today remains closed. barclays -- it is the new global banking. 100 for jobs will go. morgan stanley will report next hour. and what can you say echo candidate from takes no prisoners. a republican war ensues. good morning, everyone. this is "bloomberg surveillance ," live from new york. i'm tom keene. joining me, vonnie quinn and brendan greeley. brendan i do not even know where to begin. we could do the washington bit or greece. i guess we start with greece. brendan: "takes no prisoners," really? do they pay you to do that? that's amazing. it is unresolved. we can all go home now. tom: i don't think so. it is 90-something today in new york. ian bremmer joins us in the next hour. michael pond in the next hour. -- michael pond with us in a

bit. right now we start with vonnie quinn. vonnie: good morning. greece has made the deadline it could not afford making payments totaling $7.4 billion to a number of creditors including the imf and the european central bank. greece got a bridge loan after its parliament agreed on new austerity measures. greek banks reopened for the first time in three weeks but there are limits on withdrawals. angela merkel says that is one of the reasons bailout cost need to go quickly. merkel is also suggesting greece get limited that bullies, but she will -- >> debt forgiveness at 30 to 40%, that cannot happen in a currency union. it can happen outside of currency union but not within a currency union. vonnie: the price of gold has

gone to a five-year low, down more than 1.5% today. analysts say there are a number of reasons. the fed is set to boost interest rates today, which favors the dollar. there is a demand for gold in china. donald trump is doubling down on his attack on john mccain or he wrote an op-ed today saying the arizona senator fails to help veterans or stop illegal administer -- or stop illegal immigration. mr. trump: he is a war hero who was captured. i like people who were not captured, ok? vonnie: trump is shown in the lead among declared republican presidential candidates. major job cuts appear on the way at barclays. number of news reports the respect may eliminate one out of every four jobs. barclays chairman john mcfarlane

pledge to tackle what he calls a cumbersome and bureaucratic company. the final round of the british open is underway. there is a three-way tie for first. one of those is irish amateur paul done. -- paul dunn. and jordan spieth is halfway to golf's grand slam. they tee off this morning at st. andrews. tom: you got to watch this. 9:30 this morning, the workload on a steamy wall street goes down. you got to watch. mr. dunn is it? what is the jr. golf program like in ireland? vonnie: it is a huge deal, very well attended. you get to play on one of the best courses for practically nothing. tom: his coach is his caddie from the university of alabama birmingham. 9:30 this morning.

i will be distracted as we finish four hours of "surveillance." let it be distracted with a golden data check. futures, a fractional change. 10-year turning oil, schoening -- oil, churning. oil down $19. better news out of greece with a 0.22 on the negative yield. this is a long chart. this is a rapid accelerating plunge, and you cannot see it but there is a line on a candlestick chart. this is 4.8 standard deviation. this is a huge move in our reporting off our chinese desk. this was showing -- this was selling in shanghai. brendan: the central bank of

china got gold -- bought gold for their reserves but not as much as expected. it is not a fat finger. it is not a mistake. tom: fat thumb, fat finger, and those things happen. they are real. firms like lily save money for fat fingers, but there is no fat finger here as well. let's begin our coverage. the better news in greece they are open for business this morning. elliott gotkine is in athens as greece writes a set of checks. let me ask the most important question. where did the money come from? i thought they were broke. elliott: well, tom, as a result of these negotiations, that went on through the night between alexis tsipras and the eurozone counterpart, they agreed to a bridging loan to help greece repay the european central bank and make up the money that was due.

today, the 6.8 billion euros in total, and additionally the european central bank agreed to increase the amount of emergency liquidity by 900 million euros. as a result of that, the greek government felt able to partially opened the banks. physically, the door was open but metaphorically it is only slightly ajar because you go inside a bank and you can deposit checks access safe-deposit boxes, and now you can withdraw 420 euros -- the difference between 420 euros a week and 60% is all in the semantics. tom: where do the money come from? brendan: it came from one pocket of the european union and was moved to the other shirt pocket of the european union. there was a reshuffling of the cabinet over the weekend. is the move out of strength or out of panic, for mr. tsipras? elliott: i am not sure if it was

either, it is simply a matter of people in his own party and government against the reforms that he as prime minister and leader of the government had agreed upon, and as a result he felt that he could not rely upon them that they were no longer loyal to his government, so he reshuffled them. a new labor minister and a new energy minister. it will be interesting to see if the vote this coming wednesday, will provide for things like an increase in taxes for farmers and also reduce the possibility for early retirement. it will be interesting to see how vicious that debate is in parliament, is there are any more casualties from the government. one would imagine that if you managed to get the first reforms through with the help of opposition parties, that he should be able to get this through as well. vonnie: have you spoken to anybody who is interested in taking their money out of the

banks and putting them into the mattresses? elliott: i have not. the person in charge of the greek banking association is also the chairwoman of the national bank of greece, and she made this plea to stop taking money out and to put it back because banks are completely safe. human nature says that no one wants to be the last sucker to keep money in banks so that everyone else can take it out. tom: elliott gotkine in athens. we will talk to him in the 7:00 hour as well. greece is in depression and depression brings deflation. in other nations it may be disinflation, a little but of inflation. -- a little bit of inflation. michael parties out of -- michael pond is out of barclays. we are thrilled to have you here this morning. i wish you had been with janet

yellen last week to translate what was going on. where is the inflation? is it out there? michael: it is always great to be here. we are starting to see signs of pickup in inflation, but more importantly the seachange has been from worries of deflation or low flechette forever -- or low-flation or perhaps even deflation in the eurozone. it is not that investors are once again worried about high inflation. tom: do you suggest, like the news from greece and athens, these events get in the way of what is supposed to happen? whether it is china or greece, these things just get in the way. michael: janet yellen last week said she is looking for -- she is looking at the medium-term, and the medium-term does look at a solid. now the, -- now, they have the

way some of these factors that come up -- greece, china, or deflation fears. the drop in oil, the drop in gold. tom: i'm sorry, my radar goes up when i see gold plunge 4.8 deviation -- 4.8 standard deviations. was that jargon for 93 degrees? michael: sometimes financial markets become dislocated because of disinflation, and that causes gold to go up. but oftentimes financial markets are turbulent for other reasons, and that causes gold to go up and down. what we have seen over the past week is that some of the uncertainties that have been hurting the markets, particularly greece and china, those uncertainties have been lifted somewhat, and that is justification for gold going down. but the flash crash we saw overnight probably has a lot to do with liquidity as well. brendan: we now need to be

