>> greek proposals, alexis tsipras propose it to creditors -- into parliament in just an hour's time. the most in five years against the end as pressure on germany routes. from routes to rebounds, china's index source toward the biggest game today. goldman sachs and fidelity say buy china stocks. anna: welcome to countdown it

is 6:00 here in london. let's get up-to-date on greece. i will show you a chart. some of the release we are already seeing what alexis tsipras and his team have put together. you see the jump in five weeks, on the sense of optimism -- just this morning around, and the last 24 hours, around the greek stories. the finance minister of the netherlands had a role of the eurogroup. he is reporting in a dutch publication that he is asked the ecb and the imf to assess the greek aid request, which would be the next step after that request has been submitted by alexis tsipras. the other thing on the agenda is the greek parliament has to look at the proposal. let's backtrack and show you what is happening the markets. in yesterday's session, before we saw this proposal submitted by the government

guy let's come to you first. is alexis tsipras caving? and giving the stresses and the capital controls in place perhaps knows a prize? guy: that is the obvious reasoning,. .

it was rejected by the greek people on the fifth. alexis tsipras campaign for that rejection, and now he is putting a plan that looks remarkably similar to that. i think it is fair to say that he has caved. he has caved in key areas, as well. we are going to see major vat reform, and reform. key areas that alexis tsipras has campaigned on. looks like he is backtracking as part of the plan. in essence, it will not be spun this way, but it does look remarkably like he has given into the creditor's demands. anna: the no vote we saw over the weekend, when the greek population that notice something similar. there were crucial differences around the debt. how is alexis tsipras going to get through his own party? i was a party going to react? guy: what we understand right

now, as of five minutes ago, there was a meeting called around the corner at the party headquarters to discuss the plan. there are elements we understand on what is already a fairly left-leaning party, certain red lines have been crossed. they are not happy. it will be interesting to see the parliamentary vote coming up shortly, as well. whether or not he backs alexis tsipras, whether his own party backs him. he can guess for you much any plan through parliament, but about his own party -- weston's remain. he has to rely on other parties as they come to the issue on whether or not he has a mandate to govern, and whether we end up with elections here in greece. that is the question they will ask this morning. what we have seen is that there is only one person standing out from the crowd and that is mr.

alexis tsipras -- he remains incredibly popular. anna: hans let's come to you the demands include his debt restructuring. something the greeks have talking about for a while. hans: the germans have given a little ground, it is unclear how much. that is the key question. you saw donald yesterday jack lew and others making the strong case for it. here is what angela merkel said, it is out of the question. that has not changed since yesterday and today. earlier, the finance minister did indicate maybe you could have some sort of restructuring profiling -- not a traditional haircut. he was contradictory almost.

i will put the quote for you. at first he said debt sustainability is not feasible without a haircut and i think the imf is correct. later he said there cannot be a haircut because it would infringe on the european union. the tensions between those two quotes from wolfgang, how they try to finance this idea? will there be a haircut a change in the nominal value? the budget they have submitted the proposal greece has submitted -- yes, it could be alexis tsipras caving. but it does not take into account the greek economy. everyone sits around in brussels on sunday looking at the numbers, are they using the old gdp projections? the factor in the economy has been in a freefall for two weeks because of capital controls they can take the old

projections. but let us be clear, that is a giant mess. you are pretending that the economy has not collapsed, those numbers are not real. that is fine for negotiations. the question is can you sell those numbers to parliament? no one accepts that those 3% of surplus of what they are taking in, not including debt payments, those numbers are real once you factor in what has happened. that is really the quick question, real or fake numbers? and will parliament except the fake numbers, if those are the ones that use? anna: things moving fast, i know the imf said yesterday that the greek economy data would be very bad. thank you very much, hans nichols. let's go back to china now chinese stocks are headed for their against tuesday rebound since 2008 -- government

measures take effect. she has more in hong kong juliet, bring us up-to-date. juliet: it certainly is a roller coaster. we have just come back from lunch, it is up by almost 5% on the shanghai composite -- holding on to those games since earlier. only about 47% of the market is frozen, only about 53% trading. certainly those measures appear to have a desired effect, we are seeing strong buying coming through in china for the second day. we also see shares in the mainland, in hong kong that index up by 2%. on wednesday, that index was at its worst level since 2009 -- a big rebound. positive sentiments flowing through, we do have a bear down on taiwan. a little bit is coming from

south korea, speculation that the bank of japan may cut gdp forecast, it is down about half of 1%. we are seeing weakness from industrial and mining stocks looking incredibly good in australia once again. just a couple of those, we did have a poll of a rebound -- how that ironed out and had fallen by 10%, to levels we have not seizes 2009. if you have a look at some of those mining stocks in australia, look at all that green -- 3%. the hopes of a grexit, not a grexit but a billion-dollar deal is felt here in asia, it is that positive story out of china. it looks like the shanghai composite on track for its biggest two-day gain. that means the benchmark index in asia has pared back losses.

