the eurogroup finance president and the finance minister in the netherlands say they are confident, optimistic. here is what he told us an interview. "the great government has been very serious, working very hard the last couple days. we need to be strong enough to work on the next couple months i am always optimistic." what we heard yesterday was them saying they are going to roll back austerity, go ahead and increased spending by 1.9 billion euros. there is still a great deal of distance. privately, it seems like everyone is working toward the goal and they are trying to figure out how to caught up by this and make it be easily acceptable to all parliaments but we won't know until we get the list. >> thanks. hans nichols in berlin. you can find more of that story at bloomberg.com. >> stars flocked to one of the most anticipated catwalk shows that london fashion week. francine lacqua caught up with christopher daily. he spoke about burberry's work, and what it means to be a british heritage brand. >> what we wanted to do -- this was to celebrate all things british. from our crafts to architec

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

that plan, that offer was withdrawn was that eurogroup finance ministers saw what was in it.hat do they ended up offering something that will keep them in the current program "some flexibility." and those two words are too reckless in yanis varoufakis's review for him to sign off. talking to the ministers, not a lot of optimism. i asked one about what the mood was like. >> there was no progress from last week. -- compared to last week. and no data available and no numbers. it was very difficult to make progress. >> was their frustration with mr. yanis varoufakis? >> and no, i would not call the frustration. there were expectations in a very for -- very short time. >> guy both sides are saying they are looking to the other side to make an offer. otherwise there would not be enough time for the parliament and all of the nations to ratify. >> hans, how did the deal that yanis varoufakis thought he had fall apart. >> it is sort of a fascinating story and could reveals blitz whipped -- between the eu and the commission and the finance groups being led mr. dyson will. here's what w

the eurogroup finance chiefs still have the opportunity and the ability to shoot down the agreements the specifics if there are not enough actual cuts by the government. >> great work. there is much to discuss. let's keep the conversation on greece with the head of global strategy. great to have you with us. let's talk about leverage and a contest between the eurozone and greece. the one party that could blink is the market. the markets did blink once. do the greeks have a chance? >> i think it is difficult for them to get what they wanted. that was pretty much not a reference to the program. the current program was remade to the current arrangements and, in the end, we're talking about a complete surrender, in terms of what the other side really wanted. in that respect greece overestimated the situation. the most important thing is that, unlike 2011, right now, nearly 85% of the sovereign debt is held by the official sector and not the market. >> let's talk the markets on this. we did not see any moves that concerns the rest of the eurozone. as far as you are concerned when i cut th

today obviously greece will be going to the eurogroup finance ministers meeting. >> there have been more friendly noises coming up the last several days. >> there have been but unfriendly, the french. northern europe, perhaps more concerned about greece's stubbornness. fabius, the current finance minister said in fact, we are looking to maybe extend the deal. the fins are saying, we are running out of patience with greece. earlier on, we had a bank of singapore economist saying how worrying it is. >> it seems if anything the positions have hardened. you are getting comments coming out of portugal suggesting they don't want to compromise. they feel like they have gone through this pain, and politically, it might be damaging for them to give greece a deal having inflicted so much austerity on their own public. >> one less thing -- in germany, there was an election over the weekend in hamburg, regional. angela merkel had her worst result since the war, but this is really a left area. what is interesting is that the anti-bailout anti-euro party called alternative for germany won their first

that said, we have yet to see the specific proposals that the finance is going to present tonight to the eurogroup- the finance minister is going to present tonight to the eurogroup. those proposals have to be approved if the bailout extension is to take place. that is what we are waiting for get a government spokesman has been on national television today talking about the things that the government isn't going to do. it is not going to cut public-sector pensions any further. it is not going to cross the so-called red line. it is going to restore collective-bargaining and it is going to put in motion a plan to raise the minimum wage -- stephanie: hollande eri -- hold on, erik, i want to stop you. tell me what it is like on the ground, actual greeks, their reaction. erik: i'm telling you what they say! they are optimistic. they realize that varifakis had his hands tied behind his back and this is the thing that takes a little bit of adjustment, a little getting used to the idea that from afar it looks like the greeks got stiff but on the ground they feel that, hey, it is not like we were going to

