angela merkel, as you said, did meet this afternoon.here could be no negotiations with greece and with greece and germany head of the referendum and she repeated this after her lunch meeting with renzi and he extended his sympathy to the greek people, but he said there would be time for negotiation further down the line. angela merkel pointed out that the country itself suffered from economic words and had to put in place tough reforms. she said this more diplomatically than renzi had said. in the afternoon, the speech she gave at berlin university, it was said that italy had paid their taxes. angela merkel said she has kept the lines of communication with the greek prime minister open and she said there will be talks after the referendum if this is what the greek people want, but whether these lines of communication are getting frosty remains to be seen. the german finance minister was looking at -- he said it has only gotten worse since this greek government has come to power, that they have made the situation in greece worse, and he

reporter: the session started with flowers for angela merkel's 61st birthday. but the mood was anything but celebratory good some members of her own party have had reservations about the deal. she acknowledged their concerns and urged them to rethink their position. "i know that many of you have doubts and misgivings about whether this is the right path, and whether greece will have the strength to stay on this path permanently, and no one should dismiss such concerns. but i am firmly convinced of one thing -- we would be grossly negligent, even irresponsible if we did not at least try this route." she went on to say the alternative to a third bailout would be addictive all caps -- predictable chaos. she praised the work of her finance minister wolfgang schÄuble and his hard-line in the talks. "first of all, i would like to say a heartfelt thanks to wolfgang schÄuble who for days and nights spent hours and hours negotiating in the eurogroup." applause for schÄuble from the government but they have been fiercely critical of him to they say that the temporary fix

reporter: the session started with flowers for angela merkel's 61st birthday. but the mood was anything but celebratory good some members of her own party have had reservations about the deal. she acknowledged their concerns and urged them to rethink their position. "i know that many of you have doubts and misgivings about whether this is the right path, and whether greece will have the strength to stay on this path permanently, and no one should dismiss such concerns. but i am firmly convinced of one thing -- we would be grossly negligent, even irresponsible if we did not at least try this route." she went on to say the alternative to a third bailout would be addictive all caps -- predictable chaos. she praised the work of her finance minister wolfgang schÄuble and his hard-line in the talks. "first of all, i would like to say a heartfelt thanks to wolfgang schÄuble who for days and nights spent hours and hours negotiating in the eurogroup." applause for schÄuble from the government but they have been fiercely critical of him to they say that the temporary fix

allegations of nsa spying on chancellor angela merkel. wikileaks has published new jock units -- new documents. they included alleged transcript of one of the chancellor's phone calls. on thursday, she called in the u.s. ambassador to explain. >> more revelations in the long-running nsa spying cancel. the ambassador was summoned to obtain the latest closures. they have demanded action from merkel. >> the chancellor needs to urgently speak out on this matter. if angela merkel really means what she said, friends spying on each other is unacceptable. >> in october of 2013, it was revealed the nsa had tapped angela merkel xfone. but they closed the investigation into the matter. new and more concrete evidence has emerged. the phone call phone call that was tapped in 2011. in the call, she allegedly discussed the greek crisis with an advisor. the chancellor spoke of her doubts that debt relief for greece was the right path. and in 2014, barack obama said that the allied countries would no longer be spied on. it seems the nsa tapped in various

that leaves tend to let angela merkel -- that leaves chancellor angela merkel -- one could hardly question our german partners commitment to europe, but they appear to have kissed greece goodbye. that has all changed in the last couple of hours. schauble said that could be turned. how can -- genie: a lot of people throughout the course of this crisis have been talking of a greater split between france and germany. of course, the bedrock for the european union -- i think there are a few articles that talk about that as well. oliver: that is right. francois hollande's government was one of those that was a little bit more indulgent toward greece, and the position of it itself today is more sympathetic than it has been in the past few months. it speaks of two europes engaged in two completely political logix. rules of the game are required to save the euro. we may have seen them in the agreement today, but it is probably too soon to say. the real cement of the european union -- what is happening with greece is nothing compared to what threatens to happen if trust breaks down between germany a

a news conference between francois hollande and angela merkel. >> we agreed angela and i to meet on the summit with greece it is this reason that angela came to paris today. we note the results of the greek vote and we respect it because europe after all means democracy. we have also heard the message of all the democratic greek parties who met this morning and who affirmed their will that the country should remain in the euro zone. we are open to discussions. and it is now up to the government of mr. tsipras to put forward, submit proposals as the least we can say. so that they can remain in the euro. with a program which is sustainable. because greece needs sustainability. and stability within the euro. we have thus before us a suvment tomorrow and it is up to the heads of state and government to define a position on the basis of the presentations by greece. this is an emergency for greece and owrp, a europe. this is a question of dignity as well. urine is confronted by this responsibility. it is not just an economic financial monetary construction. europe is an ensell enbl ensemble o

