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Greeks Make Concessions; Max Zorn's Packing Tape Art; Chinese Markets on the Rise Again; Shanghai Braces for Major Storm; Eruption in Java Strands Travelers in Indonesia. Aired 8:00a-9:00a ET

Aired July 10, 2015 - 8:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[08:00:28] ANDREW STEVENS, HOST: I'm Andrew Stevens in Hong Kong. Welcome to News Stream.

The clock is ticking for Greece. European leaders are reviewing reforms proposed by Athens.

Plus, talks go into overtime on Iran's nuclear deal again. Are negotiators any closer this time on an agreement?

And turning an ordinary object into extraordinary works of art. You may never look at packing tape the same way again.

Greece is making major concessions as it tries to convince European leaders to approve a third bailout. Greek lawmakers are getting ready to

vote on a raft of far reaching economic reforms a little later this day. The proposals, which could be hard for many in Greece to actually swallow

look like a return to unpopular austerity measures. They include steep spending cuts as well as tax hikes.

The European leaders will meet this weekend to decide just how they are going to proceed.

Well, investors in Europe appear to be optimistic that a deal will be reached soon. The main stock indexes have all been trading higher.

Frankfurt and Paris perhaps unsurprisingly leading the way there. Both Germany and France have been key players in the Greek debt renegotiations.

Let's go straight now to Athens for the latest. We're joined once again by Isa Soares from just outside the parliament.

3:00 in the afternoon where you are, Isa. The Greeks in Athens, around the country, have had time to digest this latest offer from their

leader. What are they likely to make of it?

ISA SOARES, CNN INTERNATIONAL CORRESPONDENT: Very mixed opinions, to be completely honest with you, Andrew. We've had in fact some people

basically saying to me that this is Greece once again losing its dignity. I have one gentleman saying it's a shocking -- had a very heated debate

this morning as well with a taxi driver who said how is it possible that after five years of austerity and the fact that it hasn't worked said the

prime minister Alex Tsipras is yet again calling for more austerity for us. This is never going to work.

We said we couldn't pay, couldn't reduce any more of our pensions, yet again we're asking for more cuts to pensions, for more changes to our

pension system.

And on the other hand, we have had also heard from people on the yes side, people that said, you know, will want to be in Europe, who basically

said, look, we are prepared to make the sacrifices and we are prepared to make -- face more austerity if there's some sort of debt relief or debt

restructuring. I think that might be the best way for Alexis Tsipras to spin it if he does indeed, Andrew, get the debt restructuring or debt

relief.

But like you said, these harsh austerity measures. It seems to me that pretty much along the same page that we saw 10 days ago when people

took to the street in a state of euphoria saying "oxi," no, to the austerity measures.

So, it will be interesting to see how it plans out today, because this -- they will be taking it to parliament to try and get the support and then

obviously finance minister as well as EU ministers, Andrew.

STEVENS: Just on these austerity measures, Isa, you say they're pretty much the same that was on the table before. Just how painful are

they going to be for Greeks if this deal is done? How many more years can they expect to be living under these sort of conditions?

SOARES: Well, they are saying there will be 13 billion euros of spending cuts. They want a three-year bailout, but it will come with many

cuts, of course.

We know, already -- I can talk you through -- they're all calling for changes to pensions, which was a major red line. You can I talked about

this. It's benefits that were given to poorer pensioners. The government said all along this is a red line. this is no way. We're not going to

pass this. It seems they have conceded on that.

Also, they have conceded on the corporation tax, raising that to 28 percent. And also the other big red line, the main battleground, if you

remember, Andrew, was those -- the VAT, special rate to the islands. Alexis Tsipras said it's impossible. We depend on those islands, the

islands depend on the special rate of discount for the tourism. Well, now we see he's basically saying, look, we'll get rid of it for the richer

islands. We didn't say which islands. We can only imagines like Santorini. And we'll keep it for the poorer islands.

So, you start to get a sense that, you know, they have to have given concessions, made concessions on huge battlegrounds that they said no to.

And really now their hands were tied, because they have to show they were in it, and they were serious about reforms, Andrew.

I want you to take a listen to what the French president had to say, Francois Hollande, becuase he came out this morning. The first person to

really say that what the French -- what the Greeks have proposed are serious and credible. Take a listen.

(BEGIN VIDEO CLIP)

FRANCOIS HOLLANDE, PRESIDENT OF FRANC E (through translator): The Greek's have given their proposals. We were expecting them. The Greeks

have shown their determination to remain in the euro zone. The program they are presenting is serious and credible. And now they will submit it

to the parliament, which requires and demonstrates strength, commitment and indeed courage.

