really going after europe hard. and it is contributing to what we are seeing here in the u.s. >> no one ever wants to talk about the dar it is really -- interesting moment whenever you talk about the shorts, that's supposed to be the spanish guard says the shorts. of course, we know that if you want to make money as a hedge fund manager, you have to go with the trend and you have to bang down. if i were a hedge fund manager now, i certainly would be shorting spain because i have a feeling that tomorrow morning, people wake up and say you know what, spain thing is for real. it doesn't matter the government says not to. spain is for real. then you get the absurdity. what's next? >> we start talking about princess grace. >> let prince albert out can. you know, in nevada, up want to put on a tax. peru, chile. we worry about that. hedge funds are completely overweighted in the freeports of the world. and we know

a europe that is whole. a europe that is free. and a europe that is at peace. [applause] has president obama said in prague a little more than a year ago, -- as president obama said that, we need strong partners. this is why we will do everything we can to support this great endeavor of yours, because the past 65 years have shown that when americans and europeans devote their energies to a common purpose, there is almost nothing that we are not able to accomplish. together, through the marshall plan, we rebuilt europe. together, we built the most enduring security alliance, nato, an apolitical force that tied people together and brought us even closer we and a political force -- we built the most enduring security alliance, nato, and a political force that tied people together and brought as even closer. and together, we have provided relief and hope for those suffering humanitarian catastrophes in more places than i can mention, from the western balkans to our work in haiti today. to those who continue to question the transatlantic relationships or my country'

europe situation, yes, it is important. more so what it is doing to the euro and in relation to what it is doing to the dollar. dramatic impact on the trade today. the dollar is -- strong. >> i think that the -- the problem -- scott, i think you have a good point. i think the problem the trading community is having is that this kind of topy action, transports are up 135 on monday. down 135 on tuesday. and is indicative of -- at least short-term market tops. very topy action. i think that's got what's -- what's got some of the traders concerned. >> steve liesman. >> scott's point, more technical than it is necessarily anything related to these -- i mean, we have been talking about greece how long? >> steve made a great point earlier on your program where he said the mark set in a quote, unquote comfortable range. i subscribe to exactly that whole thing. i think it is more technical than anything else. >> right. >> art, if we just had to assess the relative risk here, i just want to say that -- lehman with all those aig, all

europe is an important export market. we sell a lot to europe. europe is going to grow less. now the strains in the banking system. and the minute you introduce strains into the banking system there's always a fear that governments will be behind the curve and that you can get contagion. you can get widespread disruption. that's what we started to price in today. >> susie: in terms of american banks that have just been coming out of our own financial crisis, how exposed are u.s. banks to what's going on in the european banking system? >> they are not as exposed to the european banks as they are to each other but they are all exposeded to the global banking system. banks are very inter-linked. and the minute you start having disruptions, the minute the flow through the pipes starts to be interrupted, then everybody suffers. and the concern is that europe's banking system may come under pressure. those of us that are in the trenches, those of us who look at the plumbing for the last couple of weeks we have started to see some strains and the news out of spain this weekend was r

., in europe, around the world are the result of monetary, massive stimulus and fiscal. they mean nothing in terms of self-sustainability going forward. certainly, the greece issue and the contagion that we're seeing should be the focus of markets, should be the focus of the world. i've been nothing but a broken record over the past month saying risk aversion is coming back. it's probably not going to be a straight line. markets probably don't how to digest this. certainly they're starting to wake up to the fact that this is a major, major problem and it's not going away. i'd like to say one thing. the word contagion to me implies there's a healthy body getting sick from someone catching something next to it. this isn't contagion. these are all sick bodies. let's look at what's happening in spain deep down. let's look at the fact that that's not going away. let's look to portugal itself. this is not going to go away if each country is dealt with. each country has to be dealt with on the merits of its situation and that is a problem. >> does that mean you discount complet

