>> it's friday and a very warm welcome to worldwide exchange. >> these are your headlines from around the world. >> the ecb holds a call on funding for greek banks as deposit out flows increase. >> meanwhile they plan an emergency summit as the greek finance minister warns it's close to an accident. >> they take their queue from a fed inspired rally on wall street. the greek market also shrugging it off. >> chinese stocks tumble into the close in their biggest weekly fall since 2008.

the shanghai composite entering correction territory. >> the government warns of a recession this year. coming up we bring you a live cnbc panel from the st. petersburg international forum with the company's finance and economy minister. >> hi everyone coming up on worldwide exchange fitbit springs to the top of the charts with it's market debut but do they have enough endurance to keep out the competition? we'll discuss that. plus the award winning company that found a way to map every location in the world using words rather than numbers. and project lightning strikes. twitter makes a bigger push into live events as they scramble to attract new users.

>> welcome to the show. let's get straight to our top story. fears of a greek exit are mounting amid a deadlock for a cash for reforms deals. leaders are holding an emergency summit after another fruitless meeting. the imf has warned greece it will offer no grace period on its debt repayment due at the end of this month. meanwhile the ecb will hold a teleconference today to discuss the possibility of extendingly extending liquidity to greek's bands. you're looking at footage that was shot by cnbc's team on the ground in athens which suggest there is is a steady flow of people with drawing money but there are no abnormal activity. >> we're seeing a rally across europe today. this is european markets taking their queue from the fed inspired rally on wall street but also we want to show you

what the athens exchange is doing. we're higher and the banking index is leading the charge. around 3% not too long ago. the market currently higher by half of 1%. yesterday hitting a three year low. year to date that index is off 17%. taking a look at the greek bond markets and we're seeing the longer dated yields moving to the down side. the 5-year yielding 19%. and 10 year 12.5%. the 2 year 29%. let's get to julia. julia, why do you think we're seeing this drop in yields in the rally the greek equities even though we don't have a deal? >> there may be a view out there that the pressure now is building so such an extent that they have no choice but to come to the negotiating table. there's some belief that the ecb

with their bond buying program or omt that they can maintain a level of stability in the bond markets. i can tell you from the meeting last night there's a sentiment shift from these finance ministers. we have them coming in saying we need to talk about a plan b. we have gone as far as we can go. he doesn't fear contagion. the underlying message is we can't be blackmailed at this stage. she said we need adults around the table here to have a discussion. so he gets his political talks on monday. we just have to wait now and see ultimately if they can reach some kind of agreement at that stage but when i spoke to a number of these finance ministers i have to say there was clear reservations about what the greeks can do in three days if they haven't managed to achieve anything in the last four to five months.

contingency plans are being put in place. listen to what george osborne said on the way in this morning. >> we hope for the best but must be repaired for the worst. we have taken the measures to increase our economic security so we can deal with risks like this from abroad and we must go on and complete that plan. >> perhaps the catalyst here for an agreement comes down to the pressure that is building on the banks. we know that call is going to take place later this morning with the greek government requesting an increase in emergency liquidity assistance. they equate to the number of outflows seen by the banks this week so far. when asked about the possibility of capital controls last night he said we're not even considering it but i know the talk behind the scenes was if we don't get a deal on monday then the greek central bank government is going to have to say guys we need capital controls at this stage. i want to make a quick point

about the ecb and the motions they will put in place and take here. there's a belief behind the scenes if we get to a stage of capital controls in greece that the ecb will try to continue to provide the emergency liquidity assistance to keep the banks a float until the bitter end. until both sides say there's not going to be a deal and then events will take over but until that stage the ecb will do whatever it can to keep the situation maintained in the short-term. >> julia, thank you so much for that. >> meanwhile, greek prime minister remains optimistic of a deal speaking at the st. petersburg international economic forum. he said all of those betting on a crisis will be proven wrong. it comes as the russian finance minister said athens had not sent an official request for aid. let's get out to jeff live in st. petersburg with more on this story. >> so we have a big set piece event still to come here at the

international economic forum. the prime minister is here as you have said and still seems to be optimistic that a deal will be worked out but he'll be up on stage at the session later and while this is primarily the president's event it will be interesting to see whether he makes any further comments on the negotiations that are still taking place as we know. one other thing is a memorandum of understanding scheduled to be signed here over the turkish stream pipeline. this is a gas pipeline that will supply from russia into europe and is going to go over greek territory. we understand in the last few minutes from the russian energy minister that the russians may be prepared to extend some financing assistance for that project through veb bank.

this is the big state owned len lender. so there will be some money of sorts but it's not the official support talked about in the past in which the finance minister here pretty much ruld outed out in terms of tieding greece over in their current situation. one other thing to point out, in about 40 minutes i'm heading up a panel here in russia. the panel, never let a good crisis go to waste, how are the russians going to tackle some of the on going economic problems they have got. the results of sanctions of course and the weak energy price. we're going to spend some time with the finance minister economy minister former finance minister and reformer and we'll try to see if we can get some sensible takeaways as to where this economy may go next and if it's heading back toward the market or heading off in the direction of state directed capitalism. back to you. >> jeff thank you so much. >> do also stay tuned for our

live coverage of russian president vladimir putin's keynote speech. that will be followed by an address from the greek pm. we'll bring you that live from around 1300 cet. >> back to the greek drama, joining us is the chief euro era economist. good morning to you. this week we saw 3 billion euros in outflows from greek banks. yesterday he seemed to suggest that the greek banks shouldn't be open on monday. what do you think? should they or should they not open? >> that will very much depend on what are the results of this high level meeting on monday. remember that the ecb is a rules based institution. as long as there's access to to liquidity, the banks are solvent and they should be open for business. the question is what if on

monday there's no agreement. that's a critical meeting and then that can precipitate ecb's decision based on those rules. >> we always have critical meetings. we had one supposedly twice this week. we'll have one on monday and i'm sure we'll have five more until the end of june. >> it could be. but this sounds like almost one last stage. i think it will be very difficult to argue after this high level meeting with merkel it will be very difficult to argue that they're still able to find an agreement and i won't be surprised if the ecb increases the hair cut and that pushes the chain reaction. >> it hasn't got quite as much coverage as the banks in particular. we had a poll that suggested the

german people don't want greece to stay in and increasing protests by the greek people themselves in athens. is power shifting from the politicians to the people? what does that imply for how this can be managed moving forward? >> this is clearly a complicated issue and that's why they're engaging the head of the state. i think he made it very clear. at this point the discussions need adult supervision. you need the highest level to actually reach an agreement. i think probably it's above the level of the finance ministers to take the position at this point. they have done what they can. it's up to the policy makers at this point. >> is merkel the backstop that keeps greece in? >> she's one of them. she clearly stated repeatedly over the last week that they want greece to remain part of the monetary union and they're doing all they can and i believe

her. i don't think anybody wants to push greece out of the monetary union. >> thank you. we'll talk more after the break. >> still to come on the show a week to forget for chinese bulls as the shanghai composite enters into correction territory. find out what's driving the free fall after this short break.

