in the details, as well as the devils. david thank you. we will continue to cover these issues on bloomberg television. we will have the president address in 15 minutes. "bloomberg west" will be back on monday. >> from bloomberg world headquarters in new york, i am mark crumpton. this is "bottom line," the intersection of economics and business with a main street perspective. we have full coverage of the stocks making headlines today. we look at how ceos are taking a stand on political and social issues. we begin with peter cook. he is at the white house with more on the obama administration's reaction to the agreement that was reached on

the outline for a nuclear deal with iran. peter, good afternoon. peter: good afternoon. we will hear from the president in about 15 minutes and get his reaction to this landmark agreement between united eggs the european union, the p5 plus one -- the united states, the european union the p5 plus one nations. this deal will allow negotiators to fill in the details between now and july 1. it will be in exchange for an easing of sanctions on iran. what we heard is the negotiations went into extra time in switzerland. some of the details that have emerged -- iran will have to reduce the number of centrifuges it has down to about 2/3 of the existing total, about 6000 centrifuges. that will be controversial on capitol hill.

other aspects -- they will be allowed to do some nuclear research going forward at some of their facilities, but it will be monitored to some extent. there are questions about what will happen to the enriched uranium in iran, concerns that could be used to make a nuclear weapon. some of that will be diluted but remain in iran. some of it will be moved to third-party countries. those are some of the details of this agreement. it is a framework agreement for a much more since angel, detailed agreement -- much more substantial, detailed agreement due on july 1. this deal is acceptable. it is not clear -- was not clear when the day began whether we had reached this point. a big moment and controversial moment for this administration. the job of selling this agreement not just to members of congress, skeptical members of congress on capitol hill, but u.s. allies like israel now begins. that may be even more

challenging than the negotiations that have played out so far. mark: we are hearing remarks sent out from benjamin netanyahu's office. he says iran must "significantly curb its nuclear capacity." he goes on to say "iran must deal with and stop its quote, terrorism and aggression." how is this going to play out on capitol hill? the controversy still on the hill from the prime minister's remarks their last month. -- remarks there last month. peter: it is going to be a challenging environment for the u.s.-israeli relationship, the relationship between obama and the prime minister. what they want to get out of these talks -- what they wanted to get out of these talks was unreasonable. still, this is a diplomatic solution to curtailing iran's nuclear capability, in the u.s.' interests and in israel's. the u.s. tries to -- u.s. work

to convince netanyahu of that now begins. the question remains what happens after that. u.s. moves forward without the blessing -- if the u.s. moves forward without the blessing of israel, could there be conflict in the middle east? we will see. one of the major challenges for the president, something he will touch on in the rose garden shortly. mark: what was at stake for president obama, his administration during these talks? peter: he has invested a lot of time and effort and risk in engaging in these negotiations here to at what's happened with the relationship with israel -- negotiations. look at what's happened with the relationship with israel. this could be a signature foreign-policy achievement for this president, something not a lot of people expected when he first took office even when he talked about it as candidate obama in 2008.

a lot riding on this. a lot of people will be questioning whether or not he was too eager to reach this deal and not tough enough on iran. mark: bloomberg's chief washington correspondent peter cook at the white house. thank you. let's get reaction. julie hyman is at the breaking news desk with the details. julie: good afternoon. we saw oil trending lower even before this announcement of some kind of outline agreement in these talks. since then, we have seen oil moved even lower. according to the iranian oil minister, he made comments last month that the country could boost shipments by one million barrels per day if the oil sanctions against iran were lifted, as it looks like they are now going to be. this extra supply could put more pressure on will prices and add to the glut that we have already seen of oil supply. given all of that reasoning, that's why we are seeing oil trend lower than it was even earlier.

if you are looking at the effect we are seeing on the market, we are seeing it being felt among the refineries. those stocks are trading lower. energy, probably, is little changed -- energy broadly is little changed. marathon petroleum phillips 66 -- as for the broad equity markets, broad stock markets, we are just not seeing much reaction at all. we have been seeing stocks rising throughout the day after we got some encouraging -- more encouraging economic data in the form of jobless claims and factory orders, investors gearing up for the big's job -- the big jobs report tomorrow. the equity impact of this agreement does not seem to be being felt today. mark: julie, thank you. let's get to the other top stories we are following on this thursday.

