a eurogroup says it is too late to ascend the bailout program.ut the group will hold more talks on wednesday. and at least 74 people are dead in indonesia after a military transport lane crashed into a residential area on the island of sumatra. a rescue operation is underway and the death toll could rise. you are watching dw news. i am sarah harmon in berlin. i will see you again at the top of the hour. . none i 5:00 p.m. in the french capital. uncertainty growing by the hour. athens' latest proposal comes to our -- two hours before the bailout expires in the new deadline. they look set to blow past the deadline without reaching an agreement. thousands are feared dead in the

as the president of the eurogroup has indicated, the eurogroup is ready to convene and work to reach the agreement. terms of the mass adding up, how quickly can you get the money to greece so that it doesn't default to the imf? >> there are ways to ensure reis meets its liquidity problems this month. from the european financial stability fund, it's unlikely there will be a need for spell before disbursement. how long? >> that is for the euro group to decide, whether they go for a short extension or longer extension, allowing for discussions. we talk about follow-up arrangements, are we talking about an actual that restrict sugar? the eurogroup has agreed to look at this issue and look at the conditionality. when you spoke with him this morning, was there an understanding in need to go back to his parliament with an agreement to get whatever we agreed to hear? >> for sure. we need to see the endorsement of the agreement from both sides and then greece needs to legislate the proposals quickly to keep the program on track and allow for further disbursements. there are any disbursements,

the focus now shifts to thursday's eurogroup meeting.t is a session that could decide their ability to avoid default and to look at their management of the euro area and close to winning almost 220 orders for competing jets at the paris air show this week. the orders would be worth at least $23 million. unveiling the orders, scheduled to begin today. that is when it formally opens. and saudi arabia is opening up the stock market to direct investment for the first time today, and in the move by the biggest exporter it comes as the king pushes ahead with efforts to diverse economy. the index is up 16% this year the biggest gain in the middle east. stocks advanced the most ahead of today's open. that happens at 9:00 london time. and ukraine economic growth could contract by as much as 9% this year. that is according to the economy minister. the country has been battered by war in its eastern region and is receiving billions from international lenders. bloomberg' is ryan chilcote will be speaking to the ukrainian president, petro poroshenko.

while speaking in luxembourg, the president of the eurogroup made it clear talks have not progressed. >> the eurogroup took stock of .his situation regrettable to say too little progress has been made in the institutions in greece. is no agreement insight. as we stand now, too little measures have been put forward that have been assessed to be credible and serious and to be put in a new agreement. the talks have not progressed. today, we send a strong signal to the greek authorities that it is really up to them to submit new proposals and additional proposals in the coming days to fully engage with the institutions within the framework of that statement. it is still possible to find an agreement and extend the current program before the end of the month. but the ball is clearly in the greek court. feel an agreement must be credible. it has to be credible from the perspective of sustainable finances and economic recovery in greece, but it also needs to be credible from a point of view of the credibility of our monetary union and the eurozone as a whole. we think that's still possible.

vonnie: creditors failed to reach agreement ahead of eurogroup.: the creditors -- the eurogroup are the finance ministers that are also meeting they have to sign off on it so they can take it home to their parliaments for approval. tom: they have not agreed on that. brendan: the hope was the creditors would reach an agreement the finance ministers could sign off on. that has not happened. tom: futures were up 12 and are up eight right now. vonnie: the german 10 year yield is rising. france is over the place. the markets are trying to figure this out. tom: much more on this as brendan explains how we get from greece and the creditors to the eurogroup. brendan: coming back to the u.s., where have all the public companies gone? the topic of the single best chart. yesterday, a paper titled the listing gap. the u.s. has half as many u.s. publicly traded companies at the peak -- dana did at the peak in 1996. that is fascinating. the money is not any publicly traded market, the growth is not in the publicly traded market it is all about getting in on the

the eurogroup resident that is is unthinkable agrees with that money by june 30 while the card is on his minister says the two says her close to a possible deal. we've sort through the contradicting headlines. u.s. stocksalix: are trading. scarlet: good afternoon. breaking news the desk. olivia taking a look at the possible news about martha stewart. olivia: a takeover of the dow jones is recording that a company that markets and licenses a portfolio of consumer brands is about to buy market stewart -- martha stewart media. shares up about 20% right now. they were briefly halted on the new york stock exchange and trading has removed. a potential tie up in acquisition. about $350 million. two companies, both smaller then i would have guessed but a lot of excitement. we look continue monitoring the headlines. scarlet: thank you. potential deals this year. you are looking at a nasdaq trading around a record high. a big rally underway for the dow. it has been driven today by a run in biotech stocks. also you have yields rising slightly so it is good news or the cyclical sectors. recovery