(END VIDEO CLIP)

Now the French as well as the Italians, they have been backing Alexis Tsipras. They have been pushing for them to try and reach some sort of

consensus. Now it really is -- depends on the other members of EU, Germany we know who has been so very much against any sort of debt relief and worth

pointing out to our viewers that even if this is approved today by parliament it then has to go to finance ministers and EU leaders and then

to their national governments they have to approve it. I think it's about six or so that have to approved parliament.

So we're by no means -- Greece is by no means out of the woods yet, Andrew.

STEVENS: Yeah, plenty more. And a very busy weekend for you and your team in Athens as well.

Isa, as always, thanks so much for your thoughts and reporting from Athens.

Now, Greece has been suffering through five years of economic turmoil, as we've been saying, as it butt heads with euro zone colleagues

over the best way to handle the recovery.

Analysts say Greece would benefit from debt forgiveness and the opportunity to devalue its currency instead of being forced to cut wages

and deflate its economy. But others in the euro zone, notably Germany, don't want to create a precedent by allowing Greece's debt to be written

off.

They currently stand at 323 billion euros, that's 366 billion U.S. dollars.

About 246 billion euros of that was lent by countries in the euro zone, the European Central Bank and the International Monetary Fund, though

three are collectively known as the troika.

So, here's how the troika loans break down. Germany holds the largest amount, 56 billion euros.

Well, for more now on the challenges facing Greece and the euro zone, Josef Janning is a senior policy fellow at the European council on foreign

relations and joins us now via Skype from Bonn in Germany. Thanks so much for joining us.

The first question and the key question, of course, is will this proposal fly? We've heard positive sounds from the French prime minister.

We've heard -- we've seen a positive reaction on the markets. Still nothing from Germany, nothing from the IMF, do you think this deal, or this

offer, I should say, as it stands, is enough to convince the troika to sign?

JOSEF JANNING, EUROPEAN COUNCIL ON FOREIGN RELATIONS: Well, it has the potential to be enough. But first it needs to be examined. And we

should not be expecting too many other signals coming from capitals, including Berlin, because at the time institutions will have to -- sorry...

STEVENS: Professor, can you hear us?

JANNING: No, I have somebody else speaking into my ear in French, so I don't know whether we're playing in another contribution.

STEVENS: OK, if...

JANNING: It's gone now. It's gone now.

So, the institutions will have to look at it, and then the finance ministers will have a look. And don't expect Germany and other countries

like the Finns, the Austrians, the Dutch, to move much before this because that's for them is the precondition to have something that the institutions

say is serious and then they will start negotiating.

STEVENS: So, this negotiation -- and the hard negotiations start, I guess.

I want to ask you about, though, debt relief, is this the key? I mean, if Greece is offering what they're offering, is that contingent on a

decent size for want of a better description debt relief?

JANNING: Well, if debt relief is rescheduling, I think it definitely will be, because it is evident that Greece is in no position to service the

debt that it is maturing this month and the months to follow. So there needs to be some form of an agreement on this anyway.

The question is how long will this agreement stretch? Will it cover debt maturing in 2015 or go beyond that? But I think there is no doubt

also in Berlin that once there is an acceptable strong program and the idea -- or the feeling is that actually the Greek government has taken ownership

of that program, there will be a deal on the debt issue.

[08:10:20] STEVENS: There's a lot of high level politicking and brinkmanship, I guess, going on as there always is in negotiations at this

level. Do you think at the end of the day that Angela Merkel, who has presented a very, very strong resistance to any sort of backsliding, if you

like, by the troika, do you think, though, at the end of the day she is prepared to go to her electorate to say we are -- we have to make more

concessions to keep the euro zone together?

JANNING: Well, when the finance ministers say yes, and when the situation is that you can actually say, look, we've got for the first time

a program that is stronger than what we have seen and we've got a process in place that will help the monitoring of that, then ideally also Greece is

inviting more help from others instead of rejecting it, then she will need all the political capital she has to convince a rather skeptic German

public and also a lot of skepticism inside her own party.

STEVENS: Just explain to me how on Sunday the Greeks can overwhelmingly reject a proposal for a bailout, and then a few days later

its government who led that no vote turn around and offer something which by all accounts is quite similar. I mean, does Greece have any sort of

credibility any bargaining position now in Europe?

JANNING: Well, honestly that is a myth to me. I don't understand how that is possible.

