not as efficient at performing it has to become. >> alexander mccredis, thank you for joining us from athensone of the number of companies, healthy companies i might add, that says just give greece a chance basically. >> well, that's the campaign, isn't it? >>> now global advertising giant wpp is doing very well, reported full year earnings that beast estimates. the company says its pre tax croft rose 18% in 2011 the previous year to $1.6 billion. its revenue tops $16 billion, up more than 7% from 2010. wpp says a surge in sales helped build its profits. >>> so the company says its strong performance should continue into the coming months. for more on that let's talk to wpp cee sir march till sorrell. sir martin, always lovely to see you. >> good to see you. >> the last time i saw you you were in hong kong. >> i'm sitting with a backdrop of the empire state building. it's a fake backdrop, i should say. >> you've given it all away. when we were sitting here we talked so much about these markets here. one of the reasons we were here was china, you had done one of your trips around asia. would

right tom thanks very much indeed for bringing us this update on barc reporting there from athens. lawyer and professor of constitutional law george says what's happening on the streets of europe shows greece can no longer be singled out. again for the good people of the people of this of. the expansion or for that is that of good people shows clearly that the goose is not an exception of the it is not the great basin of europe is in a way the mirror of the future for those of europe if the european model is used to this experience of a newly but i mean it's just an experiment or the most it makes the game measures of the big ones of the markets problem is that the reaction of the people because look at the first leave it to of the political left in the opposition is fragmented . minus the two. but i hope for the future because this movement of the people from below i'm sure that we are good in the political foreground new political powers. now these latest protests to place on the eve of the e.u. summit starting later today and have the meeting the e.u. commission president jose m

michelle caruso-cabrera is on the telephone, i believe, with us from athens.w a lot of people expected this to happen. some people said it wouldn't, michelle, here we go. we got a greek default. >> yeah. as expected. and i have to tell you, brian, a lot of people didn't think it would happen back in 2009. remember all the european leaders who said there will be no default in the eurozone? you're absolutely right. the moment has come. it is a exactly right, the time has come, it is a new low point for the european union. this was expected. one thing to keep in mind, the way credit default swaps work, they get paid out over time. so a lot of this may be already in the market. for example, one emerging market credit manager said he bought credit swaps more than a year ago. he's gotten paid 9.5 million euros. he's only waiting for another half a million euros to come through on this particular deal. the rush to have to pay credit default swaps that we saw in the week of lehman brothers, and the concerns about aig, those were so rapid. this time we've had roughly t

cnbc's chief international correspondent michelle caruso-cabrera joins us from athens with all of theetails. good evening, michelle. >> reporter: good evening, larry. we know now that the greek debt deal will get done, that enough bondholders have told greece they'll forgive this country a lot of its debt. what we don't know is the actual specific number. we'll find that out at 1:00 a.m. east coast time when the greek government announces it. what's crucial is have enough bondholders tended their bonds so that way the government doesn't trigger credit default swaps? those insurance products that caused a lot of trouble after the collapse of lehman brothers. they were hoping to avoid doing that, but that may not be the case. we'll have to find out late tonight. back to you. >> many thanks to cnbc's michelle caruso-cabrera. there are other stories we're monitoring right now, kntv's scott budman joins us with the latest headlines coming into the cnbc newsroom. good evening, scott. >> good evening, larry. the justice department has reportedly warned apple that it will sue them for price-r

wranglers i wish we had more time for this attorney a professor of constitutional law joining us live from athens thank you thank you very much. this is r.t. now thousands of construction workers in the u.k. have discovered they were placed on a secret employment blacklist which enjoyed police support the illegal files deemed the victims many of whom had complained of safety standards to left wing and troublesome and later their sackings and made reemployment nearly impossible now these details and i want to explore a smith. from working for speaking the truth these trade unionists and whistleblowers all fighting back after years of wondering why they couldn't get a job he's skilled engineers now know their names were on an illegal blacklist. in two thousand and four former union organizer steve hadley was mysteriously sacked and for the next four years he wanted why he couldn't get another full time job then a friend told him about a blacklist held by a private company and accessed by some of the u.k.'s biggest construction firms sure enough he uncovered a sixteen page file on himself. to approa