reporter: we are hearing that the eurogroup meeting the conference that was held earlier today, is set to continue tomorrow morning to give enough time to the finance ministers of all the respected -- respective countries to examine the greek proposal and see what the differences are with previous ones and if there is any chance at this 11th hour offer actually leading to any sort of deal. we know from greek authorities speaking to government sources that it would include a two-year deal with a european stability mechanism which would ensure greece is financing is an incredibly much commented that restructuring, something that athens had been adamant about. even the international monetary fund itself had been calling for some sort of haircut on greece's humongous debt. it remains to be seen because greece tonight essentially defaults on its international monetary fund 1.6 billion euros worth of loan installments. it doesn't have the money and no one seems to be giving in because of the failure to reach an agreement. reporter:rochelle: default today with sunday fixing up to be a very bi

as soon as they all got together at the eurogroup meeting, they had the finance ministers, they said nothing was there. by the time the leaders wrapped up, you had the leader of the eurogroup say we hope to get a deal later this week. there is a lot optimism some -- optimism suddenly. said as long as in to win, we will be it. we saw them put their money in havingir mouth was t the emergency liquidity system. atis almost 88 billion euros the cap. according to the commerce bank, 95 billion. joe: one of my favorite things in the world is in italy, they have the term -- and it is the spread between italian 10 year bonds and german 10 year bonds. in the accounting media, they quote that and it is an obsession to get it as narrow as possible. creditnt to be the same profile. it has come down quite a bit. we were talking about the spirit of contagion. people were selling the ultra safe german bonds and buying a tie in bonds. alix: we keep talking about why we do not see market reaction. it was a great piece on how much u.s. investors own greek. it is $5.7 billion. which would you rather own

he wanted a eurogroup a i am not sure he is supportive. -- he went to the eurogroup but i am not sureupportive. it is really too early to say. guy: if he gets it through, what does it look like in terms of making payments? do you think we will make the imf payment? alexis papachelas: the schedule is very, very tight. let's assume everything goes smoothly, get a statement on the debt because of that is important and then the european leaders decide on thursday that the deal is done the eurogroup will decide the next day they will let the ecb issue through the greek banks. he will use that to pay the imf. all of the has to be done by monday. the eurogroup and everything else otherwise miss the payment on tuesday. it looks really, really tight. let's say they decide they do not want it and then a few days the whole timeline is gone and will have to find another solution. guy: let's look at the wider dynamic politically. we have heard from the spokesman from the government they want to make sure it is the coalition that evokes for it and not of the other pro-democracy, etc. will he have t

guest: the eurogroup has to make contingency plans.ot as far as greece is concerned but also what might happen in wider financial markets and the demonstration effect the greitxit might have for the vulnerable eurozone economies. anna: what about the ruling that we will get from the court of justice about the legality of the ecb on buying program? could it move the dial significantly? guest: we think the cj will find that the omt is finally -- finan cing for two reasons. firstly, only omt program would not be directly providing finance to governments. it is buying bonds off governments. fundamentally the omt would only operate for a country where there is already imf programs in place. anna: thank you for joining us. coming up on the program. jim bush as he is running for president. we look at the challenges ahead for the men who could be the third bush in the white house. ♪ anna: welcome back to "countdown." a little bit later if you're watching in tokyo. let's take you to tokyo now in the sense of the currency markets. this is what h

the eurogroup meets thursday and friday.day we will have emergency liquidity assistance decided by the ecb. we have a eurogroup finance ministers meeting in luxembourg thursday and friday. the greeks have been clear they are not going to give a new proposal. francine: thank you so much. this was the main thing we have been watching today. a lot of volatility not only on currencies but on bond yields. "surveillance" is next, live from new york. see you tomorrow, everyone. ♪ announcer: this is "bloomberg surveillance." tom: greece is at a turning point. after the collapse, oil find stability. what is next for american oil? and they cannot help themselves. once again, the airlines -- surprise -- they add capacity. good morning, everyone. this is "bloomberg surveillance ." we have breaking news right now. moments ago across the terminal this from "the financial times." "eurozone officials consider emergency resummit by sunday." brendan: when discussions broke down sunday, greece said they were not people in the room empowered to