>> quick look at european markets. the stoxx 600 index is higher and they were so close to 3 month lows any developments are really going to cap gains on the stoxx europe 600. let's look at the markets one by one. the dax higher by 0.8%. and even the athens index is in the green but close to session lows. that's been up to 3% when it started trading. quick look at the bond markets. a little bit of safe haven flows but not too much really. fairly steady in terms of the bond yields. the 10 year german yield at 77 basis points. spanish yield is down some what

but the italian yield crept higher 2.28% currently. in the currency markets the dollar is close to a one month low given the dovish stance that we saw this week. the euro dollar has been very resilient to what's going on in greece but has been knocked around quite a bit just depending on the headlines but today it is lower. off by a third of 1%. but i don't think we should be reading too much into that. dollar-yen a little changed after they kept policy unchanged and we're seeing pond lower after hitting a 7 month high yesterday yesterday. >> looking east the shanghai composite with the worst weekly fall since 2008. they the smaller tech heavy shenzhen also slumping for the second day in a row. let's get out to sri. he's in singapore for us.

>> wilf i told you so and i said there was a lot of leverage in this market and we have been saying this for quite sometimes and with all the excess leverage especially among the retail investors we're going to see a high degree of volatility. that's what we're seeing right now on the down side. the same themes have been dominating through the week. it's an expectation that we'll see a further clamp down on he illegal margin financing to try to weed out the excess leverage. we have seen a lot of ipo activity. drawing interest and liquidity away from the main board and the other factor was the chinex. this is chinese tech start ups and it's the poster child, if you will of what the market has

gone through. down by 6.4% at the close. overall, quite a positive tone for the markets in this region. supported by wall street but doing a pretty good job of shrugging off the greek jitters. that's where we stand. >> welcome back here. there is nothing closer to my heart than seeing business people being allowed to do what business people do best and that's just get on make money, create wealth. but as we know challenges historically here in the russian context. but i'm very pleased to have with us the presidential commissioner for entrepreneurial rights and he reports to president putin on the progress being made in this economy. is it getting easier or harder

for private business people in your opinion? >> in some points better. in some points not still we see that corruption is is steadily moving out. we didn't win the battle but still -- it's a little bit better. i mean as a commission i report to the president this year where i presented by second report and we asked the business men before how the environment changes. so 2-thirds of the business men said corruption is not growing. they said it's becoming better. so steadily very slowly but the situation is moving to the better. in some points administration it's still very powerful.

more than half of the people cede it's becoming worse. it's not because the general lure is bad. we're moving business environment. we're going up. you know that we are two times better on doing business in this international rating. >> so internationally red tape is a problem for all business people and it sounds encouraging what you have to say on corruption as i talk to small business people here. one of the things that they're finding it very hard to do is raise capital and finance and the central bank doesn't appear to be helping very much keeping interest rates very high. where does this figure on their list of complaints? >> this is one of the main problems. now in russia -- i can say it was before as well. the sanctions, yeah maybe a little bit worse but it always was a problem.

come sparing with other countries it was always lower even in developed countries or developing countries. so we are trying to face this problem. the central bank did take steps forward because there's a special mek jump of financing credits for smaller smes. there's a special mek jump of financing big investment project so yesterday we talk to the president with 50 russian general managers who met with putin yesterday and we started discussing to do a special refinancing mechanism for project financing and project crediting and i think lit go. >> nice to see you. thank you for coming and telling us what's going on as far as small businesses and others are concerned. well clearly not some small

businesses either. entrepreneurs more generally. let me send it back to you. >> jeff, thank you so much. more coming up throughout the show show. now thousands of greeks gathered outside of parliament last night calling the country to keep the euro. >> i'm here on the steps of parliament in athens where thousands gathered to protest against the greek government saying they're unhappy with the course they have taken in the negotiations. many are worried that greece will leave the euro zone and lose the euro as a currency. >> i'm here because we want to say to the people of europe that we're proeurope. >> you want to stay in the euro. >> yes. i want democracy. >> for the first time in my life it's very serious. >> there were thousands of protestors here that support the greek government and want them

to take a hard line against creditors demanding new measures when it comes to pensions and taxes in the country in return for 7 billion euros worth of bailout money. time is is running out. the key date is june 30th. that's the day that greece's current bailout program expires and the ecb could take a harder line against the greek banks. that would lead to very tough, even tougher economic conditions in this country. that's also the day greece has a payment due to the imf but this government says if they don't get a deal they like they're not going to pay that money and they could be in default there was a meeting today with no results. time is running out. >> now we mentioned this all before. i want to bring it to you once again. suggesting most want greece to leave the euro zone. 58% are in favor of athens quitting the single currency with 38% wanting it to stay 29%

of germans don't think greece will be in the euro zone with the same amount of time. they don't think it's likely. do you think that greece should stay in the euro zone? if you want to join the conversation get in touch with us by e-mail at worldwide@cnbc.com or our personal handles that you can see on the screen. >> let's bring our guest into the conversation. seems they're debating whether the costs outweigh the benefits. what are your thoughts? >> it's a difficult question. for the greeks clearly the costs are very very large. we'll see income per capital for the greexks dropping like a stone. it will be very harsh. argentina compromised on what happened there and it could be a reasonable example. for europe they're limited. we're talking about 3.4% of

activity which is not as small. but this nobody can really grasp. if the event were to happen. >> there seems to be a thinking that at the 11th hour a deal of some sort will come together. that's why we're not seeing a reaction in the market. sure we're seeing yields rise in spain and italy in the debt market but nothing compared to what we saw in 2010. >> i think you're right. i think the way to read the market is they are willing to go one step ahead. but we got a bit of a taste of what happens if the market believe that that will not be the case. look at last week. spain and italian spreads move up to 150, 165.

so that i don't think the market is pricing. >> let's bring it back to the perspective of greece. forgetting what it means for the rest of europe. they're comparisons that people make to ireland and now having remained in the euro zone. also to iceland. they have removed capital controls but of course they had a massive deval you wagsuation to get to that point. does greece need it to get on to a lasting growth. >> no doubt it's helpful. so if they would have had those options it would have been useful. at the same time that creates inflation and wipes out part of the benefits but the exit in terms of costs will be really really huge for the greek economy and the drop in income per capita will be very severe. two years down the line maybe they do recall that.

but i think it's not to be underestimated. >> antonio, thank you for joining us. much appreciated. chief euro era economists at barclays. do head to our website to keep up to date with all the latest twists and turns in the greek crisis. we have updates live on our special blog on cnbc.com. >> and here's what is still coming up on the show bank of japan governor takes a more cautious stance on the yen insisting the bank will not target currency rates. we'll tell you more after this short break.

