sarah: thank you very much for your reporting from athens. investors held a brief teleconference to discuss the latest proposals from the greek government. the eurogroup president says they have detected very little new from athens. >> i think we are beyond that point of extension. it is always possible. it race is a member of the eurozone and it cannot for financial support. they will have to do a lot of work on that. they have deteriorated even more. sarah: max hoffman has been following this story. he told us more about the eurogroup's reaction to the latest request from athens. >> months of extending the bailout program have led to exactly my thing -- nothing. now they will receive 18 billion euros that are much needed to finance whatever needs the greek government has at the moment. and the country now truly enters uncharted waters for the first time in five years. the european central bank is the only thing that's keeping the banking system alive. sarah: and here in germany chancellor angela merkel has told her colleagues that she will

tom: there were tests in athens. brendan: how much money is leaving athens banks.iday. t

sarah: germany will not be blackmailed by athens. that's the message from berlin at the latest negotiations on greece's collapse. brian: "a ticking time bomb." the human secretary journal -- the u.n. secretary-general urges a deal. welcome. the sudanese president omar al-bashir has returned to cartoon from south africa. sarah: he flew out of south africa despite a court order barring him from leaving and an international warrant for his arrest. brian: the international criminal court has called the failure to arrest the president disappointing. reporter: omar al-bashir was triumphant as he landed back on sudanese soil. al-bashir managed to leave south africa while judges deliberated his case. by the time georges -- judges ordered he be arrested and handed over to the international criminal court al-bashir had already left the country. the icc has been waiting for over five years to try al-bashir on charges of war crimes and genocide. >> i think i can speak on behalf of the prosecutor to say that, we are disappointed. south africa has

live to athens in a moment. and reports around the world including - change in turkey president recep tayyip erdogan to make his first speech since losing the parliamentary majority >>> iraq ready to fight i.s.i.l., but they need weapons. >> inside the mind of a genius. albert einstein's personal letters up for auction. >>> al jazeera learnt that there could be a deal in brussels to prevent greece defaulting on its debt. athens has until the end of june to pay 1.8 billion to the international monetary fund. the debt stands at $352 billion. of this, 8.5 billion has to be paid by august - mainly to the european central bank. john is in athens and can give us the latest. the athens stock market seems very happy. what are you hearing about a possible deal. >> that's right the stock market appears to be bouncing back from yesterday, when it was uncertain if alexis tsipras would meet with his counterparts. he has done that and the result is that there seems to be a possibility of an interim deal financing greece throu

the athens stock exchange closed today and for the rest of the week. by the way, we assume online from atms but not today. anyone who needed to get cash knew what was coming and hats. i was told that maybe 40% of atms right now actually have any cash anyway. i tried to get cash out of a couple atms and never shut down not working anyway. the big question is what happens next. the next big event due to the international monetary fund tomorrow ride about $1.8 billion increase this of the money to make the payment. technically default. there is going to be some last-minute scrambling here. we understand the european commission may have another offer for the greek leaders to consider. we will keep an eye not that the meantime meantime the clock is ticking and the prime minister tsipras is calling for composure and patients, both of which is asked in a tall order. they are running out, sandra. sandra: what does the future look like for alexis tsipras at this point? we are waiting for a news conference later today. what is the feeling on the ground about his

genie: let's talk more about the situation on the ground where you are in athens. thousands turned out last night to back their government, saying they would say no to the referendum if it takes place. what are the chances the referendum might not happen at all. nathalie: we need to take it on a day by day basis. one thing is very important to note, they feel they belong to europe. they want to stay in europe. and this is no longer a yes or no to europe, it is a yes or no to austerity. it is a matter of national pride. it is not about whether the greeks are -- the overwhelming majority here fear very much it belongs to the euro and part of its european family. the referendum itself has to be more for the europeans and the greek people. it is a very confusing situation on all sides. genie: thanks for that. in another development, we are hearing from a greek government official in athens, as alexis tsipras spoke on tuesday with jean-claude juncker and mario draghi. to talk about that breakthrough let's bring in our business editor, stephen carroll. what is important

sarah: thank you for the update from athens.reese will not be able to repay the 1.6 billion euro loan by tomorrow's deadline. that is according to information the germany finance mr. -- minister received from athens. they could be facing default. and looking at greece's uncertain future. the reform proposals and don't want a new agreement with greece's creditors. there is a growing sense that even when they are working the most they can draw in a day is 60 euros. >> i need 20 euros to buy medicine. i don't know if i will be able to. people have to heat -- eat and drink. they have cut our pensions and now this. >> i am against europe. it makes me very sad. >> it is terrible and very cruel. everything is closed. maybe not even when it reopens. >> groups are forming to approach the pros and cons of the referendum. many locals rely on it for income. >> and right now, people think it comes here -- they are not going to have any money from the banks. the basic income of greece, if you take out of it, you have nothing. and they come he

