there is a banking union in place. banks are now supervised and may pose less of a risk to things like a greek default if that were to happen. there is a system to wind up failing banks, which was not there before. all of this feeds into the prospect, the policy makers really pulled do whatever it takes to save the euro. that is what we just said a few minutes ago, going into this eurogroup meeting. it is also what the head of the european central bank has said. we will do whatever we have to to get out of this crisis. that is why we are not seeing any panic, but does not mean it will not come if there is a turn of events. >> for more on the negotiations today i enjoyed my the -- by i am joined by a parliament representative. >> since yesterday morning immediately after the referendum with the resignation of the finance minister. the creditors were using him as a protector for not finding the solution and going on with the negotiations. there was another meeting when they called on the leaders of the political oppositio

you can go to a traditional bank, a credit union, an online bank.ally is important, though, to look around and see where you can find the best rates, and really what kind of product is going to give you the type of return you want, as well. how long you want to have your money tied up. and when you do the math it can make a big difference. we aren't talking about a lot of money here. we're talking about the average rate on a savings account right now is 0.1%. that's not a lot. but if you look around you might find one that's 1% or 1.25%. look at the difference it could make. $10,000, 1% is $100 that you're going to make in interests as opposed to 0.1% you get ten bucks. >> you mentioned money market accounts, what are some of the other options out there? >> of course you have high yield savings accounts, a money market account. you can also, perhaps, look at a money fund if you have a brokerage account to put money in. you really need to search around and look for the type of product that's right for you. certificates of deposit another way to park

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>> they wouldn't want a full fiscal union but a full banking union in germany's interest that europe-wideinance union is in place, without a formal institutional setup without parliamentary backing and the like. so i think the german public could be convinced that short of a full cal union we do need an institutional strengthening of the eurozone. >> thank you for getting your thoughts on this founder and director of the global policy institute joining us live from berlin. >>> well in other developments in the greek capital athens, the greek prime minister has just announced some changes in his government. mohammed jamjun joins me. mohammed what has the prime minister said taken place? >> well, maryam, what we know is that ten members of the cabinet have been changed included are three, minister of energy, minister of labor and the alternate minister of finance she resigned the other day and has been replaced. this certainly has not come as any surprise. prime minister tsipras has made it clear in order to govern correctly and make sure those in his party from whom he faced rebel beyond,

it was inconceivable a couple of weeks earlier and then the banking unions were there. have these the priority will be to -- the rest of the union and increase the credibility of the rest of the union to continue completing the banking union with a single -- to avoid -- in another country. discussing more economic policy maybe a fiscal union, maybe reform the -- manus: does any of this give any strength to cameron's position? philippe: to reform the european union, we will have to accept we have a two speed europe. some countries will not jerome -- will not join the euro. we have to deal with this and build institutions for the your area -- eurarea. manus: here is a look at what else is on our radar. barclays has a departure of antony jenkins. michael said after reflecting on the issue, it became clear that a new set of skills was required. in the meantime, john mcfarlane will become chief executive. china's benchmark share index seeneeing its biggest index share. the shanghai composition slump was around 30% since june. state owned businesses have been banned from cutti

you've seen is it's hard to manage the crises if you don't have a fiscal union and you don't have a banking unioncal union. on other two fronts they haven't made any progress. 18 countries have to come together for the bailout for greece. it's difficult to manage these crises and either on the one hand they let greece exit, a challenge for greece in the future or if they somehow do something overwhelming to keep greece in they signal to other countries that, well, if you have a referendum you can get easier terms. they're between a rock and a hard place. >> how much do you worry about putin being a shadowy white knight? >> i worry a lot about that. you saw the russians all over greece. a lot of people in greece sympathetic to the russian view of the world. even if greece leaves the eurozone it will still be a member of the european union and it would be nice, i'm sure, for the krem rin to have a voice as well as nato. >> you don't see it as an out and out slow motion annexation. you would think more about having some of your people on the inside? >> much more valuable to russia to have greece bei

europe would have to essentially spend more money to ensure there was better fiscal union, better banking unionould be costly. there is a geopolitical cost associated with kicking greece at the euro, which themselves are uncertain. there are lots of issues that complicate the decision by the europeans and why we still think there is a likelihood in the next few days you will get an agreement. rishaad: the point is, and i spoke about this, that he did not see much of a gap between the two side. what he did say, and this is something that cannot be addressed in one meeting, was the ultimate and complete breakdown in trust. how do you feel about that? case that clearly the the process of negotiation year an been -- here has been extremely debilitating one at the personal level for the leaders involved. in particular, the decision to go to a referendum went from the standpoint of the europeans, we thought we are nearly at an agreement. just a few more inches and we will be together in the same place, to call the , and they catch a backhand from the greeks which is damaged the ability of the europea

