alexis tsipras agrees to tax increases. can you sell the deal to greek lawmakers who were elected to reject austerity? betty: did a less are nearing a deal to curb your's nuclear program but the foreign minister shakes his head no when asked if there will be an agreement today. users show their power. ellen pao resigns as the reddit interim ceo as readers complain. what is next for the website that bills itself as the front page of the internet. betty: good afternoon. mark: thank you for joining us. let's get a look at the markets at this moment. as we have been reporting all

day, it is all about greece. global markets in rally mode, liking what they are hearing. jones industrials up 168 points. nearly a full percent today. 17,928.is at the s&p is also up .8%. the nasdaq composite index is in the green as well on this monday, up about 1.25%. let's take a look at gold futures, following today, down over half a percent. nymex crude oil is on the rise, albeit fractionally. is well below the $60 a barrel range. betty: we will see what headlines come out of the iranian nuclear negotiations. meantime, in the treasury markets, the bond market did not

react as wildly to the greece agreement as the equity investors did. the 10-year yield, a bit of a selloff. to thepretty much back two-week level of 2.42%. in the currency markets, the euro has briefly risen on the greek agreement, but now is lower. some say that reinforces the view that the fed has an all clear to raise interest rates. that would boost the value of the dollar. now let's get a look at our top stories. the prime minister of greece facing a mutiny in his own ruling coalition. the independent great party and the syriza left platform says they will not back a potential great deal. alexis tsipras surrender to european demand in order to get a chance for a bailout worth up to $95 billion. thate has to sell package to the greeks back home.

he put his own spin on the agreement. the deal was difficult that we have prevented the pursuit of a transfer of public property abroad. we have prevented the plan of financial asphyxiation and the collapse of the financial system, a plan designed, up to its last detail, perfectly. betty: greek banks have been closed for two weeks and the ecb has decided not to raise the level of its lifeline. mark: the crowded field of republican candidates is bigger today. scott walker announced on twitter that he is in the race. he gained prominence by taking on government labor unions. he also became the first governor in u.s. history to defeat a recall election.

hillary clinton is making a picture democrats. in a speech in new york, she outlined the themes of her economic agenda. she emphasized the need for policies that would increase the incomes of the middle class. >> every time they have a chance to try that approach, it explodes the national debt, concentrates wealth even more, and does practically nothing to help hard-working americans. mark: she says the minimum wage should be changed and the minimum wage should be raised. -- overtime rules should be changed. on october 15, a yield on the benchmark 10-year plan for zooming upwards on what appeared to be little news. a government report says speed traders a big role and that banks reduced their market

making for a period of time. betty: there is more consolidation in the auto parts industry. remywarner will buy international. there is a takeover in the consumer goods business. jardin has agreed to buy waddington group. the brands include a, mr. coffey, crockpot, waddington makes disposable cups, plates, and utensils. that is a look at your top stories this hour. mark: coming up in the next half-hour, the finish line is in sight for an agreement over iran's nuclear program, but the foreign minister signals a deal will not come today. we will get the latest from the anna. betty: can alexis tsipras convince greek lawmakers to curb spending and except spending cuts?

we will speak to nicholas burns. crowds have gathered outside of the greek parliament at this time. seekingsipras to implement those measures. mark: olivia sterns has been speaking with greek officials all day. has been getting reaction from people on the streets. olivia, greece's bailout may prove to be a high political cause for prime minister tsipras. >> indeed. there has already been one resignation from the prime minister's party. we expect there to be more. the ripple of mutiny is already being felt. everyone i have spoken to today , at a cabinet reshuffle this point, is inevitable. tsipras and his allies are angry. what he has done inside the country up for a package of austerity measures that are more harsh than the ones he referred

to as blackmail. there was recently a demonstration -- you may be able to hear the police sirens -- nothing to be alarmed about because this happens often. radical leftthe coalition, a few hundred people out there, and they are just trying to voice their anger, that they voted no in the referendum. to causere likely tsipras more allies. he has until wednesday to pass creditors demand into law. he will have a tough time passing the overhaul of the vat, broadening the tax base, and tightening up the pension system. i did not speak to a single person today who said, yes, this will cost him allies, will be more defections. not one person thinks that he will be able to find enough support to pass the demands in parliament. olivia sterns, david guru

