captioning sponsored by wnet >> sreenivasan: on this edition for saturday, july 11: more austerity in greece's future. a stock market crash in china. to puerto rico's severe debt problem: examining three critical financial crises. and, harper lee takes the literary world by storm again. a look at "to kill a mockingbird," and the surprises contained in "go set a watchman." >> i asked her "did you ever think you would see this published?" and she said, "don't be silly, of course i did." >> sreenivasan: next on pbs newshour weekend. >> pbs newshour weekend is made possible by:

corporate funding is provided by mutual of america-- designing customized individual and group retirement products. that's why we are your retirement company. additional support is provided by: and by the corporation for public broadcasting and by contributions to your pbs station from viewers like you. thank you. from the tisch wnet studios in lincoln center in new york, hari sreenivasan. >> sreenivasan: good evening and thanks for joining us. we're following three serious, but separate economic crises tonight. we start in greece, where parliament held a late night session to put together a series of budget cuts in the aims of convincing european leaders for 53.5 billion euros in bailout funds. prime minister alexis tsipras needs to persuade eurozone finance ministers meeting in brussels today that his austerity plan is worthy of further consideration by european leaders tomorrow.

tsipras is promising budget cuts and tax hikes in exchange for a three-year loan to keep greece's banks from collapsing and keep the euro as its common currency. late today, the german finance minister suggested greece be taken off the euro for five years and get humanitarian aid instead of debt relief. one negotiator called today's meeting difficult. >> we are not there yet, both on substance. there is still a lot of criticism on the proposals, on the reform side, on the fiscal side and there is of course a major issue of trust. can the greek government be trusted to actually do what they are promising, to actually implement in the coming weeks, months, years? >> after all, we are discussing a proposal from the greek government that was fiercely rejected less than a week ago and that is a serious concern. >> sreenivasan: despite back-to- back meetings this weekend, negotiators don't expect to make a final deal before monday. and in china, the government might have stopped or slowed-

down the mass sell-off that crashed it's stock market this week. shares there have fallen by nearly a third in less than a month-- wiping out almost $4 trillion in wealth. after serious losses early this week, stocks actually rallied yesterday and thursday, possibly because beijing released $19 billion to the country's biggest brokerage firms. the firms are using the money to buy stocks and slow down the sell-offs. so how concerned should we be about china's stock crash and are there other looming issues beyond the stock market? joining us from boston is orville schell, who heads the center on u.s.-china relations at the asia society. so orville, just to keep in perspective, i was looking back at the charge,the two major indexes there have doubled, more than a hundred percent in the past 12 months. that still leaves them up 60 or 70% and that's a figure most of us can't wrap our heads around. >> so this was really a very obvious bubble in the making.

i think it made it difficult for everybody to see this specific bubble. we are quite accustomed to finding the awe number lust the exceptional the unusual in chinese economy and these are chinese experiments. we never know whether this is part of the new extraordinary unexplicable chinese model, whether it's something heading for the abyss. in this case it's headed for an abyss. >> a lot of times people think of the economy and the stock market in synonymous terms but in china it's not quite the case. when it got too hot the government jumped in to cool it down and now they jumped in for the sell off. >> as huge as the market is in china in hong kong it's the second largest stock market in the world, still it is relatively discrete in terms of its connection to the economy as a whole. i think finally actually, it

will certainly have some effect but it's not going to be a do or die matter for china's economy in general. so that's important to remember. i think actually the consequences as serious as they could be in ways for the economy will be even greater in the political social realm. and particularly in regard to the leadership sort of ability to continue to evoke the sense of omnipotence. >> what sort of ripple effects do you see here. if there's less wealth in the market or in the country then does that mean the demand dries up and chie know china buys less in the world or does their commodity prices decrease and does that mean things are cheaper for the world to buy. >> i thirty there were a lot of people stampeding into the market unsophisticated buyers. clearly this is going to hamper their ability to continue to be

really art ardent consumer. we've seen car sales are down housing is a big problem. some people were on margin. huge amounts of borrowed money to go into the stock market. in some cases putting houses up as collateral. so there are going to be certainly are going to be ripple effects. >> does the government in china have a choice in not stepping in? i mean if people, especially retail consumers who jumped into the market late saw huge losses. i mean is there the threat of political instability of people being frustrated with the government that rallied them on to buy. >> well clearly the party and the state felt that they were under threat if the market continued to tank. but you know, this is again this anomaly situation it's sort of the pottery barn, you break it you own it. i think the party in a sense took ownership of the market whereas in most countries, stock

