and please note my understatement. >> warner: italian journalists and author pepe says many italians welcomed intervention by their northern neighbor. >> the reality is we were going down the drain, down the-- we're going to greece way. and that would be a disaster for us and for the rest of europe. and i think for the rest of the world. >> warner: in three months, monti has pushed through spending cults, a hike in the retirement age and renewed taxes on primary residences. but there is resistence to his attempts to liberalize the economy from the grips that limit numbers and set minimum price force pharmacists, lawyers, notaries and taxies. >> cabdriver antonio costa says will have to work more for less money if more cabs hit the streets. while tax hikes have raised gas prices. he faults emu leaders for pressuring monti without giving him much of a helping hand. >> i believe merkel could have done more for us ecomically. for example eurobonds which she refused to do and she should have. but germany is the most powerful force. they hold the knife by the handle so they can decide whet

one of the weaknesses of the italian economy. and on simplification, and excessive overcomplicated regulations, is one of the weaknesses of the italian economy. so what is left is something on which one cannot proceed by decree law and one has to discuss with the social partners, and the trade unions. that is the labor market reform, where we intend hopefully with an agreement with the social partners to come to a conclusion by the end of march. that is meant to make the labor market more flexible. and more modern. and less in fact discriminatory between those included and the outsiders, like in particular the young. >> i'm glad -- you've said a lot of things and i want to go back to those. because the labor market is so important and the labor reform is so important. but you mention 2013. so let me stay there for a moment. how confident are you that the programs that you are instituting right now will in fact stick, and be sustainable past 2013, once you step aside, and your government leaves office? do you believe these reforms

most fishing boats belonged to italians.the beginning of world war ii meant the epd of a livelihood for thousands of italian families who's boats were -- 3,000 italian nationals were interned. 600,000 affected in some way. the exhibit is called the secret story. >> they have hoping for an apology of some kind from the country. >> reporter: photos show the first relocation camp in fort mazula montana. bay area italians were taken there in 1941. the u.s. at war with japan, germany and italy feared spies referred to enemy. the largest immigrant group in the u.s. during the war was italian. 50million in all. many of those who had not yet received american citizenship were relocated. many others restricted such as this man's mother-in-law. >> she was in house arrest. couldn't go any further than 5 miles from her house. had to be indoors at sunset. >> what happened at the radio? >> at the radio they took off her short wave component for whatever reason. >>> a half million italian americans served in the armed forces. by september

the markets were hammering italian debt. and prime ministerville yo berlusconi was facing sex and corruption charges. he resigned after he lost his working majority in parliament over austerity measures the e.u. had commanded. with that the italian president turned to monti. the former professor served as an e.u. commissioner for nearly ten years but has never held elected office. now he leads a government composed mostly of other technocrats. they must try to ensure that italy can continue to borrow on international credit markets and keep paying off a national debt that equals 120% of its gross domestic product. among e.u. countries, only greece has a larger debt load. monti has pushed through budget and social welfare cuts. but he also has warned his european partners, especially germany, that austerity must be accompanied by growth. at the same time, his moves to modernize the italian economy have run up against long-time traditions, such as the protective hold that guilds have over everything from taxi cabs to lawyers.

and the cost of italian one-year debt fell at a 12 billion euro auction this morning. yields fell to 2.23% from 2.73% in mid-january and the lowest since june of 2011. demand was weaker than at last month's auction with the bid to cover ratio 1.1%. karen tso is in milan to give us more on that. >> reporter: yes, let's take a little bit more after look at the detail of that euros worth of t-bills. well, that's 50 basis points lower than just four weeks ago to a similar sized auction. if you take a longer time frame over the course of two months, that was 370 basis points lower so we are seeing an improvement in yields with the slight disappointment was lower bid to cover ratio was 1.1 down from 1.5 but we are seeing the yields go in the right direction. some of this you would have to put down to the ecb's ltro launched in december but ahead of the new operation, a three-year cash offer by the ecb later this month. now on friday we did hear from mario monti, the italian prime minist minister, speaking exclusively to my colleague maria bartiromo about the ecb's role. take

many italian companies try to fire pregnant women as soon as possible. at times even she can't quite believe what happened to her. >> i was threatened. they said if i did not leave they would call the police to come and get me. >> she got pregnant and was fired. for seven years she has been fighting for her rights and compensation and has won on several occasions. she wondered often if it is worth fighting for, but she does not want to give up to disappoint her many supporters. >> i had a guilty coniousnd fell into a depression, which luckily i have overcome. what happened? i just got pregnant. i did not commit any crime. so many women are let go. they are not told it is because they are pregnant. they are saying the business is having problems or the marketshare has gotten smaller. but if you look closer you will see that the women being fired are expecting or got married that year. in reality they are getting rid of these women because they think they can no longer count on them.f >> early in the morning in rome we catch up with a woman who ran a garag

