>> eurogroup ministers meet in luxembourg to talk the future of greece. angela merkel addresses parliament in two hours. a cautious janet yellen signals the central bank is still on track for a rate hike, the first since 2006. greek prime minister is gathering in st. petersburg for the international economic forum, we are live from russia. hong kong rejection pro-democracy leaders settled almost three months of protests

from last year. anna: it is 6:00 here in london, welcome to the program. let us start with what we heard from the federal reserve yesterday. the action in the u.s., the treasury market shows it moving lower towards the end of the trading. . that is in reaction to janet yellen and her team. the fed suggesting we will see to rate hikes in 2015. the fed seems to be pulling away from it a little bit, suggesting things could be slower than expected. we are now at 2.27% on the u.s. 10-year yield. we evaluate just how quickly the fed will move on interest rates, if we look at the stock market we see that the same story gave a bit of a boost to the stock market.

we saw trading around 2% higher by the end of the session. it could be slower than expected in the years ahead, seems to be the message coming through from the fed. with that in mind, just to let you know, we will be speaking to randall crozier from the chicago fed, it will be on the "on the move" program. a really influential voice you will want to hear from around this news. meanwhile, let's update you on greece. here is the athens stock exchange, you see the decline in the athens market. in the most recent. , we are down 17% on this market cents thursday. european stocks continue to focus on the tragedy, down 1% in the french session. that seems to be different this morning as we had the federal

reserve conversation since then. watch out for any balance of trade, the great central bank warned yesterday that greece could be forced out of the european union. we go to luxembourg where finance ministers will be gathering. keen to see a resolution, thomas jordan and switzerland -- we are expecting a note from the swiss later on. will we talking later on later in the programming here on bloomberg. we are going to be live in st. petersburg, the economic forum gets underway in russia today. into tomorrow, we will have lots of coverage, the russian economy minister will be joining us. vladimir putin is going to be in conversation with charlie rose don't miss that at 12:00 u.k. time. lots coming up on the russian front, before that, we are going

to be hearing from an investment manager from russia's largest telecom coming up on the russian agenda. that takes us to our twitter question -- how should russia diversify its economy? it has been difficult for many years, just to illustrate how this has not been the case, you can witness the struggles the russian economy is facing the oil price remains weaker, of course. if you go back a few years. how should russia diversify its economy? let's talk little bit about asia china's prices fell for the third month as buyers confidence returned after the government removed property curves. one of the stories moving the markets in asia, david is there now in hong kong. good morning. david: good morning.

that is right, if you look at the data that was released from beijing, what happened, every month, beijing tracks home prices. affordable homes, new homes existing homes -- what they found for may was at the number of cities that posted month-to-month decline in prices has gone from 46 to 47 in april. we are now back to 41. you are seeing signs of the property market stabilizing there. what we are seeing across the market reaction, that is the shanghai composite, we are down 41%. there you go, good pop today as a whole. not everything is rising, as a whole, we are seeing a nice pop for property shares. what is happening across the chinese markets, i want to point this out, market conditions are

actually getting less liquid. there tightening, in fact. looking at money market rates, they have gone up eight straight days now. from below 2% we are pushing to sidelining billions and billions of dollars. that being said, that is a reaction to the fed comments overnight, we have been up and running for several hours here in asia. we are down about three force of 1% in japan. the boj begins their parliament meeting today. we are not expecting changes, please mentally in the week. there will be good earning reports it is hard to see any upside at this point. i want to talk about new zealand releasing figures -- very disappointing even the most pessimistic forecast. the kiwi dollar getting a kicking, north of 1% against the

u.s. dollar. they might have to cut twice before the end of the year. anna: give us the latest on the vote there in hong kong. david: yeah, this came out a few minutes back. if you look at the time right now, just seven minutes past the opening here in hong kong. take a look at the index, what we got was pro-democracy lawmakers projecting the reform bill -- the reform plan backed by beijing. it means that hong kong recerverts back. a small committee, about 1200 people from the business elite selecting the chief executive of hong kong. that is what we know so far, there we go with the index just a few minutes back. we will keep you updated on the elements from this end. back to you, anna.

anna: david joining us from hong kong. seven minutes past 6:00, thousands of protests gathered in athens on wednesday to show their support for the country's leaders. mackenzie was in the square to gauge opinion. >> a carnival atmosphere, one night before the crucial eurogroup meeting. people from all walks of life here, people out of work. they want to come here to vote for the prime minister's government. they're just fed up with a situation as it is now. they are sick and tired to the cuts of the salaries and pensions. they really want to see the prime minister bow down. whatever happens, even if it means we have to go back to the world market, it cannot get much

worse than this already. there is no sense there from anyone we talked to, any mood for any kind of concession. they do not want the prime minister to budge. whatever happens, they want to hold the ground. the message from thousands of people here in the square tonight. anna: that was tom mackenzie in athens in the square. greeks protest against austerity, the prime minister headed to luxembourg to tear down the walls to unlock aid. all of the size of the story hans nichols is on the ground in luxembourg ahead of the crucial meeting. good morning to you. what is the move there and luxembourg? hans: anna the rain is a

fitting metaphor for the mood here and luxembourg. there is doom, also something worse. bracing for a bigger storm -- yesterday, and a closed-door meeting, he said that his government is making contingency plans. this morning, an article stated the latest from the greek prime minister would be more antagonism. greeks do not pay the salaries rather germans do not pay the salaries of greeks. and we had to the other side of the ocean the united states is becoming increasingly concerned yesterday we heard janet yellen's concern, as well. >> there is not agreement, i do see the potential for disruptions that could affect the european economic outlook. and the global financial market.

hans: at this point, leaders are not calling for optimism. not optimistic about the process of having honesty. they're calling for a reckoning of where we are. we have germany, portugal, the netherlands, also ireland added -- countries preparing for a potential exit, making contingency plans. this does not sound like a lot of progress going on. you heard from an eu official last night talking about the need for honesty, taking a look where everyone is. we do have progress on emergency liquidity assistance, the bank had a lifeline of 1.1 alien euros. that is on the positive side. merkel will be addressing parliament later. the prime minister meets with putin tomorrow to talk about the gas pipeline and the what kind of progress there. in the latest on the public

pronouncement that he wants to stay in the euro, but there is no progress, no offer or proposal -- everyone is expecting a short meeting your luxembourg with recriminations to follow. anna: thank you very much. hans nichols, international correspondent in luxembourg. the other top story of the morning came out in yesterday's meeting. the fed has signaled it is on track to raise interest rates later this year. he has the key take away from the address. >> after the latest two-day policy meeting and washington the federal reserve moved a big step closer to the first interest rate increase since 2006. the exact timing remains in play. janet yellen says progress has been made for raising rates more confidence in the labor market is moving back to target. not enough to pull a trigger on

