adam, a little more context here. dow jones headline that greece would consider canceling the referendum if some deal were still on the table. [closing bell ringing] liz mentioned we see movement to the upside as the bells move on wall street. we're halfway through the trading year and the markets, the dow down 1% for the year of the nasdaq up 5%. halfway through the year. s&p up .23%. let's bring in ira epstein standing by in the pits of cme. ira, stocks climbing. as we get last words, last dow jones headlines crossings european conference call is tomorrow 5:30 a.m. eastern time, the last headline that we just got potentially the greeks would consider delaying the referendum does this help you put more confidence in u.s. markets? >> no. cheryl: okay. >> what it really does, if greece goes away, we have iran. if iran goes away, we have something else. it is always going to be

something. it will go right back to the fed and interest rates. one of the things we talked about at beginning of the year what will the year look like? i came out and i said flat maybe up 5% for the year. certainly one of the indices is there. that is the nasdaq. but others are lagging at this point. as for greece, we don't have that much exposure. our partners do. yes it is a drag on the market one way or the other but look at their finance minister. he is a games theory person. what do you think they're playing right up through the end? if you don't think that's it i think there is something wrong. this is exactly what it is. they're doing something average politicians have never seen. adam: if i'm average investor what am i doing a week from now. greece say staying in euro, what happens to me as i plot second half of the year with my investments? >> at this point it is flip of the coin.

we want greece to stay in the euro because we want the experiment to work. would they really, would people be better off out of the euro? that is a big question they should vote on. now that you have taken it to the brink for the referendum, let the referendum go through. as i see it when it goes through mr. tsipras becomes, he wins in a political sense and greek people win. if it's a no vote he goes back and does something better. if it is a yes vote let's stay in it, what is the new deal? we know the old rescue plan has to be resurrected into something new. cheryl: right. >> i view it that way. cheryl: we'll see what happens obviously. lots going to be happening overnight in the morning. that's why we have "fbn:am" in the morning. i want to focus your attention on market, ira. halfway through the trading year, big view for the viewers and they're looking at their portfolio how is the year been for me? if you had disney, shares gained 21%.

netflix great first six months of this year. ira, major averages except for the nasdaq not really performing this year. that makes people overall general sense nervous that stocks are not the place to be right now. >> aren't they? if you think about it where will you put your money? in 2% interest rates? maybe. if you don't, what you say it is consolidation right now waiting for the rest of the world to catch up what is going on. we saw a bubble in china. yet we're withstanding it. that selling pressure has not come to america and hurt us one way or the other. switch to a game of not the individual indices necessarily but the individual stocks. mergers and acquisitions they're not going to end. you will see those individual companies keep going. cheryl: right. >> every day i wake up there is something new going on in that particular sector. indices as a whole flat. cheryl: got to be a picketer, got to be a stock-picker. that's is the story. ira epstein.

their, sir, very much. >> thanks for having me. cheryl: want toget back to breaking news we've been covering all day long on fox business. tough get ready for some bailouts. greece and puerto rico are facing tough deadlines as the countries work to avoid historic defaults. president obama stressing the importance to plan for any outcome in greece. he said this earlier today. >> what we've been encouraging both the greek government and our european partners to do is to continue to negotiate and find a pathway towards a resolution. it is also important for us to make sure that we plan for any contingency. cheryl: all right. fox news's phil keating is covering puerto rico developing details from miami. first to ashley webster in athens. you heard breaking news, ashley. now they're saying they would delay the referendum if some

kind of a better deal came along. is greece blinking? >> perhaps, but who knows, cheryl. with each passing hour, each passing minute new information is coming out but here is the state of play as we, as it stands 11:00 in the evening here local time. greece asked the imf for postpone meant of the payment that is due, $1.8 billion, or thereabouts due in less than two hours for the deadline. they also found out that the greek national bank has asked for the ecb to once again raise the ceiling on the ela. sorry about all the acronyms. that is the european lending assistance. they need more money in order to get the cash into the banking system. they made that request. it has been turned down before. they're making it again this time through the central bank. greece wanted to extend the current bailout. finance ministers meeting tonight said, no, that is not going to happen.

