:00:20. > :00:23.After months of wrangling, lenders agree on more bailout money
:00:24. > :00:26.for Greece and the chance of debt relief next year.
:00:27. > :00:31.Could the Greek tragedy be reaching its final act?
:00:32. > :00:33.Plus, Havana rethink - are Cuba's growing business ties
:00:34. > :00:38.with the US now under threat from President Trump?
:00:39. > :00:45.Also coming up, after the biggest recall
:00:46. > :00:49.in the history of the car industry, could faulty air bag maker Takata be
:00:50. > :00:57.We start in Greece which has edged back from the brink
:00:58. > :01:00.Late on Thursday, after months of wrangling,
:01:01. > :01:03.European finance ministers, together with the International
:01:04. > :01:05.Monetary Fund, finally agreed to give Athens its latest slice
:01:06. > :01:11.And there's a hint it could get some relief from its crippling debt
:01:12. > :01:20.Greece will finally get this - 8.5 billion euros -
:01:21. > :01:23.part of an 86 billion euro bailout plan agreed in 2015
:01:24. > :01:28.It will come just in time, as Greece faces 7.3 billion euros
:01:29. > :01:38.-- Its total debt now stands at more than 337 billion euros.
:01:39. > :01:41.To put that in perspective, have a look at this -
:01:42. > :01:44.the red is Greece's debt level over the past decade.
:01:45. > :01:47.The grey is its annual economic output or Gross Domestic Product -
:01:48. > :01:53.everything of value that the country produces.
:01:54. > :01:55.The debt is currently some 180% of GDP -
:01:56. > :01:58.one of the highest levels in the world.
:01:59. > :02:01.It has struggled to narrow the gap because round after round of
:02:02. > :02:06.austerity - demanded by its lenders - has steadily weakened its economy.
:02:07. > :02:09.That's why Greece has been insisting on debt relief.
:02:10. > :02:12.In other words, writing a big chunk of it off,
:02:13. > :02:17.The issue bitterly divides its creditors.
:02:18. > :02:20.IMF boss Christine Lagarde says that's the only way Greece will ever
:02:21. > :02:23.get back on its feet and has been refusing to get
:02:24. > :02:28.German finance minister Wolfgang Schaeuble has been amongst
:02:29. > :02:31.those insisting the debt must eventually be repaid in full.
:02:32. > :02:35.But it looks like some sort of debt relief could now be
:02:36. > :02:39.The chairman of the eurozone finance ministers' group is optimistic
:02:40. > :02:47.Overall, I think this is a major step forward.
:02:48. > :02:49.I commend the eurogroup institutions, the Greek authorities
:02:50. > :02:52.and foremost, of course, the Greek people for their intense
:02:53. > :02:59.We are now going into the last year of the financial support programme
:03:00. > :03:04.We will prepare an exit strategy going forward to enable
:03:05. > :03:13.Greece to stand on his own feet again over the course of next year.
:03:14. > :03:16.Thanos Vamvakidis is global head of G10 foreign exchange strategy
:03:17. > :03:28.Thank you for coming in. Good morning. Let's start with debt
:03:29. > :03:32.relief, something that Germany has been adamant that Greece must repay
:03:33. > :03:35.all of its debts in full but the IMF said we must have some debt relief
:03:36. > :03:40.because the act is unsustainable. It's looking like Greece make its
:03:41. > :03:44.debt relief in some form. They have been in this chicken game for the
:03:45. > :03:50.last nine months. I think the agreement is a compromise which is
:03:51. > :03:53.the best outcome given all the constraints but it isn't the final
:03:54. > :03:59.solution. The reason of broad understanding that debt relief could
:04:00. > :04:04.be acquired at its another kick off the can down the road. Sir you won't
:04:05. > :04:08.think we will see an agreement for a chunk of debt to be written off, you
:04:09. > :04:12.think it is more extending repayments? This is exactly what
:04:13. > :04:17.they are discussing. Depending on the fiscal performance and economic
:04:18. > :04:23.growth, they have to agree to maturity extension to allow Greece
:04:24. > :04:28.to eventually repay the debt. We are talking about an extension of
:04:29. > :04:32.between 0- 15 years, this is the discussion but of course a lot
:04:33. > :04:35.depends on what will be your long-term growth assumption because
:04:36. > :04:41.this will affect the numbers. And also what will be the assumption of
:04:42. > :04:46.the interest rate you will be paying on the loan? This is what they are
:04:47. > :04:51.discussing. It has not been signed off yet, it has to be approved by a
:04:52. > :04:55.number of parliaments? I don't expect any problems. Germany was a
:04:56. > :04:59.concern, given that they require the participation of the IMF, but one of
:05:00. > :05:03.the good news from the deal is the IMF will participate with the