angela merkel, as they will be sure to something on the sidelines of that meaningful eurogroup meeting of the finance ministers is on monday. they are hoping to make more progress on a deal that. >> what kind of market reaction? >> let's look at what is happening in athens today. shares are actually up on the news. obviously some optimism from investors despite the lack of an agreement at least for not meeting the markets recovering some of those losses they have seen. across the rest of the european market shares, boosted from the news about the peace deal with ukraine, new stimulus measures from sweden. german shares coming can see the frank for dax, -- the frankfurt dax, forced germany's economy is linked to russia's. let's look at company news. french oil company total says the falling oil prices have cost atit $6.5 billion. that was announced as they said they lost $5.5 million over the period. investment of over $2 billion this year. a difficult year ahead for the french lender sociÉtÉ general e. the bank proposed a rise in net profits to $5.11 million. and 1000 jobs here after profits tripled

guest: february 28 was essentially a deadline set by the eurogroup of finance ministers. greek government has said over the last couple of days that it will not ask for an extension of this deadline so this remains important. i would hope that out of the meetings that take place in brussels this week, we get an agreement that this deadline will be extended so that all sides gain more time to bring these negotiations to more fruitful conclusions. stephanie: thank you for your thoughts this morning. reinhard cluse. stay with us. remember what happened at sony? we will show you how to keep your messages from becoming a national joke or even worse lose your job, lose your friends. stay with us. ♪ stephanie: call it coke plan b. the company responding to those who want nothing to do with sugary drinks. plus, an interview with jay powell. what he thinks about raising interest rates and congressional attempts to audit the central bank. stay with us. ♪ >> live, from bloomberg headquarters in new york. this is market makers. with erik schatzker and stephanie ruhle. stephanie: welc

eurogroup. in 21st century fashion it is confirmed on twitter. the dutch finance minister tweaking he had received the request to extend the bailout loans. this after the current agreement expires at the end of february. greece has agreed to honor all of its debts and have the extension overseen by detroit got -- the imf, european central bank, and european commission. troika that the government had vowed not to deal with. greek leaders say they want to achieve fiscal balance but will not accept austerity. it is a new six-month assistance package. the 19 finance ministers will meet in brussels friday afternoon as eurogroup is saying this request opens the door to compromise. we could be seeing a good result from athens. genie: a lot riding on this meeting. how are the markets responding? kate: the european markets opened in the red a lot of skepticism. we have seen the markets turning into positive territory as details of the greek request out. the athens stock exchange up over 2.5%. other markets responding well. for more analysis of this we turn to michael a mar

finance ministry said that the proposal is not a "substantive" proposal for a solution. that it does not recognize the criteria that were apparently agreed to on monday within the eurogroup says that it is more of a bridge financing request. but what brussels is saying is a bit more diplomatic. it says it is a first good step. what is a first good step? it means it is not enough. so it seems that the eurogroup as a whole does not feel the request from athens contains the language it was looking for. >> does the finance minister wolfgang scheibe up -- wolfgang schaeuble's reaction nero the rest of the government? >> it has cost a little friction. one minister said that they should not be rejecting the greek proposal publicly at this point, but should view it more as a basis for negotiation. obviously the economics minister is looking ahead to friday, and the prospect of negotiations with the greeks again on this loan program that is supposed to take place in brussels. it is clear he does not want to prejudice those negotiations. >> those negotiations are looming on friday. terry martin, thanks for joining us. >> let's check out business reaction. despite news that germany