a statement from angela merkel. take a listen. angela merkel: before will contact our parliaments to look at the matter, first the parliament, if the greek parliament would decide on the action and vote favorably then the institution and the eurogroup will certify that what we have agreed on can go on as we agreed. and then we will [indiscernible] extraordinary meeting in order to take the necessary vote. we have always said it is about the programs. the young measures agreed in june -- beyond the measures agreed in june, measures have to be taken on the complete overall pension system, reform of the product market. on privatization and changes in the labor market and all of that is clear and has been a clear and also stated in the text. we also talked about the programs and the volume and 86 billion to 87 billion euros over. and we -- this can be created also the world setting up a privatization fund to the tune of 50 billion euros which would then also include the privatization of the recapitalize banks and revenue of this font

allegations of nsa spying on chancellor angela merkel. wikileaks has published new jock units -- new documents. they included alleged transcript of one of the chancellor's phone calls. on thursday, she called in the u.s. ambassador to explain. >> more revelations in the long-running nsa spying cancel. the ambassador was summoned to obtain the latest closures. they have demanded action from merkel. >> the chancellor needs to urgently speak out on this matter. if angela merkel really means what she said, friends spying on each other is unacceptable. >> in october of 2013, it was revealed the nsa had tapped angela merkel xfone. but they closed the investigation into the matter. new and more concrete evidence has emerged. the phone call phone call that was tapped in 2011. in the call, she allegedly discussed the greek crisis with an advisor. the chancellor spoke of her doubts that debt relief for greece was the right path. and in 2014, barack obama said that the allied countries would no longer be spied on. it seems the nsa tapped in various

hascellor angela merkel called an emergency meeting. higher after beijing expended ipo's from which it could buy shares. wipede-week decline has some 3 trillion dollars out of the value of equity markets there. initial euphoria has subsided, david? david: it certainly has. they really should have closed the market and rang the closing bell after about 30 seconds. 7.8%. about every single sector in or 10%. up nine we only have a couple of these stocks and we will get to the movers and just a moment. a lot of these stocks have been bid down in shanghai. let's see what happens. no one really knows what will happen to this market. let me break this down for you. cross sector -- you want to watch out obviously for these brokers, and it's an interesting fact that because the market has they have towell, raise a lot of money in the markets. i think they raised something like 13, $14 billion through additional share offerings here in hong kong. a lot of that is now going to go to stabilization, but we will get more on that in a moment. insuranc

angela merkel, francois. at the end of the night there were 19 in favor of the package in favor of a reform. i think this is, in some perspective, an expression of leadership in europe, which should be respected. >> well, it's a truism in europe for many people that europe functions best, or the e.u., when germany and france agree and have the u.k. as a kind of counterweight. that is certainly not the case at the moment, is it? germany has really the power in its hands, because of its economic superiority. and perhaps that is one of the problems, as some people at least think. let's look at a report on the leadership question. >> the euro has been an economic motor for germany. it has enabled german goods to be exported cheaply which has given the german economy a long-awaited boost. for weakened economies, that's become more of a problem. germany's economic strength has made it a dominant force in europe. upsetting the political equilibrium in the e.u. in the greek crisis negotiations, germany played the lea

francois hollande and angela merkel today.egotiations on an iranian nuclear program hit a few snags with just days to go. a report of stumbling block today, tehran since his that the u.n. embargo be lifted as any -- as part of any final the old. and millions gathered to see the pope in ecuador for the first open air mass of his weeklong south american to her. children cap been -- pilgrims have been camping outdoors. the pope of the poor, as he is sometimes referred to, is there to visit to acknowledge their needs. we will be looking at greek news from it business perspective. let's look at what is happening with the banks. we learned today that they would stay shut on tuesday and wednesday. >> when alexis tsipras spurs people to vote no, -- urged people to vote no, he said in 48 hours they would have a deal. it does not look like that will happen. banks will now open on the third of july. i don't european central bank said it will continue liquid he assistance to prop up -- for now, european central bank said it will continue

let's cross to berlin and dock nick cane joins us live from there and angela merkel saying there is nob so how are german markets handling the news coming out of berlin rather or brussels? >> well, with the daks in frankfurt got news to the deal agreement it was up 150 160 points which is 1 1/2 percent positive reaction from the markets in frankfurt. the more interesting reaction in the course of the next few days will be a political one here and it's interesting hearing john describe the parliamentary situation in athens because to a certain extent there is a similarity here in berlin because yes angela merkel has 40% of seats and the question is whether she can maintain party discipline and retain her members of parliament voting for this deal and whether the social democrats can as well and you recall they are in a grand coalition here and a few short months ago there was an suggestion that the members of the party were against of a third bailout for greece and there is definitely a tension if they can find majority for these proposals and certainly a lot of the rhetoric as it were

