:00:10. > :00:14.The Greek Finance Minister says the deal with his creditors exceeds all
:00:14. > :00:18.expectations, and gives Greece the historic second chance it needs.
:00:18. > :00:23.Italian politicians call the British decision to launch a rescue
:00:23. > :00:27.operation in Nigeria, in which two hostages were killed, inexplicable.
:00:27. > :00:35.And costing the Earth, why the cost of security at the Olympics will be
:00:35. > :00:39.far above the initial estimate. Welcome to BBC World News. Also, a
:00:39. > :00:44.year after the earthquake in the tsunami -- and the tsunami in Japan,
:00:44. > :00:51.we visit a symbol of hope in one of the worst-hit towns.
:00:51. > :01:01.And a chance discovery at Britain's National Archive. What makes this
:01:01. > :01:08.
:01:08. > :01:12.Welcome to the programme. Yesterday, the question was will they, won't
:01:12. > :01:17.they? Now we know they will. The Greek government has announced that
:01:17. > :01:19.a big majority of its private creditors have signed up to join a
:01:20. > :01:24.multi- billion euro bond swap. In other words, they are going to swap
:01:24. > :01:27.debt. It will see more than 100 billion euros of Greek debt being
:01:27. > :01:34.written off. However, the creditors will have to take a big hit, losing
:01:34. > :01:36.more than 70% of their investment. Within the last hour, the Greek
:01:36. > :01:40.Finance Minister, Evangelos Venizelos, has told the parliament
:01:40. > :01:45.in Athens that the participation of Greece's private sector creditors
:01:45. > :01:51.has exceeded all expectations and historical precedent. He said the
:01:51. > :01:55.agreement to date had to happen. -- today. TRANSLATION: We can't
:01:55. > :01:58.have an investment friendly country, growth protection and job creation
:01:58. > :02:02.without a banking mechanism that supports investment. All these
:02:02. > :02:05.things should happen for us to have total success on private sector
:02:05. > :02:09.involvement. We should all agree that this is the only route to put
:02:09. > :02:14.the country back on its feet, and to give a second historic and much-
:02:14. > :02:18.needed chance. Our Europe correspondent is following this
:02:18. > :02:21.from Brussels for us. He says while there is recognition this was the
:02:21. > :02:25.best deal on the table, it is symbolically a big day. If you
:02:25. > :02:29.think how long we have been following the drama of this
:02:29. > :02:35.eurozone crisis, this is the first time that a hole big chunk of debt,
:02:35. > :02:42.100 billion euros, is being written off. It is going to disappear. That
:02:42. > :02:46.is a first. What is happening is the biggest single sovereign debt
:02:46. > :02:52.restructuring, most people would call it a double, in modern history.
:02:52. > :03:02.What people wanted to avoid was a disorderly default, Greece then we
:03:02. > :03:08.
:03:08. > :03:12.simply can't pay, and the sense of It should mean that Euro ministers
:03:12. > :03:17.will hold a telephone conference call and they will say that it is
:03:17. > :03:23.in place, so the second bit can go ahead. The cynics all the sceptics
:03:23. > :03:33.will say that all this is doing is buying a bit more time -- six, all
:03:33. > :03:36.
:03:36. > :03:40.This doesn't solve the underlying problems? Absolutely not. All of
:03:40. > :03:48.the experts that I have been speaking to, who had the
:03:48. > :03:52.expectation that this was going to happen... It doesn't mend Greece's
:03:52. > :03:57.fundamental problems. In the 4th quarter of last year the Greek
:03:57. > :04:05.economy fell 7.5%. When we talk about economies in a recession, we
:04:05. > :04:12.talk about 0.3%. 7.5% contraction in the Greek economy. Five years of
:04:12. > :04:16.recession for Greece. The argument about all these austerity cuts, it
:04:16. > :04:19.just continues to put Greece behind the eight-ball. There is no growth
:04:19. > :04:23.strategy, they have to grow at their way out of this. But how do
:04:23. > :04:28.you do that when you continue making huge cuts in pensions and
:04:28. > :04:32.public spending and scenarios like that? Does it call into question
:04:32. > :04:36.how the bond markets do what they do? Because those guys are in the
:04:36. > :04:43.bond markets to make money. If the bond markets have to take such a
:04:43. > :04:48.big hair cut, it is a cliche now, why buy debt? That is a question
:04:49. > :04:54.that has been circulating in the financial sector's of the world.
