minister tsipras must convince his parliament to accept a euro zone bailout. what does this crisis mean for the future of the eurozone? is the common currency still irrevocable? or was it a bad idea from the start? >> and companies are headed to brooklyn. we were teaming up with two of new york's biggest real estate developers to make a home at the brooklyn navy yard. brendan: i am brendan greeley. pimm: and i am pimm fox. let's find out how markets are trading right now. the s&p 500 adding nearly 1%, up 18 points. the pricebidding up of stocks, as well as bidding up the price of the euro.

take a look at the dow jones industrial average, a gain of more than 1%. brendan: rallies in the european stock indexes are more hesitant than what is happening here. here, once the risk is off, we can go ahead and party. a lot of hesitance. pimm: the euro, where are we? brendan: i would describe this as nonplussed the -- nonplussedness in the euro. we did not get the pop i would expect. pimm: nonplussedness? brendan: a technical term, clearly. have yeth greece, we to reach a deal. alexis tsipras agreeing to creditors demands. now he needs to get the sign off from his parliament. brendan: the ecb is waiting for greek lawmakers to approve to recapitalize banks. that could come this wednesday. olivia sterns is in athens. olivia, what is the most important development right now

that athens is waiting to come out of brussels? olivia: the most important development is sippers himself. everyone in athens is waiting for him to return to parliament, where he has to convince lawmakers to approve a package of austerity measures that is much harsher than the package that was rejected by referendum popularly about a week ago. there is a long to do list of what he has to get lawmakers to approve. it includes new increases in sales tax, new cuts to pension payments. he has to get them to agree to alter the bankruptcy code and get rid of all sorts of red tape. most importantly, perhaps, he needs it on the books that they are going to enforce spending cuts. creditors want to see enforcement. earlier, i spoke to the mayor here in athens. he is confident that alexis tsipras is going to get approval for all these measures, even if some in syriza do not back him.

i asked him what he things overall about the reform package. is this finally going to work? after years of contracting, will ofs dig greases economy out the hole, or is it more medicine that could keep poisoning the patient? here is what he had to say about it. mayor: maybe for a short time, we will have more austerity, because we did not do what we should have done during those five years. but with those reforms, we will have no competitiveness and promoting entrepreneurship, and all those things we should have done in those last five years that we did not do. olivia: that is the challenge for alexis tsipras, to convince lawmakers to approve reforms that greek governments could not get enacted, over the past three days, and he hasn't so midnight. -- has until midnight. brendan: you have been reporting on the euro crisis since 2010,

and greece has been asked to pull off these structural reforms since then. what evidence do we have that it will do in the next three days what it has not in the last five years? olivia: brendan, your skepticism is precisely why creditors are looking for enforcement and verification measures to be baked into whatever this new deal looks like. b iran nucleara talks. that is why they are making lawmakers in greece agree to things on paper that say they will actually in worse spending cuts. with everybody in athens right now -- they will really feel relief when the banks actually reopened. the bank holiday has been extended. there is cautious optimism that banks will start to reopen later this week for basic commercial transactions, but nobody thinks cap a call returns -- capital controls are going away anytime soon. brendan: from ronald reagan, trust but verify. u.s. and allied diplomats are squaring off with iranian

officials over issues that prevent a historic nuclear deal. negotiators have been meeting in vienna or 17 days. there was optimism a deal could be released today. the u.s. and allied powers want to prevent iran from building nuclear weapons. in return, they would use sanctions against -- ease economic sanctions against iran. pimm: mpl x is going to buy mark west energy partners for nearly $16 billion in stock and cash. markwest is the second-biggest u.s. processor of national gas. is a pipeline company created by a petroleum company. hillary clinton is making a pitch to democrats attracted by bernie sanders populist message. candidateential outlined the themes of her

economic agenda. her themes would increase the income of middle-class americans. clinton: i have had an opportunity to listen to american concerns about an economy that still is not delivering for them. it is not delivering the way it should. it still seems to most americans that i have spoken with that it is stacked for those at the top. pimm: clinton said the minimum wage should be raised and overtime rules should be changed. she also called on companies to share more of their profits with workers. wisconsin governor scott walker is joining the race for the republican presidential nomination. walker first game prominence by taking on government labor unions. he also became the first u.s. governor in history to survive a recall election. walker will be the 15th republican to formally declare for the race. those are your top stories of the morning. coming up in the next hour of