a rate increase now. janet yellen: no decision has been made about the committee for the right timing of the increase it will depend on unfolding data in the months ahead. certainly, an increase this year is possible. we could certainly see data that would justify that. >> the fed's latest projections anticipate a rate increase, to by the end of 2015. chief says she plans to raise rates gradually. she responded to concerns that tightening with britain stability. janet yellen: we cannot promise there will not be volatility when we make a decision to raise rates. all we can do is to do our very best to communicate clearly about our policy and our expectation to avoid any type of needless misunderstanding of our

policy. that could create volatility in the market. >> on other issues, she said a greek exit would have repercussions for the global market. even though the united states has only a limited direct exposure, similar effects will be felt here. but it is the domestic economy as a move closer to lift off. peter in washington. anna: we will take a short break. at the top of the program, 40 minutes passed in london, coming up, finding funding. investors in st. petersburg, fitbit raises over $700 million in its ipo. more on those stories after the break. ♪

anna: welcome back, 70 minutes

past 6:00 in london. here are some of the stories you need to know this morning. thousands of protesters have taken to the streets in athens in support of the end to austerity. later today, finance ministers will gather in luxembourg in an attempt to break the deadlock with greece. that comes after the ecb raise the level of emergency cash available by 1.1 billion euros according to people familiar with the decision. the u.s. federal reserve signaled a pickup in the economy thomas signaling it on the improvements in the world's biggest economy. janet yellen said she wants to see more decisive evidence of a lasting turnaround. hong kong pro-democracy lawmakers rejected the election plan for the city. this is after three months of protests. the rejection leaves in place

the current system where a chief executive is chosen by committee of beijing friendly elite. rather than by the voters. for more this story, let's get to hong kong david joins us. great to see you. give us more on the significance. david: you know it was quite a kerfuffle in the legislative council, 28 voters voted against the china-backed basel. that means that one of the pro-establishment crossed the divide. and the kerfuffle came about because the pro-establishment lawmakers actually tried to lead the legislative chamber, so there would not be a quorum. they wanted to leave because one of the members was feeling ill they wanted to give him time to recover. what this meant, in the end, only eight pro-establishment voters voted for this china

backed electoral plan. anna: where does this leave us then? how the process work from here? david: i think one of the really key things is what alan long, one of the leaders of the biggest pro-democracy partners the voted against the plan, he said we voted against it because we did not want our vote to legitimize the choice of chief executive, who would then be only accountable to the vested interest. vested interests in hong kong have so many people in hong kong concerned. that worried the present government here in hong kong. they are only answerable to the billionaires, the business elite -- they want to see the status quo to have good relationships with beijing only to protect

their interest. they are not concerned about spreading universal suffrage right around hong kong. bottom line, it means we could continue to see the isolation and disenfranchisement among many, many people in hong kong. that could be a blow for the city, it would get rid of the spirit that makes hong kong special. but also, there is a sense that the rule of law could be undermined by beijing. the rule of law here is what makes hong kong such a special location for foreign financial companies foreign is this is doing business here. anna: great to see you. among attendees at the st. petersburg international economic forum he was there yesterday bringing us a preview. and then today as things get underway ryan, what is the mood like?

ryan: the mood is brighter than it was last year. but maybe that is not saying a whole lot, there is still a huge cloud hanging over this forum. it is called rush's standoff with the west, it doesn't seem to go away. last night, we heard from the european union -- two officials telling us they had agreed the 28 nations in the union will extend the sanctions by a month. that was expected. perhaps the timing was not expected, on the eve of vladimir putin's economic forum. russia, predictably, responded by extending the sanctions -- the ban on food imports. what i think is less predictable, as result of all of this, the ramifications of the business climate and doing business in russia. none of that is very good. it is not the most important factor, that would be the oil price -- the lack of structural reforms.

it is not the decisive issue, but certainly going into a big event like this as it kicks off, it doesn't help. anna: will the greek prime minister be there? he is on his way to st. petersburg. was he going there for? ryan: i mean, that is a good question. he is coming because he promised the russian president he would. when he saw them in moscow about a month and a half ago, one of the first leaders from western europe to visit the russian president, who at that point was not getting any visits from eu countries. they're going to be holding talks tomorrow. we know they're going to be discussing this so-called turkish stream. this is the pipeline that russia would like to build from russia to turkey. quite then, quite possibly through greece. it is still in the early days

and that, turkey has yet to completely agree to do the deal. and then even if greece was to bless the pipeline going through its territory, making it a european hub for energy after russia scraps others, there could be some money in it for greece. if not now, then down the road for building those guidelines -- those pipelines. anna: thank you very much, ryan. plenty more from ryan as we go through the program. we will have lots of live interviews from the conference not least of which is russia. fitbit, the most popular maker of fitness trackers raised 732 millions after raising its price. here is more on that ipo is caroline hyde. a big valuation for fitbit.

caroline: 4.1 to be exact, they managed to extend how many they were selling. just shy of three quarters of a billion dollars in the bank for research and development and capital expenditures. this claims to be the biggest wearable device market share 85% of the u.s. market. obama himself is a fan. i don't know if he has the $59.95 version, or whether he takes it up to the $200 level -- a watch, a heart rate monitor it can display text messages. like many of the other tech companies, google and facebook, they're keeping control. even though they sold shares, bailey have one vote. most of the shares' voting power comes from the 90%. anna: there are plenty of

competitors. caroline: that is why they wanted to see the incumbent, the founders be nimble. they're going to have to act fast and face-off the worry that people are worried. much of the research says one third of the smart watch owners tend to toss them aside after six months. fitbit has nine and a half million active users they sold more than 20 million devices. only half are using them. they will want to make people wear them. apple, of course, the watch. but china is making cheaper versions, you have jawbone, of course. notably, the lawsuits -- jawbone has two lawsuits at the moment alleging that fitbit recruited their own people. this is a concern.

anna: caroline, thank you very much. technology we continues. the fed is on track to raise interest rates later this year. we have more on that top story, after the break. ♪