greek prime minister alexis tsipras' chief rival is offering a political rescue. anton is samara's -- antonis samaris is willing to join the government if the current austerity falls apart. the prime minister is calling the opposition proposal "a midsummer night's dream." in eastern kenya terrorists attacked a university campus today. the government says at least 70 people were killed, more than 50 others hospitalized, more than 500 people still reported missing. according to kenya's president, the attackers took an unknown number of hostages. the option bob militant group -- the house about -- the al-shabab militant group took responsibility. that's a look at the top stories we are following. fewer americans are filing for unemployment benefits. jobless claims in the u.s. fell to a nine-week low last week.

the mayor of syracuse, new york joins me this afternoon. welcome back. it is good to see you again. mayor: thank you. mark: you have daily contact with your voters. what are they telling you about their job prospects? mayor: i can tell you it is all about income inequality. jobs available are frequently in the tourism section. they are not making the kind of money they once did. they are worried about health care, worried about what they are going to do, if they are ever going to be able to retire. it is a tale of those who have and those who have not, who are wondering if they will ever be able to get in the market again and be able to take care of themselves and their families. mark: have cities been forced to take the lead on economic issues because of dysfunction in washington? can you even count on the federal government anymore? mayor miner: there is a

philosophical battle going on about the proper role of government. but on issues that are incredibly important to our economy, like infrastructure, when you see the federal government, congress in particular, say the federal highway trust fund may run out of money as those of us in the city are dealing with roads, bridges, and water mains falling apart -- that is ultimately economic development. that's how you get goods to market. as a country, we've always agreed on investing in infrastructure. we've always been the beneficiaries as a country of that. we are starting to design -- to see that literally crumble in terms of our infrastructure and in terms of how the federal government, and in many cases state government are trying to solve these problems. mark: you have been a fierce and packs -- passionate advocate of infrastructure spending. you discussed how syracuse's infrastructure problems are harming your ability to function as a city.

have any businesses told you they want to relocate to syracuse but decided against it because of persistent infrastructure issues? mayor miner: businesses that are in syracuse are saying they want to stay in syracuse, but the four water main breaks -- they have had to close business early four times. they are starting to wonder if they can get dependable water. people are complaining all the time about potholes and the extreme weather that we have had this year in particular. but i can tell you it is kind of cold comfort, because whether they are in syracuse or in california, infrastructure issues are something that unites our entire country. that is why it is incumbent on the federal government, but also state governments to try to solve these issues, because it is the very foundation of economic development. mark: yesterday, the city of seattle announced a $15 per hour minimum wage increase.

everyone who works in seattle should be able to afford to live in seattle said the mayor. where do you stand on the minimum wage debate, and does it increase, as the critics contend -- does the increase as some critics contend, forced small businesses -- force small businesses out of business? mayor miner: i can tell you we have seen the demand for food kitchens and shelter dramatically increase, but there has to be an overall economic solution. you can't just point to the minimum wage and say, increase that. as mayor sometimes it is the only thing we can do. we need partners from other levels of government to help us. if we could increase the minimum wage in syracuse, we would probably force businesses to go right over the line into the suburbs, where he wouldn't have as high -- where they wouldn't have as high an increase in minimum wage. we need a strong educational

system. we need to make sure we are all being beneficiaries of this economy, not just a small number. mark: stephanie miner the mayor of syracuse, new york. thanks for your time. mayor miner: always my pleasure. thanks for the opportunity. mark: details on the strike by the vietnamese workers at a factory that makes footwear for nike and adidas. later, 2:30, a roundtable on the march madness final four. we are standing by for president obama, his remarks in the rose garden about the outlying -- outline deal on the iranian nuclear program. ♪

mark: let's get you some of the top stories we are following at this hour. french authorities at the germanwings'crash site have found the plane -- germanwings'

crash site have found the plane's other black box. the pilot -- the copilot researched "suicide" on the internet. workers in a major vietnamese footwear factory for nike's and -- nike and adidas have ended a weeklong strike after the government demand -- agreed to their demands on retirement payout. workers said if they quit, they would have to wait until their retirement age, 60 for men 65 f or women, to get the allowance. they prefer the lump sum to meet their daily needs well they look for a new job. it was a rare challenge to the communist authorities over policy issues. senator robert menendez says federal prosecutors don't know the difference between friendship and corruption. the new jersey democrat is promising to fight charges that he accepted free travel and campaign contributions in exchange for advancing the