what is happening in europe. and as that situation ebbs and flows, we're watching the euro very carefully. we did see the euro drop to a 14-month low earlier and that's when you saw food prices fall below $80 a barrel. the fears that the greek debt crisis will spread and the fact that moody's is going to review portugal's debt rating and all that is factoring in to what is happening to oils and commodities prices. we are looking at the fact that we have another u.s. petroleum and products, as well. even though demand has picked up here in the u.s., dennis, we are not seeing that reflected in prices. those prices are lower, as well. the euro and the euro zone seems to be the biggest factor impacting oil today. >> thanks very much, sharon. >>> these guys tend to be every bit as secretive as the guys at apple and microsoft. nike is holding its first investor conference in three years. darren rovell is standing by. >> nike continues to deal with new numbers coming out today including a new revenue target for 2015. ni

in the short term, it's a contamination from europe. but over the longer term, what is happening in greece tells you three things that has to be taken very seriously in our country. first, deficits and debt matter. you can't simply ignore them year after year. secondly, it is important to have flexibility in the budgetary system to respond. one of the problems greece has is even if it's willing to adjust, it's finding it self not able to adjust. and that's because the situation has gotten so bad that there is limited flexibility. and the third lesson that greece tells us all is things can change very quickly. who would have thought that within a few weeks not only would there be doubts about whether greece could make its debt payments, that there would be doubts about what the euro zone would look like from 6 months toary i year. so things can change quickly and it is important we don't waste time. >> and mark zandi, very briefly, do you expect more market volatility based on that uncertainty? >> yes. because to get out of the financial

in fact, maybe no growth in southern europe. and that can't be bullish for stocks over the next six months or a year, while the markets hold, the ecb and european authorities feet to the fire. >> so when you -- i'm still confused. i'm trying to figure out what the play would be here for you. considering your fund is so significantly outperformed, the average. you gave this example in the "newsweek" article. european companies are selling, by the way now it's even lower, 12.7% this year's earnings. they're cheap compared to america. my question is, at what point do you buy? >> i think you buy when the ecb and the european authorities really capitulate and just what bill gross says, that there is a restructuring of spain and greece and portugal's debt. but we've got to get to that, and that will be a very deflationary event. and it will have a big impact on the whole banking system across europe. and they'll have to raise a lot more equity. and their ability to finance growth is going to be limited for a while. so there's a big --

the silver lining is that a lot of capital that would have gone to europe or is actually in europe today would look to go elsewhere. and the united states is still the most attractive. it's what my colleague -- former colleague says, it's the cleanest dirty shirt. it's not a clean shirt, but it's the cleanest dirty shirt. so the u.s. will get some inflow. however, let's not forget what's happening in europe is deflationary for the world as a whole. and what's happening to europe is increasing risk aversions so equity markets in particular will come under some pressure. >> you said it's a clear example of what could happen. what do we need to do in the united states to ensure it doesn't happen? >> we need to get our act together. we need to recognize that fiscal adjustment is important and we need to be credible about adjusting over the next few years. the best way to do that is in a high growth world. so you have to take advantage of whatever growth we have right now to make sure that that is combined with a credible medium-term fiscal adjustment. >> so, in other words, slow down the spe

europe's new plan to tackle the eurozone debt crisis. the u.s. warns north korea the torpedo attack that sunk a south korean ship will not go unanswered. after weeks of violent protest against his rule, the they prime minister -- the thai prime minister says his country is calm. welcome to "bbc world news." coming up later, a former rebel leader is sworn in as president of southern sudan. is independence the next step? an the family feud that ended in tragedy. a british couple and their daughter shot dead in pakistan.u >> hello. as another turbulent week in europe ends, the financial markets have been on a roller coaster ride, driven down by fears of a repeat of the greek crisis, held up by any piece of good news. the bailout fund, nearly $1 trillion of it. the markets have been unconvinced. ministers have tried to address that bicepping the need for sanctions against countries that run up too much debt. this was just what germany wanted so parliament in berlin has approved the german contribution to the rescue package. the bbc's economic editor

credit defaults across europe and blew out. spains, yield across the board there, going up significantly. because of the concern about, is it really the way to heal a debt crisis by adding more debt to the balance sheet of this country? >> right. >> and ultimately the question amongst investors, you know at what point is there going to have to be a hammering down restructuring here as opposed to simply adding more debt? and remember europe was closed yesterday and we were able to ignore and focus on other things. we didn't have as many distractions today. so it was back in full force and in our face and that's why we saw a disproportionately large night go ahead, ron. >> and the history -- >> maria, if i may -- >> the imf have been that they haven't always worked out and stuck. think back to argentina where they really had do a full restructuring after some these initial plans. i would like to throw one other thing on the table and that is the realize, this morning and overnight, that the bomb that was found in times square was