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anna: welcome back 6:30 in london. 7:30 if you're watching in brussels or luxembourg today. let's have a look at the foreign exchange markets, trading in particular on the new zealand dollar. because we had a five-year low on the dollar. slowing growth figures suggest that investors are suggesting further interest rate cuts and new zealand. there had it for a post-flotation record of nine weeks of decreases against the u.s. dollar. the weakness coming through over

a fairly long. , two months or so. it slowed to the weakest in two years and new zealand. the central bank seems quite happy in this currency suggesting that proper exchange rates for the kiwi are exactly what is needed. the new zealand dollar is the worst performing the developing market so far this year. that is a quick look at one of the stories on the foreign exchange market. here are others you need to know. thousands of protesters have taken to the streets in athens in support of the anti-austerity government. they will gather in luxembourg in an attempt to break the deadlock and avoid default. that comes after the ecb raised the level of cash emergency by 1.1 billion euros, according to those familiar. the national bank will announce in zurich at 9:30 central

european time, the bank is likely to keep policy rates on hold. some investors say the possibility of its price cannot be ruled out. we will be speaking soon with the governor of the bank, later on today. the u.s. federal reserve has signaled a hiccup in the economy is keeping it up to near zero later this year. while policymakers point to an improvement in the world's biggest economy, chairman janet yellen says she wants more decisive evidence of a decisive turn around. let's get more on that story about the federal reserve. we are joined by the international chief correspondent, david owen. great to see you. give us your in thisnitial assessment. david: some of them still sticking with the cause that they won't go first and december

and then more raises in 2016. right on the call two years now, saying they will go in december. anna: if they are perceived as pushing back the starting point for the cycle from september to december, what will the reason be? will it be fallout from greece? sluggish inflation, wages? david: if greece does default, i think any central bank will raise interest rates this year. the timing of all rate rises well into 2016 and beyond. even if greece does compromise and is still very dependent on the u.s.. the thing about the u.s. as in u.k., inflation is low. if you strip away the rental prices in u.s. below that in

the eurozone, there is not a pressing need at the moment for us to raise interest rates. then they will be on hold. the point here is that some point, they will exit. anna: it seems a really daft question, but inflation is substantially below the fed's projection. we are still talking about a rate rise how explainable that be? david: always difficult, but like here in the u k, you target interest rates to positive rise. if you think it will pick up you raise the rate. recovery will ahead of the u.k., it should be the first to raise interest rates in theory. but looking out over two or three years. anna: was that the exception?

david: world trade was weak at that period. it was seeming to be slowed. it is a difficult call really. we are not seeing strong growth anywhere, really. anna: some people sat in that seat and said absolutely the first quarter was an outlier. things looked better the data has been better. that could be vulnerable because of global growth. david: world trade has been incredibly weak. it fell in the first order. we track it closely, it is not just about what is happening in greece. it is way beyond that. it is about the weakness in the global economy in quarter one, at the moment the u.k. is not doing as well as it was last year. we are looking at a weak growth backdrop, most people hoping we get readmission the second half. we wait to see. anna: she said for their fed not

to raise interest rates so soon. not sure how that went down in washington. david: when i do start raising interest rates, they're not sure what the fallout will be. you have to tennessee coming in -- have a tendency coming in, and there are concerns that this will dress the u.s. credit and emerging markets. this disorderly period of redemption where investors are pulling out money as the u.s. raises interest rates. they want them to tread carefully. honestly at the same time, the fed needs to raise rates at some point. it is difficult to call. anna: are you in that camp, they need to get started at some point.

the conditions will never be entirely perfect, they need to go for it -- things could slip. there is an argument they need to get it done. david: i think at some point they have to pull that trigger. today suddenly, the gets stronger over the summer they could get some. then you go may be four times even in 2016. it is pending again and data. anna: david, thank you. the chief european economist at jefferies international. let's go now to a top company story out of asia. singapore airlines says it wants to revise nonstop flights to the united states. there talking to airbus and boeing to develop aircraft that would enable it to do so more profitably. southeast asia correspondent is here who spoke with the ceo

about the company's new strategy to take on competition in asia. >> all of the economies in south east asia are fairly open in terms of assets, especially singapore. that encourages competition which is fine with us. we have no issue. in some stages, there is a proliferation of the operations -- which is not quite at a pace you see in north asia. you just have to say how many are operating in this part of the world? the fundamental changes, as well as the capacity for the carriers those are especially in this part of the world. >> are the glory days of double-digit profit margins over? >> i don't think so. what we have done in positioning the country for the future, is to make sure the company has a

good growth story going forward. if you look at the huge market fairly untapped at this time it is going to have a huge middle-class swell. these are based in india, and they will be able to tap into that traffic and allow it to grow. and the fia will benefit. >> i want to touch on the u.s. market now. you talked about how they are at a disadvantage to identify directly with the u.s.. you are in talks with airbus and boeing for possibly a new model that would enable you to do that. where are you in the talks, how realistic are you? >> this was a viable intermediate point. because the countries concerned are not giving us the right to operate with freedom, those points in the u.s.. currently, there is not a viable

-- a commercially viable aircraft that could fly nonstop. we used to fly but that is not efficient enough for the technology. we have been talking about boeing to try to get them to give us an aircraft based on new technology to be able to operate nonstop from singapore into the u.s. it is ongoing. >> any feasible timeframe? >> as soon as possible, the manufacturers are telling us we need new technology and time. i cannot give you a country until they give me indications. >> you seem to have a comprehensive strategy in place for singapore airlines long-term. when you take a look at the share price, investors don't seem to be buying that story. they are down 30%, compared to the likes of the pacific of 17%.

what have you got to say to your shareholders? >> i would assure them that they should see this growth in the next few years, and invest more. [laughter] >> it is undervalued? >> i was early think so. [laughter] it is a good time. anna: singapore airlines speaking with us. among the attendees at the st. petersburg economic forum, ryan is there with an interview. ryan: good morning, anna. i'm joined by bernie, he has been coming to this country since 1980. this morning, when i was thinking about what to say about the first day of the form, i thought, you know what it is? there is a geopolitical cloud

hanging over this event. the brightest lights are in here. there is no clarity to whether it will move on. you think that is not the most important story? >> the geopolitical clout will not go away, because it is not about mr. putin and his ambitions. it is about russia reasserting itself in its own neighborhood. that is historically normal. so i think whether we like that or not, we have to get used to it. i would say that the real issue for business people is and was and will be what is going on inside the country. you cannot really divorce business and politics. politics trump business all the time. while we have had is a situation where a very small group of people are entrenched at the top of the economy, they have bureaucratic power, administer

the power, commercial power and there are no checks and balances. it is not obvious how you have a natural, even peaceful way to transition. ryan: there is no way clinton could wake up and change everything. i'm going to put my corrupt friends in jail. i'm going to introduce democracy. bernie: he could do that, he has enough power. but it is not clear to anybody in the world what is in his head. and that is a? question mark that stands over any long-term investment in the country. in the russian economy, predating the ukraine and all the concerns we have now about russia's parents but with the west, is the fact that private capital -- specifically russian private capital has stayed away from the country. so while the country still has tremendous amounts of liquidity,

turning liquidity or cash into investment takes trust. it takes faith in the future confidence in the institution. those institutions are not building anything like an acceptable rate. in many cases, we say institutions in this country which govern business environments are degraded and stagnated. when you have a situation like that, you cannot get answers to politically, how do you make a long-term decision? ryan: you co-authored a op-ed piece in the "new york times ." the economic sanctions imposed on russia could be more dangerous to american interests than russia's actions in the ukraine. some people would argue, it was a long op-ed piece. if i could quote that way, that was an important point.

