>> hlo. welcome to "the journal." >> comg uin the next half hour. steep losses dltddds standoff bankruptcy. >> a botchedaith t free hostages without consultation. >>il work toward the london the hammer to raise money for an opera house ibuinfaso? -- will art works go under the hammer?

>> the greek government has dadoff bankruptcy to get a majority of bondholders to agree to aebwade. >> the finance ministry said 70% but is debated in the deal. e sucri carhe way for them to receive more bailout money from europe and the imf. grceas avoided the fault and nail down the largest sovereign debt reduction in history. this is falling months of crisis talks and uncertainty. >> the country hasemed10 billion from its debt. this is a historic day for the parliament, for the people come up for the national econom >> most of the banks and insurers tkar in the bond swap. the finance ministry in athens

put participation and almost 86%. by signing up for the deal, private investigators agree to forgo more than half the value of their holng it is a watershed moment in dealing with the eurozone debt is, according to the imf had a christine lagarde. >> i bie tres a way out if everyone does but they need to do. >> although their financial future remains far from ry, thsuess of a bond swap allows that tends to receive a second bailout from the eu and the imf wth 130 million euro. without that money, greece could have defaulted by the end of the month. >> the greek government is breathing a sigh of relief, but what do ordinary citizens think? th ith question i put

earlier to our province correspondent, natalie. >> they definitely wco the deal. they understand it is one-third of their debt being written off, essentially. they'reereaulf what will be asked in exchange. they are pounded by two years of very harsh austerity. th he sn ei wages plummeted and austerity grow. the biggest question for them is will the european lde in the international community understand that austerity is no longer the wait to go. we cannot bounceback fromhi cris because we're being asphyxiated from the crushing austerity. that is their main concern. eltisre the next hurdle. whenever government will come will have to persuade the greeks to except the conditions that come attached to the psi and the 130 billion euro aid package

that sulcome whin this psi. >> we just spoke to one financial experts in frankfurt o seems to believe that greece has to leave the euro. this deal is barely a saving grace for the moment. how our financial experts they're predicting the future? >> of the would like opinion shared by many, that greece needs to leave the road, that is the only way that they can rebound by devaluing their currency comanche get sports-- currency, cheap exports, they say it's is infested view. if they were to exit, it would have a cataclysmic a fact on markets that large. on another point, many greeks wonder because this represents

2% of the greek economy. how was europe unable to put up this so-called fire wall to protect the european markets today to% academy -- a 2% economy creates such havoc? we have all seen greek politicians drag their feet when it comes to the very tough and painful reforms. why is you're not more on top of this matter? no solution has been found. >> thank you for that update, natalie. >> european officials are gearing up to look at this deal. jeff has the latest. what are you hearing in brussels? are they satisfied with what they see? >> they are. european finance ministers have agreed to clear $35 billion. it will now be cleared as a result of the deal. today, the finance economics

commissioner has said that they're very satisfied. this is a good contribution toward the restoration of jobs and growth in euro and the stability of the eurozone. he now looks to greece to repeated a strong commitment to implement all of the austerity measures that were agreed to as a part of this big deal we have seen happening. this afternoon, we will know whether there's a technical default announced by an organization called the international swaps and derivatives association. the question is whether or not that means anything. everyone is very pleased about this positive step forward. it is the biggest deal of its kind. >> what are the collateral damages if they decide that this is a technical default by greece? >> that's an open question. it is a technical default. it does not need to effect anything, money changing hands,

or anything. if there is such an announcement, what impact will it have on markets? how will the markets reacted? the connected to stabilize the euro again. brussels as saying that will not be happening. if the private bondholders have lost apple but there are road, that is technically a default by the debt for. it does that mean anything. -- a default by the debtor. nothing is going to make the markets go negative on this deal. >> let's get a check on the markets right now. in frankfurt, tehe dax and little changed on the day. investors are largely waiting for some u.s. jobs data came in -- coming in later this hour.