the 5.55% italian ten-year bond yield is

last month, another of its ships hit rocks off the italian coast. at least 25 people were killed. and now in the indian ocean, another emergency. drifting in the dark, in an area where there is a high risk of piracy. bbc news. >> here is an update on that story. reports on the indian ocean suggest that the ship is now being towed by a large fishing vessel and being taken to a nearby island. we are told the passengers and crew will be allowed ashore there. >> you are watching the bbc news. still to come on the program, and economic dream has turned into a nightmare in west london. we have a special report. ok, let's take a look at some of the stories making headlines around the world. because there is the stranding of a cruise ship run by the customer and korea. it ran aground earlier this year. the paper says the latest ship, the costa allegra, is just off the coast. lawmakers remain unconvinced that they should abandon this. japanese leaders considered evacuate in tokyo during the fukushima nuclear crisis last year. they say an independent report on the nuclear accident described

. >> italian police have seized fake u.s. treasury bonds worth six trillion dollars in what they believe is the internet -- the biggest international counterfeit operation of its kind. the amount is half of the entire u.s. national debt. 8 people have been arrested. >> they are calling this the largest ever seizure of its kind, fake u.s. treasury bonds worth a staggering six trillion dollars. enough, the italian prosecutors say, to endanger the stability of the international credit system. it has emerged they were found in these trunks in a warehouse in zurich back in january. using phone tap information, the italian police helped their swiss colleagues make the find. this was a sophisticated plot that unfolded across several countries. the italian authorities began unraveling it more than a year ago. they were investigating a mafia groups suspected of loan sharking. fake u.s. bonds were found in a raid on a suspect's home and suddenly the police realized that the gang had the grandest ambitions. >> a bomb blast in northwest

my exclusive interview with the the italian prime minister. >>> and my conversation with the largest holder of the stocks and where this toward investing now. >>> and i will go one on one with basketball great kareem abdul-jabbar. he is taking a shot at a new career. "the wall street journal report" begins right now. >> this is america's number one financial news program, "the wall street journal report." now, maria bartiromo. >> here's a look at what is making news as we head in to a new week on wall street. hopes that a deal has been reached for a greek bailout are fading. an apparent agreement among greek political leaders on a package of toughs asterty measures sparked protests in athens. now there is word that the deal maybe blocked by eu finance ministers. it requires wage cuts, and slashes defense spending. the markets yawned at the debt deal on thursday though the index hit multiyear highs in the middle of the week. the technology sector sizzled this week. three dow components reported earnings this week. disney, cisco and coke all beat expectations and mario monti is receivi

get a free quote today. >>> italian bond auction sells 2.5 billion. this is the five year, the amount we were looking for. the yield set at 4.19%. this new benchmark ten year, september is 2022 btp is, again, exactly the amount targeted. the yield on that, 5.5% which is something of a result trading below 6.7% in the grain market and the previous auction is over 6%. and they sold the maximum target 6.25 billion. the yields looked pretty good. euro/dollar, probably should rally slightly. the bid to cover on the ten y r year, 1.4. it was 1.42 end of the january sale. so not a huge bid to cover but people will be more pleased by the fact that the yield is lower than we might have thought on th that. so -- and the bid it to cover on the five year 1.4. that's slightly higher than the 1.3 end of january. so in other words pretty successful auction, kayla, and particularly the yield. they saw the amount they wanted in the yield on the ten year 5.5 probably better than we would have thought from the grain market pricing. >> yeah, and you it did see that euro/

the italian banks 10% more over the same period. smaller banks have issued more than 40 billion of state-governed bonds themselves. so there's a bit of a fracture. also at the national central bank level, only national central banks are accepting loans at the collateral level i mean you mentioned the stats. have we made banks in italy and spain, have we worsened their risk profile because they've taken this money and gorged on more of their own government debt. unless you think we've cleared it, have we made the banks worse? >> that's exactly the point. can you solve a solvency problem in the sovereign or the banks within the liquidity? if you carry trade, if you have one trillion euros at00 basis point, you make 30 billion per year, they need to get to to recapitalize is 115. it takes three or more years to get there just with a carry trade and banks are taking on more and more sovereign risk. in many cases like this chart, it's 5 or 10% of their assets, so it's higher than their equity level. so this risk, making them a levered in