but they say they need more details from athens and fast. time to agree to an extension of the bailout program, as we know is running out. >> he is a man on a mission. the future of this country. the stakes are high and so are the hopes of the leaders. >> i want all cards on the table. it does not mean i need all the technical details. but to stop to end this political gamble. >> the greek prime minister sent out last-minute proposals. the main concessions are raising the revenue and increasing the retirement age to 67. negotiations also took place with the european commission ecb, and imf. the result is cautious optimism. i expect we will reach an agreement with greece by the end of this week. we will work hard like we did in the past. the goal is to find a solution by the end of this week. at the same time, leaders are talking down explanation -- expectations for a be ig deal. after the meeting, there is no basis for decision. today can only be for consultation. although no breakthrough is expected from tonight's meeting it will send impor

life pictures coming through of athens.e will be back there after the break. ♪ anna: welcome back to "countdown." let's have a look at how markets are shaping up. the greek stories having an impact on all asset classes. this is the picture of the euro-dollar this morning. we have seen the yen getting a bit of the boost as a result of nervousness around the greek story and developments there. we see treasuries getting a boost. investors are trying to seek out a safer haven for their assets. let's talk about what is happening in the asian equities session. we have seen the shanghai composite index. it has come back again. it is now down 5.28 recep. -- 5.28%. they are calling what is happening in china a panic selling. the chinese central think is moving to move the policy generally over the weekend. chinese a 30's are clamping down on trading losing markets. that is the richer across the asian sessions -- picture across the asian sessions. anna: where the stories you need to know this morning. a serious blow yesterday when on

in athens and brussels. -- latest developments in athens and brussels. marcus: the phone conversation between european finance ministers wrapped up an hour ago. we are seeing thousands of people turning up outside the greek parliament in essence in this evening. they are calling for a yes vote in the referendum that is due to take place on sunday. they want the government to agree to new economic reforms and cuts in return for more aid. this follows a protest in the opposite direction on monday evening, when thousands turned up for a no vote in the upcoming referendum. eurozone finance ministers said earlier they spoke over the phone to discuss the letters sent to them by greece. this is the letter in question could alexis tsipras, greek prime minister, asked for greece 's current bailout program to fix that ended -- to be extended. it would also include get really good the eurozone finance -- it would also include debt relief. the eurozone finance ministers rejected this. the dutch finance minister says tha

but they say they need more details from athens and fast. time to agree to an extension of the bailout program, as we know is running out. >> he is a man on a mission. the future of this country. the stakes are high and so are the hopes of the leaders. >> i want all cards on the table. it does not mean i need all the technical details. but to stop to end this political gamble. >> the greek prime minister sent out last-minute proposals. the main concessions are raising the revenue and increasing the retirement age to 67. negotiations also took place with the european commission ecb, and imf. the result is cautious optimism. i expect we will reach an agreement with greece by the end of this week. we will work hard like we did in the past. the goal is to find a solution by the end of this week. at the same time, leaders are talking down explanation -- expectations for a be ig deal. after the meeting, there is no basis for decision. today can only be for consultation. although no breakthrough is expected from tonight's meeting it will send impor

right now in athens. olivia: athens is a little further out.att: i guess that would close about an hour ago. let us look at what is making news on the bloomberg terminals. olivia: let us start with the biggest deals this morning. and them is not budging. it is making the same offer of $47 billion to buy up cigna. the health insurer is offering per share. cigna calls the big inadequate. a little desperate, but talks of a smack over who would run the combine company. williams rejecting a bid for takeover. the statement did not identify , butidder bloomberg's reporting it is worn. living/onha stewart the media has been bought. the company after the lifestyle guru has risen 37%. martha stewart has a long-term commitment to remain the creative chief. sequential brands owns among others the jessica simpson and ellen tracy lines. jessica simpson is huge. i've not heard of ellen tracy. she's a slightly distressed home and lifestyle brand. matt: i love martha stewart. is making a bid for a french wireless provider. it is the third biggest wireless provi

guy johnson in athens.ncreasing tax rates has been described as a redline by the greek government so far. so just how heavy is the tax burden on struggling business owners? we spent an afternoon at a neighborhood restaurant in athens to find out. >> it would -- it is 70%, and the security money [indiscernible] we paid an average of 5500 per month. the taxes make it look expensive. everything else went up the last year from vegetables, meat meals, anything. about half of his salary pays for social security. 30 euros a day, and he must pay 45. the employee doesn't have any social security, they don't have any security, they have nothing. see what happened to them in the last five years, people are going to think you report from iraq. the politicians in greece, and also the politicians in brussels, they don't understand the impact that is going to be on businesses like mine. it's a catastrophe as it is. i'm scared because they don't understand what is happening. i'm scared because they have no idea. anna: let'