. >> we are working together in the recent eurogroup meetings with greece, the eu finance ministers were united 18-1, and we will stay that way. >> athens has received some 240 billion euros in bailouts. berlin is wielding its influence because it is one of the largest creditors, but germany's finance minister will not speculate on a possible greek exit from the eurozone. >> it's not just about individual countries -- it's about europe. it's about being able to trust one another and earning people's trust as we forge a unified europe. >> spain and portugal have economic troubles of their own but they support the stands, still hurting from their own austerity programs they are keen to make sure greece does not win special concessions. >> for the latest, let's pull in our correspondent in brussels and our correspondent in greece. max, let's start with you. finance ministers are still locked in talks, but as we've heard, there have been some hopeful signs. tell us more. >> absolutely. we have confirmation from the greek side and also from the german side that there's a deal on the table, an

as the eurogroup meet in brussels, the german finance minister is skeptical. trees at risk.aine and pro-russian militants accuse each other of several violations on day two of the cease-fire. "the pulse welcome to -- welcome to "the pulse." prime minister abe's slow

the finance minister varoufakis released his speeches and his talking points and the last two eurogroupeetings yesterday. and there we see that he said the bank revenue is falling short of targeted by 2 billion euros. that is the first month of the year. and we have several of the report saying that agrees will run out of cash as soon as next week. they may be able to tap the reserves. retail banks, but that would be a short-term fix. the best case scenario is greece would run out of money sometime next month and will have to default on some of its payments. a solution to his financing problem is found unless we have a deal with creditors. quest presumably -- -- >> presumably -- >> i was saying -- >> you go. >> ok, sorry. deposit withdrawals accelerating and we know that more than 20 billion euros have left greek banks since the political crisis erupted in late last year. greek banks are running out of cash and they are now almost totally reliant on the emergency liquidity assistance extended by the bank of greece, subject to the ecb of course. >> thank you very much indeed. our bureau

that greece may have to exit the euro, again, we are hearing from the strain finance minister telling reporters that the eurogroupas agreed on a four-month extension for greece, stay with us we will give you the latest on this story, as soon as we get them. that is a look at world news. you will have another update coming. we bring you encore, a look back at the most notable newsmakers in the past week. >> this is another chapter of attend and extend. there has to be some resolution of a depth that is too large for population. and how to do it and how to reach it with an austerity package that doesn't permit of the country to have economic growth is an impossible task. so, they pushed the can, they try to reach an agreement, they come to the 11th hour and the 59th minute before they reach it and we will see it all over again. >> i don't think that we are being challenged. we are enjoying the time we are having. what is really the key to our success is constantly retooled. how do we move into the space instead of trying to ignore the digital space? how do we go into storytelling. that has really been part of this

. >> after the vote, the greek finance minister said he used "creative ambiguity" in convincing the eurogroupis not going well with greek lawmakers. >> this report -- >> as expected, there was a clear majority for extending the bailout. 32 naysayers and 13 abstentions a clear signal from berlin to athens. when germany's finance minister asked for the support of lawmakers, he was aware that for many it was not an easy decision. >> the program has to be stuck to. there have been plenty of intensive debates about this in the past. >> now that germany's parliament has approved the extension the chances of greece receiving the final tranche from its second bailout are higher. this is the second time a large majority of the left party has voted in favor of the bailout for greece. >> this is not an endorsement of the failed austerity measures. but we are in favor of greece getting some breathing space and a chance to make a new start. >> there was a clear "yes" for the extension from the social democrats. >> we want growth. we want to help greece help itself. and we want to see social justice. but t

operates on the basis of rules and rules must be respected. >> eurogroup has given athens up till the end of the week to get in line. the greek finance minister, yanis varoufakis, said the negotiations weren't in a collegial's. -- in a collegial spirit. he is confident the latest ultimatum from brussels will be withdrawn. let's get a check on markets in europe. all the major indices ended lower. the dax closed down 4/10 of 1%, the ftse down over 1/3 of 1%. markets in the u.s. are closed this monday for president's day. france's defense minister has signed a deal to sell 24 fighter jets to egypt with a price tag of over 5 billion euro. how this sale comes with -- and this sale comes with some financial risk. >> they have finally found a buyer. egypt has agreed to pay just over 5 billion euros for 24 fighter jets, a naval frigate and other military equipment. but with its economy in tatters, egypt requires financing to -- to complete the deal. they will pay a 500 million euro deposit to secure the order. to finance the rest, the country will borrow funds from french banks, which have promised it a verbal rates. -- it favorable rates. f