called angela merkel. they will be meeting this monday in paris, at a working dinner, where greece's future in the eurozone will be top of the agenda. for now, they declared the greek vote must the respected, but differences remain between them -- must be respected but differences remain between them. merkel is facing pressure at home to keep a firm line with greek officials. it's up to athens to act according to the german -- to act, according to the german foreign minister. >> what conclusions can be made? first and foremost, this is a decision for greece. therefore, the ball is now in athens' court. reporter: the german economy minister, sigmar gabriel, lashed out in an interview, saying athens had destroyed the last bridges across which europe and greece could have moved toward a compromise. the leader of eurozone finance ministers called the outcome of the vote very regrettable for the future of greece a point -- viewpoint shared by the president of the european parliament. >> we are in a difficult si

anna: angela merkel stands firm on the greek debt. she is prepared to discuss other debt releases if the new bailout is successful. >> greece have capital controls remaining. anna: and gold plunged. gold synced to the lowest in five years. welcome to "countdown." i'm anna edwards. ryan: and i am ryan chilcote. anna: we have numbers on the swiss wealth manager. the distant profit before tax is 128 million swiss francs. here is the key number. 1.4 million. ryan: $284 billion swiss franc second of april. anna: the big story around this business is around m&a in both senses of the word really of whether anyone would be arrested in buying this business wednesday settled there outstanding issues and indeed what they might be interested by. ryan: indeed. they are about when billion dollars worth of cash they could deploy. we are seeing holds on acquisitions. definitely something we will be speaking with the ceo. anna: let's talk but u.s. equity markets. fascinating moves. the great takes opening up in a limited fashion this morning. seems th

a news conference between francois hollande and angela merkel. >> we agreed angela and i to meet on the summit with greece it is this reason that angela came to paris today. we note the results of the greek vote and we respect it because europe after all means democracy. we have also heard the message of all the democratic greek parties who met this morning and who affirmed their will that the country should remain in the euro zone. we are open to discussions. and it is now up to the government of mr. tsipras to put forward, submi

gavin: angela merkel been cautious in her response but she placed responsibility for the next move onthe shoulders of the greek prime minister. chancellor merkel: time is of the essence, and we insist that greek proposals must be on the table this week so we can deal with the situation the way it is at the moment. gavin: these were restrained comments. back at home, angela merkel knows that the mood is hardening. in political circles in berlin, there is a widely held view that the greek vote changed nothing. the message here is that there is currently no basis to enter into negotiations with greece on a new aid program. the problem that berlin has with the greek government is trust. it no longer believes that promises made about future reforms will necessarily be carried out, and without trust, angela merkel will struggle to sell any future bailout agreement to the german people. dr. norbert is an mp from angela merkel's party. >> you cannot rescue a party against israel and you cannot give solidarity without readiness to accept solidarity and to contribute efforts. gavin: he believes

angela merkel and french president ward greece that it is running out of time. guy: the onus is on tsipras to strike a deal. what is the prime minister's plan? let's go to hans nichols. he is in brussels. guy johnson is in athens. what are creditors expecting from mr. tsipras and tell us, will we get a deal? >> if i had that information i think i would be worth a lot more than i actually am. what creditors -- what creditors are expecting is a medium-term deal. mr. dijsselbloem was very clear on this and madame merkel has also been clear on this. that may rollout the prospect of a possibility of a bridge loan or short term financing. listen to what angela merkel said yesterday about how she want to have one comprehensive package. angela merkel: we are saying very clearly that the door for talks remains open. at the same time, we are saying that the preconditions to enter negotiations for a concrete program are not given at this time. this means that tomorrow it will be important that the greek prime minister tells us how to proceed and what precise proposal he ca

stephanie: german chancellor angela merkel says she will not agree to a greek deal just for the sake getting a deal done. merkel and the finance minister wolfgang shovel burned a month'' worth of brinkmanship, saying there will not be any more talks on a bailout after greek's referendum on sunday. hans, it sounds like angela merkel and wolfgang schaeuble are saying enough with this dog and pony show, we know what we have been through for months with these greek guys and it has been a whole lot of nothing, we will talk to you on monday. hans: that is not an on -- not to describee way it. the current line out of berlin to brussels is that want have a referenm on sunday, we will talk to them after that referendum. earlier today there is speculation as to whether mr. tsipras would call off the referendum or change his opinion about it or it a letter he sent tuesday night is basically agree to most of the creditors' demands. tohours after that he goes his public and gets this fire and brimstone speech talking about how he doesn't want to have an folk know, a strong urging no. one other th