we have live shots of athens this morning.mbly lines outside, as we had yesterday in. people trying to get their 60 euros a day out of the banks. if you don't have access to that machines, are they able to go inside? later today some have been opened. 120 euros per week. not for allocation of 60 euros per day. we will see what that brings when the banks to open up. the intention being getting it in their hands. in terms of where we are in the markets, happen our away from the european equity trading day we have the european market heavily in the red yesterday. asian markets trading in positive territory were now. a pretty decent session. some of the chinese markets turning things around towards the end. we had the song high -- ai constant -- shanghai concert up -- composition up. we will be right back as there is $1.7 billion that payment. more on that conversation when we come back. ♪ anna: welcome back. just 7:30 here in london. time to check in on the european equity markets. another day of weakness at least at the start of

are people more confident in athens?silis: you have to see the headlines out of the greek media and the foreign media. greece, at the end of the day has to keep the market calm. you need a positive feed coming out of the greek government. you just had the ecb upping the ela. it was a very large increase. that's more of a communication issue at the moment. indeed, people in greece do feel confident that greece will not exit the euro. they do feel confident that the greek government will reach an agreement. the worst-case scenario is that maybe we get an agreement -- [indiscernible] you will have the pro-europeans stepping up in the parliament. all in all, political developments from greece, but nothing more than that. jonathan: on the other side is your world the world of the foreign exchange market. you look at one week euro volatility picking up because the fed is meeting. they have very little to do with greece at the moment. vassilis: that's totally correct. greece is a dark cloud over the euro. at the moment, you hav

great work on the ground there in athens.ran is hoping to renegotiate the membership in the european union. he arrived fresh from his talks yesterday. german chancellor angela merkel. meanwhile group of high profile business leaders including virgin's founder sir richard branson warned that britains must be in the room for fighting for reform. not knocking on the door from the outside. what can cameron say to the press core? >> unfortunately british negotiations right now feels like a bit of a side show with everyone everything that is happening with greece. it will be on the agenda at the summit but this is one step in what is going to be a very long renegotiation. he wants to move things on the technical stage. he has established through meetings with all the other e.u. leaders. he has been on a bit of a tour the last few weeks, what the issues are. what the sticking points are likely to be. what he wants to do is coming home and say we have had tough talks. we got this far. we're well on our way. in terms of concrete propo

sarah: thank you for the update from athens. reese will not be able to repay the 1.6 billion euro loan by tomorrow's deadline. that is according to information the germany finance mr. -- minister received from athens. they could be facing default. and looking at greece's uncertain future. the reform proposals and don't want a new agreement with greece's creditors. there is a growing sense that even when they are working the most they can draw in a day is 60 euros. >> i need 20 euros to buy medicine. i don't know if i will be able to. people have to heat -- eat and drink. they have cut our pensions and now this. >> i am against europe. it makes me very sad. >> it is terrible and very cruel. everything is closed. maybe not even when it reopens. >> groups are forming to approach the pros and cons of the referendum. many locals rely on it for income. >> and right now, people think it comes here -- they are not going to have any money from the banks. cncom of greece, if you take out it, you have nothing. and they come here with their

all parties right now interested in not seeing that happen. >> image and athens -- you mentioned athens. how are the rest of the market's reacting? >> across the board, although the indices are in the green. all above the 1% mark. paris and frankfurt are trading at 2.9%. athens soaring at 7.4%. the german and french banks are up over 3%. let's listen to a trader in frankfurt. >> they are hoping the greeks perform -- present reform with which they would agree. that would be a cut that change having received more money. there still needs to be major restructuring in the eurozone. >> we are seeing a lot of action on the markets. investors hoping there will be a deal. there is also concern is anything concrete behind the new hopes? >> thank you so much for that look at what is happening in the business world, particularly with greece. time for the press review. oliver is here for a look at what the french papers are saying today. greece is dominating the papers here. >> that is right. summit takes place in brussels today. it is all over the french papers. it has been billed as the last hope

support of the government in athens prime minister alexis tsipras asked european leaders to the deadline. they said no. mr. tsipras has called for a referendum on the bailout this sunday. >> translator: we will survive. we stand on our feet we'll be alive. and we'll go and practice our right to vote. and we decide as people what will be our future. >> for more on this i want to bring in cnn's isa soares joining me live from athens. for greeks the limit is 60 year rows a day. if you have children and a family that is barely enough to live on. but some pensioners haven't been able to get money out at all. can you explain why that is? >> reporter: absolutely zain good morning to you. the payday for pensioners was initially on tuesday.