the finance ministers will meet tomorrow again for the latest proposal for greece for another bailout program. as you just pointed out, what is the future of this referendum set for july 5th asking people whether they want to accept austerity or not? well, we found out tonight from the greek, deputy greek prime minister that he says that referendum may not go ahead. even more confusion because the speaker of the house in the athens parliament says, constitutionally you can not now recall that referendum. so what a mess. so many headlines. where do we assistant? obviously the deal, a deal is still trying to be reached, cheryl. but at this . seems like no one is committing to anything at this point. maybe a little room on behalf of greece. cheryl: thank you, ashley. debt crisis hitting closer to home. what is the latest out of puerto rico tonight?

>> cheryl, the puerto rico governor says his island is in a death spiral. straight talk from the governor. $72 billion deep with no way out. analysts expect that the island, the commonwealth, will actually run out of cash completely in the next couple of weeks possibly. well, with that in mind, last night the governor of puerto rico gave a live televised speech of seven-point plan speech to the eye land's 3 1/2 million people, all u.s. citizens, calling for shared sacrifice for everyone. padilla, that is the governor, he wants to raise tax, lower minimum wage, restructure loans, defer all payments due for five years, give creditors to accept less payback and congress to allow the commonwealth what happens in cities in the u.s. that face these problems, the ability to file chapter 9 bankruptcy. >> translator: facing with the situation all of us have to

assume certain responsibility. listen to this closely. this isn't about politics. we're talking about math. >> the u.s. territory has been in recession or near recession for 10 years. unemployment is 12%. that is twice that here in the states. this dire situation is a big concern for u.s. financial markets. for investors on the island and for municipal bond fund holders. wall street could even eracket to a default by puerto rico by hesitating to lend money to u.s. cities. congress opposes a $7 billion puerto rico bailout. yesterday the white house says the treasury department will only lend expert advice. >> there is no one in the affidavit administration or d.c. contemplating a federal bailout of puerto rico. >> for year's puerto rico's economy has been contracting. all the while the government there has continued to spend just about the same amount of money, almost all of it entirely borrowed money. cheryl? cheryl: phil keating in miami.

phil, thank you very much for the update. adam: while phil was updating us from puerto rico, the puerto rican government confirmed they will make a 600 million-dollar, actually $640 million geobond payment july 1st. they owe by end of the july, $870 million. two threats, which poses greater risk to the united states? here is peter schiff. president of europacific capital. owner of an apartment in puerto rico. headquarter offices in puerto rico. are you comfort thereby with all this debt hanging over you. >> i didn't buy any the debt. i'm not that dumb. i bought real estate which has gone up in value. i have an office there too. my asset management company moved to san juan a year-and-a-half ago from newport beach, california. where i have 50% effective tax rate. now i have 4% effective tax rate. i think that was a smart move. i didn't buy any bonds nor

recommend to any of my clients buy port reek con bonds. adam: let's talk about the bonds. a lot of people in the united states don't know their retirement investments or mutual funds hold puerto rican debt. puerto rico make the geobond payment but they run out of money in mid-july. they can't continue to make their payments, they made it very clear. if err facing default, and the answer is obviously yes, what happens to the millions of retirees that don't even know they're exposed? >> we're certainly facing default. i've been advocating default from puerto rico because i think they borrowed too much money unfortunately because of low interest rates. we entice their politicians. everybody wanted puerto rican bonds. all the muni bond managers wanted that triple tax-free debt because it was tax-free everywhere. borrowed a lot of money. made a lot of promises to get elected. now the bills are coming due and they can't pay. i don't think they should be struggling. i think they should default. adam: u.s. exposure to greece is