the big question is, how are these debt crisis in europe. greece, spain, portugal, italy, how are they going to affect u.s. companies? and to what extent our investors already pricing that word in today? well, they've definitely, they've been in the process of pricing it in in the last month. it's a deflationary even. just like 2008 was with u.s. banks. so that really all can impact all assets, all risk assets very negatively. that's what's happening. i think, if europe doesn't provide a stimulus package, the in the prices are not reflecting having gone low enough. i think they will come in. politicians don't like to be voted out of office. they don't like people running around the streets. i think they will come out with a stimulus package. and if they do, you will see the market turnaround and rally very hard. very sharply. so on a scale of one to 10, just how bullish are you right now? what stocks are already seeing such a sell-off? i would say i am an 8. ok, michael morcos of old second national bank. thank you very much. and straight ah

every country, europe, china, brazil, europe, everyone contributes. that money is lent out to countries that are in trouble like it is now doing to greece. host: florida, republican line. caller: the united states help the economies of germany and japan and china's development with engineering and technology. in detroit, homeless shelters are full. what are we talking about financial monetary investments? -- why isere's not there so much talk about the stock market and debt? show more concern for citizens here such as hitting clean water and other things for citizens here? guest: in order to be able to make all those investments in infrastructure like you are saying, it needs a certain amount of basic government stability and for the financial situation to be in order. if the government does not have the money, you get a lot of inflation or uncertainty in financial markets. that makes the investment in physical infrastructure much more difficult. you are right that ultimately, wealth is created by investing in physical infrastructure. to get there, yo

in addition, s&p 500 sales to europe represent only 14% of the total. so what's happening in europe is not good for corporate america and the american economy. it's not the end world either. >> reporter: floor trader art cashin says it's important to note that selling in the s&p 500 today stopped short of 1,055-- a key market support level. >> when they didn't go further. people said, "wow! maybe that's a double bottom-- maybe that's kind of a magic point where it's cheap enough that people want to buy it." it's kind of a sigh of relief rally. >> reporter: it's impossible to know whether the stocks are headed for more trouble next week. but here at the n.y.s.e., traders expect the market to stabilize. >> we've got to get rid of the geopolitical doubts and anxieties. a good deal of it may get resolved this weekend. in europe there is a religious holiday that some of the markets will be closed and it gives the governments an extra day to figure out what they can put together. >> reporter: what happens in europe is expected to drive trading next week. fina

matt, no doubt europe's debt troubles are still gripping the markets, do you think? definitely. i mean, one of my big positions is that these european governments. the interest rates on their bonds are just way too low. so there's a repricing of the credit risk and that's of course what we've been contending with. with this really violent correction. but i think last week, last friday we finally, hopefully put in the bottom. so i think this week, i'm looking for a technical rebound in the market. really, ok. you think that there is a bottom? because some traders after seeing more than a 10% sell-off from april's highs. some traders actually say that we could see another leg down. but you don't think so? well, everyone likes to be negative. especially the professional traders. i'm usually optimistic. i think the united states investment market is really good. and in the vix pit, i do believe friday's trading showed that there's light at the end of the tunnel. ok, we've also got housing data involving sales and prices of homes coming in economic data this week. how do you think th

but in europe. again, china slowing down. not a lot of fundamental support for the market out here and if we get a real turn, a real sort of macro shift in the view of what the economy is going to look like here. i think oil has some real problems moving certainly above 87 as we've seen every time it tried to move above here. >> thanks very much. we appreciate it. i want you to know, mark, that five of our viewers called vertigo. we said what's the word? they knew the word. they immediately said. what's wrong with you people? the word is vertigo. >> all right, 6 in 60. promise not to give you a vertigo with that. >>> are you bullish or bearish on stocks today? >>> in today's street poll we asked if you were bullish or bearish on stocks today. wow. >> holy cow. right down the middle. >> 51-49. >> right down the middle. >> that's a mandate for the polls. that's the way a politician would talk, right? >> yeah. >> time for 6 in 60. we're all set up. i guess we start today. here's my three. we begin with webmd downgraded from hold