My only explanation is that Tsipras after the referendum, and after he had studied the responses and reactions abroad he has come to the

conclusion that he can either step back and declare total failure or try a reform line. And that then not be based on Syriza's support alone, or his

coalition alone, but rather going to be a by or all parties in support. And that will probably transform Greeks politics when this flies.

STEVENS: Well, we'll have to leave it there. Prefessor Josef Janning, thank you so much for joining us.

JANNING: You're welcome.

STEVENS: OK, let's turn to the other big story, of course, which has been dominating events all -- sort of dominating headlines, perhaps not

dominating the global economy so much. I'm talking about Chinese markets. And they do appear to be pulling back from the brink.

The benchmark Shanghai Composite for the second day in a row adding, as you see there, 4.5 percent, building on those major gains it made on

Thursday.

Now even though prices have stopped falling, markets, though, well they're hardly functioning normally. Roughly half the country's listed

companies have been suspended from trading. Some are concerned about the impact all this volatility on the world's second biggest economy is going

to have as well.

Not so the International Monetary Fund's chief economist. Listen to this.

(BEGIN VIDEO CLIP)

OLIVER BLANCHARD, CHIEF ECONOMIST, IMF: China I think is largely a side show for the time being. The stock market in China is very much a

side show. It could have some affect on spending, but probably not much. So, no, I have a more optimistic view as to where we are.

We are obsessed these days by Greece, by China, but when you go away from these events from the stock market in China, from the Greek

discussion, I think things are more or less on schedule (inaudible) recovery. It's not a great recovery, but it's there.

(END VIDEO CLIP)

STEVENS: The chief economist of the IMF there.

And next week will remain crucial for China if they do not see another sharp selloff, it could actually be a line under this volatility, this

massive route on Chinese markets.

Now later this hour, we're going to be taking a closer look at what drove China's bear market and how the average Mainland investor has been

affected.

Still ahead here on News Stream, the U.S. State of South Carolina is preparing to turn a page of history, but not everybody thinks it's the

right move.

And thousands of travelers stranded in Bali and beyond. A volcanic eruption in Indonesia has forced several airports to close. We'll have an

update in just a moment.

Plus, if negotiators are getting tired of the Iran nuclear talks, they're not showing any sign of it. Iran's top representative says that

he's ready to keep going.

(COMMERCIAL BREAK)

[08:16:17] STEVENS: Welcome back.

In South Carolina, the Confederate battle flag has been a fixture for 50 years on the State House grounds. And it'll be coming down in less than

two hours, an hour-and-a-half to be precise.

Some see that flag as a symbol of southern pride, others say it's a reminder of slavery and racism in the United States.

Well, the fight to remove the flag was reignited after nine black worshippers were shot and killed inside a church. Police say the white

suspect who had posed pictures with the flag wanted to start a race war.

Well, Alina Machado joins us now from South Carolina's capital, Columbia, with the latest.

What's happening around that site where the flag is going to be coming down? What sort of tensions are there, if any, Alina?

ALINA MACHADO, CNN CORRESPONDENT: Well, Andrew, we haven't seen any tensions just yet. You have to keep in mind that this flag has been flying

here on the state capitol grounds in South Carolina since 1960s. And today all of that is expected to change.

I'm going to move out of the way so you can see the scene here. That is the flag in question, that's the flag that will be taken down in just a

couple of hours. And you see there's a good amount of people who are already starting to gather here. We've seen families. We've seen people

from all ages and backgrounds showing up here to witness this historic moment.

Now this is all being made possible after the governor of South Carolina signed a bill into law yesterday surrounded by many of the very

lawmakers who helped make this a reality. Also present during that ceremony, the families of the nine victims killed 23 days ago in that

massacre in Charleston.

Now, each of those families will be receiving one of the pens the governor used so sign the bill into law.

Now the governor, we're told, is not expected to make any remarks during the flag removing ceremony today. And the ceremony itself will

probably be relatively brief. It's not expected to take very long.

The flag will be removed, we're being told, by the department of (inaudible) safety here. It will then be taken to the Confederate relic

room, which is a museum that's just a few blocks from where we are -- Andrew.

STEVENS: Is it likely to be a lightning rod for divisions, deeper divisions in society in those states?

MACHADO: The flag for some people, as you mentioned earlier, is a symbol of southern heritage, but for many others it is a painful reminder

of a very dark period in the history of the United States.

