Transcript

RENEE MONTAGNE, HOST:

Private creditors holding Greek bonds have until the end of today to participate in the largest sovereign debt restructuring in history. This means creditors must exchange the Greek government bonds they now hold for new ones that are worth far less. Some creditors are balking, since it means up to a 70 percent loss on their returns.

Transcript

RENEE MONTAGNE, HOST:

NPR's business news starts with allegations of price fixing on e-books.

The Justice Department is threatening to sue Apple and five major U.S. publishers for allegedly colluding to raise the price of digital books. The Wall Street Journal reports that Apple persuaded publishers, including Harper Collins, Penguin and Simon and Schuster, to change how they price their e-books before the launch of the first iPad in 2010.

Transcript

STEVE INSKEEP, HOST:

Here's a stunning fact we came across as the anniversary of Japan's tsunami and nuclear disaster approaches. Of Japan's nuclear plants, only two of 54 reactors are currently active one year after the disaster. To talk about the implications of this, we've called Kenneth Cukier. He is Tokyo correspondent for The Economist magazine. He's on the line.

Welcome to the program.

KENNETH CUKIER: Hi, there.

Sam LaHood, the son of U.S. Transportation Secretary Ray Lahood, spent four weeks holed up at the U.S. Embassy in Cairo, sleeping on an air mattress part of the time and trying to fathom why the Egyptians wanted to prosecute him and his pro-democracy colleagues.

Eventually, LaHood's organization and others with employees facing prosecution paid more than $300,000 a person in bail to get them off the Egyptian travel ban, and the U.S. government flew most of them home.

Republican presidential candidates this week — with the exception of Ron Paul — appeared to be trying to outdo each other in saying how tough they would be in dealing with Iran. Speaking before a pro-Israel group, they said President Obama has been weak — "feckless," in Mitt Romney's words.

Obama, meanwhile, was not impressed. He said he'd heard a lot of "bluster" and "big talk" about Iran, "but when you actually ask them specifically what they would do, it turns out they repeat the things that we've been doing over the last three years."

"I have a little bar. A drinks bar," says Chadd Ritenbaugh. His bar is called El Catalonia. It's in the port of Marbella, on the Spanish coast.

"Just sun, sand, and sea," he says. "It's just kind of empty at the moment."

Ritenbaugh bought the bar in 2009. Since then, business has gone downhill. He tried, and failed, to sell.

"Nobody's out buying bars right now," he says. "Banks in Spain are not lending a cent — a euro cent."

Chad himself tried and failed to get a bank loan. "Absolutely nothing," he says.