you can go to a traditional bank, a credit union, an online bank. it is important to look around and see where you can find the best rates and what kind of product will give you this type of return that you want as well. how long you want your money tied up and when you do the math, it could make a big difference. the average rate on a savings account right now is .1%, but you might find one that is 1%. >> you mentioned money market accounts, what are some of the other options out there? >> high yield savings accounts, a money market account. you could look at a money fund, you need to search around and look at the type of product right for you. again, you're going to tie up that principal for a year on three years or five years depending on when that cd matures. you have to figure out what is best and what is safest for you. i like nerd wallet because you can put it in, put in your zip code, decide if you want an online bank or zip code, and with many of the banks you can be anywhere in the country and use them. money rates is great as well. they h

currency where you have to look after each other said that and you have a physical union and the banking unionntisocial union. that's one view or whether you have to do the single currency as strict rules and can't deal with these things. in our interest for the eurozone to resolve these issues we are not involved in the debate directly because we are not in the euro but we do need them and were not going to join the euro. but they need to resolve these issues and the need to resolve them quite fast. >> it's important that deal is sustainable. it's interesting to the prime minister is the about a measure of debt relief has been necessary. does he agree to with president putin waiting in the wings this is about more than just economics. it's got wider geopolitical significance. what is his view about that? >> i think the right honorable lady is right. greece is a member of the european union as well as a member of the euro. it is a friend and ally of britain, nato member, trading partners. it is not for britain to bailout eurozone countries and we wouldn't do that but as a member of the europea

currency where you have to look after each other said that and you have a physical union and the banking union antisocial union. that's one view or whether you have to do the single currency as strict rules and can't deal with these things. in our interest for the eurozone to resolve these issues we are not involved in the debate directly because we are not in the euro but we do need them and were not going to join the euro. but they need to resolve these issues and the need to resolve them quite fast. >> it's important that deal is sustainable. it's interesting to the prime minister is the about a measure of debt relief has been necessary. does he agree to with president putin waiting in the wings this is about more than just economics. it's got wider geopolitical significance. what is his view about that? >> i think the right honorable lady is right. greece is a member of the european union as well as a member of the euro. it is a friend and ally of britain, nato member, trading partners. it is not for britain to bailout eurozone countries and we wouldn't do that but as a member of the europ

bank. one of the largest union backed banks. bernie sanders also puts his money at union backed bank.hey also use smaller banks. , complex mazene re federal election laws -- you need a small tailored service. that's what you've seen these campaigns move away from the biggest banks out there. betty: getting back to the republican candidates, president obama made his appearance on john stewart's daily show last night, one of the big guests that he is having before he goes. this is what he said about donald trump. president obama: i'm sure the republicans are enjoying-- john: anything that makes them look less crazy. betty: . away?o you think he fades or does he fade away for the republicans? phil: it does look like anytime soon. i was waiting to get a look into -- the newest polling we've gotten only surveyed in that last way for hours, there has been a shift in those numbers, but not enough of one to take donald trump from being the front runner. this is the biggest concern among republican consultants. if his numbers do not fall off the table after what he said about john mccain, he h

we have got firewalls such as the banking union.es are much stronger and the financial stability is reached everywhere. everybody must be secure for the european economy. the markets have nothing to fear. but again, what i hope in what i am working for and what we will achieve, i'm sure if there is a well by sunday, we will have a deal and we have a strong eurozone with greece inside and we will be ready to do that for the success of the eurozone and the success of europe and the good of our economy. also, the sake of the greek people. i never forget them. i know there is a humanitarian crisis we need to address. stephanie: two people in germany and other european countries where you said there are stronger economies, do they want to be the backstop for peripheral countries that are really a mess? >> again, i would not say that that weight. what we rolled -- what we want from greece now, is to make the reforms that have not been dealt with in the past months or even the past years. we need to have a credible and strong economy in gr