is there as well. betty: speaking about the greek people, david, you are there on the ground. what is the mood like as we see the crowds gather? we have a protest behind us, as she said, a number of people who are espousing somewhat radical views, no to the european union. picking up on what bolivia said, she was talking to politicians and pundits. i was talking to a lot of small business owners and i was struck how many of them said they were happy with how prime minister tsipras has done. his enthusiastic about cabinet, those who view works with, but even on the ground, kind of an echo from what we were hearing from other politicians. they see him as somebody that stood up to the germans throughout all of this. i will say, i brought up angela

merkel yesterday and people were dismissive. today, the feeling was much more visceral. they talked about how greece had been bullied by germany. the feeling much more like they were put in a position by germany, who had no impact before them. gura, olivia sterns, thank you. olivia sterns caught up with the mayor. >> first of all, it is good news that we had this agreement. the second thing is, the prime minister has a comfortable majority, trying to take reforms, because he will be supported also by the political parties of the opposition. it is a difficult task for everyone. they have to do, in two days, what they have not done in five years. instead of undertaking those reforms, frustrating to society,

although necessary, they were trying to avoid them and were taking all of these other measures, cutting down salaries, pensions, and that has proven to be the worst choice. olivia: what do you think about the reform package he agreed to? it is much harsher than what the greeks rejected weeks ago. reform package finally going to get grease and going again, or will we be here a year from now? >> what the greeks rejected in the left referendum -- last referendum was not really reform. nobody asked for that. what they objected was moral austerity, cutting down the salaries, pensions. olivia: but we have even more austerity than that. short time we will have more austerity, because we did not do what we should have done during those five years, but with those , this will promote

competitiveness and off partnership. those things that we should've done during the last five years which we did not do. olivia: the local newspapers said alexis tsipras surrendered members of his own party, essentially that greek have been waterboarded. do you feel like greece when up against the creditors and lost? >> i don't think so. greece did what should have done. and there are interesting times in history. behave,sipras has to like richard nixon negotiating with china. sometimes, there are people who you would not expect to make the u-turn, but are the most appropriate to do necessary things. approval fromhaps

parliament, and this will wash with the people, who say that he is a traitor coup capitulated? >> there are some people. now we will find this kind of anti-european, let's say, faction. i think they already have found some. do, het tsipras has to has to find his allies in the pro-european parties. how much damage has been done to the economy over the past two-plus weeks of banks being closed? >> we cannot speak to the numbers, but the impression i have speaking to people in the city, we have very heavy damages, especially into her wars him. that is sad. all the forecasts before this crisis would be that we would have the biggest tourist season

of all time. anyways, i am confident and optimistic. that was olivia sterns speaking with the mayor of athens. mark: coming up, nobel winning prized economist paul krugman willd schultz -- phelps join us to talk about greece at 4:00 eastern time. ♪

betty: welcome back to the bloomberg market day. mark: let's go straight to ramy inocencio who has a look at the markets. as we have been saying all day, it is all about greece. right now still in the

green in their intraday highs. the s&p 500 is up more than .8%. the nasdaq is up the most by 1.25%. the dow is up by 1%. these are at their highest levels in the past three weeks. the dow is now positive for the year. in terms of leaders and laggards, the tech sector is now tops. up by 1.3%. on the flipside, the s&p utilities index is the laggard, down by .4%. taking a look further down, utilities are the only laggard on the s&p's nine of 10 sectors. american electric is down a percent. public service down by 1.25%. edison international down by .6%. on the flip side, microsoft and apple are leading tech equities higher. microsoft up nearly 2%.