the other one was that greece will have another eurogroup meeting tomorrow. even though they are careening to the referendum, there is a little talking going on. alix: talking about the update and the up quarter, the count up clock stands at 1,365 days since our last correction. joe: worst first half in several years. as you said earlier, stocks, not a good quarter. this was the first quarter since 2013 that the treasury market sold off. we know the fed rate hike is probably coming, so this is a uarter andflavor of q first half. alix: the euro did a good job. you would expect the dollar to be stronger. joe: a lot of strange stuff. one of the biggest sector losers was utilities, which often trade like treasuries because they are rate-based. a different quarter than what we have seen lately. alix: the s&p trading in the smallest range since 1995. joe: other than the recent vix s pike, a pretty boring quarter. alix: a deep dive into the bloomberg terminal, taking a look at the moving averages that i love to talk about. this is where we ended up today. the s&p ju

they would not talk to the eurogroup.o visit every individual finance minister, but the eurogroup decided to stick together. i think greece pre-much miscalculated. tom: who has the power now come and how does the obama administration adjust and react to the power that is going to be played out july 5? justin: this is one of those weeks where when you do not really understand something it is useful to be able to say that nobody understands it. i have been watching everything reading everybody's assessments of the very unlikelihood that greece will exit the euro. tom: but nobody knows. here is the 10 year chart. i will put this out on bloomberg radio plus some of the classic greek, and german spread. we are elevated way above where we were when times were calm er. this goes to barry at berkeley, who said this is nothing about economics, it is 100% politics. vonnie: exactly. and 406 basis points are what that adds up to. justin, you talked about different fronts and the blotto game. china would be another front and russia wo

>> the eurogroup meeting in luxembourg. it is hard to imagine, if they do not get a deal done, they need to meet in principle, one state gets this done, then they go across germany not sure if there will be passage there, but once it is signed off, they need to disperse money. they need to take note of what is happening. i want to mention one last thing. it does not mean if there is no deal on thursday, that it is the end of the road for greece. they have set aside enough money to meet the imf. and a lot of bonds will mature by july. yvonne: a lot of assumptions. what is next for greece we have a ceo who will explain the possible scenarios. >> next what happens they grieve -- they give up a third of their cabinet, they resign. they cannot vote against him. that would be unique, this is the first left-wing government there in greece and they have committed suicide within three months. they will be allowed to protest but measures will be put in place them a but effectively -- sherry: not just degrees, but we have talked about

these will be discussed really eurogroup meeting. we have to because this as we don't have much time left. markus: the greek prime minister, alexis tsipras, and jean-claude juncker have held a telephone conversation. things have been pretty tense tween the stillman the past few days. perhaps a sign of august but there have been signs of progress many times before, so we will have to keep an eye on this or you. greece has been negotiating for months with creditors, and during the talks, the market expectation has been that there would be a deal. earlier, i spoke to angus campbell in london. he said the risks of a greek exit from the eurozone has increased, from market perspective, though analysts do expect there will be a deal. let's listen in to what angus told me earlier. angus: the clearly palpable fear, concern, a lot of weight and see from other investors who just want to see what the outcome of these negotiations are tomorrow. the eurozone finance minister meeting. the problem, of course, we face is, as you were saying just befo

eurogroup president: incredible to say too little progress has been made in talks between the institutions and greece and that no agreement as yet is insight -- in sight. as of today, it is still possible to find an agreement and extend the current program before the end of the month, but the ball is clearly in the greek court to seize that last opportunity. reporter: greeks are increasingly worried. the central bank says a most 30 billion euros have been withdrawn from accounts so far this year -- almost 30 billion euros. the finance minister said he believes failure is simply not an option. finance minister: some time ago, the president of the european central bank said quite correctly that for the euro to succeed anywhere, it must succeed everywhere. we think that is absolutely spot on. reporter: that emergency summit of euro zone leaders has been called for monday to discuss greece's urgent need for an extension at the highest political level. brian: max hoffman has been following these talks for us in luxembourg. kris running out of money at the end of this month. what are we to make

sherry: you mean people will be ok with greece exiting the eurogroup? takes need tohing that will exercise our imagination very quickly if that becomes the only other option. couldrderly exit destabilize financial markets, -- is degrees -- i f greece was given provisions and offered a plan that would allow it to reenter the european union and the euro at a future date, then that could be another option, given that the current options are beginning to look unlikely. you.y: dennis, thank let's move on. a new disagreement brewing in the often turbulent relationship with indonesia and another country. they are returning boatloads of refugees back to indonesia from australia. all yet is in jakarta. what is the reaction? the indonesia and australia relationship is at risk after claims that smugglers were made to take back both carrying refugees. the media reports that men were paid money to turn around after being intercepted in the sea. the united nations report that about 54 migrants were from -- indonesia is a place where a lot of migrants leave and treach

