>> the euro zone finance ministers meet and tsipras faces concerns over giving away too much ground. in an exclusive interview marine le pen says the exit from europe is inevitable and, if it is not -- if it is up to her france is not far behind. >> we can organize calmly and coolly. today, it is the grexit. tomorrow, the brexit.

the day after tomorrow frexit. everyone suffering from this currency will want escape from it. >> the biggest deal in a decade. ♪ hs>> welcome. i am francine. over the next half an hour, we will be joined by the chairman and we will talk about greece and marine le pen and the refugee crisis. we are getting some news out of germany with figures coming out on the business index for the month of june. we have a forecast of a figure that is below the estimate 107.4. the index is lower the median estimate and let us have a look

at the impact. it does not seem to. this is important to data that we look at and we are looking at the turmoil related to greece over the last 3-4 weeks and it has only been a couple of days that we have had the optimism and we will make it, if everything goes to plan. so, that may explain a little bit of the downward pressure on the german figure. the euro area finance minister is meeting for the third time in a week. let's go to hans nichols with guy johnson in athens. how is it looking? hans nichols: they are working to resolve differences and tspir as is coming in with christine

lagarde from the imf and juncker. we have heard from renzi. renzi is the prime minister of italy and says that both sides need to show reciprocal effort. it is hard to say how close they are to a final deal because it has been "radio silence" on all accounts. it is difficult to get a sense if they are close or far apart to a deal. it is clear that they are demanding a vote and will take a vote. you are hearing talk about prior action and here is how. we are spelled out in a complete list. christine lagarde told the governing crisis was governing.

lagarde has been the most critical or skeptical, semi--- saying there aren't enormous differences. if she is privately indicating that they are getting the money and making that payment, that is an indication they are on track to get this wrapped up over the weekend and before the 30th. >> thank you so much, for now. how tight is the timeline and how much pressure will ts ipras get? guy johnson: this is the big question on whether we get the deal tonight and if tsipras has the votes to pass this in parliament. he is, on one hand, the energy

minister. he is also the leader of the platform within the syriza party. if you want a sense of what he is up against, listen to what he has to say. >> the bailouts stride our country and, unfortunately, the european union, central-bank and international monetary fund the institutions, have played a negative role in the country because they insist and blackmail us to implement programs that bring recession, destruction, and paralysis. guy johnson: not a fan. let's put it that way. the deal may or may not come out in brussels.

the other deal is whether or not the payment can be made and the finance ministry says the money is there at it is a political decision. it seems that there may be some flexibility and it may be t-bills. there are almost bigger questions as to whether or not we get a deal tonight. >> thank you so much. we are getting you the news that matters from underground -- on the ground. myrtle in the pendant is from running in the 20 17th elections -- in the 2015 elections. if it is up to her, france is not far behind. marine le pen: if we organize the different instruction -- the

deconstruction of the eurozone today it is the grexit. tomorrow, it is the brextit. the next day, the frexit. i will be madam frexit. i believe that sovereignty is a twin sister of democracy. no sovereignty, no democracy. i am made them a crack and will fight tountil the end. if i do not negotiate with the european union something i wish, i will as the french to leave the european union and you can call me madame frexit. francine: we will have more with the interview withs madame frex it. you can tweet me.

guy johnson is taking a teen interest today. for more on this, we are joined by the chairman in a bloomberg exclusive. great to have you on the program. we will be talking to you and there is so much to talk about. marine le pen says she wants to negotiate and we will go through the policies. it is not dealt with. if you look at the landscape what worries you the most? the imf payment and tuesday. -- next tuesday. >> it should not be definitive. the problem should not be.

i would not be surprised if we get to a greek solution. he listens to what marine le pen says and it will not load in the next few months. it is more aware of the problems. it is difficult to price this in. which will affect us longer-term? >> it is difficult to deal with sovereignty and the currency. he is critical to the euro. >> you talk about the last time and we heard from the eurozone.

one of them is opting out of the euro. if you listen to marine le pen do we have a closer union or not? >> a good question. the union should move forward. if they do not move forward, it collapses. it has to cope with the country. so, this is a challenge. it has been the weak spot of europe so far. in many other countries, anytime there is an election, it will be spain and the anti-euro parties.

>> if you are italy and, in some ways, you are, d think you will reach a deal this week? if we give two months -- if you give too much, do you think there will be? >> in spain and portugal and italy. it is without the intervention of the european union. it is quite the opposite. the repercussion in the trike a and making concessions to greece on italy. francine: we have the anti-in senate right now and renzi is

talking about the pictures coming in from rome. politically, he has been astute and done what he has to do to get the factions within his party and support the main vote. >> it has been losing steam and the reports are less popular. but, he is a shrewd politician and will find a way to come back. he is an authority and this is the best for the politician. >> thank you so much. it stays with us. here is a look at what is on the radar. security is being stepped up. the chaotic scenes paralyzed the french port yesterday. the services were suspended

after a strike that led to the entrances. migrants attempted to board the trucks. he spied on him. he was listening in on discussions about the euro debt crisis and leaving the area. the british monarch will visit before meeting merkel. it discusses the reform ahead of the meeting tomorrow. at 9:30 we will see the queen receiving the ceremony and we will look at the u.s. and qatar

investors who teamed up to buy a major stake in formula one motor racing. greece was fighting to keep their country in the euro. keep it right here. we are just getting started.