yes, it's a contingent problem, it's a europe problem. the prime minister of spain zapatero is complete madness. a rumor in the market. most big plays in the market don't think that's probable. don't think it's likely to happen but fact that it's there and they have to deny it, stresses the market. there's also a belief that ultimately in the median term greece will have to restructure its group. you know london was closed today -- yesterday. today was the first day that the big foreign exchange players had a chance to react to what came through through the european union and there's a believe that median term the figures will not hold up or the austerity will not be sufficient and haircuts will be taken but main thing that i want to say to you, maria, my final point, it is a belief nat european central bank is going soft. what they said over the weekend was that they would now bend the rules again on keeping the greek debt as collateral. so, again, an individual country provision. and more than that, would ask -- said that the stage we h

and with that the future of germany and europe is at stake. fears of contagion to countries like spain and portugal caused a major selloff of european and u.s. stocks. joining me to make sense of all of this, martin wolfe of "the financial times," his column in today's paper takes a look at greece's bailout. i am pleased once again to have him back at this table. welcome. >> pleasure to be here. >> charlie: i take, now, the first paragraph of what you said in today, may 5. desperate times, desperate measures, after months of costly delay the euro-zone has come up with massive support for greece by bringing in the international monetary fund at germany's behest it has obtained additional resources and a better program but is it going to work? alas, mr. wolf says, "i have huge doubts." so waif it doesn't work? >>ed the good thing about it at least as far as greece is concerned it kicks the can down the road, gives them money, quite a lot of money which will cover their borrowing requirements for between two and three years. that leaves them out

and still we are all still talking about greece and europe. so explain the balance here between the technical stuff you're talking about, the machines, the computer trading, and then this sort of market psychology or looking attic things like what's going on in europe. how does one feed the other? >> they feedback very closely because even though we talk about computers trading, all those computers are attached to people. you know, it is not like these are computers from outer space that are eating the planet. they have been programmed by people mostly to do things that traders have always done, like buy on the dip and sell on the reboundment but when the market is really jittery, a lot of those computers get jittery too. and when everybody tries to run for the fire exit at once, you got problems. >> brown: and a last word from you, nick perna, you put these together too. do you expect the jittery market to continue? >> i hate to use the phrase, but i think jitteriness is the new normal. i think that until we get clearly out of the woods in te

about europe. and, yes, the greek story is a miserable story, but i want to read from you a dow jones market watch release. manufacturing output, in april, across a 16 nation zone expanded at its fastest clip in ten years, driven by a record performance in germany and austria, although greece showed a contraction. this was released on monday. april rose to 57.6 from 56.6 in march. i believe this index is up six or seven consecutive months. if has if not a v certainly a strong view. degrees oig was the only one to show a contraction. but in this report, which is just like our ism, germany led, austria led. output also rose in france, ireland, the netherlands, italy and, get this, spain. so let us not be too unrealistic that the whole world is falling apart. it may not be the case. let me go back it my distinguisheded panel. lieu jobs, john rutledge, lee munson and steve grasso. am i bark up the wrong tree here? there is positive news coming out of europe and a hell of a lot of positive news coming o

we agree. >> well, no, europe is the entitlement continent, right? >> i have clients in europe. i plead the fifth. >> that's awesome. >> that's what it's all about. some days you need to come in and say what you mean and not care about your client. >> yeah, fine. one day. >> thanks. jim, jason, dan, thank you. yesterday we had three guys on, we called them the three amigos. that should have been today. >> should we do the mariachi music now? did they do the cough thing? >> none of those guys were spanish, right? >> el guapo was. >> you were in colorado. >> i was. this past weekend. close to arizona. >> right next door. what if you just -- i mean, you thought about that. >> i would have had to do the show from tijuana. any comments or questions this morning, drop us a note. our address is squawk@cnbc.com. >>> when we come back, the ceo of devon energy will discuss the gulf oil spill. its effect on the industry and what it means for drilling. the company also out with quarterly results. a lot more "squawk" continues in just a moment. >>> time now for today's "aflac trivia question