we expect the eurogroup to conclude on saturday. hans: caroline, all the emphasis now shifts onto this saturday meeting of finance ministers here in brussels. disturb our focus will be coming back for that. -- mr. verify varoufakis will come back for that. there is some difference among the creditors, particularly on what's or does economic assumptions the imf is taking about greece's probe. there is some indication that some of the mathematics may be too optimistic. that all kicks off again tomorrow, and caroline, there is time for you to get on the euro come down here and report this out yourself. but i suspect we will have a busy weekend in brussels. caroline: the fifth meeting in just over a week. they are seeing more of each other than their families. let's check out what ryan chilcote is up to in athens. you have been on the ground -- where do you think this leaves tsipras? ryan: my favorite part of the deliberations yesterday was when donald tusk said that the game is over into time's up to which the greek prime minister said

the head of the eurogroup says the meeting was good.are still arguing on budget measures and changes to employment laws. an agreement may be struck within days. of a formeridence fifa official saying bribery was right an in bids. the transcript from the hearing has only been received and unsealed. he and others agreed to accept blacks in conjunction with -- except bribes in conjunction with the south african world cup. mario draghi says the banks will regain its growth targets. the ecb remains far short of the 2% goal. the fed says the u.s. economy is growing despite the strong dollar. manufacturing took a hit because of currency but most regions saw modest to moderate growth. keptrter: the u.s. economy c expanding. that is the headline from the fed's beige book. snapshot of the u.s. economy. districts had industry participants expecting continued sales growth in 2015. the stronger dollar did have an impact. there are some districts that said it held steady compared to the last report. we sold travel and tourism expanded. rose slightly.

the head of the eurogroup saying there might be a basis for a deal. global stocks verging on the news. taylor swift gets apple to change its tune. not before stirring up a bit of controversy. betty says why is baking food now to draw and the younger crowd? pimm: good afternoon. betty: in has been a rally here in global stocks raced on what looks like progress. up byn see the s&p is 7/10 of 1%. the dow is trading higher. treasuries were sold off based on the rally. oil prices, let's look at how oil prices are trading. nymex down. pimm: the yield on the yield on a 30 year, 3.13. let's look at the dollar. 11372. the yen losing a little bit. let's take a look at some of the top stories crossing the terminal. a possible step forward in the greek bailout saga. -- is offering a new plan that will raise taxes. the european commission's vice president tells hans nicole's it is a step in the right direction. >> this is going into the right direction. we are not there yet. there is further work to be done. before we can reach an agreement, we need to work intens

some of the rhetoric has subsided but we still see it as the eurogroup has acknowledged. think there is political will but the technicalities are still pretty challenging. this is europe so it is very much the likely outcome but this is probably the closest we are coming to running out of road that we have seen at any point in this crisis so far. mark: explain what we have seen come especially since monday when we got an interesting excavation for the big moves? guest: it is worth bearing in mind that friday was the quarterly option expiry. when those options expire and role off of a dealer's books the market can move around more freely. one of the theories that we have for the 4% move at the beginning of the week is that we were beginning to see something of a reposition. we got a boost of good news but also had a market -- market much more able to move higher. mark: how do you position yourself in a market where daylight date we are getting conflicting signals? >> you have to go back to long-term fundamentals. when we look at europe we have the support of the ecb and th

there will be a eurogroup conference call at 11:30 a.m. tomorrow. have the euro chief saying the call is to discuss the state of play in greece. more conversation on the greek debt crisis and today marks been of the second quarter for most company. we will examine how currency swings will affect earnings reports weeks away. ♪ alix: this is the "bloomberg businesses" for most it is the end of the second quarter. we are halfway through the year. did investors -- should investors be worried about the stronger dollar? to help answer these questions is mike regan who joins me with more. what were the sectors that killed it over the last six months and what were struggling? mike: health care is up eight point 9%. consumer discretionary, retailers, restaurant chains are up 6%. those are the standouts for the year. , those were the standouts for the upcoming season according to the estimates. always get it right on the nose. obviously joking. the second quarter earnings is shaping up to be pretty bad. from an index level, the sixmates are for negative .5% g

on thursday, the eurogroup convenes in luxembourg with greece in focus. thursday, we get a rate decision from the swiss national bank. a lot going on. equities heading south. the dax off by over 1%. yields in spain and italy heading north. after the break, it will be "the pulse." ♪ . francine: open for busy. welcoming foreign investors for the first time. talks with creditors collapse after 45 minutes. battle for air supremacy. the paris air show today. airbus competing for orders that the total more than $23 billion. live in dubai and paris with his stories. ♪ francine: welcome to "the pulse ." i am francine lacqua.