from international rescue. michelle caruso cabrera, who else, is in athens and joins us live from there.ichelle, is this enough? is this taken off the table? >> reporter: it's a big question. greece still has a long way to go to get somewhere but they are probably going to get that loan. despite all the protestations, from all the bureaucrats in europe that no eurozone country was going to default, we have essentially had a country say officially we cannot meet our obligations. it's officially a restructuring but we know exactly what it is. here are the headlines of what you need to know. enough bondholders agree. that's going to force unwilling bondholders to come along on the deal. that is likely to trigger a cds event. isda meets in two ours everybody listen. walk back from the ledge. in two hours they may still say this is not a credit event. somebody posted an anonymous question to the website. they're going to answer it. they may say no. the finance ministry has said they're going to impose the collective action clauses but until it happens it's not a credit event. weigh are told i

analysis from the greek capital from athens based journalist christophe try to sue joins me live now well since greece struck its deal with now had the word default used twice from two credit rating agencies that's quite a psychological blow for athens isn't it can we sort of announcements make the greeks plight even worse it's. i think the or if it is it well lord as agreement. with all of the kids. who are the world at war because of the greek above it will be or is that what is important this is not something you fought for greece. all of these the fall i know as well as for. all the other agencies. deval is president the group is it is great to use your life is extremely takes as we now understand for so many greeks now as a result of the austerity measures but the old stereotype measures is that the right policy and if so is there any painless way of doing it. and my question or opinion on this is no this will shock of course there are certain measure so be it that i crucial for their for the betterment of economy but investment measures are of course i was were at the core of the league and the greed of both male and to create your little capita

she joins us now live from athens. michelle, is it looking good as we head toward the deadline?> reporter: it is looking good in terms of securing the deal. the numbers that have been reported by the wire services suggest that a deal will get done not necessarily high enough to avoid triggering the credit default swaps, but we're not done yet. like you said, the deal expires, the offer expires at 3:00 p.m. eastern time. then, when you look at the timeline of events, they suggest that in fact maybe things are going well because we now know that they're going to announce results 1:00 a.m. new york, 8:00 a.m. athens time. and then tomorrow 3:00 p.m. athens time, 8:00 a.m. new york time, there's going to be a conference call with the euro group finance ministers where we presume they will make a decision about whether or not they're going to trigger the credit default swaps. one piece of news out in the last hour, the ministry of finance, the public workers there, their pension fund has refused to go along with the debt deal. they will not tender even though it's the ministry of fin

cnbc's chief international correspondent, michelle caruso-cabrera, joins us on the phone from athens. michelle, what's the latest? how do you handicap this? >> the latest is that they've put a key threshold with bondholders. more than 50% have agreed to the deal. it still doesn't make it a done deal, but the 50% level is key because it allows the process to impose a possible cac. a cac is an acronym, c-a-c for collective action clause. a cac or collective action cause forces the deal on other bondholders. this is a several step process. we don't know if it's a done deal. tomorrow 3:00 p.m. east coast time is when the deal expires. presumably we'll know by then, around then, at the latest friday. but it looks like the handicapping is it will be enough to get the deal done, but they'll have to impose the cac that is significant because that will trigger the credit default swaps, the cdss. >> so is the cac the imposition of the cac in terms of the credit default swaps being impos imposed tant amount to default and who will collect on those cdss? >> so if you're going to trigger a cds, th

used. host: from athens, pennsylvania, good morning. welcome to the "washington journal."r: why can the government can't the -- why cannot the government block information? host: is there reasonable control over privacy when you are on the internet? guest: there are some controls now. it is were talking about. users can block third-party cookies which are used to track us. you can do that in your web browser. it is different in every browser. sometimes, it can be hard to find. the best thing is to search out to block cookies in whatever you use. whether it be firefox, chrome, safari, or internet explorer. privacy controls have not kept up with the ways that we are being tracked. that's part of the reason the government is stepping in. we invent one control and companies find a way to work around that. host: what is google's track record on this issue? guest: google has done a pretty good job, but they do keep making these privacy mistakes -- these so-called privacy mistakes. we saw this with safari. safari is a web browser. they do an excellent job giving users privacy con