And when this flag came up here in the 60s, you know, many people opposed it. And for decades, we know of at least a few lawmakers who have

been fighting to remove the flag from the state capitol grounds simply because they feel that this is the people's house and that everybody should

be welcomed. And that having that flag there is offensive to so many people, and it's so hurtful, that it should be removed.

So, you can only imagine what today will be like for those lawmakers who have been fighting for so long.

STEVENS: Absolutely.

Alina Machado, thank you so much for that.

Now, in Germany, authorities say that they now have a suspect in custody after a pair of drive-by shootings. The attacks took place in the

state of Bavaria in addition to the two victims, the shooter also threatened another motorist with a gun and took aim at a farmer. Police

arrested him at a gas station where employees had already subdued him and bound him while waiting for authorities to arrive on the scene.

In Indonesia, travelers are facing flight delays. At least four airports have been forced to close, one in Bali and three in surrounding

areas. It's because of volcanic ash spewing into the air from Mount Raung in east Java Province. The volcanic activity has left some tourists stuck

on Bali and others unable to get there to start their vacation.

Well, the airports are expected to stay closed for several more hours. Let's got to meteorologist Chad Myers now keeping an eye on conditions for

us.

Chad, it must be miserable if you can't get to the islands, but I guess it's not so bad if you're already there and you can't get out.

[08:20:24] CHAD MYERS, CNN METEOROLOGIST: Unless you're running out of money. Yes...

STEVENS: That is true.

MYERS: That would be the only problem with having to stay there for much longer time.

Give you the lay of the land here. Here's Indonesia, Jakarta, that would be Bali right there. We'll zoom in here, because it really is, it's

a satellite image that we can actually see the smoke and the ash on, all of this dust cloud in the air.

So, here's one airport, here's the main airport that we're worried about, here's another. And then this is the volcano. And then this here,

the other airport, all four of those are closed at this point in time. No flights in and out.

And why? Why? Just because there's a volcano up here spewing some ash, why would that be a problem?

Because if the volcanic ash that's in the air gets sucked into a jet engine, the jet engine is so hot that it can remelt the ash back into

essentially lava and then coming out the other side get deposited as that ash, that lava cools back down.

It can also be very, very corrosive to the metal parts, a lot of grinding. You've got to think of like a pumice stone, that's what's up

there in the sky. You don't want to be flying through in a volcanic pumice stone.

There was the ash a couple of days ago going straight to the east. The other day, last night, yesterday coming down from there, a little bit

farther to the south here, kind of spreading down through here -- remember, there is the airport down there.

So -- and then the next couple of days it's going to get better, Andrew, the wind will be coming out of the northeast. Here is what we have

now blowing this way, and all of a sudden it turns around -- here's Saturday, here's Sunday, and then finally by Monday blowing away.

But you can see why all of the airports are shut down, because the wind is actually changing direction every day. One day it's going one way,

the other day it's blowing the way, so this ash is just kind of getting blown back and forth across the skies.

STEVENS: Better to be safe than sorry on -- when you're in a plane and there's volcanic ash around.

Chad, let's talk about the typhoon heading towards Shanghai. This is big and dangerous.

MYERS: It is. It is big. It's considered to be like a category three hurricane. And if you don't understand cyclone, typhoon, hurricane,

they're all the same thing. They're all the exact same thing spinning around just different names in different oceans.

And right here, here's Chen-hom right there. Here's Shanghai not that far away right now still with a lot of speed, still a very strong major

hurricane, or category three typhoon, cyclone, headed on up into the area.

There is it missing Taiwan a little bit, although Taiwan certainly getting lashed with an awful lot of wind and an awful lot of weather here.

Here is the coast. Here is Mainland China and these waves now are coming on shore, some of them over 30 feet. So that's what 10 meters, a 10 meter

wave splashing on shore here.

And eventually this storm will turn and go right over the top of Shanghai as probably about a 100 to 120 kilometer per hour storm. And in

that city with that type of wind and that type of damage certainly we'll have power lines down, we'll have people hurt and so they need to take

cover right now. And this is within 24 hours of landfall there, Andrew.

STEVENS: OK. You have been warned by Chad Myers. Take head of that advice.

Chad, thanks so much for that.

MYERS: You're welcome.

STEVENS: So, here's an unconventional approach to creating art -- this artist makes stunning landscapes entirely out of tape. We'll hear

from him when we come back.

(COMMERCIAL BREAK)

[08:26:28] STEVENS: No signs there of the remnants of a tropical storm that swept through Hong Kong 24 hours ago. A beautiful scene this

Friday night. Welcome back, you're watching News Stream.