and, is italy next, my exclusive interview with the italian prime minister. then, my conversation with the largest foreign holder of american stocks where this renowned investor is investing princely sums now. plus, one-on-one with karee kareekareem kareem abdul jabar. "wall street journal" begins right now. >> here's a look at what's making news as we head into a new week on wall street. hopes for a deal in a greek bail out are now fading. a package of tough austerity measures blocked by e.u. finance measures. slashes defense spending. well, the markets yawned at the debt deal on thursday, those the index has hit multi-year highs earlier in the week. including the nasdaq that sizzled this week. we're near the end of earning season now. disney, cisco and coke all beat analysts expectations cht and italian prime minister is winning raves his moves with spending cuts, tax increases and reducing regulation. i spoke with him in an exclusive interview about his focus on growth. >> we needed to have not only spending cuts, but also some higher taxes. but we have do

i want to stress the majority of the italian popular opinion including labor unions which accepted -- nicolas sarkozy could not believe we had it without people in the streets for weeks, fracture reform. then we proceeded in the month of january to repackage -- this would be the politically most difficult but we would see in the next few weeks, we will bring home the conversion by the parliament with a minimum changes to the package to really introduce much more competition, opening up in areas ranging from the liberal professions to a topic that one gentleman has been following the very closely with a high degree of responsible awareness. about the bonding between the gas generation and gas distribution systems. so all things going in the direction of more competition than open this, which i believe could only be done through a very strange government like the present one, which as many of you will know, does not enjoy a majority of the coalition of parties but enjoys or has so far enjoyed the support in parliament of parties which hardly speak to each other, coming as they do from a

italian, swiss and u.s. authorities have been working on the case for over a year, after learning of a plan to use the fake bonds as collateral to secure loans. >> tom: a slow growing economy isn't necessarily bad for stocks, just look at today's close at two and a half year highs. but tonight's market monitor is also playing some defense. brian lazorishak is portfolio manager at chase investment counsel. he joins us from charlottesville, virginia. >>> nice to see you, thanks for having me, tom. >> tom: we've seen a sharp rally this year, a sharp rally in small mid cap and big cap since october. have the downside risks increased with this rally we've seen? >> well, i think you have to pay attention to the downside risks. we think there may be room left to the upside. but one of the things we do with our fund is always pay attention to the downside and try to manage those risks too. >> tom: you manage the risks at a time when we are seeing eerntion growth slowdown for the broad market. does that concern you?

were unstoppable an impressive three pointer here from ernest bremmer giving italians a twenty eleven lead late in the first quarter only x. four back in the second and even pulled the deficit back to four points by half time but it was not enough to stop armani. taking their first win in the top six things sixty three fifty eight the score still top a great jay with three wins and one things. which the boxing my russian welterweight idea of is emerging as a promising talent he still unbeaten after getting wind number sixteen i have a colombian international mendoza and moscow last night ringside was michael clarke . many here are saying that the fight between their beer and windows is going to be a big case in the first rounds simply because both have a lot at stake i like the idea has been undefeated until now mendoza could lose his double in a better than belt we'll see indeed that was the case in the first couple of rounds mendoza sprightly books are matched everything our d. of had to offer even seemed to be edging the fight through the judges' eyes but after seeing his fellow co

italian bosses fight against the mafia. judges in hong kong have heard an appeal by the government against a right to apply for permanent residency. they say it could lead to a rise of several hundred thousand in the population. most can apply after living there for seven years but domestic calpers are barred from doing so. the people of libya's third largest city have voted in local elections, the first significant poll since the overthrow of colonel gaddafi. they say it is a dress rehearsal for national elections in june. the british government has announced changes in the border committee. it accused senior officials of failing to tell ministers that checks on travelers were being suspended. more on our website. have a look. this is "bbc world news." syrian forces have unleashed what has been called a ferocious barrage on homs. euros on finance ministers finally agree on a massive bailout -- eurozone finance ministers finally agreed on a massive bailout package for greece. ali abdullah saleh agreed to stand down after mo

so i don't expect that this would worsen the position of the italian treasury in the market. whereas i do think once this page is turned, the benefit will be considerable for every issue we are and for the markets overall themselves. >> next question over here. nancy. >> nancy -- [ inaudible ] when you responded to fred's question on the future of european integration, you didn't talk about the banking sect or issues. we now have the banking supervisor assessing the results of the stress test and determining what they think is needed. but in terms of getting those outcomes, it's up to the individual states to try to figure out what has to be done. and i wonder in looking at the future what you see is needed in terms of greater harmonization and strength of the central banking structure. >> very important point. and i think many politicians in europe those our friend was too visionary when he was invoking real eu level supervisory structure. events approved he was visionary but highly realistic. and in fact, europe has gradually moved towards that direction with the report and