the lower shopping center 13 other retail uses charles schwab and pete's coffee wells fargo are union bank noah's bag he lives starbuck's and first republic bank and others in addition the space has been vacant there are approximately 3 other vacancies within a quarter of the radius of the project site it is comparable with the authentic character of the surrounding neighborhood it is limited to minor taergz for the storefront the existing dry side along the footage the two storefront strangers are being retained as part of the project to do i date the department has received lowers of support from the lower heights and the lower village association as well a petition of approximately 4 hundred signatures department not aware of any opposition to this project the department has found the project to be necessary and desirable the project is the original store dedicated to the retail sales and attracts the viability of the shopping center the project will fill a vacant by a closure of another retail use not increasing the formula retail within the shopping center this is appropriate for the

and how copied by other organizations further i wanted to mention turner construction along the union bank in san francisco are kicking off their management training program on august 4th in san francisco that is specifically targeted to local minority owned women owned and disabled owned businesses the training is free and dinner is provided month nights i want to thank turner and contact turner eileen at 5108241 or t c co.org should be very valuable and helpful to those businesses if are working to work in the construction field and to give an update from our construction. >> good morning steve rule with turner construction thank you, maria some good process although not a lot of significant changes since we briefed you in june probably more significance the fact we're erecting steel we've moved into the eastern zone and pouring concrete on the deck this is the slide we track the progress and milestones the key we're leaving that did t go wall will be completed in september and possibly as early as august and structural steel is doing better as fabrication and deliveries continue to buil

how modest the rate for relief is there's an open door to work with them because they these banks and credit unions. >> call and mark mark and then we would get to you. could we get a microphone appear please? spent before you ask him remember i did say nice things about you. >> absolutely this is going to be helpful. first i want to address the question that was asked about what metlife and others to want to be committed to invite us all be benefiting too big to fail is negative or at a low rate because the debt markets perceive it as such. go to the example of jpmorgan where about 40% about about 40% of the cheapest long-term debt versus metlife rep up 5% is long-term debt institutions like the enzi, there's really not a too big to fail to finish. we run the risk we are encouraging metlife to become more leveraged my question for you is other than revealing title ii what would you duty to end too big to fail? >> i think you can make the case after with a capital agree standards were insufficient argument think you can make an intellectual case that they're insufficiently complex. and so i think t

i think we're trying to persuade ourselves that we have a banking union but that's work in progress. it's very clear that unless you get some form of increased fiscal union that may require a european minister of finance. which we don't have. i think it is very difficult to see how the euro is going to remain problem free in the long term. so i actually sympathize with those people who say we need further economic integration. because if you don't get further economic integration, actually the viability or the survival hit of the euro in the long term, i think is questionable. guy: we're already there, aren't we? the fact that we got so close to greece living the euro zone means that this in its current form is an exchange rate mechanism. exit is possible. robert: yes. guy: and wolfgang schaeuble is talking about that exit still being a viable option. robert: we don't know the details. but there was a lot of discussion over the weekend. about the germans having a plan b. and that -- there was also some very odd discussion about well, greece can leave the euro for a period of time. ann

it feels to me that community bank and credit unions who have born the risk have been highly responsible. we're looking to encourage them. i'm pleased to see that the community banks' share of mortgage lending seems to be on the increase. that's good for america i think. >> it seems to me, and i agree with much of what you said but it seems on the portfolio lending component, there's something different than stopping it at $2 billion or whatever and people going whole slog into it at certain levels. there ought to be some -- >> maybe. >> there ought to be something that's different than that stark line. i think we ought to try to explore that together. on manufactured housing, look i live in a state where we have a lot of people that will have difficulty affording housing. senator brown lives in a state where there are a lot of people that will have difficulty affording housing. many of us -- i know senator cotton does -- no offense. but the fact is that for some of the lower income citizens that we represent manufactured housing is an outlet. senator brown and i sponsored legislation in

community banks and credit unions supply the bulk of small business and the combined weight of dodd frank's 400 new regulations dragging them down. in fact we are losing one community financial institution a day in america. one texas community banker wrote me, my may major risk is not credit risk. my number oneris sbg federal regulatory risks. the corporate governance prau provisions 9 hit every store. they must comply with regulations that functionally impose wage control, and private compensation disclosures, all that were written for wall street investment firms. every dollar that a main street business has to invest in lawyers and accountants to explain this gibberish is taking out of worker's wages in capital investment. is it anyone dur that our economy is limping along 40% below its historic normal. no wonder phrpbz lose sleep at night, worrying about their stagnant wages and their children's future. third and perhaps most ominously, dodd-frank has made us less free. we are losing not only our economic freedom but our political freedom as well. today americans are less and less gover