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the ecb prepares to hold a call on funding for greek banks as deposit outflows increase. euro zone leaders plan an emergency summit as they warn the block is close to an accident they hold in positive territory. the greek market shrugging off the stalemate. >> they tumble in the biggest weekly fall since 2008. the shanghai composite entering the correction territory for the second time this year. >> a greek outlook as the government warns of a recession this year. coming up we bring you a live cnbc panel from the st.

petersburg international economic forum with the country's finance and economy minister. >> bank of japan governor is trading carefully on the yen after comments about the low level of the currency rocked markets last week. speaking after the bank of japan that kept policy on hold he stressed that the central bank does not target fx rates specifically. this as the bank of japan introduces new ways to improve transparency. she is live in tokyo with the story in full. >> thank you. the bank of japan decided to maintain the status quo by an 8-1 vote. a result that came as no surprise. now the most interesting decision was how they have taken steps to further enhance the way they communicate with the market

firstly the boj decided to increase how often it publishes these reports from the current two times a year to four times a year. secondly it plans to add more details to this soon to be quarterly report such as including each board members forecast and risk assessments. the bank provided a sample chart it plans to include and shows dots in the forecast chart one for each of the nine policy board members and they're shaped in triangles or circles to indicate whether the member thinks they're skewed to the upside or down side or balanced. changes are being made so that the market is better able to predict future policy action and predict volatility in the market. in atigs to increasing the number of opportunities to provide information the bank will decrease the number of time it holds monetary policy meetings. currently it's 14 times a year but it will cut it to 8 times a

year. it's the global standard and it's not about the quantity but the quality of the meetings. >> strong income tax growth pushed u.k. borrowing in may to an 8 year low. the public sector borrowing 9.35 billion. it was expected to be 10 so it was a little more than expected. at 12.4 billion versus 11.9 in may. quick look at sterling as you can see. it's basically flat on the day. it weakened a little bit over the course of today but it's coming off quite a strong couple of days and european markets are looking perky this morning. the dax gaining 0.7 and the cac

40 pushing to the upside of 0.6%. >> the psychology of the currency market has been tough to read over the past couple of days yesterday the euro did top 114. the first time since mid-may. displacing the greek fears that continue to eat at traders. we're looking at the u.s. dollar higher against the japanese yen as they kept the policy steady maintaining an upbeat view on the economy. but there you go. euro at 113 against the dollar. >> bank of bpi off 6% after they with drew the take over bid. they are already the largest shareholder with a stake of around 44%. let's also look at germans steel maker which is staging a major

rally up 5.4% on the back of an upgrade to buy with an increase on the price target to 10 euros. it's 8.3 euros up 5% today. air lingus off 0.4% after the parent company posted it's document to the irish airlines shareholders. they have until july 16 to accept the deal. a lot of that price already there in the share price. >> france will sell six mobile spectrum boxes by the end of the year to help carry more traffic. >> good morning, it's crucial to get one of them at least because low frequencies get easily into building and new obstacles. that's the reason why it doesn't

have any low frequency in france needs to apply for a couple to ensure a fair competition. they will have the right for three blocks where as the order operators, the old one will range and face two blocks each. it begin with the price of 460 million euros. it means that the they'll receive 2.5 million euros from the auction. we know who is the winner is the french state but the price could go higher because the demand is going to exceed what's offered by the government. we're expecting at least 11 bids from operators in france if the auction is going to be another pressure on their margins which have been squeezed in france. from the price war between telecom operators going on at least three years so we need to

keep an eye on these stocks as the auction process will continue. >> that's monday right? >> yeah. that's great. >> anyway. >> thank you so much for that. we have some break news coming from china. the chinese security regulator says they consistently support the scheme and they say that preparations for the hong kong and shenzhen stock connect scheme are going smoothly. that's going to send more money into the markets. >> indeed. it's a structural change but i want to bring it back. >> your german is better. >> my german is a lot better. >> that's disappointing for someone that describes herself as a citizen of europe. >> i'll work on it over the

weekend. >> good. >> still to come three little words, that's all you need to find any location in the world according to an award winning tech company using a unique way to map the planet. we'll tell you more. >> jeff joins us in st. petersburg with a special panel of guests including the german finance minister. >> stay tuned for live coverage of vladimir putin's keynote speech which will be followed by an address from the greek pm. we'll bring you that from around 1300 cet. worldwide exchange is back in a couple of minutes. leave early go roam sleep in sleep out star gaze dream big wander more care less beat sunrise chase sunset

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what three words which launched less than two years ago took home the prize for london tech weeks innovator award this week. they give a code made up of just three words. it has particular appeal in developing countries and remote areas which don't use traditional street names or zip codes. let's learn how it work with the co-founder and ceo of the company. pleasure to have you on worldwide exchange. congratulations on winning this award. they're hard to remember especially when you've had three different ones in the past two

years like myself. how does your company mitigate that risk? >> we're all about making addresses for places where they don't really work that well. 75% of countries in the world don't actually have address systems like in the u.s.k. that we're used to here. there's plenty of places that it may not refer to a very specific point so people want a way of getting exactly to where they're going to go. >> could these three word location stamps be used by public agency as well? >> absolutely. we're talking to three governments in africa that have very few addresses in the whole country and they want to use these so that people can get letters to the right places as well as get the police and emergency services to the right places. so there's a lot of applications where addresses just -- they don't work like they do in central london. >> just three words is enough to figure out every single possible combination for three meter by three meter boxes across the

whole world. >> it's crazy. you wouldn't think it but there are enough combinations. there's 64 trillion combinations using our 40,000 words. there's no country codes, no regional codes. it's three words like table, chair, spoon, that's one three meter square somewhere. >> the three words for the front door at the studio are dull beast, brain. i'll take dull and beast and then surrounded by the brains perhaps. but is that ever going to work in a country like the u.k.? we're not going to give up the existing delivery methods are we? >> in the u.k. if you live at number 43 somewhere and that works for you then that's fine but there's plenty of people in the u.k. who massively struggle. as soon as you get outside the main part of the city you'll find people saying the delivery driver never ever finds me but when you're in the country side or in the park or at a festival for example where are you going to meet someone? where is your car parked? there all of these developed world applications.