the bloomberg market day, no grexit from the eurozone. at least not for now. but does the process show a shared currency is flawed? the future of work is heading to brooklyn. why collaborative office spaces ork are big draws for investors. brendan: a deal has been reached to keep greece in the euro. alexis tsipras surrendered to european demands for pension cuts and tax hikes to qualify for a third bailout. pimm: investors around the world are on a buying spree following news of the deal. but it is not completely baked. greek lawmakers must approve, and several european parliament must also vote yes. christopher is a wells fargo global market strategist. i wonder if you can explain what you would recommend to investors right now. should they buy into this rally? chris for: we believe they should, especially with a greek

deal getting done. it is a short-term deal, and they are kicking the can down the road. but the emphasis should return to the favorable fundamentals, economic growth and earnings growth in europe going forward. we retain an overweight to europe. pimm: so buy stocks in europe right now? paul: that is right. pimm: any specific industry groups? paul: we like specifically -- i would say not just europe, but we like the developed countries. generally speaking, we would include japan in that list. the sectors we like the most are those most closely tied to strengthening global economic activity. we think that is going to be the theme for the second half of this year, into 2016. brendan: for somebody not watching minute by minute developments out of muscles, what would you look or at the next deadline? paul: the important deadline right now is the greek parliament has to pass the required votes by wednesday.

we think that will happen. after that, there is a series of bail-ins, or payments that have to be made to greece. the next thing that would be important to watch would be how soon the banks can open. that is just if you are watching greece and distress there. as long as they pass laws on wednesday, you will see investors lose their worries about a grexit and the spillover potential to europe. that is going to be the key. pimm: if you are holding u.s. equities, what should you do with them, sell? paul: no, we continue to like the u.s. and still think they are the lead dog in terms of global economic activity, global growth. we favor the u.s. markets first, the emerging markets third. in order to fund those purchases, we would recommend lightning up on the extent, especially at the long end of the curve. brendan: stepping back from the

crisis at hand in europe, what do you see long-term for that economy, looking at developments for example in german manufacturing? paul: the economic cycle in europe is just getting. if you take valuations in this country versus valuations in europe, they are about the same. but the prospects for european earnings to improve from here, we think they probably have more forward momentum then u.s. earnings due at this point. when you consider the differences in the cycle, europe looks rather interesting. we would not encourage europe and japan over the u.s., but we think the fair valuation does not mean that the u.s. is more or less attractive. we would continue to emphasize buying the u.s. and europe, at the expense of especially the developed markets, fixed income. pimm: we have seen a big energy deal today, markwest and mplx. what you say about the energy situation in the u.s.?

should people be buying energy stocks? it is probably too early, and our equity team would agree with that. further consolidation has to take place in energy prices. our research indicates you have to have a sustainable recovery momentum rally in energy prices before you start seeing people willing to take a bet in energy and energy earnings in the stock market. brendan: you are hesitant about emerging markets and asked him, head of the fed move. how could a fed move possibly not already be priced in? who is going to be surprised? there are a lot of people expecting the fed will do nothing this year or will only move in december. i think the consensus on a september rate hike, you can actually see it, but it is quite diverse. there is quite a lot of volatility or variability september versus december versus march of 2016. pimm: comment on the strength of

the u.s. consumer. paul: the u.s. consumer is what is driving the u.s. economy right now. sentiment has recovered since the difficult first quarter. that has helped homebuying. the consumer himself or herself is getting a lot of help from the housing market. emily the market. as those factors move together, labor, housing, confidence, we think the consumer will continue to power the economy forward. corporations probably are still a little hesitant to increase their spending on plant and equipment. pimm: paul christopher is wells fargo's global market strategist. things were joining us from st. louis. you want to turn in on what you missed, talking to paul krugman and edmund phelps. the former belgian prime minister slammed alexis tsipras last month in parliament.

you can hear some of the anger. >> it is not you and it is not we that should pay the bills.

