greece must be put in a position to be more competitive and it must be allowed to grow again, because without growth the debt can't be stoppable ever. and it was also important to show europe's solidarity to greece. since they weren't taking their responsibilities. well at one point in time ladies and gentlemen, we might have feared that the eurozone would lose one country greece. this question has been raised months ago, or even years ago.

but to deprive ourselves of greece, it's not only depriving ourselves of a country with its gdp, its people but also deprive ourselves of a country which is at the very heart of our civilization. it does not only belong to our history, but also to our culture, our way of living. greece is country, a friend of europe who -- which wished to enter into europe after years of dictatorship. so there might have been discussions as to its capability of making this transition possible this entry into the eurozone possible. but all the democratic parties stated that they wanted to stay within the eurozone. they might have made another

choice but they wanted to remain within the eurozone. duty was to enable them to stay within the eurozone but also solution was to be made possible. nothing would have been worse to keep them in a monetary zone without allowing for their development. and this is why the negotiations were lengthy negotiations. but we reached a historical solution. had greece left the eurozone it would have been said that the eurozone was not capable of committeeing its integrity or integrity. and we wouldn't have assumed the responsibility. what about france and germany? it would have been said that we were not capable of giving this impulse.

we are to carry a product protecting people. the euro protects countries that are part and parcel of this monetary zone. so what about -- what would. >> reporter: said-- what would have been said about this dislocation as far as we're concerned. i wanted to bring this discussion to a successful outcome and offer to greece what they were expecting. stick to the european constrict, friendship between france and germany, in other words, succeed in opening a new era in the european construction because we shall have to strengthen this monetary space. we shall have to see to it that

we are respected, protected, but also allow for more growth. this is the very task for us all in the coming days and months. it took a lot of time but it was a positive night for europe and a positive morning. i shall take some questions but not too many. because we've got to go on. welcome to "worldwide exchange," you've been listening to french president francois hollande. let's recap what he has said he has said that mr. tsipras the president of greece has taken a bold decision in order to free you were 80 billion euros of funding, some funding which is for greece. here's a reminder the

headlines. >> after 17 hours of negotiations, we have finally reached. someone can have a that we have -- >> a marathon weekend of talks. policymakers agree the framework for an 80 billion bailout for greece implementing a number starting this week. leaders say the issue has been put to bed while greece prime minister tsipras suggests that it has sent a democracy to the whole of europe. banks leading the gains but the euro sheds over 0.5% versus the u.s. dollar. another historic deal also in the making oil trades lower over the expectations iran and world powers will agree to a nuclear deal in vienna as soon as today. and coming up on "worldwide exchange" -- easing the pain of

austerity. find out how tech giant apple is helping its greek customers get through these uncertain times. plus novak djokovic secures his third wimbledon title. we look at just how much the world's top athletes get paid. and the republican wrecking ball donald trump, is he damaging the deal he chances to retake the white house? we'll discuss that later in the show. our top story this morning, the deal is done. eurozone leaders have unanimously reached agreement on greece after all night talks in brussels. athens is set to 38 a 50 billion euro privatization fund. the president laid out some of the details. >> he needs to address the issue of financing needs and debt. and part of that agreement is that a fund will be set up which

will -- assets will be transferred to this fund. the fund will monetize these assets either by privatizing or by running the assets and trying to make money from those. that money will be used to deal with debt and to reduce debt. also it will be used for the repayment of recapitalization of banks. one of the big issues that we'll have to deal with once the program sa agreed is to the problems in the banks. the fund will contribute also to the repayment of those capitalization needs. meanwhile, agreement prime minister alexis tsipras says the deal keeps greece in europe. this as german chancellor angela merkelization that trust between the nations must be restored. >> we have created the conditions for being able to germany to be able to recommend to the german bundes to create

solidarity for greece. down one hand we have solidarity, on another hand the country which help has shown willingness and readiness to carry out reforms. >> let's out to you, steve liesman who is live in berlin. steve, great to see you on this side of the atlantic. over the weekend, trust seemed to be the big concern to the germans what has greece done to establish their conviction and their promise to deliver on economic reform? >> reporter: nothing yet, seema. and that's why this is sort of a temporary deal or provisional deal in the sense that all of these things have to agree on wednesday. the way i've looked at this deal all weekend long is is this a check list of things that merkel needed to get approval for additional greek funding through

her own parliament. she wanted greece to stay in the eurozone not willing to rick her chancellorship to do so. very little support here in girl mane which is providing the bulk of the funds for additional greek support. so what do you have? you have this privatization fund insisted upon by the germans and agreed upon by the greeks. that's the first thing. the second thing these prior actions of strict pension reforms, tax reforms, government reforms have to be enacted by wednesday. so this is something where the germans say we don't trust you at all. and then we'll bring it to the german parliament. and she's not calling back by the way, her parliament from summer is vacation with what she said earlier. it's not that tsipras didn't get anything. he got a few things. the lower reconstruction of the deal. there are growth elements in there as well. he also got a longer term deal. so he goes back home with some victories. some way to say that the

referendum was not for naught. but ultimately, what this comes down to in my opinion is a check list for merkel to say i can bring this to parliament. now, one other thing i did hear earlier is that the european central governing council will meet, they're going to hold a teleconference call to talk about ela. i do not know the details of the deal to know if it's enough today for the ecb to raise funding and additional funding. i do know that the ecb is concerned about additional capital flight. that if they were to raise the withdrawal limits from $60 billion some other number all of that would be capital from greece. i do know from the ecb if there's a strong principle from the politicians has some capacity to raise it at this point. >> steve, overall, bottom line do we think this is a victory

for merkelle or victory for mr. tsipras? >> reporter: well i think there are two minds to judge that if you don't mind. you know how they do two different judgments on olympic dive? let's look at this from olympic public relations. when i looked at how this was trending on twitter the idea that this is a coup i don't think this is a victory for germany in that regard. i know the germans were quite keen to not be seen as the heavy in this. on the other hand when you look at this from a domestic standpoint germany got what it wanted in order to keep greece in the eurozone. number one, i think girl mane is a winner. number one, i don't think there's any other way for germany to get the things they wanted but to come forward to say the document that came out from shouble with the plan "a" and plan "b." plan "a" had the privatization

fund and plan "b" was the grexit. they got this european managed privatization fund of which some goes to growth measures as well. i think germany got what it wanted there. just interested in how this is played globally in terms of whether or not germany is seen humiliating greece here. >> steve, thank you so much. let's get further reaction on this further deal. the chief the foreign bank joins us now. good morning to you. in terms of the last couple of days this is a major step forward, but it still needs to be passed in greece and other countries. this is a stricter deal in greece than the one that sip pass already rejected and how he agreed with him and the referendum. does this get passed by the greek parliament? >> it credibly will get passed by the greek parliament. in the meantime the greeks have