francine: welcome back to the polls on london. now, security is being stepped up in the effort to prevent a

repeat of the chaotic scenes yesterday. the services were suspended after a strike lead to burning tires and a blocking of entrances. migrants took advantage of this. for more on all of this, we are joined by lundgren. lundgren: things seem to be returning to normal and there is a backlog from the trains that were canceled out of the services that they operate and they had to spend the night in paris or london and are piling back onto the trains today. it seems like ins are getting back to service as usual. francine: will this affect the profits? >> it was service employees

striking and anything like this impacts the reputation. the sales were week after the charlie hebdo incident and as a company, you never want to see things like this happening. we want to make sure everybody is having a good experience. francine: they have brought the issues of illegal immigration back into the spotlight. the president of the national front party says they cross back into europe. >> instead of running it back to

departure, they are the traffickers and must rescue the people. we must bring them back to the departure. when we have done that several weeks in ago -- several weeks in a what row -- several greeweeks in a row, no one will risk their lives doing it. francine: how concerned are you that the crisis will have on extreme parties. >> notches for france the worst

european countries. i have looked for this and i believe we should give the refugee the possibility. as far as people living from better economic conditions, there is no way and it is simply impossible. it is difficult to implement and this is dangerous because my suggestion is to have boots on the ground and select the immigrants to go back.

>> it is a huge expense and would have to be a concerted effort. >> italy has to play a major role on this because it is the front line. the people are escaping wars to come to europe and not the traffickers. those who are not in that condition will stay there and go back to the country. i do not see an alternative. we cannot accept thousands coming in europe every day. francine: this is big for people on the ground helping refugees. >> it is a take mission and the western world has made places.

why not where places are threatened. francine: the deputy of rothschilds stays with us. we are here with more on all of this with caroline hyde. caroline: they are belgian and from the netherlands. they call it a merger and you get down to the nitty-gritty and it looks like an acquisition and we understand it will take control of the company and take the top debt -- top jobs.

meanwhile, you have the deputy ceo and we will see the ending to the shares buyback giving euros to the cash investors. why it is going ahead is the synergies they can make and the efficiencies and scales. there is huge press from the united states and they will become the fifth they just supermarket change. we have food lines and it is clearly speeding up the situation and taking on the competition in the u.s.. there is half a billion euros per year in three years time and they have the cost to come.

francine: thank you. caroline hyde with the latest. we have more and we went through a deal that happened. are we seeing too much pressure? >> there is a pressure to use cash and a lot of companies have cash and they either buyback a lot of shares in order to give money back to shareholders or they look for opportunities around the atlantic and they buy european mergers like this one, which stays focused on the u.s.. i believe that it continues, as

long as the cost of this is cheap. francine: they say the financing can make sense and it is finding good synergies and a good fit. >> the problem is to transition into the synergy and this is how you run the operation of the mergers and the difficult part. i believe that most companies have learned a lesson from the past and before launching a merger or acquisition. francine: what do you think they have previously learned from? >> the financials and today the focus on what happens next and they make the future more

difficult and look more closely at what it's in the months and years -- looked more closely out what is happening in the months and years to come. francine: the visit to germany and this goes back to her german roots. she will meet with merkel later on. this is not the first time she has visited germany. this is the fifth visit to germany. however, it is their first official trip to a european concentration camp. i think they are visiting a memorial where and frank died -- anne frank died. we expect the monarch and her husband to go to frankfort. in the next days, she will be

touring. we are not talking about greece with merkel. david cameron and there goes the british monarch. in the car and starting the three-day tour. we are backed in two minutes -- back in two.

francine: welcome back to the polls. i am francine and these are the top headlines. the finance ministers meet to secure agreement. the prime minister is facing a backlash and there is concern he is giving away too much ground to creditors. the head of the national front party and a front runner in the presidential elections says the

exit from the euro is inevitable and france will not be far behind. marine le pen was speaking in an exclusive interview. marine le pen calmly, cooley we will solve this problem. everybody who is suffering from this currency only wants one thing, escaped from that. -- escape from it. francine: chaotic scenes paralyze the french tunnel and it lead to burning tires and the blocking of entrances. migrant workers attempted to board trucks. they have told bloomberg and carolyn coleman -- carolyn conan that leaving the eurozone is

possible, if she becomes president. here to talk more about the possibility of the exit it is marine le pen and her prospects in the election. he is with us. thank you for sticking around. thank you for joining us. i have not met marine le pen yet. our reporter on the ground did a great job interviewing her. how dangerous is a woman who has extreme views and comes off as personable amicable, and smart. will she be the next president of france? >> she has appeal in france and the economy is not doing well. they are doing a good job making

the party view seem normal and she has a egg appeal for the voters in france. on the other hand, the presidential system means a second round runoff and it is almost impossible for her to become president of france. the influence she has will be through influencing what the parties do and the debate rather than being actually in charge. francine: how much will this have over european policy? is it immigration forcing other party leaders to take it more seriously and have more extreme views? >> the mainstream parties feel forced to address or not address certain issues. populist parties are having an easy time gathering votes and

running on a populist platform. the eurosceptic attitude, i think mainstream parties feel forced to address this. they are scared to lose their voters. >> what are your views? merlene the pen -- marine le pen has extreme views and comes across likable. >> she is capable of getting lots of votes and what she says is appealing to the left voters particularly the working class. i agree that the chances are essentially no. she influences a lot and does on themes that are sensitive across europe and france.