are losing so many banks and credit unions, he said no. are going to go 100% and take a look at it. that is a bad policy. he stated that the community banks should not face this group knee of the same banks -- scrutiny of the same banks. i agree. that youou say in 2014 said i had community banks in my office yesterday and i heard today from kim and asking me, what do i do? we say the right thing, but what do we do? they are fearful of things that can happen and what they may not be. what would you tell these people? we talk a good game, but we do not come through. janet yellen: we are trying to make clear our supervisory expectations and we are careful with them to know what rules and regulations apply and how and what don't and to try to shield them from many of the things that larger banks have two deal with. >> the time of the gentleman has expired. the chair now recognizes the gentleman from maine. >> thank you. i appreciate it very much. everybody wants the same thing. we want more jobs. we want higher-paying jobs. i'm a business owne

the expiring agreement over proposing as replacement agreement next directed first, you will see union bank agreement is expired. if a new agreement were posed to replace that. this bank of america at the $75 million level, placed as i noted is dropping in half as you'll see right there in the middle from 0.65% down to about a third of 1%. for two years agreement. make of tokyo agreement in the third column there, waxy proposing to extend that agreements to lower cost for an additional three years. but total of six years. again, 0.35%. just when around one third of 1%. so it's about half the expense of the current deal. as i noted, there's typically with a category of items that come before you there's a lot of paper on electronic version. i just want to walk through the documents that are in front of you just quickly. we have the facility agreements which are the actual agreements with those banks for this credit facility with this letter of credit to so, there's one for each of the two banks one for bank of america one for the bank of tokyo. get a few letters which goes into the details o

but it's better than the decision by the european union central bank that have recess that ited throughoutresonatedthroughout eurozone. some business analysts say a so-called grexit won't be too damaging to the economy here. >> short term, i don't think the impact will be too heavy. there have been five years now for business community to prepare for that. so many companies have already shielded themselves against the grexit. longer term they may be able to think about investing in greece again. >> if there is a bailout guaranteed by german money the burden will fall heavily on affluent cities like frankfurt. more taxes collected here than any other german city. >> reporter: discussions >> translator: discussions are so negative. we're just not like that. >> i think it's not the solution to give billions more euros but we need to restructure the debts. otherwise the greeks will face the same problems in 2018 and they will be in the same situation again. >> reporter: french and german cooperation, restructuring the eurozone may not be so easily done. dominic kane, al jazeera frankfurt. >> iran's supreme leade

although it seems to me that community banks and credit unions have been incredibly responsible about it. and their share of mortgage lending seems to be on the increase. that's good for america, i think.think >> so it just seems to me that -- and i agree with much of what you just said, but it seems to me on the port noel yoe lending kmoenant there's something different than just stopping it at $2 billion or whatever, and then people just going whole slog into it at certain levels. there ought to be -- >> maybe. >> -- something different than that stark line. on manufactured housing, look i live in a state where you know we have a lot of people that have difficulty affording housing. senator brown lives in a state where there are a lot of people that have difficulty affording housing. many of us are in the same -- i know senator cotton does no offense. but the fact is that, you know for some of the lower income citizens that we represent manufactured housing is an outlet. i know senator brown and i sponsored legislation back in 2012 that actually was more expansive than what was in t

the banks are still closed. i read the european union as being quite insistent that they will not renegotiate greek debt. in fact they may offer in talks this week will be exactly what they offered last week. and so it's a case of diplomatic chicken here. i don't think eu will blink and what's tragic about this is that the great majority of greeks want to stay in the eurozone and eu but they may have voted to propel themselves out of the eu. >> what would happen if that were the case? if greece voted its way out and that's how the referendum vote would be read by the eu what? where is the currency? where is the life line for this country economically? >> greece will stay in the european union. the question is will it stay in the eurozone. if they left the eurozone they would have to go back to a version of a national currency they had until 1999-2000. that has a lot of risks with it. most people would say, including the europeans, greece is better off staying within the eurozone but there is such little trust between the european leaders

