e.u. finance ministers and. the greek debt crisis is over push the payback deadline back a generous ten years. as welcome and we're starting in turkey where severe economic troubles weigh heavy on voters' minds as they head to the polls on sunday for general and presidential elections the country's currency is losing value fast driving up inflation this week the lira hit a new historic low against the u.s. dollar w.'s julia hahn reports from istanbul. machines are still rattling away in this istanbul printing house taking bello has been in charge here for over thirty years but he says business hasn't been this bad in a long time. paper ink most of the wrong materials we have to be imported. because the miracle is getting weaker and weaker against the dollar. cost of increased a lot. the only thing we can do is struggle to survive. so why would there be to make. many turkish people share bowels frustration prices are rising because the lira is worth less and less. unemployment stands at over ten percent just ahea

e.u. finance ministers they agree that during. the debt crisis is over push the pay big deadline back generous to ten years. ago as welcome donald trump has launched another solve all in the trade dispute between the u.s. and the european union the e.u. tariffs took effect today targeting american consumer goods like whiskey a motorcycle's the u.s. president threatened a twenty percent tariff on european cars he used the messaging service twitter to say that the u.s. should build them here instead the measure would hit germany hardest as that use biggest cars ported to the u.s. imported car of u.s. imported cars and light trucks worth one hundred ninety one billion dollars last year more than forty two billion dollars in oil to imports came from the e.u. half of us from germany. now let's bring in our correspondents richardson in washington only in frankfurt clear to you first is this real or is it just another thread. well we know by now to take everything that donald trump says on twitter with a grain of salt however this is the

e.u. finance ministers need today to discuss greece the aid package to athens is set to expire in late august by the time the bailouts end athens will have received more than three hundred billion euros from both the e.u. and the international monetary fund and exchange greece cutting down on public spending and pass crucial reforms to shore up its economy time for athens to go it alone. greece hopes it will soon be able to stand on its own two feet again that's why some of its creditors including the united on money terry funded the european stability mechanism will end their support in august it's a step greece's parliament has already preparing for get past the latest reform and austerity package in june you are his own finance ministers now want to discuss how they can remove the final roadblocks for greece to reenter the international financial market one idea is to time greece's future debt payments to its economic development that means that in good years it could chip away at it suffer in debt more quickly that's something the economic data support greece's g.d.p. had been shrinking f

e.u. finance ministers took a historic decision and put the payback deadline back a generous ten years. strikes protests demonstrations in late may tens of thousands of greeks once again hit the streets of athens to campaign against prime minister presses all stare at images in return for bailout funds the greek government has had to agree to implement at times severe cuts to social benefits and pensions now though it seems the country may have survived the worst starting this august greece will no longer be on financial life support the e.u. and i.m.f. bailouts will have worked their magic after eight long years greece will finally be graduating from its financial assistance for greece giants. spain cyprus in my own country portugal in the ranks of euro area countries that turned around their economies and once again stand on their own feet one last instalment of fifteen billion euros and then it's over for solidarity from the euro area for greece in exchange for the reforms an adjustment is unprecedented it's a biggest solidarity the world has ever seen and who doesn't want to believe

e.u. direct finance loans to suffering nations in the single currency area or at the latest your zone finance minister meeting in luxembourg other e.u. countries want all keen on the proposals france's finance minister is calling for twenty to twenty five billion euros for a common euro budget in good times the funds would be used for financing innovation and supporting countries during crises. flows he continued i would like us to learn from the greek crisis the eurozone cannot remain as it is the status quo is impossible for the eurozone the eurozone is an incomplete zone it's a monetary union it is not an economic union city you know you could have it but countries like the netherlands austria and finland don't want to give more power to brussels and they don't want to pay more the country's say a euro zone budget isn't essential if every country plays by the rules the e.u. already has a common budget for agricultural subsidies and other programs. but germany's finance minister doesn't want to give up on the german french proposal doesn't do for natalee disk which it will the advantages an

e.u. on the nation's finances.rescuers in guatemala are searching for more victims tonight after fresh flows of superheated ash and mud from the country's four way go volcano forced more people from their homes officials say at least seventy five people have been killed since the volcano began erupting at the weekend and almost two hundred more are still missing authorities have issued new evacuation orders and residents every portably begun to panic about what's to come president jimmy morale is calling on citizens to stay calm. or i do want to go now to our correspondent of filio harms our routine she is in the quarter mile and town of. which is close to the volcano ophelia it's good to have you with us you're close to the volcano we can see there's a fire brigade firemen but behind you there what are you what are you seeing and what are you hearing right now. yes i was able to enter the area where this little town which is a most affected one is covered in ashes and i can tell you the smell is so bad that you ca

