>>martin marti the farmers lose money with their pig production. so, we have three facts: one, the excess in ham on offer, the fall of the average family's consumption and then the high cost of inputs. >>reporter: the story of spain's pigs, is one fuelled by years of excess, easy credit, and lax regulations. >>in some ways it's reflective of another crisis among pigs. the derogatory trader's acronym for europe's faltering state. portugal, ireland, greece and spain... >>a crisis well known to one key portuguese politician, speaking just after his country was bailed out to the tune of 78 billion euros. >>barroso: it is true that we are facing an unprecedented challenge in the european union because, for the first time, we are facing the issue of sovereign debt inside an monetary union. and this is unprecedented business, and this is uncharted territory, and so that requires some intellectual humility. >>reporter: acceptance of weaknesses however is only the first step to rebuilding confidence in a fractured europe. it's going to take more than a face

let's talk now with martin savidge, who is in vicksburg, mississippi for us tonight. martyay of flood-ravaged areas. what did you see? how bad was it? >> reporter: well, you know, keep in mind this is the next city that's in line for this historic amount of floodwater. both the mississippi river, in this case the yazoo river as well, the tributary. so it's all focusing on vicksburg. vicksburg is next under the gun. already, though, heavy flooding. we went on that boat trip. these are suburbs that are found to the north of vicksburg, about five different subdivisions. they're all underwater. 1,700 people have been forced to flee the rising water in the vicksburg area. but hundreds of homes have already fallen victim to it. we went through this neighborhood. and what you find is of course that the water levels have risen to the point of not just to the roof but in many cases over the roof. i looked at the depth finder on the boat we were riding in. we were driving down a city street in vicksburg, and it's 11 feet deep. you went to the next block, it was 15 feet deep. you did

cnn's martin savidge is near the alabama border in the devastated town of smithville, mississippi. marty, how are many there marking this day? >> reporter: well, fredricka, we were just watching here. a lot of people are marking the day by trying to get what they can. this is mel's diner. melanie is the owner here. she's just off camera here. they're trying to salvage what they can from this place. it's been a business 14 years. they plan and promise they will reopen. they just can't say exactly when that will be. for a lot of other people as you can see there isn't a whole lot that they can reclaim. there's not much at all as they try to sift through the pieces and pick up their lives. it is a day of faith sunday smithville at the baptist church. several hundred people gathered in the parking lot of that church because their house of worship was absolutely flattened as a result of the tornado that came through on wednesday. for many people it was a very emotional time. not just because the exact that they celebrate their faith but the fact they got to see one another again. this town ha

again, to marty, sandy, and ray and your families, thank you for your patriotic service and your readiness to lead once again. thank you very much, everybody. [no audio] >> army general martin dempsey chosen to be the next chief of staff admiral sandy winnifeld as head of the northern command nominated as the vice-chairman and both will face confirmation by congress. in 45 months, we will hear again from the president as he has to arlington -- in 45 minutes -- in 30 minutes, we'll hear again from the president as he lays a wreath at the tomb of the unknowns in arlington. he will go to the nearby amphitheater in arlington where he will deliver his annual memorial day address for you can watch his comments live this morning at about 10:50 eastern. all this memorial day weekend, we're showing commencement addresses did this afternoon, several more starting with actor denzel washington at 3:00 p.m. eastern and an actor and diabetes research advocate john ratzinberger, followed by a supreme court justice sonia sotomayor at the university of south cockrel line in columbia. commencement addresses this afternoon starting at 3:00 eastern on c-span. before president obama's remarks a