it was a russian apology, but it did not sound like one. explain why you feel that way. bernie: sanctions were a tactical answer to a just strategic challenge. the challenge is that russia is a largest country in europe and it is asserting its interest in his neighborhood, when we like that or not. whether we find the reasons for it or not, and i have problems with the russian narrative. sanctions are and in adequate response in my view, and in my co-authors view to strategic challenge. in other words, how are we going to deal with a russia that is going to continue to refuse to be anything other than a full-fledged player at the top of the global elite. how to you collaborate when you need to with a country that you

are trying to isolate? through a sanctions mechanism -- which everybody what is ould acknowledged as a benefit to not be realized. we still have ukraine, we still have a mechanic dynamic that increased hostility between the west and russia. they have not done what we wanted them to do. how do we walk back now that we find the instrument has been inadequate? ryan: you're done a lot of things in russia. you ran bank of america and merrill lynch, you started a diner back in the day. you are in the entrepreneurial state. what would you say to the outside investor where are the opportunities now in russia? if there are any? bernie: ryan, this is an inefficient economy dominated by oligopoly.

it is internally very uncompetitive. and unfortunately for russia this means that the country's competitiveness is declining as we speak. but if you are an individual who has a high tolerance for political risk with a large term view, capital in this country is scarce. when you find it, it is expensive. if you have it, there are any number of entrepreneurial activities in the space because you do not have competition. there are plenty of inefficiencies. just to pick one example, we have been talking about the possibility of import substitution, compelling opportunities for years. it buys everything it wants from all around the world. obviously, produce something locally in the food business and in a can of service business, that is an opportunity. it has now become a politically compelling imperative -- of

course, there are tremendous opportunities if you have the need. personally, that is too high will bark for me. ryan: thank you for your time. bernie giving us a very sober view and our first interview of the st. petersburg economic forum. also, of course, watching the movement of the greek prime minister who arrived today. back to you. anna: ryan live in st. petersburg. the 6:48 in london. here are the stories you need to know. thousands of protesters have taken to the streets of athens in support of the anti-austerity government. later, when it ministers gather in luxembourg to break the deadlock with greece. that comes after the ecb raised the level of emergency cash available by 1.1 billion euros, according to people familiar with the situation.

the u.s. federal reserve signaled that the pickup in the economy while policymakers point to improvements in the world's biggest economy, chair janet yellen said she was to see more decisive evidence of a more lasting turnaround. prisoners around the world have marked the start of ramadan. different countries start ramadan due to calendar differences, but from saudi arabia to egypt declared that fasting will begin at sunrise today. wolfgang is fierce defender of poor economic views. they go head-to-head in luxembourg. what can we expect from the meeting there and the broader fallout between these two individuals? let's bring in and robinson, and

has written a fantastic piece. our web team has joined us, good to see you. ed, a fascinating comparison. how much does the relationship tween these men, the different stances they represent tell us? ed: it tells an immense story, europe is at a crossroads. baru farkas says it must be about growth and stimulus. austerity has not worked. greece is in workse shape than when initiated. the evidence is there. he points to the election in january of the left-wing party in athens as proof the people want a change. he used the idea that structural reform have worked. they work in germany, spain portugal, ireland.

greece needs to get its act together and follow the prescription. good things will happen. he is insisting that you made this bargain, this agreement -- you need to stick with it. anna: do you see any room for compromise between these two individuals? ed: right now, it doesn't look like there is compromise. there has been numerous issues put forward on value-added tax, pension reform, privatization of the port, all ingredients on the table which could form some kind of compromise as you do your trading. i think that is what is so mystifying to a lot of outsiders looking at the process. with all of these ingredients, why can't some kind of deal come together? why are we at this juncture? anna: looking at from that perspective varoufakis and his team, it seems to help to be an outsider.

it doesn't help to do any deals with the rest of europe. >> it is very difficult. i think the greek negotiations may sound in theory very sensible, given that we know the debt is not going to be sustainable. whatever deal is essentially done. the lenders part of the issue here is you have smaller countries inside the eurozone, not just large ones -- they have lent money to greece. they want to write down the loan. these countries are poorer than greece. i think reforming greece is paramount, and that is what is required. anna: does it come down to these two individuals, or is it matter how much support they have from the rest of europe? there are others enjoyedwho are behind the party not in a leadership position there.

ed: there arevaroufakis and others come if you look at the political scenario perhaps they have to join the opposition parties and greece to pass some kind of deal. likewise perhaps angela merkel will have to join forces with the opposition parties to pass some kind of deal with greece. the politics could come quite fluid in that regard. anna: compromise back at home? ed: if act one is settled, some kind of deal between the creditors, back to will be how do we pass this? >> your story talks about the role of game theory? you talk about how much of it is there?

tim: there are some who say this is the mother of all written ship battles. and they're taking it to the very end. and that debt forgiveness is the ultimate prize. there areyou restructure debt that is what greece needs. to have the debt restructured. it could be that that is what they are doing. they will take it to the nth degree. anna: we have to work out where the wire is. tim: do not cross it. anna: stay with us. tim you have other stories in the website. let's focus on the cyber story around shakespeare. a goes back little way, gives the back story. tim: a really fascinating story we have this morning. we are telling the story the first time of what officials are calling one of the most sophisticated pieces of malware

viruses they have ever seen. as a started burrowing into the code of this virus, they found it was quoting shakespeare. it was actually quoting "the merchant of venice." they call the virus shylock after the moneylender. it really is a fascinating story, we talked to the first-hand participants, how they defeated this virus. it is amazing. anna: shakespeare-quoting packers were targeting british banks? tim: yes and they stole millions of pounds. the next time you find shakespeare in your code, you will probably know who the author is. anna: appropriately, the story is set out in acts 1-5. let's adjourn to the russia story. we were talking to ryan on the ground there in st. petersburg. he said there are european

businesses still going this year. the oil businesses, not all of the u.s. representatives you might expect to see her there. tim: it is very different from a few years ago, rob is reason. the european oil companies are there american companies are not. american banks, not so much. when you think about a business as big an important oil, where it takes many years and billions of dollars to make these investments, but then generate profits and products for decades -- you start to lose a couple of years. a gets harder and harder to catch up. the gap between where the european oil companies are versus the u.s. companies is significant. anna: thank you very much. thank you to ed. david stays with us for another

half-hour. coming up on "coundtdown," we'll be speaking to russia's economy minister. it is an hour of "countdown." ♪

anna: greek drama. thousands of protesters gathered overnight in athens. merkel addresses the german parliament in an hour's time. fed gradualism. a cautious janet yellen signals the central bank is on track for a hike this year. it would be the first since 2006. heading east. alexis tsipras is among the world leaders gathered in st. petersburg for the world economic forum. we're live from russia.

