Browse content similar to 08/03/2012. Check below for episodes and series from the same categories and more!
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Those are the latest headlines. It is not time for the latest | :00:03. | :00:13. | |
:00:13. | :00:21. | ||
Hello and welcome it. The headlines: Greece has until tonight | :00:21. | :00:26. | |
to clinch a deal with its private lenders then secure a new bail-out. | :00:26. | :00:36. | |
:00:36. | :00:37. | ||
Reports indicated may have enough. Japan records its biggest-ever | :00:37. | :00:46. | |
deficit in January. GDP data reveals the picture was not as bad | :00:46. | :00:51. | |
will stop a profitable year for Airbus owner EADS as it outsells | :00:51. | :00:54. | |
arch-rival Boeing. Could a big merger in the west be | :00:54. | :01:04. | |
:01:04. | :01:05. | ||
next? It is deadline day for Greece in | :01:05. | :01:11. | |
its bid to reach the deal with private lenders and claim a | :01:11. | :01:18. | |
membership of the euro. Investors have until 10pm to agree to swap | :01:18. | :01:22. | |
their Greek government bonds for any debts that are worth 70% less. | :01:22. | :01:26. | |
The deal is a condition for the second bail-out. If it fails there | :01:26. | :01:31. | |
will be no more money from Europe and the IMF and Athens will default. | :01:31. | :01:36. | |
So far, the indications are they may have done it. Greece needs | :01:36. | :01:40. | |
three-quarters of its bondholders to except the deal for voluntary | :01:40. | :01:45. | |
participation. If it does not, it will require at least two-thirds of | :01:45. | :01:49. | |
bond holders to take part so that Athens can use its so-called | :01:49. | :01:55. | |
collective action caused and forced the rest to agree. So far, holders | :01:55. | :02:03. | |
of at least 60% of the bonds say they will take part. Patrick | :02:03. | :02:09. | |
Armstrong is one of the bond holders who is refusing to accept. | :02:09. | :02:15. | |
What are you holding at the moment? Are a very small weight in the much | :02:15. | :02:21. | |
20th bombs. We have a fractional percentage in our part for years. | :02:21. | :02:26. | |
We bought end-August bond that immature. We took a position where | :02:26. | :02:34. | |
we shorted the banks. We benefited from falling back prices. If Greece | :02:34. | :02:38. | |
defaulted, banks would suffer. We have lost money on the next bombs, | :02:38. | :02:41. | |
but we made good capital on a position where we benefited from | :02:42. | :02:46. | |
falling back prices. You cuts that both sides. You were to benefit | :02:46. | :02:52. | |
from the Greek bonds if it was OK, but if it was not, you had a | :02:52. | :02:57. | |
position so you would gain if the banks suffered. You're not willing | :02:57. | :03:03. | |
to participate in this deal, why not? It is not a fair deal. All | :03:03. | :03:08. | |
owners are being treated the same. The people who voluntary | :03:08. | :03:13. | |
participate will get a haircut on their holdings. Banks have been | :03:13. | :03:17. | |
Crowhurst to put his bait. The banks will be voluntarily | :03:17. | :03:23. | |
volunteering in Greece, but they will be getting 130 billion through | :03:23. | :03:26. | |
the back door. There is a minuscule chance that there is a high | :03:26. | :03:33. | |
Patricia Rayson rate and Greece will not bother. -- higher | :03:33. | :03:38. | |
participation rate. When you took out these bombs last year, you knew | :03:38. | :03:43. | |
Greece was in trouble. You are taking a position to benefit. Some | :03:43. | :03:48. | |
would look at UN say, you're a player in this market. You have | :03:48. | :03:55. | |
made the situation worse. You have caused the market even more acute. | :03:55. | :03:59. | |
Greek people have had to swallow all these horrible changes because | :03:59. | :04:05. | |
of the market. We were supporting Greece by applying Greek bombs. | :04:06. | :04:11. | |
she were shorting European banks. You could say we made it worse by | :04:12. | :04:16. | |
shorting the banks, but we were supporting Greece. It was a mutual | :04:16. | :04:22. | |
trade. You have explained why you do not want to participate. It is | :04:22. | :04:29. | |
an unfair deal. But you will be forced anyway probably. Inevitably. | :04:29. | :04:36. | |
Why not vote in favour in the first place? The clause will make it a | :04:36. | :04:43. | |
default. By triggering the collective action causes, it will | :04:43. | :04:47. | |
cause the default. It is calling a spade a spade. There is a small | :04:47. | :04:51. | |
chance that they do not trigger the reflection active -- reflective | :04:51. | :04:58. | |
