>> this is "bbc world news. funding for this presentation is made possible by the freeman foundation of new york, stowe, vermont, and honolulu. newman's own foundation. and union bank. >> at union bank, our relationship managers use their expertise in global finance to guide you through the business strategies and opportunities of international commerce. we put our extended global network to work for a wide range of companies, from small businesses to major corporations. what can we do for you? >> and now, "bbc world news.

>> greece slashes its debt in a complex deal with its creditors, but is it out of the woods? >> and italians question a rescue operation in which two hostages were killed, and we visit a symbol of hope in one of the worst-hit tsunami towns. welcome to "bbc world news." i'm peter dobbie. a scarf appeared, but who knitted it? >> yesterday the question was will they? won't they? now we know they will. the greek government now has

many signed up to swap debt. the deal will see more than 100 billion youros being written off. however the creditors will lose more than 70% of their investments. the prospect of the greek default has been averted for the dime being. >> it has been avoided now. that's the help for the greek government. it was facing default as early as the 20th of march when it has to pay out bond holders money it doesn't have. now lit get its bailout and be able to meet its bond redemption on the 20th of march and avoid default and avoid an exit from the euro zone. so this gives it noun bring it

back from the brink. but it doesn't solve the problems which are the lack of growth and lack of productivity. unless it solves that, it will not pull itself out in what is said to be the worst depression. >> there will be more austerity. that's going to be very difficult for the greek to stomach. unemployment here is now officially at 21%. among young greece it's at an eye-watering 21%. what greeks care about is jobs, salaries, tax hikes, but the greek government is immensely relieved, because they have achieved the bit of optimism

after many months of financial gloom and despair. >> in athens, aaron is following that story for us. he will report again in 27 minutesish. markets must like that. >> yes. we saw a nice little rally on the markets on the back of expectations this was going to happen. i think the question now, certainly the question in the financial district people are asking the international swaps and driventist association, will they call this a default in the sense that, ok, they got just over 85%. so there's a small percentage of creditors being forced to take this write-down. will that be considered a default? if that isn't, what is? mandatory have ensured themselves against this.

many would have preferred to have received the insurance payout rather than the bit of the bond they were holding. of course they said this shouldn't be counted as a default, but we may hear more from them. >> and chinese inflation down to a 20-month low. chinese inflation has been a worry for beijing. it hit a three-year high of 6.5%. but beijing has been doing a lot of methods to bring that down. curbing lending and cutting interest rates, etc., etc. i'm sorry. increasing interest rates and it's down to a low 3 at any time 2% in february. food prices have been dropping. soaring food prices have been the problem for china. it gives the flexibility now for the chinese government in beijing to try to stimulate

growth. growth is a worry on the back of the problem. >> now we will have more in 257 minutes. >> thank you. >> to italy where questions are being asked about why the italian government wasn't informed of the attempt to rescue a british engineer and his italian colleague being held hostage in nigeria. both men died. the minister said he had been told about the attempt in a phone call from david cameron but an italian member is wondering why they hadn't been part of the decision making process. >> the family of british engineer chris mcmanus said they knew he was in an extremely dangerous situation and they knew everything that could be done was done. chris seen on the left was taken hostage with his italian

colleague in may. they were killed in an operation lasting several hours in this house. the bullet holes in the wall show the intensity of the battle. british special forces had to go in because the hostages' lives were in imminent danger. >> we're still awaiting details, but early cases show both men were murdered by their captainors before they could be rescued. >> one was asking why wasn't his government informed? >> it was a difficult situation and might have been the best decision, but it is still to be explained why italian authorities haven't been informedal although they are quite present. >> i can understand the concerns of italian politicians

but they have to understand these are fast-moving, delicate operations, and it's not always possible to keep everybody briefed on what was going on and i don't think it would have enhanced the safety of the italian hostage. >> one nigerian official said they died in crossfire, and that will be a matter of you are intelligent debriefing of the teams involved. >> well, the bbc's mark joins us live from lagos. we understand there have been new developments. >> we're getting a clearer understanding of what happened here. i've been talking to senior sources in nigeria. in terms of the operation, i think you need to look at anytime two parts. the first part being the arrests earlier this week of the members by nigerian authorities and that triggered the second part of the

operation and those arrests not only led nigerian to where the british and italian construction workers were held but also let the kidnappers know that that information was out there and in effect the people were coming to find them, so by the time this operation took place, we understand the kidnappers -- two construction workers at that point. the other bit of information which seems to contradict things we've heard so far, and we're awaiting confirmation but all the hostage takers were killed. those are the ones in the house itself, and of course there was the arrest of the first part of the group, and there will be information to be gotten from them. >> so they are saying two of the actual kidnappers had been arrested and detained following on from this quite audacious