markets are not considered the providence of the state or the government. >> all right. or schill schell of the asian society joining us today. thank you so much. >> sreenivasan: now to financial "qpi=uble in puerto rico, where leaders want to declare bankruptcy, but cannot unless the u.s. congress changes the law. puerto rico announced last month it simply cannot pay $72 billion in debt. congressional democrats want to allow limited bankruptcy relief, but republicans say it's not enough and that leaders need to address the territory's underlying budget issues. ironically, a new report in the "washington post" says congress has actually played a contributing role in the fiscal trouble of the u.s. commonwealth. joining us now with the details from baltimore is michael fletcher who has been covering the story. >> you were just down there a few weeks ago. what's the u.s. responsibility in this crises? >> well, it's interesting. the political economy has been executed for years by u.s. tax

purposes essentially. in many ways or decades ago that led to the development which is a very generous tax break. it kind of shifted to more intensive like pharmaceutical manufacturing. that made puerto rico one of the top manufacturers in the world. the top 20 prescription drugs are actually need in puerto rico. that development took away from other things i might have done naturally like develop more, what have you. the tax break lasted but then in 1996 congress did away began to take up the tax break and in 2006, since then puerto rico's been in recession. >> they can't declare bankruptcy like detroit can. >> they can't. they're treated just like states are under bankruptcy law.

municipalities and hospital districts, things like that. they can declare bankruptcy which gives them breathing room to reorganize their debts. and puerto rico cannot do that. for the last nine, ten, 12 years, puerto rico has been stuck in the cycle of following more money basically to fay for its ongoing operation. right now close to half of the budget's goes to debt service and this is just an unsustainable situation. so now they're looking for limited chapter 1 relief. they want to be able to have the course to have electricity, sewer and highways they want the ability for those corporations at least to go to bankruptcy so they could work out something with creditors. and really the threat from puerto rico is if there's no chapter 9 there will be bankruptcy by another name. they will default, creditors will have to sue and it's a dragged out and it's really bad for the island as well.

>> there's a political tension. the democratic candidates even the whitehouse is behind this chapter 9 possible solution working its way through but there's some tension inside the republican party some folks who might be concerned about the votes, versus concerned about the hedge fund managers. >> exactly right. it's kind of tied to the krirtsdz saying they don't want puerto rico to have this bankruptcy option because that's the reason they extended credit. they needed and couldn't go to bankruptcy and it's another layer of protection they don't have to go that much farther to pay those debts. there's that but also you look at states like florida where we have increasing puerto rican population. there's economic robz and a lot of people are going to central florida, new york of course or philadelphia. but that creates this kind of political pressure to do something. i think both democrats and republicans feel that. republicans don't like bankruptcy.

it's like a bailout i don't see how it's a government boilout but nevertheless puerto rico has to somehow pay this debt. given the way the sciekal cycle works it's unlikely to be able to balance an economic expansion. >> thank you joining us from boston. thank you so much. >> sreenivasan: in bosnia, violence erupted during what was supposed to be a somber ceremony today marking 20 years since the srebrenica massacre. just months before the end of the bosnian war in 1995, bosnian serb forces attacked the town of srebrenica, even though it had been declared a safe haven by the united nations. 8,000 muslims, mostly men and boys, were rounded up and executed, their bodies scattered across the outskirts of town. today, former president bill clinton and serbia's prime minister aleksander vucic joined tens of thousands of mourners for a mass burial. but at one point, people in the crowd started shouting, booing, and throwing bottles at vucic. he was hit with a rock and chased out of the cemetery. vucic was a hardline anti-muslim

nationalist during the conflicts in the 1990's. former president clinton condemned today's attack on vucic and remarked on the genocide that prompted the u.s. to join nato airstrikes against bosnian-serb forces. >> i grieve that it took us so long to unify all of your friends behind, using the amount of force that was necessary to stop this violence and i am thrilled that the peace has been maintained. >> sreenivasan: for 16 years, one man who escaped the massacre has been on a search for his lost brother and father. stephen fee has the story. >> reporter: most days, ramiz nukic trudges through the lush forests surrounding srebrenica searching for the remains of those killed two decades ago. he's not a government official or a humanitarian worker. just a survivor. >> ( translated ): there is no place i don't check.