the united states needs to europe, and i respectfully submit, europe needs the united states. we need each other more now than we have ever. [applause] so i view this week's anniversary as providing a welcome opportunity to reaffirm the bond and our peoples forged long ago in the fires of diversity -- the bond our peoples forged. europeans and americans look to each other before they look to anyone else. now, as then, we are honored and grateful to be by your side in the struggles yet to come, so, again, i am here to state unequivocally, president obama and joe biden strongly support a united, a free, an open europe. we strongly support what you are about here. we wish you godspeed, and may god bless you all, and may god protect all of our troops. thank you all very much. [applause] thank you. [captions copyright national cable satellite corp. 2010] [captioning performed by national captioning institute] [applause] >> thank you very much, mr. vice president. it was great for future cooperation. listen and talk to each other, very important, and i would like to thank you for re

especially in europe. after we saw the dow, the nasdaq and the s&p have their biggest percentage drop so far this year yesterday like you mentioned. we have grounded to make up. oil prices are trading around $70 a barrel. that's after dipping below that threshold for a couple days this week. again, kind of a rare situation to happen right around memorial day. this is typically when we see the prices go up. and it's been a long road to get there but finally u.s. senators did pass their version of the financial reform bill last night this this a vote of 59-39. this is the biggest overhaul of financial regulations since the great depression. now, the bill does aim to create new consumer protection rules and add more scrutiny on big banks. the house and the senate must reconcile a final version before the president can sign it into law. but by some estimates it could happen by july th. >>> facebook, myspace and other social networking sites have been giving advertisers your information without your consent. fa

stocks tumble as worries about europe's stability move beyond greece. the dow tumbled 225 points, its second biggest point loss of the year, and the nasdaq fell nearly 75. >> tom: in greece, protestors took to the streets, worried the bailout package arranged by european leaders and the international monetary fund won't be enough. we get the latest from the imf's john lipsky. you're watching "nightly business report" for tuesday, may 4. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> susie: good evening, everyone. worries about too much debt in europe triggered a big stock market sell-off around the world today. tom, behind the selling-- serious questions about that plan to bail out greece. >> tom: susie, on wall street, the dow tumbled 225 points, the nasdaq plunged 74, and the s&p 500 lost 28 points. volume picked up considerably on both the new york stoc

will europe be able to contain that and handle those financial problems? will there be a recession in... throughout the euro zone? and will that recession impact american companies that sell goods and products to the europeans and what will that mean for jobs and the economy here in the states? so, yes, there are a lot of questions out there and that uncertainty is making investors very nervous. >> woodruff: susie gharib anchor of "nightly business report" on pbs. thanks very much. and now to reporter john psarapolous in athens. john, we also talked to you yesterday. you were there today watching what has happened throughout the city. how much different from the deadly riots of yesterday? >> >> well, it was in short an anti-climax. the peaceful part of the ral that took place was only a couple thousand people strong in my estimation. this throng came around parliament at the time when the austerity measures were being voted. their banners were up and their flags were flying but there wasn't the usual drum beating and the usual amplified music and slogan sh

a europe that is whole, a europe that is free, and a europe that is at peace. [applause] >> as president obama and set in prague a little more than a year ago, a strong europe makes a stronger partner for the united states. and we need strong partners. that is why we will do everything we can to support this great endeavor of yours. because the past 65 years have shown that when the americans and europeans devote their energies to common purpose, there's almost nothing we are unable to accomplish. together through the marshall plan we rebuild europe and made perhaps the greatest investment in human history. together, we built the world's most enduring security alliance, nato, and the military and political force that tied american and europe together and brought us even closer in the ensuing decades. together, we established the greatest commercial relationship in the world's history, comprising about 40% of global trade in helping usher in an era of unprecedented prosperity and technological innovation. and together, we have provided relief and hope for those

and central europe and eastern europe. he wanted to be surrounded by a lies and by quite frankly, if you got back danzig and deal -- polish colonels were fascists. he had no quarrel with their form of government. he had no quarrel with them. he thought colonel beck who was a machiavellian figure was just the kind of guy he would deal with. i think if the polls had -- poll and promote country, but that was a suicidal course of conduct. sitting there between hitler and stalin, and the poles had defeated linens and trotsky. and you have to choose. off a i were the poles i think the best that would've been take hitler's deal, let him have his nazi city, little city of danzig back, and hitler was prepared to give him a slice of other land in return for it. and you say, you're going to have to make that deal or go to war with him. it's your call. that's where the brits and the french, why would they declare war on hitler? why would hitler go west? what exactly did he wanted in france? he had written off that, you got it. and eve