an extraordinary week in asia. anna: joining us from hong kong it takes us to our question on twitter. would you buy chinese stock right now? fidelity says they would buy it right now. $4 billion has been lost in the last cointreau four weeks. would you buy stocks? to that extent, that is coming up on countdown. i run nuclear talks -- iran nuclear talks, we have have a guest will give us his comments next. ♪

anna: welcome back, a quarter past 6:00. here on the stories you need to know. greece has made a bid to stay in the euro, or they propose to meet with parliament. the plan almost mirrored one put forth by creditors on the fear ago -- almost a year ago. alexis tsipras says the debt has to be more manageable. the package faces its first hurdle in athens, ahead of meeting this weekend"s meeting in brussels. stocks in china rallied overnight, sending the shanghai composite to its biggest two-day jump since 2008. a flurry of government measures

as much as $3.9 trillion> the list of shares remains suspended from trading. hopes of an intimate nuclear deal in iran, including lifting restrictions on arms sales. senior officials involved said it was too late to reach a deal by this morning. which was the last chance to qualify for a 30 day review and the u.s. congress. however, diplomats say they are confident a deal will be reached at some point. elliott has more on the story it brings us the latest. good to see you, what is the holdup? elliott: the arms embargo seems to be the last stumbling block preventing iran from sealing a deal. they want the embargo lift immediately, they need

arms> a split on the unified front because the u.s. is somewhat reluctant to lift the embargo against iran, although it has showed a modicum of effort to release it. saudi arabia puts iran as the top of it -- it seems that perhaps there is some way both sides can come to accommodation on that issue. anna: happens next? elliott: we know the deadline was actually 6:00 a.m. the and a time -- that is midnight washington time. that has come and gone. if congress did not receive a

text message by that time, by midnight washington time, then they would have missed the deadline. as far as we are aware, a text message was sent -- which means it will be doubled to two months if any final agreement is reached. john kerry was keen to emphasize the most important thing, the what rather than the when of what is achieved. he will not sit at the negotiating table forever. john kerry: we will not rush, and we will not be rushed. and we will not let ourselves be rushed through any aspect. we are focused on the quality of the agreement. and that is what will continue to define our work. elliott: that leaves us to something the u.s. and the iranians agree on the foreign

minister saying they are not rushing to get the agreement done. you cannot change horses in the middle of a stream> they're still negotiating, there is the possibility a deal will be done, it could be imminent. perhaps over the weekend perhaps they take a break. they failed to miss yet another deadline, but the talks are not dead just yet. anna: i would take his word for it on the horses. elliott with the latest on iran. let's continue with the impact on the impact on the oil markets. thank you very much for coming in. you have heard that some of the analysis there from the editor, the american saying they will not be rush. the iranians not in a hurry, not a great deal anyway. what are the points of the

deadlines being pushed back? >> we have reached a stage where deadlines are less relevant. what is very clear coming for the messages is that they are definitely trying to find a solution, it is very evident that the problems are not related to nuclear sanctions -- they're related to something else like the arms embargo. i think as clearly indicated by both parties u.s. and iran they will not be rushed into a deal. as long as they get the outcome they are looking for, they possibly will go ahead and spend a few more days. it doesn't matter if it is 60 days remaining in congress. anna: an arms embargo does not sound small, something that will be overcome. >> it is no small matter. we are seeing a lot of political pressure here, obviously iran is

being supported by russia in this matter. we saw that earlier this year. russia was ready to sell arms to iran even though the sanctions were in place. this will be a big sticking point between the west. and on the other side of the negotiation table, at the end of the day, the intentions are clear on both sides. they do want to lift the sanctions, and they will have to find a solution around the arms embargo, as well. i'm sure they can find a solution. anna: remind us what impact this will have on the global oil market, if it stops being excluded from there effectively. tie that in with what we are seeing, the u.s. doing what they are doing with fracking. the saudi's trying to maintain market share, others building stockpile, how does that work

out the global picture? >> you just said all of the key strategic points. u.s. production is still rising, you saw the numbers, i would say they are rising at the number but they are producing enough oil. as far as iran is concerned, it is going to add to the already unbalanced market in terms of supply and demand. supply exceeds demand, and any additional oil on top is going to make them week. even if you take them indian petroleum bills which we are expecting by the end of the year, taking that into consideration, iranian oil returning to the market will only keep the market weak and bring further pressure. that is a different issue, we are seeing what is going on --

considering that iran does return. you can expect that. anna: one of the hallmarks of the recent selloff in oil prices was a way that one of the drivers -- particularly saudi arabia, but other producers decided for checking market share, you see saudi being knocked off the top spot. glass you are right in terms of market share, that is what they are trying to hit. last year, if you look at the percentage, it was actually less. opec did not add as much as the u.s. it did not really help them, but they are still keen on making sure they do not lose --

particularly in saudi arabia the market share they left in the 80's. and the whole idea in the investment in the middle east we have not seen them declining in kuwait and even saudi arabia. they are going ahead and increasing production targets for this year and even next year in order to maintain the market share in the new market, which is the asian market for them. anna: all of this points to oil price. where do your forecast set within the range of other forecast? the numbers being talked about at the moment. >> we are still seeing an average of $61 a barrel. we will have to revise that down, particularly with iran returning. but a little bit longer term in the two-year horizon, and of next year, we do see support. demand is absolutely stunning if you look at the global demand individually.

what has happened, on one hand the demand is strong but demand is strong. there is nothing stopping the supply coming down. but the reduction from last year will have an impact on the global supply, particularly from non-opec countries. anna: thank you very much for joining us. it have you. joining us there let's talk about china. the record-breaking equity boom, benchmarks on the shanghai composite dropped almost 30%. a week after unprecedented government intervention to prop up the market, investors and economists are weighing in on the market meltdown. >> stop markets in china play a much smaller role in terms of size than they do in a country like the u.s. it went up quickly, it is coming down quickly.

my sense is that chinese people should be used to very wild gyrations of the stock market. this is not the first one. and may not be the last one. i think that it is very much a sideshow. anna: that was the imf chief economist, he also thinks the story will have a limited impact in the rest of the world. >> china is still growing at some number a lot bigger than greece. there is no risk of deflation, no risk of china going into recession. it is trying to rest a reasonably high growth rate for political reasons in china, but for the sake of the world economy. anna: that was steve ratner speaking, let's tell you about our twitter question. we are asking whether you would buy chinese stocks right now? @annaedwardsnews.