brendan: i am brendan greeley. pimm: i am pimm fox. let's look at what is happening in markets right now. we have an energy deal to begin with. >> first off, i want to talk about oil generally. it is at its lowest price since april 9. it is trading at about $52.22. this is down about 1%. earlier in the day, it was lower, hitting about the $51 mark. powers may come

to an agreement on tehran's nuclear program, which could mean that iranian oil could come back on the market. chesapeake energy right now is down by 2%. this is due in part to a barclays note that said the company is not for buying. analysts on driscoll said production stocks are trading at 30% premiums, supporting historical multiples, but would not use weakness as a buying opportunity. take a look at my bloomberg terminal. this is short interest as a percentage of float in chesapeake. you can see the line. it is at a record high of nearly 185 million shares. this as the price has tanked about 60% in the past year. also looking at other emp stocks, high in air at -- natural is trading up. morgan stanley raised the stock to overweight, saying the company has inventory.

the price target, $190 a share. back to you. pimm: thanks very much, ramy. let's look atop stories crossing the bloomberg terminal right now. contract talks begin today between the united automakers -- autoworkers and the three big automakers. they want to reduce the gap between new hires and workers with longer tenure. the industry says the two-tier system is why they have been able to add tens of thousands of jobs in the last four years. and saudi arabia has never pumped as much oil before. saudi has told opec it raised oil production to a record in june. opec says that next year there will be stronger demand for its members' crude. that has not happened yet, and oil prices are 46% below where they were a year ago. taking on the challenge posed by rivals such as netflix and dish network. it will offer a skinny bundle streaming service for $15 a

month to its extremity internet customers. comcast will include about a dozen channels, including hbo and the four major broadcast networks. those are your top stories at the moment. brendan: greece has struck a deal, kind of. a deal to reach a deal. an agreement to get there. now, tsipras needs members of his own party in athens to approve it. the former belgian prime minister, now a member of the european parliament, lectured alexis tsipras at the european parliament on how to fix greece. this is never happened before in the european market before -- it actually went viral. we spoke with him on whether or not alexis tsipras still has a mandate in his own country. -- the people delivered a huge majority for the content of these reforms a few days ago. of 300 people,at 251 of the members of parliament voted in favor of this. i am pretty sure that this

majority, including our opposition party in greece, can sustain it. gives for usl this a lesson for europeans. this is not the way to go, i should say, in the currency union. we need to do and to fix it in another way. having this nightly debate between 19 ministers of finance and heads of state -- that is not the way to do it in the future. >> the headlines were garnered over the weekend by finland and slovakia. i am struck by the cultural distinctiveness of each of these nations. belgium has an absolute history and culture that is about politics, is about diplomacy and discussion within a nation. what can the greek people learn abouthe belgian people getting forward in such a fractious moment?

guy: we did these reforms already a few decades ago. i can tell you, in the 1950's and 1960's of the last century, belgium was a very clientistic society with political parties wheeling and dealing, having clients as their electorate. ,e managed to change that morally, mostly in two decades. we became, i should say, a modern country in the core of the european union. that is also possible for greece. and i am pretty sure that mr. tsipras, if he used his majority, the mandate he has from the parliament and from the people in greece, the greek citizens -- we have to push him in the right direction. >> you are a member -- you say that this is not the way to

govern a currency union just now. obviously, changes have to be made to the eu treaty. how do you get from where we are right now to the possibility of a new treaty, when it was so painful just to get to lisbon the last time around? guy: there is more proof of the fact that we need to have a number of greek exchanges in the last year. first of all, to have the -- to solve the british issue. if we want to solve the british issue, maybe some treaty changes will need -- will be needed. and to fix economic governance in the eurozone is absolutely necessary. we have seen in the last hours from aople are defecting party in finland and cities in greece. they were governing methods mainly of the eurozone. we have to get european unanimity inside our treaties

and the decisions of the eurozone. it is impossible to manage to govern a currency union based on unanimity. one country or even one small party in a government of one country can block the outcome. with need to come forward a real economic government of the eurozone. we need to establish a treasury in the eurozone. and we need also, i think, a common governing of the debt, debt redemption funds, a far better way to solve this crisis than this bilateral battle between germany and greece, or tomorrow between finland or portugal. brendan: that was the former prime minister minister of belgium, a current member of the european parliament, speaking on "surveillance" this morning. he was talking about a treaty change to fix the eurozone. you think greece has been bad? wait for three years of wrangling on a new european treaty. pimm: good interview.