>> what is your main concern? >> we have economic indicators that are not bad and this is a country in need of structural reforms. >> it needs structural reforms even if france is performing not too badly. the last numbers seemed encouraging and france remains a country with at least 20 companies at a global level leading. that is important today and i believe that with some reforms they will be a positive element in the european economy. >> francine -- francine: the british monarch is on the move in germany and cars are being brought. the president of germany, you were discussing what she would talk about with merkel.

i wonder if she would talk about marine le pen in place of germany the in the closest with economic reforms and if they would discuss the rest. >> the british referendum is a big subject right now and david cameron is expected to present proposals at the european council tomorrow with the european detail. i expect that to be an important subject. we will see the british monarch coming out of the car. if you were merkel's advisor, is there a message you would want to give the queen? she has the ear of david cameron. >> certainly. they say, i do not believe the

europeans should give too many concessions, because otherwise it is lost. david cameron needs it to win and preserve a future for the european union. >> do you think they have negotiated enough to keep the ventures? merkel and the rest of europe needs to sign off on this. >> all of the countries have an interest in pursuing the eu and i think they will find a compromise and a referendum. >> thank you so much for that. the eurasia group and the

rothschilds. they will visit the concentration camp before meeting merkel later today. you're seeing pictures there at the presidential palace. now european leaders are meeting tomorrow and we understand cameron will meet merkel was tony joining us from berlin. what is the significance of this? >> there is a bit of a connection to germany's past. this is the 50th anniversary and it was 1965, going back a long way. you could say she is a celebrity

in a build to the most read newspaper and the country gave her almost a full page spread. she is a symbol and a break from the constant news about greece and the crisis. that is the queen and a different britain as we know very well. so, coming together although there is no direct connection, the visit was scheduled for some time and it shows that up. francine: what won't merkel and cameron discuss? will they talk about the referendum? >> they will talk about the

european issues. that is a catchphrase and there will be something with greece. cameron has a different stake. it is a foregone conclusion that they will discuss the conclusion of the u.k. future. merkel has made it clear that there are redline's. not just she. other continental leaders, if you like, in terms of what they will or could give cameron. on the other hand, she says there has to be a full discussion of what the u.k. wants among the entire rest of the european union. that will be the spirit and there will not be a full-fledged detailed discussion with the proposals starting tomorrow.

>> what is the mood like in berlin? >> i can look out here and see the hotels that they left at the presidential palace. i do not know if that is a stereotypical british weather. the queen is welcomed and the crowds are waiting for outside the hotel and the city where she is going. it is a certain quadrant of downtown berlin and it is a big deal. it is more than the usual government leaders visiting of which there are many.

francine: thank you for that. coming up, we talk about the retail sector and the general meeting this friday with the tesco ceo, terry.

>> welcome back. spoke to the former tesco ceo

ahead of the retailers and general meetings. they say this is a good benchmark for the u.k. economy. he joined us from the international festival for business. >> it is understandable that they will be battering -- battling to stay relevant to customers. it has never stayed and the retail sector is a standout sector. it is improving the lot of ordinary consumers and that is what we are talk about today. the more competitiveness you see, the better the british firms will be and the better

they will be able to export services around the world. francine: you are not a bondholder. could you have envisioned this was going to be a sub-investment grade bond? >> tesco a has always had a strong rating and the new management team is in place and they have to address the issues they have. it is a strong business with a strong consumer base. it focuses on the customers and

it will have a good future, i am sure. francine: the owners of the miami dolphins and qatar have teamed up to get a stake in motor racing. it is great to have you here and this is a huge deal. the fans around the world will want to learn more. >> he bought the miami dolphins for $1 billion in 2008 in 2009 and is not just interested in american sports. he is also interested in soccer -- francine: soccer? >> football, the european. . he has made piles of money and this guy should be the king.

he has the property portfolio and it is an exciting product. so, he is a guy who says that he made his money in real estate and is having fun in sports. clearly, he knows what he is doing. he could team up with qatar who is interested in sports, as we know by their did to host the world cup. they are interested in sports and see it as a commodity. the biggest stakeholder could be very interested in selling because they had a great run. ever since they bought this

depending on how you break down the math, the investment has returned. given that we are hearing and they are reporting as much a 7-8 alien dollars. it may just e the perfect time. this deal was considered and buying formula one was considered controversial. it is often referred to as the best private equity deal. ernie -- bernie gets to sell his stake. >> does he want to?

>> it is difficult to imagine formula one without bernie. the idea is to bring it into the united states. to do that, they would want the transition and he has been doing the deals within. he wants to chaperone or take you through and hand off a little but. it is difficult to imagine bernie not wanting to do formula one. it is a transition between the business that exists now that is successful and the one that is teen to get in on the big market. francine: a british monarch or the queen.

she is being posted around the presidential ballots and received a lavish welcome today at the start of the state business. it is the visit to germany. they will make the trip to the concentration camp. you can see principle of and it is still the same map. we will have plenty more up next and we will hear from greece pushing for the country -- the young greeks pushing for the country to stay in the euro. stay with us. ♪

those are adorable cats

>> i have thought i had lost the tournament and i thought he was going to make it to win and it went past the whole. i was just glad that i had a chance to maybe go to the playoffs the next day. it missed and there was delay from the crowd reaction. on 17 i did the same thing and i had to make up for it. it just ran out. >> that was jordan spieth talking to bloomberg about winning the u.s. open. he is still only 21. do you feel like an underachiever? some do. some suggest that the greeks

favor a return to the draw,. the younger generations are waving anti-eu flags. young pro-euro supporters are making their voices heard. >> we are the silent majority. now, we are here in protesting for saving the euro and the european union. we must stop seeing the silent majority. we must be the majority that expresses itself peacefully. >> it is not about left, right, or center. it is about the european union and the eurozone.