we will hear why regulators are taking a closer look at the rivals. ♪

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all of taylor swift's music videos interviews, and more. xfinity is the destination for all things taylor swift. anna: welcome back, it is 6:30 here in london. a: 30 in athens. greece has made a bid to stay in the euro, with a proposal that meets demands. in exchange the plan submitted last night almost mirrored one put by creditors a fortnight ago. it takes into account pension and tax increases. alexis tsipras still maintains the debt needs to be made more manageable. it is the first hurdle ahead of meetings this weekend in brussels.

stocks in china rallied again overnight, sending the shanghai composite toward its biggest two-day jump since 2008. the rebound comes after a flurry of measures as much as $3.9 trillion in less than a month. around 49% of the shares remain suspended from trading. hopes of an eminent nuclear deal with iran are fading after 13 days of high-level talks indiana. consistent differences remain including arms sales. senior officials involved said it was too late to reach a deal by this morning, which was a last chance to qualify for a 30-day review in the u.s. congress. however, diplomats say they are so confident a deal will be reached at some point. now with a 30% selloff in stocks and 80% backed by individuals, could this have a significant effect on purchasing power? today we get sales

statistics from audi. caroline has more, how are we expecting the car companies to cope if they see a return to the negative chinese stocks of late? caroline: it was only last month that we saw the first drop in audi sales and more than two years. we are starting to see the cooling effect into the car market. interestingly, rolls-royce owned by bmw saw a wind blowing for luxury cars. i want to show you what we expect from a stock market perspective, in relation to the shanghai composite. it has echoed it remarkably, we can see bmw and volkswagen and daimlerchrysler all on a very significant drop on wednesday.

rallying as we saw i returned to buying in the shanghai stock exchange and the shenzhen. these three companies make up three quarters of the luxury car industry in china. three quarters of the buying is the three companies. we have already had a few sales numbers coming up bmw in the first half was up 2.5% only in the first half of the year. for sadie's actually saw 22% growth in the first half of the year. this is all related to china. bmw is seeing 2.5% growth in china, whereas for sadie's is seeing -- were sadie's bands is saying a second monthly decline. overall, we are seeing the car market has not been that disrupted thus far, maybe you see the numbers coming from economist saying that it will

not affect gdp. maybe it will slow purchase power? i want to leave you with food for thought ahead of those numbers from audi. the fact that so many people have been plowing money into the stock exchange, many feel that has cooled down the luxury car market. they had been putting money into the stock market rather than luxury cars. maybe an unwinding of the market could see a silver lining money coming back their direction. at 11 a.m., it seems that the m w is starting slightly worse. that broke just a couple of days ago. back to you. anna: let's bring our next guest into the conversation, sticking with china. let's talk to derek who joins us from mitsubishi, had of global research. thank for joining, happy friday.

the markets it to be in a happier mood. how nervous are you about any real wealth effect coming from the chinese stock market? into the rest of the economy? derek: not too concerned, honestly. if you look on the upside, there was no real clear evidence we were seeing a wealth effect lifting economic activity on the way out. i do not think we should see a major hit to the economy on the way down. there is still that lack of linkage between the equity markets and the real economy area that is beginning to change. a lot of the demand that has come from the margin trading accounts, i would expect that to change as we move forward. but i think right now as we sit here, the impact is likely to be --

anna: i run a risk from the height of the financial crisis in europe, you see people asking, why did they do anything? why did they do anything on the upside, why did they wait? now they have to intervene. should they have done more to manage the risk? or do regulators find it difficult to be in what are perceived by many people as a positive mood? derek: 14 million new accounts in may certainly there was a bias in the advertisement and the push to get people more involved in the markets. there was not a very clear message in regard to the two-way risk involved. i think that is a fair point. what i would be worried about though is the steps taken now. we see the rally taking place them up but at some point, the smarter investor is going to ask the question about whether or not the measures that have been

put in place, large stockholders not being able to sell shares it is being manipulated. the rally taking place is not sustainable. there will be questions. anna: i spoke to george at cbs, he said it is so divorced from the market as we know it. this level of intervention from regulators underlines that. derek: again, being divorced from reality was very evident the last time we had an equity market boom in china, when we went from 1000 to 6000 from 2005-2007. growth was strong but it was a large disconnect between the equity in the real market. we had a major drop, and that brought us into broader stocks. clearly, there is a disconnect there, and in that sense, it makes a lot of sense not to

ignore it completely, but do not get overly concerned with macroeconomic impact. anna: inflation is low in china no new targets. it means the government has more they can cut, interest rates and requirements? derek: the irony is that this is resulting in what the authorities have been trying to do, take interest rates lower. and a lot of the measures that have been put in place in terms of rate cuts have not done that perhaps because the money was going into the equity markets. now, maybe there is going to be a greater awareness of the two i can weigh risk. that could have a better impact in terms of lowering market rates on shore, which is what they want. anna: derek thank you very much. stay with us for another 40 minutes or so. let's talk about telecoms, expanding the review of the industry to investigate the

dominance at the paid tv sector. olivia sterns spoke to gavin patterson. gavin: the facts are straightforward sky has 64% share of the pay-tv market in the u.k. and that is significant lead bigger than anybody else. and all we are calling for his fair regulation, a level playing field. so that customers who buy triple play the same regulation for tv companies as they do for broadband. olivia: do you really think they will get involved? gavin: they're doing a review at the moment, looking at the whole markets -- mobile, they want to take into account pay-tv. they recognize these markets are merging together. and you cannot have separate regulation just because historically pay-tv has been

