alix: we are moments away from the closing bell. i'm alix steel. joe: i'm joe weisenthal. [closing bell] alix: u.s. stocks falling the most since april. european shares have their worst day this year. downward moves are due to concern greece will exit the euro. joe: the question is, "what'd you miss?" alix: what a day to be starting something new on bloomberg television. there's a global stock selloff on the same date we have a new daily program that asks "what'd you miss?" joe: we want to show you what we

thought was most interesting. alix: we begin with this rough day in stocks. triple digits selloffs in the dow across the board, indices off 2%. this is the first 1% plus move we have seen in stocks in nine weeks. that was the longest stretch in 22 years. take a look at the s&p. it is closing barely above the 200-day moving average which is 2053. i bring that up because traders like to trade around those levels. a close below could incentivize more selling. this is all in respect of the correction countdown clock we have been watching. it has been 1364 days since our last direction. -- correction. joe: last week we were talking about what happened to volatility. it has been so long since we have had a 1% plus move. we are getting that.

it has been longer since we have had a 2% move. it looks like we are having that. this morning it looked like it would be mild. in the final hour, started selling off. alix: we heard the greek prime minister talking putting the onus back on greek creditors because it all winds up having to do with greece. if you dig deeper in the s&p, you had financials hit hard. perhaps the yield curve is flattening. cyclical rotation, it was an ugly day across the board. joe: basically, nothing was spared. you look anywhere. if it was risk-averse or something like japanese yen, had a great day. alix: you can't talk about today without talking about greece. joe: that is the big story. we just had a speech by alexis tsipras sounding defiant as ever

saying the creditors do not want you to vote yes, saying you better stick it to the creditors and vote yes on the referendum. there have been questions about whether it will happen. there's no sign of something last coming together for now. second alix: you can find how many times a word was mentioned on articles in the terminal. we take a look at grexit on a monthly basis going back to 2010. it is right around a record. forget 2012. take a look at now. almost 400 times the word grexit is mentioned in bloomberg stories. it gives you a sense of what everyone is talking about. joe: i love anything that gives a sense of what people are talking about. alix: i am taking a look at the euro versus the dollar and the wild day we saw. look at this monster reversal. i came in today and said we will have a weaker euro.

that did not happen. you saw it totally crater and pop up by the end of the day. part of me was thinking that is just a euro situation. but you could see it in terms of the dollar-yen as well. the yen was stronger against the dollar. what is that about? joe: last monday it looked like greece would get the euro was weakened. today felt like the opposite. you had everything falling apart, and the euro showing strength. the dollar weakening against the yen, greece and puerto rico, maybe people are skeptical about the fed hike. alix: joining us from london is paul mcnamara. onset is the chief u.s. economist for bloomberg. thank you so much for joining us.

european leaders say it is down to the greek government to step back. big banks are increasing the probability of a grexit. this is a fascinating chart. r.b.s. doubled its chance of a grexit. morgan stanley up to 60%. eurasia up to 60%. what is your call? >> i think the majority likelihood is that they stay within the eurozone. however, public polling has taken an interesting twist. if you ask greeks if they want to stay in the eurozone, about 80% say yes. if that is the only question. if you say do you want to stay in the eurozone with these conditions of austerity, support drops significantly into the 50% range. this tells us it will be a close call when the referendum is held sunday, and it is largely going to depend on the wording of the ballot.

>> how do you think things play out? do you think there will be a referendum? how do you think they will vote? what happens depending on how they vote? >> i think there will be a referendum. even though it is a short time to organize a big vote like this across the islands, i think it is so important. we are working with a situation where the banks are shot. it is a terrible mess. that makes things terribly uncertain. when people are being treated the way the greeks are and when the e.u. is scaring the greek public, i think it is going to be very hard to call something that happens as far away as five or six days. we have already seen runs on the banks. it is hard to say where this finishes before we get to sunday.