. >> what is happening in the eurogroup and all of that, it might affect us.be affected the least and the last from all of greece. that is definite. anna: mckenzie gets it. let's get more on the political risk perspective. the next guest says that merkel will ultimately compromise on debt relief to keep greece in the eurozone. let's speak to the senior vice president in brussels. it is good to see you. what is your assessment of who has had to blink first and who has had to compromise to get to the optimistic position we have found ourselves in next week. it seems that the greeks have moved it little bit and you suggest the germans might move on debt relief. >> i think that is next. we are going into tomorrow and the greeks will continue to move on the technical details, when it comes to the roof firms -- the reforms on the ground. the more they do a, the more likely it is that they will ramp up the pressure when the european council reconvenes. they will say, look, we have played ball with your demands and now, it is up to you and it means that we have some s

thehe end of last week, eurogroup president was talking about how there simply was not enough time toctually disperse money before june 30. that is when this 1.5 billion euro payment is due to the imf. now they seem to be saying that there is enough time to get a deal done this week. there may be a difference in their and what a deal means. the deal could mean a continuation of the program. they still may not be enough money and the greek coffers -- in the greek coffers to transfer to the imf. matt: thank you, hans nichols. olivia: prime minister tsipras has put a new proposal in the hopes of avoiding the fall. finance chiefs are gathering in brussels. for a closer look, we want to go out to bloomberg's guy johnson. ground inon the athens. he is joined by finance minister from the opposition party. i will hand it over to you. guy: let us talk about the view from athens about what is happening in brussels today. earlier, it was all optimism. we are going to get a deal done today, tonight, or at least the early hours of tomorrow morning maybe now, they will get it done by the end of the

there is no clear decision by the eurogroup. capital controls were imposed.pose it was unavoidable to impose these controls. there was panic among the depositors in greece. they had to do something. the big difference between greece and cyprus was that in the case of cyprus, there was a specific eurogroup decision to impose a special tax levy on our deposits. deposits had to be frozen and banks had to be closed down. later, there was another decision to put the systemic banks under resolution. again, the banks had to remain closed until the resolution process was completed. in the case of greece, there is a lot of uncertainty, which creates a lot of panic. because there is no decision of the eurogroup in the background i think this makes the whole situation very difficult. manus: solvency is the word that everybody's using in regards to the single biggest issue facing the greek banks. the ecb has been lending via the ela to the greek banks. how quickly do you see the solvency of greek banks coming into question if the ela remains not raised by the ecb? >> und

imagine he couldn't greece being forced out, the eurogroup president says, the way it goes now, we are going in that direction. meanwhile, thousands rallied in front of the greek parliament building and athens saying they want to stay in the eurozone. angie? shery: we will take a closer look at that. please extend your thoughts. ourt forget to include hashtag read for now, let's take a look at some of the other stories we are watching. reporter: we begin with the hedge fund taking on the south korea'n richest family. they agreed wednesday to sell shares valued at more than $600 million with ties to hyundai .ea investoraire activist opposes. on the ground the author is to low. associate has sought an injunction to stop that. the conglomerate is in the process of a once in a generation leader chip -- leadership change. legend may raise $2 billion in its ipo. pricedkeholder well shares at 43 hong kong dollars, the top and of the market range. strong demand for its offering, eight times oversubscribed. legend is due to set its final price on june 25. we will keep a watch on that. and we ar

one document has been sent over to the eurogroup year. finance ministers are arriving as we speak. the document the creditors have agreed on, we believe the greeks have another document. the finance minister of greece is here for his fourth time in one week. one piece of white paper in his hand but did not speak to press on his way into the meeting. we can figure out more or less what is on that document. it is certainly not what is on the other one. the reforms that are being proposed by the creditors would put the burden on pensioners and wage earners. eve: we are being told that they have only hours left to find an agreement between the sides. suppan has to be put in place before tuesday. best something has to be put in place before tuesday. >> the real deadline is the 30th of june that is when the bailout program for greece officially ends. the reason they have not gotten these 7.2 billion euros yet because the deal was we will give you the money if you present us with a comprehensive list of reforms. that list needed to be side off and agreed on by all the creditors. this is w