essentially nil. exposure to puerto rico is greater. and specifically how? >> sure. i think we benefited from the greece problems because it caused some capital flight into the united states but puerto rico is going to be mean losses for americans who are holding puerto rican debt but i think it also could mean a rerating of all municipal debt as creditors start to become a little more risk-averse, and start to price default not just in puerto rico but other municipalities. adam: chicago. >> yes, yes reality -- and many other cities. reality is, puerto rico is in better fiscal shape than the united states. they have a lower debt-to-gdp than we do. the only difference is, investors aren't worried yet because the fed is monetizing all of our debt. if we had a qe program for puerto rico they wouldn't have problem either. they can keep on borrowing money. adam: what you just said so we all understand puerto rico is greater threat to the united

states because it will drive up costs like cities like chicago, new york, portland, maine, anyone who issues bonds, cost of doing that is going up because what will happen when puerto rico defaults? >> sure. also americans lose money. most americans don't own any greek government bonds but they probably own some puerto rican government bonds whether they know it or not they're in their muni bond portfolio. this is look into america's future. for all those people out there think a $15 an hour minimum wage is good thing, in puerto rico the effective minimum wage is $15 an hour take into account lower income and they have 20% unemployment. the labor force participation rate in puerto rico is only 42% because of minimum wage. you have destroyed employment in puerto rico with high minimum wage. same thing will happen on the main land if we're dumb enough to raise minimum wage to 15 bucks here, peter schiff, you have the final word. thanks for joining us. cheryl: wow, great point from peter. warnings from the u.s.

government over threats this 4th of july weekend. the fbi settings up rapid response centers to help deal with the threat. adam: the manhunt is over but the investigation into that prison escape got started and it is getting very interesting. the prison chief and 11 others are put on what they call administrative leave. cheryl: oh, boy. chris christie making it official. joining the 2016 race. his campaign slogan? telling it like is. here are a few more of his more memorable times doing just that. >> did i say on topic? are you stupid? on topic, on topic. next question. i can go back and forth with you as much as you want. let me tell you something. after you graduate from law school you conduct yourself like that in a courtroom your rear end is going to get thrown in jail, idiot. ♪

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adam: it is one of the strictest vacs nations laws in the

country. california jerry brown signed a mandatory school bill, ending vaccination exemption force personal beliefs a loophole they used to use avoiding. this bill proposes after measles outbreak at disneyland that infected 150 people. many were not vaccinated. cheryl? cheryl: knew just governor chris christie making the his bid for the white house official at his old high school. >> americans are tired of hand-wringing and indecisiveness and weakness in the oval office. we need strength and decision making and authority back in the oval office and that is why today i am proud to announce my candidacy for the republican nomination for president of the united states of america! [cheers and applause] cheryl: he will be the 14th republican candidate to join the already crowded gop field but so far garnering just 2% of primary voters. joining me now, dan henninger from the "wall street journal"

and monica crowley, "washington times" online opinion editor. also fox news contributor and a great person. start with you. new jersey's credit rating has been downgraded nine times, nine times under his watch. he has $40 billion in unfunded pension liabilities right now. >> yes, well, you kind of defined it, cheryl. the idea that a republican would run for president from what is essentially a failed state, new jersey, is just doesn't quite compute, right? there was no way he would actually succeed in new jersey i don't think. but the credit downgrades an difficulties in new jersey, the bridge scandal on top of that, has taken a toll. and it is pushed down his approval ratings. >> you know what? he is a republican governor in a liberal state, let's be honest. here. new jersey is democratic state and been reelected and he good fan base in the state but it is not good for business. >> he has a economic record largely mixed. he will have to answer for that.

he is up against as you say 13 others many of whom have relatively stronger economic records in their state. i think of rick perry in the state of texas. he has this number of competitors, you've got to believe they will all raise his economic record in new jersey and make him answer for it as well he should. cheryl: because he has vetoed tax increase in the state, he has been actually a friend to homeowners in new jersey, capping property taxes. at the same time we're getting sense now he will really run on foreign policy. i think it is one trip to britain. a couple of other overseas trips. i don't think chris christie and foreign policy in the same sentence but that may be where he goes we've been hearing. >> he has beened indicating himself. he put out fairly substantiated papers on education and entitlement reform. chris christie was former federal prosecutor. when you talk to him, when he comes in to talk to us at

