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(generated from captions) This Program Is Captioned Live. Tonight - all pumped political leaders trade blows Tonight - all pumped up. The

over economic management. For the economy at large, Mr Abbott is a risk. He is losing the

pressure on interest rates. World markets dive for cover after Greek bonds turn to And Goldman Sachs cops a after Greek bonds turn to junk.

grilling in Good evening. Craig with ABC News. Across the globe and right on our own the focus in the past and right on our own doorstep,

or so has been all about the focus in the past 24 hours

markets and money. The decision to downgrade Greece's debt junk status has sent to downgrade Greece's debt to

through trading junk status has sent a shudder bringing back memories of the Investors rushed for the global financial crisis.

over fears the will spread to other European over fears the Greek crisis

figures reignite countries. New inflation

about whether interest rates will rise again next month. And the leaders were talking up their next month. And the political

economic credentials the budget. More on and inflation in a moment, but first, to Federal Parliament. And a emissions trading aside, the Prime Minister has returned to his chosen battlegrounds of health and The government's been on a two-week policy-flipping cost-cutting spree. Now Tony Abbott's joining in too. He looking for around $10 Abbott's joining in too. He is

credentials as an Conservative in the budget credentials as an economic

is more interested in CPR than season. These days Kevin Rudd season. These days Kevin

CPRS. His emissions scheme could CPRS. His emissions trading

2012 but in the meantime scheme could be revived after

trying to breathe life into his green credentials. You biggest renewable energy this government roll out the

this biggest renewable energy plan Since Tony Abbott took over, Kevin Rudd's changed on asylum seekers, insulation, Kevin Rudd's changed direction

child care and now change. Who remembers climate change? (LAUGHTER) The Opposition Leader labelled the Prime Minister a gutless phoney. This is the most spectacular backflip in century. spectacular backflip in half a essentially ruled out a double century. The government's

dissolution on climate but when it comes to the rebate, it's keeping a private health insurance

on the early election trigger. We'll certainly be making sure that we prosecute this issue to the fullest extent. It all points to an election dominated by and economic management. This budget will be a problem for him. Tony Abbott wants to find $10 billion in savings in his first term. Scores of public could be on the chopping block and the coalition is likely to pull the plug on the national broadband network. The broadband network. The last thing thing you will see from the next coalition next coalition government is the kind of waste, spending spree that we've seen from Mr Rudd. Note very carefully what's been said today. And that is, gone, network for people who don't have proper access have proper access to broadband with decent speed and decent band width. The decision to shelf the ETS decided Labor ranks. Some MPs said they were dismayed and disillusioned while Prague mattists were surprised by reaction. Tomorrow the government will try to the conversation health. Multiple sources told the ABC tobacco companies The government's scheme has set back the renewable energy sector by years according to industry leaders. They've warned that millions of dollars worth millions of dollars worth of projects projects are at stake, while Australia's international negotiating position on negotiating position on climate

change has been weakened. Solar power feeds less than 1% Australia's energy Australia's energy market. But the industry had hoped an emissions trading emissions trading scheme would fuel a surge fuel a surge in clean energy growth. This has been a major setback. We'd developed a degree of momentum. Now that's on pollution would've made clean energy like solar, wind and and gas more competitive. With an ETS on ice until 2013, the industry says millions dollars worth of investments are now on important for businesses important for businesses such as ours to have certainty won't invest until we certainty. Ali Baghaei is part of a team operating energy plant south energy plant south of Sydney. He says future investments the clean energy market also go result. Yes, ultimately it could encourage companies renewable sector to expand growth and future elsewhere. Long term, some in the industry say it will now be difficult for Australia to meet its global agreement without an emissions trading emissions trading scheme. And the pressure is now on Federal Government to deliver an alternative policy. The Commonwealth policy now driving clean power is the renewable energy target renewable energy target of 20% by 2020. And some warn that any delay introducing tougher tougher legislation comes with a price. The a price. The evidence suggests that the longer you wait the more it costs. All eyes will be on be on the Federal Government when it unveils its promise of the country has ever seen. the biggest renewable project