it is completely unknown. >> reporter: the athens government must make a $1.8 billion loan repayments creditors by the end of the month or become the first euro zone member to become broke and potentially be forced out of the european currency. but they don't want the tax hikes and pension cuts because they say that will make its debt problems worse. the greek prime minister has been in russia. the meeting has seen greece and russia sign a gas pipeline deal worth hundreds of millions of dollars a year for athens. >> translator: we would like to use our position as a springboard in order to benefit from it. we'll make every effort to achieve good results. russia is one of the most important partners for us. >> reporter: closer ties between athens and moscow will be closely watched by greece's european partners, and the greek crisis is top of the agenda at the ongoing meeting of european finance ministers. >> we hope for the best but we must be prepared toer the worst, and in the united kingdom, we have taken the measures to increase our economic security to deal with risks like this f

here is the athens stock exchange, you see the decline in the athens market. in the most recent. , we are down 17% on this market cents thursday. european stocks continue to focus on the tragedy, down 1% in the french session. that seems to be different this morning as we had the federal reserve conversation since then. watch out for any balance of trade, the great central bank warned yesterday that greece could be forced out of the european union. we go to luxembourg where finance ministers will be gathering. keen to see a resolution, thomas jordan and switzerland -- we are expecting a note from the swiss later on. will we talking later on later in the programming here on bloomberg. we are going to be live in st. petersburg, the economic forum gets underway in russia today. into tomorrow, we will have lots of coverage, the russian economy minister will be joining us. vladimir putin is going to be in conversation with charlie rose don't miss that at 12:00 u.k. time. lots coming up on the russian front, before that, we are going to be hearing from an investment

barnaby phillips, al jazeera, athens. >> let's take you live to athens and to john stouropulos. >> there the proposal is now going to be delayed. >> well, earlier this evening the prime minister went on television and said that the we have achieved surgeon goals. he has now come out and openly admitted that the referendum was not an end of itself. it was another form of pressure in the negotiation process. which we got a hint of earlier in the week when finance minister proposed to creditors that if they came up with a slightly more favorable plan, then the government's advice could be become more favorable and switch to a vote of yes. this, of this, the government is trying to say this is only part of the negotiating process. the trouble is that, well, two things. one, the greek economy is deteriorateing. two, the greeks are now graduating from financial assistance program that creditors have unanimously voted not to extend. that's partly due to the fact that the negotiating team walked out of talks on saturday in brussels without warning their inter lock could you fors, without saying

erik schatzker is in athens.ve got to focus on what life is like therefore ordinary greeks today. earlier you said that it was eerie. is that still the case? yes, and it may be yet for several days because they have been preparing for this. what greece is not prepared for is what might happen tomorrow. you talk about 1.i billion euros owed to the imf. the expectation on every level is the is not going to make it because greece simply doesn't have the money. heart of the reason they do not have the money is because the current aol program is scheduled to expire tomorrow. the trike a refuse to extend the program. the big question is what is going to happen to that banking system and if it is forced to exit the euro. we would see lots of people with opinions this morning. mohamed el-erian was among them. he put the probability of a greek exit from the euro at 45%. rbs at 40%. bnp at 20% area there is a range of opinions that give you the sense, clearly, that this is a real probability and there is every concerned th

we'll be live in athens in just a moment. also coming up reports from around the world including in northern iraq, we meet the sunnis ready to fight isil but say they need weapons now. >>> taking action, pope francis sets up a panel to hear cases against bishops accused of covering up child abuse. >>> pollution getting in to the named of a genius, albert einstein's personal letters up to auction. ♪ ♪ >>> al jazerra has learned there could be a deal in brussels to prevent greece from defaulting on its debt. athens has until the end of june to pay over $1.8 billion i.m.f. total at the time of $352 billion. of it 8 1/2 bill january has to be paid by august. john what are you hearing about a possible deal on the table? >> reporter: greek officials are sounding optimistic after last night's meeting. that they may have now agreed to separate the instance gents issues of pensions and debt restructuring from the more urgent issue of financing greece through the next three months, the larger issues will be sent down the road nine mont

will remain silent and they will be closed for the next week as well and barnabie phillips is in athensent these updates. >> it may have been necessary and inevitable to save greece's banks after the drip run after the last five months and accelerated dramatically over the weekend but they will hurt the greek economy hard and the banks will be closed at least a week and during this period they will be able to take out 60 euros on that is $80 a day with their bank cards in theory and we will have to see how that progresses. it's a political blow for a prime minister and increases the tensions on the greek streets as i have been finding out. they have come to the european union office in athens to shout their defiance, these left-wing protesters say no to a bail out, no to the imf but this crowd is small, a majority of greeks are simply frightened of what can happen in the coming days and the prime minister is struggling to reassure his people. >> translator: what is required over the coming days is sobriety and patience deposits are ensured and should be faced with resolved and the more