financial interest of a longtime friend. senator menendez says he will not resign his office. senator menendez: the people of this great state elected me to serve and represent their interest in the united states senate, and that is exactly what i have and will continue to do no matter how long it takes to clear my good name. mark: senator menendez says he will step aside temporarily as the senior democrat on the foreign relations committee. he is the son of human -- cuban immigrants and has been highly critical of president obama's efforts to restore diplomatic relations with cuba. that's a look at the top stories we are following. my colleague, julie hyman, at the breaking news desk. julie: you're watching shares of motorola solutions, which has failed to find a buyer after trying to drum up interest from private equity firms and large industrial companies this according to people familiar with the matter. is it -- it is a scoop by

bloomberg news. the company's market value has proven too large to swallow. it has become more difficult for companies to get financing for deals in this environment. it seems as though that was a bit of a stumbling block for the deal. motorola had approached strategic buyers, including honeywell, but did not gain any traction. again, this according to a person familiar with the situation. if you look at how shares are trading in the wake of this -- early february, motorola was reported to be seeking a buyer. shares are down sharply in the wake of these headlines. you can see the immediate reaction. shares are now trading lower by about 4%. mark: julie thank you very much. as we await president obama's remarks about that interim agreement, that outline agreement on the iranian nuclear talks in switzerland let's go

back to my colleague, peter cook . he is standing by at the white house with the details. peter: we are waiting to hear what the president has to say. this is a big moment for this president. in the words of his secretary of state on twitter, "big day." a lot of time, and effort has been invested in the thank you over the last -- invested in this over the last -- a lot of time, effort, and money have been invested in this over the last few months. will this satisfy critics on capitol hill? will it satisfy critics around the world, including benjamin netanyahu? we will hear from the president shortly. he has delayed his trip to kentucky to be able to make this statement. we await word from the president, set to speak shortly in the rose garden. mark: mark halperin is the coanchor of "with all due respect."

he is also in washington today. is this a question of when is a deal not really a deal? mark h.: there are international negotiations. this will be sold as a good first, but there are still negotiations to be done still a question of how much unity there will be between partners. the initial deal looks promising. the president's bigger problem will be if he can hold converse together protect -- congress together particularly his own party, to hold off any additional sanctions until after this new negotiating period. mark c.: we are talking about a lot of technical information that has to be involved. the amount of centrifuges how long this program could go on when the sanctions might be lifted so iran fence exporting its oil -- iran can export its

oil. we are getting word on what might be in place. this is still not going to be a done deal. the president has asked congress to hold off on implementing more sanctions. if this deal is finally cemented at the end of june, what is this going to mean for congressional action? mark h.: i think there is not a foregone conclusion that the president will be given the time to work out these additional details between now and june. the matter is complicated by the fact that one of the leading democrats who has been skeptical of these negotiations, new jersey democratic senator bob menendez, because he has now been indicted for charges related to bribery and other accusations, has stepped down as the chairman of the foreign relations committee. that may help the president take some of the steam out of democratic efforts to join republicans involving --

republicans in balking at the deal. skeptics will not be interested in details of what iran is giving up. skeptics will say we don't trust this deal, we don't trust any deal that this president makes with this iranian government. that's part of what the president faces, that wall of skepticism. there are some in congress who will want to look at the facts who will want to look at the question of when to the sanctions come off. for many what will be as important as anything else is what the israeli prime minister says. benjamin netanyahu will almost certainly denounce the deal. how much does he actively lobby members of congress on both sides of the aisle to try to make it harder for them to support the deal? the president hopes today to create the running room that he wants between now and june to say no new sanctions let's see

what can be worked out, whether the details on both the sanction side and the nuclear nonproliferation side can be satisfying enough to avoid having a confrontation with congress over this. mark c.: is in the political reality -- isn't the political reality that president obama is not going to be able to convince prime minister netanyahu that this is a good deal and it ensures israel's safety and security? mark h.: i've never thought there was any possible deal that benjamin netanyahu would support. will there be a deal that netanyahu will to announce but not with so much effort and so much intensity that he fails to sway members of congress? that is really where the president's problems lie. we saw the president of france

be more hawkish than john kerry was in what they were asking from the iranians. we are waiting for the details. based on the initial remarks, there is unity right now between the president and the united states and the other powers negotiating with united states with iran. netanyahu's position will be clear. will the coalition hold together as the negotiations get down to the more detailed phase? in the united states and in the city, will democrats and republicans, mostly democrats will they be willing to give the president the -- this period to negotiate? if they don't it is very difficult for negotiations to continue. the iranians will most likely walk away. mark: c.: mark halperin joining us from washington.