:04:54. > :04:59.These bondholders, they are insured against the Greek government not
:04:59. > :05:04.paying that dead. But a lot of them are being strong-armed in having to
:05:04. > :05:08.write off 72% of that debt. But some are saying, if that is not a
:05:09. > :05:12.default, what is a default? If it is officially a default, it would
:05:12. > :05:17.trigger insurance payouts and many creditors would prefer to get the
:05:17. > :05:21.insurance payout. You are following the Chinese economy for us as well.
:05:21. > :05:29.Absolutely. Some good news for Chinese shoppers. Price rises have
:05:29. > :05:34.slowed sharply. Inflation fell to 3.2% in February. Down from 4.5% in
:05:35. > :05:44.January. It is the lowest rate for nearly two ears. But signs of a
:05:45. > :05:46.
:05:46. > :05:49.slowdown at China's factories. -- It is the slowest rate of growth
:05:49. > :05:59.since 2009. Chinese people are still slop -- shopping, although
:05:59. > :06:02.
:06:02. > :06:07.The only thing we can add to that on the inflation front is that
:06:07. > :06:12.perhaps it gives Beijing some manoeuvrability to try to stimulate
:06:12. > :06:15.growth. Growth is a concern in China, given that the International
:06:15. > :06:24.Monetary Fund last month predicted China's economy could fall by as
:06:24. > :06:28.much as 4%, off the back of the America's jobs market is slowly
:06:28. > :06:33.healing. On average, American companies have added 200,000
:06:33. > :06:37.workers to pay roles in recent months. February is expected to
:06:37. > :06:41.show more payroll growth. The official figures hide millions of
:06:41. > :06:46.workers no longer counted as unemployed, and even more who are
:06:46. > :06:56.working fewer hours than they want. Which colour suits me best? The
:06:56. > :06:59.
:06:59. > :07:04.question for baby Charlie, as he Baby they were inspired by Ted's
:07:04. > :07:09.military service. The business has taken off. We have been expanding
:07:09. > :07:13.wonderfully. A lot of the national chains are biting. As a result, we
:07:13. > :07:22.need more help with the sales, so we are bringing on a series of
:07:22. > :07:31.sales reps, to represent us at the mum and pop boutiques. Small
:07:31. > :07:36.businesses created half of all jobs in America. According to one survey.
:07:36. > :07:41.Put together, these thousands of small companies across America are
:07:41. > :07:48.always what has pulled the US out of past economic slums. It looks
:07:48. > :07:52.like the US employment picture is steadily improving. But whilst they
:07:52. > :07:56.had Lions look good, dig deeper and there are millions of Americans out
:07:56. > :08:01.of work -- whilst the headlines no good. They are no longer officially
:08:01. > :08:10.counted as unemployed. Many perk -- workers remain angry with the job
:08:10. > :08:13.situation. We need to bring money into education, we need to build
:08:13. > :08:18.the middle class, we need to help companies build up jobs and create
:08:18. > :08:22.jobs. But a recruitment experts says there has been a huge change
:08:22. > :08:26.in the labour market. It is certainly better than it was, but
:08:26. > :08:30.there is still very much of a two- tier labour market. There are those
:08:30. > :08:35.who have skills and are in education, and those who do not.
:08:35. > :08:38.Those who do not are being left behind. That is the strange
:08:38. > :08:47.Disconnect currently in America. The jobs market is improving, yet
:08:47. > :08:57.millions of Americans remain shut Let's take a quick look at the
:08:57. > :08:57.