finance minister has this. what message has the eurogroup sent to the parties in some of these? >> i think it is right that they are trying to renegotiate and you have to stick to it. i think there is another side to it and the eu agrees to the list we received and there is room for negotiation and to some extent. how they do that and what the details are remains to be seen. the european authorities have to be mindful. they want to avoid this kind of cascade effect doing better and better in the elections. >> it is quite remarkable. is that going to be the message from europe? is that a false sense of security? >> the market is flattered by the prospect of the next months. the message they would want to spend is, if you do what you need to do, you restructure your balance sheets and your funding costs will collapse and you will be the wonder kids of the european union. that is the message they will send. it is the tire that floats all boats. >> it has taken a little bit over the last couple of years. the biggest risk is france and italy and the risk remains. >> france because of

today is the official meeting with finance ministers of the eurogroup. 18 countries apart from greecemeet in brussels later today. look forward to the. we have also had a phone call in the last two hours, requested by the greek prime minister alexis tsipras. junko is making a left ditch effort at a deal. their money runs out in 12 days time. they want a loan for six months until september so they can do reforms during that. with the loan has to come conditions says germany and other countries. for example, the former french prime minister and now the finance minister says, we are talking about extending the maturity of the debt. writing it off, no way. that is the situation right now. trying to get this bridge loan. we are also seeing talks over the weekend between the prime minister and the eu, ecb, and the imf. discussgates meeting to what they are agreeing on. we now look forward to the meeting today. tensions are high. >> it is interesting about the protests. policymakers are saying one thing. you see 20,000 people supporting this anti-austerity move, supporting that. you also had

as the eurogroup meet in brussels, the german finance minister is skeptical. trees at risk. ukraine and pro-russian militants accuse each other of several violations on day two of the cease-fire. "the pulse welcome to -- welcome to "the pulse." prime minister abe's slow progress. japan crawls out of recession with growth slower than expected. how convincing is japan's exit from recession? a lot of economists saying that this is a disappointing figure and yet it shows a slight improvement. >> it shows a slight improvement, but in many ways, what this number is about is the evils of raising taxes in a deflationary environment. most economists would agree that raising sale taxes in april of last year was a poorly timed move. in many ways, consumer demand has never quite recovered. when you look at the enthusiasm toward abenomics, you don't see a lot of it here in japan. a lot of it is investors overseas who are looking at the different plans the prime minister has put together. when you talk to households here, corporate executives there is a lot of concern about economic headw

varoufakis, the finance minister, has to submit a list of proposals to the 19 members of the eurogroup will convene a conference call tomorrow morning to decide whether the proposals varoufakis submits will passed muster. if they do not, we returned to where we were friday evening. on the brink of a sovereign default and banking crisis. varoufakis knows this the prime minister alexis tsipras knows this. everything greece gets to the eurogroup is something it takes away from its people and would contravene pre-election promises alexis tsipras and varoufakis made to the greek people. brendan: let's talk about the greek people. i saw a piece of graffiti that read, "alexis the great." how was he seen returning to athens? as a hero? erik: it did not take much to make progress. greece has felt the weight, it has been a burden of austerity. not so much terms of austerity but terms of inflame enslavement -- that is how people feel. that is why you hear alexis tsipras and varoufakis talking about raising the minimum wage. not because they want people to be bpaid more, but at the same level they