Now, this is an ordinary roll of packing tape thrown very badly, I should say, by the cameraman.

In the hands of one Dutch street artist, though, this plain brown tape becomes quite something beautiful. With a few swift slices and carefully

placed strips, Max Zorn creates stunning portraits of city life. And CNN asked what inspired him to make street art that comes to life after dark.

(BEGIN VIDEOTAPE)

MAX ZORN, STREET ARTIST: I create artworks with ordinary brown packing tape.

The initial idea was to work with lights, especially urban lights, because I thought it's like kind of an unexplored gallery in our cities.

And I started with little sketches on Plexiglas and one night I had put one of these Plexiglases like up on the street lamp with a little strip of that

brown packing tape. And it was the first time I saw how greatly it interacts with light.

And that's kind of like when the idea was born.

As with all mediums you have like certain characteristics you can work along with. For example, tape comes with straight lines, so it's actually

great to compose an image when you have usually like a brush or so you really have to be a sturdy hand like to create a straight line.

Inspiration is just you know a very fragile thing. You know, it's my little spark. You have a melody in your head and like you find it good

enough and then you want to build a song around it and that's what happens here, too, (inaudible) reading Steinbeck and Hemingway and Mark Twain and

so on. And I just liked the way they created characters and settings and it's kind of like what I want to do -- actually to myself, basically

telling myself a story.

To get around creative blocks, I basically carve little windows, because that's like knitting. So I don't really have to think. I don't

have to really compose, I just basically work on little details.

Stick together started as like very tiny project where basically gave friends little street art stickers for them to hang up on cities I'd

thought I'd never visit. And then all of a sudden like thousands of people applied, and then it was global, and it was basically creating this

beautiful like secret connectivity between people around the world.

So we have stickers in the Easter Island, in Hawaii, and Thailand and Siberia and I mean, we're kind of cities and cities shape us in return.

I do like very small additions, if you want. Like, usually you can even see it as hard to detect on a lamp, but for me it feels like leaving a

fingerprint somewhere. I think street art is as broad as societies are. You have like aesthetic street art, you have very political street art. So

it's hard to put it all into one barrel if you want.

But I think it can really show people that we can change our surroundings, that we can comment on social issues, that we comment on

aesthetic issues and that we can be democratic about it. I think that's an exciting part of the art world.

My name is Max Zorn, and I'm what you probably can call a tape artist.

(END VIDEOTAPE)

STEVENS: Extraordinary. All that from just a couple of these. Amazing.

And you can find more stunning stories like that on CNN style. It's our new online destination for art, architecture fashion and much, much

more. For example, learn more about the studio that designed some of the most iconic luxury cars, or take a look at this twisted fairy tales --

indeed.

A Russian photographer re-imagines the stories of her childhood. It's all at CNN.com/style.

You're watching News Stream. Still to come, could this be the last stretch of those marathon nuclear talks in Vienna? Iran's top negotiator

has given us some hints. We've got details just ahead.

(COMMERCIAL BREAK)

[08:33:12] STEVENS: I'm Andrew Stevens in Hong Kong. You're watching News Stream and these are your world headlines.

The French president Francois Hollande says the latest economic reform proposal from Greece is serious and credible. France has been key to

keeping the bailout negotiations alive. The Greek parliament will have now to decide whether to approve the proposal, which offers tax hikes and

spending cuts in exchange for a third bailout.

In less than two hours from now, the Confederate battle flag will be officially removed from South Carolina's statehouse ground and sent to a

museum. South Carolina's governor used several pens to sign a law removing the flag. They were to symbolize the nine victims of last month's racially

motivated massacre at a Charleston church. Each family of a victim will receive one of those pens.

Iranian foreign minister Mohammad Javad Zarif says negotiations on a nuclear deal will likely stretch into the weekend. Major sticking points

still remain, including whether a UN arms embargo in Tehran would be lifted. But Zarif also says that he hopes the talks won't stretch beyond

this weekend.

Let's get more now from our senior international correspondent Nic Robertson who joins us live from Vienna.

Can we read into this, Nic, that if the Iranian foreign minister is saying that he doesn't expect or want talks to go beyond the weekend that

they're getting quite close?

NIC ROBERTSON, CNN INTERNATIONAL CORRESPONDENT: I think we can read into that the positioning that we've heard from both sides, and we've

really sort of heard it, the positioning escalate, that is both sides saying that the other one needs to be the one who shifts first and make

those tough political choices that we've heard so much about.

