was the greece of the caribbean. and in fact since that time the bond markets have tapered their access to puerto rico and now they're essentially shut out puerto rico is rated triple b. investment grade by all three major rating agency all which have told puerto rico they're on rating downgrade watch which means within the next thirty to ninety days that the bonds could be downgraded to junk the problem with puerto rico is. the problem with puerto rico is it's a very odd thing but puerto rico bonds are triple tax free in every state. of america it's the only issue where that has that carved out special preference so you get bonds held in california new york these are puerto rico buoyancy. many mutual funds own these bonds because he'll to have been very high so the discussion is that possibly there's systemic risk associated with the downgrade from investment grade to junk status from puerto rico that's interesting you know puerto ricans there we've been in droves economic opportunities obviously dry up isn't this g

was the greece of the caribbean. and in fact since that time the bond markets have tapered their access to puerto rico and now they're essentially shut out puerto rico is rated triple b. investment grade by all three major rating agency all which have told puerto rico there are on rating downgrade watch which means within the next thirty to ninety days that the bonds could be downgraded to junk the problem with puerto rico is. the problem with puerto rico is it's a very odd thing but puerto rico bonds are triple tax free in every state. of america it's the only issue where that has carved out special preference so you get bonds held in california new york these are puerto rico. and many mutual funds own these bonds because he'll to have been very high so the discussion is that possibly there systemic risk associated with the downgrade from investment grade to. puerto rico that's interesting puerto ricans there we've been in droves economic opportunities obviously dry up isn't this going to only make problems more dif

and gold pretties but first let's get stuck in the salt talking about greece because greece took over the european union's president say this week but instead of crowds of cheers protests broke out from greece who is that what they see as interference weak economic growth high unemployment and strict austerity the greek government has made it clear that though be no more in force will start he dictated a poem the country from brussels with the finance minister yes still not as a saying just hey you can say. it's simply too tough now it's not just greece because portugal has also hit out at the e.u. this week care with members of the country's parliament criticizing lawmakers for their lack of flexibility and knowledge of local realities when referring to the levels of austerity expects is on the economy but despite all of this resentment latvia the eastern european country this and thought that was financial fallout from the two thousand and eight crash has just welcomed the. it can't be that bobbing or can it while recent encouraging economic stats coming out of europe including reta

"but for greece, we might still have been savages and idolaters."he human form and the human mind attained to a perfection in greece which has impressed its image on those faultless productions whose very fragments are the despair of modern art and which can never cease to delight mankind until the extinction of the race. in the 18th and 19th centuries, europeans surrounded themselves with the images of greece and rome. they created for themselves personal museums which displayed their wealth, taste, and learning and idealized the virtues of reason, liberty, and justice. in this way, they elevated-- and even masked-- their mundane relationships with land ownership and manufacture, trade and empire, and they exported these ideals and the visual language which expressed them all over the world-- to the americas, the indies, and beyond. it is appropriate, then, that these are the first pictures we see in a serieson the tr. we could have started in the caves of lascaux or the temples of luxor. but if there is a source to which weste art and thought cons

in greece, it is above 27%. the hope is that the unemployment rate will start heading lower as it has plateaued. the head of the european commission says europe is dealing with its problems one by one. josÉ manuel barroso spoke in athens as greece assumed their rotating eu presidency. >> while we cannot say that the [indiscernible] is behind us because we have an a high level of unemployment, and we still have problems with financing the economy, there is still a proble financialence, coherence in the euro area. the reality is we are solving, one by one, the different problems. >> the private sector in the united states added 238,000 jobs in december according to the report from adp. this is fueling hopes that american unemployment will head lower as we get the official data on friday. that is not doing a lot of wonders for the american stock markets. they are mixed this session. the dow jones industrial average 0.5%.n about in europe, the indices closed below the flat line. we got higher-than-expected retail sa