iran and the world powers say they have reached an outline accord that keeps them on track to end a decade-long nuclear dispute. they will have three more months to work out the technical issues of this that they could not bridge during these last few days of diplomatic marathon negotiations. we heard from the iranian foreign minister javad zarif and the european foreign policy minister. all smiles and handshakes as it was announced. we go live to the white house and the rose garden, the president of the united states live on bloomberg elevation. president obama: -- bloomberg television. president obama: good afternoon, everybody. today, the united states, with our allies and partners, has reached an historic outline with iran, which, if fully and limited, will prevent it from obtaining -- if fully implemented will prevent it from obtaining a nuclear weapon. as president, i am convinced

that if this leads to a final, comprehensive deal, it will make our country, our allies, and our world safer. this has been a long time coming . the islamic republic of iran has been advancing its nuclear program for decades. by the time i took office, iran was operating thousands of centrifuges, which can produce the materials for a nuclear bomb , and iran was concealing a nuclear facility. i made clear that we are prepared to resolve this issue diplomatically, but only if iran came to the table in a serious way. when that did not happen, we rallied the world to impose the set -- the toughest sanctions in history, sanctions which had a profound impact on the iranian economy. sanctions alone could not stop iran's nuclear program, but they did help bring iran to the

negotiating table. because of our diplomatic efforts, the world stood with us and we were joined at the negotiating table by the world's major powers, the united kingdom, france, germany, russia and china, as well as the european union. over a year ago, we took the first step towards today's framework, with a deal to stop the progress of iran's nuclear program and roll it back in key areas. recall that, at the time skeptics argued that iran would cheat that we could not verify their complaints and the -- their compliance and the interim agreement would fail. instead, it has succeeded exactly as was intended. iran has met all of its obligations. it eliminated its stockpile of dangerous nuclear material. inspections of iran's program increased, and we continued

negotiations to see if we could achieve a more comprehensive deal. today, after many months of tough principled diplomacy, we have achieved the framework for the ideal, and it is a good deal , a deal that meets our core objectives. this framework would cut off every pathway that iran could take to develop a nuclear weapon . iran will face strict limitations on its program and iran has also agreed to the most robust and intrusive inspections and transparency regime ever negotiated for any nuclear program in history. so, this deal is not based on trust. it is based on unprecedented verification. many key details will be finalized over the next three months, and nothing is agreed to until everything is agreed. but here are the basic outlines of the deal that we are working

to finalize. first, iran will not be able to pursue a bomb using plutonium, because it will not develop weapons grade plutonium. the core of its reactor will be dismantled and replaced. the spent fuel from that facility will be shipped out of iran for the life of the reactor . iran will not build a new heavywater reactor and iran will not reprocess fuel from its existing reactors ever. second, this deal shuts down iran's path to a bomb using enriched uranium. iran has agreed that it's installed uranium -- that its installed centrifuges will be reduced by 2/3. iran will not enrich uranium with its advanced centrifuges for at least the next 10 years. the vast majority of iran's enriched stockpile of uranium will be neutralized.

today, estimates indicate that iran is only two or three months away from potentially acquiring the raw materials that could be used for a single nuclear bomb. under this deal, iran has agreed that it will not stockpile the materials needed to build a weapon. even if it violated the deal for the next decade at least iran would be a minimum of a year away from acquiring enough material for a bomb. the strict limitations around stockpiles will last for 15 years. third, this deal provides the best possible defense against iran's ability to pursue a nuclear weapon covertly, that is in secret. international inspectors will have unprecedented access not only to iranian nuclear facilities but to the entire supply chain that supports iran's nuclear program, from uranium mills that provide the raw materials to the centrifuge