>> we tried to send a message internationally because we have given the wrong impression. >> we offer that, as well as a >> it offers results and we may be able to work here and produce here. francine: for our viewers, a second hour of the polls is coming. we will get the low down and

will have more on the visit to germany. now, just a reminder you can follow us on twitter. ♪

francine: the euro zone finance ministers meet on a deal for greece and the prime minister faces a backlash from party members. in the exclusive interview, marine le pen says the greek exit from the euro is inevitable and it is up to her -- if it is up to her, france will not be far behind. >> if we organize calmly and coolly we will organize this. at one point or another, every country suffering from the

currency will only want to escape from it. francine: the french president holds a meeting after reports that the u.s. spied on him. the biggest deal in a decade. shefrancine: good morning to those in the united states. they ministers meet to secure an agreement. let's go over to hans nichols and the savings in brussels. >> no news is good news and the teams are working it out. they need to make the numbers add up.

the numbers have shifted into political talks. we will see how late the night goes. everyone predict an early dawn. that seems to be the vibe. what everybody wants to see is the tangibles. the term you will hear is "prior action.," they say they would like the prior action to be in a list of deliverables and you would have a separate vote on the 30th. we have lagarde telling the imf board that she is confident the greeks will make the payment. she has been the one who has

been critical and has been talking about enormous gaps and it seems like they have a lot of details to work out. francine: thank you, for now. given what was said, the timeline is good for greece. >> there are a lot of moving parts. we understand mario draghi may or may not have taken off a little late and he may be a little bit tardy when it comes to the meeting. we spoke to the leader and the current energy minister. he is not a fan, let's put it this way, of what the

institutions and the troika have done thus far. >> the bailouts destroy the country. unfortunately, the european union, the central bank, and the international monetary fund, the so-called institutions, have played a negative role for the country. they implement the programs that bring recession destruction and paralysis. >> if they vote against it, they may take 40 with them. it may threaten the government. there are an awful lot of things still to calm on whether or not we will still get payment. a lot of moving parts. do they have the money? will they need the money? even if they don't have it, it

doesn't really matter and there is flexibility. as the day starts to progress we will get more news. tomorrow morning, we will have uncertainty out of brussels with no certainty behind me and the greek parliament. francine: the debt restructuring, is it a dealbreaker? guy johnson: we were talking to the general secretary and he was talking about the debt restructuring being a concrete part of the process. whether or not it formally gets put into the agreement, i do not know. the greeks say there needs to be some commitment with the debt restructuring. we do not know what they

restructuring will be. the greeks see this as part of the transaction they are about to enter into. francine: thank you both and we will have more. the national front party and the greek exit from the euro is inevitable. if it is up to her, france will not be far behind. really in the pen: -- marine le pen: if we organize coolly, we will solve this problem. at one point or another, every country who suffers will only want one thing, escape from it. >>i will be madame frexit.

i believe sovereignty is the twin sister of democracy. i am a democrat and will fight until the end to defend democracy. if i do not manage to negotiate with the european union something i wish, i will ask the french to leave and you will be able to call me madame frexit. >> how much influence can marine le pen have on policy? we were speaking to the investors and the experts and they were saying that she will steer everyone to the right in the election. you can tweet me. for more on this bill, great to

have you on the program. the markets say this is a done deal and it is not. there will be a lot of opposition from the party. do the markets realize we are politically in a hot potato? >> you have to take it in context. the economy will grow this year and be better than it was and it will get better in 2015 and 2016. it is important, in the sense that the economies are doing better and these issues have been coming along. from the point of view of the markets, they have decided greece would get the extension and the actions will move to

greece and the political risks are around the third bailout and how that is positioned with the need of the second election. >> maybe i am a little more pessimistic. we had the qe and the low euro and accommodative oil prices. can we really talk about a real recovery? is it still europe that is growing, if only slightly? >> the influence and the euro is down and off the lows. the bond yields are still very low and it continues into next year. the view from the point of view of the markets is that it is still benign particularly as we expect organic growth and

earnings to come through. you make your money in germany and around themes of restructuring. francine: mergers and acquisitions? just: it will come later and ongoing. the financials are clearly an area that are interesting and we generally have a value with the equities. francine: you look at greece and the debt re-profile and. that is the next big thing. they have dealt with this and anything can happen, as long as

they do not exit. it will be fine. >> the focus is on reform and what the debt restructuring means. the costs will have to be addressed and they will look at refinancing the more expensive elements of the debt and extend the hundred year bond -- the 100 year bond. it is a strict restructuring, as defined and the debt will be re-profile. only with concessions. francine: so, we have free profiling links to basic structural reforms. guest: that is the idea and that is the challenge. francine: we have the federal reserve. how much is that impact investments?

just: the diversions versus the u.s., we like the combination and the issues. we see the value showing up and it gets more volatile. we like the yields alongside the europeans and we like the be-rated sector. we like the stirling, for instance. we have another case of diversions. francine: take you much, for now. here is what is on our radar and security is being stepped up to prevent a repeat of the chaotic scenes that paralyzed the french port yesterday. the tunnel services were suspended after a strike by ferry workers that led to the blocking of entrances. migrant workers tried to board

trucks bound for britain. there was an emergency meeting after wikileaks reported that they had spied on him and -- the u.s. had spied on him and the former president. there are meetings about possibilities of greece leaving the euro area. the british monarch will visit the concentration camp before meeting merkel. david cameron discusses reform ahead of the meeting tomorrow. chaos and we will have the details next.