:08:57. > :09:00.markets. The highest close on the Nikkei in seven months. The yen
:09:00. > :09:09.eased against the dollar and the euro, and that helps the bottom
:09:09. > :09:14.line. Certainly for the exporters. Qantas has fallen by around 2.5%
:09:14. > :09:18.today. The talks with Malaysia Airlines about setting up an Asian
:09:18. > :09:26.subsidiary seem to be off the cards for now. Europe started higher but
:09:26. > :09:30.a bit of a mixed picture. Perhaps the rejoicing over the bond deal
:09:30. > :09:34.with Greece has come and gone, and focus turns to the others. Those
:09:34. > :09:39.legacy carriers like Qantas, they are doing this all the time.
:09:39. > :09:43.Talking, making new airlines. are focusing on Asia. The Middle
:09:43. > :09:48.East and Asia are the big growth regions, a lot of the airlines want
:09:48. > :09:52.to get in there and they usually piggyback off one of the carriers
:09:52. > :09:56.already situated there. Talk to you later, thank you.
:09:56. > :10:02.Inexplicable behaviour is how the Italian Prime Minister described
:10:02. > :10:08.the failed attempt to rescue a British journalist and his
:10:08. > :10:10.colleague being held in Nigeria. David Cameron only told the Italian
:10:10. > :10:14.government in a phone call after the event.
:10:14. > :10:18.The family of British engineer Chris McManus said they knew he was
:10:18. > :10:23.in an extremely dangerous situation, and that everything that could be
:10:23. > :10:27.done was being done. Chris, seen on the left in this video made by his
:10:28. > :10:32.captors, was taken hostage with his Italian colleague, Franco
:10:32. > :10:36.Lamolinara, in May. They were killed during an operation lasting
:10:37. > :10:41.several hours, at this house in northern Nigeria. The bullet holes
:10:41. > :10:45.in the wall show the intensity of the battle. David Cameron said
:10:45. > :10:48.British special forces had to go in, because the hostages' lives were in
:10:48. > :10:53.imminent danger. We are still awaiting confirmation of the
:10:53. > :10:57.details, but the early indications are clear, that both men were
:10:57. > :11:01.murdered by their captors, before they could be rescued. The death of
:11:01. > :11:05.the Italian hostage has raised the question, why wasn't his government
:11:05. > :11:12.informed until the operation was under way? It was a very difficult
:11:12. > :11:16.situation. It might have been the best decision, but it is still to
:11:16. > :11:20.be explained why Italian authorities have not been informed,
:11:20. > :11:23.although they are quite present on the territory of Nigeria. I can
:11:23. > :11:26.understand the concerns and frustrations of Italian politicians,
:11:27. > :11:32.but they have to recognise that these are very fast-moving,
:11:32. > :11:36.delicate operations. It is not always possible to keep politicians
:11:36. > :11:40.briefed in advance of what goes on. I am not convinced that having
:11:40. > :11:44.briefed them in advance would have enhance the safety of the Italian
:11:44. > :11:48.hostage in any event. It is not entirely clear who kill the
:11:48. > :11:52.hostages. One Nigerian officials said they died in crossfire, and
:11:52. > :12:02.that will be a matter for urgent debriefing of the security teams
:12:02. > :12:12.Still to come, one year on from the earthquake and tsunami in Japan, we
:12:12. > :12:12.
:12:12. > :12:16.visit the town where they are still Oxfam is warning of a humanitarian
:12:16. > :12:20.catastrophe in the region of Sahel in West Africa. The aid agency says
:12:20. > :12:24.the danger of drought is put in more than 1 million children at
:12:24. > :12:29.risk, and it has launched a global appeal.
:12:29. > :12:36.Evidence of the drought is stark here in Chad. Little for these
:12:36. > :12:41.cattle to graze on, when the grass should be any higher at this time.