some experience on what grexit will be having the banks closed. tsipras, apparently has no majority for this current coalition. but he'll likely be able to government implement with a de facto coalition of all pro-european parties at least for a while. >> how are you so sure that tsipras actually surprise for us. this is a huge climbdown from what alexis tsipras planned for and this is a huge climbdown from what he got just a week ago? >> i'm actually not sure he'll survive this for very long. the clear point is there seems to be a clear majority in the greek parliament and the greek population for europe. a significant part of the major pro european opposition parties are likely likely to work together on this. whether tsipras will be the head of this de facto informal

coalitionkol coalition of pro european forces is a bit of a question. there say good chance that the overwhelmingness of the greek people mainly 80% in favor of the euro will be expressed in parliamentary vote. >> let me just clarify, you're saying that will get another takeover of government in greece? is that why? and why do you think this government would be able to implement all of the reforms because don't we need a long-term government? >> well we will probably have tsipras going into power for a little while. and then we'll see if there might have to be new elections for a potential government. as to implementing a deal it will be difficult, but siemi'm afraid from now on from those who wouldn't want to implement it i'm afraid that this deal will be fully supervised because

one consequence of shuttering of trust over the last few weeks is that the deal will need a lot of scrutiny by creditors which actually could mean that more stuff may happen and be passed in greece than has been the case before. >> although there will be no grexit. that's the word from european head jean-claude juncker. do you believe him. >> or is there still chance of greece exiting the rules because of this agreement? >> well this agreement there will be signs to implement while there remains tails of grexit. while they will approve it it is by no means certain that this will hold over the next few months and years. and also on the creditor side if there is any significant weak slippage, reaction of creditors, especially northern and eastern europe, could be fairly significant to that. so the fate of greece has not

really been severed for good. having said that the risk of grexit has reseeded. >> absolutely. holger stick with us. chief economist at barrenburg bank. we want to hear from you, is this a lasting solution get in touch with us at "worldwide exchange" @cnbc.com. for more breaking news and analysis on greece, head to cnbc.com where we have instant online access as well as coverage. our live team is blogging the events as they happen. >> now, straight to the markets, wilf how are they looking? >> they're looking very positive seema. as you might imagine from this deal. vast measures have to be passed across continental europe. this is a big development in the

last few days and even last few weeks. we'll see markets rally 1.6%. that's just after european markets opened that's why we've seen a strong rally. the stoxx europe 600, the one week change is plus 7%. we've already rallied quite a lot during last weekend. but that has continued today because of that clear agreement we've had. individual markets, the lagger the ftse 100, continental europe at the best part of 1.5%. basically, the banks, they're set to performing very strong. across the board like bnp paribas, or the unicredit in italy. and bonds as risk on passion,

the core in germany rising. close to 1%. 1.92 we've seen by the likes of spain and italy. a quick look at rates, the euro has been interesting, it did pop up as the deal was announced, having been slightly down at the open. since people have digested the deal we've seen it sell off quite significantly. down 0.8%. overall, the sentiment is positive. coming up on "worldwide exchange," oil trades higher over hopes of iran's deal. how close are we to an historic agreement. we're live in tehran after this break.

oil is trading lower amid expectations of a deal with iran on its nuclear program. these talks continue in vienna between six world powers. reports suggest an agreement could reach as much as $100,000 a day on to the market in the short time.

let's go live in tehran with the latest for us. ali. >> reporter: well wilf it looks like the two sides are almost ending what could be an historic deal for almost 13 years. they've been up and down but the language coming out of vienna right now is very positive. the head of irron's atomic energy association said that the two sides are very close. all the technical elements have been resolved. while john kerry said good talks are going on and he's very hopeful. there are still works to be done but the talks wouldn't be extended beyond today. a clear indication that they're getting ready to make an announcement today or by the latest tomorrow. that is backed up by the fact that all the foreign ministers are in vienna right now. now there may be a little navigating to do but it looks like a done deal.

i can also del you here in tehran, social media buzzing with energy with the opt minimum of a deal being announced. >> ali, back to you. for that update. and moving on imf managing director christine lagarde said the deal is a good first step but only the beginning of a longer process. >> it's been a laborious night, but i think it's a good step to rebuild confidence. and there will be many more step i'm sure that will only be demonstrated by the implementation of what has been agreed now. >> let's get back out to holger schmieding head of berrinberg bank. this deal will take a long time to implement? >> yes, it will take a long time to implement.

it is not really a done deal. you could call it a fragile half deal. having said that the situation is now significantly better than it has been say, than the middle of last week or the week before. after this disastrous referendum decision not aside from the disastrous decision of tsipras in greece to go against competitors, we now have a tsipras that is ready to implement a deal that all in all looks fairly sensible and they're right for the markets to celebrate that process. >>s the marketing inging celebrating as you say, the euro copped a little lower. but since has traded sharply down. why do you think that is? >> well the euro is the one thing that in the euro crisis often moves against what quite a few people think is intuitive. the euro currency is unlike

youth spreads. not a clear play on the future of the euro. we often see a knee jerk reaction that negative news on the euro prices let the currency down, only for the currency to go after recover. we could, for instance have the following. if the u.s. fed sees that the situation is coming down in europe, the u.s. fed is probably more likely to announce that it will raise rates in september. that could actually mean a slightly stronger dollar. >> holger you said when we were chatting earlier that a grex the does remain a small risk for europe. but how much less of a risk is that today than it was yesterday. >> well i would say this remains a significant tale risk. it say bit less of a risk than yesterday. it is probably somewhat around

30%, 35%, as this deal still needs to be implemented. >> and in particular, who is the most likely to block this thing? is it the greek parliament itself? or other countries around europe, of course, the likes of finland, netherlands austria, slovakia australia, these are countries that have sparked any opposition to greece moving forward. >> i do think that we will likely get parliament approval by all sides all of the coming days. if one of the parliaments of the smaller european states you mentioned were to say no we probably could go around it as in the end, we only need 85%. another 100% of euro members to agree. the real issue will be in the implementation in the months thereafter, when there might be days agreement on the details. or there might be more resistance in athens. and indeed these politician are the politics that you probe have

to watch most in the coming months. >> holg lovely speaking to you as usual. coming up a meeting from the european prime minister. we look at how the move is slightly higher. "worldwide exchange." we're back in two minutes.