we will have more on "market they. -- day." ♪

brendan: welcome back to "bloomberg market day." pimm: i wanted to ask couple questions about your interview with the former belgian prime minister. what is his recommendation for how this gets better? we talk about -- he is an interesting guy. he has been part of discussions about what institutional europe should look like. this is terminally boring, but europeans get excited about institutional reform. the problem is, there is no electoral mandate anywhere in europe to make this change. to change the structures of europe -- he talked about a common european treasury. if you want to do that, you need to get all the countries

together and write a completely new treaty and have them all sign it. like having 50 u.s. treasuries rather than a treasury in washington, d.c. brendan: you are right. but there is no way this is going to happen. everybody agrees the structure is unwieldy. they do not really have a constitution. it is hard to understand even if you are really into it. even they do not completely understand how it works. but it is going to be hard to fix. the ideas he had, which seem to make sense, are going to be hard to pull off. pimm: they are fixing the plane while they are flying the plane. well done. i will see you later this afternoon. we have much more ahead on the bloomberg market day. ♪

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the prime minister of greece may face in me and his own ruling coalition. surrendered to european demand to get a bailout for 90 $5 billion. now he must sell tax increases to the greek parliament. his coalition rebelled against similar proposals when alexis tsipras put his own spin. >> the deal was difficult but we pursuit ofted the the transfer of public property overbroad, and the collapse of the financial system. it is a planned that was designed up to its last detail perfectly. greek banksile, have been closed for two weeks and the european central bank has decided not to raise the size of the bank's lifeline. coal is no longer king when it

comes to energy. for the first time, natural gas the mainssed coal for source of u.s. power. the price of natural gas has been calling and new clean air regulations make coal more expensive for power generators. there's more consolidation in the automobile parts industry. to buyrner has agreed them a national -- really national. apple sells less than 1/5 of the world's smartphones but makes almost all of the industry's profits. iphone accounted for 92% of the first quarter profit from the world's eight biggest smartphone makers. those are your top stories of the morning.

the markets are closing in europe right now so for the very latest, let's go to mark barton in london. after 17 hours of talks, finally we have a deal to pave the way to another greek bailout. all sippers has to do is sell it to the greeks. we turn our attention to the greek parliament, coupled with impending votes by various national euro era -- organizations. in that. , 570 billion euros have been added to the value of european equities. in the last five trading days alone, the ftse has added 10% in italy. achieved the 10% feet in just four trading days. just last tuesday we were talking about a correction for european stocks, which would have been a 10% decline from its highs in april.

these are the big three movers. dk sh, it is a swiss company. -- look walls quad watch company for sale. international personal finances is a u.k. lender of more unsecured cash loans, the biggest drop in six years, down 25%. a polish law may have an adverse financial affect. greece, it ist all about the implementation risk. pimm: thank you very much, work part. -- mark r. the workspace of the future is in the brooklyn navy yard, how wework's building business

opportunities from the ground up. investors be focusing their attention on the recent volatility in china instead of greece? wisconsin governor scott walker becomes the 15th public and to throw his hat in the ring . how does he plan to differentiate himself from the other candidates in this crowded space? greece makes a deal to stay in the euro for now, and yet the has manyty of a grexit people asking, is the idea of a shared currency such a bad thing? joining me is the managing director and the author of the book "the fall of the euro." danny blanchflower, i want you to begin. tell us what this means for the future of the eurozone. danny: it is hard to tell whether it binds together or pulls apart.

my suspicion is it probably does , and the democratic votes in greece are irrelevant. you take the euro straitjacket and you have to start to look at other countries like italy. they have not seen any growth productivity through the entire time they have been in the euro. yes, you have a short-term deal in greece that may last three days. , the glue starts to come apart for the whole euro project. the question you ask yourself all the way through, where does growth come within the euro area and how does unemployment and greece as aove result of this deal? in my opinion, it does not. pimm: what do you think? >> i think it really shows how

far we have come compared to the sentiment we had three years ago. three years ago when the euro crisis was sort of at its ,eight, journalists like to ask what do you think about this idea was to mark -- about this idea? clearly, absurd fantasies can become reality. that really cements that this currency union has some fundamental issues associated with it. until we get a fiscal union as we talked about earlier, real political cooperation, it is not going to look stable and that is the situation we are facing. pimm: he said fantasy versus reality, and i want to show you a quote from the former prime minister of the united kingdom, margaret thatcher. "every back in 1992,