but it is also part of the border between greece and turkey . it is a dangerous transit zone for people fleeing to europe. >> these are remnants of a boat refugees used to try to come over from the other side. apparently, the weather was bad, and the people drowned. only the boat remains. there's the river, and beyond that is turkey. the port is just 50 meters wide, but crossing is dangerous because the current is very strong. those who cannot swim drowned. >> miners who survived the treacherous crossing end up in this house on the outskirts of the border town if they are lucky. children from around the world ranging from ages two to 16 live here. they have lost their parents -- some for good -- because they died trying to get here. others were separated from their families on the way and are waiting to be reunited with them. that group includes this 12- year-old from afghanistan. >> we came here to greece together, but then my mother went ahead to germany to see if it was safe there. we are waiting to see if we can join her. >> if their parents

it is a chance for greece to guide the agenda. >> greece wants to complete the banking union and deal with migrationlows. the huge issue across europe, it wants to focus on gross policies like maritime energy projects. for greece, what matters is that it glides through these next six months without embarrassing hitches this is a very important public relations drill. it was to showcase what it is calling its success story. and to show international lenders it is no longer the basketcase of europe. hoping that ultimately europeans and its creditors will help. it will bring down this very high debt that it has. >> they have been painting that teacher of the success story, haven't they act out do ordinary greeks by that? >> this is not the first time they have heard such words of praise only to be clobbered weeks or months later with added austerity measures. the greeks are very pro-european and they believe their nationstate does belong in europe. they have grown very apprehensive and cynical of such remarks. they have also learned by now to decode a lot of them. deep in these upbeat st

but i think it's on track the worry for greece has got to be about the destination. unfortunately we've had four years of recession very deep recession which is seeing g.d.p. fall by somewhere between twenty five and thirty percent the economy is going to be repaired things i think will get gradually better but there's little or no prospect of the greek economy over the next two or three years getting back to anything like the sort of prosperity that the danger prior to joining the single currency so it's going to be a very very long and very difficult journey and the problem that greece is going to face the think will hear more and more of this is the fact that politically the governing parties have only got a very very slim majority they hold a hundred fifty three seats out of three hundred in the greek parliament and there are limits to what they can actually push through from here already in we mentioned the politics in the eurozone in general this seems like in terms of the economics it is slowly improving as you mentioned but the political situation the tension

that said greece was a mobile figure upon quoting him to sit by the end of the presidency greece would have switched from being europe's weakest link to a symbol of europe's ability to overcome difficult times. these increases some audacity to optimistic that our mission is to you is to serve six bombs were still warm. to re establish because he believed a park or to book a fool. gould gnarled the gospel that the disease became european cheeses the european institutions and faith in god's grace ease up coaching. the exit of the crisis in brutality of the remarkable achievements made using old deficient. in no way that no other country has done before. as i think that. body aches a teammate going to le out of the crashes. this would be a success for greece but both of these visits are for you details there is a light at the end of the telfer greece she'll go home and full cost that degree economy will grow by two point six percent base here but some older guys ages including d oecd predicts another year of recession who do you believe we were toast at the end of the year i think that th

jobs and illegal migration are most acutely felt in greece. >> greece has been footing half the bill for illegal immigration into europe. it wants more help. the economy comes first. slow disciplined steps nursed the deficit to a primary surplus of 1.1 billion. it wants sacrifices recognised. debt forgiven. a palpable need tore dignity and lost sovereignty and some believe this is the greatest opportunity on offer. >> the great concerns have to deal with the people in europe, associating greece with a normal state of business. getting out of the emergency frame of mind and becoming again is a normal economy, a normal country in the euro. >> european parliamentary elections in may are expected to usher in euro skeptics, reinforcing political extremes, a show of solidarity during greece's presidency may go a long way towards countering that. >> 1 january marks 5 years since cuba's communist revolution. there seems to be movement in the relationship between cuba and the u.s. the first commercial flight in decades between the florida keys and havana landed. >> it takes just 15 minutes to

we have this report. >> almost every day, new refugees arrived in greece. hope. undeterred by the economic crisis and dismal conditions awaiting them as refugees, they came determined to seek a better future. the government paid little heed to the refugees issue in the past. instead, it was used on by the far right. golden dawn, the boards strongest party in parliament, has led the campaign of their alleged anti-immigration rhetoric, regardless of whether the refugees are legal or not. the party leader was arrested in september and is in detention on charges of forming a criminal organization, but still, suspected party backs fred a fear that is palpable here. greece has seen attacks on immigrants that often take place in public, allegedly organized and carried out by golden dawn members. hassan was a victim of one of their attacks. he lost an eye when he was assaulted with an iron weapon. >> i was out on the street late one night. suddenly, a group of men dressed in black approached me. they asked me where i was from. when i said afghanistan, one of them hit me