apple up by 1.75%. socgen upgraded their call from buy to hold on apple and stuck to their price target of $142. bm oh also says it is a good time to buy because apple tested their 200-day moving average just last week. mark: we are getting some headlines from the white house thosesecretary about iranian nuclear negotiations which are underway in vienna. he tells reporters that sticking points remain in the talks. some have to do with whether you when weapons inspectors would have unfettered access, how soon iran would be able to sell oil. still some work remaining in those discussions. betty: much more remaining. not seem like we will see any kind of agreement today. more on the bloomberg

market day. we will be back in a few minutes. ♪

mark: welcome back to the bloomberg market day. betty: let's get a look at our top stories crossing the terminal this hour. microsoft launching windows 10 on july 29. the upgraded operate system will let users which seamlessly between pcs, tablets, and smartphones and is intended to give a similar feel to all devices and will be equipped with court,, microsoft's version of siri. is launching a streaming video service. the move comes as the company faces growing intrusion from the likes of netflix and more customers becoming mobile through the use of tablets and phones. the service is called stream and costs $15 a month.

boston thisin summer and everywhere else by early 2015. 50 cent hastar filed for banquet to protection. was once valued at $50 million. the filing comes after a judge orders him to pay $5 million to a woman who sued over a sex tape. gets the ruling and files for bankruptcy. at thend that is a look top stories. this agrees story that we have been covering for the past several years, since all of this turmoil happened in greece, there is the live shot out of athens. a familiar shot, as you have been discussing. the is going on here is

preliminary deal has also been agreed to by mr. tsipras and the government was something worse than what was originally agreed to before. he campaigned on getting rid of austerity because it is crushing us. now it seems this deal, if passed by parliament, might be worse. might have been one of the most expensive referendums ever for greece. we have more stories around the world brewing, including nuclear negotiations in iran. ministern's foreign indicated to reporters in vienna that there would be no final agreement tonight, but one is possible tomorrow. as there hasse been important progress but sticking points remain. joining us on the phone from the na, indira lakshmanan. what do we know about what is holding up a deal? we first had a real sense

that there would be a deal by about one hour ago, the iranian foreign minister came out on the balcony, where he has been coming to give his pronouncements. when we asked if there would be a deal tonight, he said no. officials confirm there would be no deal tonight. it seems as if the sticking points at this point are over language. part of that is about how do you call iran's nuclear program? they do not want the words elicit or illegal anywhere related to their program. i think that has to do with the procurement issue, getting nuclear material for their ongoing program, which will be energy-related. of course, both the u.s. and iran are arguing over how they will were the final agreement so that both sides can call it a win. that is not an easy task. read into not we being able to iron out an agreement today? in the past few days, the

agreement has grown from 80 pages, including five technical annexes, to 100 pages. if you can imagine, lawyers going through this with a fine on every side, six great powers negotiating with iran. it is the u.s. and iran who are most concerned about the language, but they are literally every, and conjunction because they know this is their one-shot to negotiate a deal, from the point of the u.s., to prevent iran from getting nuclear weapons, and from the point of iran, getting sanctions lifted. nobodying matters and wants to agree to a deal that is not exactly the way they wanted. we will have to see if they can get it done tomorrow. mark: speaking of not having it exactly the way they wanted, there are some in the international community, namely israel, who are concerned because the way the deal is

structured, it does not eliminate iran's nuclear capability out right, is that correct? >> that has always been true, has been for the last two years. the deal is not about eliminating their nuclear program. it is about inventing them from developing nuclear weapons. under the deal, and this has been true for the past two years, iran would be able to continue nuclear energy, continue with its medical reactor, but they would be cutting on the uranium and plutonium and sober -- so-called covert path to get a weapon. what the obama administration would say is we are making sure that they keep their scientific and medical program without having a weapons component to it. of course, the israelis are aboutious and unsure whether that can be enforced. mark: indira lakshmanan is covering the nuclear talks, joining us from vienna.

there is a lot going on. you have greece, iran, the chinese economy. we have been watching the markets there as well. with these negotiations, we cannot forget that business is also watching closely. not only will this impact the oil markets, but companies that have been out of iran because of sanctions, once they are lifted and this agreement is put in place, many will dip their toes back into the market, including oil companies. on that note, i am signing off. nicholas burns was the former u.s. ambassador to greece . we will be talking to him, and also, contract time in detroit. the big three automakers and the uaw have started talks. what each side wants, next. ♪

welcome back to the bloomberg market day. in mark crumpton in new york.