after 17 hours of negotiations we have finally reached it. someone can say that we have agreement. >> the deal is done after a marathon weekend of talks, pole makers agree the framework for an 80 billion euro package for greece depended on athens implementing a number of reforms starting this week. leaders say the grexit issue has been put to bed while greek prime minister alexis tsipras suggests athens has sent a message of democracy to the whole of europe. european equity trades higher but the euro sheds over 0.5% versus the dollar. u.s.-listed greek assets are called to open sharply higher. peripheral bond deals meanwhile fall across the board.

eurozone leaders have unanimously reached agreement on greece after all-night talks in brussels. julia spoke to italian prime minister matteo renzi following the announcement and asked him whether the deal was a success. >> i think it's the first deal important for greece, but the challenge today is create an illusion for europe. because obviously, we are at a cross roads, after 17 hours, it's impossible not be happy for conclusion of agreement. but i believe we need absolutely a new vision for europe. because the discussion in a moment in which and that we have the bonds with italy's rate in the communities.

there's a possibility of agreement in vienna about iran in the works for libya. at the moment a lot of problems in ukraine. a lot of problems originated around the world. and it's important that europe play a role. it's impossible to spend four meetings to discuss about the debt so it's important that we have to if we save greece my real challenge -- our real challenge today is to save europe and the business. >> how do we do that? because it does look like the relationships in europe are materially damaged by this. the largest agreements particularly as far as germany and france are concerned about the action that we take going forward. it looks damaged suggesting that one country might leave, and not have to leave. >> i think really the question is not simply about countries or

one country as greece. i think there is a moment at which after 70 years, we have to decide what type of institution we need. because the 70 years of -- 57. so 60 years ago, less than 60 years ago, in the moment very difficult for the world as a place for peace. and 50 years ago in 2000 we described europe as the place, now is this approach now, it's up to greece to make only the democracy. so we must absolutely come back to inspire, pioneers about europe come back to an idea of ideals for europe.

and then we can achieve the agreement for economy, for parameter, for the validation. but the real question today is okay, we said this good. okay we discuss about the problem of migration or immigration of one brand of ideology. but now, we must discuss what is the model of new europe. and i think the new generation is absolutely committed to create a vision for the future. >> what does it look like? how? >> how? invest in the new generation as people and not as numbers. this very important because if we test for europe only in a place of parameters only about the relation between gdp and deficit and that we just have europe in a place of numbers.

two, believing, it's impossible don't change the country. in my country, the last year we change. the position not well we change labor market approach of public administration electoral vote. constitutional reform. legislation system and judicial system. it's important because if we decide to invest in a contemporary society, you must change the country. so it's crucial in that approach. but we must come back to to years of justice. we remember the place 20 years ago. people was killed with genocide. so, i think, come back to our values. come back to our ideas and invest in a different

generation. and if we stay like this? sir, thank you, thank you. >> that was prime minister of italy matteo renzi speaking to our own julia chatterley. the ftse 100 up 0.6%. and the extra dax up. and we should point out in terms of where we're seeing the buying, the banks. b nb paribas up 2.5%. so far green across the green investors responds positively. >> indeed risk on factor also risk on bonds that means the periphery is seeing bond buying. but the safe havens of the u.s. seeing bond selling. 1.92%. 2.43 on the ten-year and u.s. >> how is the greek deal

responding to the summit reaping a tentative agreement? well, we've seen deals come slightly off it their highs. two-year at 31%. five-year at 13%. and the ten-year at 12%. we should point out there's still a bit of execution risk that may haunt us because of volatility going forward because alexis tsipras still has a lot of legislation to pass by wednesday. the tall question is will he deliver? >> the euro which did spike briefly has sold off in reaction to what we just pointed out in the yield. so the spread between german and u.s. yields. that's around the euro to sell off 0.7%. 1.08%. but that's not grasping the positives that you're seeing other other financial assets. between while, greek prime minister alexis tsipras says the

deal keeps recession in europe. but angela merkel said relations must reebbe retour stored. >> we have recommended conditions to for the german bund bundesstar. and the country which helps which has shown willingness and readyiness readiness. >> let's talk about how to trade this out. we're looking at european stocks across the board higher with the deal being put together. the question is what's happening with the euro now down about 0.5% against the u.s. dollar? >> yes, that's right. the euro has developed into a

relationship with european equity markets and into global risks more broadly. so under this kind of agree, this kind of deal where we see a positive response from asset markets with prices moving higher in europe that doesn't mean that the euro will come under some pressure. the initial rebound in the euro is known to be short-lived. and i think we'll then see europe come back under pressure. i think that's exactly what we're seeing this morning. so that relationship does seem to be holding in place. as we see, equity markets moving higher, we see bond yields coming down particularly in the periphery, why we start to put euro under pressure. so while we're not expecting a sharp design with the euro under this kind of environment, it does mean that we couldn't return for a more steadier move for the euro pretty much across the board. particularly against the dollar as we start to see the dollar

starting to regain some support as well. >> does this now underline the euro as the funding currency for choice for the rest of this calendar year at least? >> yeah it could work. this could work with the point to where we start to see the euro emerging as a funding currency. and also if we continue to see the asset markets performing well hedging activity as has a big impact on to the euro. we're putting the euro under pressure as inflows back into european asset markets, a lot continues to be currency hedged. that will keep the euro under pressure as well. simple factors which i think will continue to work against the euro particularly if we have a more positive risk environment starting to develop within the eurozone. >> ian stick with us i'm going to bring in julia live with us from brussels. julia, of course great

development in terms of the short term the last few days and weeks but what about the long term? do you now think this deal gets passed over various european parliaments over the next days and weeks? >> well you're right, wilfred, i think short term what was achieved over the last 22-hour marathon is that grexit was avoided. i think what it came down to was precisely that in the small hours of this morning. but you're quite right. now there's other difficulties from the first moment two days now into wednesday evening where the greeks have to be back and start trying to legislate. we're talking a.t. reforms, we're talking pension reforms. awe the things that the greek people voted against over a week ago, that's in its own enough of a situation. because they've only got 72 hours to do that. of course, they've got that to take place in france. and likely in germany to sign on to this more broad european

economic stability program, is this going to be about 86 billion euros in size that greece can draw down upon. there's going to be far broader array of measures in what they have to do were. what they have to do go back to 1220 capturing the reform measures and also anything that greece has enacted unilaterally in the last five months according to the series of government could be aroused. we'll have to wait and see the details of what else has to be achieved. there is a weariness by leaders. and you heard from mateoteo renzi, this is about the focus of europe going forward. just how we develop and reshape europe to not keep coming back to these situations and having these back and forths and arguments over which countries what want. who are the disciplinarians, i