and if i find one bone, then i'm happy. sometimes i feel sorry when i don't find anything, and i'm happy when i find it. someone's family will find peace and closure with that bone. >> reporter: it's a grim recovery operation. and for nukic, it's personal. after bosnian serb forces closed on srebrenica, he and thousands of other bosnian muslims escaped to these woods. but an ambush killed both his father and eldest brother. nukic hid in the bushes until the massacre was over. >> ( translated ): when i collected the courage to come up there again, when i went there, i saw scattered shoes, clothes. the chills went through my body. i was speechless. numb. >> reporter: nukic's efforts have led officials to identify nearly 300 srebrenica victims. since the war's end, 7,000 bodies have been identified 1,000 still missing. it wasn't until this year that the remains of nukic's father

and brother were discovered, by someone else, in a mass grave nearby. he plans to bury his father today. >> ( translated ): and i'm happy. even though his body is not complete, i will bury him, what bones were left of him, and the rest? only god knows. >> sreenivasan: after months of anticipation, harper lee's second novel "go set a watchman" comes out this tuesday. it takes place 20 years after the events of "to kill a mockingbird," the seminal book that's sold 40 million copies since its publication 55 years ago today. but early reviews reveal that the story takes an unexpected turn. the revered lawyer atticus finch, held up as a champion of racial justice in "to kill a mockingbird," holds racist attitudes in "go set a watchman." we'll have more on that aspect of the new book in just a few minutes. we turn again to, the newshour's5ñ9çcj%

stephen fee, who spoke to filmmaker mary mcdonagh murphy. she produced the pbs documentary "harper lee: american masters." >> i think it's exciting for readers to see what happened to scout and to find out where she went and how she did. so that is a big part of the book. scout's in new york, she's traveling home, and then of course to see atticus at an advanced age. he's 72, he's got rheumatoid arthritis, and the relationship between a grown up daughter and her father is a big, big part of the book. >> reporter: murphy had the rare opportunity to speak with harper lee just weeks ago in the author's hometown, monroeville alabama. lee has trouble hearing, so murphy wrote down one question for the author. >> i held up the book and i held up my question which was, did you ever think you would see this published? because of course it was handed

in in 1957 and set aside, and she said, don't be silly. of course i did. >> reporter: and what did that tell you about who harper lee is i mean even just that little sliver? >> i think it tells you that harper lee actually really doesn't like being asked questions. >> reporter: while the atticus finch in the new book, "go set a watchman," holds racist views and denounces integration, the atticus of to kill a mockingbird has long been held up as an example of courage. in murphy's film, "harper lee: american masters," celebrities and authors discuss the impact to kill a mockingbird had on their lives. >> this was one of the first books i wanted to encourage other people to read. you know, read this book, read this book, read this book! >> scout, simply by the nature of the work, every lawyer gets at least one case in his lifetime that affects him personally.

the small town, the personal relationships, the place of a lawyer, the place of race in the south, it's all encapsulated in that and again he wasn't mounting some altar to give her a sermon. >> reporter: and in murphy's film, civil rights leader andrew young says the atticus of "mockingbird" represents a generation of lawyers who helped bring about the civil rights movement. >> for me, he represents a generation of intelligent white lawyers, who eventually in the '50s and '60s became the federal judges that changed the south. >> reporter: so this book is coming out at a time when all these racial tensions are in the headlines every day. does that make this publication have a little bit more of an impact right now? >> i think it was always going to have an impact. and i think as long as there's any kind of racial tension and

injustice and intolerance anything harper lee has to say is going to resonate. and i think "go set a watchman" is a piece of social history in a way. it looks back at alabama in the mid-'50s when a lot of things that are at issue today were fermenting. >> reporter: is there pressure here for this book to be as meaningful, as important to so many people as "to kill a mockingbird" was? >> i think that everybody's expectation is high, and you know anyone who loved harper lee's voice the first time is going to want to hear it again. as harper lee herself said about "to kill a mockingbird," i have nowhere to go but down. i mean it's a function of what happens when you have something that's that enormous and that powerful and that enduring. so i'm sure expectations are high and i'm sure some people

will think they're met and some people won't. i'm not a book critic, so i'll leave that to them. >> sreenivasan: joining us now to discuss “go set a watchman” is sam sacks, who reviewed it for the fiction chronicle of the "weekend journal." so, i'm thinking gregory peck in my head. it's atticus finch the character. and in this book, you say it's distressing what's happened to him. >> yes. atticus finch is revealed to be a segregationist. someone who joins an organization to resist the integration movement that happened after brown versus board of education. >> and this was a book that harper lee wrote before to kill a mockingbird, so it's not sequentially a sequel. >> exactly. she wrote it as a draft. it was the first thing she submitted to her editor. her editor said well, why don't you do it when scout is a child instead of a 26 year old. you should get credit for how significant to kill a