banks. to support the true intentions of the government to have negotiation with european union that this isgoing to bring hope to the greeks. >> of course, there is a huge provider there as everyone will notice. five months of negotiations have failed. further failure now would be disastrous for the banks. >> future failure would be disastrous not only for the banks, for greece, of course, the european union. so i believe that the european they'll have to consider, they'll have to analyze the result of the greek people's vote and it will have to think twice in order to give a fair solution to the greek people as well as the other european people. >> they have a very good connection with the people who they're discussing. the negotiator will be familiar faces, and of course i respect i strongly believe that the academic positions that it was suggested to the euro group if our if they're supported i believe we're going to have a really good result very soon. >> i have to cut you off there. thank you very much. that's the latest from the greek capital, lauren. >> thank you very much, indeed. n

community banks and credit unions combined give the bulk. but the combined weight is dragging them down. in fact we are now moving -- a day in america. one wrote me my major risk is threat. risk of a robber coming in with a gun in my office. my number one risk is federal regulatory risk. and dodd frank's rules go far beyond. they hit every public company in america. grocery stores, bowling alley chains, they didn't cause the financial meltdown, but still they must comply with regulations that have functionally imposed wage control, salary ratios and private compensation disclosures all that were written for wall street investment firms. every dollar that a main street business has to invest in lawyers and accountants to explain this gibberish, is taken out of workers' wages in capital investment. is it any wonder our economy is limping along 40% below the historic norm? no wonder low and moderate income americans lose sleep at night, worrying about their stagnant wages, their smaller bank accounts and their children's future. l most ominousl

posters ahead of this weekend's referendum, no tomore austerity, yes to a future free of bank cues inside the unionthe choice seems clear, but the politics are not. at a bus stop, there are angry words the politician are all corrupt, fascists shouts another. >> i am desperate, i have had enough. they are all dirty. all of them. >> particular anger is aimed at the politician of the euro zone, the architects of austerity. he has drunk your blood for five years says this, the message on sunday for germany's finance minister could well be no more. jona hull al jazeera. >> let's cross now and speak to al jazeera we saw in the report, just the anger, i mean totally understandably, that is felt on the streets. and the rest of greece, we have this referendum now on sunday, do you get the sense that the view of the people, is shifting in that now the fear of the possible reality of exiting the euro zone is going to make people perhaps play it safer and more likely to vote yes to accept the bail out? >> well we with have seen polls here. so it is very difficult now to predict which way it is going to go by t

banking bonds. with $100 billion assets we have $270 billion of liabilities only with the support and good will of the european union and european central bank we can recover some of these deposits. this no vote will create animosity, and i hope that they'll consider not to destroy the hard-working middle class. we need to look at ourselves in the mirror and put the blame on ourselves rather than put the blame on everyone else but ourselves. they realize that even though they have improvements in pensions pensions stand ten hours in line to get their pensions or money from their atm. things for the greek have turned to the worse within the last week. without friendly relations with europe we cannot move on the way we deserve to move on. >> the saudi led coalition has launched more airstrikes in sanaa and fighting across the country between the rebels and government troops have left a dire situation for civilians. >> you they said that her house was destroyed in northwest yemen. she escaped to the capital of sana and is living in a. school with several other families. >> there is a war so we did the best we can. we w

where serious risk is, in other words concentrate on these 40 banks rather than community banks and credit unions. there are the proposals recently about exempting many of these banks from tougher rules by raising the threshold to $100 billion, $250 billion, $500 billion. the are you i hear is that $50 billion banks do not pose systemic risks. we learned, or should have learned, in 2008 that in a crisis several banks can find themselves on the verge of failure at the same time. do you think it could pose a systemic threat if two or three banks with about $50 billion in assets were on the verge of failure? chair yellen: well, when a significant number of firms is at the risk of failure, often it is because they have highly correlated positions. we always have to worry about that resulting in the drying up of credit to the economy, and, you know, during the great depression, most of the banks that failed were small. they were a lot smaller than $50 billion, or adjusted for that time. so, when many banks fail, we have to be concerned as well, and that is one reason why for all institutions, even for

greek people are deciding whether to accept the outlines of the agreement by the european union, european central bankimf. it is made up of two parts which constitute the unified proposal. to working documents of puppy -- two working documents accompanied the documents. greek creditors made proposals last week and it is on these terms that the greece will vote. alexis tsipras's government has urged the electorate to vote no. it would put athens in a place to negotiate. a yes would probably mean the end to his government. the eurogroup dealing with problems. in the shorter term, greek banks are deprived of liquidity. without the help of the european central bank, would most likely go bankrupt. anchor: we can speak to a senior lecturer of politics joining us from london. thank you for speaking to us. can i start by asking you for your opinion? this referendum on sunday, is this a stroke of genius or a demonstration of stupidity and a poor sense of judgment? guest: i think it is a complete disaster for two reasons. there is no certainty that if the outcome is what mr. tsipras wants it to be, the outside