>> what would you take deliveries for in the middle of a festival. >> wilf raised a good point. to make this product viable and this idea viable you need mass adoption by the biggest e-commerce company and biggest delivery companies in the world. what do you have on board right now? >> at the moment we have several navigation apps. we have a delivery company working out of brazil who delivered to a part of rio with no addresses. there's all of these booming cities in the world where they struggle. the middle east you would think it's like london no. most cities do not have proper address systems. so in brazil it's a phenomenal use case we're showing to people in the middle east. they have all of these deliveries we want to make so it's so insufficient. these three governments in africa, number one is going to start doing a pilot government level soon so we're making phenomenal progress. >> how would you monetize this. >> for the consumer to find your

three words you go to the website or app and that's free and then the business if you get a delivery then you need an automated system to know where that is. so we sell some software to the businesses but it's totally free for the consumers. >> quickly is there a way to integrate your technology into apple maps or google maps? >> any mapping company or navigation app they can build our technology in so they can make it easier to find anywhere. >> can we use it with uber already? >> not already. but taxi companies can benefit. >> it's an infuriating experience when the dot says you're here and you're four blocks away and then you have to call the uber driver and tell them where you are. that's because the mapping technology has a lot of room for improvement. >> it does but think when you're going somewhere and someone gives you an address and you haven't been there before. you're driving around saying is this the entrance?

no if you know the exact three meter square that's going to make your journey much more efficient and there's less wasted time so everyone benefits. >> you can tell your taxi to pick you up from here. thank you for joining us. the co-founder and ceo of what three words. >> quick look at the yields levels in europe. we have seen some rises in the yield levels of late. let's bring those yields up so we can take a look at where they're trading right now. we have the greek two year yield and it's still higher. the ten year yield is lower is 12.56%. and the european yields are reversing the rise and they're now trading some what lower on the day. you have the 10 year bund yield at 76 basis points. some what lower at 2.25%. >> fitbit hit the ground running

with shares up over 48% on its first day of trade. increasing the valuation of the company from $4.1 billion at ipo to $6.5 billion at the market close. the fitness tracking device maker crossed the finish line with the 8th debut of the year. they're also the fourth most active stock of the day with 52 million shares traded. seema i suppose this is another big valuation for a tech. relatively early stage tech company. is this one justified? they are at least making profit already. >> i think the price action in shares of fitbit suggest that investors see values in this company despite the big competition in the wearable market which is apple and samsung. interestingly enough when the ceo spoke to cnbc they say this is no longer a one trick pony. this is an ecosystem that they're trying to create in the market. maybe there is value there. $6 billion valuation for fitbit which makes it more expensive

than go pro. >> a lot would say fitbit is just a toy right now because what it does it monitors your heart beat or health but it doesn't tell you what to do with that heart beat. whether you need to you know run faster run slower doesn't tell you how to improve your health. >> probably always run faster. so it's a nice little gimmick but what else are you going to do with it? the apple watch alone has more functions than fitbit now. >> but it's expensive and also bulkier. if you want a nice sleek band then fitbit is for you. >> i don't think the threat is just for apple and samsung, they're now offering a fitness band that's like $20 so they're being squeezed from both ends. maybe they have got something unique. but it looks to me that this is a well timed ipo and it will be interesting to see what happens. >> look at you throwing out

acronyms. so smart wilfred. >> it's not one of the most ground breaking ones. but i'll take the compliment. do you have one. >> i do not have a fitbit but to your point carolyn, the fitbit wearable is being seen as an accessory. when will it be seen as a must need like the mobile phone. >> but how many people actually -- look a lot of people buy it. if we take a look at the numbers the high selling fitness gps watch in the first quarter sold more than 20 million devices but how many people still use it after a month or so. people have been talking about the drawer because they put it aside and they're not going to use it anymore. >> do you know what might mark the peak of fitbit and i'm feeling safe to say this but jeff and steve bought one in the last six months. >> that's telling. >> the write as good on the wall. >> we won't go anymore. another story we are watching in the u. s. activist investors

has taken a 7.2% stake in conagra food. they're to nominate three board members for under performance. jana is the second largest shareholder. since the deal they missed targets and has not faced operating challenges. it will meet with jana once it reports earnings later this month. they rose about 6% in after hours trade. right now up about 5% in frankfurt. >> martha stewart is reportedly close to a deal to be sold to sequential brands. a brand management and licensing company. the wall street journal says terms are unclear and the deal could still fall apart. it would mark the end of the housewares company that grew out of martha stewart's ability for cooking, decorating and

gardening. >> price action shot up yesterday around 26% and today in frankfurt trade it's just corrected by 4%. 3.6%. >> and we've been asking you if you think that greece should stay in the euro zone on the back of the poll in germany that said that 56% believed that greece should no longer be part of the euro zone. he said pro grexit but shouldn't be easy for greece afterwards so other countries should see what to expect if they want to exit. while he disagrees saying i think heads of states will keep greece in the euro zone. our guest from barclays mentioned the euro zone finance ministers have done everything they can and it's up to the european heads of states and we have got tim writing in. very simple. it's time for greece to go. tell us what you think. you can e-mail us worldwide@cnbc.com or via

twitter or our personal handles on the screen. >> to stay or not to stay. that is the question. let's talk about twitter. twitter will soon let users follow live events and just not people. they'll start cure rating tweets on events instantly uploading photos and videos shared across news sites and feeds. they'll choose from the most appealing and relevant tweets and put them in one place. versing having been posted as first reported. buzz feed says twitter will show prescheduled and breaking news events. let's look at how twitter shares are performing. basically flat in yesterday's session. you can see over the past week it hasn't been one of the out performers despite the tech heavy nasdaq losing about 3.4% for shares of twitter. the big question is is this actually a game changer? is this move in the right direction? >> this is an interesting idea. when you want to click on a

hashtag it can be slow to get to the key tweets because you have endless people making comments about something. so if they sub it well than fantastic. it does change the dna of what twitter itself does. it's now then editing some of the tweets of others. >> it's supposed to be a public social media platform but now they're curating the tweets and providing coverage of what they think is important. >> but that's what is needed. we're a week into the management shift and shares haven't done anything. so what investors are waiting for is a bit of a change in strategy. you don't -- you don't want to see what everyone is writing. you want something that makes twitter relevant. you want people to come back. you have all of these users that signed up to twitter and never come back. >> i agree and i think it's a good thing for them to test out and we'll see how it goes but

it's interesting because those editors, the guys employeed to do that they have a powerful role. it's like what you put on the front page of a newspaper. >> they're becoming more of a news platform in awhile. cure rating the tweets and information that they're reeling out to their users. >> if you are watching those people in those roles roles @wilfredfrost definitely worth promoting. >> jury is still out on that. >> that's how it's going to work. you can pay to be part of this edit edited bit. >> it will be a great way to show case among a group of users following various events. let's take a look at shares of twitter. i want to point out if you take a look at twitter, it is down on the euro after losing about 30% i believe in the year of 2014. of course jack dorsey will be the interim ceo until july 1st. in the meantime the companies