us. >> what is mine called? >> it is from near athens. >> it begins on sunday. you can find all the information at baltimoregreekweek.com. you can get some good specials on delicious greek food. a line of storms is moving back -- >> oh! >> which is needed the music. -- we just needed the music. >> they got it done. you guys are too great. we're expecting a warm conditions. maybe a chance for thunderstorms later this evening. another chance for storms tomorrow. sunday looks beautiful. we continue with this warm weather. we go back to the dancing folks. >> tony taught us. >> the music helps. >> that was fun. has played a serial killer and an evil queen. now she's taken on a new role -- mother. girl: i want to tell you about my friend. his name is ben. ben learned about a homeless boy who had an infected tooth, and the boy died. that made ben really sad. he wrote a law so every kid can see a dentist. we have special dental van that goes from school to school. he even helps make sure we learn how to brush our teeth. he's my friend, ben. i hope he's your friend, too.

from out of the financial woods. michelle caruso-cabrera joins us on set back from athens. how many times have you been to athens?the relief? do we get the credit event, the exchange that everybody wanted? >> so everything that we covered so extensively thursday and friday was debt exchange exactly that. if you had greek debt, handed it in, new greek debt. the new greek debt started trading today and right now it's yielding between 14% and 19%. if you had an old bond, what you got were 20 new bonds spread out over roughly 30 years. the first one doesn't mature for another 11 years. here is the good news. those yields sound horrendous, 14% to 19%. >> figured they were in default again. >> the good news is that's better than what they were doing friday so there's improvement. the yield curve is inverted. if you look at the 2023 bond, due 11 years from now, it's trading with the yield of 19%, and the one due in 2042 is yielding 14% so an inverted yield curve which is always a bad sign. to becky's point about the numbers, look at what's happening with portuguese debt, greece is trading above portugal if you look at t

athens. more on those stories more developments for us in half an hour from now i should say fifteen minutes from now in the meantime the sports news is next with. hello and welcome to spore and culture events these are the headlines. breaking even the eager essential heads home a spectacular equalizer as. scott's the one one draw in a professional sports are the. magister blues told him i said man city selfish defeats in the last sixteen but you've uppity. and early exit case still champion sell about your live lose at home to a chorus to go crashing out of the opening rounds of the green cup playoffs. football first though and in the russian premier league title chasers says andy now will have to share the spoils after a draw you want all in friday's moscow darby and the league's top scorer stated to be out open for the army men just three minutes in the ivorian striker making the most helpless you know defensive blitz and much of his twenty fifth goal of the season by joy was followed by heartbreak for say scots and beyond should have third provider in the design moments of the first half

was hailed by the repeal leaders as a solution to use economic woes however there was no applause from the ratings agencies with moody's declaring athens to fold on its debt and another firm fitch has downgrade agrees to restrict the default status chris we for chief strategist at best and from troika dialog says there is a big or a threat hanging over. now only green but all west from banks. frankly this is no longer about greeks what's at stake here is the bigger picture in europe is that if there is a technical default if that's what it's called then they would put at risk the full face of the c.d.s. market the c.d.s. market is essentially the bond insurance scheme for banks hughes when they take out the invest in bonds in one country and the effect would be paid insurance premium reflecting the risk of default in the country so the c.d.s. spread the word the insurance premium moves up and down it's what kids is a measure of how risky one country's debt is relative to another so if there's a technical default in greece it needs to see the spread didn't work and therefore there's no question about whether or not you like to see the s