worried about liquidity in gold. michael: in just about every market. leverage is lower in the system, so liquidity will impact every market, not just the fixed income market. tom: larry kanter would have you on for barclays if i did not nail you down with this question. did commodities for pricing get in the way of janet yellen's reflation story? michael: it is basically zero because of commodities, because of the drop in oil from about 100 down to about 50. it has almost been cut in half from the low 90's to 50 right now. we think it rebounds in the near term. we think there is benefit, too much downward pressure recently. sure it has gotten in the way. it is tough for any central bank to hate -- to hike rates. brendan: michael pond is with us all hours. coming up next, morgan stanley

will report quarterly earnings and less than an hour. what does wall street expect? cost, cost, cost. we will talk about that next. it is time for our twitter question of the day. are we done? is the euro crisis over? let us know @bsurveillance. good morning. ♪

tom: good morning, everyone. lightness in the euro over the past two days. bloomberg surveillance, the euro 1.0835. here are top headlines with vonnie quinn. vonnie: flooding brings deadly result in ohio. a mobile home was washed away in

cincinnati, killing a pregnant women and two of her children. -- killing a pregnant woman and two of her children. a bridge collapsed on interstate 10 about 50 miles west of the arizona border. officials say they have no idea when it will reopen. a testing ground for autonomous vehicles is opening today at the university of michigan. the 32-acre site is called m city, designed to simulate urban and suburban traffic settings. major automakers help to pay for it. "and man -- "ant-man" opened over the weekend. "minions" was in second place at $50 million. brendan: from the previous i have not seen it but it is deeply absurd that he is called

"ant-man" and he embraced that. cost, cost, cost. morgan stanley reports say buckingham research group says morgan stanley will benefit from its expanding wealth management franchise and continued expense cuts in the institutional business. that is the story we have heard all week. michael moore joins us. what do you hope for today echo michael: those things as well as equity trading. it is been better than expected across many of the better banks, and morgan stanley is the biggest in equity trading, so i think that is what we will be looking for to see if they outperform there. brendan: will morgan stanley -- vonnie: will morgan stanley be the only big bank that reports in fixed income? michael m.: they are trying to bounce back and fixed income.

they can maybe fight the trend a little bit. tom: why is james gorman's morgan stanley different yak at what is the difference five years on gekko michael m.: it is wealth management. he bought -- it is paying off. tom: michael pond of barclays is one of 132,000 people that cannot speak on barclays. we will ask you about barclays. is this the future of american banking? when we see a bank talk about firing that many people, will we hear this in the michael moore world? an michael m.: on the institutional side, it is all about where the cycle is, and on the consumer side there is the push for fewer ranches. that fewer branches. i think maybe for barclays it is

both because they have been slower to make cuts on the institutional side. brendan: so the lion's share of the cuts will come from recent? michael m.: over the next five years it will be in the retail side. tom: meredith whitney was a piñata two or three years ago. she looks like she lowballed it. michael m:.: she was early on the trend. vonnie: it feels like it might be time to beef up again in certain areas. michael m." it depends on the interest rate environment and trading. until then, it has been so dead that you do not need it at this point. tom: michael pond, thank you for

your comments on barclays. we will continue with michael pond and talk about inflation with his expertise here. we have a special treat in the next hour -- ian bremmer on cuba and of course on germany. ian bremmer, most importantly, on sunni and shia. ash carter today on selling the countdown on the iranian -- stay with us. from new york city, a steamy "bloomberg surveillance." ♪

tom: a special announcement, folks. gold is plunging. james steele of hsbc will join us in the next hour. let's get to the morning must read right now with rendon.

-- with brendan. brendan: andy hall, desperately quotable all the time. this is from two weeks ago's speech. he says -- brendan: we have michael pond with us from barclays. he also quoted walter badgett, saying he cannot stand 2%. michael p.: we start to see central banks move over the coming year, so the u.s. we think starts to move in september. we expect the bank of england to start to hike rates in q1 of next year, but very slowly. gradual is the word in the hiking cycle. this will must be a hiking

cycle, it will be a hike when they start, and maybe they will hike again after that. we think in the u.s. the markets are underpriced with the hikes that we expect, and in the u.k. they are overpriced, given the comments that we heard last week. brendan: in his speech, andrew haldane talked about fear, psychology and the dread event as he called it, of the financial crisis, still has us stuck in quality, and that is keeping interest rates low. michael p.: it is definitely a concern on the part of central banks. they do not want to destabilize tepid economic growth, but things have been through enough that they think they want to move a bit here, but not dramatically. they are trying to signal the markets -- the height is not that major. just do not be concerned. tom: if you go back to ben

bernanke's poor research on the recession, frankly, guys like you are minting money right now. you guys do not need help from the fed, do you? michael p.: chair bernanke often pointed to two concerns or mistakes of past policy -- looking at the depression and what happened in the 1990's in japan. the two errors constantly cited was hiking too fast too soon and the central banks are taking their time. tom: would you suggest as a deflation expert and its hiccups -- any tips expert -- michael p.: as long as the marketing's the data supports it. over the winter, central banks were talking about hiking and the markets were saying you are wrong. this is a policy error. there is no evidence inflation

is picking up. brendan: is it a communications problem? michael p.: it is because the markets are pricing in a hiking cycle, not just a hike. vonnie: they are telling us the market is accepting it, right? michael p.: that's right. tom: this is the news of the weekend. mr. trump sets off another firestorm, to say the least. we will go to washington and number of times across "bloomberg surveillance" this morning. our twitter question of the day -- is the euro crisis over? ♪

tom: good morning, everyone. let's get right to our top headlines with vonnie quinn. vonnie: after three weeks, banks in greece reopened this morning. crowds were lined up as the

doors opened. banks were providing routine services, but there are still limits on how much can be withdrawn, and money cannot be transferred abroad from greek banks. german chancellor angela merkel has said that greeks could get some debt relief. for the first time since 1961, the flag of cuba will fly over its embassy in washington. the embassy reopened today and the u.s. takes another step towards normalizing relations. the united nations security council is expected to endorse the iran nuclear deal today. it is aimed at stopping iran from building nuclear weapons. in return, the u.s. and other world powers will gradually lift economic sanctions. ashton carter traveled to israel to reassure officials there around the deal. carter acknowledged he probably will not change anyone's mind.