"wall street journal" he is amusing personality. but he has facts at his fingertips. he marshals his argument. when he gets out to new hampshire meets with people one-on-one his numbers are going to rise. cheryl: i think a lot of people have said he missed his moment four years ago. he should have run in 2012 when he was the hot new thing and republican field was a lot tighter and more contained. but i am not convinced of that. i think there is a place for chris christie here if he can prove himself on the issues that you and dan raised. i think there is some resistance to him because, look, he is basing his campaign telling it like it is. he has competition with donald trump and ted cruz and some others who are very blunt speakers but also i think the idea of the base nominating a relatively liberal northeast governor is not appealing to them after a mitt romney last time around. cheryl: a liberal who is also changed his tune when it comes to abortion rights and some other things. he has gone pretty conservative in some regards. maybe that appeals to the base.

guys, thank you very much. it will be fun to watch. all right. adam, over to you, sir. adam: cheryl, as long as we're talking about liberal, president obama is pushing for new rules on overtime pay, a move that could boost wages for millions of americans but at what cost? we've got the full details coming up. plus the cleanup to a messy cake war and walmart is apologizing. why the retailer baked an isis-themed cake. that's next. ♪

adam: so the white oust unveiled a plan to extend overtime pay to nearly five million workers. the president argues it will boost pay but critics say it will cost jobs. peter barnes following this one from the white house. peter? >> reporter: adam, that's right.

the administration said this would help store managers, restaurant managers, administrative employees because the labor department will be proposing increasing earnings threshold of overtime pay, $455 a week, currently 24,000 dal a year to $970 a week or $50,000 a year in 27 teen. the current threshold has not changed much because it was not indexed to inflation. the administration says it will change that. in 1975, the current threshold made 2/3s of all salaried workers eligible for overtime pay. because it has not been raised since then, 8% of those employees are legally eligible for overtime pay. today the administration says some salaried employees that work a lot more than 40 hours a week, say 50, or 6hours a week, quote, not receiving overtime pay means they're not receiving

the minimum wage when all of their hours of overtime are taking into account. now there is a big fight over what this is going to cost. the labor department says it doesn't have its own estimate just yet because it is a complicated issue but it says based on some research that it has reviewed, the change would cost all employees in all industries about a billion dollars more a year in extra pay. in part because say the manager of a retailing operation or a restaurant is already making, you know, mid 40s, and so, would be seeing really an increase of maybe $5,000 a year, not necessarily a doubling of that the salary. but, the national retail federation says in a different, in its study it commissioned this would cost retailers and restaurants 9 1/2 billion dollars a year. adam. adam: peter barnes at the white house, thank you. >> reporter: you bet. cheryl: few other stories on our radar right now. prison officials have been placed on leave following that

escape at clinton correctional facility in upstate new york. the prison chief, two other high level administrators and nine security officers are out as part of a quote, ongoing review. prisoners richard matt and david sweat escaped on june 6th. champion golfer phil mickelson reportedly linked to $3 million tied to an illegal gambling operation. but the golfer himself is not under investigation. and turned away after trying to order a confederate flag cake, one walmart customer instead choosing to order an isis flag cake. walmart employees actually made it. walmart apologizing saying that store personnel didn't know the meaning of the flag. the cake shouldn't have been made. there you go. adam: authorities on high alert this independence day weekend. coming up, we'll tell you why the fbi is warning and has a warning that might leave some people on holiday edge. cheryl: plus ticktock goes that clock on greece. just a few hours left on the country's loan deadline.

we'll have the latest breaking developments from@then. that is coming up next. ♪ ♪

