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ABC News 24: The World -

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(generated from captions) To show

international support for the

NTC, for, I think important to be here. But who

exactly are the leaders of the National Transitional Council,

Britain and France are

supporting. Also tonight -

rogue trader - Swiss bank UBS

says it's discovered an

unauthorised $2 billion loss.

Plus the latest on the European

debt crisis, how are the

markets reacting to promises of

support for Greece from Germany

and France? Devastating floods

in Pakistan leave in Pakistan leave hundreds dead

another giant leap for mankind and thousands homeless. And

- NASA's rocket for the red straight to Tripoli now, planet. First,

straight to Tripoli now, where

Cameron and French President British Prime Minister David

Nicolas Sarkozy are addressing

the media.

Obviously this press

conference is being conducted

in Arabic at present. We are expecting the British Prime Minister, David Cameron, and French President Nicolas Sarkozy to address that news conference in the capital, Tripoli, any time conference in the Libyan

Let's continue listening in. ( TRANSLATION: Their

supportive role was political

and military.

and military. Our

revolutionaries would not have

been able to achieve what they have achieved without the help

and assistance of the ally s and at

and English and at the forefront the French

and English support. We are

happy on this occasion we are looking forward

looking forward to freedom and

liberation for the whole of the Libya and the capture of Gaddafi and

of a free democratic state, (In Arabic)

(Speaks in Arabic) is

TRANSLATION: By providing

ready-made school premises,

also the promise to release the

frozen moneys and assets under

the UN resolution s. This is some of the issues examined

during our joint meeting.

There they will also provide assistance in surveilling our

border border lines, where many of the

remnants and loyalists of regime, still need technical remnants and loyalists of the

assistance. As Mr assistance. As Mr Jill il

said, we extend our thanks to

the President of France and the

also extend our appreciation to accompanying delegation. We

the British Prime Minister and the accompanying delegation.

This will from now on be a

turning point in the

the relations of the states respectively without any mandate, without any dictation

of terms, based on mutual freedom, mutual interest and

respect. Once again,

reiterate our respect to both respect. Once again, I

of them in the name of of them in the name of my

fellow members of the TNC fellow members of the TNC and the executive bureau. TRANSLATION: At TRANSLATION: At the outset,

I would like to - In the name

of the French delegation are

touched by the welcome given by

the Libyan people. Naturally,

the commitment at the side of

the Libyan people has not

ended. As long as peace is

threatened, France will remain

at your side. In

Gaddafi must be arrested and

all those who are guilty all those who are guilty under

international law must answer

for what they have done. We

on call upon all countries having

on their territory wanted

person s to work with international authorities so that everyone must answer for

what they have done. France is very attached to the unity of Libya

Libya and Libyan

reconciliation. France is

saying to its Libyan friends,

"Let us look towards the future

together." No settlement together." No settlement of

accounts, but the respect of

international law, but that so that forgiveness is provided that forgiveness is provided by

everyone, every Libyan person

must know that those who have

committed crimes and who have

stolen from the Libyan people

will have to answer for their

crimes. There can be no forgiveness if there is the

feeling of impunity. Finally,

myself with David Cameron, I would like to say how proud France is to have worked with its English friends. We its English friends. We have

said to the National Transitional Council that we

were amongst recognise that the claims of were amongst the first to

the acknowledgment of the of Libya at the United Nations

is a fair claim which we is a fair claim which we will

support. We have also said to the Council that it it is up to the Libyans to build a future. It

is not for us. It's for the

Libyan people to choose their

leaders. leaders. Our friends of the transitional council, with

unity, which is the most

important factor, that this

unity allows this period until the

the next elections and the next

like to say to the Libyan

people that he can count on the

French people and also French people and also the

admiration of the French

people. When I think of

martyrs such as Misrata and the

courage of the young Libyan

people who have freed themselves, we will be at their side so that Libya remains united, that it finds place, and the future of united, that it finds its

Libyans can be built in Libya place, and the future of young

and that not a single

Libyan needs to say to himself that the future is not that the future is not within

have a destiny, we have the his country but outside. We his country but outside.

Mediterranean in common, and

what we are building applies to

Libya, but all the Arab throughout Libya, but all the Arab people to liberate themselves from

their chains. France their chains. France and

Europe will be at their side.

For peace, For peace, for democracy and for economic progress. I think

that this message is a message that applies to the 21st

century. It is the sense of

history that works towards

reconciliation and not towards

war. Thank you very much. Thank you very much chairman Abdel Salam Jalloud and Abdel Salam Jalloud and Prime

Minister Jibril for the very

warm welcome you have given to

me and President Sarkozy today.