:05:04. > :05:09.so-called standby arrangement which doesn't include any money before the
:05:10. > :05:12.race a final deal on the desk. Do you feel they have been any
:05:13. > :05:16.softening of the stance towards Greece because of Brexit? We have
:05:17. > :05:20.seen the UK leading has perhaps made Finance ministers thinking they
:05:21. > :05:24.don't want another country to live. Not really but rightly so they have
:05:25. > :05:29.kept the two issues separate. If anything the creditors were tough on
:05:30. > :05:35.Greece. They had approved measures for the next five years and had
:05:36. > :05:38.fiscal guidelines for the next few decades without actually getting the
:05:39. > :05:42.final answer on debt relief so this is completely separate. Thank you so
:05:43. > :05:45.much for coming in. We are also in Cuba
:05:46. > :05:47.because President Donald Trump is expected to announce a new policy
:05:48. > :05:51.towards the country during a visit It could see rules on trade
:05:52. > :05:55.and travel tightened once again, and undo significant elements
:05:56. > :06:15.of President Obama's agreement After almost three years of the US
:06:16. > :06:23.policy of engagement with a great three, President Trump is now expect
:06:24. > :06:26.it to unveil a new approach -- Cuba. Every year since 2014 has seen
:06:27. > :06:30.record numbers of visitors to the island thanks in no small part to
:06:31. > :06:35.the number of US citizens who have come here, both via direct flights
:06:36. > :06:39.and by sea on cruise ships. Mr Trump may choose to limit the number of
:06:40. > :06:44.categories under which they can come here, including the broad term
:06:45. > :06:48.people to people exchanges, all put limits on the number of times they
:06:49. > :06:59.can reach the island, perhaps just one visit per year. Many feared Mr
:07:00. > :07:02.Trump will prevent US entities from working with the tourism or the
:07:03. > :07:05.commercial wings of the Cuban military and that would have an
:07:06. > :07:11.effect because they are basically ubiquitous to this economy and if
:07:12. > :07:19.you want any sizeable commercial presence here, you basically have to
:07:20. > :07:25.work with them. It seems increasingly likely that President
:07:26. > :07:27.Trump is going to use Cuba's poor human rights record is the
:07:28. > :07:31.motivation for changing the relationship. The problem with human
:07:32. > :07:34.rights however it is at the same time, Mr Trump is making overtures
:07:35. > :07:45.to another country with poor human rights, Saudi Arabia. A greater
:07:46. > :07:50.understanding has been fostered between the two nations over the
:07:51. > :07:56.past three years, particularly in the arts, culture, music and sports.
:07:57. > :07:59.In science also, given advances in immunology and cancer treatment has
:08:00. > :08:03.been taken back to the United States for further tests. Now, some of
:08:04. > :08:08.those shed projects are now sufficiently robust to withstand any
:08:09. > :08:12.rollback by the Trump administration but others may be put in jeopardy.
:08:13. > :08:15.To Asia now and the fate of one of the world's biggest auto parts
:08:16. > :08:23.It is of course at the centre of that massive recall of faulty air
:08:24. > :08:25.bag inflators - the biggest safety recall the car industry
:08:26. > :08:29.Now, there are reports the company could be forced to file
:08:30. > :08:32.for bankruptcy as early as next week.
:08:33. > :08:38.Sharanjit Leyl is following the story for us in Singapore.
:08:39. > :08:47.We have been hearing a company shares has been suspended. Could
:08:48. > :08:51.this be the end for Takata? That's right, trading has been suspended,
:08:52. > :08:55.the last they traded they were down about 0.6% and as you mentioned
:08:56. > :09:01.those media reports essentially saying the company is preparing to
:09:02. > :09:05.file for bankruptcy, you know, to put this into context, we've had
:09:06. > :09:09.about 100 million Takata airbags which can rupture with deadly force,
:09:10. > :09:12.they can spray shrapnel at passengers and they have been
:09:13. > :09:16.recalled globally, faulty airbags have been leaked to at least one
:09:17. > :09:22.dozen deaths and more than 100 injuries worldwide. These reports,
:09:23. > :09:30.some of which come from Japan's became newspaper, indicates the
:09:31. > :09:33.company faces $9 billion. Takata hasn't commented but sources close
:09:34. > :09:38.to the case are warning of imminent bankruptcy. The company says it will
:09:39. > :09:47.be in talks with a potential deal with US auto-parts maker Key Safety
:09:48. > :09:51.Systems which may buy some of the assets under a plan but the company
:09:52. > :09:55.is looking bleak. Thank you very much. Back with more on that and all
:09:56. > :09:58.of the business stories throughout the day.