think for many here far bigger questions to be answered than just about greece here. back to you. >> julia, thanks to you. do stick with us. i want to bring in ian from morgan stanley. can we be confident that it's 100% being avoided? >> there are still plenty of risks, though which are likely to pop up in the way, as we see it pass through several parliaments in europe and out there the eurozone and out there the eu. so there's still plenty of hurdles, in regards to the implementation of the deal and that could lead volatility high within greek currency markets. i think the euro could stall in the situation where you see it moving on different headlines, we need to be wary of that. i think where we continue to see things moving in the right direction and see a positive response in the asset markets, a

gradual move in the euro is likely to continue. the risk factor i think for it i think they'll move smoothly as the market is currently anticipating, that could see assets markets come back under pressure. if were see the euro moving at the same time, that would suggest that the euro could probably be moving into a more negative environment. so that's the risk factor. for the moment while we think we have this negative pressure and we'll see that it was supported. >> ian, we didn't mention the difficulties that the greek parliament are going to have in passing these measures. what's your expectation there in coming days? are you expecting that the greek government series of governments, will actually fall into line and pass these measures in the short term? because i know a lot of people on the ground in athens are talking about the possibility of

needing to incorporate some of the opposition members and then saying hey that has come to a push with some unity government. just in the absolute short term what do you think happens here? >> well were the risks are still hot, particularly on the greeks so it may well be that the greek government has to rely on positions to try and get measures straight. and that will increase the physical risks within greece. and i think overall that again, when you start to think about the impact to the markets, i then see that as a particularly positive event. so i think the risk factors associated were the kinds of agreement are like throw keep war under pressure. for me it's more about the pace of the euro design. we're seeing that as a gradual design as asset markets move higher. if we get problems developing

then the pace of the euro decline could regain some momentum. >> ian, thank you so much for joining us today. head of european structure, julia, also thank you for joining us from brussels. we'll be back with julia later. it's been weeks of talks, deadlines and with it some buzzwords emerging from the grexit. and reaching an agreekment which is your favorite? are there too many? or more to add? let us know what you've come up with, i've come up with a few, wilfred, if you'd like to hear mine. >> i would. >> grift. with this deal emerging even a grin a greek win? >> i do like that. i've got another one, i think the markets experiencing aence

of euphoria. >> oh that's good. >> do get in it up with us at cnbc let us know your favorite buzzwords from the greek drama unfolding over the recent weeks and months. also still to come here at "worldwide exchange" all quiet at wimbledon cup in the aftermath of the tournaments. how much is winning the tournament worth? stay tuned, we'll break down the numbers for you, after the break.

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china's june exports beat expectations increasing 2.8% year over year versus expectations of decline. imports fell less than expected it 6.3%. >> meanwhile, chinese responding up in trading. this following a bazooka in beijing. there you go that's how the chinese markets fared in today's

session. volatility tracking a wild swing. a six is-year low and then 11% in value in a single session. even gold fails to benefit from the uncertainty in china. joining us to discuss commodities, nick van, he's head of commodities. thanks for joining us. let's touch on what china's done to commodity prices because there say disconnect between what's. happened in retailer investment environment in shanghai and the underlying economy. have the prices reacted too much to the folks in the latter? >> there's a lot going on here. certainly this morning. what's happening in china this year is a major structural change under way in the chinese economy. we are moving away from the old unsustainable growth market which had a heavy emphasis on investment. and infrastructure. and output of heavy industry.

what we're moving towards is a more sustainable growth model based on consumption, innovation. but over the price mechanism. so this inevitably implies slow economic growth and slower demand for raw materials. now, the chinese majorities have said basically it would do whatever it took in order to achieve the 7% growth target. and people have believed that. chinese authorities typically deliver on those promises. but what happened with the equity market collapse you saw a very unchinese situation whereby authorities were desperately trying to support the market in the face of this deflating bubble. and to do so. and i think what happened was that undermined the market's conviction that the authorities would be able to support private growth. along with the collapse of equity market in china, there

was a sharp downward move in commodity prices. >> can this support the economy though? do you think that transition that you just mentioned will happen and will happen relatively smoothly? >> there's clearly been a lot of difficulties along the way. but i think it's important not to underestimate chinese authorities, typically, they are able to do what it is they set out to do. i think their attempt to support an equity market in the face of a deflating bubble is always going to be problematic. but they have introduced a lot of item muss policystimulus policies. we would identify a weak initiative in an attempt to rebuild the ole silk group overland and every so. this could turn out to be a very significant policy over the coming years. and we could see significant growth across asia and therefore

a demand for raw materials. just because the chinese can't support the equity market that is collapsing doesn't mean they can't supported a wider economy. >> these macro uncertainties around china and greece have also been weighing on oil prices given that we have a deal now here in greece, what does that mean for oil prices going forward? >> the greek deal will be important, but probably also the negotiations going on between iran. it seems as though things are very close. the oil market is an interesting one this year. we and others have commented on the extent to which low oil prices are stimulating demand for products in terms of a significant expansion for a number of countries and around the world. but the market is still oversupplied. and that means that the

potential deal -- >> is only going to change it more or less once we get that iran nuclear deal. >> and nick bound head of commodities research. the latest situation on the unfolding situation on greece. an ecb governing council is seen as holding emergency funding for greek banks steady in discussion on monday. so at the moment that funding level scene has been held steady. >> i think that's the big question, now that we have a tentative agreement, when do greek banks actually reopen. they've been closed for two weeks. let's move on to a little bit of sports. defending champion novak djokovic won this third wimbledon title defeating roger federer in a nail biting final. the serbian 31-year-old outplayed his 33-year-old swiss opponent stopped from becoming the first man to win. he grand slammed eight times.

meanwhile, serena williams completed what's been dubbed the serena slam. but spain's garbine muguruza gave her a run for her money. she still walks away with a comfortable $1.4 million in prize money. while the championship earns williams and djokovic get this $2.92 million apiece. >> that's the best money in world tennis and they equalize that amount between the male and female tournaments last year which i think has been commended. interesting of course djokovic seen as all-conquering at the moment. age 28. but do you know how many majors federer had at the same age? >> let's see. 28 -- how much did fed have maybe five six? >> no 16. so the point of djokovic of course, he is world number one, is that he's got a long way to

be at federer's caliber. it was at this stage that federer slowed down and didn't win that many more. i wonder that djokovic would do in the way that federer did in five years. >> and how important a role that federal grant position plays. if you take a look at rankings three and up much higher than maria sharapova. when you take a look at how much they've earned from sponsors maria sharapova winning by a mile. >> indeed more discussion on wimbledon coming unlater. also coming up u.s./greek assets up more on the deal.