Can I say what an honour it is

to be here in Tripoli with you

to see how the Libyan to see how the Libyan people are taking their country back and taking it forward to a new

era. A few weeks ago Gaddafi

was still in control here was still in control here in Tripoli and I think what the

world has seen is, impressive transformation. Of course, there will difficulties ahead and many

things that have to be fixed,

but the fact that already your

roads are full again

traffic, your water is flowing,

your hospitals are working,

this is impressive. I'm proud

of the role that Britain played

in helping you to do this and

I'm even more proud, having

seen what I've seen today, of

the impressive changes you are

making. But this was making. But this was your

revolution, not our It was those brave people in

Misrata, in Benghazi, in Brega,

in Zlitan, in Tripoli, in in Zlitan, in Tripoli, in the nephewsa mountains, who incredibly brave in removing

the dreadful dictatorship of

Gaddafi. I pay tribute to

those people throughout Libya

today. It is your revolution.

It is their bravery that has

enabled this to happen. Let us be clear, this is not finished, this is

this is not done, this is not

over. There are still parts of

Libya that are under control. Gaddafi is still at

large. We must make sure this

work is completed. Let me just

say something say something about security, about the humanitarian help can give and about the longer-term work that you are doing in rebuilding your great country. First of all, country. First of all, on security, as you said, Mr Chairman, and Mr Prime Minister, we must keep on with the NATO mission until

civilians are all protected and

until this work is finished.

We will help you to Gaddafi and to bring him to justice, and we also want justice, and we also want to

help you to take the help you to take the dangerous

weapons out of Libya, whether that is surface to missiles, whether it is missiles, whether it is the

mines that will prove such mines that will prove such a problem to your people, problem to your people, and

today Britain is committing

itself to helping you with

taking mines out of Libya. On the humanitarian situation, my

country has done a great deal. Right from the start -

airlifting civilians from the border,

providing food. I know now, having seen your excellent

hospital in Tripoli with the

incredible work that it's

doing, there is still a need for for very specialised medical

help and Britain stands ready

to provide help and to take some of the most complicated

cases that need the most

complex surgery, all agreed to

be paid by Libya, but using some of our specialist

techniques and hospitals. We

are happy to provide that. I

hope we can start with that

who was wounded by a grenade

left in his school. Lastly, on

helping you to rebuild your

great country, there's no doubt in my mind that Libya can be a

great success story. The first

thing you have asked us for is to unfreeze the assets that

belong anyway to the Libyan

people. We have already

started that process returning started that process returning the Libyan dinars printed in Britain. We have already

unfrozen a billion pounds unfrozen a billion pounds worth of

the UN resolution that we will be putting forward with France

tomorrow, there's a further 12

billion of assets in the UK

alone that we will be alone that we will be looking

to unfreeze. As Nicholas has

said, we want to help you diplomatically, militarily, economically and with your

development. We are your

friends, but this is your

country, your leadership, your

plan. We stand ready to help,

but we want to know what it is you most want

you most want us to do. This

does go

a moment when the Arab spring

could become an Arab summer and

we see democracy advance in

other countries too. I other countries too. I believe

you have the opportunity to give an example to others about

what taking back your country

can mean. Lastly, let me just

say this: we've just met with the National Transitional Council and I was proud Council and I was proud that Britain also recognised the

National Transitional Council

as the legitimate government of

Libya. I believe that they

have continually proved the

them wrong that Libya would be

divided. They proved them wrong that Tripoli couldn't be

taken. They proved them wrong that different people in Libya

couldn't work together. But couldn't work together. But I would urge would urge you to go on proving the sceptics wrong by the

generosity of your vision about

the future of democracy and

rights for all in Libya, about the the speed at which you will bring forward your transitional

government and the extent to

which you will be, as Nicolas has said, merciful and against any form

of reprisals in the future. I'm hugely impressed by I'm hugely impressed by what

I've seen. I'm very proud to

be standing here and to have

played a part - that

has played a part in helping

you. As I say, it is your

revolution and we wish you

well. We will be with you

every step of the way. I think we

we have time for some

questions. TRANSLATION: The

officer of inform unit of officer of inform unit of the

oil military. In the context

of the international cooperation with France and Britain, and to Britain, and to provide protection to

is the coming measures,

globally speaking, and will

Britain and France support the

Libyan people in peacetime, as they did in they did in war-time, did you

examine this issue? examine this issue? And another question another question too, the question is addressed to Chief

Justice Jill il. Thank you.

The Libyan and residents of Benghazi can never forget the

19 March, when the international community handed

down its well-known resolution 19 protection to civilians.

France was the first to take

qualitative strikes which prix

vented a massacre in Benghazi.

Also we cannot forget the

supporting role of the United

Kingdom, by all personalities.

