captioned by the national captioning institute --www.ncicap.org-- >> hello and welcome to the "journal." >> thanks for joining us. >> here is a look at our headlines. global stocks surged as eu leaders reach a deal to save the euro. another day of freezing temperatures out in the open. convictions in germany's biggest ever art forger retrial. -- forgery trial. more than a dozen the crisis summit over the past two years have resulted in the eu's latest plan to end the debt crisis.

it was a long night of negotiations. the hardest part was convincing the banks to accept a 50% write- down on their debts. even though some details need to be worked out, eu officials are satisfied with what they have achieved so far. >> they arrived at parliament to report the results of the summit sooner than expected. the banks agreed to a 50% write- down of a great debt. the council president announced what they called a comprehensive set of measures. he said that the most important thing was implementation. french president nicolas sarkozy and angela merkel led the negotiations. in the early hours of the morning, they secured the deal that they wanted. >> we have excluded the possibility of a greek default.

the private sector has written off half the debt that it holds. >> a writedown for greece would ease the burden significantly. that is the first of the measures. european banks hold separate losses on debt returns. they have ordered financial institutions to capitalize. they also want to upgrade the european rescue facility by leveraging. they want to increase to about one trillion euros. >> i think we europeans have demonstrated that we have made the right decision. we have identified the causes of the crisis and moved the problem a step closer to a solution. >> a solution would mean greece would be able to start earning

again and fears of that contagion would be completely of laid. >> definitely some fireworks. the breakthrough did spark a global stock market rally. some stocks racking up their biggest gains in almost two years. banks have a accepted a 50% write-down on a great debt. they believe that they were emboldened by proof that eu leaders can act when the pressure is on. a more international reaction to this pillared approach. investors in europe have piled back into equities with enthusiasm in financial's shares in particular. tell us how things look on that side of the atlantic. >> blue chips were up by more than 300 points.

since the beginning of the month, blue chips are up by more than 4200. financial stocks are especially doing well. the euro getting more than 2%. the dollar weakness is also supporting stocks on wall street. >> there is an air of exuberance and celebration. is there still some uncertainty about the latest plan and the way forward? >> what is viewed as a positive for now is that banks are not forced to accept the cutbacks. that is good news for the credit defaults swaps. two issues in general for the euro zone, and that and growth.

-- debt and growth. there remain some skepticism. for one day, stocks are moving. >> thank you very much. in germany, shares rallied to 12-week highs. stocks in germany ' s largest lenders put on their biggest gains on tuesday. we will take a look at how high the rally has placed stocks. frankfurt finished up by more than 5% at 6337. up by more than 6%. the dow shutdown of the top of the hour. it finished higher by nearly 3%. the euro trading at this hour at

a value of $1.41. those buying bonds are attracted to extremely high interest rates and -- for the risk associated with them. the write-offs are the downside of those investments. some financial institutions are more exposed than others. >> crunching numbers behind their imposing facades. they are calculating the impact of a 50% write-down of their great bonds. deutsche bank has already factored in the losses. the current value of the greek government bonds is about 1 billion euros. they will write off about half of their debt. the real estate is saddled with nearly 9 billion euros. they are saddled to lose the most. french banks are also losing billions in their investments in greece.

they both stand to forfeit profits for the fourth quarter as a result. greek banks will be hit hardest in the right down. the national bank of greece has 11 billion euros of outstanding debt. stock exchanges around the world have rallied. investors have been looking for signs of hope in the euros on for months. skepticism remains. >> your policymakers' shows signs of life. you have only created the elements for solutions to the crisis. now it is time to do the homework. >> that means getting out of debt. >> what exactly has been the reaction to the euro deal among greeks themselves? we sent a reporter onto the streets of athens to find out more. >> the decision to write down

great that seems to have brought little joy or relief to the streets of athens. most people here are painfully aware that only more belt- tightening lies in store for them. >> even more layoffs all around. more pay cuts. of course, more crime. it will all get worse than it already was already. >> at least we are not in danger of the state going broke. we would lose all of our money. all of the savings would be gone. then they would bring the drop mudpack. not good at all. all of the old problems remain the same. >> the root of the problem is that the great domestic economy is almost entirely based on small businesses with five employees or fewer. many are not very competitive. they are reluctant to invest.