important details still need to be hammered out like how big it will be and whether it is to be financed by an e.u. white tax french president amount of oil mark on has called for a range of reforms aimed at deepening european integration but other eurozone member states including germany are still skeptical about some of his ideas. office sixteen years in the job turkish president. is seeking reelection this weekend many see him as the man who puts the turkish economy on the global map boss times change the turkish lira has been tumbling for months foreign investment is declining the uncertainty is also prompting german businesses now to pack their bags. fresh fruit and vegetables are the bedrock of maurits fall vines business four years ago the german entrepreneur started a small company in istanbul he made juice that he sold from a small shop but a year ago he had to close that shop down and many of his customers were foreigners who had left the country after the attempted coup he now sells mostly to hotels this is this is carrot apples and pepper. he and his american partner built a business u

called the european monetary fund but what we don't know is whole of the new budget the finance bill the other e.u. members agreed this path or citizens for that matter the plans could be seen as rich countries subsidizing the mistakes of the poor well french president in monarch or saying an agreement is essential for the euro stability let's listen in . and assume that the creation of a euro zone budget is part of important reforms we've been working on together for a long time and it's a political commitment from both sides. and for something different if a full blown trade war does break out and we are left with all these containers i know some people have come up with a great way of creating affordable housing and office space which is environmentally friendly on top of that you double use you know milk or reports from kenya. this may look like a typical construction sites but there's more here than meets the eye these are all form a shipping containers a company called containers kenya restores and sells them samaras heads and sold directly there's a modified and converted into apartments of

how civilian projects to improve the situation of ordinary people in gaza might be financed presumably through the e.u. or from germany directly so you know it's always a kind of you know on both sides and i think that's important for chancellor merkel taking that sort of general view of the specific. varo iran nuclear deal one wonders how much points various and how much good these sorts of meetings to give them that benjamin netanyahu is position is well known and the position of the other three countries the u.k. germany france is also well known they all say that it is an imperfect today oh but it's the best it's the least worst well marriage's well i think i mean talking is good that's certainly what the german side believes they believe that dialogue is valuable if you don't have that then you have a build up of. suspicions to take the lead in the context of middle east politics it's important also as mr netanyahu said for the israelis to be talking to berlin after all it's a very important trading relationship that they have the e.u. easy's rails largest trading partner so that is also part of

e.u. and the i.m.f. today eurozone finance ministers are discussing the terms of exit or greece's bailout program started organists twenty athens will be expected to stand on its own feet again and raise funds via the financial markets if you announce ministers will be deciding how to give greece some relief to pay back its debt that could be considering extending the loan repayment period in a strange greece will have to commit to further reforms which will be monitored by its creditors. our correspondent barbara visas covering the finance ministers meeting in luxembourg for us and i asked her if greece is actually ready to leave the bailout behind. your head will be declared to be ready to go it alone because when it misses when they were walking in here a little while said greece has done the work and now they shall be free again free of the constraints of course of the third rescue package the only thing that is still on the table today are the conditions for how greece is going to pay back the mountain of public debt it's sitting on and did the the solution that is now really mainly being discussed

total of six mosques several moms will be expelled due to violations of the law on foreign financing of the e.u. is negotiator says a british plan to avoid a hard border in northern ireland raises more questions than answers michelle obama welcomed the progress but said the rest of the country wouldn't get the same terms of access to the single market that northern ireland has been offered of a backstop cannot be extended to the whole u.k. why because it be designed for the specific situation of national nine and what does it do. in costumes not an island would form part of our we're accustomed territory what is feasible which authority read the size of national island is not necessarily feasible for you kate. thousands of refugees from nam ma who fled across the borders it's highlands have a tough time getting the basic necessities with a shortage of international aid it's hard for doctors just treat patients properly that's not the mala refugee camp a three d. printer is helping with up as yarrow boom reports. nope no knows all about the needs of her community she's both doctor and refugee in

e.u. affairs minister after his nomination as finance minister was rejected for being too euro skeptic which is what caused all these problems of late well while italy's new government then is managed we think to end the stalemate spain meantime is braced for a real political shake up this man's face very familiar maybe not for much longer the country's prime minister mariano rajoy faces losing his job a motion of no confidence has been filed in the main opposition socialist party they're no possibly going to replace him with their own prime minister it's only there a majority already back the vote indeed the move was prompted by a long running corruption scandal the prime minister also faced pressure over his handling of the big catalonia independence referendum to we got some thoughts from professor of iberian studies thomas harrington who thinks that these crises show real deep discontent specially in southern europe. these oscillations and again i'm not a columnist at these oscillations take place for a reason but there is a lot of unsettled. thinking going on lot of unsettled feeling in