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adam: countdown to a greek tragedy. hour 1/2 to go until greece defaults roughly $1.8 billion payment to the imf. ashley webster live for us in athens and there is a lot of news breaking within the last half hour, ashley. what have you got? >> there really has, adam. it just adds to all the confusion.

essentially we heard from the deputy greek prime minister on television here tonight that he says there is a chance that the referendum called for july 5th could indeed not go ahead which kind of is a little head-scratching because they had called for that referendum to ask the greek people whether or not they were willing to support the yes austerity from european creditors, or no, they wanted to renegotiate, which essentially boiled down to a yes, we want to stay in the euro, no, we don't want to stay in the euro although the greek prime minister said that wasn't the question. however, does the referendum go ahead? what happens if it doesn't? we have been told that under greek law, it is probably not constitutional to announce a referendum, have it eye proved by parliament and then suddenly not carry it out. so more confusion on that end. on the other end, perhaps more pressing issue where is greece's money come from? the current bailout measure is about to run out.

you mentions the imf payment. greece asked for delay in making that payment but not received any indication that will be the case. technically it will be in default in about an hour 1/2's time. they also wanted an extension of the current bailout. that was turned down tonight by eurozone finance ministers. i hope you're keeping up with this at home. take notes, you're going to need them. they have also asked for a new two year bailout which is the third bailout since 2010. they need the money to resupply and prop up banks in greece and restructure its debt. a lot of requests. s a lot of questions, so far none have been questioned. we'll see what tomorrow brings. adam: a lot of questions but the man with the answers ashley webster live in athens, thank you. we'll see you on fox business tomorrow morning. >> thank you, adam. cheryl: default looks more inevitable by the minute but how does a modern society function without any cash? let's bring in our panel today.

dan henninger is back with me. along with james frischling from new oak and al from lex sy i don't know capital. we were talking about this in the commercial break. all the confusion with the referendum, they're in, they're out, now the greek people are saying, how does this happen? how does a country get to the brink where you can't even go to an atm to get money out anymore? where retirees are having to beg to get their retirement out? >> you get to the point by putting off the day of reckoning, by not undertaking the structural reforms you need to produce a functioning economy. i was so struck earlier this week, if i say so, the president of bulgaria of all places we very much oppose extending bailout terms for greece. we're a poorer country than greece. we made structural reforms. we did the hard things and they should be forced to do the same thing. it is pretty much as simple as that. if you refuse and do this kind of shell game ashley was describing nothing will change. cheryl: i thought you were going to say something else, i'm glad you didn't.

that would have been a problem. you know what is interesting, i was looking at the bond yields, the 10-year yield for greece is over 14%. here in the u.s. it is over two. people buy bonds. we buy bonds in our cities, our states, across this country. then you trust that your local government, your state government will run the books effectively and in a good way. gosh, the greek, i mean, anybody that bought greek debt is getting burned. you wonder if that could happen here with fiscal mismanagement at a local level? >> so, you touched on a number about things with debt, and incidentally my favorite asset class, municipal debt. cheryl: there you go. perfect person to answer this question. >> it is always buyer beware. that is no different with bonds. here in the u.s. it is very much buyer beware. people feel that acutely, if they own bonds issued by puerto rico. for those who bought bonds in greece, guess what? this is not new news. they have been kicking the can

for about five years. so it is always buyer beware and you have to do your research. cheryl: but, jim, we've been asking this for days now. what would be the effect on u.s. markets. if there could be a fed effect here? we're expecting interest rates to be raised by our federal reserve in september. that is kind of general thinking here. but if this spreads through europe, potentially this could stop the fed from raising interest rates. >> for those who wanted it or expected the fed to stay on the sidelines, and i was not in that camp, there are certainly now for some reasons for chair yellen to stand pat. i think the fed, regardless of greece will move just a little bit. but the fact you have greece, elle, mentioned puerto rico, be clear, four times the size of the detroit. heated economy or hot stock market in china causing concerns. and now the fed threatening or rather talking about raising rates. there is a lot of headwinds all of sudden but greece is clearly the biggest issue on the table

