the letter from athens is no substantial proposal.fact, it targets bridge financing without fulfillment of the demands of the program. the letter does not meet criteria agreed by the eurozone -- euro group on monday. germany's economics minister was keen to see more details. >> what needs to happen in the greek economy? how should reforms continue? how can we be sure reforms will be honest? the letter does not explain all that. that's why weneed to go on with negotiations. >> but the final decision must now be taken by all 19 euro zone countries. finance ministers will meet in brussels on friday to look for a way out of the stalemate. >> our political correspondent terry martin joins us. russell's welcome to the request from athens as a first step -- a brussels welcomed the request methods as a first step. why is germany finding it differently? >> if you look at statements from berlin and brussels they are pretty much saying the same thing. of course, berlin is being specific in its rejection of the greek proposal. the spokesman for t

the athens stock exchanges down over 4%. a lot of speculation about whether this loan extension will make the country and the eurozone more stable in the medium-term to long-term. one of the top performers on the cac 40 is airbus, where shares are trading up over 6%. its net income for 2014 was 2.3 billion euros. profits soared 59% while sales rose 5%, despite taking a 551 million euros charge excessive delays on its military transporter -- charge because of delays on its military transporter. >> we have just had the airbus group results. over 2 billion euros in net profit, which is a lot of money. fortunately, the person who is in charge of the money is with me right now. inancial officer harald wilhelm. all this money you have made what are you going to do with it? >> we invested into our programs. we continue to improve our products. at the same time, we return the cash also to shareholders. that's why the board recommends it today. there will be a step up in the dividend by 50% for 2014, which leads to a record dividend

more reaction from athens. since the decision was announced yesterday, greece has said it will not be blackmailed. tell us of your more about reaction from athens. >> immediately, the greek government spokesman came out and said this is purely political pressure in the midst of a very important negotiation with other european countries. greece will resort to the emergency liquidity assistance mechanism, which will be held from the bank of greece. it will be at a higher interest rate. the finance minister, back when he was an economics professor said in december, warned the ecb would proceed to such a move. he called it an arbitrary and dictatorial move. that is the initial reaction we are getting. also there was that morning from varou -- warning from varoufakis himself. >> it seems as if the ecb has dashed some of the hope. >> indeed. they are standing their ground. greeks with this new government, have found a new sense of pride. they are restoring their eroded dignity from five years of austerity. they are f

there has been a lot of trust between berlin and athens.e have one opponent of today's deal even asking fellow parliamentarians would you buy a used car from varoufakis and tsipras? it is a strange climate despite the fact that the german parliament voted for the package in the end. >> is berlin prepared for the possibility that greece might not pay back the loans that they will not do what they said they are going to do? how much money does greece actually owed germany? >> how much money precisely. the german loans are wrapped up in all these other international funds. greece's totaled that is about 320 -- total debt is about 320 billion euros, and the german share is about 60 billion euros. given the weakness of the greek economy, it seems likely the greeks will come back and apply for another loan. or they will ask for a debt write-down. don't forget, the greeks have already had more than 100 billion euros of their debts written off before. so we are bound to see more debate on this, more discussion, and no doubt more argument. >> more a

our athens correspondent mark lowen has been out and about in athens trying to get a flavor for whatbout the syriza government's moves. >> greece's new government is a month old and it's been a stoney start. gone are the talk of reversing austerity, tearing up the bailout, and defying berlin as a compromise was found to keep greece in the eurozone. so how do people feel about their government? we come to the historical heart of athens. this ancient country isn't exactly stranger to turbulent times in his history. from conquests of alexander the great across the centuries to the trojan wars and the clash of the titans will tsipras bring a smile back to the greek people or mark another tragedy in the greek tragedy? >> i happy, because i know it's difficult. they are not god's. and they found a very difficult situation. >> this liquor store has been around here for 106 years. it's seen plenty of governments in its time and on its shelves, you'll see every shade of political opinion. so posting the success of alexis tsipras here or are they drowning their sorrows? >> we are happy for tha

creditors argue athens is asking for extension without committing to the reforms agreed to. germany has been log ahead with athens over the bailout but it's one of many voicing criticism and solidarity. >> we are working together in the recent eurogroup meetings with greece, the eu finance ministers were united 18-1, and we will stay that way. >> athens has received some 240 billion euros in bailouts. berlin is wielding its influence because it is one of the largest creditors, but germany's finance minister will not speculate on a possible greek exit from the eurozone. >> it's not just about individual countries -- it's about europe. it's about being able to trust one another and earning people's trust as we forge a unified europe. >> spain and portugal have economic troubles of their own but they support the stands, still hurting from their own austerity programs they are keen to make sure greece does not win special concessions. >> for the latest, let's pull in our correspondent in brussels and our correspondent in greece. max, let's start with you. finance ministers are s