very different. olivia: on the other side, sky is going to get back. they're going to say bt is not investing enough in broadband. they don't have enough competition. gavin: the facts do not support that really they don't. bt has invested over 3 billion in freiburg alone. that is 20 times more than anyone else. it is open to everybody on equivalent terms. sky getting the same terms as our own downstream businesses and bt has a relatively small market share compared with any other incumbent. they have a third of the broadband market, which contrasts with 64 that sky has in the tv market. we just want a level playing field, the same regulation

applied across the whole of the market. anna: i should tell you that olivia was speaking at the sun valley conference -- billionaire ceos gathering in idaho mountain resort. 6:41 year in london. let's talk tennis, it is semifinal they. day. last year's winner, no jack djokovic, mark barton is outside. good morning. andy murray will be hoping to get the better, but how close is he to roger federer when it comes to another important match like earnings power? mark: very good morning to you. what a wonderful day it is on this men's semifinal day. there is federal or and murray.

roger federer's top of the pile, $56 million. djokovic's third. murray languishes at six. some said his earning power could rise to the tune of $75 billion. his management company said he has turned down multimillion dollar endorsements. it interferes with his play in practice, and if he does not believe in the product, he will not endorse it. what is interesting is what he does with his money, he invests in property here in the united states. he bought a hotel outside of his home town, probably the most interesting fact is he is on the advisory board of a crowdfunding site. he has invited investments into

companies. the plan is to invest in 40 companies over the next five years. he wants to invest in companies he actually is interested in. by the way, the brands he are associated with -- under armour, the scottish insurer/ anna: you are standing in crude of full sunshine the former bank of england above its members, i'm sure they allow you in. how difficult is it to join? mark: anna, let's put it this way. the best way you and i have a way of becoming a member of the all england club is to win wimbledon. if you win the singles and i win them singles, we become honorary members. if we do not achieve that, there is a small chance we can become members.

there are 565 members. 375 lifetime 120 temporary members. and 70 honorary members, like the duchess of cambridge. and like me and you when we win those wimbledon titles. you have to be supported, seconded, proposed by metro members. you have to write a letter of acknowledgment, the committee configures your worship. there is no definitive time on how long you will wait on the waiting list. essentially, you have to wait until a current member dies. the privileges are good, a guaranteed seat on center court, access to tickets, and access to the most wonderful club in the world -- 37 christine grass courts. attended to by 20 grounds men, just seven matches for you and i to win to become a member of the

all england club. easy. anna: you forgot to say free serenades in the rain from cliff richard. i hope for a deal on greece more than you or i winning wimbledon. thank you, mark barton. coming up, on countdown the effort to stay in the euro how corporate clients are reacting to the looming changes. we will bring you the answers with ag guest in athens. ♪

anna: welcome back everybody 6:48 in london. here are stories you need to know this morning. stocks in china rallied overnight, sending the china composite high.

a flurry of government measures to stem a route that white as much as $3.9 trillion. around 49% of the shares remain suspended from trading. financial markets have been closed in taiwan as the typhoon approaches the island. the taiwan stock exchange said that stocks and bonds will not trade in taipei. the government has issued its highest level of alert. greece has made an 11th hour bid to stay in the euro with a proposal that meets most of the demands in exchange for a 53.5 billion euro bailout. the plan submitted last night on the smeared a minute by creditors if were nine ago, and it takes into account pension and taxes. alexis tsipras says the debt is we made more manageable.

the package faces a hurdle in athens today, ahead of meetings in brussels. let's stay with the great thing, get up the gap athens. guy: there are significant tax changes as result of the proposal put forward by the alexis tsipras administration. a stop about what they mean, companies operating here. she deals with big clients, good morning. nice to see you. we have some changes, if you are a big company to mull what do they mean? >> they mean a few changes in the rates. basically, the corporate tax rates is inspected to increase to 28%. i know this was noted in the proposal does morning, if the figures are not met, there might be discussions to increase it to

29%. any increase in rates means that businesses have less money to invest, less money for expansion. another significant introduction is that even now, businesses when they make out tax returns at the end of the year, they prepay a portion of the taxes for next year. the taxes that were prepaid the year before are set off of the tax bill. currently, this rate is around 55%. there were discussions to raise it to 85%. you pay this year's bill plus 100% plus whatever you pay the year before. guy: you are financing the government. >> this introduction is intended to be in place for 2015 and 2016. just one moment, let me check. i think it is not for 2017.

guy: a lot of people are wondering what has been going on over the last few weeks, the banking system is closed? there is fear it may be capitalized or changed how have corporates been reacting? making the payments so that if they were to take it out, they would make the payments. >> this is correct as far as we are aware. they would rather have the obligation to them rather than the bank being cut. it is not just businesses that everyone is doing, what we understand. this was not in the press anyway. guy: tell me how the tax system has changed.