francine: welcome to the polls from bloomberg's headquarters here in london. in an effort to prevent a repeat of the scenes yesterday, the tunnel and services were suspended after the strike by the ferry workers. we are joined by one greg -- lundgren. lundgren: things are returning to normal and there is a bit of a backlog. there are 25 trains out of 40

that were canceled and the people are getting back onto the trains. it seems like things are getting back to normal. now, yesterday there was the issue of illegal immigration in the spotlight. speaking in an exclusive interview, the president of the national front party. marine le pen said that immigrants crossing into europe should be sent back. marine le pen: we meet the boats to put the migrants into safety, which is a good thing. instead of bringing them back to a port of departure, we bring them to the shore. we help the traffickers and provide safety for the migrants. we must rescue the people and bring them back to a point of

departure. nobody will pay. francine: we are talking about what happened yesterday and it goes back to britain renegotiation. what you think david cameron will say today? >> i do not think the prime minister will appear with a shopping list and there will clearly be a focus. the area will be outside and areas could see the parliament. it could include welfare reforms.

it is welfare reforms that are enormously controversial. it gives you the ever closer union concept. it is likely to be around a protocol and it is accounted for in the next treaty negotiation. it is perceived as doable and it is what is acceptable in brussels. we will see more engagement in the coming months and the negotiation. i think it may have been ruled out.

francine: what have an impact on the markets or the economy? -- will it have an impact on the markets or the economy? >> our sense is -- >> you go with the opinion polls? >> we have. we thought there will be clear evidence of membership in the polls throughout next year. >> thank you for that. coming up, we will tell you about a big deal that is in the works and another that could fall through. stay with us.

francine: welcome back to the polls. -- the pulse. it is one deal on and one deal off. here is caroline hyde. first, the deal is on. caroline: a merger of equals. is that ever the case? it looks like an acquisition of 9.3 billion euros and that is

it. it is in belgium and the netherlands. they are both big presence in the u.s.. you have the price tag. it is taking control of the combined entities and we have a ceo. meanwhile the deputy chief executive will have the management board and it will be brussels. it is the u.s. side of the coin and they will combine the entities. you have stop and shop and food lion. by the time they combined all the entities together, this feeds up the deal and the reason

it is done now is because the competition is heating up and the cost savings they make, they can get the synergy by doing the deal. francine: meanwhile, other activities putting -- being put on hold. caroline: it is being put away by a conglomerate in france that has a vague telecom preference -- presence. it is also broadcasting at 10 billion euros to purchase this. they are looking to offer 5 billion euros and it is much higher than what you tend to see.

why give up the big price tag in the premium? overall, the board unanimously opposed the offer. the government opposition has been waiting. the economy minister comes out and says this is bad for the economy and employment. he is not like you and the reductions to buy the number three and player -- number three player. also in the back of the mind, the fact that it is crucial the telecoms unit is in full of the valuations. if you look at what it is valued at, it is 13 billion euros and they call it a new dawn. they are worried about competition and execution risks.

also, potentially, they feel they can wrap things up again and improve the profits and revenue. francine: thank you. we are back in just a couple of minutes to talk the formula one. ♪

francine: welcome back to "the pulse" live in london. ia am francine lacqua. euro area finance ministers meet for the third time to avert default in greece. tsipras is facing backlash from members of his party who are concerned he has given away too much ground to creditors with his latest proposals. the head of france's national front party says that a greek exit from the euro is

inevitable. marie le pen was speaking in an exclusive bloomberg interview. le pen: if we organize the deconstruction of the eurozone altogether, we will solve the problem. today the grexit. at one point or another, every country who is suffering from this currency will only want something -- exscape. francine: security is being stepped up in dover and cala is. euro tunnel and eurostar services were suspended after a strike by ferry workers. migrants took advantage of a traffic by attempting to board trucks for britain. mark: we are in wait and see mode as tsipras heads to

brussels for that meeting with the creditors ahead of the finance ministers meeting later. the stoxx 600 is rising for the fifth consecutive day. that is the longest stretch in two months. the most for a five day period since january. the dax had amazing run and that run has come to an end. before today, it had risen by 4.5%, the most in three years. business confidence fell for a second month. uncertainty over greece clouds the outlook in germany, the eurozone's biggest economy. what a run we have had for the athens stock exchange in the last couple days. it is lower today. down by 1.2%. in the last couple days, it has risen by 16%, the biggest two day rally since february. the wait and see mode is filtering through into the greek bond market. the part of the bond market that

has fixated me in the last couple days is the two year part. in the previous two days, the yield on the2 two year note has fallen by 783 basis points. hopes for a greek deal, they are still there because yields in italy and germany on the two year note are declining today but the greek two-year note has seen a sizable decline in the last couple days. look at what is happening in the u.k. there is a reason for this, while other european bond markets are rising, yields are falling. opposite is happening in the u.k. with the2 two-year yield up. i will tell you why in the second. it feeds through in how the pound is performing. it is rising today against the dollar, up by 1/3 of 1%.