you see, by and large in europe and the far, in europe, the number of people who believe that the second world war was a mistake and the germans should not have been fought, amount, and we know this from electoral between 10 and 20% of the lesson, and in germany electoral their tombstone every week and the vote. assess, the german occupation wasn't so bad. pro-nazi party, last sunday cut 16% in the elections. so the interesting thing is, these are three forces, western parliamentary democracy, german national socialism, communism -- communism has practically disappeared. western parliamentary democracy has its own troubles, but there it is. but they are, this is the legacy of the war. there are, as i told you, in austria for example, a party which has campaigned on different levels, but one of them being that the second world war and the german occupation of austria was not so bad. its leaders openly called winston churchill a war criminal. six years ago got 20% of the national vote. i don't think the great danger of these people will ever get to power, but this is interesting. this is s

a lot of banks have exposures to greece way across europe. that might precipitate a real falling apart of the currency itself. on the other hand, it might be enough to stabilize it, and one of the ideas that is being floated is that the government could perhaps start cooling their debts, 7.3 trillion euros rth of euro zone country get out there. at the moment it is issued in euros, but it is backed by individual countries. they get all get together and pool their debts of at a certain portion of it might have common credit, as it were, of the countries. you would not be looking at treated thatnymore. it would just be euro zone debt. host: we have heard so much about race, but how did this crisis really originate? we have heard so much about greece, but how did this crisis really originate? est: some of the structural problems were pushed under the carpet to get the currency going. the were two big problems. one that all of the economies did not necessarily work well together. you have northern countries that are very productive strong exporte

another government in europe will be in -- other governments in europe will be showing their concern over the chaos. protesters say they will suffer under the government's new measures and produces petrol bombs. many buildings were set on fire. the location of the most tragic moments of the day -- in this bank, three employees could not escape in time and died, suffocating in smoke. this terrified woman headed to safety. in parliament, the greek prime minister condemned the three deaths as a murderous acts. -- as are murderers act. he said "we are deeply shocked as to what's uncontrolled violence leads to. -- what uncontrolled violence leads to." many will have to retire later under the terms imposed by the international deal. tonight, it was an unusually quiet city center. the day claimed lives, and still governments and markets across this -- and stilled government and markets across the continent. >> what you are seeing is a brittle illustration of how hard it is for country to sustained deep cuts in public spending. european stock markets have reacted with further sharp declines

see nato, europe, in terms of its potential? guest: it is the link between the united states, north america, and europe, to show our support. back to the last question, the europeans are our best partners in looking out for problems in the world. from the perspective of europe, they are glad to see the united states there in a variety of fashions. not everyone agrees hal, -- how, but i do think that they like it. host: a twitter response -- guest: that is what we were doing in the strategic concept. first of all, we did not have the answers to everything. this was not the kind of a land where there were troops massed ready to do with troops on the other side. now we are looking at a much more connecticut's approach, understanding what the new threats are, understanding that there has to be a civilian component to the work that takes place, military and civilian. if you look at afghanistan, it is that combination. we talked about some of the energy issues. we said that it had to become agile and versatile to deal with those probl

i travel all over europe. the europeans complain about every store that closed down because they cannot compete with china. it is too cheap. guest: i do not buy that. when things are cheaper for us to buy, it is not bad for us. that is the end of the story. as workers, we are increasingly having to compete against the global marketplace, not just china, but india and other places and that does put some pressure on us to be more productive and find things we can out compete them in. we cannot at compete tin

you see, by and large in europe and far, in europe, the number of people believed that the second world war was a mistake, and the germans should not have been fought. amount, and we know this from between 10 and 20% of the lesson. percentages of people who still relatively low. grave, the grave of his flowers on their tombstone every the vote. says the german occupation bad. pro-nazi party. last sunday got 16% in the elections. so the interesting thing is, of these three forces, western parliamentary democracy, a german national, communism, communism has practically disappeared. western parliamentary democracy is old troubles, but there it is. but there, this is a legacy of the war. they are, as i told you, tens -- in austria, for example, a party which has campaigned on different levels, but one of them being that the second world war and the german occupation of austria was not so bad. its leader openly called winston churchill a war criminal. six years ago, 28% of the national vote. i don't think the great danger of these people will ever get to power, but this is interesting. this