bobby phillips, aljazeera athens. >> john psaropoulos is in athens for us where it's past the deadline, and there's an offer for greece to cancel the referendum on sunday, and why? >> because of extreme reaction against the no vote. the government has asked people to vote against the austerity measures and that has outraged many people. people believe that if there's a no vote, it will signal to the euro zone that greece no longer wants to be in the euro zone at all. yet a large majority want to be in it. i think that the other reason behind the potential cancellation is that the government has realized that it was a ploy that simply didn't work. in fact, early this evening deputy prime minister put it like this on national television. government that decides a ref can't decide something es. why did we declare it in order to achieve an agreement that achieved certain goals. in other words, it was a negotiation tool. it was a ploy, and now that we're past the deadline of greece's financial arraignment he says no longer any kind of program with its creditors there's really no point in ha

we saw significant protests in athens. give us the color of the protests last night in athens. erik: i would describe it more like a rally if anything. if there was a protest quality to the demonstration, it was against more austerity. this was solid backing for the current government syriza, and the current governor, tsipras. this protest was staged. it was not spontaneous. there is going to be a similarly staged antigovernment pro-eurozone rally tonight at 7:30 at this time. that will give us the sense of what kind of popular support, if you will, there is among the yes forces. i say yes because that would be the alternative in the referendum this coming weekend. tom: i heard mr. tsipras' comments last night. what does tsipras do this day where they do not make a check out to madame lagarde? erik: a very important point because the expectation is very widely held that reese will not make that -- that greece will not make that payment at 6:00 washington time, some 1.5 billion euros. to answer your question more directly, we do not know. there may be some back channeling going

so athens stock exchange has taken a big hit.eck the bond markets, we are seeing 10-year borrowing costs edge up slightly. it is not a big move, but considering that we saw the move down earlier and saw the move down significantly over the past two days, it is worth noting. so greek markets definitely feeling the reaction. francine: thank you. hans, let's go back to you in brussels. what do we know about the timeline? officials were discussing the details this morning. then today's finance ministers are meeting. hans: so, finance ministers arrived. the first meeting as at 7:00. mr. draghi and mr. tsipras and madame lagarde were supposed to meet around 1:00. some of the flights were delayed. when they arrived and when they meet does not seem to me as significant as the fact that a greek government official is now saying that talks has been rejected. that is not to say that these talks are over. that is not to say that we are not going to have a deal. clearly, though we have an obstacle and it will be up to the parties to resolve t

banks and markets in athens are closed as the country could be days away from a default. ago, theil a few weeks rise in chinese stocks seemed unstoppable, but not anymore. find out how bad the crime could be. discovery pays for the broadcast rights to the olympics. mark: good afternoon from bloomberg world headquarters in new york. i am mark crumpton, here with pimm fox. pimm: let's get right to the markets and see how stocks are selling right now. losing 29 points, the dow jones industrial average also falling down 1.3%, a decline of 240 points. we are near the days lows. the nasdaq also lower by more than 1.5%. --'s look at the market treasuries, buying goes on in all maturities, the 10 year, the 30 .11.he 30-year, that means a lot of buying in u.s. treasuries. let's look at the euro. today, the euro showing a big decline in the early session and regaining some of that now at 43 against the dollar. let's look at top stories. court wrapping up with several key rulings. independenteld an commission set up by arizona to redraw congressional districts. they also said states

thousands in athens rally outside of parliament. tom mckenzie is on the ground in athens. us the mood. tom cole and the mood was best summed up as anger and fear. -- tom: the mood was best summed up as anger and fear. there is fear about what is going to happen next. the great unknown. one investor told us that the government is grandstanding has present its relationship with europe. he said varoufakis and tsipras has been posturing on the european stage and has left greece cut off from its neighbors. we know there have been recalls from greek banks. every protester we talked to says they have with john money out of the banks and stored it at home. -- they have withdrawn money out of the banks and stored it at home. people there on wednesday said things cannot get any worse. one lady said her father's pension had been cut. she's prepared to leave the euro because she does not think anything can get worst. -- anything can get worse. there seems to have been a mood shift, with greece -- with greeks who held a glimmer of hope now seeing a possibility of a greek exit from the

olivia: we will go live to athens in just a moment.investigation into collusion in the u.s. treasury market. bloomberg wrote that story overnight. matt: that does not sound good. other top news. first of all, the prime minister of greece says he cannot believe that his proposal to end the bailout impact has fallen short. alexis tsipras in a meeting in brussels today with the heads of the imf, it eat cbn european union brady is going to pay for money. he told his -- in fact, the creditors have given the greek government to revise proposal. they made a counter offer and