alix: the dow and s&p negative on the year, off by 2%. is this finally baked into stocks, this uncertainty? >> i don't think it is especially a u.s. issue. it is desperately uncertain like everything else. when you have italian bonds only trading off a point today on the back of the news, the same with the rest of the european for free, it is a long way from being priced in yet. joe: i want to bring in a chart of greek outflows, money rushing out of the economy. what does this do to a country when you see money racing for the door? >> what you see is pulling the plug on an economy. greece has gone from mild recession to something becoming more severe, potentially on the

cusp of depression. the old adage of nothing to fear but fear itself applies to international finance with the banks shutting down. all of the numbers are going to get worse. we have retail sales data out of greece tomorrow. that is april data. what will be more interesting is the pmi survey which will be nothing compared to what we see in the latest data when it is reported. alix: i want to bring in the c.e.o. from greylock partners in iran. he has been monitoring the nuclear deal. it is late there. thank you for joining us. you run a hedge fund that is one of the few that owns greek debt. you thought there was going to be a deal. what are you thinking today? >> i kind of thought there was going to be a deal.

from what i can tell, i think some people negotiating for greece in brussels were thinking they were on their way to a deal. there was a lot of frustration on both sides. i think tsipras going back to athens calling the referendum caught some of his people by surprise. it has not been a pleasant day to own any greek assets. from what i am hearing on the ground, the economic problems, the inability to get cash, there are rumors they will drop the maximum amount you can withdraw to 20 euros, my sense is it will drive the yes vote up. if that happens, let's see where it goes from there. joe: do you think there is a good chance they will come up with a deal that keeps greece in the eurozone? alix: does that mean you will hold your position through the negotiations? >> i don't see any reason i

would sell my ggb's. biit is very unlikely they get restructured. everything they are talking about with greek debt, there's a lot of price movement. but our sense is they continue servicing them. i don't see why you would want to sell them at this point. we are obviously going to the be monitoring situation. it is going to be chaotic. if there is a yes vote, we are hearing the eurozone is arming up to move more quickly. what happens politically on the ground in greece? we saw what happened when he moved for a referendum. a no-confidence vote on the heels of it. there could be a lot of political volatility down the road. we are concerned about the markets as well. alix: i believe we have a live shot of the greek prime minister in an interview where he puts the ball back in creditors' court. paul, do you agree with hans?

he is going to keep holding greek debt. is this a time you want to be buying on this kind of dip? paul: we are not that brave. this has all been political. people driving the debt now, they are the voters or political face of the rest of europe. if there's going to be a haircut to the official sector, at the even though bondholders have taken a haircut, i think there is a high probability europe would want the private creditors dinged again. we are not as brave as greylock with a slightly different investor base. alix: thank you very much for staying up so late with us. thanks for being here.

joe: coming up, we ask jerry -- jeremy siegel what keeps him up at night. ♪

>> alix: "what'd you miss?" i'm alix steel. joe: i'm joe weisenthal. alix: today was a very rough day for the markets. the s&p finished down two points. greece is stumbling toward a potential default. how much worse is it going to get? jeremy siegel is not worried.

he sees the dow at 20,000 by 2016. thank you for joining us on our launch show. are the markets pricing in a greek exit at this point? jeremy siegel: greece does not keep me up at night. i heard your previous interview with hans saying this will increase the yes vote. this is devastating for the greek people, closing the banks, restricting the market. my sense is now they would vote yes rather than accept these rules of the european union, rather than have a free for all for the markets and economy. we could get a good result out of this crisis we see increased -- in greece today. joe: jeremy, does it pay for investors to care about greece?

should these geopolitical issues -- should people just ignore them? jeremy siegel: it's not going to affect the long run for the united states. even for europe. it's 1.6% of the e.u. economy. it's not going to be essential for a long run situation unless you thought it was going to be the beginning of the general breakup of a major currency, which the euro is. but i don't think it is going to happen. the euro went up today because many investors think the euro will be stronger without greece. i don't see any threat to the euro for the main continent of europe. i think it will be as viable as it has ever been. alix: part of the issue with the potential grexit is that the e.c.b. is going to have to go

more all in. they will have to prevent peripheral contagion. we did have the annual review over the weekend that warned of the central banks creating more risk in the market. what do you say to that? jeremy siegel: they're going to do qe, announced six months ago. draghi is going to say we will loan to any spanish, italian bank in trouble. liquidity is open. they have abided by the rules. greece has not. we are not going to provide them with liquidity. that is going to stabilize the euro but also peripheral countries and keep the financial markets in fairly decent state.