a warm welcome to the program. i'm anna edwards. you're watching "countdown" here on bloomberg tv. let's talk about what happened in the u.s. last night. first i have a chart here of the yield on the u.s. 10-year treasury just to show you how we saw it spike up and come right back down again as a result of what we heard from the federal reserve yesterday. the fed still suggesting there will be one, two perhaps rate increases in 2015. the pace is a little bit slower than people had expected. u.s. stocks also on the move. let's show you what happened with the u.s. stock market yesterday. as a result of the same reason really we saw major independence sis in the u.s. closing up around .2%.

we'll be speaking with randy over the chicago fed. bringing you up to speed with what is going on in athens, we saw protests overnight. indeed just since last thursday 17% has been lost on the athens stock exchange. european stocks broadly focused on the negativities out of athens and we saw markets closing down more than 1% yesterday. the greek central bank warns we could end up in a situation where greek are forced to leave not just the eurozone but the e.u. with all of that in mind, we're going to be speaking to thomas jordan in around an hour or so. he of course of the national bank in switzerland. another man who wants to see a resolution to the greek crisis fairly quickly. we're going to be talking to

many guests out of st. petersburg. vine over there reporting from the st. petersburg international economic forum. it is a showcase for russia really. that could be a subject of conversation between charlie rose and the russian president, vladimir putin. we'll be speaking to the economy minister. that comes ahead. asking the question of the morning, how should russia diversify its economy? it has long promised. three minutes past 7:00 here in london. european finance ministered head to luxembourg today as greeks protest against austerity. hans nichols is on the ground in luxembourg ahead at the euro

group meeting. paul gordon -- hans, we'll go to you first. what is the mood in luxembourg this morning? hans: the mood is gloomy. it is shower. it could get worse. in part because mr. tsipras has given two interviews to german language magazines. he said the greeks are paying the greek salaries. he said he will hold out for a fair deal. here is a quote i want to read for you. i already sent our proposals to the e.u. institutions. we want a solution. i'm waiting for an official answer. he spoke with mr. juncker last night. there is no indication the creditors are preparing a new plan to offer mr. tsipras. they say the ball is in mr. tsipras' court. you're starting to hear more

concern on the other side of the atlantic. janet yellen expressed her concern about what a greek exit could mean. >> in the event that there is not agreement, i do see the potential for disruptions that could affect the european economic outlook and global financial markets. hans: we have a variety of countries preparing for contingencies and a greek exit. schaeuble, the german finance minister said they are making contingency plans. similar comments reported out of brussels ireland, the netherlands. people are starting to think about what happens the day after. there is so little hope, so little optimism that any deal can be struck here at a technical level when finance ministers meet, that puts a lot of pressure on the june 25 26

e.u. summit. one thing that i think paul might be able to weigh on a little bit more, we had an increase in emergency liquidity assistance. that increase was 1.1 billion euros. anna? anna: stepping into the conversation. whose court does bundes bank think the ball lies in? hans: he is strongly hinting if greece misses the i.m.f. payments that the e.c.b. will stop financing the payments. when will the e.c.b. stop financing? pretty clear they will stop because they cannot if they miss that i.m.f. program. he is refuting this claim by mr. tsipras that spain and potentially other periphery countries would be next. what you're really seeing is this idea that greece has been -- and the overall european

project will not be in peril in greece does indeed leave the eurozone. anna? anna: where does this leave the e.c.b. in the saga? it has been said they raised the amount of emergency liquidity assistance. where does the e.c.b. now stand then? paul: the problem is it does not want to be taking the political decisions. always seen to be taking the political decisions. the comments are spot on, certainly reflect his view. most of the e.c.b.'s view as far as we can tell. if the politicians do not give greece funding, the question in one of the interviews that he 4el8d, does responsibility lie then with the e.c.b.? he said no. it does not. we cannot finance the government. if greece defaults then e.c.b. has to deal with the consequences.

the key is it going to wait until that point or say something before then? the pressure is on it to say something. it may decide not to do so. anna: paul, thank you so much. thank you, hans nichols, entente correspondent in luxembourg. david, we have had quite a lot of chat around greece this morning so far. let's have your thoughts. is it possible to work out what is going to happen here? >> not at all. on an optimistic note, actually 1 billion or so in additional funding is quite a bit of help. if you were worried about money leaving greece which we expect to see these deposits accelerate. a one billion increase on the week is not a particularly large number. we're not seeing a stampede of people moving out of greek bank

deposits. anna: they don't need anymore than that? >> yeah, it is a positive sign. i would have expected a much bigger figure. 5 billion euros maybe as high as 10. i think this whole point, don't pay the i.m.f. until the end of june, can the e.c.b. continue funding that? that is unclear. it is a political decision. basically shut down the greek banks. obviously greece could function for a time with capital controls being imposed. at that point the hope would be to go to the table and compromise. anna: does it matter if the agencies call it a default? or they have to be more pragmatic? they said they would not call it a default because these are not normal commercial creditors. >> exactly. the e.c.b. is supposed to look at the collateral the greek bank

is taking through. any time the e.c.b. -- at the end of the day it is a political decision to cut greece out. obviously it would be a very high restructuring to cut them out and force them inside the eurozone to shut down and at that point they have come to the table to compromise. everyone else said that is what you're going to do absolutely fine. i'm not sure mario draghi wants to take that risk on his own. anna: the finance minister in france saying the rest of the eurozone better protected than in the past. we're not in this to lose member turnovers euro he said. do you think the contagions are at a lower magnitude than they were? >> absolutely. but there will still be a fallout. we know what will happen. recovery in the eurozone will be put back maybe six months or mo. -- or more. we have an exit g.d.p. -- going