angela merkel cause for a vote. she is convinced it is the way forward. it is been a year since the malaysian airlines flight was downed. the fbi says there is no sign that the shooter who attacked to facilities in tennessee has any link to international television -- terrorism. angela merkel called on lawmakers to vote in favor of the great debt deal. it would open full negotiations for a third a lot. they are expected to approve it. they do not want to give athens anymore money. merkel said it would be irresponsible not to help greece and warned of the alternative area --. >> let's imagine what it would mean if people were queuing in front of closed banks for pensions. this gives you an idea of how dramatic the situation is in grace and how much mistakes are in their country. eve: we can go to our correspondent in berlin. we are hearing the parliament is in session and it's going to vote in this deal. listening to angela merkel this morning after getting a reputation of being cold as ice when it comes to greece talks she is pleading in parliament to hel

the greek government is counting almost entirely for angela merkel to untie this not. i'm not sure this is how it will play out in the end but if i may comment on something i said before, there is no possibility the german leadership goes to the people and says we have almost made mistakes. ursula: everybody has made mistakes. not only germans but most northern europeans think this is something like an example we have to face and if we make things to greece, we should make them to spain and france and italy a few years later and that would be too expensive. nobody could pay that and no one is willing to pay that. i think there is a way of compromise, but no way to just go out and say well, we made it. melinda: greece looking to the chancellor to turn it around. the you think she can do it? alan: -- do you think she can do it? alan: she can do it if she puts her mind to it. the finance minister has indicated what that might be. he says we will be willing to accept with the imf reforms and not the eu reforms. there is debt restructure, but we will do some sort of liberal

hans: we saw angela merkel get flowers. it is actually her birthday. really doubts that, but what we see is a clear pre-staging of just how difficult these negotiations are going to be, and what you see is almost the built-in excuses. negotiations over the $86 fail, then the bundesbank has plenty of "i told you so" moments, starting with mr. wolfgang schaeuble. ebitdabrendan: are there any tea leaves from him about restructuring without calling it a restructuring? hans: the closest we've come to that is yesterday has top spokesman said that a ending the maturities for 30 years sounds like a backdoor haircut. if you cannot do a backdoor haircut, you are in big trouble because as madame lagarde said it is editorially not viable to have his land out there with out any sort of greek debt relief. -- it is categorically not viable to have this plan out there without any sort of greek debt relief. tom: hans what do you see in the german newspapers this friday as a print for saturday and sunday? brendan: unlike brendan, i do not read the tabloids -- i just loo

the program has expired. >> angela merkel was just as clear. she said we will negotiate "absolutely nothing until that referendum is held." from her site, there isn't going be much negotiation. not until there is a referendum. she did leave the door open to future negotiation. >> this evening at midnight the deadline for the program ends. i have no notice of any other relevant facts. we will not cut off the lien of talks. we would be the european union if we would do that. that means the door is open for the line of talks. this is all i can say right now. >> that line will start again. ministers have an 11:30 a.m. conference call. greece is showing some signs of i won't say good will, but they're offering more information about what they want to do and are crucially dangling out the possibility they will either change the terms of the referendum or that they could advise voters to vote for. i haven't said what the final recommendation would be. that is where negotiations are right now. it is the payoff to pay off debt . it would include a conve

angela merkel says that clock is ticking. will be able to get a deal done, and how quickly is the time ticking down? carson: they will try to get a deal done. i think the only red line left is the issue of debt relief. even they are, you can find a compromise. you can put that relief and restructuring at the end of a long successful reform process. that should be a face-saving compromise which allows everyone to stay in the eurozone. manus: so a deal for relief. that will show delivery? carsten: i don't know if we will the deal today but we have heard it very often, it but today is a day of crossroads. if they do not get closer to each other, i think it is almost over and we should prepare for an exit. today's crucial and will show if the greek government in the eurozone partners can get together where there is a political willingness to compromise on both sides. if it is there, a deal is within reach, if not, we should prepare. manus: you say that there is no deal done in the next 24 hours, then we're looking at an exit. the

was monitoring german chancellor angela merkel's calls. it caused president obama to come out saying the u.s. was not spying on its friends, but there were questions about how behaviour was in the past. this is a sensitive topic because of the history of the secret police keeping records on citizens. wikileaks has been making a splash releasing allegations that the n.s.a. spied on the french president francis hollande >>> libby casey in washington. the united states recorded its first measles death in more than 12 years, recent outbreaks of the disease - what they tell us over childhood vaccinations. >>> and the commissions of a food company overcharging customers. >>> in washington state health officials confirmed the first u.s. death from measles in 13 years. the victim died after staying at a health care facility where another was treated for measles. science and technology correspondent jacob ward has more. >> reporter: the washington state department of health confirms that this woman who passed away this spring died from pneumonia, a