on to greece now, and that country is getting a pat on the back for its economic reports. the german foreign minister has been complementing -- compl imenting athens on his trip this week. >> this recent talk that the country could need a third bailout from the eu. >> but as the nation took over the eu presidency this week, officials have been focusing on the positive. >> the streets of athens were calm. there were none of the mass protests that have greeted earlier high-level german delegations, and this major newspaper's cover quoted steinmeyer saying greece was on the right path. many expect the greek economy to return to growth this year for the first time since 2008. the economy was high on the agenda when steinmeyer met his greek counterpart. athens wants debt relief in the form of lower interest rates and longer payback terms for its existing debt. steinmeyer also met the prime minister to express his support for the reforms the government has pushed through. he says it is critical that athens finish the project that it has started. >> i took the opportunity to come

i believe that greece can give some lessons of how. in a time of crisis and when a country has a huge public that this is very picky and leads only to disaster in that sense we can meet some measures through other european countries and especially countries in the european very free but there is nothing else for europeans to expect from greece at the moment these european presidency can not really make any changes in the europe in the european union that is controlled primarily by very lean and by some big financial institutions in the core of the european union. coming up scotland marks the start of a major year of decision scots love to say yes or no to becoming independent from britain from the fireworks and festive spirit last night r.t. trouble to edinburgh to gauge public feeling on a potential break away. for just a few weeks' time russia's most anticipated event of twenty forty gets under way the world's winter roughly waiting for their chance to shine at the olympic games in sochi the city's newly constructed venues are promis

for this year two politicians say the role is a chance to prove greece is a normal country despite all its economic woes. look at how some e.u. measures that have been affecting athens and some other european economies too in the four years of a us territory measures the nation's chaudiere haven't seen the increase reaching the highest levels in greece and in italy those countries no longer meet the eurozone requirement to limit their national debt to sixty percent of g.d.p. at the same time to the average person incomes fall in all of those states except germany in fact greece has been the worst affected along with the presidency athens assumes power over the blocs regulations too but one journalist we spoke to earlier doesn't believe greece will have to change that much. i believe that greece can give some lessons of how sturdy masers in a time of crisis and when a country has a huge public that this is very beginning leads only to disaster in that sense we can beat some measures rather european countries in the space of the countries in the european very free but there is nothing el

i believe that greece can give some lessons of how. in a time of crisis and when a country has a huge public that this is the. only disaster in that sense we can beat some lessons to other european countries and especially countries in the european very free but there is nothing else for europeans to do expect from greece at the moment these european président see cannot really make any changes in the europe in the european union that is controlled primarily by very lean and by some big financial institutions in the core of the european union coming up on r.t. international scotland marks the start of a year of major decision mascot second half to say yes or no to becoming independent from britain surrounded by fireworks and festive spirit we travelled to edinburgh to gauge public feeling on a potential breakaway. to the president just a few weeks' time russia's most anticipated event a twenty four team gets underway at the world with athletes waiting for their chance to shine at those olympic games in sochi this is usually constructed

greece softer enormous factor prices is leaving the crisis behind he said europe is leading the crisis behind the cool soul problems are not sold yet and is still a multitude of heels as the greens would focus on trying to reconnect european citizens to be healed you. the commission president said despite the crisis he didn't think extreme is still popular spot these would win the european elections. well morning greece not slow the pace of reform he said people sacrifices have to play golf we do let's not forget that's not so much time ago people were making

the prime minister of greece was also questioned about greece's ability to plain taken stability andee through this presidency. he said i understand many people want to show their anger and many are still suffocating by the austerity measures and joblessness with unemployment at 27%. the next election to be held in this country will be in may. that will be the european parliament election. but he said they will vote for their children and for the future. there is, however, a sign that the greek government is also trying to take a little bit of a revenge on the financial creditors who have overseen greece over the last six years. greece is fully parking the parliament proposal that they be answerable in the futur future t just answer to the international financial fund. greece is trying to have it both ways. the government wants to show that it's playing the european card, pulling through this crisis. 2014 will be the first year that will not an year of recession for greece in the last six years. the government says, but at the same time it wants to show a sign of rebelliousness again