comments made by the bank of england's monetary policy committee official martin will. he says the bank of england should be ready to raise interest rates as early as august. for the record, the pound is the best-performing major currency over the last three-month, rising 6.3% against a basket of 10 currencies. you know what happened to the euro yesterday. the biggest one-day drop against the dollar in three months. a small rebound today. 1.1213. francine: let's turn our attention to sport. reports suggest that the owner of the miami dolphins american football team -- have teamed up to bid for a major stake in formula one. >> so steven ross is the owner of the miami dolphins. he thought that team seven years ago. spent $1 billion on it.

but he is a fabulously wealthy 75-year-old. he has a real estate portfolio worth five dollars billion. he also is interested in soccer. he wants to be a major league -- he wants to bring a major league soccer team to miami. the idea of him from reports teaming up with qatar seems to make sense. qatar is going to host the world cup in 2022, if they do not lose the right to do that. in general, qatar thinks that sports are a place that they want to invest their money. they see them as commodities. it could be a powerful duo. they will have to convince cbc. it has the biggest equity stake in the holding company that

controls formal one. there were talks that global liberty were looking at buying it. but they have had a great run. maybe it is time to get out. many people call their $2 billion purchase of that stake in the holding company that controls formula one back about 8 years ago is the single best ever deal in private equity history. they've earned by pretty much all measures at least 750% on original earnings. if they were to sell their stake for $7 billion, once the due diligence has been done, and if mr. ross is satisfied, that would be more money for them and what set formula one up for the next big step, which is if it wants to be a global sports business, to move into the u.s. ross can help them with that. francine: i was going to ask you about bernie ecclestone.

but i want to have a very quick euro-dollar check. 1.1209. we had breaking news in greece. an official has said that tsipras was telling creditors or says that creditors did not accept that greek proposal. let's see how the markets are reacting to this. the euro-dollar is falling. it is unclear when you look at this headline whether he means they do not accept that proposals a couple days ago are whether they did not currently accept the greek proposals. whatever he means, we will get it checked out but it is having an impact on euro-dollar. it is falling significant way. that headline hit the bloomberg terminal. at 1.1191. we will get a reporter on the ground and local straight to hans nichols in a couple of seconds. let's get back to ryan. he was talking to us about the

u.s. and qatar trying to get in on this formula one action. where does it leave bernie ecclestone? ryan: with a few more euros or pounds which appears to be a safe haven given the crisis around the euro. so bernie owns a 5% stake in the holding company that owns formula one. he would sell his stake alongside cbc. that does not mean he would be going away. he turns 85 in october. but steven ross and his associates are said to be interested in keeping him around. why? look, the u.s. market is something that bernie clearly has not been able to crack. but he knows everything that is part of that empire that he has built over the last three decades, he is part and parcel of the whole entity. if they want to know about all of those deals that were made, how the broadcast rights work

when more host cities and all the money that comes from that it makes sense to have bernie on in the transition. i do not think bernie is not going and your. all signs are that bernie and formula one, the two cannot be separated. francine: thank you so much. the latest on formula one. i want to take you back to these greek headlines and back to euro -dollar. we have seen a significant move. we understand that mr. tsipras is actually talking to his team. the latest that we heard from this tsipras saying that creditors did not accept the greek proposals. this came out a second ago. on the back of that bunds have been climbing as mr. tsipras saying the creditors did not accept these proposals. we had an earlier headline which now make sense. he says, mr. tsipras saying not accepting balance measures seemed strange. let's get straight to brussels and to hans nichols.

when these headlines came out, i was not sure what to make of them but it seems we do not have a deal on the table. that he says what has been proposed by greece the creditors, so these institutions have rejected it. hans: it seems all is not well inside these talks. in a a few minutes here, the actual political talks are going to start. mr. tsipras will meet with mr. draghi madame lagarde. what we know is a greek official is saying that mr. tsipras is claiming that the creditors are not accept and their proposals. so this is clearly a speed about. whether or not this is insurmountable or part of a negotiating tactic, we do not know. but as of right now, just a little bit before noon central european times, before 6:00 u.s. time it looks like these negotiations are going off track. there is a public, from the greek side they are off track.

one of the more interesting parts is when tsipras said it seems strange that creditors will not accept a balanced approach. every time tsipras uses a pejorative term like strange that is an indication they are quite far apart. a lot of the optimism for the last 36, even 48 hours, has been predicated on the idea they're going to be able to square the circle, the greek proposal is going to add up. this is the first indication that it is not adding up, and tsipras is claiming the other side is rejecting them. now we have to hear from the other side. francine: if we back out a step so we had finance ministers meeting monday-tuesday. we were expecting another proposal with the details, which we understand was rejected. i am trying to figure the exact timeline. hans:, so the finance ministers that met on monday night, this

is this idea, monday night that they had a good progress, a good basis for negotiations. but everyone was very clear that you needed to do the technical work. you need to see if what greece was proposing could pass muster and satisfy the creditors. and everybody expected there to be a lot of back-and-forth. you remember merkel saying some of the most intensive negotiations are yet to be coming. that is what they have been doing since monday night, trying to figure that out. whether or not the greek proposals make sense, if they meet these primary targets they appear to have agreed to. it looks like what we have now is that that good basis for progress for negotiations, has gone the low bit off track. at least from mr. tsipras's side, he is claiming is creditors are not accepting their what they claim to be good faith proposals. francine: we, of course understand the parliament in

greece has to discuss everything that was talked about. hans holger thought, because i want to show some of the market moves. -- hold your thought. as soon as that headline broke on the bloomberg terminal, mr. tsipras, saying that creditors to not accept the greek proposal according to a market official. so, markets turned. they were already on the lower side but losing between 0.2%. the dax is down by 1%. the cac 40 down. we've been speaking to investors. a lot of them saying the markets have not been focusing on greece . as soon as we had the proposal on monday, we thought that was dealt with. i will check on the 10-year ger man bund. we will get back to hans shortly. guy johnson is in athens.