thanks for staying with us. let's go to your top headlines at this hour. at least 16 died at a collapse at a russian military eric's. at least 19 others were injured. the cause is under investigation . step aside, cold. mover in thew top energy game, and it is natural gas. this is a milestone that has been in the making for years as gas flies and new regulations more risky for power generators. a drilling boom has boosted natural gas production by 30% and has made the u.s. the of oil biggest producer and natural gas. saudi arabia has never pumped this much oil before. opec says next year there will be stronger demand for its members recruited.

that has not happened yet though, and oil prices are $.46 -- 46 percent below where they were last year. california is producing a spike. the highest average price in the .66 in los angeles on friday, but prices rose another $.13 on saturday. sometimes it is all in a game. startup called > grexit. company has seen a 20% increase of traffic on its website. you would think it that would be good news, but the increased messing with its analytics. coming up on the next half-hour

of the bloomberg market day, contracts between automobile workers and the big three u.s. automakers. we look at key issues. how is the greek crisis impacting tourism? mayor ofrom the athens. and ellen pao has quit as ceo of reddit. says "in mynt, pao have seenhs as ceo, i the good, bad, and the ugly of reddit. good has been off the wall inspiring and the bad has made me -- the ugly has made me doubt humanity." they would say it is inherently an conflict -- these wild forums where anyone can say anything is in conflict with the

notion anyone can control them. but a business wants to control. the closer read it gets to having a particular business makes it less likely to be what it is, which a free-for-all -- which is a free-for-all. speaking of a conversation, talk to me about is wasversation ms. pao having at reddit? cory: i think she wanted to impose more control and treated t as the framework of stopping comments that are injurious to people but that is not how reddit works. it polices itself. ofreally flew in the face what reddit's obsessive users think the community is all about? mark: what is the community all about? want free speech? yes, unkind sometimes. let free speech. this came to the four when jesse

jackson was a guest and people were talking about jesse jackson is a fraud, a bad guy, saying all kinds of things to jesse jackson and his career and the result was a forum that was not as free as read it was used to, although perhaps not as simple a discussion as reverend jackson is used to. mark: where does reddit go from here? cory: they have to figure out a business model and can they have a place where rabid users are advertised to and willing to pay for services, and they are not bear yet. mark: what is going on intact? please stop is up a bit, but seagate came out and preannounced low sales today, but things are getting worse. and without a lot of detail, they are suggesting that during the quarter and the weeks between the end of march and the beginning of july, things not

only got worse, they got a lot worse. seagate was already a business in decline. they had already seen nine out of 10 quarters of declining profits. they had seen eight out of nine quarters of declining sales and sales surprises. the last thing wall street expected. now another negative sales surprise. mark: when does it have a ripple effect? question.'s the i would say keep your eyes on what will happen with intel on wednesday. we have seen a bunch of companies, interestingly, the data centers. the cloud, the cloud, the cloud. everyone loves the cloud. but guess what? some companies in the cloud are reporting slowing sales. sales force, 20% year-over-year

versus 30% previously. other companies with hardware in the cloud reporting a decline. mark: why? they are notecause paying for hardware? maybe this is slowing? i think wednesday could be a key moment for technology for the year, because seagate is giving us a sign things are bad on the pc side. that could be bad news for intel on wednesday. cannot wait to see the global market on wednesday. mark: i will take a guess. you will be all over this? all over this. perhaps the fine producers at bloomberg will put me on tv again. mark: cory johnson, thank you. negotiation time in detroit. what eachok ouat side wants, next. ♪

cory: -- mark: welcome back to the bloomberg market day. i am mark crumpton. let's get you a check of the market. all the major markets are in the green and actually near their intraday highs after those greek developments overnight. is upw jones industrial more than one present and the nasdaq continues to be the biggest leader all through the day up a 1.3%. they are at their highest level for the past three weeks in the dow is finally positive for the year. i want to take you to my bloomberg terminal here and look at the imap function.