was it just germany resting athens on this? scheuble the most skeptical voice. >> the spanish minister was clearly talking about what could happen in his own country, because there they have the sister party. if it looks as though spain cut a bad deal that spain didn't get everything they could have out of the eurogroup, they could have a difficult domestic situation on their hands. you are seeing off hard-line not just from the germans and the austrians but the spanish and portuguese. it seems there is a firm block wanting specifics. we are going to get it in a few hours. then there will be the conference call tuesday morning. >> thank you. >> let's get to athens for the take on the ground. what seems to be the reaction from the people in athens? >> the reaction is largely supportive. there is a small faction of members that are concerned the finance minister and alexis tsipras are selling the party down the river in negotiations with the eurogroup and with respect to the deal that was reached in principle on friday night, but

germany has rejected a west from athens to extend the loan program by another six months. the greek request had raised hopes for a deal earlier as greece was seen to bow to the pressures from the rest of the eurozone. they had said they would not ask for an extension because of the austerity conditions attached to the bailout program. the current bailout program runs on the 28th of february. greece risks running out of money when it does. we turn to our correspondent who joins us via skype from berlin, one of the players in this drama. what sparked this negative response from the german side? what did germany not like in this letter sent from athens to the rest of the eurozone asking for this extension? >> the german finance minister said he was categorical in his rejection because the it would demand more money and more time but he did not present any constructive solutions to problems. kris could not meet the conditions negotiated. -- greece could not meet the conditions negotiated. many would like to hear a promise from greece not to roll back reforms and to see more sp

erik schatzker, there from athens.e pulse." >> "surveillance" is next with tom keene and his team. ♪ >> rebels attack. kiev struggles to maintain order. greece against "tough negotiation" that will send a list of measures to brussels today. taking the child to disneyland. it will bankrupt you. let me save you therapy and "let it go." this is "the pulse." it is monday, february 23, i am tom keene. joining me, olivia sterns and brendan greeley. let's get to the top headlines this monday morning. >> or fighting in ukraine over the weekend. the government says pro-russian rebels attacked with artillery and automatic weapons. both sides say they have completed the first prisoner exchange since agreeing on a cease-fire, now a days ago. another day, and other deadline for greece. prime minister alexis tsipras has until the end of the day today to come up with a new list of financial reforms. european finance ministers will decide of those proposals go far enough

. >> we are expecting the formal announcement from athens at any time now. the government spokesman said earlier that it will happen this wednesday. the word they are using is a "loan extension," not a bailout extension. greece needs temporary funding while it carries out a wider renegotiation of its debt. what is not clear is what conditions athens will be seeking for that loan. kate moody has more. >> time is running out as negotiations drag on between reese'-- greece's government and its creditors. yanis varoufakis called for an extension. >> we need to extend the loan agreement for a few months, so as to acquire the stability we need. it will have to be conditional . >> it is understood that greece will try to extend its 240 billion euro bailout along the kinds of compromise deal suggested by the eu's economic affairs minister pierre moscovici. under the framework, the eu would extend greece loans six months after they expire on february 28. the government would agree to maintain economic reforms, continue to run primary budget surplus, and pledged to pa

the athens composite is up 1.5%. let's take a look at sound of the other stories making headlines as our -- headlines this hour. bloomberg news is reporting apple is pushing for the production of an electric vehicle by as early as 2020. the ceo wants the company's products and services to further surrounds people's lives. apple has cash reserves of 170 ilion dollars -- $178 billion. sanofi-aventis has appointed a new director. he was previously chairman and ceo of another health care company. sanofi-aventis fired their chief executive over his handling of the business. french dairy company dannon has reported a fall in its full-year net profit. it is down 21%. a full recovery in europe increase in milk prices, and tensions between ukraine and russia are negatively affecting its business. i now ned with -- now end with news that could put itching can the armor of -- put a chink in the armor of potential presidential candidate hillary clinton. the wall street journal has reported that, at the same time those companies

it isn't just berlin versus athens. this is europe versus athens in some cases. >> thank you so much. the latest in washington, the obama administration taking a big fight with wall street over the handling of $11 trillion worth of retirement savings. the administration wants to change rules for brokers who give retirement account advice accusing them of putting their interests ahead of their clients. peter cook has more on how the white house wants to change that dynamic. they accused the brokerage industry of having charged excessive fees for years. >> that's right. they suggest there is a conflict of interest for the last 40 years. the administration moving today through the labor department at the urging of the president to move forward with a change in the legal standard that those brokers need to follow going forward. the standard right now is a suitability standard. if you are offering investment advice to retirees use of we have to offer advice that is suitable for them based on their age and income. the white h

that's a crucial point here in athens.erman newspaper report suggested that the greeks were willing to accept those austerity measures for the extended four-month period. the government has denied that. but that was the key german demand. so we would like to see what the fine print is. it's still very very vague. what we have heard from the greek team in brussels is the document was largely agreed upon, when people sat down. maybe that's one reason why the meeting started late. that again advocates in the direction of an agreement this evening, but we have had no confirmation yet. >> john psaropoulos in athens. john, thank you. >>> yemen's feuding political groups have agreed to create a people's transitional council to help govern the country and guide it out of the current crisis. it follows the coup by shia houthi fighters who took over the capitol earlier this month. that completed their power grab after the resignation of the president and the cabinet. it will work alongside the existing house of representatives. it w