action caused. So there is a high up the dish a patient rate, they | :04:58. | :05:03. | |
may not bother. If they don't get to 66%, I don't think it is | :05:03. | :05:08. | |
possible. People are looking on from the outside en scene, surely | :05:08. | :05:13. | |
they are better raft to participate and agree. This deal has to be | :05:13. | :05:19. | |
better than Greece completely defaulting. Greece defaulting in a | :05:19. | :05:25. | |
disorderly banner would be bad news for markets. The IMF would come in | :05:25. | :05:29. | |
and pump liquidity into the system. I don't think it would be as bad as | :05:29. | :05:35. | |
people are worried about. Banks can prepare for this. And don't think | :05:35. | :05:41. | |
it would be that bad. We will have to leave it there. Thank you for | :05:41. | :05:48. | |
coming onto the programme. It is a story we will be across for | :05:48. | :05:52. | |
you throw out the date here on the BBC. | :05:52. | :05:56. | |
One year since the devastating earthquake end tsunami in Japan. | :05:56. | :06:00. | |
There has been some encouraging news about how the Japanese economy | :06:00. | :06:10. | |
:06:10. | :06:12. | ||
is doing. Tell us more about Japan. Two contrasting features on the | :06:12. | :06:17. | |
state of the Japanese economy. You mentioned the GDP which is at -- | :06:17. | :06:23. | |
encouraging. But the country look its biggest-ever deficit. Exports | :06:23. | :06:28. | |
continue to fall and rising fuel costs continue to hurt. The finance | :06:28. | :06:38. | |
:06:38. | :06:38. | ||
minister revealed that the broadest measure of trade gave the first | :06:38. | :06:41. | |
native figure of January 2009. But the GDP data reveals the picture | :06:41. | :06:47. | |
was not as bad as feared. Fresh data showed the economy shrank by | :06:47. | :06:52. | |
just 0.2% last year and that is a narrower contraction compared to | :06:52. | :06:58. | |
the first reading. Capital spending is also rising. | :06:58. | :07:02. | |
Good to hear that things are looking better. We will look at | :07:02. | :07:07. | |
some corporate stories. EADS, the parent company of Airbus, is | :07:07. | :07:11. | |
releasing its you results shortly and they are expected to be the | :07:11. | :07:15. | |
best for many years. They beat bowling in the battle for passenger | :07:15. | :07:25. | |
:07:25. | :07:26. | ||
jet orders last year. -- bowling. Our correspondent has more. | :07:26. | :07:31. | |
He is leaving EADS in the best shape the company has ever been in. | :07:31. | :07:35. | |
Airbus won orders for for 200 aircraft last year. Twice as many | :07:35. | :07:41. | |
as the American rival Boeing. When he took over EADS in 2006, the | :07:41. | :07:46. | |
company had multiple problems. Tensions between the car won't us. | :07:46. | :07:54. | |
Insider-trading scandals. Delays in the development. The new chief | :07:54. | :07:58. | |
executive will be the current boss of Airbus. He faces the immediate | :07:58. | :08:04. | |
task of dealing with a safety scare over A-380s. There was a recent | :08:04. | :08:10. | |
engine fire. His successor is encouraged -- inheriting a good | :08:10. | :08:16. | |
product line. He has to be able to deliver it. End to quality, which | :08:16. | :08:20. | |
is the key issue. Bowling found problems with that. Airbus has | :08:20. | :08:28. | |
before. As well as the civilian aircraft, EADS have other branches. | :08:28. | :08:34. | |
Helicopters, military planes. It is a strategic decision to make. Will | :08:34. | :08:39. | |
they slimmed-down their operations to focus on civilian aircraft, or | :08:39. | :08:44. | |
will they use some of the cash pile to make further acquisitions? There | :08:44. | :08:48. | |
is a lot of talk about EADS penetrating further into the | :08:48. | :08:55. | |
American market by merging with one of the defence manufacturers. | :08:55. | :09:01. | |
aircraft a partly born in the UK, that -- in the US. A bid defence | :09:01. | :09:05. | |
company with their partners in a military version of the Airbus. | :09:05. | :09:10. | |
They finally did not sell it to the American forces. That is the sort | :09:10. | :09:16. | |
of company that they could possibly by. This would bring them on to | :09:16. | :09:21. | |
Boeing's home turf. It can try and beat it in sales of the next | :09:21. | :09:26. | |
generation of fuel-efficient planes. It will also have to fend off | :09:26. | :09:30. | |
increasing competition from the likes of Chinese and Russian | :09:30. | :09:35. | |
airliners. The markets in Asia are having a | :09:35. | :09:40. | |
good session today. Depend is certainly having a good state on | :09:40. | :09:46. |