production and storage facilities that support the program. if iran sheets, the world -- cheats the world will know it. if we see something suspicious we will inspect it. iran's past efforts to weaponize this program will be addressed. with this deal, iran will face more inspections than any other country in the world. so, this will be a long-term deal that addresses each path to a potential iranian nuclear bomb . there will be strict limits on iran's program for a decade additional restrictions on building new facilities or stockpiling materials will last for 15 years. the unprecedented transparency measures will last for 20 years or more. indeed, some permanent. and as a member of the nuclear nonproliferation treaty, iran will never be permitted to develop a nuclear weapon. in return for iran's actions,

the international community has agreed to provide iran with relief from certain sanctions. our own sanctions and international sanctions imposed by the united nations security council. this relief will be phased as iran takes steps to adhere to the deal. if iran violates the deal, sanctions can be snapped back into place. meanwhile, other american sanctions on iran for its human rights abuses, its ballistic missiles program will continue to be fully enforced. let me read emphasize -- re-emphasize, our work is not yet done. the deal has not been signed. between now and the end of june at the negotiators will continue to work through the house of how this -- the details of how this framework will be fully implemented and those details matter. if there is backsliding on the part of the iranians, if the verification and inspection

mechanisms don't meet the specifications of our nuclear and security experts, there will be no deal. but if we can get this done and iran follows through on the framework that our negotiators agree to we will be able to resolve one of the greatest threats to our security and to do so peacefully. given the importance of this issue, i have instructed my negotiators to fully briefed congress and the american people on the substance -- fully brief congress and the american people on the substance of the deal. i welcome a robust to be in the weeks and months to come. -- robust debate in the weeks and months to come. for -- the fact is we only have three options for addressing iran's nuclear program. first, we can reach a robust and verifiable deal like this one and peacefully prevent iran from obtaining a nuclear weapon. the second option is we can bomb

iran's nuclear facilities thereby starting another war in the middle east and setting by -- back iran's program by a few years, a fraction of the time this deal will set it back. meanwhile, we would ensure that iran would race ahead to try to build a bomb. third, we could pull out of negotiations, try to get other countries to go along and continue sanctions that are currently in place, or add additional ones, and hope for the best, knowing that every time we have done so iran has not capitulated but has instead advanced its program and, in short order, the breakout timeline would be eliminated. a nuclear arms race in the region could be triggered because of that uncertainty. in other words, the third option leaves us back quickly to deciding whether or not it should take military action,

because we would have no idea what was going on in iran. iran is not going to send we dismantle its program because we demand it to do so. that is not how the world works. that is not what history shows us. iran has shown no willingness to eliminate those aspects of their program that they maintain our for peaceful purposes -- maintain are for peaceful purposes, even in the face of unprecedented sanctions. should negotiations unless because we, the united states, rejected what the majority of the world considered a fair deal, what our scientists and nuclear experts suggest would give us confidence that they are not developing a nuclear weapon it is doubtful that we could even keep our current international sanctions in place. so when you hear the inevitable critics of the deal sound off, ask them a simple question -- do you really think that this verifiable deal, if fully

implemented, backed by the world's major powers, is a worse option than the risk of another war in the middle east? is it worse than doing what we've done for almost two decades with iran moving forward with its nuclear program and without robust inspections? i think the answer will be clear. remember, i have always insisted that i will do what is necessary to prevent iran from acquiring a nuclear weapon, and i will. but i also know that a diplomatic solution is the best way to get this done and offers a more comprehensive and lasting solution. it is our best option by far. and while it is always a possibility that iran may try to cheat on the deal in the future this framework of inspections and transparency makes it far more likely we will know about it if they tried to cheat.

and i and future presidents will have reserved all of the options that are currently available to deal with it. -- to the iranian people, i want to reaffirm what i've said since the beginning of my presidency -- we are willing to engage you on the basis of mutual interest and mutual respect. this deal offers the prospect of relief from sanctions that were imposed because of iran's violation of international law. since iran's supreme leader has issued a fatwa against the development of nuclear weapons this framework gives iran the opportunity to verify that its program is in fact peaceful. it gives -- it demonstrates that, if iran complies with its international obligations, then it can fully rejoin the community of nations thereby fulfilling the extraordinary talent and aspirations of the iranian people. that would be good for iran and it would be good for the world.