needs europe and i perfect -- and i respectfully submit that europe needs the u.s. we need each other more now than we have ever. [applause] >> i view this anniversary as providing a welcome opportunity to reaffirm the bond our peoples forged long ago in the fires of adversity. and the pursuit of ideals and partners, europeans and americans look to each other before they look to anybody else. now is a van -- now as then, we are grateful to be by your side in the struggle to get to come. i am here to state unequivocally, president obama and joe biden strongly support a united, free, open, europe. we strongly support what you are about. we wish you got speed and may god bless you all in may god protect all of our troops. thank you, very much. [applause] thank you. [applause] >> thank you very much. it was a great invitation for future cooperation and talks. as you said, listen and talk to each other is very important. i would like to thank you for repeating the most important words of the last week -- europe needs america. the second world war, we were fighting side t

europe that is whole, a europe that is free, and a europe that is at peace. [applause] . it to support this great endeavor. the past 65 years have shown that when americans and europeans devote their energies to common purposes, there are almost no things we are unable to accomplish. together, through the marshall plan, we rebuild europe and made perhaps the greatest investment in human history. we built the world's most enduring security alliance, nato, and state political force that ties america and europe together and brought us even closer. together, we established the greatest commercial relationship in the world's history, comprising 40% of global trade and helping in an era of social prosperity. together, we provide hope and relief to those suffering q but terry catastrophes in more places than i can mention -- suffering catastrophes in more places that i can mention. to those skeptics, who in spite of these accomplishments, continue to question the state of transatlantic relationships or might countries' attitudes toward a united europe, my answer is this -- even

it is the longest in europe and completed last year at a cost of $80 million. the main story in a move they hope will assure roller coaster financial markets, european ministers have accepted the need for sanctions against the e.u. countries that run up too much debt. they were meeting in brussels to decide how to tackle the creation in the euro zone. the germans call for the budget deficits to be under control. you'll find that and much more of international news online. you can get in touch with me and most of the team on twitter. you can see what we're working on, too, on our facebook page. >> hello and welcome. >> see the news unfold. get the top stories from around the globe and click to play video reports. go to bbc.com/news to experience the in-depth, expert reporting of "bbc world news" online. >> funding was made possible by the freeman foundation of new york, stowe, vermont, and honolulu. newman's own foundation. the john d. and catherine t. macarthur foundation. and union bank. >> union bank offers unique insight and expertise in a range of industrie

mostly because of the worries imported from europe. how do you see things? what does this mean for a long-term investor? >> for over the last year we've been talking about the economy being a bumpy journey to a new normal. and we clearly have hit a bump and the bump is emanating out of europe, which is truly having a financial crisis. so i think the markets are rationally de-risking. it's not present but it's par for the course if the course is going to be a bumpy juniory to a new normal. >> it certainly feels like there's a lot of fear out there. do you think this continues? is there more of a correction to come? >> i think it's going to continue until you see an adequate policy response to insure investors that the world of growing concern, if i can put it that way. i don't think we've seen that adequate response yet. you can see that europe has tended to be very reactive and the market has effectively booed every policy measure they come back with. i think we're in the game of 2008ing sunday night to see what announcements will be made by policymakers to

. >> announcer: outrage as president obama forks over billions of tax dollars to rescue europe. will bankrupt states now expect washington to throw billions their way? will the bail-out parade ever run out of gas? and a big victory for union, but a huge blow to the economy. the white house with another give-away to big labor, making it easier to unionize, but will the move only make unemployment lines grow even longer? a "cashin' in" expose you can't afford to miss. plus, nothing says memorial day like the beach, barbecues and bankruptcy? as the nation's debt spirals out of control, lawmakers now rushing to spend another $200 billion in programs that aren't paid for before the summer kicks off. as we keep digging a bigger hole, will washington ever get the message? all that and arizona on ice and teed off. the new immigration law spurring up boycott war between states with millions of dollars and thousands of jobs on the line. the battlelines are being drawn and threats are being made and we're keeping score. your money, you life, your show to stay ahead of the game. "cashin' in