As we As we mentioned earlier, the Greek financial crisis is Greek financial crisis is now spooking markets across the problems engulfing Europe saw heavy selling across America, Asia and Australia. Asia and Australia. Some analysts say the global will stop the Reserve will stop the Reserve Bank putting up interest rates next week, but today's stronger than expected inflation expected inflation numbers leave policy leave policy makers with a serious dilemma. Europe's troubles have always been on the mind of the mind of the Reserve Bank, but is it worried? Seems to have got a bit more messy in the past 24 hours. it's been fairly it's been fairly localised within Europe. Australia's problem is stubbornly high inflation. inflation accelerated by 0.9%, leaving the annual rate at the top of the RBA's 2 to 3% comfort zone. own measure, own measure, also picked up during the quarter. The government put it down one-off effects. The biggest increases came from life's essentials. Health, essentials. Health, education, petrol, housing. That's why the government has government has been so focused on delivering the tax But it may mean the inflation focused Reserve Bank deliver another rate hike week. Even with what's happening in happening in Europe, perhaps being quite troubling being quite troubling for markets, we still think the case for an interest rate hike next week strong. Greece's credit rating was cut to junk status, fueling default fears and pressuring policy makers to widen bail-out. Interest rates higher, share markets higher, share markets in Europe and the US dived between 2 and 4% and all markets lower, including Australia, where losses were just over 1%. News's the Greece's accelerating downward economic spiral has sparked more protests in Athens. have marched against a joint EU and IMF rescue package which supposed to help Greece supposed to help Greece with its debt crisis. The Greek Government is under pressure to make cutbacks across the economy. In order to bring about a reversal of the negative trends we must surpass ourselves and favourably surprise the favourably surprise the markets by achieving even greater improvements than the there is no there is no room for any more austerity measures. EU leaders will hold a meeting on will hold a meeting on Greece's economic troubles next month. economic troubles next month. A who's who of gold man sacks executives have faced a grilling global financial crisis. For hours they answered questions from angry politicians accused them of selling accused them of selling their clients bad investments clients bad investments while betting they would though they may have re regrets the executives say they do nothing wrong. It had all the signs of a stunning Current and past executives from Goldman Sachs faced the wrath of US senators. You less oversight than a pit boss in Las Vegas. The Wall giant is accused of fraud giant is accused of fraud over its mortgage investment scheme that cost investors $1 billion. The as charged. And cited emails suggesting there's more to come. Boy, that Timberwolf was one shitty deal. How much that shitty deal did you sell to your clients? The CEO waited six hours to face a grilling and company that's been the most profitable on Wall despite the meltdown. The nature of the principal business and market-making that we are the other side of what our clients what our clients want to do. You are taking a position against the very security you are selling, and not troubled. As I again ... Jew want people to trust you? Senator, I think people ... I won't trust you. There was little contrition heard during the day-long during the day-long testimony, including the trader who the trader who described himself as 'Fabulous deny categorically the deny categorically the SEC's allegations and I will defend myself in court against this false claim. poor decisions but nothing more. Regret to me means something that you feel like you did wrong you did wrong and I don't have that. While Wall being put on being put on trial the Democrats were still struggling to get Republican support to get Republican support to push through the financial regulations that they say will help prevent another global financial crisis. That's a political debate that could still be weeks away still be weeks away from a final Ukraine's Parliament has been plunged into chaos plunged into chaos over a controversial controversial military agreement with Opposition politicians hurled smoke bombs in the clashes broke out. All by a debate by a debate over whether to allow Moscow to extend allow Moscow to extend its lease on a naval base lease on a naval base in Crimea. The speaker came a volley of eggs. He managed maintain composure despite the attack. In the end, Parliament voted in favour of the deal with Moscow. The opposition says the government has given up a piece of up a piece of Ukraine's sovereignty. Doctors are Doctors are launching an ambitious bid ahead of next month's Federal Budget. The Australian Medical Association is calling for $830 million upgrade GPs' ageing surgeries. The AMA says the Federal Government has been so preoccupied with hospital reform , it's overlooked reform , it's overlooked the