ashton carter: obviously we believe the nuclear deal promotes the security in the region. the american strategy, and also the defense of israel. it as i said friends can disagree. vonnie: benjamin netanyahu says he will make his case to congress. he says iran got a dream deal that paves the way for the country to build many nuclear weapons. lockheed martin has agreed to buy the biggest world maker of military helicopters, sikorsky. the deal is scheduled to be announced today. sikorsky is owned by united technologies, which will now focus on making jet engines, air conditioners and elevators. and terrifying moment is captured on live tv during a surfing competition in south africa. a three-time world champion fought off a shark attack, using

his board as a shield. he was not hurt but was shaken. he spoke to an interviewer afterwards. >> he just kept coming at my board, and i was kicking and screaming. >> did you get some teeth? >> i just saw some fins. i was waiting for the teeth to come at me. >> did you get a couple of punches in? >> i punched it in the back. tom: the martha's vineyard chamber of commerce -- the martha's vineyard chamber of commerce says we do not need this. brendan: i watched the clip several times. the best part was the australian commentator swearing under his breath. tom: he was not hurt. brendan: he punched a shark. tom: eyewear the purple floaty's

-- i ewwear the purple flot aties. it may not be the third rail of washington politics, but the gas tax is a certain vote loser for every politician. the rhetoric will heat up on how to do infrastructure without spending money. phil mattingly, always calm and collected, is in washington. i do not get it. that is a simplistic thing. with this highway bill, we do not want to spend any money. phil: and everybody agrees that we need to. there is already a shortfall of millions of dollars. you mentioned the gas tax. it is not even on the table right now. here is the state of play. the house passed a 34 short-term extension ashley's 34th short-term extension in the past six years. tom, it is tens of billions of

dollars right now, and it is all about how you pay for that going forward. that will be the debate as we go forward. tom: can we get senator schumer to do something about 59th street, 3rd avenue? brendan: the only question i have this morning is that, phil, you are at college avenue, right? have you ever punched a shark? phil: that would be my natural inclination if attacked by one. then curl up into the fetal position. brendan: i think you would punch first, then curl up. what about this utter inability to talk about infrastructure funding? has anyone ever said to you off the record why it is that when the time i did -- that when the timeline is up we will need to raise the gas tax? phil: there is actually a bill out there to raise the gas tax. it is a bipartisan bill with bob corker and chris murphy from

connecticut. the obama administration does not even run for reelection again and will not run for any increase in the gas tax you cannot touch it. the big issue here is that the impact is quantifiable. already 1.6 billion dollars in transportation projects have been postponed. another $1.1 billion will be postponed over the next couple of weeks. you can put the numbers in this and it still will not have an impact. tom: this incredible news flow on mr. trump -- let's look at an op-ed from donald trump from "usa today," which i'm sure is all over the media as it should be. i will assume a lot of people know this. there it is. a number of my competitors for the republican nomination have no business running for president. i did not need to be lectured by any of them. many are failed politicians are

people who would be unable to succeed in the private sector. some however, i have great respect for. let me be direct. is all of this good news for the front runners like jeb bush? phil: it gives them a platform to attack. it gives them away -- it gives them a way to look like they are above the lowbrow masses of donald trump. attacking john mccain is not a winning message if you are not just talking about a republican primary but about american politics in general. this is the tipping point for all of the top contenders that call for donald trump to apologize or drop out entirely. it is a tipping point for donald trump. a couple of republicans are looking his poll numbers -- as of friday, 18%, three point above scott walker, five points above jeb bush -- if those numbers do not crater in the next couple of weeks, there will be a lot of concern because you have iowa and new hampshire and

this sliver of voters he is tapping into. even after this, if he can wrangle 10%, 11%, 12% among the states, that is a major problem for top contenders. the hope is that this causes the bottom to follow. brendan: has he turned out to be a canny or -- a canniderer candidate or is he a legitimate candidate? phil: early on in the process, his numbers have an impact. you assume that his unfavorable will have an impact right now but the big concern among republican candidate operators is that he has topped into this -- that he has tapped into this far right group that likes this message. if that resonates with a percent or 10%, that is problematic. tom: he makes the cover and the

big splash friday with that wonderful cover of the doll diving into the pool -- how do republicans get independent voters with this dialogue and with the many candidates besides mr. shrum? -- mr. trump? phil: you take the route that you attack donald trump. he is providing a great foil for republican candidates struggling with the message to in cash struggling with the message to -- struggling with the message to appeal to independent voters. if it resonates in the next couple of weeks continuously it is a problem in iowa and new hampshire. tom: i remember when mr. mccain shook the president's hand. i personally -- you do not remember that. i do. what do you think of this? brendan: i think donald trump is

proving much more adept than any other essay anticipated, and i think he is tapping into a sense of frustration with john mccain. let's forget about the comment with his military service. there is deep frustration in the republican party over john mccain's support of mccain-feingold. this was classic, good campaigning. punch somebody, see how they respond, and then say the press misunderstood you. i do not endorse the comments, i think they are despicable, but he is proving to be really good at this. tom: take us out, because if i say something it will be ugly. brendan: we are talking about greece's debt. how do they compare to japan? this is "bloomberg surveillance peter: our question is staying -- this is "bloomberg surveillance

peter: is the greek crisis over? ♪

tom: good morning, everyone. if you are just waking up, the market news is gold plunges. no other way to put it. i did a double take when i saw the price off my bloomberg cell

phone terminal. i don't believe that. there it was. how about a single best chart? here is brendan greeley. brendan: tom has a chip implanted in his head from bloomberg. over the weekend, ian bremmer of the eurasia group tweeted out a chart. he will be our guest host at 7:00 this morning. this chart is today's single best chart. it shows -- we have data for the 20 countries with the highest debt. we just took the top five. they are not all the same. japan's debt may be sustainable. italy, as tom puts it, is the 500 pound gorilla. tom: that is a fabulous chart because you have japan as an asterisk. italy has been in the middle of all that. brendan: michael pond, we

hard-working at these five countries -- jamaica and lebanon right there with greece and italy and japan. can you talk about debt to gdp ratios the same way with different countries? obviously japan is sustainable in a way that lebanon is not? michael p.: you have to look at the underlying fundamentals, and the strength of the political system and things like that. you cannot just look at a debt to gdp ratio. you have to look at whether that is all deficit or interest cost over time. you have to look at overall fundamentals in the political structure. brendan: read between the lines of what is going on in europe right now. the german suggestion about that belief says you can get debt relief greece can, but they have to leave the rear is own -- but they have to leave the eurozone and be handled like a paris club country. michael p.: right now it is a