>> athens commits. greece submits a plan to improve budget management. >> the equity market is up more than 5% on the news as yields drop. >> carney and yellen will address lawmakers in london and washington as investors look for crews on the first hike in interest rates. good morning, welcome. you're watching "the pulse" live from bloomberg's european headquarters. we're here in london. i'm guy guy. >> i'm francine lacqua. it is jum day for greece. we know -- judgment day for greece. we're starting to get a little bit of leaks i guess of what is in the plan not to roll back privatizations. and they are also more strict on the budget. >> this is not the full and complete plan but what we have had leaked to us thus far. we are watching carefully how the banks are going to react to all of this. the outflows have been fairly spectacular. is this enough to stem the story? let's go to erik schatzker, our colleague in athens. so we're starting to get an idea what the greeks have inside up to? >> yes, guy. goo

like wise france and athens is rallying a little bit today. a sub 1% move in the athens index. nothing too significant for greece. let's look at bond rates. the u.s. ten year did move yesterday. nonetheless, let's put that in perspective. we have yields higher than we were a week ago and then a month ago. we just came back from being above 2.1%. a little bit of a move there. in italy 1.65 and even if we have had some kind of agreement coming out of greece or request for extension of that bailout term we're still at 10.26%. the range bound for the ten year in greece is between 10.5 and 9.5 so we're still at elevated status. a quick look and the euro rallied a little bit in the last 20 minutes. it's 1.143 as we look at things at the moment. the most significant mover today is the rouble which slid about half a percent. worth pointing out, sterling was particularly strong yesterday after wage growth came at 2.1% significantly ahead of where core inflation is of course and that's saw the pound climb over half a percent. we're at just above flat today, 1546. commodities, oil slid la

we asked some residents of the capital, athens. >> a visit to an athens suburb with a taxi driver. used to earn enough to support himself and his wife -- he used to earning enough to support himself and his wife. he lost 2/3 of his income with the economic crisis. the risk of damage from international donors does not concern him. >> the return worried about their wealth and a possible return to the drachma. they may have reason to worry but the rest of us have nothing left to lose, so we don't have to worry. >> he has had plenty of opportunity to interact with people while on the job. the current political situation is the top issue here in greece. many athenians share his assessment. throughout the city, there is a sense of cautious optimism. >> we hope for the best. in my view this government is willing to improve things. but it is too early to say whether they can do it. >> things have changed, and i'm sure it will take a turn for the better. the newly elected greek government has made a brave decision. that shows courage. >> it may be a positive step but there are questions. wh

if athens fails to get an agreement, it faces insolvency. >> so what about the list of reforms athens is supposed to be sending to brussels and what can we expect on that list? we put that to our brussels euro chief. >> the greek government will send that list. nobody i talked to was worried about that. that's why they are exchanging documents and e-mails and telephone calls to make sure this final version everyone is expecting actually contains what is necessary and what is necessary is a list of reforms that goes beyond promises, where they find hard facts something institutions believe will make a difference and at the same time is feasible. the people i have talked to believe this can be done with the guidance of the institutions and it is in the interest of everyone to come up with something like that because it will give everyone a little more time to come up with a master plan. >> with the greek government walking a tightrope between satisfying euro legion creditors and delivering on anti-austerity election promises, investors seem to think a crisis would be averted and the hop

in a moment we're going to hear from the street of athens. but first, here's the german finance minister on why the greeks must stick to the promises they have made. >> the room is limited and it's not only by member states. it's altogether and therefore everyone has to work again. the thing is that we don't destroy, otherwise it will not work. >> we hope that the solution will be found again, because we don't want to leave the euro the eurozone or the euro. but we cannot go on in this situation. >> well, dr. michael fox is economic adviser to german chancellor angela merkel. when i spoke to him, i asked why his government was so quick to reject greece's offer when some quite liked it. >> first of all, we had a very clear agreement on monday on the last economic meeting with finance ministers. they said very clear that all the agreements which has been made have to be accepted by the greek government. and the letter which has been sent by mr. varoufakis, did not snow that he was accepting the so-called memorandum of understanding, which was t