e.u. mexico and canada well the dispute dominated talks between finance ministers from the global economic group known as the g seven in canada but u.s. treasury secretary steven ition is downplaying the dispute. i don't think in any way the u.s. is abandoning its leadership in the global economy quite the contrary i think our leadership on the economy which is one of president trumps major objectives that national security. is not only good for the united states but is good for growth around the world and if anything that additional growth is is potentially leading to us even more reason to want to focus on these trade issues well the e.u. canada and mexico are both threatened or impose their own measures in retaliation canada's finance minister says he hopes they'll persuade the trump ministration to back away from the towers over the course last couple of days there was an important difference of opinion the americans have decided to in our mind take an action that's it's not at all constructive it's actually destructive to our ability to get things done what did we ask secretary treasu

problems french president manuel mccaw has made fixing the e.u. a priority he wants a common eve budget and finance minister and even a european monetary fund last week michael signaled limited support for his proposals britain and italy complete the g seven picture britain is on its way out of the e.u. of course and italy's new populist government coalition is critical of it as well prime minister just epic conti well he'll be meeting the other leaders for the first time and he's a bit of an unknown quantity but it's more than trade issues that are troubling the g seven the club of leading economies has even been facing doubts about its continued relevance. seven nations seven heavyweights but how much weight do they really have are they now random spheres of influence driven by their own interests at a time when the u.s. and europe have little common ground. some say the g. seven is out of kilter. we see a cohesive group of seven major western countries other c. even according to some european officials a kind of g six one the other six trying to convince. mr ration about certain things such as c

certainly want to get your take on italy on your home country recently the italian finance minister is said that the e.u.'s no plan to leave the euro which has shot the markets up in recent days pretty good thing what's your view about how the future will go with the new italian government while let's say the new italian government is a bit of a nigga in the sense that you have two parties that came together to sign a contract as they call it but you know these two parties have completely different and they verging agendas particularly on social issues but also in economic issues and financial issues. some say slogans in the come paying for the elections of us of leaving the euro leaving the european union on less my grounds and cetera et cetera but you know when it comes to the reality and not to the company for the elections to the real things that you have to deliver well it's not yet clear what they are going to do so we are really waiting to see what will be the real strategy and the real achievements that they have in mind to do to bring together i mean in their program after the elections there a

certainly want to get your take on italy on your home country recently the italian finance minister is said that the e.u. is no plans to leave the euro which has shot the markets up in recent days pretty good thing. what's your view about how the future will go with the new italian government well let's say the new the talian government is a bit of a nigga in the sense that you have two parties that came together to sign a contract as they call it but you know these two parties have completely different and they verging agendas particularly on social issues but also in economic issues and financial issues although they shared some say slogans in the come paying for the elections and leaving the euro leaving the european union less my gran's and cetera et cetera but you know when it comes to the reality and not to become painfully elections to the real things that you have to deliver well it's not yet clear what they are going to do so we are really waiting to see what will be the real strategy in the real achievements that they have in mind to do to bring together him i mean their program after the elec

e.u. agreement italy could host voluntarily new migrant centers that would process all arrivals and determine which are genuine refugees and which are illegal migrants to be sent back these would be financed and managed by the e.u. this country already has refugee camps the difference is that these arrivals would no longer be subject to the dumping regulations italy would not be responsible for them solely the idea is they could be divided up between other member states but again there's no concrete agreement on how that would happen and for italians sharing the burden is a key issue. italy has been left alone it's true but of course i don't agree on the methods used by our interior minister i do think europe has to be reformed especially because there is no agreement on this issue the agreement also promises to explore the idea of setting up disembarkation platforms in north africa to try and process migrants before they even attempt to the mediterranean crossing but not all italians are convinced that if trying to fix the problem in africa on the spot and trying to help them here it is really difficult war should always be welcomed and not pushed away but pushing away is exactly what it

by preventing this this joint far right far left governments finance minister who was very critical of the euro from being appointed the e.u. his budget chief i think said it best to go on for over an injury and he says it is unacceptable on except the ball for our talian the vote for populists the markets will teach them how to vote ok our general react to that because i think that was really the best quote of them all. but you know that it gets down to either do you promote and work through the process of democracy or you don't and in this case we had glaring poorer examples of one or the other go ahead why have these two parties the one star movement and all the really now become the dominant parties in it's really become the dominant party in italy because the mainstream in exactly the democratic party with the former communist party by the way some people might be interested to know became a sensually transmission belts for all the alters they were getting through frankfurt and berlin and brussels they were no longer responding to each halley an electorate they were responding to do what they were being told to do in