raid. that isn't the case? >> there have been several reports. that was from an eyewitness actually at the house actually seeing the military. it was late at night and dark. so these are eyewitness reports seeing two or three people were being arrested and we suspect those were the people caught alive. the president came out earlier saying all of the kidnappers had been arrested but that was at the time when there was still firing going on, so a very unclear picture earlier. but from what i understand now in the house itself, all the hostage takers were killed. >> and there was a german who had been living in the house with the chap from the u.k. and the italian but he managed to get away. so authorities will be talking to him trying to get a clearer image of w457ped? >> yes. >> i think that happened quite

early on in the situation. but i'm not sure how much information will be gleaned from that. but based on the new information, i suppose the best information will actually come from the members we understand that have been arrested from the earlier part of the operation. >> thank you mark. now aaron with news of a cricketing bye bye. >> yes. we see the end of one cricket player. over 13,000 runs in the arena and the most amount of catches for an outfielder. so fantastic all-around cricketer. the backbone of the team when india really needed him. perhaps overshadowed by another who was the real star. but a fine player, and he'll be

missed. >> and jake white saying no? >> yes. the former world cup-winning rug by coach, he won in 2007. so he has plenty of pedigree. he was approached by the rug by football union to take over the job full-time. they still haven't been able to tie down a successor to johnson. but white decided he's staying with the super 15. now the decision will be between the current steward at lancaster and another foreign coach, nick mallot. but nothing is ever simple over there. >> thank you. you're watching "bbc world news." coming up on this program. a chance discovery of the national archive. what makes this silent film so extraordinary. now rupert merdock is facing

more pressure today over his media interests here in the u.k. as a result of the police investigation into the voice mail hacking and corrupt payments to police officers. the british media regulator stepped up its inquiry as to when his satellite company is the fit and proper owner of a broadcasting license. one resigned saying he could no longer exercise his powers. he will fave way for a broader coalition government. and another will be free to appoint a prime minister. in northern ireland the leader of the austrian unionists is stepping down. he has blamed his decision to go on obstruction and hostility from within his own party.

>> you're watching "bbc world news." with me, peter dobbie, these are the top stories. a deal aimed at reducing greece's huge debt has been overwhelmingly approved. and italian politicians are complaining that the politicians didn't inform them before attempting to rescue a british and italian man in nigeria. oxfam is warning of a catastrophe in south africa. the danger of drought is putting more than a million children at risk. it's now launched a global appeal. here's mike. >> evidence of the drought is stark here. little for these cattle to graze on when the grass should be knee-high this time. and the last harvest only a grim memory of these women digging into ant hills searching for grain the ants have buried. she uses any grain she can find

to help feed her children. if she didn't do this, she says, the children would go to sleep without eating and says this year the harvest was bad. oxfam says across chad and five other countries of the region malnutrition rates are between 10%-15%. and in some beyond. over 1 million children altogether are at risk of severe to acute malnutrition and the harvest grain is down 137b96 million on thes and food prices are 50% up over the last years and could rise even higher. a special unit in niger for children who are severely malnourished and oxfam claims the world waited too long to respond to the problem in east

africa and cannot wait as long this time for help in sahel. fighting goes on in the area and the cash they earn helping help the buy food if it's available. oxfam says a far greater effort is needed across this region if a potential catastrophe is to be avoided. mike woman ridge, "bbc world news." >> the first anniversary of the devastating earthquake and tsunami will be marked. it was one year ago that a huge tsunami struck off the coast of japan. a year on, how the st. -- thousands are still missing. the bbc's roman burke has been to see the recovery efforts there. >> this is the new sea wall

built to replace the one that was smashed. a pine forest once stood here, but it was knocked down. the tsunami was so big, it went right over the top of those buildings and left a waste land high into the valley as far as the eye can see. so what have they been doing over the past year? clearing up, gathering the debris and eremains of the town into huge piles of concrete and metal. the police are still searching this coast a year on, perhaps the sea will give up some of the more than 3,000 people who are still missing. their families welcome the chance to hold a funeral. en the forest that once stood along this section of the coast, there is one sole survivor, a loan -- a lone

tree, they are calling this the miracle pine and is now the most famous tree in japan, a symbol of hope here that there will be a recovery. >> now on saturday parliamentary elections will be held in the state which broke away from georgia in a bloody war in the 1990's. today there's a fragile cease-fire still in place. ads damian mcginnis now reports from the capital. >> >> this is how the commute to work ended a few weeks ago. he survived as his two bodyguards were killed. it's a sign the powerful criminals want to stop the government anti-corruption drive. >> the assassination attempt is viewed by a lot of people as something that can fundamentally -- something that