at the same time the average personal incomes fall and in all of the states except germany greece in fact the worst affected along with the presidency athens assumes power of the blogs regulations too but one journalist we spoke to doesn't believe greece will look to change much. i believe that grace can give some lessons of how sturdy masers in a time of crisis is and when a country has a huge public that this is very picky and leads only to disaster in that sense we can beat some lessons to other european countries and especially countries in the european very free but there is nothing else for europeans to do expect from greece at the moment these european presidency can not really make any changes in the europe in the european union that is controlled primarily by very lean and by some big financial institutions in the core of the european union. coming up scotland marks the start of a major decision year scots are going to have to say yes all now the becoming independent group in this year's surrounded by fireworks and festive spirit as he travels to add rather to gauge public f

i believe that greece can give some lessons of how the maids are seen in a time of crisis and when a country has a huge problem that. only disaster in that sense we can beat some lessons to other european countries and the space of the countries in the european very free but there is nothing else for europeans to do expect from greece at the moment these european président see can not really make any changes in the europe in the european union that is controlled primarily by burying and by some big financial institutions in the core of the european union. russia's first ever winter olympic games will open in sochi in just over one month the world class resort has been rebuilt into a winter sports haven which is all set to become a welcome spectators and some of the world's top athletes to be there. it's always been a subtopic all vacation spot for russians now it's on the world's map for winter sports so what she wore hose that sports men and women dignitaries and spectators come the winter olympics and paralympic games. sochi is one of the southernmost places in russia as the unoffi

greece which is struggling to get out of a six year a session is assuming the six month rotating e.u. presidency meanwhile within the country people are growing increasingly angry towards brussels that has been pushing for athens to accept austerity measures in exchange for bailout payments let's now take a look at how that plan has been working out so far now since the financial crisis first hit the eurozone in two thousand and nine nations across the bloc have seen their debts increasing with greece during the worst ironically even germany has long been over the sixty per cent a deadline that's the limit any of the country set to join the e.u. are required to be below meanwhile cuts imposed by governments across the e.u. have led to a fall in the average of personal income in a number of states germany is among the few countries enjoying an increase now greece has been the worst affected here as well along with the e.u. presidency athens assumes power over the box regulations but one journalist we spoke to doesn't believe a greece will look to change much. i believe that greece can

field and big spirit travels with the flame from its place in greece. joining james brown for an elemental and epic journey around russia and beyond. oh. it was supposed to be just another news or of course although admittedly for a special occasion it was one hundred twenty three days before the start of the winter olympic games in sochi and i was in greece for the lighting of the olympic flame the ruins of elim pierre one of the most famous monuments of ancient greece the site of the very first olympic games where stones like this would have been part of the temple. the temple. temple owes. me. from. well that was a rather surreal. definitely the way to stream i've had for a while. it was a memorable ceremony. it was one pretty sure the high priestess never spoke to me. what was it she'd set follow the flame or something. perhaps a lot more of course of base. from which the top story this morning than the thirty twenty pulteney olympic flame isn't right in moscow seven days after it was first late in the ancient greek city of libya carried by russia's

in britain in the north to golden dawn in greece and the south far right groups are making their voices heard in europe finance this financial crisis affected everyone and it has allowed the right wing organizations to give people someone to blame for their problems it's those people's fault that is how they recruit greece has seen a marked increase in support of the far right in neo nazi groups golden dawn and organization the right did by their critics as hooligans and third heralded by their supporters as the savior for greece for the greeks and they systematically not only preach and cultivate. but they attack systematical immigrants present golden dawn have made it further than most they have elected officials on their books including current greek m.p. elias custody at us it's not only in politics that extreme right to abuse a permeating this goal celebration by. athens your just kept the itis so the midfielder banned for life from the national team despite his claims that he didn't know what the salute meant but the clearest indicator of the popularity of the far right will be wh