at least for the next 24 hours. cheryl: we'll watch what happens. you're right, starting to spread. point about china, perfectly taken. asian markets open soon. thank you very much. appreciate it. never boring talking about greece. over to you, adam. adam: no deal. secretary of state john kerry fails to reach a nuclear agreement with iran by today's deadline. we're live in vienna on more what will happen next and secretary kerry had more time than any other day to get the deal done. we'll explain why it doesn't just feel longer, it is longer. ♪ multiple medications, does your mouth often feel dry? a dry mouth can be a side effect of many medications. but it can also lead to tooth decay and bad breath. that's why there's biotene, available as an oral rinse, toothpaste, spray or gel. biotene can provide soothing relief and it helps keep your mouth healthy too. remember, while your medication is doing you good, a dry mouth isn't. biotene, for people who suffer from a dry mouth.

adam: as we americans prepare to celebrate the fourth this holiday weekend, government officials urge all local law enforcement warning after possible terrorist attack. joining me to discuss this is retired u.s. navy captain, chuck nash, military analyst for fox news, jillian turner. former white house security

counsel during the george w. bush and barack obama administrations. we have a seni advisor under george w. bush and president of the hamilton foundation. all three of you, before we get into the discussion i want to you listen to the former cia director mike morell said on cbs yesterday. because the fbi is setting up these command centers nationwide. here is morell. >> these warnings go out routinely but there is nothing routine about this particular one to me. i wouldn't be surprised if we're sitting here a week from today, talking about attack over the weekend in the united states. that is how serious this is. adam: jillian, is that hyperbole or something we've seen before? >> it is absolutely not eye per bow lee. i remind everybody a couple months ago, fbi director mueller acknowledged publicly he had open investigations nationwide in all 50 states, tracking terror suspects or terrorist plots. this coming week is really sort

of a perfect storm of terrible conditions for either a planned or a spontaneous terrorist attack with ramadan ongoing, july 4th, and the one-year anniversary of isis's caliphate. adam: christian, are we talking about an organized attack or would this be the kind of homegrown thing where someone radicalized on internet tries to do it on their own? >> it is probably the second and that is why the morell the former director is just guessing. there has been a big shift from al qaeda where you have a diabolical leader with strong command and control over terrorist network, something much more or fannic, as you say, much more diffuse. we are now confronted with something we really should have been doing since 9/11 which is confronts islamism broadly as political and military force rather than just thinking we can decapitate one or two organizations and succeed in the war. adam: captain nash, are we actually trying to do that? i'm not an expert in these fields. we don't profile people the way

other countries do. would that be one way to step up the game to protect us in the u.s.? night is but we have locked in political correctness a long time ago. so, you know, it is, we're just not doing the things that common sense dictates that we should do. and you now have the prime minister of great britain, mr. cameron, saying, that this is the fight of our generation. so the brits, who have dealt with political correctness for a very long period of time, are now coming to their senses wondering when we will? adam: wish we could continue the discussion. have to wrap it there. want to wish everybody a good independence holiday. certainly keep your eyes open because the fbi is asking all of us to do that. thank you. >> thanks. cheryl: want to bring you rake breaking news out of hollywood. after several weeks of rumors, it is official jennifer garner and ben affleck announcing plans to divorce.