guy: he will see the music going here in athens. about the greek dance, in needs to make sure his party is in step and that is why he is fighting as hard as he is to make sure he can bring a deal back to athens. if he cannot get it past parliament then the political story here in greece is going to fragment a little bit. we could be heading for an election. there is a lot that needs to be done so he has to find it deal that can be passed by the syriza led government. if you were to bring the deal currently on the table back from the creditors and back to athens right now you can probably pass it in the house but hast to be passed by syriza. i think he is very aware of that at the moment. mark: what is the latest on the banks? guy: it will be very interesting. we have not seen the el eight requests. we'll see if there is one made today because maybe we will start to see a pickup in the money flow as a result of the disappointing story coming out of brussels. on monday morning if we do not have a deal it is anybody's that. i think tha

several thousand demonstrators rallying europe, in athens, greece.ng strong support among greeks remaining inro

right now we need to look at athens and greece. erik schatzker is in athens.s was in brussels all last week. a quick data check there. let's get right to our good reporters in europe. erik schatzker again, if it happens this morning. hans nichols is in berlin. i am seeing the same cadence the same pace of the headlines under juncker, merkel, and others this morning. when will the story for germany change or adapt? or will they never adapt or just -- or adjust? hans: what i just heard from merkel was the same games but she was speaking to her own party. that sounded like a chancellor who was preparing her party. preparing them for ultimately making concessions. she says if the euro fails, europe fails. that is part of angela merkel's line. it was interesting that she set it to her own party, given the current situation. she was not piling on greece. tom: all the different acronyms and ways that greece will do this or that -- is it just as simple as greece will be in or greece will be outside the euro? hans: no, it is much more complicated. even if you get a yes

live there from athens, thank you, alone inda. now george. >> thank you. we get back to the continuing coverage of o the church massacre in charlston. after the break, a chilling account of what happened here on wednesday night. in charlston. after the break, a chilling account of what happened here on wednesday night. my name is jeff richardson, the vice president of operations here at c.k. mondavi. to make this fine wine it takes a lot of energy. pg&e is the energy expert. we reached out to pg&e to become more efficient. my job is basically to help them achieve their goals around sustainability and really to keep their overhead low. solar and energy efficiency are all core values of pg&e. they've given us the tools that we need to become more efficient and bottom line save more money. together, we're building a better california. >>> welcome back to our viewers in the united states and around the world. >> and i'm natalie allen in atlanta, georgia. you're watching cnn newsroom. >> continuing now with our coverage of the deadly mass shooting inside a plac

athens is trying to fix the situation. greeks over their governments 76 billion -- owe their governments 76 billion euros. but why pay if your country is about to default and the money would be lost anyway? reporter: this tax advisor's noble fingers held him calculate how much his clients in athens have to pay. but few people are seeking his help. so far just 1 in 2 greeks have filed their taxes from last year. the government caved in to pressure and extended the filing deadline. >> right now the market is dead. people are afraid of what tomorrow will bring. they have not declared their taxes on time. it's not a characteristic of greeks to leave things to the last minute, but the crisis continues and is triggering panic because they don't know what the next day will bring in if they will have money to spend. and soon, they could face even higher tax bills. that would have a domino effect driving up food prices including popular fruits and vegetables. many small business owners are concerned about their future. >> of course

athens continues to have the support of the european central bank.he ecb said it won't increase the amount of emergency funding that it's providing to greek banks. the government says it opposes to bank closures and capitol controls which would limit the flow of money in and out of greece. athens has unless tuesday to repay 1.6 billion euros $18,000,000,000 to the international monetary fund. we have full coverage with dominic kane in frankfurt and john psaropoulos standing buy in athens where greek cabinet members will gather for a meeting in about an hour. straight to dominic kane. the ecb said it's not increasing the emergency funding. what does that actually mean that they have enough? have they said? are they going to stand by the greek banks or not? >> they say they are going to stand by the greek banks and we know for several hours, they have discussed ela emergency liquidity assistance to the greek central bank. you will recall the greek central bank has been receiving ela elas for several times t amounts to several tennessee of billsions of