could fundamentally affect the stability here. >> this was once a tropical playground for soviet elite. today the ongoing conflict with neighboring georgia which sees it as georgiain' country sees it hard to travel or trade with neither side backing down. >> unless they reverse their policy, we will have conflict forever with the two. >> the scars of the war of independence with georgia are still visible. in the early 1990's, tens of thousands of people were killed and many forced to flee their homes and disaster which the region is still struggling with today. the worry is major unrest could spur another conflict. in 2008 fighting in another part of the area of georgia led

to a war between russia and georgia in which the west was almost dragged into. >> turning our attention to france where the candidate is riding high in the polls. questions have been raised about his popularity abroad. he has failed to get an audience with david cameron and angela merkel. in warsaw explaining why the meeting won't be taking place -- >> the prime minister's office is not saying the meeting has been canceled. it's just saying one will not take place but failed to have an audience with the prime minister donald tusk who is the most important political figure in the country. he is, however, having a meeting with the polish president. so this is something less of a snub, perhaps, nan other countries. when he was challenged about

this particular issue, he said he does not believe that any such verbal agreement between central right leaders in germany and the u.k. and spain and italy exists to which the allegation is they are avoiding him through the presidential campaign, because they would favor the re-election of mr. sar cosey. he said he's -- of mr. sarkozy, and he said he's never heard of such a thing and if there were such a thing he thinks he would have heard of it. but they are saying his alleged snub will be harmfulful to their interest and if he indeed went on to twin election, it would be seen as a deliberate snub by mr. tusk. >> to an instrument that shaped rock music. the fender guitar played by

jimmy hendricks and the likes. >> before the heydays of the electric guitar, there wasn't so much to rack on. there was a lot of twang and not very much strut. then in 1946 with the creation of fender, a new era was carved out. experts among notice this is not one of their brand. but this is. in the hands of the legendary jimmy hendricks. his favorite was the fender strat caster, the wooden guitar that could with stand abuse it came in for. this one hendricks even burned while performing at the waldorf astoria. others became branded with the

british flag designed for the who. and the one erik clapton sold in 5 countries and with the rise of rap and hip-hop, its makers feared its demise which never cafmente artists like she keira helped them stay at the front of a more and more competitive field. it netted $700 million in sales last year. but even fender has debt to pay off which is why the public company may well will able to do that, ensuring its guitars continue to be at the cutting edge of rock. tom, "bbc world news." >> now rome where thousand of metal workers are protesting changes to their contracts and labor laws. giving workers job security, the italian government is currently in talks to boost

economic goat. the earlier film adaptation of a november has been discovered. the 67 short features a character but no one knew it existed because it had been mislailed. >> they are responsible for more than 20,000 silent anyplace britain's national archive but one can protected her interest. >> on the tape it said man meets a rugged boy. >> one of the late filmers set it running. they discovered something rather more dickinson. >> a night watchman walks across a graveyard but a starving child walks across. >> the dickens character called the death of joe from somewhere

before march 1901. >> and to be able to do detective work even see where it's been filmed. >> yes. we know the filmmaker was george albert smith who was one of our great pioneers, because his wife plays the character of poor joe. and poor joe is actually portrayed by a woman in fashion. >> so there it is. a one-minute dickens. not quite an evening of entertainment, but in 1901, six years after the birth of film, this was a pioneering epic of the film industry. "bbc world news." >> now soft drink giants coca-cola and pepsi are changing the recipes of their drinks so they don't have to put a cancer warning on the label. in the response to the california adding a care medical substance that may

cause cancer. so there will be less 4-methylimidazole in the drink recipes. pictures coming out of rio de janeiro came together to help 30 dolphins back out the see. back out to sea. the have video received more than 800,000 hits on the website since it was powed earlier this month. you can see there's dozens of people getting together to drag them out to water. everyone then started cheering according to the website which distributed the clip. the images were captured by local tourists and a brazilian is saying it was common for the dolph ins and other mammals to get beach in that particular area.

for more information on our stories go to www.bbc.com/news. >> make sense of international news at bbc.com/news. funding was made possible by the freeman foundation of new york, stowe, vermont, and honolulu. newman's own foundation. and union bank. >> at union bank, our relationship managers use their expertise in global finance to guide you through the business strategies and opportunities of international commerce. we put our extended global network to work for a wide range of companies, from small businesses to major corporations. what can we do for you?

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