they issued a joint statement. they were married for 10 years. they marked the anniversary on monday. of the affleck 42 years old. garner, 43. they have three children. they met as costars on the set of 2003 film, "daredevil." they started dating soon after. breaking news out of hollywood on them. going back to what is happening internationally the deadline has come and gone for secretary of state john kerry to reach a nuclear deal with iran. fox news chief washington correspondent james rosen is vienna where talks are taking place. james, what happens now? >> reporter: cheryl, greetings from vienna where essentially the clock i should say is reset yet another time. by all accounts for the final time to july 7th. now despite that back at the white house president obama meeting with brazil's president reaffirmed he is indeed willing to walk away from these negotiations if iran sticks to the red lines laid down last week by the country's supreme

leader, ayatollah ali khamenei. president obama says given iran's path of behavior cheatings on nuclear accords, a final deal can't be a declaration by iran and a few inspectors wandering iran. ayatollah ruled out any military inspections of any military sites in iran. that does not align to the broad standards they agreed to last april. officials agreed yesterday that the u.n. inspectors having quote, managed access because the u.s. wouldn't agree to anywhere anytime access to all american military bases. when he is not working on that broken right femur in physical therapy, secretary of state john kerry has been almost non-stop meetings here, include two today with the foreign ministers of iran and russia respectively. since saturday, even accounting the short trip back to tehran and back here, he and kerry met a total of seven hours across three days. a spokesman for kerry explained a little bit of the reasoning

behind this new deadline. >> i think this extension to the 7th is to extend the relief period under the joint plan of action. it is as i said a technical extension. like going into extra innings here, in the same game. >> reporter: now july 7th was not chosen randomly. two days after that, july 9th, is the date by which the obama administration is required by law to report to the congress on the terms of any final nuclear deal. bottom line, we don't know when we're coming home, cheryl. cheryl: james rosen, live in vienna. thank you very much, james. appreciate it. folks, today, is the longest day of the year by one second. less than four hours from now planet earth will be observe a leap second. to account for the slight difference between the atomic clock and the earth's rotation which is inconsistent. while this has happened before, this is the first time since 1997, happening on a work day. when high speed electronic trading so prevalent and

somebody understands that much better than me is jo ling kent who joins me right now. you are really expert when it comes to this kind of stuff, cheryl. >> we're digging into it. today will be one second longer than yesterday because that leap second is being added to the world's clock at 8:00 eastern tonight. if you want an extra wink you will get it. every few years a second is added to correct what is called a miss match between the clocks and earth's rotation. like you said this is the first time since 1997 that leap second is going to occur during active trading hours. we'll dig into that and more and all the latest on greece coming up next hour at 5:00. hope you will join me. cheryl: jo, absolutely true. you have the last hour of the greek drama at least for tonight. thank you very much. we'll see you at top of the hour. "risk & reward," very busy hour to come. greece one hour from default. a lot changing in the greek story tonight. adam: busy hour to come but busy today too. chris christie now officially a 2016 contender but he may not be able to bring his straight talk

to the first gop debate against other republican heavyweights. it was only a matter of time. why it is going to cost you more to buy jetblue. cheryl: come on. adam: yep. ♪ perfect car. gas mileage , horse power... torque ratios. three spreadsheets later you finally bring home the one. then smash it into a tree. your insurance company's all too happy to raise your rates. maybe you should've done a little more research on them. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. see car insurance in a whole new light. liberty mutual insurance. will you be a sound sleeper, or a mouth breather. well, put on a breathe right strip and instantly open your nose up to 38% more than allergy medicines alone. so you can breathe and sleep. shut your mouth and sleep right. breathe right. you wouldn't take medicine without checking the side effects. hey honey.

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adam: these are live pictures from athens and we want to bring you up to speed on the latest out of greece. the euro group will hold a teleconference with greece that will begin at 5:30 a.m., that is eastern time tomorrow. meanwhile we're learning that greece is considering canceling the referendum if a good deal is on the table. but our ashley webster on the ground in athens reports that may not be legal under the greek constitution. cheryl? cheryl: adam, we're getting more breaking news in the fox business. donald trump is suing univision

for $500 million. this suit is over univisions decision not to broadcast the miss usa pageant after trump's comments about u.s. immigrants and u.s. border relations with mexico. mr. trump will speak with maria bartiromo on "mornings with maria," by the way. adam: whether it is on wall street or main street here who is making money today. jetblue, the airline, is charging extra for chicked bags. costs you $20 for bags each way. the change leaves southwest as major carrier that allows customers to check bags for free. making money, ac/dc, the rockers joined the world of streaming music after joining the itunes bandwagon in 20 actually. ac/dc will make music available on spotify and apple music which launched today. katy perry highest paid female inner takenner according to "forbes." she paid $135 million.