actually, this changes everything. and markets are back worrying about how to deal with greece. >> yes francine, we have seen a turnaround in the stock 600 in particular. that now moving down after earlier gains this morning, but i'm focusing on the athens stock exchange as well. it is right now the worst-performing equity benchmark in the world. i have got it here. you can see this dip. that is on that headline about tsipras, about the deal. and if we drill down into the details here, we can have a look and see that yes still, we have got greek banks leading the losses. so athens stock exchange has taken a big hit. if i check the bond markets, we are seeing 10-year borrowing costs edge up slightly. it is not a big move, but

considering that we saw the move down earlier and saw the move down significantly over the past two days, it is worth noting. so greek markets definitely feeling the reaction. francine: thank you. hans, let's go back to you in brussels. what do we know about the timeline? officials were discussing the details this morning. then today's finance ministers are meeting. hans: so, finance ministers arrived. the first meeting as at 7:00. mr. draghi and mr. tsipras and madame lagarde were supposed to meet around 1:00. some of the flights were delayed. when they arrived and when they meet does not seem to me as significant as the fact that a greek government official is now saying that talks has been rejected. that is not to say that these talks are over. that is not to say that we are not going to have a deal.

clearly, though we have an obstacle and it will be up to the parties to resolve this. there is going to be a lot of hard work. what we may see in the markets happening now is a little bit of the expectations. because everyone was rosy scenario'ed on this after the positive sounds on monday. a lot more work needs to be done. leave aside the negotiating stuff in brussels, as guy johnson can give you a good sense on the ground in athens. this still need to pass the parliament and athens. it will be a public document. everyone in athens will know what the targets are, what the vat is, how much pensions will have to be cut. that needs to be ratified by the parliament in athens. that it has to be ratified by the german parliament. the german parliament is speaking about monday and tuesday. francine: and what course we do not know, understanding the timeline, we do not know whether they negotiate by phone or meetings are taking place. let's get straight to guy johnson. in athens.

behind you, we can see the parliament. we were expecting a vote of confidence. but we understand those have been rejected by the creditors. guy: yeah. there was some suggestion early on that maybe the imf had issues. we seem to get this dual line coming out of christine lagarde. in private she was saying one thing. in public, another. there was a hint that maybe the imf had more of a problem with it than the other institutions. we do not formally know where the problems lie who has the problems, and ultimately whether or not those problems are resolvable, but it does seem as if the trajectory that had been suggested from monday into this morning maybe is not there. we still have a few -- we assume that tonight was going to generate a deal and the problem laid with the parliament. maybe we still have issues to be resolved. if it is harder to get it through tonight and the

creditors want more, it will be harder for tsipras to get the votes he needs in parliament even if he does get an excepted deal, and looks like is going to be even more onerous on the greek economy then we assumed. so, that makes it even more hard to get political backing and the kind of ongoing political backing that mr. tsipras badly needs from his coalition. whether or not he can get it through using the other parties, we do not know. if he can only get it through using the other parties, we do not know if that will lead to early elections. -- all the way back through to this morning. the timeline. the decision is so enormous at this stage. it is hard to get your hands around what the ultimate outcome will be. but the markets are going to be bouncy over the next few hours. francine: the stock exchange down 3%. the dax down. bunds back up. euro's down. could this be game theory.

we do not know. we have been speculating. we have been covering this for years at how strange is it that this is unofficial reporting with -- what mr. tsipras has been saying? do you think this is political wrangling? how much to believe that they have to not start from scratch but that we have hit a roadblock? guy: we don't know. honestly, the politicians are becoming very adept at making one thing look like another and making sure that their position is one that is communicated to the media but maybe not completely communicated to the media. there is so much going on here. i am not sure it is game theory. it is just hard negotiations. and maybe there is a sense that tsipras wanted to show the creditors what happens if there is a sense this deal is not going to happen. maybe this is expectation management that tonight will be tougher. maybe it is communication back to his own party.

all of that is possible, because this is such a finely balanced decision. it's by no means a done deal. anybody that things that is, and he take a look at the last 20 minutes. there are some any pitfalls between now and getting greece out of the mess its in in a short-term economic sense. maybe it is all of the above. recently do not know. and it's hard looking in from the outside to get a sense of really what is going on. francine: we are just getting some more meat on the bones. we understand that the greek prime minister has been telling his associates that creditors are not accepting -- the measures and that has not happened before. mr. tsipras says look at ireland, look at portugal. not accepting these measures we put forward has never happened before. he appear on the, this is according to this official briefing reporters about what tsipras would have told his

associates, he says this is strange. this is a strange -- he used the word weird. n/a can hide to scenarios. either do not want an agreement or surf pacific -- specific interests in greece. from where you are standing, we have seen the demonstrations we've seen the pro europe, the o nes demonstrating against austerity. is there a feeling that institutions are working against greece or is there more of a feeling that mr. tsipras is focused too much on his own party and not negotiating in a good enough manner with creditors? guy: um it could be either of the above. one thing is certain is that over the last few months trust has broken down. as a result of which, the trust that maybe existed when ireland negotiated their package, maybe

does not exist. so i think there is certainly, it's hard to compare what happened in arlington what happened in greece. the level of trust is completely different. maybe that is part of what mr. tsipras is saying. there is also this issue that maybe he is trying to communicate with his own party. this is a tough negotiation. i cannot guess anymore from these guys. they are barely agreeing to what we have put forward, and they may not even agree to that, so this is the best deal we are going to get, because there is suggestion in athens that maybe tsipras has caved. maybe what he is doing is communicating back to his own coalition that is not the case. this is the best deal. it could be easier of the -- it could be either of those two scenarios. there has been a breakdown in trust. we have seen that happen over the last few months. then there is also this kind of we keep pushing, we have pushed as hard as we can, and this is the deal we have got.