These positions will have

future positive impacts on the mutual relations. As we speak now, no contracts have been

concluded. We respect and will

consider to honour previous

agreements and treaties. agreements and treaties. Libya

before war and after the

revolution is in a state of destruction. We are still in a

great deal of development and

we have the assets, we have the money, we have the expertise

and the companies to implement the future development prongs

within France, Britain, all

according to the role played by

them. TRANSLATION: Naturally,

France, like France, like Britain, I imagine, will be at the side of

Libya during a time of peace and reconstruction, but I and reconstruction, but I would

like to say to all Arab public

opinion that we agrees that

there is no agreement and there has

has been no under hand activity

with regards to the richness of

Libya that we ourselves, we do

not ask for any preference. We

have done what we had to do,

because we felt that it because we felt that it was

fair, because the world does

not need confrontation between the west and the west and the east. What

will the Libyan Government

decide if they wish to trust

our companies, but that it is done like in all countries,

European countries, by way of tenders or invitations to

tender, so that Libya behaves as a legal country. Certain

documents obtained by the press are fakes. are fakes. It is a manipulation and neither Prime Minister Cameron nor the Libyan

Prime Minister, Prime Minister, nor myself,

have behaved in such a way.

This needed to be said so that Arab public opinion knows that the National Transitional

Council has behaved fairly the international community behaved because it felt behaved because it felt that

this was fair and just.

TRANSLATION: Mr President, we have come to free TRANSLATION: The NATO strike

forces will continue, as David

Cameron said, as long as the

leaders of free leaders of free Libya believe that the Libyan people are in

danger. There is work to be done. This work must be seen

to its end, with patience and

determination. I would like to pay tribute to the armed

forces, the coalition - namely,

to the French to the French soldiers and the

British soldiers, because our obsession has been to

civilian deaths and injuries. So that there is no collateral

damage, as they say, and if we

have been here for the last six months with our planes, helicopters, it is precisely

because our obsession has been to protect women, children,

civilian s, . Whilst Gaddafi used schools and hospitals, the

Prime Minister was right to say

that Gaddafi has seized money

and gold and there is work to

be done. The criticism - it's normal in a democracy to be affected by criticism,. When

we were in Paris we had a second meeting, there were 63

meetings. If we had meetings. If we had an international summit meeting

today, it would be even more

numerous. You know what I was thinking when I was walking

through the streets of Tripoli or in or in the halls of this

hospital? I dreamed that one

day young Syrians will have the

same chance and opportunity as

young Libyans today and that a

peaceful democracy and peaceful

revolution is for us. So what

I can do, the best thing I can

do, is to dedicate my

here, is that everyone in Syria also benefits. Bill Neely from ITV News. Prime Minister,

you've just met people who don't yet have the confidence

to move their Government to

Tripoli, who still have to take

at least three large towns in this country and who this country and who are now asking you for more weapons and weapons will you be able to

offer them and are you

completely confident that the

rebels, the NTC, really does

have a grip on this country? Just a Colonel Gaddafi. How Colonel Gaddafi. How confident

are you Colonel Gaddafi is

still in Libya and how

important is the manhunt for

him? Thank you. Well, on the

issue of the National

Transitional Council, I've just

held a meeting with the National Transitional Council

here in Tripoli and I think

people have consistent underrated and underestimated the National Transitional Council. People said they

couldn't unite Libya, they were

just representing one part of

Libya. People said they Libya. People said they were

tribal, that they were only Islamist. All of this I think

they have consistently proved

people wrong. As I said, people wrong. As I said, I hope they go on proving people

wrong by the breadth and

generosity of their vision

about what a free about what a free and democratic Libya will look

like. So we will go on supporting the NTC. The

biggest thing we can do unfreeze the assets that belong to the Libyan people. They

have billions of pounds that

was often badly taken away from them by Gaddafi that

in foreign bank accounts that should be

should be returned to the

Libyan people via the NTC so

this country can get back on

its feet. In terms of the its feet. In terms of the help

that we give militarily, we will go on with the will go on with the NATO mission for as long as it is necessary under UN resolution

1973 to protect civilians. As

I said, this work finished yet. There are still parts of Libya under Gaddafi

control, and the message I

think to Gaddafi and all those

still holding arms on his

behalf is it is over. Give up.

The mercenaries should go home.