guy: but angela merkel will not see it that way.uest: no, think it will be very difficult for the germans. the statement was very strong. for a very difficult bargaining process. we will see where these guys are becoming more realistic now. this is a huge? question mark. or: if you are the spanish italian, looking at your fringe is politically and thinking that he has done this in greece, how hard a liner they going to take? guest: i think from the spanish point of view it makes sense because they have election in november and a brother party. for italy and is much better to get a deal as soon as possible. we will see the spread going up significantly. theal is a priority for madrid point of view, certainly not. guy: we talked about the ecb vision or the greek banks. talk to us about the contagion here. you talk about ptp's moving, what is going to be happening in europe. and they making sure the contagion effect is not felt? guest: i think it depends. we should expect the spread to widen by 200 or 300 basis points. in terms of port

still no word from the german chancellor, angela merkel. deputy chancellor says it's difficult to imagine. that's what he said to a newspaper. they are leading this path of bitter abandonment. cheryl: i love your l-lima diguiseppe thinks is said he thinks is going to get a better deal. lauren: but now at the finance minister ralph, maybe he will. nicole: we are hearing france might be open to this. they may be open to some sort of renegotiation of some sort. they are basically trying to pay off the debt in small increments for longer periods of time. they have a new finance minister they are considering they may be favored as chief negotiator, that he may be stepping in the next 24 hours. watch for that as well. he talks about poverty, unemployment and those things will get worse before they get better. cheryl: i'm so worried about the people of greece. this will be a rough week for all of them. greece is obviously front and center for u.s. investors. their other fact is says about. nicole, you are looking at the markets. nicole: there is s

angela merkel has been speaking at that event. what did she say?reporter: well adrian for the best part of an hour there have been a defendant success of speakers address concerns and opinion about what should be done. angela merkel was the first and she said, yes, there were difficult times and she talked about how difficult the situation was for ordinary greek people and that she accepted that there were serious concerns among many in the political class in zaerm about the fall outlook of another bail-out but she said the euro was more than a currency. it was something that summed up europe and as a consequence, this metaphorically was a price worth paying. she appealed for a mandate. recall this will vote gives her government a mandate to thrash out the details, the nitty-gritty, as it were of what will be offered to grease and more specifically perhaps what will be offered from germany as part of the european deal to greece. as i say, there have been other speakers who have taken the chance to address their concerns. we heard also from the effe

forget the criticism of german chancellor angela merkel being unbending in the greek debt crisis. she is the chancellor that made a young girl cry. germans refer to the chancellor with affection as "mommy." when a palestinian schoolgirl posed a question about the future of haves and have-nots angela merkel almost came undone. >> angela merkel is known for her calm the meaner and rational, pragmatic approach to politics. it's an approach that did not quite work in her encounter with a 13-year-old palestinian asylum seeker. >> it is really difficult, she says. others are able to enjoy their lives and you are not able to enjoy it with them. >> she tells the chancellor how hard it is to plan her life with no certainty she can stand germany. merkel tries to explain the difficulties of lyrical of i love. >> politics is sometimes hard. there are thousands of people. if we now say you can all come we just can't manage that. as she tells her speeding of the asylum office is a priority, she noticed his the girl has burst into tears. the chancellor tries to comfort the girl. >> i know this i

angela merkel was not quite that far. ago there was a lot written into maybe a split between the chancellor merkel and minister schauble. that is less true today. they seem to be on the same page. if anything, the split will be between merkel and madame lagarde. erik: the vice president of the european commission says there is now an agreement on a bridge loan for greece, and the disbursement will reach greece on monday. it looks like things are coming together quickly for the 7 billion euro the greeks so badly need. hans: it just gets them moving forward. they still need to figure out what the terms are and what the 86 billion loan will be and crucially, will the imf take part. erik: the vice president at the european commission says it may take a few weeks to get that bailout agreement that we know is going to be -- matt: i hope that the ecb can give them that money before the ecb takes that money back on july 20. because taking with one hand and giving with the other -- erik: even on a friday everybody, full throated c

forget the criticism of german chancellor angela merkel being unbending in the greek debt crisis. she is the chancellor that made a young girl cry. germans refer to the chancellor with affection as "mommy." when a palestinian schoolgirl posed a question about the future of haves and have-nots angela merkel almost came undone. >> angela merkel is known for her calm the meaner and rational, pragmatic approach to politics. it's an approach that did not quite work in her encounter with a 13-year-old palestinian asylum seeker. >> it is really difficult, she says. others are able to enjoy their lives and you are not able to enjoy it with them. >> she tells the chancellor how hard it is to plan her life with no certainty she can stand germany. merkel tries to explain the difficulties of lyrical of i love. >> politics is sometimes hard. there are thousands of people. if we now say you can all come we just can't manage that. as she tells her speeding of the asylum office is a priority, she noticed his the girl has burst into tears. the chancellor tries to comfort the girl. >> i know this i