and maybe that is what he is feeding back into the body politic in athens. francine: hold it there. hans, if we look at how this happened, this is a headline that crossed 12 minutes ago. an official speaking to bloomberg and saying that tsipras told his advisers creditors to not accept the greek proposals. has been 12 minutes. all of our team have been hitting the phones trying to get a european response. ho strange as it that we have not heard yetw? is this mr. tsipras playing political games to try to get a better deal at the last minute? hans: i don't suspect in official statement from the imf or the e.u. or the ecb after what tsipras is saying. they do not want to carry out negotiations in public. we should think of these negotiations. they are performing open-heart surgery on a patient with a lot of scar tissue. and that scar tissue in the last four months has been a lot of lost trust.

what we have on top of that right now is almost an insult for mr. tsipras, an insinuation a suggestion that what his creditors want to do is strange. and also that the either want to see greece fiaail which is an interesting comment to make when you're asking for a boatload of money, claiming they want to see greece fail or that they have an alter your motive. -- alterior motive. this statement i suspect will drain a lot of that goodwill. so, yes, it's possible this is part of tsipras's negotiation strategy, part of his conversation with his own party, trying to pretend that he is really trying to fight for the best bargain possible and that his creditors are really putting the screws to him. or it's going to poison the negotiation because we are in the middle of things. technical teams are still going at it. the political conversations are

about to start happening. we had an insult to negotiations. francine: let's quickly check in the markets. the 10-year german bond, this is the picture we have had. we seen quite a lot of volatility in 20 minutes. bonds have been advancing, after we talked about it. three greek prime minister told us government creditors have not accepted the country's proposal to unlock the needed aid. you can see the yield on the german 10-year bond falling for basis points to 0.04. this is actually, we are seeing similar moves, the yield on italian bonds. rose 5 basis points. if we have a look at some of, well, the market indices. this soon as that news broke, there was a definitely a leg lower. the dax down by 1%. guy, how is this going to play out on the streets?

we have been to a lot of the demonstrations. we are trying to figure out what the headline means. when the talks will resume, how much of the talks will have to resume, but for the greek person when they look at this, what is the likelihood, are they more pro tsipras or do they think it is not only the creditor's fault? guy: the early days you can get in terms of being able to quantify this is how the greeks are dealing with their money. there have been no ela request which would seem to suggest over the last two days the money that has been flowing out of banks has slowed a little bit. be interesting to see if what we are hearing translates into reality, how that affects people's desires, what orders other going to put in to take money out. they have been demonstrations that are pro-austerity, anti- e.u., communists, there are

demonstrates from one particular faction every night. and some of these guys are keen to say, we've had enough. we are done. we want to get out. we are not going to pay these guys. we are unimpressed with the way the institutions of handled the situation. and then there is another facti on that says we want to remain part of your. the whole political system is here. and they are being taught from right to left on an hourly basis at this stage. it's interesting to hear mr. tsipras talking about the equivalent fiscal measures. i was with the finance minister yesterday, and there was a sense that the institutions trust the economic models, the finance ministry. maybe mr. tsipras is hinting that is not going to happen. equivalent fiscal measures, something they're not taking on board. they want to see different fiscal measures.

the language is so confusing and what he is talking about. it is hard to get a handle on exactly whether or not this is terminal 2 discussions are whether this is just we need to see them tweaked. the finance minister hinting that the models they put forward are acceptable. francine: talk me through this. we were trying to figure out when we arrived in the newsroom, it seems mr. tsipras has give in quite a lot but he is protecting the pensioners. three have any understanding that the imf or the other creditors are concerned that this will tax businesses too much and therefore, kill off -- ? guy: that has been a discussion over the last couple days, that may be that this is too onerous on the tax side and not onerous enough on cutting back on expenditures of the government.

not correct. that'swhether or not that is the basis of what we have at the moment. that would fit with the narrative that has been heard over the last 48 hours. francine: thank you so much. guy johnson and happ -- in athens. we are trying to figure out what the latest headline from mr. tsipras means. we understand this may be again, a message that tsipras is trying to get to greece his own people together support in parliament. we will be all over the story. "surveillance" is up next. keep it right here. we will have a full story on greece. ♪ >> this is bloomberg "surveillance". tom: an abrupt shift, is the european union rejects his proposals. he calls the creditor stance weird.

house democrats faced defeat as a president outmaneuver some untrained. there is a key senate vote today the president may sign. putin has frenemies is belarus and kazakhstan. this is bloomberg "surveillance" . it is wednesday, june 24. i'm tom keene. joining me vonnie quinn and brendan greeley. they just reversed on a dime in greece. brendan: as of 13 minutes ago where still having trouble parsing the headlines that basically say that tsipras has told his own government not that the creditors have rejected his proposals but they have not accepted it. so we are not there yet. tom: german bonds lower. greece bonds higher. do i agree with you that we do not want to overplay this as major news? it is just an item of the moment?