it has been described as inexplicable. he is referring to britain's failure to notify about the freeing of hostages. ithe two hostages were killed in a british raid by their nigerian and doctors. david cameron has taken responsibility to authorize white freeing the two that were taken hostage in may. from "the daily telegraph," would you say in was left out of the libor is this just in case some crossed wires? >> it seems in was left out of the live, at least to begin with. the italians are not at all happy. they are very angry about how they are being treated by london. as you said, the president of

italy says it is inexplicable that rome was not kept in formed -- informed. prime minister monti agrees. the story in the paper this morning says this was a slap in the face from the british. a different explanation from the u.k., up from david cameron in the former ernst -- foreign secretary. they said they were informed dr. this got under way. they say it's a very fast-moving process. the decision to gtry to go in and save was very quick. they say there was no time to pour warned of the italians in the beginning. >> do think this will damage relations or blow over? >> long term, it will survive. relations are strong between an

elite and the uk. monti is well liked. they have collaborated on everything from piracy to the eurozone debt crisis. i do not think it will be a lasting damage. >> thank you for that update from rome. u.n. humanitarian chief has visited syria and wreck the g's at a camp in turkey. the number of syrians fleeing has grown as the syrian military continues its drive against rebels. she has just completed a two-day mission where she said she witnessed significant devastation. shoes trying to get access to humanitarian supplies to places under siege. >> reports say the poorly armed fighters of the self-styled three syrian army has clashed again with government troops in homs. via internet, they say they are

protecting their homes from what they called "alice assaad's gangs." the rebels cannot hope to beat the syrian army. they are resorting to a guerrilla tactics, moving from neighborhood to neighborhood and attacking government troops when and where they can. as the fighting continues coming united nations is stepping up efforts to get food, water, and medicine to civilians. the u.n. humanitarian achieve is now in syria to assess the situation. amos asked the government to allow relief supplies to be brought in. u.n. special envoy kofi anaan will be visiting. he will ask for a call to end the fighting.

>> i believe in the further militarization that would make this situation worse. we have to be careful that we do not introduce a situation that is a medicine worse than the disease. >> a call began every peaceful solution, agreeing with his remarks. they welcome the news that the deputy oil minister of as defected to the opposition. >> the assaad regime is beginning to fall apart. the signs of decay will continue. it no country can be rolled for long by cruelty and oppression. >> the rebels do not believe that international peace efforts will do any good. dacey the syrian government will merely play a long while continuing their crackdown on the opposition. >> time now for a look at the other stories making news at this hour.

in australia, sydney have been hit by flash flooding after heavy rains. in new thousand -- in new south wales and victoria, land is submerged. thousands of people have had to abandon their homes. the cost of the damage of the flooding could be over $1 billion. >> a group of seven eu countries is pressuring greece to more closely watched their borders to control immigration. the main point of access is across the border to turkey. the german interior minister warned that it happens does not comply, border controls could be reintroduced. >> the ivory coast prime minister and his cabinet have resigned after official results were announced from last december's parliamentarians election. in his resignation was expected did pave the way for a broader coalition government.

in brazil's preparation to host the 2014 world cup finals have been hit by a setback. >> the president of the brazilian soccer federation and head of the organizing committee has reported the taken indefinite medical leave. here he is with renaldo and is a key member of the organizing committee. fifa officials say they needed "a kick up the backside." in bundeswehr -- bundesliga, the onlg goal came from a controversial penalty. >> more news out of the bright, especially on the greek bailout. news coming through that the

second bailout package has been approved, the 130 billion euro for greece. stay tuned.

>> welcome back. back to the top story, degrees bailout package which has just been approved. they will need to abide by new standards. how the cuts are already impacting employees in greece. >> this man is about to lose his job. public spending cuts mean the o.e.e. blocked a shutdown. by summer, he and his colleagues will be gone. iran 650 people will lose their

jobs as a part of the latest austerity measures passed by the government on february 12th. they have to shut down the hall information. it is the only way they can let civil servants ago. a few more legal steps remain before completing the job. his wife also works for the o.e.e. and the two have no idea whether agency is in the firing line. the decision was taken during negotiations between the government and international lenders in the latest leg of the bailout. >> there have to the public sector layoffs. they should be within services that are not performing in very burden on the budget. it would be better if there was a basic benchmarking of all the civil service work. people should not be allowed to slack off and get paid. >> of the employer runs 25 kindergartens across greece. this one opened last september.