eurozone country, and it looks like they will stay in. early last week, without the best case was that they go out after the referendum. the referendum said no, we are not going to accept these conditions. a couple days later tsipras said we are so he has gone against that referendum, and that keeps them in the eurozone for now. tom: michael pond with barclays and ian bremmer with us in the next hour. vonnie: the pic three -- we pick 3 -- on july 20, 1969, the apollo 11 landed on the moon with more than half a billion people watching on television. buzz aldrin planted the american flag and the national air and space museum is launching a crowdfunding campaign today to conserve the space suit that neil armstrong wore bank -- that

neil armstrong wore on the moon. brendan: my grandfather did not buy a television until that event. he held out until 1969. tom: the clearest member in early high school was the engineers around my family. the argument would be, how deep is the powder on the moon or nobody knew. when they went down on the surface, buzz aldrin and neil armstrong, one of the major debates was one of those big pots -- when they get stuck in the moon? vonnie: one of the largest hyper sailing bodies of water is once again turning red. endorse algae blooms -- enormous algae blooms turned the water red.

brendan: we know that is coming from runoff of nitrogen from farming runoff that makes the algae algae. we do not know if this is just the thing that happens normally or whether -- vonnie: it looks pretty, but i would not get in there, i don't think. brendan: i did a special report on algae blooms in the chesapeake bay in high school. vonnie: number one, joel berger and ashley king tied the knot in the afternoon in -- berger and king met in grade school. after a local newspaper reporter reported on them, they grabbed

international headlines. -- they grabbed national headlines. the ring bearer, the crown bearer -- tom: at the kentucky derby. brendan: that is a big wedding. burger king really splashed on that one. i like it. tom: michael pond looking at us. ok, we will do some business stuff. we are thrilled to bring in michael pond this morning. we are going to talk about inflation disinflation, and reflation, really this arch call that affects janet yellen. where is the future inflation out there? our twitter question of the day -- some stability in europe -- is the euro crisis over? we need your opinion. tweet us @bsurveillance. from new york city, hot -- i

mean steamy. it was 83 when i got up. "bloomberg surveillance." ♪

tom: good morning everyone.

we start strong this week. michael pond with us this hour. ian bremmer will join us in the next hour. 7:00 a.m., ian bremmer on greece, germany, but we will touch on cuba as embassies open between the u.s. and cuba. let's get to top headlines with vonnie quinn. vonnie: former president george h w bush has been released from the hospital last week he fell at his summer home in maine and broke a bone in his neck. doctors say he will fully recover in three to four months. he is 91. for the second time in less than five years, grocery store change anp is preparing to file for chapter 11 bankruptcy protection. "the wall street journal" says it has -- it has been hurt by walmart's entry into the grocery business. also by chains such as whole foods to go after high-end shoppers. one of the footballs in the

deflategate game has been auctioned off for $44,000. the thick -- the ball was given to a fan after the patriots scored a touchdown. quarterback tom brady was suspended for four games and appealed last -- and appealed that decision. 44 grant. brendan: watching my facebook feed on deflategate, the difference between my friends from boston and from everywhere else in the country is extraordinary. it is binary. tom: it is certainly not going away. quickly, in our next hour, we looking at the banks reopening. elliott gotkine is in athens, and we look at the challenges that europe faces. we have a special guest. arthur brooks will join us on a new conservative theology that we must address with arthur brooks of aei. brendan: economists like to talk

about the solo model of growth population, capital, innovation. michael pond is with us from barclays. michael, are you just sitting around waiting for innovation to happen? is that going to fix it go michael: productivity has been low the past several years. janet yellen talked about that being a reason why wages are low. if wage growth is low, it is hard to imagine inflation picking up to the level that the fed will be concerned about. that said we are getting to a point where the labor markets are tight enough that wages should start to pick up. vonnie: you are seeing signs of inflation picking up. where? michael: cpi is a 2.3% at a six month annualized basis. the past six months of data has shown a pickup and a good part

of that is rents. rents are running at a 3% pace. tom: let's look at one of the charts. this is five years out then five years out from there. let's review first, mr. pond, why did it go down? why did we signal disinflation? michael: they were talking about hiking hiking in the midst of deflation fears in europe. tom: when does it get back to normal? michael: and the market said -- tom: will it get back to normal? michael: we think it will. the fed target is 2% on cp heard it will get there, but not in the coming quarters. brendan: is the fed driving?

michael: they try to prop up or slow down the economy from a slick goal -- from a cyclical perspective, and they have been pushing again deflation fears. brendan: are they being driven down or are they driving it down right now in this cycle guy: michael: if the fed had not done what they did on the fed rate and qe, we think we could have seen deflation. we did not because the fed acted against that. tom: do you talk on the phone to the bond vigilantes? i coco there -- michael: there are not that many out there, tom. few are worried about 5, 6, 7, 8% inflation. we might get back to 3%. tom: thank you so much for being with us. michael pond, we will have him back again when we choose to reflate, 2018.

let's do a forex report. michael pond watches forex. the euro, 1.0834. notice canada, up near 1.30 as well. ♪

announcer: this is "bloomberg surveillance." tom: a classic haircut is out as

germany demands more greek austerity. merkel seems to bend ever a bit. in athens, banks open. the athens stock market remains closed. barclays is the new banking. their jobs under the knife. in this hour, ian bremmer on the distance from riyadh to terror tehran. good morning, everyone. this is "bloomberg surveillance." let's go to vonnie quinn with a first look at earnings. is it a big deal as they do it over wealth management and asset management? vonnie: 53%. second-quarter earnings per share, this is the number we are looking for. analysts were looking for $.74 and it came in at $.79.

overall, second-quarter net revenue at $9.6 billion. we are looking at a very good quarter for morgan stanley. last year, net income was $9.9 billion. tom: pretty good numbers. brendan: is the long-term looking at two times of tanks, banks -- of banks? tom: wondering where banking comes in is precisely the right kind of question. brendan: there is retail banking for deposits, and then there is wealth management if you have a lot to deposit. tom: asset management is a stable stream. gorman is the one that went to the stable cash flow, and then you wonder where the fixed income is. vonnie: net revenue trading is at $2.3 billion, compared to