of course, this deal alone, even if fully implemented, will not end the deep divisions and mistrust between our two countries. we have a difficult history between us and our concerns will remain with iranian behavior so long as iran continues its sponsorship of terrorism, its support for proxies who destabilize the middle east, its fronts against american friends and allies, like israel. we will remain vigilant encountering those actions and standing with our allies. it is no secret that the israeli prime minister and i don't agree about whether the united eights -- states should move forward with a peaceful resolution to the iranian issue. if in fact prime minister netanyahu is looking for the most effective way to ensure iran doesn't get a nuclear weapon, this is the best option. and i believe our nuclear

experts can confirm that. more important, i will be speaking with the prime minister today to make clear that there will be no daylight, there is no daylight when it comes to our support for israel's security and our concerns about iran's destabilizing policies and threats towards israel. that's why i directed my national security team to consult close with the new israeli government in the coming weeks and that -- and months about how we can further strengthen our long term secured with israel and make clear our unshakable commitment -- long-term security with israel and make clear our unshakable commitment to israel's defense. today, i spoke with the king of saudi arabia to reaffirm our commitment to the security of our partners in the gulf, and i'm inviting the leaders of the six countries who make up the golf cooperation council -- the gulf cooperation council, saudi arabia, the united earth emirates kuwait, qatar, -- the united arab emirates, kuwait qatar --

we will resolve multiple complex that have caused so much hardship and instability throughout the middle east. finally, it is worth rendering that congress has, on a bipartisan basis, played a critical role -- is worth remembering that congress has on a bipartisan basis, played a critical role. in the coming days and weeks, my administration will engage congress once again about how it can play a constructive oversight role. i will begin that effort by speaking with leaders of the house and senate today. in those conversations, i will underscore that the issues at stake here are bigger than politics. these are matters of war and peace, and they should be evaluated based on the facts and what is ultimately best for the american people and for our national security.

for this is not simply a deal between my administration and iran. this is a deal between iran, the united states of america, and the major powers in the world, including some of our closest allies. if congress kills this deal not based on expert analysis and without offering any reasonable alternative, then it is the united states that will be blamed for the failure of diplomacy. international unity will collapse and the path to conflict will widen. the american people understand this, which is why solid majorities support a diplomatic resolution to the iranian nuclear issue. they understand instinctively the words of president kennedy who faced down the far greater threat of communism and said " let us never negotiate out of fear, but let us never fear to negotiate."

the american people remember that, at the height of the cold war, presidents like nixon and reagan struck historic arms control agreements with the soviet union a far more dangerous adversary, despite the fact that that adversary not only threatened to destroy our country and our way of life, but had the means to do so. those agreements were not perfect. they did not end all threats. but they made our world safer. a good deal with iran will do the same. today, i'd like to express my thanks to our international partners for their steadfastness, their cooperation. i was able to speak earlier today with our close allies, prime minister cameron, president along, and -- president hollande, and

chancellor merkel, to reaffirm that we stand shoulder to shoulder on this effort. and on behalf of our nation, i want to express my thanks to our tireless secretary of state, john kerry and our entire negotiating team. they have worked so hard to make this progress. they represent the best tradition of american diplomacy. their work our work is not yet done, and success is not guaranteed but we have a historic opportunity for event the spread of nuclear -- this opportunity to prevent the spread of nuclear weapons in iran and to do so peacefully, with the international community firmly behind us. we should seize that chance. thank you. god bless you are god bless -- god bless you. god bless the united states of america. mark: the president of the united states, speaking from the white house rose garden this afternoon, that speech lasting a

little less than half an hour. the president discussing that framework reached today on a nuclear deal with iran, those marathon talks taking place in switzerland. the president said that the deal is not based on trust it is based on unprecedented verification. the president said we have an historic opportunity, we being the united states of america, to reach a peaceful nuclear deal with iran, something that other administrations have been trying now for the past 12 or so years. again, the president speaking at the white house rose garden. let's get some reaction now. my colleagues still standing by. bloomberg's chief washington correspondent peter cook is at the white house. also in washington, mark halperin, the coanchor of bloomberg's "with all due respect." peter, let me start with you. the president saying this deal would cut off a pathway to iran making a nuclear weapon. that, according to some, is not good enough, that it should not cut off a pathway, it should ensure it. does this deal and sure it?