searching for an internal or external candidate to be the new ceo. >> want to keep you in touch with what's happening on the european equity markets this friday. we're looking pretty positive today. it's a little sur piezprising but we'll take these gains. the ftse 100 higher. and the dax up by 0.7. the cac 40 pushing higher to the tune of 0.7%. maybe there's optimism out there that the ecb might be increasing the assistance to greek banks by 3 billion. that's the rumor mill today and a pretty positive close in the u.s. >> because of janet yellen. you have to give it to her. she's so great at orchestrating a favorable market response. the economy is not as strong as what they expected earlier this year but suggesting when the rate rise comes it's going to be slow and gradual. stocks hitting new highs. take a look at the currency market. we're seeing the u.s. dollar

weaken against a basket of currencies. what's remarkable is the resilience of the euro. it's been holding steady at around 113. 114 in yesterday's trade. you can see sterling now at 1.5 against the u.s. dollar. >> a quick look at bond yields as well it crossed about two weeks ago. 0.75. the ten year in the u.s. 2.3%. of course that doveish sentiment has seen it come on. 2% this morning. >> coming up after the break, jeff joins us in st. petersburg with a very special panel of guests including the russian finance minister and the ceo. those are live shots of the panel just about to kick off now and we'll be joining jeff coming up in a couple of minutes. >> really interesting.

we had some flashes out. russia is ready to consider the question of giving financial aid to greece look there's been so much speculation about russia helping greece. will they won't they? i don't think this is going to materialize. greece needs help from the euro zone partners. not from russia. they signed this deal about the pipeline. that's all that they're going to get. >> we'll see. more coming up. we're back in two minutes.

>> welcome to the second hour of worldwide exchange everyone. >> here are your headlines from around the world. >> u.s. stocks set to extend gains as the european markets shrug off greek uncertainty in favor of a dovish fed. this as euro zone leaders plan an emergency summit to reach a deal with athens. >> but fears drive chinese stocks sharply lower for the second straight day. the composite hosts the biggest weekly fall since 2008. >> fitbit sprints out of the gate on the first day of trade jumping 52% above the ipo price but analysts are split on

whether they have long distance endurance. >> martha stewart living is nearing a takeover offer from sequential brands with a deal expected in days. >> coming up on the show office depot shareholders get set to vote on the company's merger with rival staples creating the largest u.s. office supply retailer. project lightning strikes. twitter makes a bigger push into live events as the social network scrambles to attract new users. russia's biggest names in business and finance sit down with jeff in st. petersburg. we bring you a panel of guests including the russian finance minister and the ceo of systema. >> and we're crossing live now where jeff is hosting a panel

with russian ministers and business leaders. >> the russian economy model that used to work on a three legged stool. you had the middle class. you had the minerals and resources businesses that exported and that generated wealth and a feel good for the russian economy so all of that is good but there have been challenges over the last 18 months. so how do we address some of the challenges? hopefully what we're going to hear here today is some constructive proposals about how we deal with some of the problems. an employee population of 76 million but in materials of how many of those russian workers add value to the economy, maybe 15 million. that's an estimate that the economists have put forward. the russian workers product activity is 50% of his german colleagues and the numbers look

even worse against some other metrics. are the goals -- this is what i want to know from our gentlemen on the panel, are the goals still for russia to deregulate and move toward a market economy? is it to stifle corruption where ever it may be found and is it to diversify a way still from the extracted industries? and i'd like to put all of those questions, if i can, to the economy minister to start off with. >> thank you very much for that. you know in this language there's two pieces. first, spain. and the second for stability. so we have to find it to move forward. what does it mean move forward? it means to make shorter the gap

between the national economy and developed economy. okay. now we have some between potential growth and actual growth but potential growth is not high also. next year we'll be closer to potential growth but that's 2% of gdp. it's still lower than average in the world. average growth is between 3.5 and 3.8% for this year and for the future and the point is to have russian growth higher than average that's the way to make short of this. what have to be done for that? i'd like to remind the adam smith definition for the economic growth you need two

things peace and easy succession. okay we'll talk probably about -- by peace here we can think about sanctions and others. if we compare russian with the european for instance we'll see it's much lower but let us compare it with the stuff from asia countries with the other former soviet union republics and revenues and of course the other one you mentioned, that is

three things. >> but what specific measure versus been taken to change the direction of travel for the underlying economy? because russia will get out of jail next year but it will do that because the oil prices has rebounded and it will do that because it has found some efficiencies within it's own businesses but ultimately as tony blair said it yesterday, you can keep beating the same economy but that's not ultimately the answer. you have to change the model and allow animal spirits to run free. if you believe in the market does russia today believe in the market still? >> we do and i think we're doing something to support it. look, we announced that it was

up to at least 2018. we're saying it was a tax burden. plus some measures of the economy. like inspection activity for instance. provide the inspection for the small and mid sized companies also. some new support of smes. they're very focused right now. i mean the demand from the budget and the companies. it can help them. and the regulation of that also. we will introduce the special ones for smes by the anti-monopoly procedures and it

can help in that very direction. we still believe in market and we're trying to support the market fundamentals. >> i want to let our audience know we're live on cnbc globally at this point and we'll be dipping in and out of the panel discussion throughout cnbc programming. so a warm welcome where ever you're tuning in to. we are in st. petersburg at the international economic forum and we're talking about the new model for the russian economy from here on in. >> you i think came out quickly after the central bank cut interest rates and you said great but not enough and the one thing that an efficient economy working on a capitalist model needs, if you do believe in the market is it needs that life blood of cash liquidity capital. if i can come to you, where do you stand on the debate that's currently taking place here between the governor who says

inflation is the problem and keeps interest rates at 11.5% or he who says we can come down faster. even the banks own forecast says we're going to get to low single digit numbers in inflation by 2017. isn't it time we saw either the central bank or you with your own budget make more capital available for the russian economy? >> translator: may i speak russian please. i quite agree with the evaluation that we have single digit inflation rate by the end of this year but we need to make a few steps. we need to adjust our finance to the new conditioners in which we're in decreasing oil prices

and the sanctions. this has a positive effect on our economy because earlier they developed like oil and gas. now we have the potential for development and the niches that were filled with inputs. we must not increase our spending in keeping with the inflation rate because if we do that, we will repeat the mistake of our neighbors who kept doing that and deprived themselves of economic growth or other countries which believed it is necessary to finance the social obligations in keeping with the

inflation rate. we cannot afford to spend as much as what we used to spend at the price of $100 barrel of oil and the revenue that we didn't earn the oil revenue we all spent it on wages and high incomes people and now we're having a financial system we should have had and in order to bring down the inflation rate we need to adjust the budget to the potential of the economy. we have made the first step this year and we can witness decrease in the inflation rate. in the past week it was less than .1% and toward the end of the year the inflation rate can be around 2% and that's the reason for the interest rates to