francine: guy johnson there in athens. let's cross to brussels. we've been to elliott in athens. we've been to guy johnson. let's cross to hans nichols in berlin. what are we hearing from finance ministers this morning? all right, we are struggling with the technicals. we are all in a kerfuffle. we are hearing from angela merkel in about an hour. then we are hearing from jean-claude juncker. we heard from some ecb ministers. mr. nowotny saying this is a difficult time for greece. let's check on the market. it has been dire. let's go to mark barton with the latest. mark: what a day. this reminds me of -- manus knows this, the height of the last crisis three years ago. very reminiscent of those 2011 days. let's start with the stock market. every industry group is falling on the stoxx ex hundred. this is the euro stoxx 50. this encapsulates those blue-chip companies. biggest drop since 2011. bringing me back to that 2011 theme. every single stock today, falling on the stoxx 50. it is the biggest drop since 2011. it was 172 points lower. now it is just down 130 points. rwe is the bes

athens is trying to fix the situation. greeks over their governments 76 billion -- owe their governments 76 billion euros. but why pay if your country is about to default and the money would be lost anyway? reporter: this tax advisor's noble fingers held him calculate how much his clients in athens have to pay. but few people are seeking his help. so far just 1 in 2 greeks have filed their taxes from last year. the government caved in to pressure and extended the filing deadline. >> right now the market is dead. people are afraid of what tomorrow will bring. they have not declared their taxes on time. it's not a characteristic of greeks to leave things to the last minute, but the crisis continues and is triggering panic because they don't know what the next day will bring in if they will have money to spend. and soon, they could face even higher tax bills. that would have a domino effect driving up food prices including popular fruits and vegetables. many small business owners are concerned about their future. >> of course

barnaby phillips has more from athens. >> this petrol station on the edge of athens is closed until ar turns up with new supplies. as we drove around the city we saw about a third of stations were closed. the result: panicked buying over the weekend without the free flow of cash the greek economy could grind to a halt. >> there is no shortage of petrol. there is plenty in the country. but stations need to pay for it up front in cash now that the banks are closed. >> for now the banks are firmly shut with confusion on the streets outside, some people could take the daily limit of 60 euros from the machines. others weren't so lucky. most vulnerable the pensioners many who don't have bank cards. antonious, i didn't 2 waits outside the bank to collect his pension with friends. he heard a report it would open at mid day. >>. it didn't. he waited an hour then gave up. so there are a lot of questions for the greek finance minister although he wasn't answering them on his way in to work. instead, we heard accusations of betrayal from the european commission in brussels. >> egotism took preced

erik schatzker is life in athens. what is next? lot people are focused on the weekend because that is when the prime minister has promised to hold a referendum. is effectively a referendum on euro membership but a referendum on austerity because it is supposed to be about a bailout proposal or in extension of the bailout proposed by the eu. that is what we have been talking about for the past several minutes. anyone's guess whether the referendum will happen so my attention is on what will happen tomorrow. tomorrow is the day greece is supposed to make 1.5 billion euro payments to its creditors. it is also the day the current bailout agreement expires. if both of those things happen on schedule, and there is no reason they will not, what are the implications for gree ce's banking system? i spoke with a former board member at the imf and former advisor to a previous greek prime minister in the early 1990's. here is what she said the implications of those two events are. >> it will be hard for the european central bank when the asset

it's 1:00 in the morning in athens just to put this in perspective.xis tsipras is speaking live on greek national television. he said we've tried forify monthsfor five months, and they were given an ultimatum that was against european values, and i quote, the purpose was to humiliate a nation. the only way to response to this is through the nation's will. what i'm expecting him to say very soon is that there will be an referendum. i'm imagining the terms the question of that referendum will be along the lines of this is what the creditors are offering you greek people. do you accept it or not? and certainly the tone of the address so far is that asex his tsipras will be saying we do not not--we would skies the greek people not to accept this. all of the speculation on greek media in the last 15 minutes or so, in fact, i'm now seeing it coming up on a screen on greek television as a speak to you is that this referendum will take place in an awful houry. that's the fifth of july. that's next sunday. not the day after tomorrow. but eight days from now if

if withdrawals continue faster than the emergency liquidity assistance, it could force athens to imposeal controls as cyprus did in 2013. >> translator: capital control is very possible. there are huge outflows from greek banks. it's a very possible this thing will happen. if it happens the next step is chaos and catastrophe. >> translator: it will be a tough for a period of time. that's for sure. we are entering into a new era that is unchartered territory for me. >> reporter: the athens government must make a payment by the end of the month or become the first euro zone member to go beak. but athens is refusing to impose the tax hikes and pension cuts which its creditors are demanding, because it says that would make its problems worse. the greek prime minister is on day two of his visit to russia. the meeting has seen greece and russia sign a gas pipeline deal worth hundreds of millions of dollars a deal to athens. mr. tsipras will have a bilateral meeting with vladimir putin to discuss further financial assistance. >> translator: we would also like to use our position as a springboa