and welcome to the second hour of "worldwide exchange." everyone, i'm seema mody. >> and i'm wilfred frost. here are your headlines from around the world. >> after 17 hours of negotiations we have finally reached it. someone can say that we have agreekment. >> the deal is done after a marathon weekend of talks. policymakers agree that framework for an $80 billion euro package for greece dependent on athens implementing a number of reforms starting this week.

greece is say bailout. italian prime minister matteo renzi tells cnbc europe needs a new vision. details of the agreement emerge but the euro shedding over 0.5% versus the dollar. the u.s. listed greek assets open sharply higher. peripheral bond yields, meanwhile, fall across the board. the deal is done. in the last couple of hours, the eurozone leaders have unanimously reached agreement on greece after all-night talks in brussels. speaks minutes after announcement, the greek president laid out some of the details. >> he needs to address the issue of financing needs and debt. and part of that agreement is that a fund will be set up which

will -- assets will be transferred to this fund. the fund will monetize these assets by privatizing or by running the assets and trying to make money from those. that money will be used to deal with debt and to reduce debt. also it will be used for for the repayment of recapitalization of banks. one of the big issues that we'll have to deal with once the program is agreed is to the problems in the banks. the fund will contribute also to the repayment of those capitalization needs. >> let's get straight out to julia for the latest reaction on the ground in brussels. julia. >> well interesting to hearing jeroen dijsselbloem speaking there. the real work begins for greece they have to go back for wednesday evening to legislate

these prior actions. we're talking about v.a.t. reform we're talking about pension reform. the bulk of this agreement not a small task. the head of the organization of greece saying it's going to be really tough to pass those measures. then of course we've got the likes of france england, germany, who also have to take these back to our parliaments, too. a lot of work to be done over the next few days before we can talk about that program, that broader program that's going to be made available to greece. of course in the shorter term the euro group in a meeting for a few hours' time to start talking about what it is short term as far as the liquidity for the banks is concerned. of course that crucial ecb payment from july 20th. i asked jeroen dijsselbloem about that. and i think the privatization fund of the euro is very interesting. very hopeful, remember we've

been talking about privatization since 2011 and it just hasn't happened. and the bulk of the capitalizations are going to have to happen quite sooner than that. tieng there are huge question marks over that. but overall, a relief over 22 hours. we spoke to jean-claude juncker coming out of the deal and asked him what he felt about reaching a deal. listen in. >> i'm quite relieved that we found an agreement. this was not an easy thing to do. and the main commission has taken both the eu council many with this growth package, 35 billion is important because this is not only important about fiscal consolidation but -- >> i think the bottom line in actually coming into this meeting is that we can trust in

greece that this stage is very low. the onus now very much on that government to show that they can pass as much in parliament. and that they will follow through on the implementation of these measures for that guys we just have to wait and see how this works particularly as far as the government and implementation is concerned and negotiations still to come on this. for now, we wait for the final word from the euro. let's take a look at u.s. futures. what can we expect in today's trade? the dow actually ending higher for the week. although it was a volatile week for u.s. markets, a lot of that having do with the macro uncertainty related to greece southwest the volatile swing to china. as we pointed out a positive session in asia greece the deals helping stocks to move higher. the dow calling for an open up by 77 points. nasdaq up 26. s&p 500 indicating a higher open by around 8 points. but we have seen a sharp change

in events when it relates to greece and stabilization with creditors. an agreement as donald tusk said this morning. and risk on sentiment helping 12:00s move up higher. and deutsche bank among others and up 2%. and the uk, the ftse 100 up 8 points and now it that looks like a deal in greece will the conversation shift back to monetary policy and what that means for marketing going forward. >> absolutely. one might say that's what the euro dollar in just a moment and first a look at bonds. a rick on equity markets as seema just pointed out also risk on for bond markets meaning that safe havens like the u.s. and germany with bond selling therefore ticking up the so far

riskier end of the curve, the likes of kititaly and periphery. we just highlighted focusing on whether the fed can hike rates that means that the euro is reacting negatively to the developments this morning as opposed to the direction of the market that we're seeing 1.1070 on the euro dollar. the european prime minister alexis tsipras said the deal keeps it in europe. but he calls it recession father. we can created conditions to be able to recommend to pass a vote for negotiations for a concrete esn program for greece. on the one hand we have solidarity of the member states on the other hand the country which we help has shown a willingness and a readiness to

carry out reforms. >> all right. let's get out to michelle caruso-cabrera live in athens. steve is in berlin. michelle, good morning to you. let's start with your reaction to this deal. and, of course the big question is what type of pushback will alexis tsipras receive from this party? >> from this party? quite a lot, i think, seema. but the fact is he's going to have the overwhelming majority of parliament behind him from what we can tell so there may be some creepiness in this coalition but thus far, i haven't seen anybody say he couldn't get this passed not because of lack of votes but by the logistics of trying to crack negotiation so quickly. but bottom line let's say he has capitulated on everything or nearly everything. everything that he said he would try to undo he did not get it undone. the imf will be included.

what did alexis tsipras get if anything, to come back and say he got a win there's a couple of things we can say. we heard angela merkel say they will consider reprofiling greece's debt after part of the program. he's got than language said out loud. he can call that a win even if it isn't a full write-down. one of the things he got last night, the potential collateralization of 50 billion that was rip nealoriginally decided outside of greece that fund. even supporters of what you would call liberal thinking in europe conservative thinking in the united states found that very hard to swallow that greek assets would be managed from a fund outside of greece. that fund will be managed inside of greece. but clearly, this was designed to try to push the privatization

process further. as julia mentioned. it was george papa dre ewe who said said that. we've seen the leaks in various things about a five-year temporary separation if this thing doesn't work out, remember, this still isn't a final deal. he's going to come back they're going to craft legislation. there's going to be a shake-up in the cabinet. and he's going to have to acquire members of his party that wasn't with him, and he may have to step down. to get all the assessments. >> michelle thank you very much for that view from athens. let's get straight out to steve with a view from berlin. so steve we're sort of in a 48-hour holding pattern to wait to see if athens passes this agreement. if they do do you think merkel has the authority back home that

she will get it passed in her own country, and then do the rest of europe follow behind her? >> i do think so i mean you look at this it's a check list of things that merkel needed to get any additional greek aid through her articlement. and parliament. issue nell michelle suggested this. this is a deal to get a deal. you have some on the left complaining it's too harsh on greece. some within merkel's party who supported a grexit are saying greece can't be trusted. so far, they're relatively quiet. i think this is something that merkel can come forward with and say, look they did x, y, z reforms. 93 have the privatization fund which is we asked for and the imf is still involved and there's no hair cut involved. i just wondered guys maybe this is a weird metaphor.