that holds back a much-needed recovery. >> should the recession continue another two years or if growth remains weak at 0.5%, we will still be in danger of growing brokaw -- going broke. >> the great banks are also a problem. they have always invested heavily in government bonds. many greeks take it for granted that the state will help bail out banks in trouble. >> we will look at more international stories at this hour. >> libya ' s national transitional council is planning to put the killers of gaddafi on trial. he was killed shortly after his capture last week. the video footage has emerged of

the ceremony held before his burial. this was obtained by a television station in dubai. this shows his son and the former defense minister. his personal cleric prayed over the bodies before they were taken to a secret location in the desert for burial. a united nations security council has voted to end the mandate in libya. the security council vote means that nato operations in libya must cease by monday. >> the security council voted unanimously to lift the no-fly zone over libya am left all military actions to protect civilians there. nato has hailed the seven-month operation as a great success. the secretary general of the alliance said it was mission accomplished.

>> to face a decision in the yucatan -- u.n. security council says that we have fully implemented the mandate and now no longer face a significant threat against the libyan population. it has to lead the way for termination of the operation as we have decided on the 31st of october. >> and he discussed the libyan situation with angela merkel. the secretary general said that he saw no role for nato operations in a post-gaddafi libya. they will hold a role in establishing armed forces. >> we will take an in-depth look at libya after the gaddafi regime. turning now to thailand, bangkok is bracing itself for more flooding as water's return to a high point this weekend. several of the northern districts are inundated. bangkok's residents have been

rest doing what they can from the floods. thousands of people are heading out of the city, if that confine transport. the government has ordered a five-day holiday to give people time to evacuate. they are finding that people under the rubble of sunday's earthquake in turkey. the death toll is now more than 520. more foreign aid has started to arrive in the region. snow is slowing down rescue efforts. >> thousands of rescue and recovery efforts are going through the debris of sunday's earthquake. workers have to find more survivors. after so long, the chances of finding people alive have become very slim. people are still being found alive. this student was pulled out of the rubble after being trapped

for four days in a collapsed building. he is being treated in hospital where his condition is said to be stable. rescue's like this are rare. the cold is making recovery work harder. there is also danger of exposure to the cold for survivors. it is 4 degrees during the day and colder at night. >> when the rain came, we were freezing. we did not turn on the oven because we were scared that we would get gas poisoning if the fire went out. >> we have everything that we need. they give us food and water. my children need a bathroom. this is a cold part of the country. i do not know what we will do when winter comes. >> the distribution of food and

medicine has improved. there is no distribution of tents in many areas. supplies are arriving from the u.s. and germany, is real, and russia have supplied housing units. >> hundreds of people have clashed with police after a dispute over tax turned violent. many are shopkeepers that are angry over a doubling of their tax bill this year. there is no independent confirmation of this. back here in germany, a court has jailed four people at the center of one of the largest art forgery scams. they do a famous hollywood actors into buying what they thought were valuable expressionist paintings. masterpieces netted about 16

million euros. although the forger never made a name for himself as an artist, he managed to fool the art world. >> six years. he and his co-defendants sign confessions for reduced sentences. he managed to fool art experts into confirming his forgeries as authentic works. he confirmed -- targeted the art market. in the media he has been portrayed as a likable robe. some say that that downplays the seriousness of his crimes. >> he stole intellectual property from the artists of creating the works. he is incapable of creating the works. he steals money by duping people. the way he has been portrayed is

disturbing. >> endowments for the art market has been considerable. dealers are facing lawsuits and compensation claims going into the millions. that is the price they are paying for failing to spot the obvious giveaways such as the modern paint. >> they were not revealed as banks because the auction houses relied solely on the expertise of the art historians. >> in the future, conductors are likely to take a very much closer look at what they are buying. >> we will be back after a short break with a look at libya after the gaddafi regime.