athens is seeing the greek market hearsay been a bright spot. run you through the broader european markets. ftse 100 down flat on the day. xetra dax down about 25 points. up about 13% so far this year and despite the run up in german stocks still trading at price to earnings ratio 14 times. still a discount to u.s. markets. cac 40 down nine points and some positive developments out of greece resulting in the athens ase to outperform about 6 approximate.4% and the greek bond market seeing yields come down. >> absolutely and positivity in the athens stock market not broadly felt across europe but yesterday was a strong day for continental europe but since friday european markets welcomed the developments in greece but as seema said at the top, the most focus today is on what janet yellen says and that did move the u.s. bond market a little bit yesterday. we just saw yields come down a bit. we're below the 2.1% level. a little bond buying. that's on expectations she's on the dovish side of neutral. similar to where the minutes were last week but th

the list from athens is short, but sweet. making changes until the last minute, and now they've got a green light from the eurozone finance minister. money for reforms, that's the deal. the list is an important step in rebuilding trust. >> is a new greek government with quite a different political vision than the previous one. >> athens has promised to get tough on tax evasion corruption and reform of the pension system. that should fund about 7 billion euros into greece is empty state coffers. european leaders have said that it shows greece is willing to compromise, but they are expecting athens to academic with action, especially with regards to tax evasion. >> how can the government take money from others country, but not collect taxes from its wealthy citizens? no one has understand any understanding of that. >> increasing the minimum wage is one of the proposals. >> not even former government have managed to introduce the kind of regulations that actually work. when it comes to things such as vat, cigarette smuggling and

he is really irritated about some of the noises coming out of athens, that they might not go ahead with some of the privatizations they have promised, for instance, and also, floating again yesterday run the greek finance minister, this idea that athens might be looking for a write-down of debt , the so-called haircut. there is real consternation in berlin about these kind of comments and greece ultimately owes germany directly 40 billion euros, and doubts are growing that they will ever see that money again. >> well, that's not peanuts certainly. what do you think? is germany going to approve an extension to the greek bailout? >> as you have seen in that report, they've been testing the waters today. it does seem pretty clear that the german parliament will vote on friday to extend the bailout for greece by another four months. there will be some conservatives voting against 20 or 30, who ay that the measures, cracking down on tobacco smuggling and that sort of thing, is just not enough to put greek finances back on track, but having said that, all the parties in the bundestag are supp

scene -- athens still seems set on rejecting the bailout plan.one rejects the -- "the consequences of greece leaving would be as damaging to the euro zone itself. he could send investors fleeing and wondering if portugal or italy or spain could be next. he wonders if unnecessary compromise will be reached in time. -- if a necessary compromise could be reached in time for they could seek closer ties with russia. "i struggle to see how the eu could find undesirable." -- could find undesirable." >> the united states is stepping up its support for ukraine. >> u.s. officials now support arming kiev with defensive weapons after months of resisting calls. an independent report prepared by a number of pentagon insiders recommends that the u.s. send $3 million in equipment to ukraine. most of ukraine's military equipment -- some of it dates back to the soviet union even. the army has suffered a number of alarming reversals. president obama has yet to decide, but there is growing pressure inside washington for him to do so. >> all right, thank you so much

likely to be another volatile few days on the market in athens as we see those talks. across the rest of europe, investors remain jittery about what is happening in greece. markets have opened down, but have managed to claw back some of the losses in london and paris, just getting above the flatline. here in france and, the lower head department is set to vote on a wide-ranging package of economic reforms. the bill will loosen the rules of government sunday trading. streamline has legal proceedings work and open up the market for intercity buses along with other measures. along with tax cuts, this package goes along with francois hollande's economic reform program, but it faces opposition from the socialist reform party. a look at other top business stories, french judges have arisen -- have issued arrest warrants for three moreformer operators at ubs. ubs' swiss business is suspected of illegally canvassing french customers to hide the money they were moving across the border into switzerland. profits and revenues fell by more than 2.5% but last year. the company unde

he is on assignment in athens. stephanie: i would love to say that our erik was at the oscars last night, at the vanity fair party, but no committee is working in athens. we have had to take you to the breaking news on the housing market. scarlet fu is in the newsroom with the headlines. scarlet: disappointing read steph. economists had ratcheted down their expectations over the last three days because the expectation is down 1.6% as recently as friday. on an annualized basis the rate is 4.80 2 million, dropped from the prior month. this is not a government report. it is from the industry group the national association of realtors. what it measures is the purchases of previously owned homes. it makes up 90% of the residential housing market. some might argue a more important indicator than new home sales. in terms of the effect on financial markets, u.s. stocks were lower before the report. no real change there. the dollar takes a little bit of a leg lower even though it is firmer when you look at the ds wife and n