Those who still think Gaddafi

has any part in any part of

government of any part of government of any part of this

country should forget it. He

doesn't. It is time for him to

give himself up. It is time

for the Libyan people to for the Libyan people to get

the justice they deserve seeing him face justice. We

will go on will go on helping the National Transitional Council to make sure that happens and that comes about

comes about and this country

can move on. It is showing

every sign of wanting to move on. I pay tribute to on. I pay tribute to the work of the NTC, what they of the NTC, what they have done and what I believe they will

do. We stand ready to help

them. But I would accept - I

think this is important - that the hardest bit of work is

probably still to come, probably still to come, of

making sure that everyone has a future in this country, of

getting it back on its feet. These will be but so far what I think we have seen from the National

Transitional Council, what we're seeing here in Tripoli,

is a remarkable and impressive

recovery from a very difficult

situation. Thank you. situation. Thank you. We've

been hearing there from the been hearing there from the British Prime British Prime Minister, David

Cameron, live from Cameron, live from Tripoli,

where he's been speaking to the

media on the event of his visit

to that country with the to that country with the French President, Nicolas David Cameron just saying there

that he hopes that Libya will that he hopes that Libya will

prove to be an opportunity for

the Arab spring to become the Arab summer and emphasising

that he feels that the National

Transitional Council in Libya

has been underestimated by many

from different quarters when they have questioned their ability to lead Libya

post-Gaddafi. We also heard from Nicolas

earlier. He has denied, the

French President has denied

that there are any deals in

place involving Britain or France with the National

Transitional Council, any deals

for preferential treatment with Libyan contracts or treaties, any sort of economic

arrangements like that. He categorically ruled out that

there had been any arrangement

s made in exchange for the

military support of France and Transitional Council's fight against Colonel Gaddafi. Now,

we also heard at that press

conference from Mahmoud Jibril, who has been partially

recognised as current Prime

Minister of Libya, and we also heard from Abdel Salam Jalloud, who was Minister -- Jalil, who was Minister -- Jalil, he has since been identified has since been identified as the chairman of the national transitional council in the

wake of the civil uprising in

that country. For more on Libya, I'm joined now by Mat

Hardy from Deakin University.

He's in our Melbourne studio.

Mat Hardy, thank you very much

for talking to us. It's fair

to say that David Cameron and

Nicolas Sarkozy's focus in

visiting Libya has been very

much on building a working

relationship with the people

who are going to be in charge

of that country from here on

in? Well, that's right.

They're making all the right

noises about friendship and going forward and using all those seasonal metaphors like spring and summer, and so

forth. I'm sure it is the case

that there wasn't any that there wasn't any concrete deals that were deals that were made when they decided to help the Libyan

rebels initially, but certainly

to say that that wouldn't be in

the back of their mind going

forward, that oil and those other sorts of other sorts of commercial arrangements - they must be thinking about those, and

they'll certainly be on the table some time soon. Certainly the Libyans did express their

huge degree of thanks that they

have towards Britain and France

for their involvement in the

operation, which helped oust Colonel Gaddafi? Well, that's certainly the case. I think both the French President and the British Prime Minister are

probably more popular in Libya at the moment than they are in their own respective

countries. What do we know about the National Transitional Council that obviously Britain

and France are visiting that country, the and France are visiting there

to try to forge ties with them,

but the jury is still out on

whether they're going to whether they're going to be

able to form a long-term government in that country.

Well, let's refer to it as this month's National Transitional Council, Transitional Council, because it was quite a different one

about six weeks ago. Nobody in

Libya really has a clean sheet.

You're not going to get a

cabinet of 20 or so people that

don't have something a bit

nasty on their CV. We saw, for example, chairman was the former

Minister for Justice under

Colonel Gaddafi. I dare say

that justice was in fairly

short supply during his tenure. But we still have to deal with these people. I think also

what's important is that the

NTC isn't the be-all and

end-all of politics in Libya or

power structure. There are certainly people like certainly people like regional military commanders, and so

forth, that we don't include in

the NTC, but nevertheless have a fairly strong voice in what

will go on. As you're saying,

variables in Libya. We have

the question of who is the national transitional council

and who is able to control that

organisation, whether the National Transitional National Transitional Council

is actually a united force for

governing that country, and

then the other variable, of course, is still Colonel

Gaddafi. He is still out

there, the hunt goes on. As

was just mentioned in that

press conference, there is still fighting around three

towns in Libya. That's right.

Libya is definitely not 100% under control of the rebel

forces. I think David Cameron

and Nicolas Sarkozy were at

pains to try to stop this thing turning into the same

sort of man hunt that we had

for Saddam Hussein and Osama Bin Laden. I think that's a

good tactic. You don't want to

get victory focused on the

capture or killing of this one

particular person. They will be keen

keen to hear from the national

transitional council some sort

of timeline, some sort of

schedule, for when

held in Libya, won't they?