preventing this from this joint far right far left governments finance minister who was very critical of the euro from being appointed the e.u. budget chief i think says it best to go into their own injure he says it is unacceptable on acceptable for our talents to vote for populists the markets will teach them how to vote ok alexander react to that because i think that was really the best quote of them all. but you know that it gets down to either you promote and work through the process of democracy or you don't and in this case we had glaring polar examples of one or the other go ahead. we're going to have these two parties the one star and the newly now. become the dominant parties in italy then become the dominant party in italy because the mainstream in exactly the democratic party would do former communist party by the way some people might be interested to know became a sensually transmission belts full the altars they were getting from frankfurt and pearlie in brussels they were no longer responding to a tally an electorate they were responding to do what they were being told to do from the center now given that thi

e.u. agreement italy could host voluntarily new migrant centers that would process all arrivals and determine which are genuine refugees and which are illegal migrants to be sent back these would be financed and managed by the e.u. this country already has refugee camps the difference is that these arrivals would no longer be subject to the dublin regulations italy would not be responsible for them solely the idea is they could be divided up between other member states but again there's no concrete agreement on how that would happen and for italians sharing the burden is a key issue. so that's all i had to italy's been left alone it's true but of course i don't agree on the methods used by our interior minister i do think europe has to be reformed especially because there is no agreement on this issue the agreement also promises to explore the idea of setting up disembarkation platforms in north africa to try and process migrants before they even attempt to the mediterranean crossing but not all italians are convinced because he was offered a full trying to fix the problem in africa on the spot and trying to help them here it is really difficult those fleeing war should always be welcomed

finance minister has. told reporters i found monstro quite conciliatory than they're little by. the e.u. angry at all. well of course you've got to remember that the syrian moms from speaks for twenty eight countries it's not as easy as speaking for your one single government but i was at this briefing with cecilia mom sherman i didn't get the sense that she was being complacent at all she said unequivocally that the u.s. will not get its wish to have negotiations treatment though she actions on other sectors as long as these import tariffs remain in place and this morning federico mo greeny said you know the e.u. is a project of peace and that includes in trade but at the same time the e.u. must defend its interests nobody here in brussels is talking about lying down and taking this silently the gap between what's happening today which is filing this w t o case against the u.s. tariffs accusing it of not being sincere about this being taken in national security interests and when the import tariffs will be placed on u.s. products is simply because there's a series of steps that need to be taken you k

e.u. mexico and canada where the dispute dominated talks between finance ministers from the global economic group known as the g seven in canada but u.s. treasury secretary steven mission is downplaying the dispute. i don't think in any way the u.s. is abandoning its leadership in the global economy quite the contrary i think our leadership on the economy which is one of president trumps major objectives that national security is not only good for the united states but is good for growth around the world and if anything that additional growth is potentially leading to us even more reason to want to focus on these trade issues well the e.u. canada and mexico are both threatened to impose their own measure in retaliation canada's finance minister says he hopes they'll persuade the trump ministration to back away from the tariffs over the course last couple of days there was an important difference of opinion the americans have decided to in our mind take an action it's not at all constructive it's actually destructive to our ability to get things done what did we ask secretary of treasury sec

e.u. brexit also saying the timeline is worrying. the french finance minister speaking to reporters there in paris. so doubling doubt on this tit for tat tendency to fight back. not taking this lying down at all. cath clean: no wonder that -- kathleen: no wonled they were major stock indexes which have proven pretty resilient to this kind of back and forth. we see a big dwroun turn in u.s. stocks. the dow jones strip losing 328 points to 24,252. in fact, it's dropped for the ninth time in 10 sessions. 50 &p 500 slimmed believe and the nasdaq getting hit hard as well on those technology concerns. haidi: yeah, and it is the sense that these trading partners are fighting back. the french months anyonester saying when we're attacked we will fight back. looking like a pretty flat opening here in asia. new zealand and snid give futures, even a steeper dwroun side. the aussie dollar testing that 74-cent level, the worst performer in that g-10 space with the background of a steady dollar. let's head to commodities. that was the bloodbath when it comes to globa