into the third quarter. the recovery is put on hold. we have stock markets a lot lower. we have obviously -- the banking sector. a fallout for banks, stocks and bank credit, i'm sure. the euro would obviously -- would it rise or fall? would it go down? eurozone trade flows that were on the point of increasing would suddenly stop. people would stop questioning about putting investments into a certain country. i think at tepid of the day it would have an impact but nothing like what we saw in 2010, 2011 and 2012. this is still not a good story. anna: jim o'neill characterized this as a game of chicken. that could go on for longer couldn't it? >> i think at the end of the

day, at some point greece will run out of money. we're not quite sure when that is going to be but not very long. at that point, you know, if they do -- for example, the 20th of july is the hard deadline always has been when they have to pay back the moneys to the e.c.b. at that point, the e.c.b. was not going to be able to supply liquidity. at that point, it shuts down. anna: there we are. david owens stays with us a little bit longer. we're going to take a short break. coming up after the break. fitbit goes public. they raised $700 million in their i.p.o. we'll bring you that story in a couple of minutes. ♪

anna: we'll be right back to "countdown." here are the stories you need to

know this morning. thousands have taken to the streets in athens. later today european finance ministers will gather in luxembourg in order to break the deadlock. that come a.f.c. the e.c.b. raised the level of emergency cash available to greek banks to 1.1 billion euros according to someone familiar with the measht. the u.s. federal reserve is keeping on track to raise interest rates from near zero later this year. janet yellen said she wants to see more decisive evidence of a turnaround. lawmakers rejected the china-backed election plans for the set that set off almost three months of protests last year the chief executive is chosen by a committee of beijing friendly political and economic elite rather than by the city's

voters. let's get to more from david owen who is still with us. let's talk to you about this great research on 1994. a period that many in the bond markets remember very well. what can that teach us about what the bond markets are doing now? what clues do you for us? >> that was such an interesting period. the u.s. treasury field basically reversed massively for a period. that was a period when they were raising interest rates. the lessons were firstly leverage played a huge role. they had all of these leverage players. also spillovers were huge from the u.s. into europe and vice versa. also the role of investors basically pulling money out of european bonds. anna: does that sound familiar?

>> very familiar. a lot of it was leverage play. crowded trades. people all looking for interest rates to go lower. more yields to go negative. people taking profits, emulating from the u.s. and the u.k., page taking profit on the eurozone bonds and that was the reason for the i would argue for the -- domestic players just sat there. that is exactly the same story we saw in 1994. anna: did we learn anything about what wr yields go after this period? didn't they go down? >> it may have killed all the people in that period in 1994. you had a lot of bond investors taken out. basically yeeg yields just carried on. obviously we're in a different period. the other thing i would strongly suggest is when yields this low -- volatility is going to be high. that is the point yellen made.

i think that point is clear. when they are at a point where yields are very low, we should expect volatility to be quite high going forward. anna: one of the other points that draghi was making is that quantitative easing can be one of the factors that causes volatile fifment that was not a factor in 1994. we're in a very different world. >> the price action that we saw in april and may, the bonds bank released data. they massively shortened the direction of the bonds they were buying. they were buying on average in may 5 1/2-year weight bonds. which is very low. the bank of england when it was doing quantitative easing in 2009, probably from may i think was the bonds bank shotter in

duration. the supplies -- suggestion in the markets. we didn't have that in 1994. anna: interesting. the different policies, the different central banks have been quite key. thank you for that. 19 minutes past 7:00 in london. hong kong has rejected the china-backed election plan for the city. what's happening there? what is the latest? grorm, anna. we have seen quite a bit -- a small group of supporters out here just two hours after this vote was turned down by lawmakers. some of the democrat lawmakers showed up raising those yellow umbrellas with signs thanking the supporters. they have been staying here turned scorching heat, 35 degrees celsius out here today. they have been out here for hours, some for days as well.

the pro government supporters left shortly after this vote, but inside the chambers 28 of those lawmakers had rejected this proposal which was widely expected. a big hurdle from the democratic side. they brought in these signs with these big crosses on them showing their unity in that they were going to vote this down. they did deny the chief executives. 2/3 majority that he needed to get this reform package through and this -- the question is what is going to happen next, of course? a lot of supporters of this measure walked out of the chambers even before this vote came to an end and levering only four in favor of it in the end. so, so the big question now is what happens. things go back to the way they were, obviously. usually the past three chief executives have been chosen by a 1,200-committee which includes a lot of pro beijing, beijing

friendly economic and political ltte. anna: thank you very much. in hong kong following that crucial vote. 20 minutes past 7:00. let's talk about fitbit. the largest maker of fitness trackers in the u.s. here with more on the i.p.o., caroline hyde. hello again. the evaluation then, how well did they do on this? caroline: 4.1 billion. this was a big evaluation. they raised the price point. we got $20 per share. this is the biggest tech i.p.o. so far this year. of course it is interesting, once again, we're seeing the power retained by the founders, those that are driving the initial investors in this company because they are selling class a shares. one vote per share. but actually the power remains within really the inside 98%

remain with the -- because it allows them to remain nimble. this pile of money they now have, how are they going to spend it? anna: they want to be nimble but against who? what are the challenges because it is competitive. caroline: it is competitive. people wear them for longer. people buy a piece of wearable technology and six months later they take it off. they are bored. 1/3 of smart watches tend to be abandoned in six months. how do they make people keep them on their wrist and how do they fend off the competition? you have the cheaper ones coming in. pebble that you're able toll wear. how are they going the use this noun keep on improving? notably,s also lawsuits. one of their key competitors, jawbone has actually filed two lawsuits against them saying

technology is improving on patents that they have and they say you're taking away some of our trade secrets. they are going to have to spend money fending that off as well. whether they countersue is a big question. $24 billion evaluation. what about the next i.p.o. anna: bits of wearable technology collecting dust in drawers. >> i do. i have a garmin which i still use on a bike. anna: if you have a smart phone, there are some things you can do on a fit bit that you can do on a smart phone. you're a runner, right? caroline: i run unprofessionally. i track it through my phone. i have my run keeper app. how much do you really want to

be addicted to wearing it on your wrist as much? how much do women want to go towards connect i ever device where they see watches as jewelry. we're talking so much about technology and today is day four of the london technology week, of course. i don't know if you have been watching some of the amazing stats and data that have been coming out in london in acruge eight now billion dollar evaluation companies in the last 12 months. unicorns in the u.k. in particular. today we actually have posting of an events. our senior editor is going to be part of this as well. we're going to be talking to the g.l.a., the greater london authority. the chief technology officer in amsterdam. anna: absolutely. the point where technology and

city life and health movie meet and fitbit come into this and collecting data on people's health. how can you reduce pollution? how can you put in place infrastructure that is less polluting? all of those factors into making a city life an urban life that is healthier is the future and technology can be a big player in that. that is going to be one of the talking points. caroline: 1.2 billion people travel on the -- every year. how do you improve it and make its a nice experience for everyone? how do we use some of the technology? we have city map. one of the big award winners in this particular london technology week. how will they use the data to make it easier to navigate town? i was speaking to someone yesterday at w.p.p. and his main concern was he was late and couldn't get across town.