first, let's go to john psaropoulos standing buy in athens. in the past four 20 minutes or so we have had these reports that some. banks may not open on monday. any official reply from the greek central bank to these reports? >> hello barbara. we haven't yet received official confirmation but we are hearing plea lim nary reports that is indeed the case banks are preparing to remain closed tomorrow perhaps for a day in which they hope the reassureing statements now emerging will also have an effect on their depositors they may need this for practical reasons in order to prepare themselves for capital controls which are widely expected here the imf will monitor greece and stands ready to provide assistance as needed the last statement from creditors attempting to reverse the atmosphere after greece walked out of ongoing talks on saturday sparking irritated remarks by the euro group chairman who said he had absolutely no warning of this announcement of a referendum or the idea that the greek authorities were going to break off from talks a demons

in athens to shout defiance. the left wing protesters say no to a bail out, no to the imf. this crowd is small. a majority of greeks are frightened of what could happen in the coming days. the prime minister is struggling to reassure his people. >> translation: what is required over the coming days are sobriety and patience. money in the greek banks is insured. the more cold-bloodedly we face these difficulties the quicker we overcome them the milder the consequences. >> as the prime minister spoke, more greeks were rushing to the cash machines to get money out while they could. sophia told us she'd been here for four hours waiting for the machine to be restocked. she said she never thought it would get like this the government has to go. so are we talking about a return to drachmas on sale at the athens flea market. beautiful old money. most greeks see eurozone membership as proof of progress after the turmoil of the 20th century. grook people are in a difficult position. the government is telling it to vote no

barnaby phillips al jazeera athens. >> and thousands of peep have gathered in the greek capital athens in support of the government position. these are live pictures coming to us from the greek square where thousands are calling for a no vote on that referendum set to stay place on sunday. john slop lust joins us siropolous joins us from athens. >> i was downstairs talking to a group of students at the athens university of business a few minutes ago and asked them why they want to vote no. and their view that the incessant austerity votes lead nowhere but good. one lady put it to me this way we're going to end up selling our country piecemeal to foreigners, end up working on very low salaries, how are we going to get married pay for mortgages, and have our own families? these young people see only despair in the job market around them. even though they are working hard to complete degrees they are in no practical sense be of any use to them. they are going to graduate into a job market that is degraded and doesn't value their skills. >> you know john warnings have been coming thick and

the athens stock market plunged by more than 10%. it is the culmination of six months of no confidence in the tactics of brinksmanship. more than a quarter of deposits and a 5th of stocks have disappeared. there's still a real risk that athens can be forced to grows capital controls, as cypress did in 2013. prime minister was signing a pipeline deal in russia and he appears in no position to compromise. >> solidarity, democracy social justice. by sticking to policies of as you tairtd andausterity. >> athens must maybe a 1.1 billion loan payment to the euro zone, or potentially be forced out of the single european currency. >> we do not have a guarantee for that if the greeks are seriously ready committed to getting tear budget in order and to make steps towards it, then it is possible. >> we hope for best but we now must be prepared for worst. >> reporter: the pressure on greece's cash machines mirrors the strain on the country's leaders as they continue to reject demands to cut government spending further. john siropolous, al jazeer

. >>> demonstrations in athens as the e.u. welcomes greek concessions as a positive step towards a debt deal. plus... >> we're here ate a moment of unity in our state without ill will saying its time to move the flag from capital grounds. >> lawmakers announced they'll move the confederate flag. >> i'm robin adams with the sport. neymar has decided not to appeal the ban. >> ahmed man southland mansour was released from the german prison. >> news that the berlin prosecuteor was throwing out egypt's extradition request excited those outside of the jail. but it was another two hours before mansour himself emerged. the al jazeera reporter. >> then there were chaotic scenes as he went through a crushing well wishers into a waiting car. he would reflect on the past three days. >> i prepared myself to stay a month in jail. if you prepare for the worse you can take the best. >> his arrest on saturday was always going to be much bigger than a simple view additional matter. he's a my profile al jazeera presenter. within an hour of his d

the athens stock exchange closed down nearly 5%. we saw the dow jones gain about 100 points midway through its trading session will stop also trading in positive territory. the wall street is eyeing the federal reserve which is currently meeting in washington. janet yellen will be speaking on wednesday. expecting her to say when the u.s. central bank will raise interest rates from record lows. many expect that to be september. was take a look at some of the other business headlines. cap has announced that it will close 175 stores in europe and north america. the retail chain hopes to turn business around and attract new customers and they struggle with competition with brown's like -- brands like zara and h&m. netflix will destroy -- india will destroy 50 million noodles. they contain higher than allowed levels of lead. the food giant insist that their products are safe and are challenging a band. goldman sachs is launching a new consumer loan service which could land people money online. this would be a new market for the investmen