:12:42. > :12:48.-- knee high. And the last TARDIS, only a memory for these women,
:12:48. > :12:52.digging in and hills. Adjitti Mahamat uses any grain she can
:12:52. > :12:56.receive -- the last harvest. If she did not do this, she said the
:12:57. > :13:01.children would go to sleep without eating. She said that this year,
:13:01. > :13:06.the millet harvest was bad. Oxfam says that across the Chad and five
:13:06. > :13:14.other countries, malnutrition rates are hovering between 10 and 15%,
:13:14. > :13:17.and in some areas, it is beyond the emergency threshold. Over 1 million
:13:17. > :13:22.children altogether are at risk of severe acute malnutrition. The
:13:22. > :13:28.grain harvest is down by 1.4 million tonnes for the six Sahelian
:13:28. > :13:33.countries, while food prices are 25-50% up on average, and could
:13:33. > :13:37.rise even higher. A special unit in a Niger, for children who are
:13:37. > :13:41.severely malnourished and have medical complications. Oxfam argues
:13:41. > :13:46.that the world waited too long to respond to the emergency in East
:13:46. > :13:49.Africa last year, and the same cannot be allowed to happen now, in
:13:49. > :13:53.the Sahel. Meanwhile, fierce fighting is taking place in
:13:53. > :13:57.northern Mali, and these are among the more than 100,000 people forced
:13:57. > :14:03.to flee their homes, only adding to the other challenges facing aid
:14:03. > :14:08.workers. Building earth banks to retain any rain that falls, the
:14:08. > :14:11.cash they learnt helping them by foot, if it is available. -- the
:14:12. > :14:16.cash they earn. Oxfam says a far bigger aid effort is needed across
:14:16. > :14:20.this region, if a potential catastrophe is to be avoided.
:14:20. > :14:25.In China, the government has vowed it will stick to the path of
:14:25. > :14:28.socialism, saying Western capitalist systems are not viable.
:14:28. > :14:38.China's top legislator, Wu Bangguo, defended the authoritarian system
:14:38. > :14:40.
:14:40. > :14:50.of the ruling Communist Party at a speech to the National Congress.
:14:50. > :14:54.
:14:54. > :15:00.You can click on the icon, or drop This is BBC World news. The top
:15:00. > :15:06.stories: The Greek finance minister says the deal with creditors has
:15:06. > :15:10.exceeded expectations and given Greece the second chance it needs.
:15:10. > :15:15.Italian politicians call the British decision to launch a rescue
:15:15. > :15:22.operation in Nigeria in which two hostages were killed, inexplicable.
:15:22. > :15:26.We will stay with that, our security correspondent says things
:15:26. > :15:30.moved too fast to inform the Italian Government.
:15:30. > :15:33.The thing you get from this is things move too fast. The
:15:33. > :15:38.intelligence of were the men were came in and the fear was they would
:15:38. > :15:41.be moved or killed. The decision was taken in the early hours of
:15:41. > :15:47.yesterday morning the operation should go ahead before the window
:15:47. > :15:51.of opportunity closed. The Italians were told after it had begun. You
:15:51. > :15:55.can see from the Italian point of view, it was one of their nationals,
:15:55. > :16:01.and they've feel they should have been asked before the decision was
:16:01. > :16:07.taken. In terms of the operation, the timeline, we are getting a
:16:07. > :16:12.clearer picture? Intelligence came in locating the men. The fear was
:16:12. > :16:16.they would be moved or killed. The decision was made to go in. British
:16:16. > :16:21.special forces were the first to go in with the Nigerians behind them.
:16:21. > :16:26.There was a gun battle with one of the hostage takers. By the time
:16:26. > :16:33.they got past him and took the hostages, they were already dead.
:16:33. > :16:37.It was almost certain at the hands of their captors, but it was unsure.
:16:37. > :16:41.As far as the authorities were concerned, they were getting
:16:41. > :16:47.twitchy because the kidnappers had been sending out mixed signals
:16:47. > :16:52.about their demands? We don't know what the demands work. None of the
:16:52. > :16:56.videos have been made public. How much of it was Ransom and wanting
:16:56. > :17:01.money for this splinter group, and how it was a political aim of where
:17:01. > :17:08.they wanted to make a statement and perhaps kill these people. There
:17:08. > :17:12.was, it is believed a credible threat to life. It wasn't purely
:17:12. > :17:15.financial kidnapping for ransom. But there was a lot of worry about
:17:15. > :17:20.the fate of these men, and tragically the operation to rescue
:17:20. > :17:24.them did go wrong. In Spain, unions have called a
:17:24. > :17:32.general strike for the end of the month, March 29th, after failing to
:17:32. > :17:39.compromise with the Government on labour reforms. A correspondent
:17:39. > :17:46.joins us live from Madrid. How many people could be affected by this?