this has been angela merkel's problem and she is to solve it.uld be wrong for the ecb to get involved make political decisions. the number of people would like to pull the trigger and put an end to this but this is not their job. the ecb is a technocratic institution. they should maintain the level of ela for the next couple of weeks if possible to the extent to buy time to reach an agreement. number 2 -- they could resist calls to be harder or easier. they have rules in many to respect the rules. one of the things the greek government wants them to do is to allow them to use more greek treasury. the ecb cannot do this. this is against the treaty. they cannot engage in monetary financing and cannot add additional liquidity to the greek government. tom: thank you so much. we greatly appreciate the many times you have been with us in the last days. a in the next hour,dam posen will join us from the peterson institute on the political economics of germany. stay with us, this is "bloomberg surveillance." ♪ tom: good morning everyone. we need to digr

angela merkel one with a big majority. if you look at where the public is, it is opposed to voting for this. parliament tog rejected in only 46% said it should pass. these talks will take place in athens as they figure out the details of this aid package. the imf is likely to be involved and the imf want to have debt write-down. hell,n: stock in acronym thank you so much. pimm: and then german politics. brendan: a dramatic surge in construction of apartment holdings is giving a push to housing start numbers. housing starts climbed last month by 9.8% which is a seasonally adjusted rate of 1.2 million homes. biggest jump in 28 years. builders believe a new wave of renters will be coming in. housing starts of risen 10.9% this year. the governments as gasoline prices are driving a slight increase in inflation. the labor department says the consumer price index rose last 1/0 of 1%. the price at the pump rose on top of a 10.4% increase and gasoline prices are rebounding. the latest results from general electric are starting to r

angela merkel warned greece is running out of time. this is the ecb type conditions for greek banks. let us get the latest. paul gordon is standing by. on's nichols is in brussels that summit. guy johnson is in brussels. guy, i want to start with you. we thought the banks would be open today. they are not. the big question is what will it take to get the banks act soon as possible? guy: it would take a deal or enough progress towards a deal for mr. draghi who will be in that summit. paul will talk about that in more detail. the politics front and center. the banking system writing to a halt. we do not see any progress yet on the opening of the banking system. the banking system could run out of money. it is getting down to the wire now. we've had many crucial meetings. i feel this one is different. i think mr. tsipras has to come up with something. he is a new finance minister in place. yes, there is a bit more political cohesion. i do not think that is enough. he needs to find a way of gaining the trust of his euro creditors. if he ca

angela merkel shutting down additional aid. saying, we will negotiate about nothing until the july 5 referendum called by alexis tsipras. the eurogroup views it as a greek decision about whether to remain in the euro. for the greekire prime minister. he saw a as leverage, but now hand.re taking the upper and glenn merkel as well as the french president saying there will be no referendum -- no negotiation until the results the referendum comes. it shows brinkmanship and growing impatience with the greek government. the situation on the ground continues to be troubling for those waiting to withdraw money. much uncertainty as both sides trade barbs. we know euro area finance ministers will be holding a conference call later today to discuss the latest to bid for a bailout extension. we are told it falls short of what the eurogroup members would like. key reforms that have not been committed to buy prime minister alexis summers --alexis tsipras. after the imf will that greece said they would not pay. saying them the imf, greeks had

and we will talk about angela merkel. we will tell you what this odd couple talked about after the break. i'm sarah kelly. stay with us. sarah: welcome back. our top story this hour. it greek prime minister alexis tsipras is preparing to put a new bailout deal to greek creditors to parliament. it they predicted it would be a long and difficult ross s. she and several other european members will also get their parliament to ratify the agreement. negotiations over iran's nuclear ambitions set to drag on past tonight's deadline. a deal is set to remain close after 13 years of tensions between west and the islamic republic. the story starts in 2002 when rebel group exposes the nuclear program. iran agrees they agree with britain france, and germany. it comes the first round of u.n. sanctions. 2012 is next. this is when iran starts enriching uranium again. the breakthrough comes in 2013. they speak by phone to barack obama, breaking a 34 year taboo. john kerry has expressed hope that an historic solution remains near. we have