the perception outside the country is that it is broken. fairly flexible, let's put it that way in terms of the way people use it. is that going to change more? >> we have had very positive changes in recent years. one of the best changes that have been made is that most of the filing is done online. it is compulsory to file your income tax return for individuals, businesses, corporations, any reduction of interaction between businesses and individuals with the tax authorities, this produces any possibility of renegotiating obligation. guy: human to human contact is desirable. >> we however don't see that very much, because our clients basically come to us because

they want to follow the rules. that is what we are advising them, what the rules are. what they should comply with. that has been difficult over the last years. there have been a lot of tax changes. guy: view now foresee a situation where we have stability? angela: that is something we need, something the business community and all sorts of factors have requesting requiring stability in the rules so that businesses know how they have to operate. they can develop strategy, there is just one less element that is a surprise. in the budgets and in the other plans. guy: how has it been? over the last five years, how much visibility have you had in tax affairs? angela: it is difficult. there have been so many changes. it has been difficult for businesses. guy: when you talk about the tax

system, as well in many countries there is a separate body that tracks that. angela: in many circles, it is very positive that in greece in the last two years there has been a separate collection under the secretary-general of public revenue. if an independent arm the people there are selected through a special procedure. and basically they implement the rules and the policies that are developed by the ministry of finance. we have seen that come as a part of the change. and we are hoping that to see even further changes in terms of them implementing the tax audit procedures a little bit stronger. i think everyone agrees that tax collection is what greece has to focus on. guy: thank you very much for talking with us tomorrow.

we will be back with a short update. a busy morning. anna: let's get straight to our top stories, p joins us. great story on the website about how much austerity greece has endured. this is important because it tells us that greece is different. pete: austerity the other one gdp, and unemployment. looking at it, greece definitely has endured a lot more than the others. except when it comes to unemployment. spain was hit a lot harder earlier on especially with figures way above 50%. anna: fixing unemployment in spain is a priority? pete: the good news is that as we speak, spain is entering a phase of above trend growth.

that is what you need. anna: derek, thank you very much. we don't have any more time to talk original stories. coming up, more on the challenges that now face alexis tsipras. stay with us. ♪

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♪ anna: great proposal. alexis tsipras created proposal. the euro jumps the most in five weeks against the yen. china's benchmark share index has the biggest two day game since 2008 -- gain since 2008. welcome back, i am on edwards -- anna edwards.

a little bit of relief eating expected. euro and yen for you on a chart right now. increasing the most in five weeks against the yen is the euro. even yesterday, there was some relief in markets around greece and muppet might get -- what we might get. we have european equity markets up by 2.2%. they flirted with a correction during the last couple of days of trading. that seemed quite removed from the strong from the other day. that rebound in asia both the greek story and the rebound in the chinese stock market helping. not by much. those kind of measures in the u.s.. into the asian session we saw a

fairly good start to the day. some of us turning more negative however. the shanghai composite going up by 5.5%. that is just four weeks, we have seen to days of gains across the chinese markets. in the 11th hour, the greek prime minister alexis tsipras offered to be most of the demands by european creditors in exchange for a bailout of 3.3 billion euros. this time alexis tsipras is insisting on restructuring the country's debt. guy johnson and hans nichols are standing by. guy let's go to you. from the athens perspective what is changed?

guy: as you said, this proposal was put forward on the 26th and was rejected by the greek people. alexis tsipras push very hard for a no vote then. the fact that he is now except in the bulk of those proposals must indicate a significant change of heart. we wait to see exactly what happens. this is like a significant climb down from alexis tsipras. he is potentially facing bankruptcy on monday. it is really a very difficult decision for him to make. it is quite literally the rock and the hard place. yes very little room for maneuver -- he has very little room for maneuver. they are trying to find a way to make a deal work. we will see have the creditors ultimately score it.

anna: where does this leave his relationship with the rest of his party? theymigh -- they might like it more, but what will his party make of it? guy: certainly, the left wing fraction may have some issues. is all the way through this process trying to keep them on board. he knew that if his party to not vote for it he to not have a mandate to govern. that maybe what we find ourselves this morning. it is never met and doubts that he could get a proposal for parliament. but will his party back cam -- hi,m? we will see the politics plays out now. we have a parliamentary process starting later on this morning. all of this will be very interesting. will the current government

actually exist in a few days time? that remained an open question. alexis tsipras remains incredibly popular in this country. there is not an obvious candidate to replace him. anna: thank you. hans, let's come to you. this looks like more of what the creditors ask for. hans: it seems as though there is a little bit of give from the german side. overlaying all of this is the question of trust. very few actually trust the government. take a look at what angela merkel said yesterday. she said a classic haircut is out of the question. the emphasis there is on classic

haircut. if you have a debt-free profiling, is that technically a haircut? mr. schaeuble said that it could infringe the system of the european union. now it becomes what is the bundestag willing to swallow? we have alexis tsipras willing to send a proposal that is people rejected. that is not been lost in the german public. it is certainly not been lost on a member who is just speaking on public television. there is little trust left in the greek government. anna: tell me something, the one

he made yesterday certainly made a few headlines. hans: he's actually quite a witty guy. he is actually quite funny. he told them he would gradually -- gladly swap greece for puerto rico. a lighter side of him, and i will show you the front page. rest assured no nudity. that is a picture of your royals. that is an indication, the fact that brees isn't on the front page. that could be -- greece isn't on the front page. that could be a good sign. anna: i like the fact that you actually did the debt comparison

. thank you very much. let's talk about china. chinese stocks are headed for the biggest rebound since 2008. what is happening this hour? juliette: we are still seeing a lot of buying coming through. we are seeing those gains for the second session in a row. let's take a look at how the shanghai cop as it is fit -- composite is rallying. all these measures to really try to stamp this equity out. we still about 40% of the market foes -- frozen. in hong kong, shares are being listed as well.