she's been monitoring the latest headlines from athens, along with jose, founder of ufr capital management. >> michelle, what's the latest? tell us about the participation rate in this new deal. it looks like we're getting a positive reaction from market players. but of course, the deadline just passing moments ago. >> two wire reports indicate, maria, that the participation rate is above at least 75%. so that is good enough to get this deal done somehow, some way. one mystery remains, and it's a crucial one. as they count the votes that have just come in in the last few minutes, as we move through the night here, will they cross 90%. if they cross 90%, that avoids triggering the credit default swaps. that's what we're waiting to see at this time. >> yeah, michelle, you know, this may go a long way obviously to appeasing what the market wants. but as you know from being on the ground on greece, this doesn't do anything for the greek economy nor for the greek people. unemployment was 20% or so today? so there's still a long way to go for greece, despite what happens with the dswap deal, right? >> this debt swap deal has been tortu

us, but also the parents. we have children from low-income families where both parents work and can only afford this kindergarten. >> they live in the capital, athens, the focal point for the tensions that have beset greece. people here, like those across the country, are worried about losing their jobs. increasingly, it's highly qualified workers that are getting caught up in the wave of layoffs. they were able to realize the middle-class dream of buying the run home. they were able to stay afloat during the crisis despite wage cuts of 20%. at the moment, they survive on 1900 euro per month. people like me, with two university degrees and a ph.d., find it tough to find work. especially when you are over 40. greek companies only higher pour the choir -- poorly qualified people, if at all. they do not cost as much. he is still hoping that these o.e.e. will not be shut down after all, but there is every indication that it will. >> to find out how banks are reacting to this hair cutter, iceboat earlier to our bank analyst, robert. -- i spoke earlier to our bank analyst. >> it's a big first step to get to the problems in greece, but it is not long-last

silvia, thank you very much for that, silvia wadhwa joining us with the latest from the greek finance minister. it's a rather stormy day in athens. perhaps when we speak to her we'll have better sound quality for you. in the meantime let's send it back to jackie. >>> thanks for that, beccy. we are joined by our guest host, ellen, and andrew joins us as well. good morning, ellen, to you. >> good morning. >> a lot to chew on in terms of that interview with the finance minister in greece. i want to start with the credit default swaps and the triggering of cds. he said in terms of the eurozone economies it's really a small event. what's your take on that? >> well, he is correct when he characterizes it as if you look at the overall dollar amount that it represents in terms of the size of the eurozone. yes, it's a small event but that's not what concerns markets. what concerns markets is investor sentiment surrounding this and what it means for portugal. what it means for spain. do they start to look outside of greece and maybe there's not just a technical default there but something that starts to look more disorderly there and else

proves premature as athens suffers of fresh downgrade from fitch ratings agency with moody's going even further and declaring greece in the form. of headlines around r.t. but no. joining us live in the world of sport hello good to see you just a couple of hours away now from finding out yet another qualifier in the cape shells ice hockey playoffs that's right it's a winner take all in game seven of the series between the number rico and sore heads all the match gets underway in less and puts in minutes and i do have plenty of other news though so stick around i'll be right back right. hello and welcome to support an artsy with me your mom calls for a plenty of ahead including the following story. points to shared the knowledge that says scott cycle hopes after grabbing a one one draw in the moscow darby. and blistering bubba watson least a cadillac championship after just missing out on the course to record in miami. stars off to morrow to use ice hockey talent showcase their skills in the mh shells east versus west. let's kick off with football and this match taken place in the russian premier league on saturday it's been crossed lines are and it said it just a reminder

joins us to meet him it's a different silvio berlusconi check out one of the most difficult part of the tracks as it venue for the next winter olympics after trying his luck and buy her from. athens has clinched a critical bond swap deal with private creditors allowing greece to narrowly escaped a fault but opens the door for a thirty five billion euro bailout injection euro zone members were quick to rejoice what they called a major step to rescuing that rated country but the person who provides little optimism for the greeks and financial woes continue to freefall this time barton reports. brucey threatens to throw herself from her office window in downtown africa she and her husband have had their salaries cut debts and a mortgage they can't pay and now they've just learned the jobs are under threat she was eventually talked down after many hours on the ledge. this is where ron barassi worked with this organization to try to provide housing support for people on low incomes or they did until two weeks ago when the government announced this place was closing all over seven hundred staff here could lose their jobs because of frantic meetings in corridors and offices distressed w