Definitely. A lot of people

are talking about Islamism and

so forth in Libya, but I think

democracy is probably more

important than that. Certainly

the western powers will be very

keen to hear at what point some

sort of free and fair public

election is going to

election is going to take

place, just how transitional is the National Transitional

Council going to be, or are we

going to see some desperate

situation where suddenly people start declaring themselves President for

again. Mat Hardy from Deakin University, thank you very much

for joining us and providing us with your insights. Thanks,

Nick. To the day's Nick. To the day's other news

now. The Swiss banking giant

UBS has revealed a rogue trader

has lost it an estimated $2

billion. The bank says the unauthorised unauthorised trading occurred

in its investment banking

division and could lead to it

reporting a loss for the third

quarter of this financial quarter of this financial year. The Zurich-based firm says no customer accounts are Shares in the bank are down

more than 7%. Reuters more than 7%. Reuters is reporting that a man has been

arrested in London on suspicion

of fraud in connection with trading loss. It couldn't come

at a worse time for Europe and

its spiralling debt problems. European markets gained European markets gained in

early trade following

yesterday's pledge of support

for Greece from Germany and France. But the two countries

say the partnership is being

sorely tested. Our correspondent Philip Williams

joins me now live from London.

Phil, if we can just discuss

the rogue trader story first.

How much do we know about

case involving UBS? We don't

know a great deal, other than a

31-year-old was arrested in the

early hours by City of London

Police here in London, so it

would indicate that perhaps he

was operating from London. $2

billion in losses - it's an enormous blow. The questions of course could this happen in could this happen in this

supposedly newly regulated market, where there's much market, where there's much more

scrutiny, where the rogue

traders were supposed to be a

thing of the past, how can one individual have cost this bank

$2 billion, not only the price

to pay, but the credibility

loss for this bank that's

already suffered huge losses the past already suffered huge losses in

the past and has been the past and has been fined hundreds of millions of pounds

in the last couple of years

over its failure to disclose

accounts. It's been in the

wars and now of course all

these questions are coalescing

around, after all of that, how can this happen? you'd agree it's pretty hard to

conceptualise a loss of $2 billion, $2 billion going

missing. This is, of course,

going to evoke memories of the

Bearings bank collapse of about

15 years ago, isn't it? Nick

Larsen, who managed to dispose of assets, in those days, it was worth a

lot more then, of

brought the whole bank down.

Of course all the banking systems said we tightened

things up and we simply

get into the sort of position

where one individual can cause

so much damage. Well, it seems

you can, and clearly the oversights or whatever

mechanisms they had didn't work

and somehow this individual, it

appears, if it's all true,

managed to lose billions of

dollars and threat again the

viability of a bank fallout from this is obviously

yet to be determined, Phil, but

this does come at a very

difficult time for the European economy, doesn't it? economy, doesn't it? It certainly does. certainly does. Pressure in

all directions. The Eurozone,

of course, under pressure via

Greece, via Portugal, via

Italy, via Ireland also, and

that fear of contagion and a fear that if confidence is completely lost in Europe, this whole pack of cards over and the Eurozone at the

very least will disintegrate.

That's a very pessimistic scenario, but at least the markets here

said, "Look, we expect Greece

to default at some time" and they're quite incredulous, actually, at this political

propping up of Greece and at the continuation of the lifeline, the billions in lifeline from the lifeline from the other European countries, notably

Germany. They say, "Look, collapse and this isn't

sustainable." However, having

said that, after the market

meetings yesterday and the

leaders of France and Germany

and Papandreou in Greece

meeting yesterday, the markets

have liked it. They've gone up

between 1 and 2% in early

trading. So the markets trading. So the markets are

very fickle things. At the

moment there's still a lot of nervousness

nervousness and no-one nervousness and no-one believes we're out of the woods on we're out of the woods on this

at all . Look, you mention at all . Look, you mention the

lifeline that's been thrown to

Greece by Germany and but I guess the great unknown

in this situation still is is this an example of the lifeboat

throwing a lifeline to the

Titanic as it goes down? Titanic as it goes down? Is

Greece going to drag the other member states of the Eurozone

down with it? Well, this

remains the big question. Of course in the end it's a confidence trick. Is the world

convinced that the actions

particularly of Germany and France enough to stop the

contagion effect? Can they

isolate the problem, serious problem to, to serious problem to, to Greece,

because if it moves on, if the

caravan moves on, if Greece

were to default in a disorderly

way and the caravan moved on

and then the market started really focusing in on places

like Italy and Spain, they are

simply too big to rescue and

that's when the whole European

experiment in this currency

really is in really is in serious trouble. Philip Williams, thank you very much

you very much for bringing us up to speed. Thank you. It's

just over a year since Pakistan

affecting a quarter of its population. Now authorities in

Sindh Province are warning that

floods this year are even

worse. The southern region worse. The southern region has been hit by monsoon rains in a monsoon rains in a century,

with more than 5 million people

already affected. A full 20

feet below these waters were

shops and homes, but villages

as far as the eye can see and

across southern Pakistan have totally disappeared. authorities in this province

say these floods are even say these floods are even worse than last year's massive

disaster. We find this family stranded on a bit of high

ground. Their home is gone.