is this a bit like the wizard of oz saying to dorothy, go out and get me the wicked broom of the witch of the west and then we'll have a deal? an interest in what lands first in greece as to whether he can sell this as a win or he has to sell this as capitulation or whether or not this plays out in europe. >> absolutely. steve, thank you for getting us the word from berlin. let's go to gina sanchez. gina, pleasure to have you on the show. news of this deal sending european stocks higher? has this greek deal be placed or too late for equities? >> well interestingly, we had an interesting opportunity to buy european equities we were recommending that all along. not necessarily that we had a lot of faith in the greek deal or the idea that it would be passed but simply that the

outcome would be quite devastating. what we do know about the european union generally, it's generally done things based on need not on what is necessarily the best or what one should think have to happen. what tsipras essentially did is the entire country had to come up to the abyss and that's what's causing them to do this deal. >> with trading european equities for the past couple weeks it has been the greek headlines, moving stocks higher and lower. do you think the reflation father sources of qe will be the dominating force? >> i do. i do. particularly with the u.s. you heard comments out of yellen that you will get a hike in 2015. i do think it offers more opportunity. >> whereabouts would you be putting money in europe in terms of specifics? the last two or three weeks has

been very high beat type of improvements is it the going up? >> i do think it's going up. i think interestingly, the energy stocks have been beaten up all year. likely we'll see oil rising by the end of the year. i do actually think that might be a place for opportunity. >> i want to go back to one of your first answers implying that the european union is more reactive than pro active and i can certainly agree with that over the last 12 months. european qe was reactive. is that still a relatively short term relying on this type of policy? or long-term, five years down the line is europe going to significantly come together and grow for the long term? >> i'll be honest when i first recommended that trade to my client i thought we wouldn't have it three to six months. in fact, i thought it wouldn't even make the three-month mark. because i thought it was a

purely reactive move and that measure would be pricing quickly. and interestingly, the result of the very strong dollar. and the number of other things that sort of created an opportunity gave that trade more life. so while i do think it's a short-term bet it has surprised me how long it has run and i do think it has more. >> for our viewers joining us in the u.s. what do you think will drive price? does it shift back to policy and earnings? >> i do think the conversation will shift back. i think greece is becoming a foregone conclusion. you can see that on the price action today. so short of things falling apart, i don't think that's going to happen. by wednesday, everybody is going to be focused on yellen, what's going to happen with the fed, and what the timing of that hike will be. >> gina thank you for joining us. stay tuned to "worldwide exchange," oil trades low and

hopes to a deal with iran's nuclear program. how close are we to getting an historic agreement? we're live after the break.

welcome back. let's go to headlines. european leaders and greece agree to a deal setting the framework for an $80 billion bailout nor athens.

european markets rally with europe mean markets. and wisconsin governor scott walker is poised to become the 15th republican to enter the race for the white house. oil is sitting lower amid expectations with a deal with iran on its nuclear program, this as talks continue in vienna between tehran and six world powers. officials say negotiations are in a decisive phase. reports suggest an agreement could be as much as 200,000 barrels per day on the market. let's get more on the story, will we reach a deal this week? ali arouzi joining us live from tehran. >> reporter: hi. after 13 years of bargaining horse trading and threats, the two sides after months of 20 hours of negotiation seem to be

at the finish line. all of the language out of vienna very positive this morning. the head of iran's atomic agency saying all the technical elements had been done. kerry said it's a good meeting and positive outcome and being hopeful. and foreign minister minister sharif said he had work to do. and they were getting ready to announce something either today or by the latest tomorrow. so there's a lot of buzz in iran right now that this deal will get done. there may be a little bit of navigating to do but it looks like it's a done deal. last night president rouhani issued a cautious statement saying he delivered on the election campaign to solve the nuclear issue. and even if it fails on the last few steps he has delivered on his props. today there's a lot of buzz around the city. and people are anticipating an

announcement to come out and they may flood out on the streets for big celebrations. back to you, guys. coming up a republican wrecking ball is donald trump damaging the prospects of the gop winning the white house? we'll discuss that next.

welcome back. let's talk u.s. politics. wisconsin governor scott walker will launch his presidential campaign this evening. he'll become the 15th republican to enter the race but he's wildly considered to be in the top tier of jeb bush and marco rubio. and hillary clinton will give the first economic speech of her presidential campaign today at the new school in new york 10:00 a.m. eastern time. she's expected to make boosting middle class wages the focus of her agenda. let's get out to tracie potts, she's live in washington with what to expect tracie. >> reporter: hi good morning. hillary clinton is going to be talking today about profit sharing for employees hoping that will boost her campaign when it comes to economics. you mentioned scott walker the wisconsin governor who came to

national attention with a resolution affecting his home state. and now focusing on washington and washington dysfunction. he's also polling in the latest poll at close to 6% which puts hip in the top tier, the top ten, that will make the debate stage next month. there are 15 candidates, once walker jumps in. although we've been talking a lot about donald trump and immigration. and we'll have comments about that on twitter just this morning. walker is hoping to change the focus today. >> tracie thank you so much for that. now, rupert murdoch has criticized presidential candidate's donald trump's comments on illegal immigrants. the media mogul tweeted trump wrong. fellow presidential candidate lindsey graham says trump has become a wrecking ball for the

future of the republican party. still to come here on "worldwide exchange" -- we're live in athens getting reaction to the greek deal agreed in brussels in the last few hours. we'll also leave you with a look at u.s. futures which are expected to bounce strongly in line with asian and european equities. "worldwide exchange" is back in two.