plight of the family doctor. Each week, family doctors do two million consultations. Say aah. Nice and wide. But it's estimated there are tens of thousands of patients unseen. Well, initially I tried to get into this practice three weeks ago. The Australian Medical Association has conducted the first has conducted the first survey of 1,500 GP patients. It found almost 90% have a dedicated family doctor satisfied with the care satisfied with the care they resee. As I'm getting older resee. As I'm getting older I need more of it, of course, but guess. But doctors say over national health reform has overlooked issues facing family practices. facing family practices. They warn some of the warn some of the 15,000 GP clinics around the clinics around the nation are under threat from under threat from the Federal Government's GP superclinic s. Some of the ones that open are in areas where there was a reasonable amount of general practice infrastructure and they were not and they were not necessary. The association wants government to inject $830 million building up existing surgeries instead. I'd rather go to a family practice and rather have a doctor. The association also says nurses could ease the burden by taking on more calling for calling for the Federal Government to lift the Medicare rebate to support this. We rebate to support this. We want to see a system to see a system where GPs can get for the health services require require, recognising that's not always that's not always doctor services. services. The association is also finaliseing a new to change the Medicare benefits Medicare benefits schedule to increase access to allied care. Next month Next month the Federal Health Minister Nicola Minister Nicola Roxon will announce changes to simplify Medicare, cut red tape and reward doctors who spend more time with their patients. News Limited has News Limited has launched be a extraordinary courtroom broadside against one of broadside against one of its former top editors. Bruce Guthrie who was dumped as editor of editor of Melbourne's 'Herald Sun' is group for wrongful dismissal. Today, his style journalistic credibility came