-- deal ensure it? peter: there will be critics who say this allows iran to maintain too much of it nuclear program, it iran's -- it allows iran to keep some of its enriched uranium. the challenge for this resident and administration is to spell out the iaea inspections the unprecedented, as he said levels of inspections that international teams will be able to conduct in iran. the big picture here is this is a president who is clearly hoping -- was clearly hoping for this day, could really prepared to make this sales pitch, that this is a good deal. i think that's we heard from the president, the beginning of a sales job. i understand john kerry may be preparing to speak. mark: he was the lead u.s. diplomat in switzerland, speaking to reporters today. let's go to switzerland. secretary kerry: the people of switzerland have gone above and beyond in order to facilitate

these negotiations, and i don't think anybody could imagine a much more peaceful setting in order to pursue a peaceful path forward. [speaking french] i also want to thank the very many other nations that have provided a home to these negotiations over the past couple of years. people forget that it has been going on that long. and that includes austria which was incredibly generous in hosting our delegation in the end for -- indiana -- in vienna for a long period of time. oman, which has not only hosted a number of important meetings but also played a critical role in getting these talks off the ground in the first place. and then, of course, we say thank you to russia, turkey kazakhstan, and my home country the united states.

i particularly want to thank president obama. he has can be -- he has been courageous and determined in his pursuit of a diplomatic path. and from the day that he took office, president obama has been crystal clear that a nuclear, armed iran -- nuclear-armed iran would pose a threat to our security and the security of our allies in the region, including israel. he has been just as clear that the best and most effective way to prevent that threat is through diplomacy. the journey towards a diplomatic solution began years ago. and i can tell you that i personally have been involved for about four years, beginning from the time that i was serving in the united states senate. others have been on this journey, and some of the others on our team, for even longer than that. but as foreign minister zarif

and high representative mogherini announced moments ago today we have reached a critical milestone in that quest. we are -- our p5+1 partners and iran have arrived at a consensus on the key parameters of an arrangement that, once implement ed, will give the international community confidence that iran's nuclear program is and will remain exquisitely peaceful -- exclusively peaceful. and over the coming weeks, with all of the conditions of the 2013 joint plan of action still in effect from this moment forward, our experts will continue to work hard to build on the parameters that we have arrived at today and finalize a

comprehensive deal by the end of june. now, we have said from the beginning -- i think you've heard me say it again and again -- that we will not accept just any deal that we will only accept a good deal. and today i can tell you that the political understanding, with details, that we have reached is a solid foundation for the good deal that we are seeking. it is the foundation for a deal that will see iran reduce its stockpile of enriched uranium by 98% for 15 years. it is a deal in which iran will cut its installed centrifuges by more than 2/3 for 10 years. it is a deal that will increase iran's breakout time which was confirmed publicly today to be two to three months, and that is

the time that it would take iran to speed up its enrichment in order to produce enough fissile material for one essential nuclear weapon -- one potential nuclear weapon. that will be expanded now under this deal to one year from those two to three months. that is obviously as much as six times what it is today and what it has been for the past three years. i would like also to make one more point very, very clear because it has been misinterpreted and misstated misrepresented for much of this discussion. there will be no sunset to the deal that we are working to finalize -- no sunset, none. the parameters of this agreement will be implemented in phases. some provisions will be in place for 10 years. others will be in place for 15 years. others still will be in place for 25 years.

but certain provisions including many transparency measures, will be in place indefinitely into the future. they will never expire. and the bottom line is that under this arrangement, the international community will have confidence that iran's nuclear program is exclusively peaceful providing, of course, that the provisions are adhered to. and if they aren't, we have provisions that empower us to deal with that. ultimately, the parameters that we have agreed to will do exactly what we set out to do -- make certain that all pathways to make enough fissile material for one nuclear weapon have been cut off including the irani and -- the uranium pathway at natanz and the plutonium pathway at

iraq and, of course the covert pathway. we, our partners, and iran have agreed the only uranium enrichment is a witty iran will operate -- enrichment facility iran will operate going forward will be the facility at natanz and even that one will undergo dramatic changes. the vast majority of the centrifuges and their infrastructure will be removed. and for at least the next 15 years, the stockpile will remain at 300 kilograms and any uranium that is enriched at natanz will be capped at 3.67%, which is a typical level of enrichment for civilian nuclear power, but does not even begin to approach the enrichment level necessary for a weapon. we have agreed that the facility at -- will halt all uranium

enrichment, period. all uranium enrichment. and in fact, there will not even be any fissile material present at the site and no enrichment r&d. instead, the facility will be converted into a nuclear physics and technology center. we have also agreed that iran will redesign and rebuild its heavy water reactor so that it will no longer produce any weapons-grade plutonium. and the united states will be able to sign off, certify the reactor's final redesign. and through international cooperation, it will be transformed into a reactor supporting only peaceful nuclear research and nuclear medicine.