the hang seng index is up. most of the positivity flowing through. south korea is also up. australia is adding to that 2% gain from yesterday. some weakness coming through in japan because of mining stocks. it is looking like a much brighter picture them obese on wednesday -- what we saw on wednesday. anna: juliet, thank you. let's get back to derek company -- halpenny. that classic measure of risk taking, it seems as if the

market is a little more relaxed this morning. do you feel more relaxed around the greek story this morning? derek: it is certainly looking better in the last couple of days. there's been a clear shift from alexis tsipras. that is definitely a good starting point. what we're talking about is very similar to what the imf had talked related -- had calculated exactly what greece needs. the financing next week, went in the banks open? it will not be a simple case of everybody a deal is done. there is been a real hit to confidence to the safety of deposits in greek banks. i don't think it is realistic to envision an idea where you just

open the banks and everything is ok. the timing in regard to cypress it wasn't finalized until the eighth of may. it will be quicker this time. there is still in process you have to go through. there is no money in greece. there are still some things that need to be sorted. anna: that's interesting. let's talk about how currencies perform. the euro against the dollar has not been the best reflection of the greek tensions. when you look at the euro and the yen you get a good look at risk. we've seen the biggest increase in five weeks. where do you see those two

heading? derek: euro, there was a complication there when you go into periods of uncertainty. it is not performing like it used to. them is that publication. in terms of the yen -- there is that publication. -- complicatio n. in terms of the yen there is still a lot of speculation. japan has been a huge buildup in yen. we could have seen substantial volatility next week in that currency. anna: even when the bank of japan is doing to much quantitative easing? derek: they were going with that. that would've reversed very sharply next week. the fact that it looks like we

are moving away from grexit risks means we could see further upside. yen short positions are bigger than in other areas. anna: where do you stand on the debate around the fed, and when able raise interest rates? are the greeks, and the china stocks, are the incentive for the fed? derek: the minutes this week did highlight that. other comments suggest it is there, it is being watched, but it will not be a huge determinant in what the fed does. interestingly, if this risk does continue to move away, very quickly the markets will come back to the idea of the fed coming to the table sooner rather than later. the big move over the last

couple of weeks has been a removal of what was priced in terms of fed ratings. it was close to zero. now, if we go back to the relative macro story, i think it is still very favorable if grexit moves away from being an issue. all you need is two strong perils. look at continue labor market strength. if you get that, the fed could move in september. anna: thank you for staying with us a little longer. coming up who will take the title at wimbledon? more importantly, who will take only millions in winnings? we are live with andy murray's strategic advisor. ♪

anna: welcome back. here the stories you need to know this morning. greece made an 11th hour bid to stay in the euro zone. the plan, submitted last night, almost mirrored a one put forth by creditors almost a fortnight ago. alexis tsipras still insists his country's long-term debt needs to be made more manageable. the package faces its first hurdle in athens today. stocks in china rallied again overnight sending the shanghai composite with its biggest jump since 2008.

run fortinet percent of china's shared -- around 49% of china's shares remain on lockdown. high-level talks are in vienna. the could be lifting restrictions on arms sales. they said it was too late to reach a deal by this morning which was the last chance to qualify for a 30 day review in the u.s. congress. but they are still confident a deal will be reached. let's talk about tennis. it is men's semifinals day at wimbledon. andy murray takes on seven-time champion roger federer. mark: good morning. cedars, someone from the crowdfunding site joins me this

morning. how did this relationship come about? >> they actually approached us over a year ago. he is always been interested in investing. he was -- stumbled across crowdfunding. he looked at all the platforms. we were very proud when he picked us. mark: he is on the advisory board. what does that mean? >> it is a strategic relationship. andy will be providing strategic help for the management team, with a particular focus on health technology. mark: these are the types of companies he's interested in. >> absolutely.

he is looking at helping considered -- consumers. also athletes, and monitoring performance. he is also interested in investing outside health technology. he is looking at tech space. mark: i gather he has invested in the number of companies. they like to drink so much. can you give us an idea of what he has invested in? >> he has invested in a couple of things. one of them is a nutritional health company which produces vending machines. you go up to the machine and sale want to lose weight, or build muscle, and it dispenses the perfect drink.

that is one example of an obvious fit. them is one that caught his eye that he is looking at. he wants to look at the campaigns, and make his own decisions. he has been quite busy recently. mark: does that breed a new form of sportsmen who really takes and interests and the companies they are investing in? >> i think that is right. not just sportsmen, i think it represents a new breed of investor. they don't want to just hand over money, they want take control of their finances. the thing about cedars is that you choose the team you want to invest in. you can monitor, and help that company grow. in the past, iterative goes off into the ether when no one knows where it goes.

i think it also represents a general shift into mediation in all aspects of life. we see it with uber, and airbnb. mark: can you give us an idea of how much he wants to invest? i heard he wants to invest in 40 companies. >> that is probably right. we have the potential for high reward. we always say that a diversified portfolio is key. also, you should be putting your entire net worth into this. it is very high risk. it should be the top 10% of your investable wealth. depending on how andy does -- mark: you have 230 investments? >> right. mark: is it increasing?

>> it is increasing very quickly. with a number of months to get our first online. like any good start up, now we are funding up to about 4 million pounds a month. the vast majority of those have been funded in the last year. the general rule of thumb is that they say seven out of 10 of these early businesses will go bust. i'm not sure how many -- how accurate that is. that is perfectly normal, which is why you have to diversify. we are also getting venture capital money. some of them in the portfolio are looking like they will be doing very well. that is fantastic. mark: thank you very much.

cedars the company that andy murray has a relationship with. anna: i am wondering now what andy murray's currency exposure is. i wonder if the all england club pays out. who were talking a little bit about that, will that be a feature of this earnings season? companies are bemoaning the strength of the dollar. derek: i am sure it is still there is a factor. it is a big feature. the dollar has reversed somewhat. i don't think it will have the same focus that it had the last earning season. anna: what about commodity

currencies? canada later this month where do we stand on the commodity currency? derek: the story in china but a slowdown has certainly impacted the commodities base. they have been underperforming. given our view of the u.s. dollar, i still to of his potential for upside going forward. because of the renewed downturn in oil prices they are very focused on hits to the economy. we are not seeing compelling evidence of that being an offset of domestic met -- demand. i would certainly say the dollar could move lower -- the aussie dollar could move lower. same of canada. -- with canada. the risk is there.