and this major newspapers cover quoted steinmeier st greece was on the right path. that's borne out by analyst predictions many expect the greek economy to return to growth this year for the first time since two thousand gt. don't you. economy was high on the agenda when steinmeier made his greek counterpart been generous incentives. our friends want to get relief in the form of lower interest rates and longer payback terms for its existing debt you can use it yet steinmeier also met prime minister and tony some honest to express his support for the re formed the government has pushed through. he said it's critical that athens finished the project that has started. not enough time to see if we would like to be opportunities to come to greece on in my time in office. the puppy to show that we appreciate the difficulties that still lie and for priests really convicting beaten down by vandals at a show of support that means as it takes end of the eu presidency which is an important office because even then gets the mobile on the phenomenon that focused on the air is se

the rotating new presidency for the year politicians say the role is a chance to prove the greece is a normal country despite all its economic woes take a minute out to take a look at how some e.u. measures have been affecting athens and some other european economy showing in the of four years of e.u. a sturdy measures the nations shown here seeing their debt increase by as much as forty percent for greece and spain that's despite the requirement for all euro zone countries to limit their national debt to sixty percent of g.d.p. at the same time the average personal incomes fall in all those states except germany greece in fact has been the worst affected the civil e.u. presidency gives out its powers to regulate policies in the block over one greek journalist we spoke to doesn't expect much from. i believe that grace can give some lessons of how sturdy masers in a time of crisis and when a country has a huge public that this is very beginning leads only to disaster in that sense we can teach some lessons to other european countries and especially countries in the european very free

the countries in the european thirty three but there is nothing else for europeans to expect from greece at the moment these european président see cannot really make any changes in the europe in the european union that is controlled primarily by burying and by some big financial institutions in the core of the european union. russia's first ever winter olympic games will open in sochi in just over a one month the world class resort has been rebuilt into a winter sports haven which is all set to become welcoming spectators and some of the world's top athletes as well hearties to say though she's already there. it's always been the subtopic call vacation spot for russians now it's on the world's map for winter sports so she wore hose that sports men and women dignitaries and spectators come the winter olympics and paralympic games. sochi is one of the southernmost places in russia as the unofficial capital of the riviera of the caucasus the beaches and marina make the city popular in some a loss skiing in the nearby mountains make it an ideal place for winter vacations. russian is of cour

greece has formally ceded to the eu presidency. it's an influential role the right taste every six months and it means that things will not have the chops to steve you used to and it certainly has a delegation headed by commission president manuel barroso was on hand for the ceremony the priest who has big problems the homeland as influencing opinion toward the eu. greece is still struggling with high debt and a weak economy. the european union remains insistent that the only way toward a bright future is harsh austerity measures. many greeks have lost confidence in europe according to a recent poll atc to send them feel that the country's voice is no putting it in the european union. i am living standards for most greeks have been calling for five straight years. average wages have dropped by a staggering forty percent making the legions of young people dependent on handouts. and unemployment has soared especially among the young. even well qualified people can't find work. this you can try their luck abroad. the greek economy is

to greece and their voices are set to get louder with key european parliamentary elections looming in the spring. also the olympic city has new tracks and not just for the athletes this time stay with us for a look at the newest addition to sochi is infrastructure that will whisk sports fans to the venue in super quick time. a new form of violence has hit the streets of new york and police seem unable or unwilling to do anything to stop it rena portnoy has more now on the need gang craze that's spreading fear across the city. you're walking down the street minding your own business and without warning police say they are investigating yet another knockout attack attackers mainly in their teens targeting victims at random it's called the knockout game the goal of this violent and twisted so called game is to knock a stranger unconscious with a single punch a feared phenomenon across the nation the ongoing brutality has claimed lives in at least three u.s. states here in new york city more than ten people have been randomly assaulted among the youngest a twelve year old student among th