:17:46. > :17:51.This law is hugely controversial. It is the Government's main piece
:17:51. > :17:57.of legislation to tackle unemployment. It stands at one in
:17:57. > :18:02.four of those trying to find a job. And in the under 25 age category,
:18:02. > :18:07.it rises to nearly one in two. This law is so controversial because it
:18:07. > :18:11.will reduce the severance payments people will be paid when they are
:18:11. > :18:18.laid off. In some cases those payments will go down by a third.
:18:18. > :18:23.When businesses are losing money the severances payments would drop
:18:23. > :18:32.by nearly half. Well they go after the minimum wage in Spain, to try
:18:32. > :18:36.to lower it and put people on to short-term contracts. It is another
:18:36. > :18:41.controversial part of this law. The idea people can put people on a
:18:41. > :18:45.year at trial, essentially. And that the end of the year they won't
:18:45. > :18:52.be entitled to the severance payment people would be entitled to
:18:52. > :18:56.otherwise. One of the provisions in the law will reduce the time
:18:56. > :19:00.companies will be able to put people on short-term contracts. One
:19:00. > :19:05.of the problems in Spain is the number of people on temporary
:19:05. > :19:11.contracts. There will be tax breaks for people and companies hiring
:19:11. > :19:16.people under 30. Because youth unemployment is a problem in Spain.
:19:16. > :19:20.And one poll in a Spanish newspaper has suggested 67% of people in
:19:21. > :19:25.Spain would support the general strike. It will be interesting to
:19:25. > :19:35.see how much support this measure gets. How much trouble is the
:19:35. > :19:37.
:19:37. > :19:42.Government in over this? Unemployment is seen as the biggest
:19:42. > :19:47.problem economy has in Spain. The Spanish economy is expected to
:19:47. > :19:51.retract 1.5%, the latest estimate from the Bank of Spain.
:19:51. > :19:55.Unemployment is seen as a problem because you have less people
:19:55. > :20:01.earning money, less people spending money and creating growth in the
:20:01. > :20:07.economy. And less income tax going back to the Government, so the
:20:07. > :20:12.Government's revenue is dropping. One of the things in this crisis is
:20:12. > :20:17.the huge debt it has, because it needs to convince Brussels its debt
:20:17. > :20:19.is coming under control. So far it is struggling to do that. Japan is
:20:19. > :20:23.preparing to mark the first anniversary of the devastating
:20:23. > :20:26.earthquake and Tsunami. It was one year ago this Sunday that a huge
:20:26. > :20:29.quake struck off the coast of Japan. Nearly 16,000 people were killed in
:20:29. > :20:38.the tsunami which wiped out entire communities and a year on thousands
:20:38. > :20:41.are still missing. This was one of the worst hit towns following the
:20:41. > :20:50.disaster - the BBC's Roland Buerk has been to see the recovery
:20:50. > :20:54.efforts. This is the new wall built to
:20:54. > :21:00.replace the one that was smashed. Behind it, a pine forest stood here,
:21:00. > :21:04.but it was not down. The tsunami was so big it went over those
:21:04. > :21:09.buildings and left a wasteland as far as the eye can see. What have
:21:09. > :21:17.they been doing over the last year? They have been clearing up,
:21:17. > :21:21.gathering the debris, the remains of the town into huge piles. Wood,
:21:21. > :21:25.concrete and matter. The police are still searching this coast a year
:21:25. > :21:30.on. Perhaps the sea will give up some of the more than 3,000 people
:21:30. > :21:40.who are still missing? Their families would welcome the chance
:21:40. > :21:42.