anna: thank you so much for spending time with us this morning. we will be back in a couple of minutes. ♪

♪ anna: welcome back. 7:30 in london. hear the stories you need to know. greece has made in the 11th hour bid to stay in the euro. it will be most of its creditors demands in exchange for a bailout. the plan, submitted last night, mirrored one set forth by creditors a fortnight ago. prime minister alexis tsipras still insists his country's long-term debt needs to be made more manageable. the package faces its first hurdle in athens today.

stocks in china valid again overnight sending the shanghai compsoosite for its biggest jump since 2006. many of the shares to remain suspended from trading. schools have been closed and taiwan as typhoon chan-hom approaches. the storm will sweep past taiwan and into china. greeks stocks have been frozen for two weeks. the effect of this debt debacle is hard to assess. now here to try to help assess with that is caroline hyde. caroline: keep your eye on the national bank of greece.

this is the american depository receipt of the national bank of greece. there plummeted. they continue -- they have plummeted. they continue to trade, they have cut by some 30%. they could reflect what is actually happening within the greek market. today keep your eye on what is happening in terms of risk appetite. at the minute, we have risk slowing into the bond market money coming out of german debt. clearly, that means the yields are rising. check out what is happening in italy. money going into the periphery. even into greece we are seeing money going into italy spain. that is the lowest in five weeks.

let's have a little look at the appetites. up 3% there are some interesting moves still coming out of china. they and breaking news that the ramifications of the economic slowdown, and the the stock market. it could tie in to the car market. breaking news that china's vehicle sales have been cut the terms of -- many of the automobile associations thought it will be 7%. now it is cutting under 3%. luxury car exposure to china, these of the key players you want to keep an eye on. you have the honor of mercedes, full dragon, -- volkswagen, and bmw.

they fell with china, than they rallied as we saw a recovery in china. the owners of the three luxury brands they make up three quarters of the luxury market in china. anna: caroline, thank you very much. breaking news on the decision to buy aer lingus. ryanair owns 20%, that stake will now go to iag. they said they believed the offer is a reasonable one, and

the current market, and the plaintiff access the best interest of the shareholders. we've seen a bit of a change in recent years. this is a very grown-up statement coming from the airline. we wish iag well with their takeover. they go want outlined is how much bigger ryanair is in the average market -- irish market. let's move on and talk about the trading day ahead, as the greece story continues to twist and turn. the greek referendum, perhaps as a defining moment, let's talk more about that. james great to see you. deadlines coming and going, it seems as if alexis tsipras has

to back down despite the mandate he got from his own people. jam,ees: all the way, we thought the incentive was there for the sides to meet agreement. we think that changed with the referendum. now it will be quite difficult to reach an agreement. besides her father apart the never. the greek economy, the holy have been dating is deeper than ever -- hole they have been digging is deeper than ever. anna: it seems that are many assets breathing a sigh of relief this morning. anticipating some progress even. james: we have been back and forth on this for quite some time. it is difficult to know if we are at the definitive moment.

that said, the banks are in a much rougher shape in greece. and there is a strong incentive for the government to reach an agreement in the short-term. it does put more pressure on their side. anna: is a difficult to take hold of the greek parliament? or for the germans, is a difficult sense people are talking to them about restructuring? even the eu president is there. james: that are problems of both sides. it is unclear if greece has the support of the entire party. of the debt relief side, that is difficult for europe to wrap its mind around. it is really more of a political issue than an economic issue. the debt service payments the greece has to make are quite manageable. there was a re-profiling back in

2012 which brought interest rates lower. if there was a reprofiling over the weekend, it would not make much difference at all. it is really being pushed quite far into the future. anna: has been disappeared into the sunset? the x finance minister, he was describing this as inactive sides even if it would not affect the immediate debt burden. they see that hanging around their economy. james: in the longer term, the debt to gdp ratio is too high. but that would take until 2023 for the interest payments to start to move up. there are a lot of immediate problems rather than debt servicing. anna: if we do start to say conversation about debt relief

for greece what should the priority be? james: it will the same as in 2012, in other reduction in interest payments. it will be an extension of maturities. i don't think it is realistic for a cut. we have had mixed messages we german finance minister. the haircut is very difficult for europeans to agree to. it really is lowering interest rates. it is quite difficult in some countries legally to engage in debt forgiveness. there are some hurdles they would need to cross themselves in order to have legislation passed. anna: interesting. less like about some other parts of the world. the fed liftoff story is one of the reasons why they are more cautious around increases in

interest. do you say greek story as stopping the fed -- see that the greek story as stopping the fed? james: the weaker growth in q1 was a factor. it probably will remain that way going forward. and obviously, greece. we are still of the view that by the end of the year we will have our first fed rake -- rate hike. anna: thank you very much for joining us. 7:40 in london. coming up, we will run you down for the beginning of the trading session. less of a quick look at what is happening on the futures.