$2.7 billion at goldman, for example. commodity sales, trading at 1.3 billion dollars. tom: robust performance in equity sales which does a little bit to recover from the fixed income challenges that were out there. you cannot imagine morgan stanley putting on a headline that it will lay out for a court -- that it will lay off a quarter of their people. vonnie: the stock is up 2.3% in the premarket, a gain from what it had been. we are also getting in institutional -- we await some comments from the ceo and that is later on. tom: morgan stanley does that from previous disasters. let me explain this without you turning the channel. var is the methodology to value at risk what is on the balance sheet. when you study it in school as a cfa or whatever, when you learn

is nobody pays attention to it but everybody does it. brendan: it is one of those things we learned that is important every time there is a crisis. the last time we looked at it the last time we all had to understand what var is, all the banks were relying on it to model what the risks were, and they relied too much on assuming things about -- tom: wealth management 15,771 -- that is a big force. any other thoughts before we -- to greece? vonnie: same quarter adjusted revenue calculated at 9.56 billion dollars. tom: greece is open for business as well. elliott gotkine is in athens. greece writing a set of checks this morning. as i said before, where does the money come from?

is it left pocket, right pocket? can you say it is mario draghi giving them the money, or is the american taxpayer giving them the money? elliott: i think it is the american taxpayer not directly but yes there was additional emergency lending to help greek banks have more liquidity. there is not much difference in the sense that people can transfer -- checks, for example, go from one greek bank to another. they can take out 420 euros instead of 60 euros a day. that essentially is the same a lot of money. brendan: in the two vern is where that tax is at 23% and not 13% anymore, what is the verdict on alexis tsipras? elliott: i think greeks are suffering across the board and clearly those industries that are seeing taxes rise, as you

say in public transport, going up on the island -- although not the full rate later this year -- they were not particularly happy, but a lot of people including the prime minister would say we do not like this deal, but when -- but you do not have much choice. it was this or see the banks collapse and see greece leave the euro. when given the choice, the prime minister made this choice that this deal was better than leaving that option on the table. vonnie: was there a plan b in a safe somewhere, had it not gone so well? elliott: who knows if there was a plan b? greeks have consistently said they want the country to remain within the euro. the government a resume -- the government was originally saying they could fight austerity and at the same time keep greece in the euro. they could not have their cake and eat it at the same time.

the prime minister made the choice from last week. as we saw today, the banks reopened this morning. tom: elliott gotkine, thank you so much. we are thrilled to bring in ian bremmer from the eurasia group this morning. he will speak on this and also cuba. we will do germany in a bit. first, and up a on greece. do you support mohamed el-erian or do you support greece being part of the fabric of europe? ian co. -- ian: i do not think he feels in a norm is conviction that that is where we are heading right now. tom: where are we heading? ian: i think the deal that has been cut will be incredibly hard to implement, and that is true for a lot of reasons. number one because the greek government itself will get considerably weaker, and many of

the things that they signed like the 50 billion euros in privatizations have to make it to a fund. tom: is this lagarde's best moment right now? ian: it is a difficult moment from madame lagarde. she is incredibly capable, but keep in mind the imf report that came out the week for the deal was something in terms of saying that this deal is not sustainable unless there is significant debt restructuring. that was known by the imf with the europeans and the americans for weeks before that. the response of the germans was we will consider this an adverse scenario. it was an adverse scenario for the germans, not where we were going ahead. brendan: the germans are declining to know this thing we all know to be true. i could not find any takers in the newsroom this morning. francois hollande dropped his

new plan for the structure of the eurozone this morning. are we going to see a change in a tree structure of how the euro is handled? ian: -- ian: absolutely not. to have that kind of reaction to francois hollande, which is very sensible and requires a lot of coordination and urgency, you need a sense of crisis which you do not have. the greeks will have a hard time implementing, and while angela merkel has now said give christine lagarde a lot of credit, that, yes, there will be a way to talk about flexibility and what sort of -- i do not think the imf is prepared to accept. brendan: angela merkel said after the first review of the program was in place. ian: the imf will not support a new bailout. we are not heading for a soft landing over time for greece. right now we for another euro

summit. tom: i want to look at something that paul kruger wrote over the weekend. he, -- he suggests that germany has got to take the initiative and separate itself from this european experiment. do you believe that germany, the netherlands, the core european nations, can go it alone with a restructured deutsche mark? ian: there are a lot of ministers led by mr. schauble that want to do just that. we have spoken about this many times before, and my political call has been that angela merkel does not want to have the burden of the disintegration of the eurozone on her shoulders. tom: you think greece and schauble could exit? ian: of course i think he could leave. vonnie: it does not look likely

that they will be a eurozone government with a eurozone treasury. ian: we needed more, but it does not mean you will have the political will to get there you do i think the eurozone works right now? it is obvious it does not. failure is always an option. tom: ian bremmer and brendan greeley on the future of germany, off some sharp comments from paul krugman as well. let's do a data check. the euro churning, as well as futures and gold -- as well as futures and oil. gold is not. it has tanked. it is "bloomberg surveillance." good morning. ♪

tom: good morning, everyone. let's get right to our must-read. ian bremmer, off what paul kruger writes. i remember the atmosphere of the early 1990's. anyone who questions the desirability of the euro was effectively shut out of the discussion. tom: brandon, paul krugman writing on exactly what -- green

was torn to shreds on this years ago. brendan: i think the dream of the euro was that there was this promise -- i was in the 1990's, too, watching this amazing dream of creating a financial union which never happened. the reason is the same reason we cannot get a good deal now. ian bremmer, germans are not willing to take the bad with the good of the euro. ian: that is exactly right, and i think this will be widely published in china. they really want a week europe. they would love to see the euro fall apart. geopolitically, geo strategically, this is where china is hoping that the world is going to go. a stronger europe is much more important today for the united states than at any point in the last 30 years, and it is much more problematic. in the same way that i had a difficulty with krugman opposing

the transatlantic partnership is that there is a complete version or a wanton unwillingness to accept long-term for the united states for the transatlantic relationship to fall apart. tom: what does cameron do? ian: if cameron believes that europe is going to disintegrate inevitably, he should work to stay out of it. if he thinks there is a good chance that europe can continue then he wants to be a strong partner of a more integrated europe. the problem is right now it is easier to make a that that says this continues to him along but go nowhere. tom: is that where we are going muddle through for germany? brendan: is germany failing to lead now that it is germany's turn to lead? ian: they do not want to lead. while they are willing to take the position of making the last choice on decisions to come to

the table, that is very different from leading. you see absolutely there is an incredibly strong germany in a vacuum. that is different from saying that germany is leading europe. germany is leaving germany right now. that is a serious problem. tom: our twitter question of the day -- is the euro crisis over? also, we will speak to dr. bremmer about what you do not understand on the iranian deal. ♪

tom: good morning, everyone. let's get to top headlines. here is vonnie quinn. vonnie: flooding brings deadly results in ohio. high water washed away a mobile home south of cincinnati killing a pregnant woman and those coup other children. nearly five inches of rain -- killing a pregnant woman and two other children. nearly five inches of rain fell. a bridge collapsed on interstate