and we will talk about angela merkel. we will tell you what this odd couple talked about after the break. i'm sarah kelly. stay with us. sarah: welcome back. our top story this hour. it greek prime minister alexis tsipras is preparing to put a new bailout deal to greek creditors to parliament. it they predicted it would be a long and difficult ross s. she and several other european members will also get their parliament to ratify the agreement. negotiations over iran's nuclear ambitions set to drag on past tonight's deadline. a deal is set to remain close after 13 years of tensions between west and the islamic republic. the story starts in 2002 when rebel group exposes the nuclear program. iran agrees they agree with britain france, and germany. it comes the first round of u.n. sanctions. 2012 is next. this is when iran starts enriching uranium again. the breakthrough comes in 2013. they speak by phone to barack obama, breaking a 34 year taboo. john kerry has expressed hope that an historic solution remains near. we have

hollande says greece must present reforms and angela merkel says time is running out. there are only days left and we will head to brussels for the latest. pimm: the heads of edna and umana will join us to tell about their merger. betty: elon musk will speak rocket thatacex exploded. pimm: welcome to the bloomberg market day. betty: let's see how the markets are trading and it is an ugly day and equities. all eyes are on the meeting in brussels. the dow is down 125 points on the nasdaq is taking some heat, and down 1.2%. wow, what we have seen and commodities especially oil prices. ofex crude is down by 3/10 1% but copper is down i percent. even gold is off by 1.5%. pimm: it's the lowest level since april for oil. let's look at the bond market. the 30 year is around 3% and the tenure is at 2.21. perhaps that's a safe. haven trade let's look at the dollar versus major currencies -- the euro is weakening against the dollar. the yen is steady and the pound sterling is losing against the u.s. dollar. some top stories -- itozone leaders have made clear it is up to greece to

having said that, it is france today sitting down, the french president sitting down with angela merkeland they would like to see a way out of this process. germans may be leaders but they're not acting by themselves. while merkel has been prepared to accept the grexit, she does not want to bear responsibility for it to her chu wants the greeks to show a level that forces them out. she is -- she does not want them out but was increasingly prepared to accept a greek exit if it was greece's's fault. that narrative has been lost at this point. charlie: let's assume they exit the eurozone. what happens to the membership in the european union? >> they still have very significant debts in the euro nominated. they would expect the economy would attract a further 40% over the six-month, down the 26% they have already attracted. they are not in export driven economy. it is absolutely devastating for greece at least in the near term. let's keep in mind sippers has said very strongly and has been accept internationally, that the no vote was not about the grexit. it was about the austerity being pl

angela merkel is not optimistic.ell you everything you need to know ahead of the conservative parties first u.k. budget since 1996. look out for that. that flight here in london. we are looking out for on the move for one stock, it is barclays. about one third of 1%. caroline: after four days. we are getting a bit of a reprieve. so many drivers today. is a china? is it the fact that $2.6 trillion worth of shares are not trading? this is the scale of the meltdown we are seeing in china or is increased? -- or is it greece? can they make it? we'll see what the market is expecting. we are

angela merkel and her finance minister urge politicians to back a third debt deal for greece. they vote on friday on the 86 billion euro package for athens. >> the chief negotiators at the iran nuclear talks told iranian journalists that israel influenced parts of the deal. they are reporting the under secretary said this was a dialogue between israeli and american experts. they reportedly spoke to binyamin netanyahu's national security visor to discuss the deal. >> now that a deal has been struck, more cash is expected to flow into tehran. sanctions are lifted iranians hope the deal will boost the economy. >> we need to have relations with the world, we need to export what we make and import things not worth creating. >> this is an executive at a car parts factory, he's like many iranians we met, hesitant to talk pal ticks, but eager to -- pol tick but eager to tell us given a choice between nuclear ambitions and prosperity he'd choose integrating iran. >> at this moment in time iran needs to move away from oil export dependency and move to a production based economy. the oil

this is angela merkel talking to the bundesbank.he is making some very forthright, not shocking comments, but she is saying that a debt haircut would be illegal. germany won't agree to a debt cut for greece. the most important currency is trust. this goes back to the fundamental issue that germany is having with greece, which is about reestablishing trust and believe that the greeks will an act their program, will actually enacrtt the structural reforms that they've suggested they make. this is no debt haircut. germany needs to agree -- germany won't agree to a debt cut for greece. let's bring back in daniele antonucci. this is clearly making the german position so clear. debt relief, dream on. daniele: to come back to your point about trust, this is also the biggest deficit, i think. it may make quite an effort. it remains to be seen where that happens. if it does, we might be looking for those that re-profiling extensions that we talk about, but a haircut is not in the cards just yet. manus: i think its interesting that she says t