prime minister comes they nominated paolo's to vote as finance minister italy's president said no because he was too euro skeptic now he's to be the e.u. minister should be you be worried. not about that at least phil because this is nothing but a indecent hand gesture of mild to me the boss of the league part of this coalition here who he had wanted and when he couldn't get to him now he shows president much or rather ok i couldn't have him as finance minister about i still will have an in my cabinet but it's not a post that brings a lot of power so this is a minor issue now it's really of course is one of europe's biggest debt for the italian economy is the eurozone third largest so now that the country is being run by euro skeptics in italy chooses to challenge the e.u. head on with the e.u. have to treat it differently than it did with a smaller country like greece. things are even worse than the situation with greece of course because it's in the economically is ten times as big so the european union will somehow first of course try to have to talk to them. try to figure out a way out of the conundrum because what this new govern

by preventing this this joint far right far left governments finance minister who was very critical of the euro from being appointed the e.u. budget chief i think says it best to go into their own ger and he says it is unacceptable on acceptable for our talents to vote for populists the markets will teach them how to vote ok alexander react to that because i think that was really the best quote of them all. but you know that it gets down to either you promote and work through the process of democracy or you don't and in this case we had glaring polar examples of one or the other go ahead. what why have these two parties the one star movement and all the really now become the dominant parties in italy they become the dominant party in italy because the mainstream parties in exactly the democratic party who former communist party by the way some people might be interested to know became a sensually transmission belts full the altars they were getting from frankfurt and pearlie in brussels they were no longer responding to a tally in electorates they were responding to do what they were being told to do from the e.u. center n

by preventing this this joint far right far left government finance minister who was very critical of the euro from being appointed. the e.u.'s budget chief i think says it best to go on for over an injury and he says it is unacceptable and acceptable for our talian still vote for populists the markets will teach them how to vote ok alexander could react to that because i think that was really the best quote of them all. but maybe you know that it gets down to either you promote and work or through the process of democracy or you don't and in this case we had glaring poorer examples of one or the other go ahead. why have these two parties the one star movement and all the really now become the dominant parties in italy they become the dominant parties in italy because the mainstream parties in italy the democratic party who former communist party by the way some people might be interested to know became a sensually transmission belts for all the alters they were getting through frankfurt and berlin and brussels they were no longer responding to each halley an electorate they were responding to do what they were being told

e.u. summit in this i want to particularly thank the german finance minister who spent many hours contributing to negotiations there are so many talking when it comes down to just about. strong monetary union and you will be you who have been discussing the program for greece this has been a very challenging program as have other bailout programs in hurrian member states but i think we can say that it's the e.u. the euro rather is stable and the member states are competitive and this is been really a good example of european solidarity and very much in germany's interest to thank god that we can but there is still a great deal of need for reform for our economic and monetary union which is why we have agreed with france on working on three points moving forward we have to dismantle the remaining risks in the banking sector and make progress a banking union we want to have a common security network. in order to deal with bank transactions and finally and we agreed this is when the coalition agreement the european debility mechanism must become a kind of european monetary fund if you like it's a

finance minister. that i allowed the italian president who was installed by a previous pro e.u. government refused to accept the minister he saw as too and see brussels but economist do i also for the ministry political figure who is not seen as supporting the line. from the year. and that was that context quote leaving the government in limbo well you know one can say no to a minister where there was named goofy bluto or donald duck because he's not approved by the stock market world the financial world or some european capitals is this a joke and it seemed the only way to avoid a constitutional crisis was to had back to the pulls so the president suggested his own candidate former i.m.f. chief got a look at that only a more popular choice in brussels where you just simply i reiterate my friendship and support for president who has an essential task to undertake ensuring the institutional and democratic stability of this country is known as mr assessors for his willingness to cut public spending making him an unwelcome choice for many italians moreover seventy percent of the co

e.u. carriers. blasting cryptocurrencies, saying they may never become part of mainstream finance.annual economic report, the b.i. as said bitcoin and its siblings are too unstable him a consume too much electricity and suffer too much fraud to be good for the exchange. they could break the internet because blockchain requires too much processing power. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am haslinda amin. this is bloomberg. thank you so much. let's get you a quick update. the early part of the trading session, getting action underway. a bit of a downside for kiwi stocks, the dollar 69.35, the u.s. dollar mixed because of the g10 space. -- over the g10 space. the aussie dollar sitting dollar.th $.75 per u.s. you can see broadly the risk off sentiment. you could see a movie and dollar-yen, sitting at 110 at the moment. sterling, another key situation when it comes to the brexit legislation. that piece is taken up for a vote this week. the lewis -- u.s. 10 year yield at 2.92. we