mockingbird came. that's a book we all pick up in elementary or middle school. it's one of the most important pieces of literature in america that at least gives an immigrant an insight to what this country is about. how are readers likely to receive what they think of as real reshaping of one of the biggest characters in american literature. >> it's going to be really interesting. a lot of people are going to be extremely shocked and upset first of all because of their is a symbol, an icon, moral connions of the unitedconscious of the united states. you have a more complex and complicated major of this character now. >> even the reader you point out there's a quote in there from scout, the older scout never believe a word you say to me again i despise you and everything you stand for. >> it's interesting isn't it because scout has the same reaction to the discovery she makes about her father that the

reader is going to have. she's let down and just as disappointed. and the book is about well can she empathize with him anyway. >> is there the possibility for this book to become as significant or does this change whether middle schools hand out to kill a mockingbird. >> it's a very good question. it absolutely complicates to kill a mockingbird. you can't pretend this book doesn't exist. you have to say okay this is public pictureonepicture of atticus finch and gives us a complicated picture of the south and race relations in the u.s. it's less idealistic and less flattering but maybe it's more interesting in the long run. >> the exact this is 50 years later from the same author i mean i don't know if times it's happened before. >> i can't think of any precedent for it. there have been other books that have had sequels gone with the wind had sequels but they were

written by different authors so they exist in a provisional way. it's not the same thing at all. you can't discount this book's existence now. it lives with to kill a mockingbird side by side with it. >> this is being released at the time when a conversation about race in america has resurfaced in several ways in the past six months. >> it's fascinating. it really shows you that race is such a central issue in the united states. the issue of the confederate flag. people are going to be thinking of that as they read this book and it resurfaced again. >> did she talk about why she waited so long. >> well, it was a draft. we don't really know. we don't have any access to her or her thoughts. it was her the security executor of the estate, her lawyer in essence. she found this manuscript and put it out to the world. we don't really know the history of it or what she thinks. >> sam sacks who reviewed go set a watchman for the fiction

chronicle of the weekend journal. thank you so much for joining us. >> thank you. >> this is pbs newshour weekend saturday. >> sreenivasan: in other news: neither the pentagon nor the c.i.a. are responding directly to allegations that its officials conspired with the american psychological association to allow interrogations involving torture. the a.p.a. commissioned the new, 542-page report which found that some members “colluded with important d.o.d. officials to have a.p.a. issue loose, high- level ethical guidelines that did not constrain” its now- controversial interrogation techniques. the a.p.a. is considering banning its psychologists from government interrogations. the c.i.a. says it hasn't seen the report, but that its medical personnel “uphold the highest standards.” in china, a powerful storm has forced a million people to evacuate the coastal areas south of shanghai. the storm made landfall this morning with 100 mph winds,

flooding roads, and toppling trees. it also shut down hundreds of trains and flights. china's national weather service says this could be the strongest typhoon to strike china since 1949. there's a new drug to treat hepatitis c, and it is even more expensive than its predecessor. the earlier drug manufactured by gilead sciences cost $1,000 per pill. the company's new product, called harvoni, costs $1,350 dollars per pill. the number of prescriptions filled for hepatitis c drugs has more than doubled over the past year. in the united states, hepatitis c affects some three million people and claims more lives than aids. and in london, serena williams won her 21st career grand slam title at wimbledon today. this is williams' fourth grand slam championship in a row and it's the second time in her career that she has held all four grand slam titles at once. if she wins the u.s. open, she'll be the first player to sweep the four majors in the same season since steffi graf did it in 1988.

>> sreenivasan: on pbs newshour weekend sunday, the fight to keep somalia's youth from fleeing the country. >> "don't leave. stay here," he tells them. in the last five years, almost 900 kids from this school alone have fled for europe. >> sreenivasan: that's tomorrow on pbs newshour weekend. >> the finance minister and in talks this evening by demanding that greece committed more severe austerity measures if it wants to stay on the currency and receive a third bailout. meetings continue in brussels tomorrow. and if you want to read the first chapter of harper lee's go set a watchman you can go to our site pbs.org slash newshour. this is the edition of bps newshour weekend. i'm hari sreenivasan thanks for

watching. captioning sponsored by wnet captioned by media access group at wgbh access.wgbh.org >> pbs newshour weekend is made possible by: corporate funding is provided by mutual of america-- designing customized individual and group retirement products. that's why we are your retirement company. additional support is provided by: and by the corporation for public broadcasting and by contributions to your pbs station from viewers like you. thank you.

(man) support for this program is made possible by contributions to your pbs station from viewers like you. thank you! from american university in washington dc, best-selling author and financial expert, suze orman answers critical questions about your money. tonight is all about you! the goal of money is for you to feel secure. the goal of money is for you to feel powerful. you have problems-- but here's the good news-- i have the solutions. (man) suze provides essential advice in... please welcome suze orman! [drums, guitar, & keyboard play in bright rhythm] ♪ ♪