using his tough anti american policies during his presidency. >>> and in greece, efforts are under way to contain oil leaking from a supply ship that sank yesterday west of athensther ship wreck. green peace activists say the port is already badly polluted by refineries and steel companies. >>> an 83-year-old man who suffers from alzheimer's is missing. san francisco police are asking for your help to find him. jose luis aerdes was last seen leaving his home around 8:30 last night to go for a walk. aerdes is known to frequent mission street. >>> a neighborhood in oakland is getting a new grocery store. tomorrow a max value foods store opens on mcarthur boulevard where a lucky store used to be. the store says it will offer customers good value and while it may not have everything that a grocery store has, it will have what it thinks the customers needs. max value is owned by save mart super markets. >>> a disaster declare in the hawaii islands. >>> plus -- >> reporter: tomorrow is the day apple's new product announcement event. will you be the first to open your wallet to get the new device? >>> and a big change in temperatures, our chief meteorologist bill mart

using his tough anti american policies during his presidency. >>> and in greece, efforts are under way to contain oil leaking from a supply ship that sank yesterday west of athenswreck. green peace activists say the port is already badly polluted by refineries and steel companies. >>> an 83-year-old man who suffers from alzheimer's is missing. san francisco police are asking for your help to find him. jose luis aerdes was last seen leaving his home around 8:30 last night to go for a walk. aerdes is known to frequent mission street. >>> a neighborhood in oakland is getting a new grocery store. tomorrow a max value foods store opens on mcarthur boulevard where a lucky store used to be. the store says it will offer customers good value and while it may not have everything that a grocery store has, it will have what it thinks the customers needs. max value is owned by save mart super markets. >>> a disaster declare in the hawaii islands. >>> plus -- >> reporter: tomorrow is the day apple's new product announcement event. will you be the first to open [ female announcer ] with swiffer wetjet, cleaning better, n't have to take longer. i'm done. i'm going to... drink

athens for us. >> reporter: hey, there. we're getting the latest numbers on the greek debt deal from an unlikely source, the prime minister of italy, mario monti, during an interview in serbia said he has been told the participation rate so far is above 60% and is approaching 65%. so incrementally throughout the day, the mums are getting better. 66% is yet another key threshold level which allows the imposition of a collective action clause that would treger cds, a credit default swap event. we're waiting to see if they possibly in any way get to 90%. that would avoid a cdsp here are the other details that you need to know. the can deadline if you want to tender your bonds is 3:00 p.m. eastern time today. that is 10:00 pchl here in athens, 9:00 p.m. central european time. this deal must happen in order for greece to get its 130 billion euro bailout so it can capitalize its banks. at this point because they don't think they're going to hit 90% participation, it's likely to trigger a credit default swap event, they'll have to do things to force bond holders to go along. the results are come out at 1:00 a.m. eastern time. that'

us. have a great day. >> great having you. >>> back to the pictures coming out of athens, ohio, right now. this is incredible. that's a big, huge boulder. it broke free fromrolled into a house. luckily there was someone home. but luckily they were in the back of the house and they didn't get hurt. but you can imagine -- you can imagine how it felt when this big boulder rolls into your home. that's just bizarre. the boulder is about 25 feet in diameter. when we know more about this, of course, we'll bring more information to you. trying to get in touch with the family because they have a story to tell this morning. >>> from boulders to mysterious loud booms, they're becoming a big problem in one wisconsin town. >> this, like, constant boom, boom, boom. >> almost felt like a heavy duty thunderstorm. >> didn't know what was going on. >> just a weird, weird feeling. >> so what is causing the mysterious booming noises in wisconsin. we'll ask a city official what she knows. >>> and no more pink slime on sale at safeway. don't know what i'm talking about? it is likely you've been eating it all along. we'll explain. jobs leaving am. here's a chance to create jobs