the senior people will talk is to the eurogroup. they will reconvene tomorrow. the major players will talk late into the night. alix: the meeting starts at 11:00 p.m. >> the finance minister said that we are showing the world we are serious about a deal. the messages, hard work. they are out working hard on this. alix: we heard a lot from tsipras as well. he said that this odd stance seems to indicate that there is either no interest in an agreement or the special interests are being back. i found that fascinating. what is he alluding to? >> he was insinuating that when they dealt with ireland, portugal, spain, they got a lot more flexibility. this set the tone for the day. there was immediate action across the board when that went out. a decline in stocks, people piled into safe havens. alix: we always talk about greece today, but what about greece tomorrow? the instantaneous reaction, what happens tomorrow when they need more money? they are going to need a third bailout, 20.7 billion euros. they will get the profits from the ecb on this bond buying program. >

the key is the eurogroup meeting this week.ither they come up with a resolution where greece implements reforms that allows our money to be released. that is the best case situation. the more likely case, they just extent the current program, buying time to continue the negotiations. if we were to get a kick the can down the road again that allows the markets to put back on some of the riskier positions the euro weekends on the back of a good outcome -- weajkens on the back of a good outcome for greece. the third scenario where they do not come to an agreement, where greece defaults on its upcoming payments. it would lead to the likes of controls and a lot more tensions. anna: does resolution of the greek situation have an impact? to wear rates might go in the u.k. as well? -- two whero where rates go in the u.k. as well? michael: we need an indication from the bank of england to raise rates, that we are not likely to get that. anna: you are expecting a 9-0 vote. there always seems to be something standing in the way. michael:

guest: eurogroup twitter is my new favorite. all these finance ministers tweeting market with the headlines in addition to the tough tweak me you had the finance minister of slovakia tweeting. allow me not to be optimistic anymore. i would like to be proven wrong. about what it means for the market. i want to talk about the intraday chart. it reflects volatility of the headlines we saw. if you see that debt off the open that was around the time angela merkel said greece is not there yet. hollande saying it is possible. 2:00 things went sour. we had the maltese prime minister singh leaders turned talk.he mean is volatility, the that it isn't priced in. guest: these are small moves. none of these headlines dramatically change the way the market views things overall. headlineswatching the hit and then they try to decipher them instantly causing the lines to move. let's get some experts here. we have anthony joining us from san diego and lisa onset. thank you for joining us. let me start with you anthony. do you care about greece? a

what he did say specifically is he pointed to the eurogroup meeting next week.hen the euro finance ministers it together for the next meeting. that is going to be the decisive moment for the greece package. when you are talking about deadlines, that is the next one for greece. anna: jones hayden joining us. hans nickel -- hans nichols joining us from berlin. simon smiles has been with us for the last 40 minutes. we get our chance to talk about greece. where do you see this heading? this must be a big preoccupation for your clients. think that picture for us. simon: something we are debating constantly. i find it etched in. it seems like people are turning to greece to try and get progress which may be the end of june. it is coming up soon. everyone of these that repayments is a mini crisis. greece does not have the money to pay. the payment to the imf was made -- had to delay the fifth of june payment. at the end of the day we have all these redlines around pension reforms which is difficult to the bridge -- difficult to rebridge. there is probability that an ac

this is exactly what has happened when the eurogroup or the 18 eurozone countries decided not to extendam. they let it expire at its normal turn. what is this about at the core? for me, the focus should be if the euro fails, what does that mean? they monetary union is filled. we have certain principles. the fact that we have joined and currency means there is a certain degree of trust between the european partners and as y 19 countries decided to have a common currency. secondly europe can only act and react. it is about dealing with crises in a country. it is about solidarity. we have a tension between governance and solidarity, but nobody can get 100% above of both . there needs to be a willingness to compromise proposed a different program to the second program that the greek government committed to on the 20th of february which was the foundation for the extension of the existing program. the general proposal was our contribution. that is why we need to say the willingness was lacking on the greek part for such a compromise, which then led to the failure of the negotiations and the