difficult to see how the government is going to meet the demands of the eurogroup, how it is going to be the demands of the german finance meet the demands of spain without taking some pain. that is what we have yet to see. once the pain is introduced, we have to see how the syriza party response. these are some of the open questions we hope to resolve before the end of the day. yanis varoufakis the greek finance spoke friday of constructive ambiguity. he said the statement they had drafted was an example of constructive ambiguity. and judy could work in his favor here. the problem with ambiguity as that it requires interpretation. what this is interpretation of ambiguity? those are open questions. we will get the details of this proposal, we hope, by the end of the day. i'm going to leave it with you there because there is much more to come from athens. >> and you will be on the ground giving us the breaking news about the day. erik schatzker, there from athens. that is it more "the pulse." >> "surveillance" is next with tom keene and his team. ♪ >> rebels attack. kiev struggles to maintain order. greece against "tough

finance ministers. >> it would be presented to the eurogroup. any sort of ratification or acceptance of this would have to be done and ministers would have to agree to it. all the legislators and parliament would have to vote on it. we have another meeting on friday and we have to see what is in the agreement. the verbiage looks similar to the plan that was offered on monday night. it is that plan that was rejected by the finance leaders and it led to the conclusion of the meeting. what greece was offering had arty been rejected by the finance leaders. >> let's bring in someone from athens with our bureau chief. how is the story playing out? is there an expectation that the deal has arty been rejected and will get traction? is there a belief that this is athens blinking? >> the general perception among the people is that the government negotiates for the first time and it is saying yes to everything. his stance has been enjoying wide appeal among greek people. lately, a rare sight. now, when it comes to substance, there is no loan without string

eurogroup saying an agreement needs to be found by friday to avoid leaving greece without international funding. that could see the greek government in particular its banks without the money they need to stay afloat. european finance ministers meeting again, the great government source saying in the meantime they would not accept ultimatums, so what is athens want and why does not the eurozone just give it to them? >> the clock is ticking. talks to renegotiate greece's d ebt refused a six-month extension of its program. an ultimatum saying it had until friday to ask for an extension. the dutch finance minister remained positive. >> we stand ready to work with the greeks. we think the best way forward is to get an extension of the current program. >> a sense of optimism that was shared by his greek counterpart. >> europe will do the euro thing -- it will pull a good agreement or honorable agreement out of what seems to be -- we did it last wednesday, we will do it again now. >> the country's economic and political future -- greece once a bridge agreement that will keep them afloat for at least six months, allowing them to negotiate a longer-term deal. they want that to include a refinancing of greek debt, a deal th

eurogroup meeting today. it will be focused on one thing. it is going to be greece. they are going to be discussing the financing they want. the 10 billion euros to get them through to buy them time. the new bailout program as well. they want a focus on austerity. the germans are standing firm. it looks as though compromises far off. how'd be affecting the move? remaining flat. markets are phenomenally resilient. greece is one of them. russia is another. ryan chilcote calls the talks at the moment small fry. wait until they get to merkel. could we get any kind of cease-fire in ukraine? at the moment remaining flat after 20 or 30 seconds into trading. we're looking at some of the stories when looking at the euro. basically flat against the dollar as we will see. business coming off of session lows. the euro looking flat. we are seeing a bit of a drop in the oil prices once again. u.s. supplied -- actually, we are turning higher. brent is up .4%. new shakes in the oil market but it fell that little bit yesterday. the u.s. supply imbalance with the demand. no real fear or terror happening in the bond market. we are seeing gre

small faction of members that are concerned the finance minister and alexis tsipras are selling the party down the river in negotiations with the eurogroupt to the deal that was reached in principle on friday night, but it does appear to be solid. the hard work is being done, which is to say the government is sitting down and trying to draft a list of proposals it can present in hope of winning approval tuesday morning. hans gave us a very good sense of what is on the table. the german newspaper is reporting this is what the greeks are going to offer. they are going to offer $1.5 billion in revenue from illuminating gasoline smuggling 2.5 billion euros and wealth tax and 2.5 billion euros further in collecting tax that is currently unpaid. difficult to know whether that is true and realistic. at the end of the day it might be immaterial. the greeks need to demonstrate they are willing to put numbers on the table and there is a sense of commitment they are willing to live up to those promises. i want you to listen to the finance ministers speaking and happens yesterday, still putting forward a confident tone about what he can achieve in t