now all are set to close. the child care workers will lose jobs despite an acute need for their services. >> it is not just of the gulf for us, but also the parents. we have children from low-income families where both parents work and can only afford this kindergarten. >> they live in the capital, athens, the focal point for the tensions that have beset greece. people here, like those across the country, are worried about losing their jobs. increasingly, it's highly qualified workers that are getting caught up in the wave of layoffs. they were able to realize the middle-class dream of buying the run home. they were able to stay afloat during the crisis despite wage cuts of 20%. at the moment, they survive on 1900 euro per month.

people like me, with two university degrees and a ph.d., find it tough to find work. especially when you are over 40. greek companies only higher pour the choir -- poorly qualified people, if at all. they do not cost as much. he is still hoping that these o.e.e. will not be shut down after all, but there is every indication that it will. >> to find out how banks are reacting to this hair cutter, iceboat earlier to our bank analyst, robert. -- i spoke earlier to our bank analyst. >> it's a big first step to get to the problems in greece, but it is not long-lasting. it's absolutely necessary that greece needs to leave the eurozone because they have no chance to keep a landlocked

eurozone. it is facing an absolutely- infrastructure. we cannot afford to have another -- and absolutely negative infrastructure. the banks are wanting to please the greek gods of the eurozone. >> would you say greece is off the hook for the moment? >> yes. maybe for six weeks or two months, but we're facing the next that hair cut in two years. we have to pay out money and i guess the greek and guys it should definitely have the chance to have some perspective. the prospective for greece's to have a devaluation of currency. then we will have a better picture for the greeks. >> that was robert speaking to us from thechange. back to rome where tens of thousands of people are protesting against austerity

measures. demonstrators their budget cuts will cause of our insurance for many italians and make the economy contracts. they are opposed to plans to liberalize the labor market and make easier to fire workers. they say will increase unemployment. >> eads has had strong profits. >> the wide body a350 has strong persales. profits almost doubled in 2011 to nearly $1 billion euro. they predict robust earnings for this year as well. >> the german highest criminal court has ruled about hotel owners having the right to decline customers on extreme political views. >> the federal court of justice upheld the refusal to put up the chairman of the far right wing

npd party. the judges as the owners' right to ban individuals over anti- discrimination law. he may appeal to the constitutional court. wolfe has been given a military farewell. >> this ceremony was marred by crowds of protesters outside. many of the invited guests reportedly did not attend. he left office last month amid allegations of corruption and refused to about down to pressure. >> we know the internet is a powerful tool. it has helped protesters gather support in the arabs bring revolution and now a new effort is bringing awareness to atrocities in africa. >> a couple of american film makers have put up a video to inform people about the ugandan leader, joseph kony.

as been accused of war crimes and is on the run. it has rocketed through cyberspace since monday. >> the faces of children, mentally and physically scarred by war. "kony2012" has gone viral. it is a documentary about joseph kony, the leader of the lord's resistance army. he has forced tens of thousands of children into the conflict for 20 years. the engine national criminal court issued an arrest warrant. the two filmmakers trouble there in 2003 to report the

atrocities. they then started the organization one year later. it tells the story of one ugandan boy. >> we cut his neck. >> did you see it? >> i see it. >> the film has comments ranging from the appalled to the helpless. despite its success, and visible children has come under criticism. a legend the only one-third of the $8 million donated has found its way to you gone up. the organization is failing to distance itself clearly from the ugandan army. the filmmakers have accomplished

one of their goals. millions of people ram world are now aware of these children's stories. >> the aim was to raise money for a cultural projects in burkina faso. >> this german artist that died of cancer have begun building an opera house and a cultural center close to their capital. he also said the cafes of the hotel and the school. more money was needed for the project to continue, so his friends have arranged an auction of art right here in berlin. >> it was a unique evening. hundreds turned out for the event. the auction was the brainchild of his widow.

many came to show their support for his project in burkina faso. >> christophe was a genius. i liked him so much also was a friend. i'm here to support and remember him. >> the atmosphere was charged. art was valued up to 1 million euro. artists and galleries donated 84 works for the auction. auctioneer, peter, was the man with the task of getting the most out of the bidders. after three hours, and of money was raised to continue work on his opera village. >> i thing is looking down on us kindly and we look back with banks. >> the auction raised more than

1 million euro. a great success and a knowledge to christophe. >> their capital is quite a hub for cultural activity. there is a fantastic film festival there every two years. i was there back in 1995. >> what did you see? >> "what's love got to do with it?" europe tod date on dw. stay tuned for more news and information from around the globe.