not all the cardinals would be fluent in italian, although italian would be the most functional languageecause the cardinals have some relationship to the church of rome and at least pick up enough italian they can order a good plate of pasta. [laughter] . they are still making their way through. >> the place where the popes would gather around and transact business of the church, of the universal church. the pope met with more than 100 cardinals who were present in rome for today's ceremony. >> the one with the black cape is another of the eastern cardinals. i don't know which eastern church he is affiliated with. but another one of these unique versions of the cardinals vesture. >> would he wear them? >> it would be whatever the custom is of that particular church. >> the bascilica, what can you tell us about it? >> i worked in rome when i had graduate studies so i had an opportunity to go to st. peter's when it was quiet whether there were not people there and then to see tourists who walk in for the first time and it literally is one of these places that takes your brelingt away beca

international agency standard and poor's has lowered its credit ratings for 34 italian banks. this affects nearly all of the italian bank said the agency ranks including the biggest financial institutions. last month, they lowered italy's credit rating by two notches. the u.n. secretary-general has called on argentina and britain to avoid any further escalation over the falkland islands. argentina said a formal complaint after britain sent a destroyer to the region. >> the argentine of the 21st century sense diplomats, not soldiers, to make the country's case over the falklands. the country has embarked on a major diplomatic exercise to restate its claim to the island. after listing to the foreign minister, the u.n. secretary general appealed to both sides to call the attention. for argentina, this meeting was a moment to denounce britain before the world, accusing the country of not only sending an ultramodern destroyer but a nuclear submarine. for >> the u.k. says they are not trying to militarize the south atlantic but they have increased four fold their naval power. why do

and we have introduced by decree law something unheard of in italian but also in other member states, most of them history of structure reforms through the decree law a form of the pension system going into a fully contribution based system and with the increase of the retirement age to 67 for men and women by 2017. this was done by decree law with only three hours of general strike which means that -- no, no, no. i say this not to denote the weakness of the labor unions. they're not weak. but i want to stress the maturity of the italian public opinion including the labor unions which accepted a major -- i mean president sarkozy couldn't believe we had without people in the streets for weeks done that structure reform. and then we proceeded in the month of january to a package again by decree law in order -- and this would be the politically perhaps most difficult but we will see in the next few weeks. i think we will bring home the conversion into law by the parliament with many more changes to the package. to really introduce much more competition and opening up in the -- in areas r

he was supposed to be the no- nonsense italian.instead he leads -- leaves having been the latest big name to fail in football's most impossible job and here is why. an exchange between ferdinand and john thierry. thierr's trial has been delayed until july. they decided to strip him of the captain's sea now. >>ç this decision has been takn due to the high-profile nature. on and off the page and additional demands and requirements meeting in to and çduring this. >> he wasted little time in expressing his views telling italian television -- >>ç i did not agree at all with the decision. civil justice, not sports justice will rule whether he committed the crime he is accused of. i still think it is right that he should keep the captain's armband. >> following an hourlong meeting, bernstein issued the following statement on behalf of the fa. during today's meeting enter at this time, he has conducted himself in an extremely professional manner. we have accepted his resignation to bring this is the right decision. we would like to than

but look at the italian greyhou greyhound. he's got moves and he's dominating.got a lot of spirit, a lot of moxie. >> the great dane, he's like i'll just use my mouth. i can't believe how big that dog is. >> i love how he plays with that greyhound, because he uses his mouth but doesn't try -- >> yeah. he's playing nice. he could totally swallow this italian greyhound with one bite if he wanted to. it's kind of like that movie with arnold schwartz negativer and danny did he vito. >> twins? >> yeah, one big, one small. >> only their mother can tell them apart. >> the twins. >> but they're still friends. >> well, those two were brothers. >> something tells me they're not brothers. >> they're brothers from another mother. >> exactly. >>> today's people are celebrating their love. ♪ >> but this love-sharing isn't limited to just humans. >> oh. >> in china, at the shanghai ocean aquarium, two loving penguins got married today. >> awww! >> are you serious? >> i am not kidding. that is sho-bi and shio-shwey. >> they drove them in a remote controlled car. >> not just any

the italian police helped the swiss colleagues make the find. this was a sophisticated plot that unfolds it across several countries. the authorities began unraveling it more than a year ago. they were investigating a mafia group suspected of loan sharking in the south of the country. fake u.s. bonds were found in a raid on a suspect's home and the police realized that the gang had the grandest and additions, a six trillion dollars scam. -- the gang had the grandest ambitions, a six trillion dollar stamp. >> there's public anger in russia. vladimir putin is expected to get the top job at his party has been nicknamed the party of crooks and thieves. >> this woman caring for her father in the last few days of his life. he fought for his country in the second world war but even he became the victim of russia's rampant corruption. when vladimir putin promised all veterans a new home of their choice, corrupt officials stole half of the money he had been given. are around 50,000 pounds. he ended up in a tiny flat with his dying wife and daughter call