under fierce attack. He's already grappling with rugby league's salary cap scandal. Now News Limited Now News Limited boss John Hartigan is dealing Hartigan is dealing with another Melbourne storm. How damage something been called to Victoria's Supreme Court to explain why he's sacked 'Herald Sun' editor Bruce Guthrie in November 2008. Mr Guthrie says his came out of the blue, and is seeking nearly compensation. But Mr Hartigan has told the court Mr Guthrie was removed was removed because the paper had lost its He also cited the toxic relationship between Mr relationship between Mr Dwuth ree and Peter Blunden, News Limited's Limited's top Victorian executive and Earlier, in a searing cross-examination, News Limited counsel Will Horton QC raised criticisms plaintiff Guthrie's editing skills. In football editing skills. In football mad Melbourne, Melbourne, Mr Guthrie was accused accused of not giving adequate front-page coverage to front-page coverage to key matches in the 2008 AFL finals series. He was also grilled about the placement of news stories. stories. Mr Guthrie said editorial decisions were made by subordinates. News Limited has rejected claims the 'Herald Sun' claims the 'Herald Sun' sold more papers under Bruce Guthrie's editorship. The Guthrie's editorship. The court was given figures was given figures showing circulation fell while he was in the top job, with Mr Hartigan saying with Mr Hartigan saying Mr Guthrie failed to sales. The hearing continues. The government has made another appointment to the ACT Magistrates lawyer Lorraine Walker will take the spot left by John Burns who was promoteed to chief magistrates last year. Mr Walker has worked in the for the past 10 that she was a Crown Prosecutor, a solicitor and legal officer in the Air Force. She says she wants to make She says she wants to make sure people in front of the aren't confused by the process. They're unrepresent t, one of the roles of the court is to make sure that in the they're being they're being dealt with they understand what's going understand what's going on, but also thinking in also thinking in terms of decision-writing. It's important that they be not too long and relatively clear. She will take up July. Some overzealous council cleaners have blotted out a piece of acclaimed Melbourne street art. The stencil street art. The stencil by world renowned British artist Banksy disappeared spruce up an inner spruce up an inner city lane way. Public art Mac runs a gallery in street art hub that is Hosier Lane. He was there when council cleaners rubbed out the famous stencil of a rat with a parachute. I looked up this way and I saw a guy with a and caught him just as he was rolling over the Banksy and I sort of went oh! Banksy painted one of his trademark rats during a visit in 2003. This was not the Lisa.S had regrettable that we have lost it, but it was an honest mistake by our in removing in removing tagging graffiti. Andy Mac Banksy will be enjoying Banksy will be enjoying all the fuss In the process it attention to street art and attention to street art and a whole lot of other issues. It's not the first time one of Banksy's works has Banksy's works has disappeared in Melbourne. In 2008, vandals poured paint behind the perspex sheet covering this The council says that goes to show street art. If in street art. If in the future Banksy were here we'd certainly issue an open invitation for him to continue that art in the city. And the artist will get that chance in Jean, when he comes Jean, when he comes to Melbourne for Melbourne for the Australian launch of It's called Trove and for good Library's new search Library's new search engine really is a treasure really is a treasure trove for researchers and armchair historians. So far more than 90 million items can be accessed through the site, making through the site, making the resource of resource of 1,000 Australian libraries available at the touch of a button. With just the click of a mouse, you bring Australia and its into your lounge into your lounge room. All of the general public has great interest in it, because it's in essence an Australian essence an Australian search engine but we engine but we have particular interest from genealogists, people looking for their family history, or local history. Welcome to Trove, history. Welcome to Trove, the National Library's new engine. And it's not just engine. And it's not just about books. Users un published photographs, archived web sites and music and archives Basically we have a simple search box where you can type in Cate type in Cate Blanchett and then just click What Trove will do is return you a the greatest the greatest achievement on Trove is the collection Trove is the collection of digitised newspapers dating back to 1803. A mammoth task of scanning dozens of titles is something few institutions anywhere in anywhere in the world have attempted. So you don't have go into a library and browse hours and hours microfilm any more. But digitised newspapers aren't digitised newspapers aren't the only trailblazing aspect allowing users to correct allowing users to correct or improve content and to tag items for the benefit of other users. A set of users that are interested in a particular history research, we're allowing them to connect allowing them to connect with each other and to be able build a community around Trove. After three years of work more than 90 million of now available on Trove sand this is just the beginning. The library is in talks with other organisations, including the ABC, about getting more material into this To finance. As To finance. As you've heard, Greece's markets hard around the world today. As Alan Kohler there are fears of another financial crisis should default on its debts. As you have heard Greek Government debt is now officially described as Poor's took it down a Poor's took it down a notch last night. Two year Greek Government bonds now fetch Government bonds now fetch 15.4 first interest, 2 % more 24 hours ago. You twice about that twice about that given the probability of loss. comparison you can only get on a bank term deposit in Australia at the Australia at the moment. Predictably, European share markets were crunched especially the basket cases collectively known as collectively known as PIGS, Portugal, Greece and order their share indexes order their share indexes were all That flowed through to a 2% drop on Wall Street, a 1.2% fall in Australia today, and a 2.6% drop in Japan 2.6% drop in Japan as well. Markets feel like there's a a sword of Damocles hanging over them called sovereign debt. This graph shows sovereign debt as a percentage of GDP for the G7 advanced nations since including IMF forecasts for the next few next few years. In 1950, it was more than 100% because of World War II. After rising steadily since the first oil shock since the first oil shock in 1972, it's now back at GDP, not because of war, but because of the GFC. Which was caused by banks. As you heard, one bank Goldman Sachs was getting the rounds of the