he presents himself as a man of the people, putting into words what many cypriots field. he has railed on about brussels for crisis management, going as far as calling for cyprus' withdrawal from the eurozone. his position, the nearly inexhaustible financial clout of the church, is solid even now. >> all in all, we have lost about 100 million capital. but we will survive. the church has often had to sell its cannons, upon its chalices, and it has always survived all that. >> after all, the cypriot orthodox church owns most of the property on the island. it enjoys tax privileges, owns shares in several major firms, and a quarter of the country's second largest financial institution, the hellenic bank. this makes some people uneasy. >> the church has a finger in too many pies. it is exercising political influence in cyprus, and it can do it because of its political and financial strength. it owns a ton of real-estate. >> at the patriarch's residence in nicosia, like mrs. can be seen everywhere. he was once an archbishop, and after 1959, the first president of the republic o

he presents himself as a man of the people, putting into words what many cypriots field. he has railed on about brussels for crisis management, going as far as calling for cyprus' withdrawal from the eurozone. his position, the nearly inexhaustible financial clout of the church, is solid even now. >> all in all, we have lost about 100 million capital. but we will survive. the church has often had to sell its cannons, upon its chalices, and it has always survived all that. >> after all, the cypriot orthodox church owns most of the property on the island. it enjoys tax privileges, owns shares in several major firms, and a quarter of the country's second largest financial institution, the hellenic ban. this makes some people uneasy. >> the church has a finger in too many pies. it is exercising political influence in cyprus, and it can do it because of its political and financial strength. it owns a ton of real-estate. >> at the patriarch's residence in nicosia, like mrs. can be seen everywhere. he was once an archbishop, and after 1959, the first president of the republic of

to mrs wang americans are dumping paper gold and diving into the dow europeans are lining up for cypriot haircuts the e.c.b. is ready for a negative deposit rates the fed values to maintain its eighty five billion welfare spending for wall street and the bank of japan is flying the yen into the ground and israel australia and india pledge to follow great leaps forward are being made daily and central bank and sanity while the real housewives of china are backing up the truck yes mrs wayne is fighting the fed and the e.c.b. and the bank of japan too. because of course mrs waring has seen this movie before it was called the great leap forward and it brought about what is known as the three years of natural disasters or if you prefer the three years of difficulty in which between fifteen million and forty three million chinese died during the great famine brought about partly by central planning gone completely frickin amok mrs wang knows this that's why she's buying gold stacy yes she is and of course she's seen the central planning and how it goes because only three years of disaster of n

i think there's a very strong consensus that the cypriot bailout was certainly i think not made in the best way because it was made in an unpredictable way and i think it clearly shows the uncertainty among investors everywhere in the euro area so i think there's a strong consensus that they should be bailing which is certainly something good in the long run but they should be according to clear spelled rules and i think in that resends very important leaders in the summit in june at the very latest will come out with a very clear bail in pecking order and that i think in the best of all senses should also make clear that uninsured depositors' will not be here in any restructuring of brains in the euro area in the future and if we talk about what they've already done in terms of ports to go back in twenty eleven we have these convertible bonds being given out by the choice was that the right thing to do was to now that they have done more and you think that happened have done more we would be in a situation now. well recapitalizing the banks in the periphery and i think more generally

into collectivizing monetary policy and then they're asking for individuals to sacrifice like the cypriot they have to give over their savings for the good of the collective that's being managed by the e.c.b. marriage i ben bernanke you mark carney coming over here to the bank of england and people are buying gold to protect themselves against the collectivism of the central planners the central government authorities the central bankers and the result is quite stunning in that the as you point out mal when faced with destruction double down double down now did mrs wang of course and saw that mal they were bureaucrats when faced with catastrophe instead of having the humility to say. i'm a jerk and we've got to change same thing with federal reserve ben bernanke you're barack obama instead of having the humility of just facing the public and saying i freaked out i'm an idiot we've got to change course they're doubling down on their insanity was a foreign policy or whether it's domestic policy to print eighty five billion dollars a month in quantitative easing america it will be honored si