only boxers flood may weather and manny pacquiao made more, ranking first and second on the list. cheryl? cheryl: governor chris christie throwing his hat into the presidential race making him the 14th republican to join the 2016 pack. according to the "fox news poll," christie is in 11thth place among republican presidential candidates. only the top 10 are invited to the first gop debate. that is in august. here to discuss whether christie can talk his way back to the top is marianne mash, democratic president and tony sayegh executive vice president at jamestown associates and fox news contributor. tony, this is your area. can he make it work in new hampshire because he is going to have to get these numbers up to make it into that debate? >> well strategy is based on new hampshire. look you have to really look at this field and say which candidate is spending time where? four early and primary/caucus contests, iowa, new hampshire, south carolina and nevada. chris christie is among those

that clearly staked his claim on new hampshire. i anticipate you will see a bump based on his announcement into this poll. he doesn't have far to go to get into the top 10. if he does that we all know one of his greatest strengths is on that debate stage, talking authentically, relating to people in a way, talking about issues in a way people actually believe understand and trust him. i think christie if he makes it on the debate stage could be a major factor people are seriously underestimating. cheryl: marianne, i want to move on to something else we got and getting jeb bush's tax returns, 33 years a new record he is setting as far as presidential candidates and transparency. he is still number one in the same "fox news poll." does this help him when he has things like barclays and other banks on his resume', and the fact he had a lot of real estate dealings made a lot of money back in the day? help or hurt him. >> he did this for three reasons and it was pretty smart. it stepped all over chris christie's announcement today. it was big news earlier in the day.

two a shot across the bow of donald trump and his finances. media and others, not jeb bush will challenge donald trump to release his taxes as well. much more punitive release than the fec request and anything he read in his announcement. last but not least it also deflects from the story about jeb bush's own business dealings when his father was president at that came out yesterday. so net-net, advantage for bush for now. it is pretty good when you can do one thing in a day hit three things at a time. hit christie and trump to deflect from him. >> don't forget who it hits. it hits hillary. the biggest critique between the server gate and clinton foundation, there is lack of transparency. cheryl: i'm up against a hard break. big question, joe biden, is he going to run. we're out of time. >> i wonder. >> i think he will do it. cheryl: guys, thank you very much. let all of you know you don't want to miss the gop presidential candidate donald trump. he is going to be on "mornings with maria" with maria bartiromo tomorrow morning.

that show starts at 6:00 a.m. eastern time. i will see you there as well. adam. adam: forget about waiting for a bailout from the eurozone. one man is taking matters into his own hands. details of a different plan to save grease involving fetta, olives and greek wines. no joke. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... that's huge for my bottom line. what's in your wallet?

adam: tired of waiting for deal to save grease tom feeney launched a indigo campaign. it works out to roughly three euros a person. here is what he offering. three euros, about $3.30. for shipping you get a postcard of the greece prime minister sent from greece. >> great. adam: gets you all the feta salad and bottle of uzo and greek wine. >> website, it crashed. we looked at it earlier over 260,000 euros have actually been

raised by over 17,000 people. they need billions, folks. but go ahead. adam: it is art. >> get the wine and uzo and postcard. that does it for us. jo ling kent with the next hour of fox business with "risk & reward." take it away, jo. jo ling: thanks very much. i'm jo ling kent in for deirdre bolton today. in six minutes greece officially runs out of time and defaults to a loan to the international monetary fund. we'll take to you the action in athens. is puerto rico next? the island needs to pay billions of dollars to its creditors in the weeks ahead but governor says they're broke. is puerto rico america's greece. we'll look at that. costolo admits he may have made some mistakes. "risk & reward" starts right now. jo ling: now for your top