eurogroup meeting today. it will be focused on one thing. it is going to be greece. they are going to be discussing the financing they want.os to get them through to buy them time. the new bailout program as well. they want a focus on austerity. the germans are standing firm. it looks as though co

eurogroup to ask for a six-month holiday. what is the difference between an extension and completion of the loan? we have been asking guests all morning. will the financeoften its stance? >> something a bit more tangible. ukraine is on my agenda. just watching this the news flow out of ukraine is just appalling. this bears the most careful scrutiny. >> an interesting story, we look at these developers in ukraine this has real consequences for real copies. carlsberg cells cheap beer in large volumes to western europe. they now get 30% of the revenue from russia. they now have a new ceo. >> the number one beer in russia. >> real consequences for the real economy of beer drinkers. >> i'm so glad you did that agenda item. howard ward, thank you. michelle meyer, thank you so much as well. ♪ >> good morning. we are live from bloomberg world headquarters. we are 90 minutes away from the opening bell. a big guest with big bets. wilbur ross joining us. looking for opportunity when others are fleeing. what is next on his radar in europe? $10 oil? that is what one economist says is a real possibility. gary shilling will join us and justify that call. first, here'

finance ministers on how to deal with their existing bailout deal-- worth $273 billion. it expires at the end of the month. after the meeting came to its abrupt end, the head of the eurogroupiations said time is running out for greece to accept its terms. >> given the timelines that we have and parliamentary deadlines, i think we can use this week, but that is about it. if the request for an extension were to come in we would of course look at it, ask the institutions to look at it and advise us, and then we could have, if a positive outcome can be envisaged, we could have an extra eurogroup on friday. >> ifill: thousands of greeks gathered in front of the parliament in athens tonight to protest austerity measures. the greek economy has shrunk by a quarter, and greek unemployment is above 25%. >> woodruff: hackers have stolen up to a billion dollars from banks around the world in a series of electronic attacks since 2013. the russian firm "kaspersky lab" presented that finding at a security conference in cancun mexico, today. it found the hacking ring has infiltrated more than 100 banks in 30 countries. they use different methods to break in, and cap their stealing to $10

finance minister said he has compromised on many issues and is optimistic about a deal. his german counterpart being quite german, sounded much less confident. here is the eurogroupbout an hour ago. >> it's quite complicated. i'm talking to the main players, trying to find solutions. it will cost time, but there is still reason for some optimism, but it's very difficult. >> smoke, mirrors, posturing, politics. hans nichols is covering today's summit from brussels. we also have a bloomberg columnist to joins us from london. let's start with you. what is the freaking truth? >> the truth is it is 5:00 p.m. in brussels, and the meeting hasn't even started. the last i was down there finance ministers are still going in. that's a good sign. that means the dutch finance minister who you play the sound about, that means he can have some sideline meetings and try to hammer out a negotiation. it has been clear that the germans and austrians and dutch don't want to give much ground. they want to insist the greeks complete the current bailout package. greece has said that is not acceptable. greece will clearly have to move if there's going to be any sort of movement, or the

eurogroup once greece to at least renegotiate or a technical extension of the existing loan agreement but they're basically saying, we told you we are not interested in what we want is permission for bridge financeed the issue of treasury bills. to tide them over the summer and get through the hump of debt repayments and probably have the same discussion they are having now. so who benefits? there is a benefit of times because there is more time to sort out positions, but fundamentally, it is not really about the deal anymore. it is about whether greece can live and survive and grow and reform within the straitjacket of the euro, because i don't think the germans and the creditors will change that much. >> we saw the ecb making life more difficult for greece and now they are meeting on february the 18th where they could have the possibility that we could see greece not able to access liquidity through the ecb, i haven't read anything to suggest that will happen, but if we did see that, would that be a political or economic decision? the ecb has to think about everyone else in the. >> in my mind it would unquestionably be a political decision. if they stopped greece or disapproved of greece havin