athens has formally requested an extension to its current eurozone loan agreement. remember, that's the one that's linked to all those austerity measures. so it could mean greece has offered major concessions to avoid running out of cash. oh and to overcome the big resistance led by the germans. >>> it's midday here in london 7:00 a.m. in washington 2:00 p.m. in ukraine's capital, kiev where the ukrainian president has said there's been an agreement to allow full access for international monitors into war-torn eastern ukraine. in a phone conversation with the leaders of france, germany, and russia president poroshenko demanded the release of all ukrainians taken prisoner by pro-russia rebels. all four leaders denounced violations of the cease-fire and they also called for the truce to be sustained. well, the news follows the fall of the strategic eastern town of debaltseve to pro-russian rebels. the rebel advance into the town this is the town which links the strongholds of luhansk and donetsk by rail, came in spite of the cease-fire agreement, which was reached by

sources say athens will submit its petition by thursday. its current rail out funding is set to run out at midnight on february 28 -- its current bailout funding. >> observers in europe say the new greek leaders have no intention of keeping promises made to creditors in the first place. this is what our correspondent in athens has to say about that. >> what is being presented here is simply that the time has come effectively for an end to austerity and that greeks are now in the nation has altogether has come down to its knees and simply cannot bear any additional austerity, so they are trying to treat -- tweak a lot of these reforms, a lot of this bailout package to find some sort of middleground solution where they can pursue and progress with rep arms but not with the additional butter -- budget cuts that greeks have had to enter that has sent unemployment skyrocketing to 27% . one in three businesses have gone bust, and six in 10 young greeks are out of a job going abroad in seek of a better future. that, they say leaves the nation crip

the government in athens must now come one a list of proposed reforms to the extension to be at identifiede four-month window was brokered at crisis talks held in buts ills and the deal will be confirmed once greece's creditors are satisfied with a list of reforms to be presented monday. if the plans are not acceptable there is still a chance the deal will be scrapped. a final agreement needs to be reached by the end of april. john has more from athens. >> reporter: this was the greek and you are own night their it would destabilize the euro zone and make greece poorer. in a preliminary agreement reached in brussels holds those bank notes are likely to remain the products of a graphic artists imagination, still european leaders are quick to not over sale the deal. >> the first step in the process that we have greed and the greek authorities have agreed to present a first list of their reform ambitions. the measures based first of all on the current arrangements. but also using the flexibility that is in the programs. >> reporter: supporters of the best wing government in athens gathered be

index in athens is down over 20% today. ecb moving away some of its liquidity for greek banks having a big effect on those stocks the greek bonds have been sharp movers. the short end is at 18.44%. that's up around about 2% today. if you look at the five year it's up the best part of 2% itself at 12.9%. the ten year just below 11%. 10.76%. earlier in the week we thought we had a little bit of progress in the discussions when they said they weren't expecting an outright hair cut. that crucial meeting between them taking place today in berlin. the rest of the world, we saw a tiny bits in the bond markets yesterday because of positive at a at a out of the u.s. and positive services pmi out of europe. that's been slightly unwound today. german yields are lower than japanese yields which is the big story of a couple of days ago. the euro has been rangebound in the 113 handle for the last couple of sessions. it has been moving but not as much as people might have expected. the bigger moves focused in greece. the yen is at 117.3.

let's go to athens now for the greek reaction. jim, when you look at everywhere, there seems to be some confidence in athens that they will renegotiate and the ecb was behind them. what is the mood this morning? reporter: surprise. surprise and further determination. every word of the thanks confidence in its political position that there will be some kind of deal is the order of the day. nobody here has blinked yet. guy: can you run us through the details of the funding story? and the dates that are now becoming increasingly critical? there was some great reporting out of athens that laid out the story and just how quickly this problem is going to become a much bigger problem. reporter: the key date is the end of february, which is when the bailout runs out, when the lifeline runs out and varoufakis has said and pretty much stuck by initial comments that they are not going to take the last 7 billion euro trench of that package. they are done with conditions. he has called himself the finance minister of a bankrupt country. after

this after athens called the eurogroup's directx -- draft text unreasonable, a radical departure from what was previously discussed. they have called for a six-month extension of the current bailout program, something athens was never willing to accept. greece wanted to scrap the existing bailout and replace it with a bridging program. let's listen to what the eurogroup president had to say follow those -- following those talks. >> the general feeling is the best way forward would be to seek some greek -- for greek authorities to seek an extension of the program. the main reason for that is, given the ongoing discussions about how programs should work and the future arrangement for greece, we simply need more time. >> also speaking following those talks was that you's -- the e.u.'s economic affairs minister, he or muska vinci -- pierre moscovici. >> they must request an extension to the program. that is a requirement. it operates on the basis of rules and rules must be respected. >> eurogroup has given athens up till the end of the week to get in line. the greek finance minister, yani