be brought down which will make credit accessible which is badly needed now. we have an advantage now after the deval you wagsuation of the rouble and the price of it going down and labor becoming cheaper. what we need is internal resources because we are being deprived of external resources but we need cheap credit. we need our anchor investor. nongovernment pension funds. the launching of the new pension system and the bonds and we they will be able to attract resources as well. >> there's a saying where i come

from that the government keeps using at the moment. you repair your roof when the sunshines to prepare for the day when it rains. if we look at the russian experience at the moment what are we going to have? negative 3.5%? by anybody's imagination that sounds like a rainy day. you have one of the lowest debt to gdp ratios of economies around the world you have some flexibility. you have gone back to the bond market and issued 2s and 5s. the market has taken them. there's a desperate need for yield in the rest of the world given how low american and european interest rates are. russia could step in and provide some of that paper either through euro bond issuance of your own rouble denominated debt. now we have stability. some of that money you could use

to help with the restructuring of the economy, improve the capital stock, sell the state owned enterprises that are inefficient and not performing. what about doing that? what about going out and raising more capital or even changing the remit at the central bank so that she can pursue growth and perhaps some form of qe. >> translator: you know as a matter of fact we're going to attract capital and we set a goal to bring down deficit in the budge. we expect deficit of 3% of the gdp and our goal is to bring it down so that we should have a budget and despite the low level

of debt in proportion to the gdp we're not going to try with the result of our european colleagues that do not know what to do with their debt. for russia that debt will be a lot more expensive and it is a burden for us and we see that we're now working on the them and there's a demand for them and we're trying to effect foreign investors and they're participating in financial market and we'll be issuing securitying which are tied to inflation and we'll be trying to do everything to bring down inflation. who will be issuing our inflation. so we're going to issue and we

hope that it will resume our economic growth and we need a new quality of growth which is based on that and not on current consumption and all of the rent which we had from our resources or the profits were used for conception. we cannot use the same scheme. we need investment and i think that financial investments will be followed by direct investment and the most important thing today is to wait maybe a year or maybe half a year or finance to stabilize and after that we'll have the stabilization of the economy and that is the goal we set. >> as former finance minister i welcome your response to what you heard from the gentlemen who are currently in government. i think you have a certain amount of flexibility about what you can say that maybe they're

not allowed at this point. and as you address that maybe i could also ask you, what happened to your 2010 privatization program? i was expecting to see it in private hands by now but that hasn't happened. >> >> translator: russia has a great challenge to go over to the new model of the economy. nondependent on oil prices and disappoint investment and to start economic growth. we need structural reform. you ask a question. where to take resources and where to take the money. the major resources are being

formed with the savings from this economy and we got to raise savings and that should be profitable for everybody and resources would be intact when they are in the economy and it should be really profitable to save resources. they make up 15% of all the investment from all the funds. so it's in china with investments. they're coming to the country but anyway the most important things are formed within the country and then the question again. so what you would do to form savings and how should they be channelled to investment? because today we have some 20% of the gdp which is savings. and i think that as of today the

fed rose 25 or 25. that is the savings. as for it and the resources are not invested into russia and for that matter we need our structural reforms which will bring down the costs for business and a huge share of state companies that's the proportion in the economy. so companies are not really flexible or transparent and that's something that hinders the development of the russian economy and we need competition.

and i cannot say that it 2012 and 2011. it was improved in 2011 but while i was in my position it was approved but later but that characterizes that the government was not ready to bring down the share in the economy. we got to see serious challenges of fundamental nature which sets for us. we have difficulties with the pension system with the labor market of which actually brings

down the development and we did not spend much money for the infrastructure as we have the relationships between the center. our regions do not have enough resources. they actually stopped investing. well the problem of the budget system in general is before the crisis all the oil or revenue was actually spent and when the government doesn't have a possibility to increase funding to encourage the development so when you need an umbrella when it rains and the government has to work in the manner. sometimes maybe in greece

components over the crisis. >> that was the former russian finance minister that said reforms are needed and russia does face a good challenge to disconnect from the oil dependency. we also heard the current finance minister speaking. russia cannot fall in the inflationary spiral and we can't with as much in the past. now the central bank governor made a statement. now he is actually the former finance minister of greece and he says the bank of greece governor confirms the stability of the banking system which is fully secured by the joint actions of the bank of greece and the european central bank. once again, this is the greek central bank making a statement about the stability of the greece banking sector. let's get out to julia. how stable can the greek banking sector really be if we saw this

week alone 3 billion euros in outflows? >> well they're liquid and that's the crucial question. they're still being provided with financing. of course we heard from the greek central bank governor earlier this week we warned that we needed a deal. we heard how much longer the banks can stand it. it's about 3 billion euros over the last several days so there are concerns. we now move on to a negotiations or some kind of discussion and the hope is that the greeks come to the table. but a lot of concerns here

return. back to you. >> thank you for that let's get back out. great to have you on as ever. a shame you're not with us in studio. but let's get to the crucial talking point which is is greek this morning. he's one of the keynote speakers in russia. why is he there, do you think? >> well first of all i'm glad not to be with you because i'm glad to be here. it's really very interesting because we have the greek situation evolving here. we also have a number of other issues. greece is now in the end game as we heard in the previous. the greek banks are going to be insolvent if the ecb removes it's liquidity assistance and

the ecb will have to remove the liquidity assistance if there's no prospect of a deal between the government and the european institutions. now he is here in st. petersburg perhaps hoping i think vainly for some kind of assistance from russia but that's not going to happen. partly because putin doesn't want to provoke the eu any further but also because russia knows well that 5 billion or 6 billion of assistance is not what greece needs. it needs more than that. it needs a rescheduling of hundreds of billions of euros which of course is something that russia can't provide. it's only really the greek government that can decide to accept the european conditions or to go into really the chaos of default which i think ultimately would mean rather than an exit from the euro a regime change in greece.

>> so you don't think that leads to an outright grexit? >> no i don't. i think it would be an out burst of public opinion in greece against what the government is doing. i think the conditions would be plunged into a default would be so much worse than anything proposed under the possible deals that have been put forward. you'd see them printing money to pay pensions and wagers and of course they would recognize that they were going to lose far more as a result of a default than anything the imf or eu was trying to distract from them.

the government would fall before grexit happened. >> i'm afraid to say we're too tight on there. our pleasure as always. co-founder and chief economist. now don't forget to stay tuned for our live coverage of the russian president's keynote speech. that will be followed by an address from alexis tspris. >> the rate rise will come slow but gradually. dow jones indicating a higher open this morning. up 46 points in premarket trade.