but by the time the leaders wrapped up, you have the head of the eurogroup saying they hope to get a deal this week. there is on a lot of optimism suddenly that maybe this is the week. alix: the ecb president mario greek talking to the prime minister saying as long as you are committed to an aid program we will commit to your bank. that the banks will run out of money and sugar some kind of default by accident. they are saying, we are in it to win it with you as long as you commit. and you saw them putting money where their mouth is with the emergency liquidity assistance get again. and it is now at about nearly 80 billion euros. at 95 billion. joe: one of my favorite things in the world is in italy they have this spread between italian 10 year bonds and german 10 year bonds. it is kind of a national a session -- a session like we and the s&pow 500. you can see this chart, and it has come down quite a bit, signaling -- we were talking today about a fear of contagion. people were selling the german bonds and buying italian bonds, a growing sign of optimism. alix: there was a great pie

and if the council, governing board member, warned that yesterday's eurogroup meeting that greek banks might have to remained close on monday ahead of the eu summit monday evening. if there is no deal reached at the summit, then i'm quite sure that banks will not reopen until capital controls are imposed. because that would spell the end of the negotiations and the ecb is waiting to get its cue from the leaders. if the leaders decide that greece is a lost cause and there will be no agreement, then the immediate next step would be for the ecb to pull the plug on greek banks. and then on june 30, greece will be unable to meet a 1.5 billion payment to the imf, which would be the beginning of a slippery slope toward grexit. francine: pretty strong words there from you. thank you so much for joining us. you are absolutely right. we do not know where this is going, but it looks like we are inching towards a negative event. now, on monday morning, we have a special program on the greek crisis at 10:00 a.m. london time. right here on bloomberg tv. here's a look at what else is on our radar thi

after weeks of tension today we are going to see the final center go face to face with the eurogroup.eople on the table are faced with joining or isolation. dealing with the germany financing, it is a new scenario like the greek default. they are head of the international monetary fund for the first part of the week. he said he will not bring any new proposals to the meeting. but authorities will not be able to pay that back to the ims on the 20th of june. there was a meeting in brussels for today. the grief can be very short. there is a phrase i have heard about 15 times repeated. >> thank you very much. we're in hong kong where voters have voted down the move in parliament. there have been a criticized sect of democracy. we get a new report. >> holding high an umbrella a single democracy movement over norway being defiant in parliament. there is a package that was that the heart of the recent turmoil. it came after hours of fiery debate. people were arguing over the right to vote for 5 million people. representing the democratic party i oppose this motion by the secretary for the co

a meeting wraps up earlier with a few sign of progress and there will now be another eurogroup meeting on saturday. he will have to wait until saturday at least before we do see it that deal. the argument centers on the savings that greece would offer in return for 7.2 billion euros worth of aid. greece is offering mostly tax hikes, but the creditors want legit cuts. the eu leaders are holding a summit this evening although little is expected to come out of that summit. walking into that meeting the greek prime minister seemed relaxed. >> i think that european history is full of disagreements negotiations, and events and compromises. so, after the copperheads of proposals, i am confident that we will reach a copper my several health the eurozone and greece marcus: for more, i spoke to the director of the think tank frugal institute in brussels. i asked him whether he believes. >> the way i read this, it is another brinkmanship at this stage. how tough it is with respect to other side. marcus: what do you think the deadline is? and has been lots of talk about when we need an agreement.

the technical teams will sit down next week, then after that the eurogroup will agree to the solution and will come to this conclusion. the money could then flow towards the 30th of june shortly before possible default. host: the greek debt saga will be continued. thank you. greece has been the major talking point in frankfurt again. i need a schnider has more from the trading floor there. reporter: greece was very important today at the ecb press conference. journalists asked mario draghi so many questions about greece. he was professional and only said what he likes to say. mariota made important statement -- mario draghi made important statements. he increased the pressure on prime minister tsipras to find a solution. he emphasized he will stick to the ecb policy. that is good news for investors. there are rumors out there recently that mario draghi will exit earlier from this program but he denied that. that was one reason why the dax climbed higher today. host: here is the market numbers. germany's dax 11,419. eurozone up by more than half a percent of today's session. in new yor

we are in the eurogroup meeting.' time, finance ministers will go into a meeting. my secret for figuring out whether or not this will be a success -- start your stopwatch on how long finance talk before they go into the meeting. this is not entirely scientific. the longer they talk before the meeting, the less like there -- the less likely there is for a deal after the meeting. we will see what they say coming in and coming out. we may have an early indication. the finance minister say we simply do not have enough detail for us to bless this -- then what happens later on in the evening is going to be about the day after. what do you do in july if greece does end up defaulting? my shorthand we could know by early afternoon whether or not greece is going to default. we will not know until this evening what might happen if there is going to be a default. if there is not going to be a default, we are in for a late-night. francine: if there is a default the leaders are also meeting thursday and friday. why wouldn't we cal