. >> more talk from athens. the greek prime minister says no compromise and no rush even though a crucial bailout deadline is nearing. this is a deep freeze. arctic weather puts that she'll on tens of thousands of people in the u.s.. a news's just coming in, ukraine says it has lost control over much of -- government forces still have the upper hand in some parts of the key eastern town but separatist leaders say that there militia has about 5000 troops surrounded. >> a correspondent is standing by. first, we had to the war zone. >> pro-russian separatists advance towards debaltseve. they are backed by tanks and artillery. these images were broadcast on russian television. journalists trying to reach debaltseve are reporting heavy shelling. here, a gas pipeline burns after being hit. the rebels are close to taking this strategic rail hub. separatist leaders say they control 80% of the city. including the rail station on the line connecting the rebel held cities. separatist claim to have captured more than 300 uk

the greek prime minister was in athens. to walk us through the details stephen carroll is here. >> this meeting was described as a very important one for greece's future plans. tsipras is discussing new economic reforms for greece. the prime minister wants help for cooperation and development. he wants progrowth measures for his country. the reforms will be part of a planned that the finance minister varoufakis will present later this wednesday. he will be looking for an agreement on an interim finance plan. >> sticking to his guns, the new greek government is set to present its first concrete proposal as it seeks to renegotiate the terms of its bailout deal. >> what are we asking for in this negotiation? we ask for time and space. the bridge program is exactly this. it is a short-term agreement that will help meet our obligation until we reach a new agreement on cooperation to vote -- and development within europe. >> athens wants the european central bank to hand over profits made from greek state bonds and wants 8 billio

he is in athens. it was said in the last 20 minutes, that this means austerity is over for greece is alexis tsipras right in any way? >> he is right in a sense because he already approved the deal that greece had before. this is a positive step. it's not a capitulation back to the austerity memorandum as a lot of commentators are putting it. it's a new direction as the greek side puts it. it is something. it's definitely what i have been getting from voters in the street. people were happy that the government was listening, and didn't believe that alexis tsipras would come in. >> look he's telling this to the greek people to people like you who believe that he's a good thing to the country. he has to come back with plans that apiece the people that lent the money. if he doesn't say he'll cut here and continue with this the deal is off. >> so now it's whether the greek government has the opportunity to dictate some of its own terms. the target is there. the way you get to the target is not there. it's

in some ways, with the athens spokesperson, it is contrary to the ecb bailout program. he talked about increasing the minimum wage and not lowering pension payments. a little bit on labor reform going the other direction there. all that said the dutch finance ministry, he pronounced himself very confident, earlier today. it seems as though we are headed toward a preliminary verification and that greece will stay in the bailout program. we have another discussion which should be in april. >> sans nichols in berlin. stand by for a moment. erik schatzker is an affluence for us. what are they saying about the latest developments? >> i want to be clear the conversation was not between me and the greek official, a greek government official sends us an e-mail. i will not call it a bombshell because so many people are so skeptical about what greases able to look up at. greece will not meet with today's deadline to send a list of opposed reforms. we're talking about the european commission subject to approval by all 19 governments of the eurozone that met on friday that initiall

wendy thousand in athens -- one -- 20,000 in athens -- one of two ways. they are going to demand radical restructuring of the bailout package. the greek government has some leeway. there is a poll that says 61% of greek support the approach the government is taking. that may give more room to compromise. from what we have heard this morning, the germans aren't in a compromising mood. >> the bar is low going into this one. let's bring in the global head of the strategy team. i want to talk about the real impact. the finance ministers are talking about greece and ukraine. leaders distracted. what is the real economic impact of that? >> if we look at the actual numbers in terms of economic impacts, berlin is positioning on the basis they believe there is a contagion risk that is very contained compared to worry where -- where we were in 2012. perhaps the biggest concern is the implications for other they'll out nations. -- bailout nations. if greece were able to carve out a favorable deal that would be off putting to peripheral nations. we have heard they re

is there a belief that this is athens blinking? >> the general perception among the people is that the government negotiates for the first time and it is saying yes to everything. his stance has been enjoying wide appeal among greek people. lately, a rare sight. now, when it comes to substance, there is no loan without strings attached. asking for an extension without a bailout agreement. the greek government tried this on monday and the first eurogroup meeting was on february 11. most of the greeks know that and expect a compromise to be reached. >> give us a sense -- sorry, go ahead. >> you have to remember the greeks want the country to stay in the euro area and want the easing of the austerity terms for the bailout. they want to stay in the euro. >> we spoke to a lot of economists here and they say that greece will have to give more than they were prepared to so far. the arguments is that they would like to have negotiated what we have from the eurozone. is it something they will not allow the government to soften their stance