and a big deal has been reached. welcome, everyone into "worldwide exchange." saima modi. >> and i'm wilfred frost. >> after 17 hours of negotiations we have finally reached it. someone can say that we have an a-greek-minute a-greek- a-greek- a-greek- a-greek-ment. >> the deal is done. leaders say the grexit issue has been put to bed while italian prime minister matteo renzi tells cnbc europe needs a new vision? >> this is important, you have to -- if we save greece my real challenge, our real challenge

today is to save europe and the business economy. >> european equities trading higher as details of the agreement leading the banks with the gains. but the euro sheds over 0.5% versus the u.s. dollar. u.s.-listed greek assets open sharply higher. peripheral bond deals, meanwhile, fall across the board. and if you're just tuning in thanks so much for joining us here on wx wgs."worldwide exchange." it has been a very busy premarket trade. a volatile session, we should point out, the dow traveling 3,000 points from high to low. but at the end of a week with little change. but monday we could be set up for a rally here. dow up 117 point it's. european market outperforming applauding comments from european leaders on a tentative

agreement being reached with greece. but the germans say greece must rebuild trust quickly. let's take a look at the euro stocks across the eurozone. what's interesting about today's action. yes, european equities up strongly over the past one hour. but the euro has been reversing course, down 0.8 against the u.s. dollar. >> and seema said the deal is done the eurozone leaders have unanimously reached agreement on greece after all-night talks in brussels. athens is set to create a $50 billion euro privatization fund while 25 billion euros would go towards recapitalizing banks. meanwhile, imf chief christine lagarde said she's pleased with the outcome. >> it's been a laborious night but i think it's a good step to rebuild confidence and there will be many more steps i'm sure

that will only be committeedemonstrated by what's happening now. >> and also in the bund market the safe havens the likes of u.s. and germany are seeing bonds selling. for years rising as you see 0.45 on the ten-year note in the u.s. >> and as donald tusk said a greekment has been reached. take a look in fact, at the greek yield curve. greek ten-year at 12%. the five-year the a17%.17%. the one year at 5%. one week later, a very different story. >> let's have a look at rate as well. initially, they've wokked the news of the deal but there are various reasons for that focus back to the fed with the hike rates and the deal is the

funding choice. 1.1072 the euro currency off a round around 0.75% against the dollar this morning. now, seema, this is a big deal certainly in short-term perspective, big development over the last few days over the last few weeks, still a long way to go. >> and investor enthusiasm could be tempered over the next few days if greece doesn't deliver the reforms. the deadlines continue. over the weekend, the recurring word was trust to germans this weekend. they want a trust where they can believe in the greeks and holding on their bargain, right. delivers reforms that they demanded. it's interesting to see the dramatic change in tone and commentary just over the last ten years. >> you know i think just as a crucial factor that you say, it's not surprising, it shows you over the weekend being too tough on things it's not

surprising that trust has broken down certainly since syriza was elected. and that's why demanding that greece pass this reform by wednesday before the deal is solidified. >> do you think we'll actually get a deal though? you know at the last moments things could fall apart especially if is reesesyriza doesn't hold? >> yes, this is a much stricter deal in greece which he's now going to propose to partialment. but they've experienced over the last week or two what a grexit could be like with bank closures and the like. thus i think this deal will be pushed through regardless of whether people think this is a capitulation, i think with conjecture at this stage, i imagine this does pass the greek

parliament but i think accept practices has lost his credibility. >> it's been weeks that we've been discussing the grexit and aglimmer of growth. finally today reaching an agreekment which is used by donald tusk himself. what has been your favorite? have there been too many out there? let us know. tweet us @cnbc. you had a good one. >> i did, euphoroia. >> that's a good one. now, apple has joined a number of big corporates stepping up to help greek people through the crisis. it has sent an e-mail to icloud users saying it will extend plans for 30 days without any extra costs.

and the flights for five euros, flights to the country are reduced by a third. coming up on "worldwide exchange," the big three u.s. automakers kick off talks with uaw with motor week this week. we'll take a look at both sides coming up. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive?

welcome back. the u.s. earning seasonic didding on tuesday with jpmorgan well farce go and johnson & johnson reporting. and then csx as well. bank of america, intel and netflix. that will be one to watch, whether it beat or misses expectations. a few more wall street banks reporting results on thursday. we have citigroup and goldman sachs. and friday we round out the numbers from g.e. as you and i were discussing wilf, at the top of the show it will be interesting if earnings will drive or macro headlines from greece and china. >> i'm excited not the epic calendar behind you now but the fact that we've got a greek deal maybe we can focus on companies and see if that moves stock prices as opposed to the

headlines. now, detroit could be the site for what could be very contentious labor talks over the next three weeks as the big three automakers zug contracts with the uaw. landon dowdy's got details. the u.s. auto industry may be booming but talks with the uaw could get doncontentious over a few issues as the contract expires in september. they will open the day with a ritual handshake like this one in 2007. ceo mary barra and the union president across the table with talks kicking off. and as americans are buying new cars and trucks this year at a pace thought seen since 2001. i key issue is wages. the uaw wants to end a two-tier labor system with a different pay scale for workers hired

before and after 2007. workers have received raises within the past four years however those legacy workers haven't had a raise in eight years. the union took over managing with retirees in 2007 that with savings over the second two has cut labor costs in half to about 7% erasing levels between the big three and foreign automakers. all automakers have eyeing lower manufacturing costs outside of north america. last week, ford told the uaw it could shift production of the focus and 30% of auto manufacture has gone to mexico and employment will double there over the next four years. the uaw does have a strong bargaining chip. for the first time since 2007 it has the right to strike in 2009 as part of the u.s. bailout of gm and chrysler the union agreed

to submit to binding arbitration if contract talks fails but that expires in september. wilf, back to you. >> landon thank you very much. all right. top political representatives from puerto rico will meet with bond holders and citigroup offices this afternoon. the puerto rico governor said he wants to restructure bonds $2070 billion in debt. the meeting will include a presentation by former imf economist ann krueger. and lock he'dheed martin is the lead to by sikorsky. sikorsky and lockheed worked together on several programses.

you can see lockheed unfashionably in trade today. and halliburton agreed to extend the review of the $35 billion merger until at least november 25th. the deal is being scrutinize by regulators in several countries as the companies have overlapping businesses in the u.s., europe and asia. let's take a look at price action. halliburton up 7%. baker hughes 1.6%. as we go to break, let's reminds you of the headlines, european leaders and greece with a deal. and the market rallies. the euro shedding 0.5% versus the dollar. and wisconsin governor scott walker is poised to become the 15th republican entering the race for the white house. "worldwide exchange" is back in two.