2.8% higher on euro stocks is where we expect it to open up. ♪

anna: welcome back. 7:44 in london. these are the stories you need to know this morning. stocks in china rallied again overnight. it is the biggest two day job since 2008. a flurry of government measures took place. many of china's shares still remain suspended from trading. talks with iran are fading in vienna. differences remain on arms a sales. this it was too late to reach a deal by this morning, which was

the last chance to qualify for a 30 day review in the u.s. congress. diplomats say they're still confident a deal will be reached at some point. greece has made an 11th hour bid to stay in the euro. they will meet most of the creditors demands in exchange for a bailout. it almost mirrored a plan brought forth by creditors a fortnight ago. prime minister alexis tsipras still says his country's long-term debt needs to be made more manageable. this now faces its first hurdle in athens today. with the potential for greece to leave the euro, investors speculating on a return to the dracma. now some of the challenges greece could face it has to revert to any other kind of currency. what are the fundamental processes that will be involved

if greece has to introduce new currency? alex: good morning. there are fundamentally two sides to this thing. how do you design the notes, and spread the thing? then there's the more complex question of how do you take bank accounts in euros, they can to come six months to two years. these complex aspects are trickier. anna: what -- how can greece printed on money? it has a printing press right? alex: they do. actually print 10 euro notes there.

if they decide they need more capacity, there are a number of private companies. i spoke with a company that prince the euro -- prints the euro for germany. there is also a company in britain. anna: is greases situation unique -- greece's situation unique? other added complications to the quick example? -- greek example? alex: if you look at examples from the 1990's of countries moving from post-servient currencies -- post-soviet currencies. in greece people will say that i want this euro?

or develop this new currency with an uncertain future. there could be hyperinflation which means that the debt the banks has will become harder to pay back because their value compared to the drachma gets higher. and as a whole of the layer of difficulty. anna: i suppose of greece did introduce its own currency next question would be just how devalue would it be against the euro? alex: it is impossible to but a number of what that might be. the lack of a 25%. it is -- people talk about 25%. have real issues in the central bank to engage with and find a solution. they could say you have to

accept the drachma. that means businesses have problems. they would prefer to be paid in euros. rose to the sort of issues these people have to engage in -- these are the sort of issues these people have to engage in. anna: we are not there yet of course, but who knows, it is a good conversation to have just in case. it is the 11th hour talking about this greek crisis. alexis tsipras has agreed to meet most of the creditors demands. let's get to guy, who can update us on what is happening. hans is also standing by in berlin. the greek government has to get this through its parliament, hasn't it? guy: i don't think that will be any kind of problem.

i don't think anybody doubts that this will pass. the real question is, what happens to the political party? you should not confuse that with the bigger picture -- the greeks will pretty much unanimously back the idea that this deal needs to go through. the wider population it will be interesting is how they react. a story doing the rounds seems to suggest the no votes actually has given alexis tsipras the mandate to sign up with this deal. that sounds like it is going the wrong way. but i guess you can think about it that way. that was the message we got coming loud and clear. nevertheless, we will see how it plays out. greece is largely expected to

back the deal. anna: interesting, we will keep an eye out for that. hans what is going on with the creditors reactions? hans: there is a credibility gap. it is not clear they don't understand how alexis tsipras can campaign against something when a 60% rejection of that happens then resubmit the same document. there was confusion, a lack of trust. maybe i am just excited that i can read papers again. this gets of the german concern about debt. the big one says european sovereign debt 97.5% of the european total. tiny little greece right here. it was a great deal of concern

in the german public with how much debt is sustainable. this happens across all europe. that is why i will be listening very closely to alexis tsipras and all the other parliamentarians. remember, he was among the most critical of greece. this is no done deal in the german parliament. anna: will it be in the ether or will there be more evidence? there was one ipo that was going ahead even with the greek crisis. tell us a little bit more about the business you are talking about and how it managed to escape the greek curse. >> absolutely. the interesting thing about this is one market may actually help

them. it is a high-frequency trading firm. they trade for their own benefit. that kind of trading, in the last 10 years, has really expanded. now about 50% of all trades in europe, and the u.s., are done by this kind of model. it is a very interesting business, whether the markets are going up or down. there will still be tons of trading happening. anna: are there other listed companies there? ruth: yes. this is only the second high-frequency trader to list this. thing about that, i'm sure you remember when i forget to trading came out late last year -- when the high-volume trading

came out last year. they still operate around 25%. and a market like this, there is something to be said for that. some of the price ranges on today's ipo. we heard it will definitely present at the top of the range. they went towards the lower end of the range. that means they see something there. anna: we will keep an eye on it. thank you very much. minutes ago into the start of the last equity trading today here in europe. john: i will go straightway quote -- straight to a quote. there will be a lot of discussion for the rest of the day whether this is the can kicking we're looking for. the bailout plan, what on e

arth is the referendum about? they gave the same thing degrees just a couple weeks ago. the market reaction is one of relief. a lot to discuss but the hurdles ahead. can this get through the various parliaments particularly in germany? we will talk about china, a relief rally, the biggest two day surge since 2008. anna: it could go higher. john, thank you. that will do it for "countdown" i will see you on monday. ♪

jon: good morning and happy friday. i am jonathan ferro at the european headquarters just moments away from the european market open. tsipras delivers, greece submits a bailout proposal to creditors. the plan facing its first hurdle and athens this morning. the euro climbs the highest in five weeks against the yen. a recipe for a rebound. a restriction on selling stocks surging toward the biggest two day gains since 2008.

i am looking at futures markets higher, ftse futures up 85 points and dax futures up 252 points. 2.29%. with some corporate news as well. >> potential ipo running up. you have greece backing you. reflected in the market. it is all about the eurozone today. up 2.7% and we are expecting spain italy, portugal to go into the periphery of europe as well. a proposal is on the table from greece that might be agreed to by the creditors. they have to go through parliament but rbs saying that a grexit is no longer there base case scenario.