the athens stock exchange is bucking that trend.will talk more about greece after the break and we will get the view of mr. osborne. ♪ jonathan: welcome back to "on the move." finance ministers at g-20 are there for the final days of the summit. we spoke with the man at the top of the treasury, george osborne about one of the chief issues leading up to the u.k. election. u.k.'s roll intra-europe. -- in europe. we have made it clear that the u.k. wants to stay within a reformed european union. we also need to make sure that the relationship between those not on the euro is a fair one. those are our priorities going forward and we say we will put this to the british people and that referendum will take place by the end of 2017 but as the prime minister said if we could include the negotiations we will be delighted. >> many investors have voiced concern that an early referendum could speed up or cause an exit him a what would you say to that? osborne: there has been a lot of talk in the media that somehow our european policy might dete

before the euro crisis in 2010, american school in athens. then her family lost their money, and she was forced to give up her highflying clans of an international career. nowadays, the beginnings of the euro crisis seem like a bad dream. >> we were all worried. we did not know what was going on. we could not understand because we were very young, so we were very uncertain. i remember money was less, definitely. we could tell because we had more allowance and everything. a lot of kids started to go out and work. i did, too. i got my first job when i was 15. such things did not happen in greece. these phenomena were new. >> she has gotten used to the new greece. it's a poor country that has little in common with the land her parents grew up in. >> i miss the fact that i did not grow up in all this wealth and having a good time all the time, but in essence, i understand now that what they did was take -- fake. it was not real. it was sort of like they lived a dream from which they woke up, and i think it's harder to get used to the things now i

eurogroup finance ministers meet in brussels to discuss the greek bailout but go home early after athens ejects the proposals. >> gunfire instead of a cease-fire. outbreaks of fighting in eastern ukraine threatening peace deal. >> the people in copenhagen hold a vigil for the victims of this weekend's deadly rampage. >> it is over and it is over early. the face-off in brussels between greece and the euro zone's other finance ministers. >> the new greek government has said time and again that it will not accept any continuation of the indebted nations bailout terms. the proposal put forth was for athens to agree to extending its bailout by half a year and successfully conclude it. the greeks called the proposal irrational and unacceptable. the government was elected on promises to radically change the deal. gail in brussels for us. no deal again. are we getting closer or further away from an agreement? >> that is a really good question. i just came back from the european council. a very strange atmosphere, dare i say. it's a great -- greek government is still playing poker, they are runni

the rhetoric coming out of athens. he was back in athens, greeted by protests.y were pro-government protests. this gives you a sense of the tension the push and pull, that the new greek government is going to get. they are not getting love from german officials. they are facing pressure to stick with the anti-a stare -- anti-austerity message. >> how will the banks fund themselves? how much spending do they have? >> this is the latest out of the ecb. they are going to approve 50 billion euros for emergency liquidity assistance. on top of that another 9.5. that get you close to 60 billion euros. this is a rotating, so it is not like they have to refinance. it does seem there is enough space as long as the banks and the greek central bank is off the hook. they are responsible and assume liability. they have had some money cut off. the interest rate is 1.55%. the old window, .05%. >> hans nichols. >> it is friday. some of you might be considering a night out at the opera. our next guest runs one of the grandest and greatest opera houses in the world. we are joined

let's catch up with mark allowlowen, our correspondent in athens. they want an extension, but an end to austerity as well. can you explain? >> reporter: a lot of it comes down to semantics. they've asked for the master financial assistance facility agreement. doesn't quite roll off the tongue, does it? it's a formal term for greece's international loan that was agreed with the euro zone but ift document does not mention the word memorandum of understanding, which is linked to the bailout, because the bailout contains all the harsh conditions of austerity. but this loan agreement also contains conditions. so what they've done, the greeks is to basically prepare a document that helps them save face. saying, we want to continue with our funding, but we want some flexibility in discussing exactly which conditions we'll fulfill in the next few weeks. what the euro zone has said they will now call an extraordinary meeting of euro zone finance ministers tomorrow friday at 1,500 brussels times 1400 gmt, in which they will basically rubber stamp the agreemen

alexis tsipras, we have reports from athens. >> this is the first anti-government protest in athens since the elections and it's coming from the communist party. syriza may have won experiments with new policies but it is still legally bound to previous agreements. >> there are few changes in words. we still have the same institutions. is minimum wage going back up? we heard many of the same things under the socialists, the government getting rid of expensive cars, and is so on. >> the communists only took 5.5% of the vote, but they sense an opportunity and they're positioning themselves as the new anti-austerity narrow i have narrative much like syriza did. they want greece to leave the european union and nato. >> they will paint itself as a conformist, tension is already high within the ruling party with one cabinet member refusing to abide by privatization the government agreed to. but there is also pressure from europe. in berlin the bung tad would fulfill its obligation. >> it will have no help from creditors for two months, and will continue to pay off debt in the meantime. >> i cal