:21:42. > :21:49.to hold a few rules. No one stood, along this section of the coast, a
:21:50. > :21:54.sole survivor, this street. They're calling this the miracle pint. It
:21:54. > :21:58.is the most famous street in Japan, a symbol of hope for the people
:21:58. > :22:02.here there will be a recovery. There's a warning today that the
:22:02. > :22:04.London Olympics may end up costing 20% more than planned. It comes
:22:04. > :22:07.from an influential committee of British parliamentarians who
:22:07. > :22:09.scrutinise public spending. A new report from the Public Accounts
:22:09. > :22:19.Committee said it was staggering that initial estimates about
:22:19. > :22:24.
:22:24. > :22:31.security costs were so wrong. Of Sports Editor reports that the cost
:22:31. > :22:39.has nearly doubled. They are particular in a way how
:22:39. > :22:44.they managed to get the number wrong. It doubled the amount of
:22:44. > :22:50.their new security guards needed for the Games. The report also
:22:50. > :22:55.includes alarming figures that perhaps the true cost could be
:22:55. > :22:59.nearer �11 billion to the taxpayer wants all Olympic related costs are
:22:59. > :23:03.taken into account. The chairman of the Public Accounts Committee,
:23:03. > :23:09.Margaret Hodge, has been speaking about her concerns over the Olympic
:23:09. > :23:14.budget. We have real concerns about the running of the Games. We have
:23:14. > :23:19.concerns about the way in which the security budget has spiralled out
:23:19. > :23:27.of control. We have concerns the opening ceremony has doubled in
:23:27. > :23:33.cost at a very late stage. We have concerns that things like sorting
:23:34. > :23:38.out the transport infrastructure, what the stations and Underground
:23:38. > :23:42.stations are going to be like, has been left to a very late stage. And
:23:42. > :23:45.we have concerns about what will happen to the legacy. I had just
:23:45. > :23:54.done an interview with the sport and Olympics minister, and he
:23:54. > :24:00.rejects a lot of the weight the PAC has added up its numbers,
:24:00. > :24:07.particularly on the 11 billion. He insists it is �9.3 billion. But he
:24:08. > :24:12.gets back to what is the Olympic costing? The �9.3 billion was the
:24:12. > :24:17.infrastructure associated with building the venues. But other pots
:24:17. > :24:24.of money had been needed. For example, as Margaret Hodge pointed
:24:24. > :24:29.out, on the opening ceremonies and security. It is hard for the public
:24:29. > :24:38.to work out what is cost and what isn't. As Margaret Hodge said,
:24:38. > :24:41.there needs to be an audit to find out what the true cost has been.
:24:41. > :24:44.The earliest ever film adaptation of a Dickens novel has been
:24:44. > :24:47.discovered in the archives of the British Film Institute. The 60-
:24:47. > :24:52.second short features a character from Bleak House, but no one knew
:24:52. > :24:58.it existed because it had been mislabelled. This lady is
:24:58. > :25:05.responsible for more than 20,000 silent films in the archive. But
:25:05. > :25:11.this provoked her interest. On the tape it said "man meets a rugged
:25:11. > :25:16.borzoi". When they set it running, they discovered rather more
:25:16. > :25:25.Dickensian. A night watchman walks along the gates of the cemetery.
:25:25. > :25:31.The starving child, staggers in. This wasn't just any starving child.
:25:31. > :25:37.It is a film of a Dickens character, it is called the Death of poor Joe.
:25:37. > :25:44.It is somewhere before March, 1901. You have been able to do some
:25:44. > :25:49.detective work, even were it was the old? Absolutely. We know the
:25:49. > :25:59.film-maker was George Albert Smith, one of the film pioneers. His wife
:25:59. > :26:02.
:26:02. > :26:06.plays the character of duo or stock -- duo. They it is, one minute
:26:06. > :26:13.Dickens. Not quite an evening's entertainment but in 1901, six
:26:13. > :26:21.years after the birth of film, this was a tiny ring a pick up of the
:26:21. > :26:30.British film industry. Ashik Ali pioneering epic.
:26:30. > :26:38.People taking a stroll along appear in Yorkshire had been met by an
:26:38. > :26:43.Olympic themed scarf. Nobody knows who needed it which shows a lot of
:26:43. > :26:49.When athletes taking part. A lot of activities, skiing, lying down flat,