that wasn't really a hard minded evaluation to say the cypriot banks are, a, okay. we've done the stress test. it's really a good place to put your money. that doesn't build confidence. what europe needs is its ronald reagan, its maggie thatcher, it needs its ramp bow to make decisions as opposed to 27 countries says, what do we do and how do we make our coalition an alliance? >> very well put. wheat get more still to come. are there any legal implications? eads has posted a quarterly profit. we'll be in paris for an earnings check on the planemaker. >>> and india's inflation is at its lowest level since 2009. we'll have the latest from mumbai. >>> plus, is china about to lose its limelight on the global stage? we have been deciding whether to look on the eu imposing trade tear yichs. >>> thanks, ross. kospi ended higher %. carmakers such as kia, hyundai and samsung enjoyed a nice rise. the shack high composite slipped 2 1.1% today. property stocks tumbled. the nikkei pulled back a modest 0.2% after profit taking in financials and real estate stocks. but sharp share

the three point two billion dollars loan russia gave back in two thousand and eleven in march the cypriots asked most go for a new loan but failed to reach an agreement as a result of became the first eurozone country to shut down its banks for two weeks it also had to introduce strict capital controls to make sure its banking sector doesn't collapse but that in turn meant that its depositors many of whom are russian nationals lost out. let's now do a quick run through the markets on wall street where trade is in full swing it's a very choppy situation u.s. retail sales for march are strong but traders are really worried about the fed's plan to scale back its support program here's an interesting number from bloomberg the s. and p. five hundred has gained twenty six percent annually including dividends since march two thousand and nine and that's roughly the same as during the last two years of the dot com bubble definitely something to think about now moving on to a europe across the ocean shares ended the day flight to positive with the banking shares weighing on both the footsie and the

the deal has angered many cypriots by forcing large bank depositors to take major losses on their savings. the u.s. economy is giving off more signals of growth. consumer confidence rose in april, after falling in march. the conference board, a private research group, says hiring and pay raises helped. and the standard & poors/case- schiller index showed home prices jumped more than 9% in february. that's the biggest increase in nearly seven years. on wall street today, the dow jones industrial average gained 21 points to close well over 14,839. the nasdaq rose more than 21 points to close above 3328. those are some of the day's major stories. now, back to judy. >> woodruff: we continue our coverage of the president's news conference today with a look at his relationship with congress. joining me now are dan balz, chief correspondent with the "washington post." and glenn thrush. he covers the white house for politico. welcome. to you both. so the president said, we heard him say at the news conference the rumors of his demise are greatly exaggerated when jonathan karl of abc asked him doe

the reason it's key because ireland wants to have the same as the cypriot banks had.-ins. do you remember in march when everybody was tickled to death because austerity was out the window? hip-hip, the monster is dead. i believe austerity gets a bum rap. forget that for a moment. not only do the issues regarding ireland and bail-ins and stencils, which were actually going to be addressed at some period way down the road by the european council, but also getting their budgets back in order without austerity. if you're a trader and see the big influence as the european pass the baton to our time zone and then you have the european close several hours later, pay a lot of attention monday and specifically tuesday. may have tape bombs, as we say, on the trading floor. carl, back to you. >> good advice. rick santelli in chicago. still ahead, shares of delta rallying on the news the airline plans to return more than a billion dollars to shareholders in the next three years. first time in more than a decade delta has been able to return cash to investors. and we'll sit down w

likely pushing for results on that side most definitely and of course an acknowledgment from the cyprioternment. now, ross, back to you. >> any other news from brussels in the rest of the program. the numbers out from spain. now the chairman of translati o has unveiled plans. they're expecting to generate more news. they're calling for a board reshuffle and high dividend payout. how is that going down with investors in zurich. carolin is with us. good morning. >> hi. good morning. it's going to be a very controversial agm which takes place friday afternoon which takes place outside of zurich. carl icon holds a 5.6% stake and he's been lobbying for this $4 a share dividend for trans ocean. they want 2.24. they want to preserve capital to keep the credit rating. carl ican is calling for an overhaul of the board. he's nominated three new board members. what you have to understand, the announcement from the chairman that he is going to be stepping down, that is a strategy to bring the proxy battle against carl ican. this is not trans ocean caving to the demands. this strategy to sacrifice th