joining us for more live from athens. eric, i am going to start with you. tell me what is the mood like in athens. is the government spinning this as a win? >> yes the government is spinning this as a victory. we have not heard from the prime minister this morning. we have not heard from the finance minister who will be submitting those reform proposals later today. here is tsipris on saturday. this is the tone he was striking. i want you to listen to his words. >> we want a battle and not the war. the real difficulties including moves relating to our relationship with our partners are still ahead. >> you might wonder how alexis tsipras can talk about winning anything because by any analysis the greeks gained little to nothing in the deal on friday. yes, there was some flexibility on budget targets. yes, there were concessions on language. the eurogroup is no longer going to use the word troika. a much hated word here in greece. they are no longer going to reform to a bailout program. greece gained some small measure of the ability to define austerity in it

shares in athens have fallen after the news. down almost 6% in trading. bankshares are being hit again. that is likely to be the focus of any shortfall in funding. should they reach an agreement with international lenders by the end of this month to markets across europe in trading today -- we learned that david cameron l an emergency meeting with the british finance minister to plan a potential greek exit from the euro zone. that, of course, showing that the markets are not terribly impressed by what has happened. all of the main markets were down as a result. robert helfrich is in frankfurt. f>> it is crucial that we see a solution and it has to have two sides. fighting corruption and better tax collection was promised during their campaign. if those two points could be successfully implemented, it would be possible to grant more aid. athens has to deliver and to act like the new robin hood does not solve problems. >> greek is also a topic of discussion at the meeting of the g 20 wristers istanbul. u.s. treasury secretary jack lew is calling for cooler

the athens share index, closed yesterday for a three-day weekend, has risen 7%.e big risers -- the banks yet again. shares we see either directly upwards are medically down, almost every day over the past couple of weeks with this crisis , so within about today by about 10%, obviously relieved at the prospect of more finance on the way. across the rest of europe on the markets, trading pretty flat at this point it be day. investors looking ahead to the federal reserve. janet yellen has a speech to congress later. mining group bhp billiton reporting a slump in profits of almost 1/3. the markets had been expecting worse, so little bit of relief on their share. the next grazprom says it is limiting supplies to ukraine because the government has not met repayment conditions for stop it says it will stop supplies in today's if it is not the money that is owed. gazprom claims it is owed more than $2 billion at an interruption of the supply to ukraine is thought to be unlikely to affect european supplies. highlighted at the oscars on sunday nights, pay equality between

erik schatzker joins me from athens. proposal got approved the what have they been saying about it? eric: good afternoon, mark. there is near unanimity that this a list of proposed reforms is a good or a valid starting point. after that, the opinions the verge. mario draghi calls it sufficiently comprehensive. the spanish economy minister seen behind the closed doors as the hardliner says it is evidence that the terms of greece passes bailout need to be revised because the country's economy is weakening. however, madame lagarde managing director of the imf, was critical saying it was not specific enough and that it lacks firm commitments on pension reform. >> what happens now? what is the next phase? >> that is an excellent question. i have to tell you so much could yet go wrong. first of all, the agreement must be approved by 19 eurozone governments. finland among the countries seen as hardliners who need to improve this. there are other risks in the four months ahead, including execution. here is an analyst here in ath

we have more from athens. >> the leftwing government in athens has had to sign on to a lot of the measures that have been promised by previous governments and which it had hoped to simply interrupt, to not sign on to. those include more strict enforcement of value added tax on retail sales and also the consolidation of pension funds and much stricter cross referencing of all the benefits that it claimed by pensers through the social security system. all of these measures had been mentioned in emails back and forth. the government has managed to incorporate very prominently in this memorandum what it has been saying it wants to achieve in the next few months as part of its own governing agenda and prominently among those features are for example strengthening the independence of the taxing authority so that it is free from political interference, no matter who is in power create ago more impressive tax scale so that more of the tax burden is transferred to the better off and more of the let's say lower wage earners and the middle class of relieved of tax pressure which has proven too great

the athens ase trading lower by around 2%.and it's euro zone creditors are having crunch talks in brussels today and will continue to do the same throughout the week. the real pain being seen in the bond markets. similar to what we saw last week. selling bonds and sending yields higher. the greek three year at 18.2%. the greek five year yielding 15.4%. quite the disparity taking alook at bond yields across europe. in germany you have yields there at.3%. talks between the euro group and greece over the bailout broke down yesterday. the finance minister called demands that athens agreed to complete it's 172 billion euro program as absurd and unacceptable. speaking this morning as he arrived for the meeting he remained confident that a deal would even actually be reached. >> next step is the responsible step. europe will continue to deliberate in order to enhance the chances of -- and actually achieve a very good out come for the average european. not for the average greek. not for the average dutch person or average german. we k