other countries, it will be such a deterrent that the eurozone will come together and complete its banking union are not yet there the minute they feel they are there, they will be able to do what you said which is let's admit that we have a problem and let's deal with it. >> mohammed that is the central question is the deal on the table going to push everybody back, and inspires other like spain, litly and pore -- italy and portugal raise their hand and say they don't like their deal? >> the summits will be dominated by graes and other important issues are going to continue to be crowded out and that's another tragedy. that's two big tragedies underreported, what's happening in the streets in athens absolutely awful, in terms of what's happening to people there and what's happening to the whole european agenda that has been crowded out completely by the fact that every summit has to have these emergency discussions on greece. >> what type of moral hazard is worse, i wonder moe hammed me the premise just put forth that -- you don't get paid back if it's going to be blame opted learned for lendin

we've been working to get more latitude to its community banks and credit unions to portfolio mortgages in their own portfolio and have them be given all the protections that the rule. i think we get a good place imac, but we will hear more as we go. >> my time is that. >> community banks are increasing their market share in the mortgage market which imply that that's a good thing. >> thank you sir. thank you, mr. chairman. >> thank you, mr. chairman. director corday, great to see you again. i have three areas i want to caps-on and i will try to be brief. one is when we started to see all the huge concerns about opm and they move aggressively. one of the areas when we started seeing this on the private vector side in terms of credit card and debit card hacking with an area i wasn't familiar with the differential consumer protections between credit cards and debit cards. i think particularly about the young people using debit cards rather than credit cards. they have different business models, but how do we laymen on this to make it legislation that would harmonize protections for consum

. >> western union is closed banks closed what do you do? >> right now you ask around who is going to greece friend or relative. you go to the bank here you give dollars, they give euros, you give it to your friend, give it to my mother sister somebody. >> reporter: he has been a fixture in this neighbourhood. the opener said some greeks saw the cruise sis coming and opened foreign bank acts. >> the lucky one, people in greece had another debit card. whatever lent is not greek -- account is not greek, there's no limitation. >> greeks voted no to reject deals, the country is deeply divided over how to clean up the financial mess and build a relationship with the rest of europe. >> greeks belong in europe no doubt about that >>> this sociology professor says it's time for greece to stand up for itself. >> be feel european. we want the other people of europe to realise that. >>> chinese financial markets are in free fall with losses getting worse. as wednesday training got under way, 500 firms halted trading on the markets, almost 200 more had,

no for more austerity, yes for a future of bank queues inside the european union. the choice is clear, but the politics are not. at a bus stop there are angry words. the politicians are corrupt, says this man. fascists shouts another. >> translation: i'm desperate. i had enough. they are all t-shirty, all of -- dirty, all of them. >> reporter: particular anger is aimed at the politicians of the eurozone, the architects of austerity. he drunk your blood for five years, says this poster. the message on sunday for the german finance minister could be no more. >>> some of libya's warring parties have agreed to form a national unity government. the parties signing the deal call on the tripoli based government, based on the libya dawn militia to sign up. the u.n. has been trying to bring the two governments together to agree to a power-sharing deal. >> the saudi-led coalition launched air strikes on the emyeny capital hours after the u.s. called for a humanitarian pause. a jet pounded sanaa in the early hours of friday morning, and the u.n. says 21 million people are in

union. earlier, greek banks opened but limits on cash withdrawals remain. >>> election to the successor of sepp take place until next year, fifa announced the date as february 26th. the news was overshadowed by an extraordinary incident at blatter's press conference. >> the route of all problems has been money. and a start visual representation of the corruption years. a shaken blatter left the auditorium while the mess is cleared but the mess his organization is in will take longer to clear up. the protestor was taken away by security. but blatter announced why he was stepping down on june 2. >> i had to do something special and i did it in footballing terms i kicked the ball out of the field to stop something. and this is what i did on the sec2nd of june when i say i well put my date at disposal. i put my mandate at disposal. i still stand as the elected president. >> the executive committee set a date to elect a new president on february 26th. michelle plueni, is the clear favorite. to make sure he removes the risk of him standing. >> he will consider his position in the near future and i'm