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Nightly Business Report - Monday March 18 2013.pdf

Nightly Business Report - Monday March 18 2013.pdf

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Tonight on Nightly Business Report, the controversial bank bailout on the tiny Mediterranean island of Cyprus is raising a lot of eyebrows. Mohammed El-Erian, CEO of Pimco, the world’s largest bond investment company, tells NBR why it matters to you.
And, economist and New York Times columnist Paul Krugman weighs in on the U.S. economy.
Tonight on Nightly Business Report, the controversial bank bailout on the tiny Mediterranean island of Cyprus is raising a lot of eyebrows. Mohammed El-Erian, CEO of Pimco, the world’s largest bond investment company, tells NBR why it matters to you.
And, economist and New York Times columnist Paul Krugman weighs in on the U.S. economy.

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Published by: Nightly Business Report by CNBC on Mar 22, 2013
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 <Show: NIGHTLY BUSINESS REPORT><Date: March 18, 2013><Time: 18:30:00><Tran: 031801cb.118><Type: SHOW><Head: NIGHTLY BUSINESS REPORT for March 18, 2013, PBS><Sect: News; International><Byline: Susie Gharib, Tyler Mathisen, Sue Herera, John Harwood, Julia Boorstin, BrianShactman><Guest: Mohamed El-Erian, Brian Wesbury, Paul Krugman><Spec: Cyprus; Europe; Stock Markets; World Affairs; Economy; Policies; Business;Consumers; Housing><Time: 18:30:00>ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen andSusie Gharib.SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Markets around theworld sell off as investors worry whether a bank bailout plan for Cyprusmeans for trouble in Europe`s financial system. We`ll get answers fromPIMCO`s Mohamed El-Erian.
 
TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Nobel laureate PaulKrugman diagnoses American`s biggest economic challenges.GHARIB: And builders say demand for homes is up, but so are costs and buildable land is scarce. Why home builders aren`t as confident as theyhave been.We have that and more starting right now.Good evening, everyone.Tyler, you know, it`s just amazing how one small country in theMediterranean can create such big problems for the rest of the world.MATHISEN: This maybe a tiny black swan, but it can still bite. Stock markets around the world wobbled today in response to a plan floated over the weekend to bailout the troubled banks of Cyprus. Part of the proposalnow being reworked, would take money from the depositors to pay for therescue.Cyprus, a tiny eurozone island nation, has an economy the size of Vermont but a banking sector crippled by the Greek financial crisis withassets eight times as great as the country`s GDP. And therein lies therub.
 
The reemergence of Europe`s financial woes comes as no surprise tomany analysts. Listen to what former Fed Chairman Alan Greenspan told NBFriday.(BEGIN VIDEO CLIP)ALAN GREENSPAN, FORMER CHAIRMAN OF THE FEDERAL RESERVE:Europe has been hanging over the American markets now for quite a while. And theremoval of that risk, at least temporarily, and I think it is onlytemporary, has enabled the underlying forces of the market to begin to comeinto vision.(END VIDEO CLIP)MATHISEN: And today, the clearer vision that Greenspan referred towas clouded the Cyprus.Sue Herera has our report on why Cyprus matters.(BEGIN VIDEOTAPE)SUE HERERA, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):Cyprus is a smaller island with an even smaller economy. But right now,the world`s biggest markets are closely watching what happens in the tinyMediterranean nation.

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