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and you're watching worldwide exchange everyone. welcome. >> i'm wilfred frost. let's get you headlines. >> u.s. stocks set to extend gains as markets shrug off greek uncertainty. this as the euro zone leaders plan an emergency summit. >> fears drive chinese stocks lower for the second stay in a row. they post the biggest weekly fall since 2008 entering correction territory. >> fitbit sprints out of the gate jumping 52% above the ipo price but analysts are split on whether the wearable device maker has long distance

endurance. >> and martha stewart living is reportedly nearing a takeover offer from sequential brands with a deal expected in days. >> traders are calling it the fed induced alley. perhaps one coming in the year of 2015. also sighting the improvement in the labor market. of course that was in focus in yesterday's trade as well. the dow indicating a higher move so this rally could continue a 47.gant in premarket and a higher open in today's trade by 16 points. european markets also seeing green shrugging off greek debt fears at least for now. >> let's cross back out where jeff is hosting a panel with russian ministers and business leaders. let's listen in.

>> much easier or more difficult has doing business become in russia over the last two years? are you glass half full or glass half empty when it comes to the outlook 24 months from here for both domestic russian businesses and foreign businesses that are based here or want to work here? >> there's not a simple area. there's some area where we can feel it and it was new problems but i would say that the markets in russia for this moment looking for what we can talk about. it's caused by the shock after sanction and i wouldn't even call it crisis.

i think russia in transition. it would be after three or four years years or five years. we shouldn't come back to those. and it's important to find a major shock for the market. and ukrainian crisis in second. it's important to define our new model and how we promote the market economy and what we can see now. it's mostly for outside viewers. we can't see such a debate at this point and any view it's not that. it's a debate and it maybe shows

us in a good direction where we should go and we do not immediately deploy it and we need to define it and it's important to find political because otherwise money could create charges and as i said it's a transition see a smaller role of government and it must sell. there's so many assets. and many companies could be off loaded and will create a new opportunity for small and medium sized business for the big business for foreign investment an we need to do a nice picture

but you couldn't access to this. and it could easily call to us. i don't agree that we shouldn't say well now we can hold it ten years. life couldn't wait. this is a new reality and it's in which markets could justify and we should go forward. and it's a key point for further development and it's you know the legal system and they're willing to check again and how efficient the process is and there's some that's great in a major problem for investors to define but as i said we're not in crisis. we're in transition and it's just transition that may take a

couple of years. most important is to find resolution. >> let me just run along the panel here and if you don't mind i'm going to leapfrog you for the moment. coming off the back of what you just said we had a conversation earlier in the week and while there may be good legal reasons for what happened the perception externally was that this was the russian government over extending it's authority and it was quite difficult for outside observers to understand why the chairman of the company had to be put under immediate house arrest because that added a certain threat to the whole

story. if i could just ask you, have western observers misunderstood what happened in this case or should we be concerned that there are political forces still at work that are determining business outcomes. >> translator: well we do not make a political story out of what happened and i can tell you that we have invested in various sectors and we make money in 16 out of the 17 and we'll lose the only sector where we lose is the banking sector and we have a bank of our own, we are not alone it's negative in 2014 but all the rest from mobile to private medicine and agriculture, the industrial

complex and the gloomy picture from our perspective is not really true. and there are business opportunities in russia where one can make money and private businesses do develop regulation is improving and we as an investor we intend to stay in russia and have the expertise on the market and work normally. what we should talk about is the issue of productivity in the country at large and the structure of employment and the issue that comes to the foreground is a number of working people that produce

value added products or add value and there are various estimates. our analysts believe that out of the 18 million employeed in this country only 15 or 17 make added value. all the rest work in these sectors or enterprises that do not reduce any added value and this is a big problem because the smaller part of those that do not create value plus retirees and children and so on. >> that's the panel of russian government ministers and business leaders on going in st. petersburg. these are now live picture of greek prime minister who will be speaking at that press conference -- at a press conference in st. petersburg around 1:00 p.m. cet which we'll bring you when he starts speak

speaking. fitbit surging 60%. can they keep up the pace with the tech giant. >> shares of fitbit skyrocketed above their ipo price making it one of the top stock market debuts of the year. they had priced the ipo at $20 a share on wednesday, a day after it raised it's price range from 17 to 19. one reason for the excitement fitbit makes a lot of money. in the first quarter of 2015 the company generated net income of $48 million. a more than five fold jump from a year earlier. they're enjoying strong growth but can that continue given how competitive this market is especially now with apple introduce it's own wearable but fitbit's ceo isn't worried.

>> there's over 200 billion dollars of consumer spending on health and fitness every year. this is a massive market. we have a wide range of products ranging from 59 to $250. different sizes, price points cross platform compatible and the brand is rallyeally synonymous with health and fitness tracking. >> apple doesn't pose a near term problem for fitbit but longer term it could be a concern as apple continues to fine tune it's watch with more features functions, and apps. fitbit now controls nearly 80% of the wearable fitness tracker market in the u.s. at least on its first day of tragd trading investors believe the company will keep dominating the market. time will tell. >> joining us now in ian fox.

ian how big of a threat is apple for fitbit then? >> very significant. fitbit has under 11 million active users at the end of 2014. apple has 800 million. other mobile hand set makers are very active in wearables too from samsung, and sony and many others. >> going public during a time when there's so much competition in the market apple and samsung, what would you like to see fitbit do with it's money? role out new products or find a larger company to partner with? they have to explain why consumers need to have a dedicated device for health and fitness rather than a device like a smart watch that can do health and fitness plus a bunch of other things as well. >> i want to weigh in in terms of the competitive landscape. what about the low end?

xaomi that have their own fitness bands that are cheaper than what fitbit is offering. >> they're globally and in the top five and they have a fitness band. very similar functionality. priced around 15 euros globally. a fraction of the price of a fitbit. they have competition at the high end and the low end. >> what do you make of the valuation? the market cap is around 1.2 billion. the net income margin is more than twice of go pros. >> this is a market growing very strongly. we forecast around 24 million health and fitness trackers globally compared to 36 million smart watches dramatically up on the unit shipments in 2014. when a category is disrupted by an adjacent one you have a bounce.

apple shipped more ipods since it went on sale before. blackberry shipped more smartphones after the iphone arrived than before. the challenge for fitbit is they may have a boost now. can they sustain that into the long-term? >> hardware has always been big for these tech companies. thank you for joining us. >> the latest flashes out of the creek issue. they're going to meet in brussels on greece at 1:00 gmt on monday to prepare for the euro summit. that will take place on monday. >> activist investors have a new target in conagra. we'll be back in two.