single fixed exchange rate has cracked the end. we are all at different state levels of development of our economies, and some countries could not simply live up to a single currency. we should each be proud to be separate." what do you think? jens: she was willing to be honest about the risk associated with the euro. everybody has been saying, we believe in the idea but have not been realistic about economics. heard fromt we have the former belgian prime minister is interesting. to fix, we need a push this, and that is an interesting debate. pimm: danny blanch power, what is your reaction? danny: it seemed a pretty smart quote, and in fact it was central to the decision of

gordon brown and edible for the u.k. not to german -- ed bull for the discussion not to join the euro. i think that sounds like cuckoo land. there is no chance the separate governments will be able to come together and organize anything. i think that is where we are. they have shown that one deadline leads to the next deadline. what we have to ask about today, does this solve the cross-ice -- solve the crisis? my suspicion is made will be back again. this does not finalize anything because fundamentally, there is no growth on the table, unemployment does not come down, the greek people will object, and politics will play an automated part in this. comment, wecher's have seen independence in having europe monetary and fiscal policy is probably the right way to go. all the tightening in europe,

not if it has paid off. many countries in the eurozone have gdc levels below the prerecession levels. i do not believe they will cooperate for more union. less union is what is coming. response, unless you are a strong and healthy economy, why would you want to be in the eurozone? countries, are some for example east european countries, that have political motivations. pimm: maybe eastern europe and the baltic nation? jens: they have that argument. from a pure economic perspective, there was never a clear-cut argument for the euro being a good idea. pimm: you get thrown under the bus if you are weak and cannot compete. we have seen a very tough deal being struck around greece that reason. pimm: thank you very much.

you are going to want to tune in with joeyou missed" weisenthal and alix steel, speaking with two nobel prize winners, paul group -- paul krugman and edmund phelps. why two of new york most prominent real estate agents are betting on the brooklyn navy yard. ♪

♪ pimm: welcome back to the bloomberg market day. i am pimm fox. walmart wants to crash amazon's birthday party. walmart is launching a sale on wednesday to rival amazon's

prime day to celebrate its 20th birthday. walmart says more than 2000 items will be discounted online and anyone can get the discounts. the amazon sale is only open to prime members who pay $99 a year. jarden has agreed to buy waddington group in a deal valued at $4.1 billion. jarden's brands include sunbeam. is owned byroup olympus partners. $.50 -- 50 c star cent has filed for bankruptcy. he lists assets and debts in the $10 million range to $15 million range. he was ordered to pay $5 million to a woman who sued over a sex tape. does not havecent

two quarters to rub together. boston properties and gruden management are keeping up with ork on a $750,000 -- 750,000 square foot holding at the brooklyn navy yard. >> the concept is quite unique, and the ceo of the company, to my mind, everything depends on the personal and professional talent of the leader. i was very impressed with him. i have learned to adjust, and so was he, to my high opinion of him. >> i think the same thing. buildingeated a 1995

in new york city so we understood that importance of technology integration. this company is not to point out, it is 10 point out. when you walk into their space and see the energy and the excitement and the interaction between all the different companies and the environment it has created, it is a very powerful concept. erik: is a very powerful valuation, too. what do you think about the $10 million valuation that has doubled in a year? >> i have to declare the fact that i was one of the original investors. therefore, i think the valuation is way to bring low. erik: here is an important question -- did you have to do something at a board level at either of your company's because of the fact that your personal investors to make this corporate investment work?

>> we do not invest in other companies. we have done all of our development, and it is quite a lot, for the acquisition of specific buildings with the development of specific buildings. we have never invested in another company. wework saw the first building and it was exciting and fun, and this new building sounds even more fun because of the way you have designed it. one of the problems with this area is there is no place to get a beer. in midtown manhattan, there is not a very suitable bar for everyone's needs. in the navy yard, is there a place to get a drink after work? >> that is an excellent question. erik: there is a beer within 200 feet of the front door here. >> first of all, there is a great brewery in the brooklyn