>> we continue what they looked at libya after the death of moammar gaddafi. in tripoli, on the streets are already bustling with activity and merchants trying to sell their wares. we start with some that took up arms against the dock the's forces, but are now trying to return to normalcy in their lives. >> consumers can pick and choose as they wish. most are -- of the goods are imported from china, syria, or turkey, just as they were before the revolution. he says he wants to start garments that poor people can afford. >> things are improving, and getting back to normal. we are hopeful about the future,

that it will bring us prosperity. >> just weeks ago, the scene here was very different. gaddafi's military moved into the upper floors of the building. they use the vantage point to film the demonstrators. many were captured or killed. >> guns and bombs. this place. >> tripoli's cemeteries are brimming with fresh graves. an estimated 30,000-40,000 people were killed in the fighting. it was in this neighborhood that the liberation began. that spelled the end for moammar gaddafi and his regime. there is graffiti attacking his

42-year dictatorship on almost every wall. people in tripoli are gradually clawing their way back when life of normality. this market was also the scene of fighting almost a week ago. he has laid down his arms. >> i am hoping to get a better job now. i feel great now that the revolution has happened. i would like to have a speaker's corner where everybody can say what they like. >> he came here nine years ago and was sent to prison by the authorities. sub-saharan africans were attacked because they were suspected of being gaddafi's mercenaries. >> people treat me better now than under gaddafi's regime. black people say the same.

people are friendly now. they do not insult me. people accept me now. >> the big challenge now will be setting up a democratic system after 42 the years of dictatorship. >> the path to democracy is said to be a long one. the interim leaders are looking for ways to install democratic structures that would respect the country's traditions. eight months of conflict has left the country in tatters. that is not stopping libyans from celebrating their new-found freedom. >> the revolution is over. these people celebrate their victory in tripoli's green square. this is in honor of the thousands that lost their lives at toppling gaddafi. the challenge will be filling the power vacuum caused by the dictator's demise. they want to install an interim

government in four weeks and hold elections by next summer. libyans do not expect extreme left or right wing parties to emerge. >> extreme left or right wing parties do not really exist in libya. you cannot really identify political parties by ideology alone. >> the most important thing is free and fair elections. if we manage that, we will play a major role in the new government. i would be first in line to vote for a female president. >> of libya is a land steeped in tradition and religion. the liberation of women may be difficult for some factions to accept. nobody believes that is lomb will dominate libby in politics as it does in iran or saudi arabia. >> all libyans must go out and

vote, no matter what their persuasion. i hope that we can continue this process in the spirit of brotherhood. >> of libya also depends on these men, the rebel militia. they are looking for the remnants of gaddafi's regime. the rebels could become a volatile kyl an unpredictable factor. achieving democracy will not be easy after 42 years of dictatorship. >> for the first time, we feel like this is our country, we are libyans. freedom for libya. >> libya has an enormous economic potential. that has the ninth largest oil reserves in the world. before the war, there were thriving industries outside of the town. the conflict has turned that

area into a ghost town. that is not stopping some businessmen from getting back to work to bring the city back to life. >> he knows that there are tough times ahead. he is a businessman that has been celebrating gaddafi's death. he wants to start rebuilding the city that he defended. >> i was holed up in a building in the street. i was lucky to have a kalashnikov. many did not have a weapon to defend themselves. >> he takes us to the industrial zones on the outskirts of the city. 300 companies operate in this area. he plans to build a new area for glasses or plastics. he figures it will cost 1.5 million euros. at the moment, you cannot get construction materials or laborers.

most workers fled during the war. >> most foreign workers will not come back until the central vision improves. there have not been any attacks on foreigners in the last couple of weeks. that is important. i think they will return. there is more than enough work for them. >> the infrastructure is in tatters. only 45% of the businesses have received work. with a lack of staff, there is a major cash flow problem. >> people who have lots of money in the bank, they do not have access to it. you just get 300 euros a month. that is why so little is getting done. >> he is a captain of industry in libya. many of his factories were damaged in the war. he says it will cost half a million euros to get this plant up and running again. he says that he plans to do that

in a matter of weeks. he says he looks forward to working with a much fairer system. >> under gaddafi, there was no transparency as all. maybe i got a contract, maybe i did not. it was arbitrary. in the new libby out, everybody would have a chance. >> both men are enjoying exploring their new freedoms. he has founded a new liberal political party. they both believe that a strong civil society is the best way to ensure that libya never has a dictator again. >> you are watching the journal "" death -- "the journal" on dw tv.