10 about 50 miles west of the arizona border. officials say they have no idea when it will reopen. the jobless car goes to college. a testing ground for autonomous vehicle is opening today at the university of michigan. the site is called m ci and is designed to simulatety suburb and city traffic settings. "ant-man" debuted this weekend with $50 million. "minions" was second. it was not directed by wolfgang schauble. brendan: maybe they have discovered a universe of characters, 5000 characters in the marvel universe. tom: i don't know. the movies have lost me, particularly in the summer. what else has lost me is i

cannot keep track of how many republicans are running. ted cruz, jeb bush, donald trump. the new task is to win the conservative heart and soul of america. the moderate debate begins in eisenhower of america. when russell kirk insisted conservatives cannot be reactionary louts, he demanded conservatives apply a liberal deuce of modernity. arthur c brooks owns the high ground on this. so much to talk about with you this morning. what is your message within the conservative heart to the 47 people desiring to be the conservative candidate? arthur: if it is only 47, i am surprised. that means 375 have dropped out. it really is an incredible rate. conservatives believe in competition. apparently democrats do not

believe in that so much because they are working for a coronation. i wrote a new book called "the conservative heart" because i wanted to give the message to conservative candidates and leaders that if they do not start talking about poverty among people who are vulnerable they will not expand the group of people interested in not just conservative politics but voting for republicans. tom: what do centrists conservatives -- what do centrists conservatives do? arthur: the truth of the matter is the democrats are trying to own the debate for people who are vulnerable, who were left behind the obama nominees -- behind the obamanomics europe. somebody has to fight for people left behind, and the democrats are not. yet they are trying to control the debate with a hobbyhorse income argument that does not resonate. it is time for republicans to ride in and say we will fight

for those who are left hind. brendan: the republican party tried this twice. it was called kinder, gentler, then it was called compassionate conservatism. how do you get past slogans to policies? arthur: the policies start with the notion that earned success comes from the dignity of ordinary work. this is something that conservatives are strong on, yet they forget because of the tax accountants for billionaires. when you hang out with conservatives, they are not sitting around at your time saying how can i lower the capital gains taxes for rich people, they are talking about opportunity. tom: ian bremmer, a question for arthur? ian: how do you do this, and also speak to hispanics, also speak to women and blacks? do you think that this tack is enough to get the republican party to expand the demographics

that they appealed to outside the midterm elections? arthur: the key thing to remember is that republicans do not need to win 65% of latinos, they need to make inroads with those willing to think for themselves, talking about poverty. it is a good idea not to have presidential candidates who are insulting hispanics and saying they are all criminals. i know math, and i can say that you need more people to like you, not fewer. brendan: are there people who engage in talking about wages? what is the conservative way to get median wages off the floor? arthur: to have more demand for workers and people who do not have college degrees to have skilled jobs. i talk a lot about this in the book. i give specific details through energy expansion, through tax reform, through understanding

how to bring jobs back to the united states. you have to do it with supply and demand. tom: arthur, we lost john makin who died tragically of cancer. what would he make of these candidates and as the policy prescription for your chosen conservatives? arthur: john makin was a great man and he was an eminently sensible guy who was really pro-people. john makin was saying that republicans need to stop fighting against things and need to start fighting for people. you have to have policies that are pro-people and not just a bunch of protests that are against things and an agenda set by the other side. tom: arthur brooks, thank you so much, with the american enterprise institute. brendan, just as he said, it is about people. brendan: he has to answer the question, the republican ability

-- the republican inability to grasp his agenda -- is it a bug or a feature? tom: we will come back with ian bremmer. this is a must-listen, must-watch on iran. ♪

tom: good monday morning. let us get to our top headlines. vonnie: for the first time in weeks, the greeks are getting more access to their own money. the country's banks are open again today. they have been shot since late last month. they are being lifted gradually

and new taxes are raising prices on everyday goods. those taxes are required under the new bailouts. the greek government is paying $7.5 billion to creditors. greece is in the eurozone after parliament passed the austerity measures. a historic day in washington. the cuban flag is among those hanging this morning in the lobby of the state department. the cuban embassy is opening in d.c. for the first time since 1961. the u.s. also have a havana embassy. the united states -- united nations security council is expect it to endorse the iran nuclear deal to make it they will lift sanctions on iran if iran promises not to help nuclear weapons. ashton carter what they're hoping to change minds in israel, but he knew it would not be easy. >> obviously, we believe that the nuclear deal promotes the

security in the region. the american strategy and also the defense of israel. friends can disagree. vonnie: benjamin netanyahu says iran got a dream deal and plans to take his case to congress. and the terrifying showdown with a sharp plays out on live tv. no, not here on "surveillance." make standing -- mick fanning four off a shark. he was not hurt, but he was shaking up. brendan: he punched a shark! vonnie: if you're competing against the shark, you may not want to compete. brendan: it was the most honest interview afterwards. he was crouching on a platform. he said, i was really scared. tom: ian has done this in

nantucket. let us look at the market move. let us go to the bloomberg terminal very quickly. there is that trading range of 1200. all you need to know is this curve here is ugly and tangible. we went down at one point selling in china while under $1100 . we recovered a little bit this morning. the great perspectives over the years is james steele of hsbc. he has a great china view with a hong kong and shanghai banking company. james steele on the behavior that leads to the press of gold. james, wonderful to have you with us. why is gold going down? james: i think it is a combination of the stronger dollar and the fact that the geopolitical interest in the world has not been severe enough to push the market. also, we are not seen a big reaction from the emerging

markets to the drop in the low price yet. the combination of those things have driven pulley and lower. -- bullion lower. tom: are china and india the bid right now? james: not yet. in india, we have seen discounts. that is to say the moon by premium has been negative to local london that means demand in india has not been great. the shanghai premium has been sluggish at best. we have not seen emerging-market demand there. tom: i know you are not very big on price targets. his 900 the new support for gold? james: i do not think it is that love. we are still looking for the market to recover back over and stay over $1100. any dip below there should be

relatively temporary. tom: james, thank you so much. greatly appreciate that. we have breaking news right now. this is important and speaks to the heritage of aerospace. it is amazing that you see this announcement on the 45th anniversary of the moon landing. lockheed martin -- uts has wanted to focus down. they put a crown jewel helicopter. lockheed martin bought the company for $9 billion. this is something about engineering and aerospace. it really goes back to world war ii and speaks volumes about where we are going with our technology. vonnie: we are also reporting earnings of lockheed martin of and 11 billion was the forecast.