Most of their livestock

drowned. But they did manage

to save a couple of chickens.

"Everyone was in the village,

but suddenly the rains but suddenly the rains came",

she says. "They all fled

during the night and left us." But the army. It says it's the army. It says it's rescued

13,000 people by boat so far,

but fears others are still cut

off. The catastrophe is huge.

Because of the last year's flood, we were coping with

that. Within the year, we were

just coping with that type of

damage and the next floods took

us on. So the damage is twofold. In scenes so

reminiscent of last year, once

people are rescued, they're brought to camps how they're treated then, after

having lost all their belongings, their homes, and in

some cases members of their

family, very much depends on

luck. At luck. At this camp they've run

out of tents, so out of tents, so many people

are having to sleep out in the open and more rain is still

coming. And this is where

Bagul and her family ended up,

sheltering any way they can and

fearing for what the future

holds. As Pakistan struggles to help those left homeless by help those left homeless by the floods, it's now having to

fever. At least a dozen people

have been killed in have been killed in the

outbreak. Around 4,400 cases of the mosquito-borne disease have been reported

central Punjab province in the past

past two months. Most of the

cases have been reported in le

hore, where around 3,000 people tested positive. Schools tested positive. Schools in the area have been closed down

for 10 days to try to curb the outbreak. America's ambassador

to Afghanistan has described

this week's attack on Kabul insurgents as a statement of

their weakness. 25 people were

killed when a Taliban killed when a Taliban team

mounted a 20-hour attack on the

Afghan capital. Despite the

insurgents managing to take and

hold ground beside the hold ground beside the American Embassy and NATO's Embassy and NATO's headquarters

in the city, ambassador Ryan

Crocker has downplayed the

significance. In China, 11

people have been killed after a

bus overturned in Shanghai.

Seven people were killed at the

scene and four others died

later in hospital. 13 people

were injured. One remains in a

of the crash is unclear, but

preliminary reports suggest the

driver lost control and veered

into a light pole at high speeds. Poor management and critical mistakes by BP and its

contractors are to blame for

the largest oil spill in US

history. That's according to

the final report of the Government investigation Government investigation into

last year's massive gulf oil

spill which killed 11 people

and spewed more than 4 million

barrels of oil into the sea. Investigators also say stronger

regulations could prevent the catastrophe. Let's get more now on Europe's

growing debt problems from

Professor Kevin Featherstone of

the London School of Economics.

His area of specialty His area of specialty is European Union and politics European Union and politics of modern Greece. He joins us now

from London. Professor, thanks

very much for talking to 'The

World'. How serious do you think the situation is - think the situation is - you've been writing about been writing about this predicament facing the predicament facing the Eurozone and the European Union for some time now. How

think it is of today? I think

it's very serious. It's it's very serious. It's an ongoing crisis. We may now be

approaching the end game. The options for avoiding a Greek default are becoming much more

stark. Serious choices have

got to be made. I think your previous correspondent previous correspondent talked

about the Titanic. I about the Titanic. I think it's it's a reasonable analogy. That

was the question that I asked

our correspondent Philip

Williams, suggesting that is

this lifeline being thrown to

Greece more a case of the lifeboat throwing a line to the

Titanic as it plunges beneath

the waves. Could Greece pull

down the rest of Europe and,

with it perhaps, the world

economy and drag us into a double-dip recession? Yeah,

that is the scenario. You're

right to imply that Greece in

the short term has some kind of nuclear button to press here.

I think the I think the Greek Prime Minister should be emphasising

to Sarkozy and Merkel that were

Greece to default, it is the French French and German banking system which would be thrown into

into immediate into immediate crisis, and then, as you say, the contagion

at the periphery for the rest

of the European Union, Spain,

Italy, Portugal, and to the international system would be great. The European Commissioner for economic Commissioner for economic and

financial affairs has just a

short time ago issued a warning

that the

to a virtual standstill by the

end of the year. Do you end of the year. Do you share

his gloom about that deteriorating economic situation? Well, I

have to see some kind of real action in this crisis with Greece. Otherwise, as you say, that is what as you say, that is what Wren

predicts in terms of a dire circumstance in terms of the

economy in general will come

true. Go ahead. Yes, sorry, how

is to defaulting on its debts?