navy yard but something no one knows about, part of the work collaboration comes around food, comes around responsible drinking, comes around different things that can come together in our case. on every floor of that building there will be two kegs. the interesting thing i will say about our members, they are never abusing that. when beer after work. more importantly, when you get with a building like this, it is an opportunity to see a group of like-minded individuals doing what they love come together as a group, and even though they each work separately, they help each other. they believe that helping other people will end up coming back to them. before, wetioned designed the ground floor. we had a unique consultant working with us to create that soironment when you walk in you can have that collaborative

feeling. how different is this place from other buildings that people know? >> is really quite remarkable and in my mind, is the most unique and of environment for office space. he has created a culture, and a lot of people like that culture. if you go into a typical office building, there is very little interaction. erik: you can create culture out of design? >> yes, you can. it is not just design, it is function. propertieswas boston chairman mort zuckerman, l rudin, and added new. still ahead on the bloomberg market day, after going on a $9 billion housing shopping spree, blackstone is selling some of its holding. we will tell you why, next. ♪

♪ pimm: this is the bloomberg market day.

i am pimm fox. housing shopping spree may be over. they spent $9 billion scooping up u.s. properties. betty liu has been looking into the story. let's talk about they are actually selling. atlanta. i went down after the financial crisis and it was a really good bargain, not just in atlanta, but cities around the country, to buy single-family homes and rent them. they have been decimated. blackstone was not one of the pioneers in this. several other private equity firms went into this as well, but blackstone was one of the biggest. so now they are selling. what is the first thing you have

in your mind with blackstone selling these? pimm: should i sell? betty: exactly. judging by what we have seen the rate of growth, the housing market still has some way to go. the pace of increase has been moderating. we are up against a potential rate hike. that could have a stalling effect on the housing market, but remember, have tons of millenials that are getting older and starting to form household. they are getting married, having babies, and so on. they are going to be the new buyers coming into the market. while some people say this may be tough for now, the housing market still has a lot of room to run. pimm: you have the economist thing on one hand -- betty: exactly. pimm: if this -- is this an atlanta issue? betty: not per se.

these have been going on all over the country here . pimm: the exit, are they selling for a reason question mark may beblackstock streamlining their portfolio, and this will be one of the tertiary areas they are letting go of. pimm: it is time for the options insights. >> we are approaching the top of the hour so let's take a look at how the major averages are performing. basically, it is all green and that is for greece. the s&p 500 is up by nearly 1%. the dow is a little over that, and that nasdaq is the most, up 1.3%, due to the bump in discretionary spending and technology. joining me is jim stricker from an camp holdings.

-- m km holdings. what do you make of what is happening today? a reaction to greece. i thought it might be more of a pop. impressivey, an rally for stocks. , think you want to frame this we over the past few weeks have been looking for some sort of a volatility event. volatility was asked -- suppressed since january. we got a pop in volatility last week. things,rand scheme of if this is in fact over, it will go down as a pretty benign volatility event. tomuch as scott vicks got where you would expect, to the three-year future and beyond it was pretty benign. one rule to keep in mind, once , -- we might down

be into the next period of suppressed volatility. so it willown 2.2% be interesting to see if this holds over the next week. netflix is in your sites. ?hy > >> the second quarter earnings on wednesday, and we have some thoughts into the quarter. rob sanderson has been a whole ull ins name for a -- a b this name for a while. what is happened is a broad ie in for the netflix story -- buy in for the netflix story. they have about 62 million subscribers. the international number we think could quintuple over the next six years.

debate about the stock in 2014, we think less debate now. >> very quickly to your call. >> who want to sell outside calls this week, and taken 2% in premiums. sell something like a seven to call, and the stock split 721. we want to buy a 50 point call spread in september, something like a 720, 770, pay about $15 for that. >> of course netflix ut earnings, according to bloomberg they are expected to have an adjusted eps of $.59. don't go anywhere. still to come on bloomberg -- marketing. ♪

♪ pimm: good day, it is 9:00 a.m. in san francisco, noon in new york, and midnight in hong kong. betty: welcome to the bloomberg market day.

president alexis tsipras surrenders to europeans. can he sell more austerity measures? walkerovernor scott makes it official, he is running for president, becoming the 15th candidate in a crowded gop field. hillary clinton gives a major speech on the economy, vowing to revamp wall street. good afternoon, i am pimm fox. betty: i am betty liu. we are beginning the week and a look at the markets. pimm: it is a big rally. betty: after that 17 hour negotiation between greece and european leaders. it looks like they hav