united technologies is buying back shares at $75 million for. tom: a legendary name, no question about it. sikorsky being bought by lockheed martin. down futures are up 23. brendan: this is "bloomberg surveillance." i'm brendan greeley with tom keene. tom: 60 days and counting, the obama administration -- all hands on deck to meet with the saudi's. three democrats have build those frequent flyer miles. ashton carter, a secretary of defense, in israel today on sunni and shia. ian bremmer says you need a primer because what you have heard about the deal is wrong, wrong, wrong. why would i have read about iran -- why is it wrong? ian: to do clear -- the nuclear deal itself is pretty basket once have talk about that. the ones that have do not realize the geopolitics of the

deal are very good. obama's discussion is coming out on the things he is weakest at. he said we are going to stop these guys from developing a weapon and prevent a war. the nuclear side of this -- the implementation has to be driven not by the americans, but by the five plus one and the inspectors on the ground. tom: are they on our side? ian: no. it's a international organization that is considered a weaker and more bureaucratic inspection on the ground and they have to be driven by all the signatories that were pushed to get this deal together. the iranians will cheat. as they do, there will be a lot of countries that have to make the iranians are cheating. the russians that want to sell ours to the iranians, the chinese want to buy oil from

iran. tom: should senator schumer, as one example, support this post veto? ian: yes, he should. the reason he should is that number one, hillary clinton came out immediately in favor. she's going to drive a lot of the democrats because they understand that this deal has to get supported. if america is the sole country to end up not supporting the deal and everyone else signs, whether or not it is a bad deal america is not doing business with iran and everyone else is. that is a horrible situation for the u.s. to be in. i would still say on balance support the deal because geopolitics for the americans long-term are so strong. brendan: there was a letter from the supreme leader over the weekend saying this does not change our stance anywhere else in the middle east. is he still right with our approach in syria and yemen where we are fighting proxy wars? ian: absolutely he has to feel

his deal domestically the same way obama does. he has to sell it in terms easy and copper has double and not just to would be reformist in the country. iranians are going to have a different attitude than the rest of the world because the rest of the world is going to start investing in iran. as they do, the iranians opening up and diversifying the economy, doing things that frankly long-term theocrat are not going to like. tom: i guess it is old news, but i believe it was friday. we had to let our great middle eastern allies in the back door of the white house. the saudi's -- am i right on that? we do not want to overtly say we were meeting with the saudi's? brendan: i think it is much more challenge today than it has been. i would be willing to make a bet that in 10 years time that the u.s. relationship with iran will be closer than the relationship with saudi arabia.

ian: in the middle east, it is hard to say what a natural ally means. when americans has really need energy, the saudi's look much more like a natural allies. when isis was our greatest concern in the middle east many and saudi arabia have been ideologically exposed to, they are much more of a natural ally. lockheed martin just did that deal. a lot of other multinationals that sell defense technology do not want to lose that business to the french. tom: would you advise lockheed to sell helicopters iran? ian: not today, but absolutely. in five to eight years time, the u.n. arm embargo goes away. that is the piece that americans were least happy with accepting the deal. you tell me everyone else is

gone to sell military to the iranians except americans? i have a problem with that. brendan: our twitter question of the day -- is the euro crisis over? we would love for it to be but it probably isn't. let us know. ♪

tom: good morning. gold this morning is $1113.

brendan: paypal make the public debut today. they have a market capital of 46.6 billion dollars. the company committee is little of for me by this completing a spinoff from ebay. we have a rare guess. bloombergs emily chang is here. you're going to be there for the idea -- ipo today. emily: i didn't mean to throw you off. brendan: now that paypal is its own company, what is its market looking like? emily: it's competing with google, android pay stripe all the rest. everybody is getting into mobile payment. this is a business that has not really changed for the last 20 years. you can still use credit cards and banks. pay paul -- paypal in its new

ceo thinks there is a huge opportunity for growth here and for progress. the big question though is whether they can actually tap that. there has not been in innovation at paypal for the last 10 years. brendan: don't they have a first mover advantage? they are already embedded into the architecture of so many ways we already pay over the internet . emily: 168 million customers around the world, but their technology -- can it be at the forefront? can they move as quickly as some of these companies that are taking them on? vonnie: is it possible that they will poach people from these other companies or make an acquisition? emily: they are already making acquisitions. they acquired one that facilitates international transitions. they bought braintree back in the day. the big question is they can -- is can they innovate inside? tom: dan schulman is somewhat

new. he is not a techie guy. he is not an engineering guy. emily: he is a ceo guy. he does interviews in flip-flops. he wears cowboy boots. his big vision is democratizing payments. tom: tim cook does not have that vision. tim cook wants to put paypal out of business. what is he going to do on a technological business to beat apple pay? emily: their big thing is hiring and to make sure technology is going to continue to involve your cyber security is important. he says how paypal is a trusted brand and has not had a hack attack since its existence. brendan: one thing that apple has with its apple pay is just a lot of credit cards on file. pay paul does as well. -- paypal does as well. who has the advantage? emily: apple has so many more customers detailed information that paypal does not have a time. brendan: and we chang has an

interview with dan shulman coming up at 9:30 a.m.. that is going to be on bloomberg. we are talking about paypal which has a bigger market cap than the company it spun off from good our twitter question of the day -- is the euro crisis over? could it please, please be over? i'd be thankful. between us. -- tweet us. ♪

tom: good morning. we would like to keep you up to date on important adjustment. richard greenfield says facebook hired by a good 24%. he talks up video advertising. he talks of instagram. more than anything, he says that tv is done and it it is facebook's gain. i think there is a change on all. he is more enthusiastic on facebook. let us get to headlines this morning. here is vonnie quinn. vonnie: george h.w. bush is back home after being hospitalized for a broken that bone. he was injured when he fell in his summer residence in maine.