I think we could be extreme ly close. The

expecting a Greek default very shortly. I think the shortly. I think the task is to try to convince them that

Europe is prepared to have Europe is prepared to have a game-changing point, a

game-changing situation. What

we're seeing is part of a wider

problem of the European Union

in recent times, a lack of

leadership. We have a leadership. We have a muddling

few fiddling around when actually what the European

Union needs is some very

decisive point which convince s the markets that something

drastic is going to change.

There are solutions. There are solutions. The problem is that what we have,

particularly with chancellor Merkel in Germany, are domestic

constraints preventing her from

agreeing to those solutions.

There are solutions, there are

Euro bonds, for example, there could be more coordination established for

the future. There are solutions. What we're seeing is a lack of leadership is a lack of leadership because of domestic constraints. As you say, those domestic constraints, the domestic politics in the EU member

states, are voters in states, are voters in countries

like Germany and France going

to accept a bailout of Greece

yet again? Well, it's interesting in the German context the main

context the main opposition

party, a party which, if there was an election opinion polls suggest would

win, the Social win, the Social Democratic

Party, are much more amenable

to further help for Greece and

for further integration within

the European Union to try to establish a much stronger system of economic governance

to avoid crises of this kind.

So we can't rule out shifts. I

think chancellor Merkel is shifting position, having slapped down her coalition

partners, who have talked about a Greek default being on the

cards, or not to be ruled out.

We're seeing Angela Merkel making a shift. The making a shift. The problem, I think, is that when history comes to be written, Angela

Merkel over the last 18 months

has shifted too slowly, has

been far too sensitive been far too sensitive to domestic constraints and

contrast that with previous

German chancellors, like

Schmidt or perhaps helmet Cole

in the context of German unification, German chancellors

have been domestically. Merkel has domestically. Merkel has been

really quite the opposite, has been willingly constrained been willingly constrained by domestic attitudes and opinion

and has pandered in a rather populous fashion to those populous sentiments, without educating

educating the German public

that it is overwhelming ly in the interests of Germany and

its economy that both the Euro

is a success, but also are not the risks then taken following a collapse of the Euro to the single market. Professor Kevin

Featherstone from the London School of Economics, thank you

very much for talking World'. You're welcome. In

other news, the man accused of

attaching a fake collar bomb to

Sydney teenager Madeleine

Pulver could be back in

Australia within days. Paul

Peters was arrested at his

former wife's home in the

united States a months ago. In a Louisville court today, the 50-year-old dropped challenge to extradition

proceedings. He wants to get

back there. Rather than go

through all these procedural

hurdles that is required for

them to process an them to process an extradition without a without a waiver, he elected to waive those rights. Peters is

expected back in Australia

within seven days. He's

accused of breaking into

Madeleine Pulver's Mosman Madeleine Pulver's Mosman home

last month and strapping a fake

bomb around the 18-year-old's neck. Riot police have fired tear gas at demonstrators in the Haitian capital

Port-au-Prince. Angry crowds a pack rape scandal involving

UN peacekeepers. Jason om report reports. The peaceful protest turned ugly when clashes broke clashes broke out. Demonstrators hurled rocks at

police and they fired back. UN peacekeepers were brought peacekeepers were brought into

Haiti seven years ago in response to political unrest,

but public outcry over a rape

scandal involving marines scandal involving marines from Uruguay has been growing Uruguay has been growing after

mobile phone video emerged on

the internet. The video is

said to assaulting an assaulting an 18-year-old

Haitian man. The victim was pinned facedown on a mattress.

Hundreds have turned out in protest, shouting "rapists" protest, shouting "rapists" and

"the UN must go". "We are

gathering together to force the

UN mission out of Haiti", this

man says. "The mission is

abusing our children and

committing all sorts of crimes" The scandal has cost

Uruguay's top naval chief his

job. Four soldiers are due to face court marshal and the UN is conducting its is conducting its own

investigation. While Uruguay has condemned the rape, it says

the case is an aberration. The

head of Haiti's UN mission says

he'll be asking the council to gradually

gradually pull out troops from

Haiti. That's not likely to

satisfy these protesters, who

want an immediate

withdrawal. Let's get sport now

withdrawal. Let's get sport now with Amanda Shalala. Amanda,

the Wallabies have made one

major change to their line-up.

Yes, as expected, Nick, James O'Connor says about returning to the

Wallabies starting 15 Wallabies starting 15 for Saturday's rugby World Cup

match against Ireland. He

replaces injured winger Digby

Ioane. It's his

back in the starting side since

suspension for missing the

World Cup squad announcement

last month. Mitchell comes on

to the bench to continue his

remarkable recovery from an

ankle injury. The USA edged out Russia today. The All Blacks have been hit with more

injuries ahead of tomorrow's match against Japan. match against Japan. Fullback

Mils Muliaina and skipper the game with minor injuries.