a eurogroup official saying that greece will respond by monday. angie: things heating up. shery ahn, thank you for that. you can get the latest on the greek threat drama-=--- debt grama at bloomber business. bloomberg.com, opec leaders gather to decide whether to cut production. the one. the iphone or we are talking about apple's biggest breakthrough that no one knows about. find out more on bloomberg.com. it seems everyone has an opinion on the fed. the imf has waded into the debate about the timing of a rise. we are joined by su keenan in new york. this is very unique. su: a very big voice and you are correct. all kinds of investors and strategists that engage in a game, when do you think the fed will raise rates. mixthe imf to way into the is unusual but it does come as part of the annual view on what the fed economy is doing. and the market are giving his weight -- word they are giving is wait. higher policy rates could lead to market volatility with stability consequences that go beyond u.s. borders. weighing risks, we think that for waiting to raise rates until there

the head of the eurogroup says he wants to see credible solutions from the greek side and the head of the international monetary fund was also there, and she echoed that. greece wants to get its hands on this lifeline. time is short. the greek government is not ready to sign up for the reforms that creditors want in return. let's listen to the two sides as they have been talking in luxembourg. >> not smoke and mirrors. it has to be tangible proposals that can be a substitution to proposals that have been put but from our perspective, it has to be credible because the imf lends the money of 188 countries , and we are accountable to those countries, from the poorest to the richest. >> close to a state of mind that accepts an accident, and i urge my colleagues not to fall prey to this state of mind. we can forge a good agreement. our government is standing by with ideas and a determination to cultivate the two forms of trust necessary to end this greek drama -- the trust of our partners and institutions in our government and in our society and the trust of our people, both in our governm

work must now proceed within the eurogroup and institutions to work together now so that the eurogroup can achieve results wednesday evening that can be presented. amy: german authorities have freed al jazeera journalist ahmed mansour after detaining him saturday on an egyptian arrest warrant over what al jazeera says are trumped-up charges. mansour's arrest drew international protests over egypt's crackdown on freedom of the press. the death toll from a heatwave in pakistan's largest city karachi, has topped 400. temperatures have reached as high as 113 degrees fahrenheit. but rain is expected to bring relief soon. in santiago, chile, authorities declared an environmental emergency for the first time in 16 years as a blankeket of smog engulfed the city. after shuttering hundreds of businesses and forcing 1.7 million vehicles off the streets, officials ended the emergency order but kept some , restrictions in place. the order has raised concerns about the health of soccer players taking part in the copa america soccer tournament in santiago. in the latest extreme weather in the united

eurogroup twitter is than my new favorite twitter. new favorite twitter. you had the finance minister of slovakia tweeting. me not to be optimistic anymore, but i would like to be proven wrong." alix: so many double negatives. i do not know what that means. we talk about what it means for the market. i want to look at the chart of the s&p. it perhaps reflect volatility of these greek headlines. if you see that dip off the open. that is around the time that angela merkel said that greece isn't there yet. at 10:00, you had the french president saying the deal was possible. then 2:00 p.m. is really when things went sour. we had the maltese prime minister telling bloomberg e.u. leaders turned down alexis tsipras's request. and pointed out that some countries made it clear to two alexis tsipras they are ready to pull the plug. he made the point, that look, there is volatility. maybe this is not priced in. pretty smalle moves. so none of these headlines dramatically change the way the market views things overall. but it is fine tun watching thee headlines hit. a

campaign for a yes at the referendum on sunday, and in exchange they would be a new meeting of the eurogroup schedules to finalize an agreement between the two sides. there are some reports giving us ideas of what that might entail. a newspaper in athens is saying that could involve changes to the top pension grant. there had been some disagreement on whether that would be phased out and whether it would be replaced by something else. there has been some talk that perhaps there could be some debt relief in the offing. that comes from a source we have spoken to at that greek newspaper. that would involve perhaps paying it off over a longer period of time. that would be a significant change in these negotiations but no confirmation of that is coming from that press conference that is underway in brussels right now. genie: we are hearing that the greek prime minister, the greek finance minister, yet is very fox, would not pay on tuesday. what happens with regards to that, stephen? stephen: the greeks -- greece owes the imf 1.6 billion euros and it needs to be paid at 1:00 a.m. greek time tomorr