we have agreed that iran will ship all of its spent fuels from the iraq reactor out of the country for the reactors -- reactor's lifetime. iran has agreed to refrain from building any additional heavy water reactors for the next 15 years at least. at least means still open for beyond that peter -- period in the course of the next three months. we have agreed that iran will face regular and comprehensive inspections, which is the best possible way to detect any attempt to covertly produce a weapon. not only will inspectors have regular access to all of iran's declared facilities indefinitely but they will also be able to monitor the facilities that produce the centrifuges themselves and the

uranium that supports the nuclear program, and they will be able to do that for at least 20 years. this critical step will help to guard against diversion of those materials to any clandestine location or plant. in addition, iran has agreed to allow iaea to investigate any suspicious site or allegations of covert nuclear activities anywhere. these are just a few of the key measures that will make up an extraordinarily comprehensive monitoring and transparency regime when and if it is finally signed and completed over the course of the next months. now, we have been very clear, both publicly and privately, a final agreement will not rely on promises.

it will rely on proof. it is important to note that iran to date has honored all of the commitments that it made under the joint plan of action that we agreed to in 2013. and i ask you to think about that against the backdrop of those who predicted that it would fail and not get the job done. and in return for iraq's future cooperation we and our international partners will provide relief in phases from the sanctions that have impacted iran's economy. and if we find that any -- that at any point, iran is not complying with this agreement, the sanctions can snap back into place. together, these parameters outlined a reasonable standard that iran can readily meet and it is the standard that iran has now agreed to meet.

throughout history, diplomacy has been necessary to prevent wars and to define international boundaries, to design institutions and to develop global norms. simply demanding that iran capitulate makes a nice soundbite but it is not a policy. it is not a realistic plan. so the true measure of this understanding is not whether it meets all the desires of one side at the expense of the other. the test is whether or not it will leave the world safer or more secure than it would be without this agreement. and there can be no question that the comprehensive plan that we are moving toward will more than pass that test. this isn't just my assessment. it isn't just the assessment of

the united states delegation and are experts -- and our experts. is the -- it is the assessment of every one of our p5+1 partners who stood up here a while ago in front of their nations. it is the assessment of our negotiating partners, germany, the u.k. china france, and russia, and all of our experts who have analyzed every aspect of this issue also join in that assessment. from the beginning, we have negotiated as a team, and we are all agreed that this is the best outcome achievable. no viable alternatives, not one, would be nearly as effective at preventing iran from obtaining a nuclear weapon than over a period of time -- weapon, over a period of time, than the parameters, provided they get completed and signed. our political understanding

arrived at today opens the door for a long-term resolution to the international community's concerns about iran's nuclear program. now, we have no illusions about the fact that we still have a ways to travel before we will arrive at the destination we seek. we still have many technical details to work out on both sides and some other issues we've knowledge still have to be resolved. for example, the duration of the yuan arms and ballistic missiles restrictions -- the u.n. arms and ballistic missiles restrictions. and the precise timing and conversion of the reactor at the fordow site. once we are able to conquer -- finalize a conference of -- able to finalize a comprehensive deal, the implementation remains in front of us as well. that's a good challenge to have. we have made a diligent effort

to consult with our allies, our partners, including israel and the gulf states, and we have rigorously reaffirmed our enduring commitment to their security. no one should mistake that. and we will continue to stand by that commitment in the years and days ahead. in the years and days ahead. obviously we remain deeply concerned about iran's destabilizing actions in the region and we remain committed to addressing the full late of issues we currently have with iran. -- the full slate of issues we currently have with the run. but it is because we are concerned about those issues and the region's security that we believe this deal is critical. the status quo with respect to iran's nuclear program is on acceptable, and certainly we will continue to consult