They are muscle injuries. So there's always that risk there's always that risk of

making it worse. If you make it worse they're major, in a

competition we now have only a

possible six weeks left, you can take them out of the competition English Premier League soccer

League soccer champion Manchester United has been held

to a draw in the opening round

of the European Champions

League. Real Madrid won away,

as did German champion Munich, while Manchester must ered draws. Upset early

on when it went up in the first half, united veteran half, united veteran Ryan Giggs found the equaliser before half

time. Oh, what a finish. The

master Ryan Giggs brings

Manchester United level with a

superb strike. Manchester City

made its Champions League debut

against Napoli at home and fell against Napoli at home and fell

behind in the 69th minute.

Aleksandar Kolarov's free kick

ensured city came away with a point. point. Roger Federer and Lleyton Hewitt will renew Lleyton Hewitt will renew their

rivalry on day one of the Davis Cup in Sydney. Bernard Cup in Sydney. Bernard Tomic and world number 19 Stanislas Wawrinka will Wawrinka will open the tie, before Hewitt takes on the Swiss Swiss trump card Federer. It's

been anything but smooth

sailing for the Australian

Davis Cup team in recent years,

and it won't get easier, with

Roger Federer making a rare

appearance in Sydney to steer

the Swiss ship. Give ourselves

a really good chance. It's

going to be a really tough tie.

They have

players, so have we. The Federer/Hewitt match-up triggered memories of the Australians' famous fightback

in the 2003 Davis

semifinal. One of my greatest

wins ever. I believe it was

one of my toughest losses one of my toughest losses I've

ever had as a player. People

might think Djokovic was rough. For me that was nothing compared to the Lleyton loss. The swits ace has loss. The swits ace has beaten

Hewitt in 15 of the 16 matches

they've played since, but Davis

Cup often brings out the best in the former world number

this jacket, that's for sure. Listening to the national anthem gives you goose

bumps Bernard Tomic gives the

impression he's never had a goose bump in his life I

show you guys, but I'm bursting

inside, don't worry. The Wimbledon quarter finalist

opens the tie against Stanislas Wawrinka He's a great player, I

think he'll be really good. will think he'll be really good. It

will be tougher for me, especially on grass Tennis is

on a high after Samantha

Stosur's win at the US Open. If Swiss and return to the world

group, it would cap off a

watershed week. Peter Siddle

will replace injured Australian

paceman Ryan Harris for

second cricket Test against Sri Lanka starting tomorrow,

Nick. Thanks, Amanda. The

final frontier, now, NASA has

unveiled plans for a new rocket

designed to take astronauts

into deep space. The space

agency is aiming to meet

President Obama's call for a

manned m ition to Mars before

the middle of the century. For the such thing as a final frontier.

NASA has revealed its vision

for the next generation of

space travel, a huge rocket

capable of taking astronauts to

Mars. The next chapter of America's space exploration

story is being written today.

Today I'm pleased to announce

that NASA has selected the

design of its new deep-space

system that will take American astronauts

astronauts further into space

than any nation has gone

before. The rocket, dubbed the

space launch system, will be

ready for its first flight in

2017 and work on the capsule is already under way. Its name might not be inspiring, but

NASA hopes the program will be,

reviving the public's Apollo

era enthusiasm for space

travel. In design, the rocket

is much closer to apolio than

to NASA's recently retired space shuttles and far

outstrips their carrying capacity. We're already building a space capsule MPVC

to transport our astronauts

into deep space. Now into deep space. Now we've

selected a heavy-lift rocket to carry the crew and capsule to

destinations in space destinations in space no

nations have ever Our decision to go with a

liquid hydrogen, liquid oxygen

launch vehicle system was based

on NASA's analysis to on NASA's analysis to reduce cost, increase flexibility and

leverage the US leadership leverage the US leadership in this technology. The trip into

deep space won't come cheap.

The project is expected to cost

around $18 billion in the next

six years. And that is 'The

World' this evening. I'm Nick

Grimm. Thanks for your company.

Hello. Nick Grimm updating

ABC News. The British Prime

Minister David Cameron and French President Nicolas

Sarkozy are in lib crumeeting with the country's new leaders.

They're the most senior

Western leaders to visit Western leaders to visit since Moammar Gaddafi was ousted.

Britain and France have

spear-headed the ongoing NATO

bombing campaign in Libya. Mr

Cameron said there was still

work to be done in the

transition from dictatorship to

finished yet. There are still

parts of Libya under Gaddafi

control and the message I think

to Gaddafi and all those still

holding arms on his behalf is

it is over, guv up. The mercenaries should go home.