the utility sector is the only laggard. utilities and consumer discretionary up 1.3% or so. looking at the u.s. dollar, it is rising and is now up by about 7% here. you can see in the overnight hours, the value shot up and this is the best android day gain since july's first. also, the vixen has seen its biggest two-day drop since january 2013. it is down 21 points, down to about 14.2 three. this is off what is happening in greece and treasury prices for the 10 year off. the biggest three-day drop in a month. yields are rising.

it is about 2.4 percent. mark? remy and send seo with a market check. appreciate it. economyn the chinese may be stabilizing. said eckhard reports. reporter: they halted three consecutive months of declines. june was above the 1.2% of economists surveyed by bloomberg. encouraging results. expert data suggests china's stimulus is stabilizing demand. there are many headwinds. world demand for chinese goods is sluggish. the june trade data is an important clue as we look ahead to wednesday when beijing reports second quarter headline gdp growth. now let's look at the

market close. here's my colleague mark barton in london. have a deallly we that paves the way to a greek bailout. all they have to do is sell it to the greeks. we turn our attention to the greek parliamentary vote on wednesday, coupled with votes by other parliaments. rally since4-day december 2011. billion euros570 have been added to the value of european equities. in the last five trading days the ftse has added 10%. achievedn portugal that 10% beat in just four trading days. to think, we were talking about a correction for european stocks that would be a 10% decline from

its highs in april. these are the big three numbers. b k. it is a swiss company. international personal finance, a u.k. lender of small, unsecured cash loans. of the biggest drop in years, down by 25%. polish law may have an adverse financial impact. sanofi, thethe -- drug maker. it is all about greece and implementation risk. back to you in new york. contract talks between the united auto workers union and the big three auto workers. the union was to reduce the pay gap the between new workers and

workers with longer tenure. the industry says that system is why they have been able to add tens of thousands of jobs. chrysler will look at contracts that expire in september and ford starts later this month. matt miller covers the auto industry for us. what are we expecting? a harder roadbe to hoe for ford and chrysler. they get paid nine dollars more than fiat, chrysler, or toyota. they need deeper cuts. you hear about the moving production from michigan to mexico, partly because they can make them cheaper, and partly because people are not buying the smaller cars in the u.s. the growth is anemic because of you said ninek: more thanmore -- their competitors? why? have notause they

big concessions the other automakers got. gm and chrysler got really big concessions because those companies were just coming out of bankruptcy. at the time it was a matter of life or death for the company, which meant life or death for those union jobs, and the union did their part. i think both sides would admit that. now it is time for the union to share in the profits because automakers across the board are making a ton of money. ford did not go bankrupt. they did not get the concessions and they do not have the benefit of working outside the union structure, which some ford automakers have had. mark: you were reminding me a few minutes ago that things were not always so great to join the unions in the big three. they were a little testy. what is that relationship like? matt: they do this every four years, and the last few times they met two negotiate in 2007

and 2011, there were talks of strikes. of gm and the union president appeared together, wearing matching blue shirts, all smiles. a better time to have these negotiations when you're making billions and billions of profits, rather than looking for foreign automakers to buy you. mark: what does the rank and file feel about this? they will always want more money because they work very hard and they do not get paid very much. the second tier workers would barely qualify for middle wage in the midwest. everybody wants a raise, right? mark: you and me, top of the hour. matt: you and me.

there is a lot going on. we will talk about chinese akers, a really big problem for the federal government. 22 million people lost personal information in attacks that may or may not have been linked to china. and i will talk to the ukrainian finance minister with alix steel, and i will sit there and listen. it is interesting. the prices are plummeting for a lot of commodities. we call her a geek and we do that with all due respect. cory: she is the -- prepared is the most commodities reporter in the building. how was that? that is better than geek, right? thank you. macy's is closing its downtown retail location.