he recovered in four months. he is the oldest surviving president at 91 years of age. a.m.. is seeking protection. the wall street journal says and has lined up buyers for more than a third of them. somebody paid the price of $44,000 for a football from the deflate gate game. the fan got the ball after their playoff win against indianapolis. the nfl says they cheated by letting out the air and the game balls. tom: i don't give a dam about this but what if brady gets angry and goes to court and pushes against the investigations? brendan: you do care about this. you give about .75 damns. tom: what if brady goes after this?

it's a big deal. vonnie: boston fans would be behind him. brendan: here's the big news today. there is the interest section from the cuban and deceive -- embassy. today, it becomes the cuban embassy. they raised the flag. we recognize each other. what is left to be done with that relationship? ian: one, we have to make it open up so you no longer need a cultural or educational purpose to have to go. i think the amount of tourism we will see in cuba from the united states will be explosive. secondly, we have to facilitate all sorts of mutual investment out of this so these strengthens -- sections have to come off. what i think is most interesting is how many people will go to places like the bahamas. when cuba opens, that is where we are all going. tom: i know you probably read it as well. everyone reads one volume and is

a much more sophisticated cuba than what we think. there's a lot of poverty -- we know all that. it is juvenile how we look at this. when dr. bremmer looks at cuba what do you see? ian: everyone should read that oxford university press book on cuba. what we need to know is that cubans are educated. they are sophisticated and they also have incredible connections with one of the wealthiest populations in the world in the united states. every single one of them under 40 has a business plan, whether it is i want to open a pmb. the money is going to float and miami is right there. it is going to be exterminated -- extraordinary. brendan: the best thing that you can do is go through a time where everyone needs to buy a refrigerator and washington machine -- washing machine and that is what cuba is about to do. ian: the fact that you are

taking a market that is so greenfield and next to the largest market in the world. tom: it is just like germany. i cannot run the month in 1989 but what is the best practice in the u.s. and cuba to manage enthusiasm to a successful outcome? ian: we need first to establish infrastructure and services. you want to make sure that the accounting firms, the law firms they are down there in numbers. tom: can you do that within the interesting politics of cuba? ian: i do not think you can do that today, but the reality is that you are going to have back and forth on this issue very quickly because they have to manage the money that is going to flow. i think the of yielding -- ability of castro and his government averages over 75 years of age right now. there's going to be relatively quick turnover. they are not going to be able to hold on. if they tried to manage the flow

and say we do not want these people, they're going to get tossed out. brendan: this is something we learned when south africa opened up in something we learned when the soviet union opened up. the most dangerous thing for an autocrat to have is just a little bit of brass knuckles. will the political leadership be stable? ian: absolutely not. they were able to stay in power for 50 years precisely because they remained in sections. they helped to maintain sections. the cubans would push back because the had support from the soviets. they had some support from the chinese. the had support more recently from the venezuelans. the soviet union fell apart and china is not interested. venezuela is an economic disaster. brendan: is venice while a -- venezuela driving this approach? ian: absolutely. the same way that pope francis has facilitated u.s.-cuba,

better relations with venezuela is not out of question. brendan: the any time you ask a question is do we need more pope francis? i say yes we do. brendan: iian: i love pope francis. i am a lapsed catholic, but when you listen to the, change, the most solutions are all the agenda for a catholic institution, even a revolutionary jesuit. i think at the rental you have to recognize that as wonderful as he is he still recognizes the catholic church. tom: you really need to sell me on going to cuba versus touring in cato. ian: go before we all ruin it. be a part of that. brendan: i know.

that is our new orleans as well. everybody is worried about new orleans getting burned. tom: why did you bring to lane into the discussion? brendan: i think there is a concern about new orleans being ruined but when people get jobs it places where and in so far as it is not much fun and not as cheap. ian: it is a good thing for the cuban people. we need to run cuba from that perspective. vonnie: vonnie just threw a pencil. is the euro crisis over? first answer -- no. the bankocracy just kick the can down the road. debt and austerity equals failure. the second 1 -- it is becoming more and more. tom: to your chart earlier, italy is what i am watching. vonnie: did anybody answer and

say the crisis was over? our third answer is that the euro honeymoon is over. it is time for the hard work of getting alone. brendan: everyone is when to realize that there needs to be a new structural solution for the eurozone, but nobody is going to do it. vonnie: who's is going to be the person who spearheads all this? brendan: it's not going to be merkel. ian: it's nobody. there's no impetus for the europeans to take this big structural change. brendan: let's keep on this. this is my agenda for today -- watching europe, and specifically germany. there is an opinion poll over the weekend that it is more popular than merkel right now. can anything change in europe and germany does not change its opinion? ian:ian: if the germans are incapable of understanding that they have even a small amount of responsibility for the fix that

greece has gotten itself into it cannot be fixed. i actually believe that the narrative and the dialogue between germany and greece today is as dysfunctional and mutually exclusive as israel and palestine, china and japan saudi arabia and iran. that is even in the eurozone when common and political and economic social values was how the eurozone was built. that has been destroyed over the course of this crisis. that is why it won't get six. tom: how about the surprise of the donnybrook in the republican party. ? it will? it will be amazing to see how this plays out in the next 48 hours. ill be in search thing to see how institutions deal. also, the british open. the tee off is about 9:30 a.m. east coast time.

ian bremmer, thank you as always. watch out for sharks in that talk it. -- in nantucket. "market makers" next on bloomberg television.

>> live from bloomberg headquarters in new york. this is "market makers," with erik schatzker and stephanie ruhle. stephanie: good morning. i'm going to say welcome back to myself.

it is great to be back. erik: you don't even give me a chance. stephanie: i'm thrilled to be back at it is monday, july 20 and you are watching "market makers." i'm stephanie ruhle. erik: i'm erik schatzker. thanks reopened in greece after three weeks under mandatory closures. here in the united states, completely different story for the banking industry. we're talking about morgan stanley reported earnings, a big jump in training, and brokerage revenue tasting a great quarter for morgan stanley. stephanie: paypal begins trading as a public company today. in an interview first right here on bloomberg, our own emily chang is in the house in your city. she will be speaking with paypal's ceo dan shulman today at 9:30 a.m. eastern. erik: time for top stories. getting you up to speed on what is happening. greece has made the deadline a cannot afford to miss.