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a significant deal in terms of the short term if we look at the last days and weeks, not yet a major move for solving greek's programs. 1.7 first the dax, 2.2% france 1.4% for italy. let's have a look at the banks as well because they're rallying strongly as you might expect. not just peripheral countries like italy seeing circa 3%. and bnp paribas at 3%. alexis tsipras says the deal keeps resources in europe but re session father. >> we have created the

conditions for being able in germany to recommend to the german bundis to create a program for greece. on the one hand we have solidarity of the member states on the other hand the country which we help has shown a willingness and a readiness to carry out reforms. >> let's bring if julia charterly who has been live in brussels speaking to various leaders. and a dramatic change in tone from european leaders over the past 12 hours, julia. >> let's make it 22 seema, in fact because we saw every single one of them you're absolutely right. i think alexis tsipras said right there this was a battle to keep it within the eurozone and now they will remain so. and it's going to unlock talks for that bailout deal.

we're talking 86 billion euros, a huge rack of money, in addition to what has already been provided to greece. so that of course is going to come with conditions. if you total up all the restructural reforms that haven't been done since 2012 throw those at government that's effectively what's happened they've got 2 1/2 days to reflect pension, v.a.t. reform. all the red lines that they said they wouldn't cross with the talks. that's the issue. that's something that we'll have to continue to watch. the other question of course is this a sustainable deal? is there enough focus on growth? that's exactly what i asked the president of the euro jeroen dijsselbloem. >> i do believe it's difficult and they need difficult reforms. the way forward is going to be careful because first ned need to go to their parliament. they need to do some really

quick legislation on key reforms. then we need to go to another set of national parliaments out there. and all of them have to agree on the same deal. at the end of the week we can take a formal decision agreement in principle. the greeks have to move first. show that they're credible. show that they mean it. at the end of the week we'll go forward with that new program. >> that takes us three days from the bond payment. what about financing issues for the banks, how are we addressing that? or planning to. >> i don't have a very easy solution. . we'll turn to that actually this afternoon in euro group. i'll look into it. it's very difficult to get financing if there's not yet a deal on the program. so we'll have to look into that today. we'll have to look at it today. >> so a bit of a cautionness, i also pressed him, of course on the financing. that's going to be discussed within a few hours within the

european finance ministers when they arrive. and for all those concerns about the cash in the greek banking sector at this stage, too. but what else? this wasn't just about greece. this was about something far more big. and the prospect of what the eurozone looks like and the eu looks like going forward. interestingly, i also spoke to the prime minister of italy matteo renzi about exactly this. and i asked if we can consider this deal a success? >> well you have to -- if we save greece my real challenge, our real challenge today is to save europe and the business economy. europe and greece only bureaucracy. we so we must absolutely come back to inspiring, pioneers come back to an idea of ideas for

europe. >> he made a really good point. he said that all eu countries have to learn from this example now and start looking ourselves in terms of deficit targets and red tape and bureaucracy and actually try and compete with other country. he brings up a crucial point, a lot of questions need to asked there. but ultimately for greece it's now about finance. and the discussions that happen with the eurozone and, of course, implementation of course passing those requirements in greece over the coming day. guys back to you. >> just another question julia, do we know when the greek banks will be open? which of course has been crippling greece's economy over the past two weeks? >> no details yet on when the greek banks will hope.open. remember, there's two questions there it's not about whether the banks will open but what happens to the controls. when i was speaking last week the capital controls and the risks associated with lifting those two, seema, is also a huge

issue as well. not just about the bank's opening but what about the cap controls and whether or not those can be loosened in the future going forward. but in the immediate term it comes down to the ecb and that emergency liquidity assistance. >> thank you for that. yes, big development in terms of the last couple of days but quite uncertain on exactly when we get a full-fledged deal. i just want to know how strongly the rallies have been. 1.8% for the stoxx 50 today. and over 8% and that includes that after last week. that's a strong rally over one week. let's look at the dax which over 30 days itself is in positive territory, despite all the negativity into the price over the last month. up strongly today. in positive territory over the

last month. and it's something to bear in mind as equities markets rise this morning. yes, we've had a positive deal and we've got strength in markets but still a ways to go. >> and european stocks helping u.s. market move high. dow 122 points. nasdaq up 37 points and s&p up 15. and let's to the chief market strategic at tempest partners. how would you see the weak deal organization already priced into markets? >> i don't know if i'd trade it to be honest with the amount of information, with the coining of agreekment which i thought was cute especially coming out of an official a serious official. i think what you're looking at now, the relief rally is stronger than this one. we came into a much higher equity thursday morning than

less than we're seeing now. it's a bit of excitement over the deal. the focus as you've been mentioning all morning now goes back to fed policy here in the u.s. as well as earnings. we've got very important bank earnings coming out this week. we've got google coming out later in the week. and i think the lower bar that the u.s. has to jump over is a bit of a concern. we could have a quarter in a long time of negative s&p. i think this is really a relief rally and not necessarily something that you might jump in at the opening bell today. >> does this rally that we've been seeing today and over the last week does that suggest that european equities have a lot of upside once this deal has been clear? and are they your preference or are u.s. equities your preference? >> no at this point, based on the information we have my preference is european equities. -i still bullish u.s. equities. we saw for the first time in a

long time, u.s. equities go below the average. rallied strongly above it as you mentioned but there's trouble and in congestion. eu earnings if we actually guest past this greek situation, there's a lot of work to sort of grease the wheels, no pun intended in the government there in athens to get all of these things passed in parliament and get the deal in place. then you could see european markets rally in a much more substantial way than u.s. equities. the dollar is strengthening again on the idea that they'll be tightening here. and now that the eu's got a deal potential deal in place with greece that we could see some of what they've been doing. >> oil down 8% last week. is that a bullish sign for consumer stocks? >> i think in the short term it dob. i disagreed with your early 84 guest. i'm sorry, though i don't remember her name. she talked about oil rallying

toward the end of the year i just don't see that happening. when you look at the oil sector you're looking at some of the producers here in the u.s. have actually been predicting for the last two or three months increased production. increased supply. you can combine that with the potential iran deal that may be priced in. and you combine that with the summer driving season ending in the u.s. some weakness in china. even the people's bank of china is really being aggressive in their qe that doesn't necessarily help consumers and energy purchase in the long term. i don't think you'll see crude oil go back up and that will be bullish for consumer stocks down the road. not immediately but we're back to the low 40s. >> bob, pleasure having you on the show. chief market strategist at temperaturest partners. we've been asking you after the word agreekment what your best greek words were. that's all we've got time for on

"worldwide exchange." thanks for joining us. "squawk box" is coming up next.

good morning, breaking news we have an agreekment of to prevent a grexit. all-night talks between greece and euro 16 loaders for a reform for a deal. but the work is not done. our team of reporters across europe will explain. from one set of talks to another, iran and major world powers are close to a final nuclear deal as crowds in tehran chant "death to america" "death to israel." and on the run, mexico most notorious drug lord escaped from

a mexican prison again from a tunnel under his cell. it's monday july 13th 2015. "squawk box" begins right now. >> announcer: live from new york where business anothernever sleeps this is "squawk box." good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick with joe kernin and andrew ross sorkin. and greek leaders came out to announce that they have reached a deal. >> after 17 hours of negotiations we have finally reached it. someone can say that we have an agreekment. >> the agreement will green light a three-year bailout for greece as long agency the greek parliament passes another round of austerity measures in the coming days. this is expected by wednesday. some questions as to