draghi is going to step up to the rest of the euro. he is going to wait for the greek people to say whether they want to live by the rules or not. it will be fascinating to see what happens because tsipras tells the people to vote no. if they vote yes, he will have to resign. it's going to be fascinating the next 10 days. joe: you started off saying greece is not something that would keep you up at night. what would be something? you have a reputation for being bullish. what would get you to change her -- your mind? jeremy siegel: there are always unpredictable events like terrorism, maybe even worse than 9/11, maybe involving nuclear materials. there's always pandemic possibilities. we saw what happened with ebola last october.

these are perennial features. what worries me now in the general economy is not so much greece. it is the extraordinary poor productivity growth the united states and western world is going through the last few years. i don't completely understand it. i don't know if we are measuring g.d.p. right. i think we've got to accelerate g.d.p. growth in the second half of this year to 3.5%. i'm not saying this keeps me up at night saying it will crush -- crash the market, but i certainly cannot see the 20,000 you noted earlier unless we do get a 3% or 3.5% acceleration for the next half of this year. alix: you brought up productivity but they cited central-bank action as hurting productivity growth. we are continuing to

see more. you said yourself mario draghi was going to implement more qe. are the central banks creating a hidden risk for the market? jeremy siegel: i reject the hypothesis central banks are hurting productivity. i see no economic sense to that. i do see regulations hurting productivity growth. but certainly not lower interest rates which encourage investment, lower the bar for profitable capital ventures. i don't know any economist that would say realistically that hurts productivity growth, so i have to reject that hypothesis. joe: thank you very much, jeremy siegel. alix: coming up, we are going to talk about puerto rico and other stories you may have missed. ♪

joe: "what'd you miss?" i'm joe weisenthal. alix: i'm alix steel. we have breaking news concerning microsoft. julie hyman is monitoring. julie: microsoft is getting out of the web display advertising business handing it over to a.o.l. according to a person with knowledge of the matter. about 1200 jobs at microsoft will be affected. some will be moved to the other companies. all of this part of the restructuring they have been doing at microsoft the past several years. microsoft has over 100,000 employees.

i also want to draw attention to the shares of juno. they have been surging. they will pay about $1 billion and form a collaboration as the companies are studying cures for cancer. celgene will pay the company and get the right to commercialize the therapies. alix: thank you, julie. joe: greece dominated headlines today during the stock selloff. what else did you miss? we begin with puerto rico's debt debacle. laura keller joins us now. at 9:30 last night, i got an alert that says the governor or puerto rico since the debt is not sustainable. how much of a surprise is this? laura: what we have known about puerto rico, it is not a

surprise. the way it was announced in a media article was certainly not the normal way this happens. normally, this happens in private conversations. certain things are telegraphed politically and publicly. this is a little different. joe: puerto rico has seen its debt climb massively over the years. you can see on the chart it has climbed every year. what is the state of affairs that has caused puerto rico to pile on so much debt? laura: every year, they have overextended in terms of budget. they projected how much revenue they will raise, but collected much less. every year, they needed to paper over the shortfalls. alix: puerto rico needs to be able to declare bankruptcy and can't. laura: some people would argue with the word need. alix: it would seem like bankruptcy could be a window out

in some aspects. but they can't do it. laura: they can't do it. we would understand the possibilities better because we could follow the precedents set in other cases. because we don't have that, it comes down to negotiations. it would be helpful in that regard. joe: who is most exposed? in terms of investors, the types of companies this likely to feel the fallout. laura: you have a lot of pharmaceuticals in puerto rico. for creditors, tons of mutual funds still own puerto rico debt. our mutual funds are still down there. joe: laura keller, thank you very much. alix: we are also looking at china after stocks are in a bear market potentially. will there be restrictions on

ipo's to keep money in the stock market? the iran deadline is tomorrow. hans nichols is monitoring what would happen with sanctions. joe: very impressive globetrotting. alix: coming up, we are going live to athens to make sure there is nothing else we have missed. ♪

>> from our studios in new york city, this is "charlie rose." charlie: welcome to the program. this was an important day in america. in washington, the supreme court said same-sex marriage was a constitutional right. in charleston, south carolina, president obama spoke to the issue of racism and how much work we have to do. we begin with the president in charleston. heredent obama: we are today to remember a man of god who lived by faith. a man who believed in things not seen.