gene to me but more likely to engage in criminal behavior after the first generation of irish and italian immigrants each subsequent generation worked their way into the economy found opportunity and even found success and to date the idea that there is something genetically wrong with italians or irish is it sir. there's something wrong with poverty not the people in poverty as richard wilkinson and kate pickett over at the equality trust in the u.k. uncovered nations that have higher wealth inequality and less significant portions of the pop of the population living in poverty also have more social ills like drug abuse and guess where the united states ranks here's the chart as you can see the health and social problems based on inequality the us is way up here at the top of inequality and we're also way up here at the top in terms of the index of health and social problems and there's a hole in this whole spectrum of them from from drug abuse to child abuse to health problems of mental illness crime on and on to go so the answer to meth abuse is jobs and more economic equality a strong

. >> my mother was and italian catholics. >> my mother was from japan. i was a bit of a tomboy. >> things got very awkward and strange for me. i had to start trying to act like one and look like one. >> i would always dress in jeans and converse tennis shoes. my girlfriends would be checking out the guys and i would be checking out the girls. >> i had these close friendships with my best girlfriend and i was hiding from my senior prom date. >> there was never someone i could talk to because i thought i was different. >> by the age of five or six i already knew that i should keep it on the down low. >> i knew, absolutely, that i was not supposed to talk about it. >> i was not honest with myself or my family and. >> you are raised with the idea that you're supposed to grow up and have a family. >> find the man of your dreams to would support you. >> grow up and get married and have a husband. >> a wife, two children, a defense. -- picket fence. >> i did not have any positive gay role models that were out there. >> all of the imagery associated with gays an

i will take fresh italian tomatoes and the fresh seafood, and will bring them to other with some nicepoked paprika and some nice smoked jalapeno peppers. i am going to stew them up and get a nice savory, smoky, fishy, tomatoy, spicy broth. >> bring it on. how are you feeling? >> i feel good. i spent the $20 and have a few pennies less. i am going to go home and cook. i will text message u.n. is done. >> excellent and really looking forward to it. >> today we're going to make the san francisco classic dish invented by italian and portuguese fishermen. it'll be like a nice spaghetti sauce. then we will put in the fish soup. the last thing is the dungeon as crab, let it all blend together. it will be delicious. when i could, i will try to make healthy meals with fresh ingredients, whatever is in season and local. those juicy, fresh tomatoes will take about an hour to cook down into a nice sauce. this is a good time to make our fish stock. we will take a step that seems like trash and boil it up in water and make a delicious and they speed up my parents were great clerics, and we had wond

the commander of the italian coast guard said the fire was in the generator room. he stressed it had been put out quickly and no one had been hurt. on the website of the company the live feed pictures and information from the crew had stopped. the engines have been cut. all they have now is battery power to keep emergency equipment working. >> you have to think positively. >> more than 30 families around britain await news of loved ones. amongst them is christina whose daughter works on the boat. >> from what the news is saying, half of may things not to worry. but as a mother, you are wondering if they are ok. >> it seems a disastrous year for the cruise company. last month another of its ships hit rocks off the italian coast. at least 25 people were killed. now in the indian ocean, another emergency with the costa allegra drifting in the dark in an area with a high risk of piracy. the first tugboat will only a rise tomorrow afternoon. -- will only a rise tomorrow afternoon. >>-- arrive tomorrow afternoon. >> that is not where you want to be drifting. the australi

the italians called a call to arms to war babies the first time around. when i visited the draft board i noticed my card was filed with a crease at it's corner. farther's laughter was louder than ever. clients who decided to buy had their paintings shipped to houses in the country. i noticed lucie hiding bags of sugar in the closet where i kept my tennis racket. to mother he repeated. don't worry, she replied, i do. i wonder if they rrmed they had a son at all. yet that month seemed to pass more slowly than others. rose's presence was fleeting. i passed by father's office as she sat by the type writer in a green sweater with a hole in the elbow. i found her in the bathroom once with a black tongue as a pen had burst when she licked it's anybody. i handed her a towel and said, just ruin the cloth. to the light in the courtyard i sang along with my new american record. there is a hungry yearning burning inside of me and i felt every word in the marrow of my bones. august said, i hate this cold porter so a played the album at a low volume and closed the wind