sometimes it feels like 1.2 million people are on the tube. anna: when we come back, we're going to have another half-hour to run up to the open of the markets here on "countdown." ♪

anna: welcome back to "countdown." 7:30 here in london. 8:30 in frankfurt. let's have a look at the currency markets. we picked out the new zealand dollar to show you. we have seen considerable action in the last 24 hours against the u.s. dollar in this case. the new zealand dollar hitting a five-year low that has investors wondering when we will see the next rate cut coming through from the central bank. it seems this currency is headed for a post-float record of nine weeks of decreases against the u.s. dollar.

just over two months of drops for this currency against the u.s. dollar. the g.d.p. numbers, the growth figures are out in england. the central bank -- in new zealand. they seem to be suggesting that the exchange rate is what is needed in this period it is a new zealand dollar, the worst performing of the development market currencies this year. that is the latest news that we're seeing in how it has softened in the last 24 hours or so. here are some of the other stories you need to know this morning. thousands of protesters took to the streets in athens in support of the country's anti- austerity. official also gather in luxembourg in an i tempt -- attempt. the u.s. federal reserve is -- a pickup in the economy is keeping

it on track to raise its rate from near zero later this year. policy makers point to an improvement in the world's biggest economy after slumping in the third quarter, chair janet yellen said shepts she wants to see more decisive evidence. in previous years different countries started ramadan on different days due to varying interpretation turnovers lunar calendar. this year religious authorities from saudi arabia to egypt to iran to indonesia reports it will begin at sunrise today. let's look at the markets now. the start of european equity trading. we have some weakness being factors into markets this morning. futures down around .6% on euro stocks. maybe that kind of decline also on the dax. maybe a little bit less on the cac or the ftse 100. interesting in the context of what we saw last night in u.s.

because of course last night the u.s. market showed a little bit of a bounce toward the end of the trading day. we saw them closing up around .2%. as a result of what we heard from the federal reserve. so it seems that the european markets are choosing to look through that fed zoir and focus on what's happening with the greek drama as it unfolds. the drama, though, movering from brussels, from athens. we saw protests overnight in athens moving from there to luxembourg. let's switch gears and talk about another big event today. the swiss national bank announces a quarterly rate decision today at 8:30 london time. 9:30 central european time. john, good morning to you. we have been talking about greece all morning. no doubt that the s.n.b. will be watching developments in greece as much as we are. what do you expect to hear from

them this morning? jonathan: it is a huge problem for them too. it is going to be a big question at the news conference when that begins in about 90 minute's time. this economy has had a tough time of it. a cron traction of q 1 facing the first recession since 2009. sparked by that momentous move of january by the bank to remove the cap on their own currency. worth emphasizing, stressing that the reason that cap was brought in this the first place at the height of the financial crisis was to extend the tidal wave of cash, money. why is greece a problem? if we get another bout of risk aversion, the equivalent of what we saw in 2011 2012, it is unclear to me how this central bank reacts to that. anna: what does the s.n.b. have if the greek crisis intensifies?

we know what happened there. jonathan: it is unclear to me what they can actually do. limited policy options literally are that, limited. it would be highly unlikely to carry anything with this market. what can they do that that? another cut? maybe another cut. but could they reintroduce some kind of time contingent forward guidance? perhaps. they have to wait it out and cross their fingers like everyone else and hope their neighbors in the eurozone and greece get their act together. i really don't see how the swiss national bank can react to it. the swiss bank has barely moved since three months ago. they just have to sit there and do that. anna: jon, thank you very much. beautiful view behind you.

jonathan ferro joining us from switzerland. let's head back to the st. petersburg international economic forum. ryan chilcote is there for us. ryan? ryan: yeah. we're going to get some insighted into the russian consumer right now with the c.e.o. of the country's largest telecommunications group. they have got 100 million telephone subscribers. thank you very much for joining us. i want to start by asking you what you're seeing here in russia you know, from the outside, we keep hearing about all the economic problems. how is that translating into how people use their mobile phones? >> first of all, thank you very much for an invitation and speaking about the russian economy. in my opinion, we have not been

growing -- four percentage. it is a problem like the same in the preevers year. of course this growth is not the same. we had five, 10 years ago when the russian -- was growing 25%. but for our markets, three, four five percentage every quarter, every year, that is a good number. ryan: how do you explain that? one of the things we're seeing now is disposable income falling, which in russia is a first in 10 or 15 years. >> you're right. some kind of changes in -- much more better than 10, 15 years

ago. it is a growing market. right now. let me remind you that during last 10 years, every next year, we have much better disposable incomes. much better revenue, much better profitability. ryan: i noticed you go into the stores. you're slashing prices on smart phones. sales of smart phones have been plunging. you have cut by 40%. giving yourself no margin? >> no, we have margin. it is not like years ago where we had really big profitability. the idea is very simple. right now we have a large -- network. we need to use this network. how we can do it of course, we

need to increase the data and enhance our network. a way to do this is to decrease the price. this is a normal -- in the russian market for the biggest -- ryan: i want to ask you about the sanctions and how they have affected your business. i know your business is not directly targeted, but obviously you're very close with the west. we were at the opening day of the russia forum. russia day at the new york stock exchange where your a.d.r.'s are listed. >> the sanctions, some kind of difficulties -- because for example need to spend a little much more time for get some special permissions from the

government. it is about how our business -- that is approximately the same price level, approximately the same timing and approximately the same -- in russian telecoms. ryan: let me ask you about ukraine. you have some business there. how is that going? >> in the first quarter, we consolidated -- crimea. we have some revenue in eastern ukraine. approximately 20 million subscribers. approximately the same price.

revenue growth. approximately -- year over year. ryan: so you want to hold on to the business there? would you consider selling it off or maybe selling a stake to a ukrainian partner? >> no, we are not looking for new partners right now. but of course we need to take into account all of the -- which happens in this market. ryan: which means if somebody is really ready to buy your business, they should come talk to you? >> correct. i'm not going to say to sell 24 business we are going to change this business. ryan: one of those possibilities it sounds like you're talking about is conflict and the economic situation in that country is not going to improve dramatically. >> it depends on the further development in the ukraine. the economy depends on development in russian ukraine relationship.