not according to angela merkel this morning. and schaeuble and the finnish prime minister and not a nominal cuts in the base value of that debt. it will be a few discussions in the coming weeks about exactly what should happen given angela merkel's comments on sunday she wants to see greece go through the first round. it might not be the coming weeks but coming months the for with good decision. manus: paul, thank you. what ever merkel has to say in regards to debt relief it has opened pandora's box in many ways to what happens the next area elliott, thank you for being on the ground in athens. paul, we would check out you later. later on, we will speak with the greek minister. also from athens, the chairman of quest holdings. theodore will join us. and a little bit more on how we should put all of this in perspective, chief european economist. great to have you with me. here we go. the imf. the ecb. what does it mean for the ecb in terms of liquidity for greek banks? guest: ecb president mario draghi said acting on the assumpti

german chancellor angela merkel addresses lawmakers. meanwhile, imf chief christine lagarde says the plan is not viable without debt relief. netflix shares soar 18%. the index on track for the best week since october last year. the tech rally continues after hours as google beats the street with a double digit rise in second quarter profits thanks to strong ad revenue and shares of volvo tumble after the ceo says we reached a peak in north america. production levels are set to remain unchanged. >> if you just tuned in on the east coast, it's 5:30. it's 10:30 here. it is friday. we've had an iran deal. we've had a greek deal. two speeches from janet yellen and here's how markets are pairing ahead of the u.s. open. quick look at u.s. futures and we're looking mixed. the dow jones opened lower though than the s&p 500. seen off by roughly 1.6 points. in europe it's looking softer. we have the ftse 100 down and the cac 40 is eking out marginal gains. this is on the back of six week highs we saw in yesterday's trading session. much of that re

that chimes with the prognostications beforehand suggesting that around 48 members of angela merkel's party were going to vote no. so it sends a signal that perhaps not everything in the garden is rosy. clearly angela merkel said that she understood that there were really serious concerns about the thought of yet more money for greece but she said it was the only path that could be gone down and that the euro was more than a currency, it was something that united europe. but we also heard from the left-wing party. his leader said that the finance minister and the economy minister, and angela merkel within hoisting something on to the greeks and it was the abolition of democracy in greece. it is worth recalling that opinion polls consistently have suggested that very many germans are deeply distrustful of the current greek government in athens and that many feel that anymore money sent to athens will never come back. in that is the backdrop to the vote that has taken place today. >>> a huge fire is raging right now near greece's parliament building in athens where officials say a brush

hans: angela merkel and francois hollande said the will of the voters be respected.ut what you have heard is that the votes on the rights of other european citizens also need to be respected. it is that tension and conflict between syriza and the democratic outcome that has sent some of the finance ministers to the table negotiating. that is where we have the source of tension. even among those in germany that have been sympathetic towards alexis tsipras, his desire to have a debt restructuring some of the harshest comments last night came from them. have a look at what the vice chancellor of the minority party -- his comments were as blistering as some of merkel's closest advisers. he said alexis tsipras has torn down the last bridges across which europe and greece could have moved towards compromise. he went on to say the negotiations are difficult to imagine. there is a meeting between madame merkel and francois hollande tonight. on tuesday, there will be a eurogroup meeting in brussels. most of the attention will be on what happens at the european central bank, w

chancellor angela merkel said it was the last chance to resolve the crisis. told parliament it would responsible to refuse to help greece. let's go to berlin now, dominic kane there s there for us. how did it go? >> reporter: a resounding majority in favor of it. but if you look into the figures, the grand coalition of christian democrats and social democrats has 504 members, so 65 membersover the government failed to vote yes. chimes with the prognostications suggesting around 48 members of her own party were going to vote no. so it does send a signal that perhaps not everything in the garden is rosy. clearly angela merkel said in her speech that she understood that there were really serious concerns among -- in society, among her own party, about the thought of yet more money for greece, but she said it was the only path that could be gone down, and the euro was more than a currency, it was something that united europe. but we also heard from the left-wing party, and its leader said that the finance minister the economy minister, and angela merkel were hois

chancellor angela merkel said it was the last chance to solve the crisis. told parliament it would be irresponsible to refuse to help greece. our correspondent dominic kane live for us in berlin how did the vote go? >> reporter: on the face of it this was a resounding majority i would seem for the government proposal 439 in favor, 119 against, and 40 abstentions. but when you analyze the figures, it's not quite such a clear picture, because of the no votes, 60 came from the conservative side of the grand coalition. that's around 20% of angela merkel's parliamentary supporters openly defying her and voting against the proposal and 69 all together including abstentions and votes from the junior partners in the coalition failing to vote in favor. in that gives you a sense of how the government side of things -- the votes were cast. and in the debate that preceded the vote, there was vociferous voicing of discontent from several sides. angela merkel appealed to people on her side of the chambers and others that the euro was more than a single currency it was a