i believe that greece gives some lessons of how. time of crisis and when a country has a huge problem this is very beginning the only disaster in that sense we can beat some lessons rather european countries in the space of the countries in the european very free but there is nothing else europeans believe we expect from greece at the moment these european président see him not really make any changes in the europe in the european union that is controlled primarily by very lean by some big financial institutions. in the poor of the european union. coming up announcing international scotland marks the start of the get of the major decision. say yes or no becoming independent from britain surrounded by fireworks and festive spirit r.c. travel to edinburgh to gauge public feeling on a breakaway. in just a few weeks russia's most anticipated event of twenty fourteen gets underway the world's winter athletes are waiting for their chance to shine at the olympic games in sochi this it is newly constructed venues are promising a warm welcom

i believe that greece can give some lessons of how. in a time of crisis and when a country has a huge problem that this is very beginning only to disaster in that sense we can beat some measures the other european countries and especially countries in the european very free but there is nothing else for europeans to expect from greece at the moment these european presidency can not really make any changes in the europe in the european union that is controlled primarily by. some big financial institutions. in the core of the european union. there's no doubt about the most anticipated moment of twenty fourteen for winter sport athletes it's of course that chance to shine of the olympic games and sultry an enormous amount of work has been done because a world class resort had to be turned into an international winter sports haven pretty much from scratch and his answer is to say with all you need to know about the houses. it's always been the subtopic call vacation spot for russia and now it's on the world's map for winter sports so she w

i believe that greece can give some lessons of how. grace is and when a country has a huge problem this is a very big lead only to disaster in that sense we can feed some lessons to other european countries and especially countries in the european very free but there is nothing else for europeans can we expect from greece at the moment this european presidency can not really make any changes in the europe in the european union that is going to roll primarily by. some big financial institutions. in the core of the european union. and coming up an international scotland mogs the start of with a major decision. to say get some nod to becoming independent from britain surrounded by fireworks and oppressed of spirit travelled to edinburgh to gauge public feeling on a breakaway. in just a few weeks of russia's most anticipated event of twenty fourteen gets underway the world's went to affluence awaiting without a chance to shine of the olympic games in salt tree the city's newly constructed venues are promising a warm welcome and a first cla

i believe that greece can give some lessons of how the maser see in a time of crises and when a country has a huge problem that this is the beginning leads only to disaster in that sense we can beat some lessons to other european countries in the space of the countries in the european thirty three but there is nothing else for europeans to do expect from greece at the moment these european président see cannot really make any changes in the europe in the european union that is controlled primarily by very lean and by some big financial institutions in the core of the european union. no doubt the most anticipated moments of two thousand and fourteen for winter sport at leats will of course be their chance to shine at the olympic games in sochi huge amount of work has been done because a resort city had to be turned into an international winter sports haven pretty much from scratch here's artes to say with everything you need to know about the host city. it's always been a subtopic all vacation spot for russians now it's on the world's map for winter sports so what she wore hose that spor

the olympic spirit travels with the flame from its place in greece. james brown in the mental and epic journey of russia and beyond. where i think. there's a media leave though so we leave the people. of the city who should see through the play your part of the physical. issues that no one is there with to get they deserve answers from. politics. for staying with us fourteen minutes past the hour washington it won't dismantle its global spying apparatus yasmine of a major overhaul of the national security agency outlined by president obama fail to provide any detail on when the collection of data will be stopped or whether it will be stopped at all critics say the plan for deep reform is just a face left sam sachs explains. after nearly seven months of n.s.a. disclosures president obama finally came forward with reforms to the spy agency acknowledging that the current capabilities in the n.s.a. do leave open the possibility of abuse given the unique power of the state it is not enough for leaders to say trust us we want to be use the data we collect f

now if greece were to leave the eurozone could the euro zone basically stay intact or would you expect other countries such as portugal to kind of follow suit. what mrs merkel herself just before christmas reportedly said to admitted to a bunch of journalists look if greece had exit we're going to zoom. back in two thousand and twelve that germany would have to return to the village but now there is an argument that greece has been sort of ring fenced but mind you that argument was doing that back in two thousand and ten when it was completely empty it is my considered opinion that the monetary unit like the euro zone. once you start taking it once you start of the moving pieces of the jigsaw puzzle will eventually collapse there is no way that. speculators will not start speculating after that a good it's a good exit that my not come next and given the state of stagnation of the portuguese economy given that the portuguese public that is unsustainable suspect the speculation william force the c b to energise the policy of. outright monetary transactions which it announced successfully