building opened in 1880 seven as kaufman's. macy's acquired is parent company in 2005. in international golf club puerto rico has filed for bankruptcy protection. it has as much as the v8 million dollars in debt. it is affiliated with donald trump organization. nasa's new horizons will pass within 7800 miles of the icy world of pluto. pluto was also the ninth planet in our solar system when new capeons rocketed away from canaveral in 2006. it was demoted to a tour of planet seven months later. that is a look at the top stories this hour. coming up, greece extended its bank holiday through wednesday. we get the latest, next. ♪

mark: welcome back to the bloomberg market day. in new york.mpton let's get an update on our big stories, the arena in nuclear talks in the preliminary deal to keep greece in the eurozone. joining me, nicholas burns, a ambassador to greece, also be lead negotiator with the u.s. and iran. inc. you for joining us. votedthe greek people against austerity and they voted against upper measures and that july 5 referendum. what was the point of those vote? joe: -- they have tougher conditions per and you have to look back and question the

strength of the syriza government. they asked the greek people to vote no and now they have agreed to austerity so but because i out negotiated by the european union and they did not correctly anticipate the other creditors would not fundamentally renegotiate the euro package.on i would say diplomatic malpractice by the greek government. would you characterize how mr. sippers and his allies when about these negotiations? characterizations from outrage is to playing chicken with the international community. guest: they made a personal from the beginning of their tenure in office. they demanded germany pay war reparations, when that was settled decades ago. they fainted toward moscow.

alienatediately germany and the united states in their first week in office, not a smart move by that government. look, there is an issue being debated in europe and on this side of the atlantic. -- is unrelenting austerity the right recipe for a poor economy, debt ridden like greece? they tore a lot of bridges down and the result was not a single government was supporting the greek ever met before the referendum. they had very few friends in the room over the weekend. they did have a french, and i think that is why they are still in the eurozone. mark: you said, that these talks got personal and they did get testy. do creditors trust the greek government to keep its word? guest: i think one of the reasons they are demand thing that the greek parliament vote by wednesday is trust has been

eroded and angela merkel said on saturday, the day before the big meeting that she felt the currency of trust had been dissolved by these negotiations, and the european union is exactly what its name says. it is a union of democracies. i think they are questioning the leadership and wisdom of the current greek prime minister. mark: sir, we would be remiss if we did not switch to iran. as we mentioned you were a lead negotiator for u.s.-iranian talks. given unfettered access to nuclear sites, should the united states sign off on this deal? aret: it looks like they fairly close to a deal. there are outstanding issues. that is one of them. they have to have the right to isinto a site where there

suspicion of cheating. the iranians of cheated often in the past. and should we maintain the arms embargoes? i think we have to. when iran is pushing for power in the middle east and funding and arming so many rebel groups ,n places like gaza, lebanon yemen, as well as syria and iraq, we have to have those embargoes maintained. that is what you have had rry negotiate in such a tough way. he will not fall on those issues. deal no matter what this looks like, israel will not sign off on it, as you know, because it receives iran to be a threat to its security area that having been said, are you concerned israel, if it still has concerns about iran failed nuclear -- iran's would act nuclear capability would act unilaterally? not think so.

i do not think they have that option. not when the knighted states has spent the last year and a half trying to negotiate this agreement. i support what secretary kerry is doing. this could be a good deal if these last-minute issues are worked out to our satisfaction. necklace burns, former ambassador to greece, professor at the harvard kennedy school. -- nicholas burns. thank you for your time. two award-winning economists join us. 4:00 p.m. new york time. stay with us. the bloomberg market day continues. ♪

it is 2:00 a.m. in hong kong. matt: this is the bloomberg market day. faces aexis tsipras

hard sell at home. can he get lawmakers to support even more austerity? ministern's foreign indicates there will be no agreement today. we get the latest from vienna. ever ukraine first business form taking place in washington. we will hear from ukraine's energy there. -- energy minister. mark: welcome from bloomberg world headquarters in new york. i am here with the very tall matt miller. [laughter] let's see how investors are taking that pathway to a deal with greece. a little can kick. the dow