kitchen from US senators night. And this graph shows what's at stake. It what's at stake. It charts relative financial wages against financial since 1909. And it's a near perfect match. Regulation such as occurred after as occurred after the Great Depression cuts bankers' wages. Deregulation lets the Deregulation lets the pay packets run free. packets run free. The euro fell again as you would expect, so the Australian dollar is higher against that. But down to just above 92 US cents and below 86 yen. And that's finance. In news just in, violent clashs have broken out between police and anti-government protesters in Thailand. Soldiers have fired rubber bullets and tear gas at the so-called red shirt demonstrators on the outskirts of Bangkok. There are reports police have also fired live ammunition into the air. least 10 people injured and the army says a soldier has been shot head. Brumbies fly sit before a disciplinary hearing tonight over comments he made about referee Steve Walsh. The Brumbies fired off a scathing report to the Super 14 governing body SANZAR over Walsh's performance in the on Saturday night. Giteau made his feelings clear earlier this week, when asked how week, when asked how he felt about Walsh refereeing about Walsh refereeing this weekend's game against Reds. I don't know if we'll turn up. What's turn up. What's the point? You're relegateed? I think everyone is. Walsh has subsequently been dumped from the Queensland match, but Giteau could still be suspended Huxley will miss the because of a hamstring because of a hamstring injury. Stirling the injured list. Lleyton Hewitt has found form on clay ahead of the the Davis Cup tie against Japan and next month's French Open. Hewitt defeated Russian Mikhail Youzhny in the first round of the Rome Masters. There hasn't been Masters. There hasn't been too much to write home about for Lleyton Hewitt Lleyton Hewitt this year. But at at the Rome Masters, the world No. 32 had his best win since hip surgery in January. The Australian overcame the 9th seat Mikhail Youzhny seat Mikhail Youzhny in straight sets. Federer straight sets. Federer fe's timing is out in the lead-up to his French Open defence. The world No. 1 with had a world No. 1 with had a shock second round loss to Latvian Ernest Gulbis. Brett Lee's wretched run Lee's wretched run with injuries has continued. The paceman is out of the paceman is out of the World Twenty20 tournament in the West Indies after straining Indies after straining a muscle in his right arm during the warm-up game against Zimbabwe. If Australia is allowed to up a late replacement, up a late replacement, Ryan Harris and Doug Bollinger the top candidates. Lee broke his thumb his thumb at the Indian Premier League after missing the with an elbow injury. It was with an elbow injury. It was a disappointing disappointing day all round for Australia which lost by 1 Australia which lost by 1 run to Zimbabwe. David Warner hit 72 off 49 falls. The World Twenty20 champion Pakistan had a dreadful summer in Australia. But in Australia. But captain Shahid Afridi has provided Shahid Afridi has provided some food for thought ahead of Tournament. Against Australia, I think we should go with spin, so I think we'll get some good results. Adelaide United has secured a home game round of 16 knock-out match in the Asian Champions League. The Reds lost 1-0 to Shandon Luneng but still finished on top of Group H. The Adelaide supporters and the coach were unimpressed with believed were believed were time-wasting tactics from the team. I think that was team. I think that was quite disgraceful what disgraceful what happened tonight. They're a good footballing side. They don't need to revert to those through to the European Champions thrashing Lyon 3-0 in the second leg semifinal. Croatian Olic was unstoppable. The German club will meet either Barcelona or Inter Milan in the final. Australia's Neil Robertson needs one more Robertson needs one more frame to book himself a place in the last four of last four of snooker's World Championships. the table with a chance to seal the win before a late from soiks-time champion Steve Davis took the game final session. It's 21 final session. It's 21 years since the Englishman Davis last won the world title. Robertson is aiming to be modern era. To many people modern era. To many people a diagnosis of with a with a disability but Stephen Wiltshire's proving that theory very wrong. very wrong. His autism gives him a near photographic which he uses to produce around the world. Stephen Wiltshire has an incredible ability. He can draw ability. He can draw city scaips in defail thanks to his autism but he says it's not as easy as it may look. Sometimes hard to remember, lots and details and the buildings makes the drawing, Stephen drawing, Stephen Wiltshire spent 20 minutes taking in view from Sydney Tower. put pencil to paper to create a remarkable replica of the image. days to finish one drawing. The 36-year-old says he was drawn to Sydney by its Opera House. taken him around the world. His favourite subject is New York. Skyscrapers and then New York yellow taxi cabs, crowded people and sometimes they're chaotic. To help him get into the always listens to music when he SONG: # Livin' just enough # Just enough # For the city # 70s and was diagnosed as autistic at 3 and at 5 began drawing and at 5 began drawing animals and the London Underground. While While it seems like Stephen Wiltshire memory, he says he does take creative licence with artwork. I think the absolutely amazing. Brilliant. His mind is incredible and the moment ree that he has. I moment ree that he has. I think it's something it's something everybody would wish that they had. And haven't got. Next stop for this artist is Bermuda. Extraordinary! To the weather now. In contrast yesterday, there was plenty There is band cloud from the stretching through to the Tasman Sea associated with a low pressure trough. A ridge of high pressure is still dominant feature. maintaining fine weather and will do so until the weak cold front is through, but it will stay mostly to our south. just the chance of showers in the ranges tomorrow. Around the capitals That's ABC News. Stay with us for the 7.30 Report coming up next. Thanks for your company. Goodnight. This Program is Captioned

Live.

Welcome to the program. The

reverberations of the financial

collapse of 2008 continue to

reck shai around the globe.

Greece's debt has today been

downgraded to junk status by

ratings agency Standard & Poors

provoking anxiety on stock

markets around most of the

world and in Washington

executives from Goldman Sachs

have been attacked for the

reckless and possibly illegal

activity that contributed to

the financial crisis. As the

drama continues to unfold at

the US Senate inquiry

Republicans in Congress remain

opposed to a wider financial

reform bill designed to rein in

Wall Street. Michael

Brissenden reports from Washington.

Goldman Sachs is the most profitable bank in Wall Street

history. Its traders are the