it depends on a lot of issues. ryan: you were looking to buy about 4,000 stores from a hand set retailer. given the economic backdrop in russia, is that something still on the cards, something you would like to do, or maybe not? >> sales based on our network. it will depend on -- that means that we -- in the russian market. after that, we will have other possiblies to create new relationships with other players. ryan: we only have about 30 seconds.

you have been to these forums before. what is your biggest concern coming into the st. petersburg international economic forum? >> this is a normal situation. for competitive markets. this is normal. ryan: you're worried about your competitors? >> it is by the way, that is not a -- for example. this is a strong competitor behavior. normal. ryan: we're going to leave it right there. thank you very much. the c.e.o. of m.t.s. 100 million subscribers. our first interview here today at st. petersburg. anna: thank you very much. ryan chilcote there live from russia. we are just 17 minutes from when

the european equity markets open up. let's check in what the bond marketses are telling us about the state of investors' minds perhaps. let's look at what bond markets are telling us. yields on the 10-year german bond down a little bit. up in a little bit in spain and in portugal. not enormous moves but indicative of the nervousness we have seen around the greek story in recent trading days. that is very topical. coming up on "countdown," we are going to be live in luxembourg ahead of that euro group meeting in greece. with that luxembourg meeting taking place today. stay with us here on "countdown." ♪

anna: welcome back to "countdown." it is 7:47 in london. 8:47 if you're watching in paris or frankfurt or lucks bourque.

-- luxembourg. later today european finance minister also gather in luxembourg in an attempt to break the deadlock are greece. tchoom a.f.c. they raised the level of emergency cash available to greek banks by 1.1 euros according to people familiar with the decision. the u.s. federal reserve has signaled that a pickup in the economy is keeping them on trook raise rates this year. chair jan et yellen wants to see more decisive evidence of a turnaround. the rejection leaves in place the current system where the chief executive is chosen by a committee of hong kong's mostly beijing friendly political and economic ltte rather than by the city's voters. it took wage cuts innovation

for one small greek family-run business to survive the debt of the economic crisis. now they are bracing for possible capital control and a greek exit from the eurozone. let's listen. >> monday, we have the capital controls, it is going to be the most difficult situation that i have to face. i think that i have to -- that we have at the moment. which is a condition and to share it with my family. the family will be not only -- close people that we have but also the labour. i don't have one family. >> i'm the export manager. >> the banks at the moment try to help you to protect your money. for example, if you are going to

buy some assets financial assets for the e.c.b., we have -- we have >> we have a small amount in dollars. now we have a proposals for some assets from luxembourg, but they are very safe. >> we will put all the money on the table. we have to discuss how we want to spend it in order to survive a difficult situation. we are fighters. when we have a difficult situation, we fight very hard. anna: the greek story on the ground there. 7:50 in london. one of the other stories factored into the investment day ahead. what we heard from the fed the other day. they are on track to raise interest rates this year. peter cook has the key takeaways from janet yellen's address.

>> after its latest two-day meeting in washington, the federal reserve moved another step closer to its first interest rate increase since 2006, but the exact timing remains very much in play. janet yellen said progress has been made for meeting the test raising rates. more confident inflation is moving back toward its 2% target but not enough progress to pull the trigger on a rate increase now >> no decision has been made by the committee about what the right timing is of an increase. it depends on unfolding data in the months ahead. certainly an increase this year is possible. we could certainly see data that would justify that. >> 15 of 17 policy makers anticipate an increase this year prm the feds fund forecast implies two rate increases by the end of 2015. yellen said the stress on the first move doesn't matter.

it what matters is that the fed plans to raise rates gradually. >> we can't promise that there will not be volatility when we make a decision to raise rates. what we can do is to do our very best to communicate clearly about our policy and our expectations to avoid any type of needless misunderstanding of our policy that could create volatility in the market. >> on other issues yellen said a greek exit would have repercussions for the european economy and global markets and even though the united states has a limited exposure to greece, the spilloverfects would be felt in the united states. it is the domestic economy that remains the focus. peter cook bloomberg, washington. anna: markets today, seemingly transfixed by both greece and

the situation around the fed and when interest rates will finally go upwards for the first time since 2006. let's return to the greek story because the action in that particular arena has moved to luxembourg. hans nichols is there in luxembourg with a preview of what we're going to get from today's meeting. would it be fair to say expectations are low for a deal to be done in luxembourg? hans: anna, that might be too optimistic to call them low. they are beyond low. when you look at all the comments from various finance ministers, indeed from mr. tsipras to a couple of german speaking newspapers, there is very little reason to be optimistic. let's run through the late freths mr. tsipras. he said it is a myth that germans are paying greek salaries. he is trying to combat this notion in germany which is pretty widespread that the greeks are a burn of loafers. he said that they would be waiting for yet another proposal

from their creditors that indeed he would not be submitting a proposal. i have already sent our proposals to tembings u. institutions. we want a solution. i'm waiting for an official answer by the e.u. institutions. we have seen the obama administration express their concern. there have been some phone calls. we heard yellen talking about that the effect if greece exited the eurozone. he said he will do whatever it takes to keep greece inside. there is no alternative but there is a hint. there is a recognition in the comments that this situation and circumstances are different now than they were from 2012. that you could potentially minimize the contagion from greece. when we look throughout the day about what we'll be listening for, i think one of the key issues to look for is to what extent our various finance ministers are preparing their own economies for a greek exit and talking down the impact of a

greek exit because they want to influence the very event that they want to avoid. anna? anna: thank you very much. hans will be on the ground for us in luxembourg all day bringing us the latest from that really key meeting even though as he says expectations are very low. subterrainian were the words hans used. we'll see what the next few days brings. that was hans nichols in luxembourg. that will do it for "countdown." we'll lead you into "on the move." plenty to look forward to on the programming. ♪

greg and morning, welcome to "on the move." i'm guy johnson in for jonathan ferro. we are moments away from the start of european trading, let's go to the morning brief. the fed signals a pickup in the economy is keeping its interest rates for the first time since 2006. the fnb decides with 30 minutes away that a rate decision from a swiss national bank, that a strong frank could drag down the swiss economy. we will be to thomas jordan leader this morning. greece hangs in the balance,

european finance ministers descend on luxembourg for a deal. guy: the german chancellor will give a speech and berlin, she is speaking before parliament. we will be monitoring her comments, she is talking about greece. in the meantime, for what you need to know what we don't know yet is how the european market are doing. caroline: we are 17 seconds in coming from the federal reserve, managing to dictate what she needs to be saying to the markets, yes, you will get a hike this year, but it will be slower than expected. the u.s. rose on some of the comments coming from janet yellen. hsl