What we've heard from the Iranian foreign minister today speaking from the balcony just up there, my sense is that when he says I hope now when

he's asked the question are you still going to be here Monday, he doesn't know. And he's not trying to give away that he's got a deadline in his own

mind, because deadlines, as we're seeing here, seem to be trip up both sides as we move along.

Interesting that we heard from the British foreign secretary a little while ago at the talks here. He said things were going painfully slowly.

Secretary Kerry hosting a meeting earlier a couple of hours ago said that he was pushing. They were continuing to push hard. The EU foreign policy

chief joked at the beginning of that meeting, pushing it off the balcony.

You know, there's some levity here, if you will, although these talks are absolutely serious.

But I think most of what we hear coming across publicly here is really positioning, and I think that's what we heard from the Iranian foreign

minister there.

It's still, I think, at this stage -- although the clock is ticking, we don't know the deadline, that it's really anyone's guess when this can

wrap up. No one wants to walk away from this, Andrew.

[08:36:01] STEVENS: OK, Nic thanks very much for that. Nic Robertson joining us live from Vienna.

You're watching News Stream. Still ahead on the show, asking for forgiveness, Pope Francis delivers a sharp critique of sins committed by

his own church. Listen to what he has to say next.

(COMMERCIAL BREAK)

STEVENS: China's stock market investors may be cheering this week's rally, but the fact remains in the last three weeks the world's second

biggest economy has not nearly 3 trillion dollars in value for China's army of small investors. And it's those small investors who make up more than

80 percent of that market. And they have Beijing especially worried.

When China's stock markets are on the up, it feels a little bit like a carnival: everyone is a winner, especially the small retail investor, the

punter. They make up a whopping 85 percent of all investors in China's stock markets.

But it can also be a little unreal buying stocks in China. It doesn't necessarily involve research, understanding your company. What it actually

does is also a lot of rumor and speculation.

Plus, there hasn't been much of a choice for investors. Property prices have been falling for some time. And bank deposit rates are

minuscule.

So, you put all that together, and you end up with a monster rally.

But it all ended on June 12. Things suddenly got ugly, for many downright scary, almost a house of horrors.

Three weeks of wild volatility and growing fear slashed 30 percent of the value of stocks in China. That equals a paper loss of some 3 trillion

dollars. Now that really is scary.

But to talk about China's stock markets, you have to talk about the elephant in the room, and that is the Chinese government. They actively

encourage the bull run, but they've been even more involved when the markets started to tank trying to staunch those losses.

Just in recent days they've cut interest rates. They've ordered the brokerage houses and the state-run pension funds to buy the market. They

banned new IPOs and they've also eased restrictions on people who have borrowed to buy stocks.

We don't yet know whether it's enough to draw a line under the stock market crash, but one thing is certain in this environment you pay your

money, you take your chances, but expect a few bumps along the way.

(END VIDEOTAPE)

[08:40:40] STEVENS: There's more whiplash in the markets, let me tell you. You can see what they've done over the last couple of days, but at

least they are now moving in the right direction. For how long? Who knows.

Stay tuned for the next hour. We have World Business Today with the one and only Maggie Lake. She'll have more on the volatility in China's

markets, plus the latest in the stock market reaction to what's happening in Greece.

And just before we go, Pope Francis is wrapping up his trip to Bolivia. On his travels through South America this week, the pope has been

focusing on his message on poverty and the environment. And in Santa Cruz, he also offered an apology for crimes the Catholic Church committed in

Latin America during the colonial era.

(BEGIN VIDEO CLIP)

POPE FRANCIS (through translator): When the pope speaks of colonialism he overlooks certain actions of the church. I say this to you

with regret, many and grave sins were committed against the native people's of America in the name of god.

(END VIDEO CLIP)

STEVENS: Those words certainly being well received by that audience.

Now, just a short time from now, the pope is scheduled to make a visit to Bolivia's most violent prison. Itamasola (ph) maximum security

facility. He'll speak there with inmates and their children. He will then depart for Paraguay.

Well, one of the souvenirs the pope was given in Bolivia is receiving a lot of attention. The president Evo Morales presenting the Catholic

leader with a wooden crucifix laid atop a hammer and sickle. You'll recall that that was the communist symbol conceived during the Russian revolution.

The links and battles between communism and the Catholic church are an extremely sensitive subject still in Latin America.

A Vatican spokesman says the gift will not be placed in a church.

And that is News Stream for this week. Thanks so much for joining us.

END