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rate since 1968. we eliminated the income tax with startup-ny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. all to grow our economy and create jobs. see how new york can give your business the opportunity to grow at ny.gov/business >> welcome back. investors are setting their sights on conagra food calling for the big changes at your well-known supermarket. landon has the full story. >> good morning to you. they have taken a 7.2% stake in conagra foods and is seeking to check the company's board. it includes slim jim, beef jerky

and finally it's prepared to nominate three directors to help address persistent under underperformance. the deal was billed as a way to spur growth but they have repeatedly missed forecasts, cut long-term targets and not increased dividends and paces operating challenges. it caught them for $5 billion. a deal spurred by another activist investor. it made them the largest u.s. private label food company but the business missed profit targets due to discount price deals with retailers before the take over. last december they said they didn't expect profits to recover in the private brand business until 2016. in april they announced the head of the division was leaving. they have now written down the value of the bisby more than $2 billion and since the deal closed in january of 2013.

last month analysts said they should sell the private label businesses. the company should review the various assets. it is focussing on reducing debt before increasing dividends and buy backs. it will meet once it reports on june 30th. shares rose 6% in after hours and today they're up about 5%. back to you. >> thank you for that. let's get you a run down of what to watch this trading day. san francisco fed president is giving a policy speech later today following a seminar at the national bureau of economic research. also speaking is cleveland fed president loretta mester. as for earnings look for results from toepg from the opening bell. we have the author and founder of average joe options. good morning to you. yesterday we're calling it the fed induced rally. the nasdaq hitting a new high and a move in the bond market. i was particularly interested by

the move in the commodity complex. gold and silver rallying overnight. gold rallying by around $15. is that because of the greek fears out there or does this have to do with the weaker dollar? >> good morning, first of all i think it has nothing to do with what's going on in greece. i think the markets are priced in basically a greece default. i don't think there's any concern from the markets here. i think gold has been range bound and we were down at 1180. a nice natural balance fuelled by the fed and the weaker dollar pushed it much higher for us. we'll see. right now if you look at gold it's stuck between 11.80 and 12.20 but gold is a great spot to buy this commodity for a longer term investment. >> was a rally in the second half of this week in u.s. equities really justified? i mean was janet yellen that

dovish? we got confirmation of one rate hike this year and almost certainly two? >> well i don't think there will be a rate hike at least until next year. if you listen to what you really said we don't know what to do. we made a mistake here and we're going to continue to keep rates low and be data dependent but we had data that supported a rate increase for the last couple of years but they refused the raise because they see deeper problems. you have too much merger and acquisition going on right now. you have too much debt. you have margin debt at record highs. there is a bubble forming in the markets. we don't know when it's going to pop but we do know because of the fed induced rally that companies are buying back stock, too much merger and acquisition, not true real growth. take a look at the earnings. you're not seeing top line

growth. >> what i found interesting was despite the move in oracle we saw the nasdaq hit new highs. a lot of that having to do with bio tech. would you put money to work in the health care sector which is the best performing sector in 2015? >> it's been unbelievable. earlier in the year we had a major sell off in bio tech and all of a sudden coming back and charging like a bull -- when markets reached this pinnacle, i'm saying you have to watch and see what goes on here but they're getting awfully frosty up here at these levels and you'll probably see profit taking. this is typically more bullish. you'll see a lot of movement of positions and a much higher buy in day today and then the rest of the summer but overall the economy itself the global economy is still very weak and

there's still many problems out there that have not been addressed but band-aided over with a lot of the help from the central banks from around the world. >> thank you so much for joining us here on worldwide exchange. >> now fears of a greek exit from the euro zone are mounting amid a deadlock of cash for rer forms deal. we learned that the euro zone finance ministers are due to meet in brussels on monday to prepare for the leaders summit according to reuters. >> meanwhile a german government spokesman says he regrets there was no progress on greece but insisted it was not too late for a deal. let's get back out to julie. there's a sense that the finance ministers have done everything they can. now it's up to the heads of state, no. >> it's very interesting that the euro group is planning to meet on monday. these are the guys that go through the technical

discussions. they look at the proposals and see if the numbers add up. if they think there's something to talk about that's a positive sign. in shorter term what we're waiting for is the ecb to start that conference call to discuss what to do about increasing the emergency liquidity to the greek banks. the talk behind the scenes is they have been asked to increase that by 3 billion euros. that equates to the deposit outflows in the past week. so we need to see whether or not they're willing to do that to continue to support the banks and provide extended liquidity. we heard he wasn't considering capital controls but behind the scenes the talk was if we don't get a deal from these talks on monday then the central bank is going to have to go to the greek government and say guys we need to start looking at this now. we need to wait to see what the ecb says and then we wait to see what happens on monday with hopes for a deal. >> i want to pick up on the ecb. at what point would it pull the

plug on greek banks like it did more than two years ago? >> well it was different because they went into the negotiations and said this is going to be the deal. we'll pull the support if you don't sign up for the deal. so in the short-term the ecb would do everything it could to continue to provide emergency liquidity assistance to the bank until the point of no return. so until we get to a point where the creditors and or the greek governments say we can go no further, we're not going to reach a deal at that point the ecb would go fine there's nothing more we can do. they'll try to stay in the game and not influence the political decision making going on between the creditors and the greek government. >> jewelulia, thank you for that. we'll continue to be busy over the next couple of days and

weeks. quick look at the european markets. the dax up by more than 1%. close to session highs. they're really shrugging off the greek drama but also the euro dollar pair is lower today. >> let's have a quick look at the currencies. there's been a weak month and indeed week for the u.s. dollar index in general, particularly against the euro though just bouncing back a little bit over the course of the last day or so. but we're looking at 11312 at the moment. >> weaker dollar good for stocks. the rally could continue today. the dow up about 44 points. the quarterly expiration of stocks and index future and options so something to watch as we close out the week. nasdaq up 13 points after hitting another record high yesterday. >> indeed, it's been a busy week. thank you for joining us. that's all we have time for on worldwide exchange. >> have a great week. we'll see you on monday here on worldwide exchange.

>> still no deal between athens and it's creditors but fears of the worst at least for now. european stocks trading higher and u.s. futures pointing to a positive open after the great session yesterday. a healthy first day of trading for fitbit shares soaring 50% making it the 8th best performing ipo of the year and a tesla model s even a child can afford. we'll bring you the details of the $1 car this morning and give you a hint it's hot and it's

cut day at the u.s. open. tiger woods had a round a third worse than anyone. it's friday june 19th 2015 and squawk box begins right now. >> live from new york where business never sleeps this is squawk box. >> good morning, everybody. welcome to squawk box here on cnbc. i'm becky quick with joe kernen and andrew ross sorkin. all robo calls that come during dinner time all of that will be a thing of the past. first let's get to the markets. check out the u.s. equity futures indicated higher once