they with draw 60 euros a day. foreigners coming to greek will not be impacted but what we have heard over the weekend according to banking sources is 40% of those atms actually had cash in them. so not about the availability of cash. just whether or not they can continue to fill up the atms. concerns about whether or not the bank holiday will continue onwards. people concerned about how they pay their rent so what the implication of this are are very very concerning for greek people but the question now is what are the creditors going to put on the table in this proposal. the table seems to have shifted again. has this call for referendum precipitated increasing flexibility. i'm joined by an mep from the party. thank you for joining us. >> thank you. >> is this what your party wanted? you wanted the creditors to panic and perhaps give you another proposal? >> not panic. but just renegotiate. the take it proposals and they're realistic almost. financial times they call them economic. we want to negotiate. we always

very hard to unwind. " it was more than 60 euros a day. it was 300 euros. they are losing a third of their pensions a day. you if you -- if you have not money to spend, then the greek economy can only get worse. >> the summer months are crucial for tourists. some greek newspapers have said in 10 days supermarkets will run out of food. clearly, what tsipras has not told the population is that a no vote means pain, hunger, not being able to buy medicine and the population will soon discover that. it is dignity but you cannot fight a war with an army with an empty stomach. francine: if it becomes armageddon, they're not go to keep him in power. alberto: with a no vote, tsipras could stay in power. the situation could become more difficult for the population. it is likely the government will fall in with a no vote. you may have a unity government which is the only way back to the table for negotiations. we may have something else and it may to be too late -- and it may be too late. manus: we talk about contagion. we have not seen a need for the european bank to

euro area leaders lan a summit on monday -- euro leaders plan a summit on monday.resident -- caroline: president today in talks -- guy: china stocks retreating today. the biggest decline since 2011. ♪ guy: welcome to countdown. i am guy johnson. caroline: i am caroline hyde. guy: let us talk about what we have learned. it is than eight to 24 hours for the greeks. -- it has been a tumultuous 24 hours for the greeks. jericho -- caroline: this meeting did not seem to get very far. guy: christine lagarde yesterday at the meeting which was at luxembourg. maybe we get some grown-ups in the room on monday. that is the idea. we start to get the leaders to meet, as a result, we start to get progress. mr. tsipras starsky had at that -- mr. tsipras starts to hint at that. caroline: not much in terms of stocks. we are seeing an effect on the bond market. clearly, the contagion is starting to wrap up. guy: we'll take a look at bond markets in just a minute. we will bring you the opening of the athens market. we'll give you a sense of where that is going. the greek banks yesterd

euros a day. that is the limit that is being imposed. the stock markets have closed. the bond market is effectively shut down. if euro companies are trying to run a business, this will make life very difficult. moving money in and out of the country now is effectively banned. it is a difficult situation for an economy that owes many. if you pass a credit card or eight tourist, you are exempt from the rule. that is on the assumption that there is money left in the atm. as many of the atms here in athens over the weekend were absolutely cleared out. who is responsible for this? again it happened in the middle the night here and it is a european commission and the ecb that are responsible for this happening. >> the departments are secure. it going secure our salaries and pensions. any difficulties that must arise must be doubt with commonly and resolve. the calmer we deal with difficulties, the sooner we could overcome them. guy: he needs to hear from the great people. the referendum is coming up on

this is how the euro is performing. this is the euro against the dollar.n making gains over the last month. 1.14 is where we are now. a lot of questions about what is driving that. is this to do with greece or fed policy or the bond market? a lot of exes then shall questions right now would be what you can take from that chart. some of the key voices we will hear from during the program. former cyprus president will join us for an exclusive conversation. many insights can be gained from what is happening in cyprus. that country has instigated capital controls at the height of their crisis. but can the former president of cyprus add to that? is the greek drama a sideshow for global markets? it might be very real in athens. as jpmorgan suggested it could not -- it could be a sideshow for global markets. two minutes after 7:00 in london. the president of cyprus has introduced another plan. joining us now for more insight, hans nichols is in brussels. let's continue with the conversation on what is going to happen in brussels today. we have guy johnson on the

from the euro mechanism.c idea here is currency depreciation or restructuring, or the dreaded jeff sachs word, "forgiveness." do you see any indication of a catalyst to forgiveness of debt? jeffrey: here is the basic point. macroeconomists in washington at the imf, and treasury, have looked at this and they see the case for debt reduction. germany has held that there will be no debt relief. that is what has brought us to this juncture and it is extraordinary that with this breakdown we have the u.s. treasury secretary, jack lew publicly saying that greece needs debt relief and europe immediately saying no way. what is going to happen is that greece will go into default because they cannot pay. but what is happening on top of the default, which could have been handled cooperatively and consensually, is now a full-fledged banking panic and this is adding just misery to a country that has the scale of great depression already. tom: i go over to ireland which had a very different emotional sequence than what we a

euros and selling up 10 billion euros, the telecom bit? the bulk of the business. growth is about to happen and there are execution risks. they say, bear with us. we will be sub profit. mark: thanks, carolyn. before we go to the break, the stoxx 600 is up for the fifth consecutive day. we will delve into the details. the stoxx 600 is now lower. the rally has come to an end. ♪ mark: the greek stock market opened lower this morning. there has been a relief rally. caroline: for those who said what happens in greece what does not that greece doesn't matter outside of recent this tells the story. you can see this jump here. this is a jump of the most since 2012, 5.8%. a little more subdued today on the euro stoxx 50. credit suisse says he'll exposure slowly because -- build exposure slowly. this could put the benchmark up by 10% on the. mark: thank you very much. that is it for "on the move." "the pulse." its next. have a good day. ♪ >> the euro zone finance ministers meet and tsipras faces concerns over giving away too much ground. in an exclu

a lot of the flow was in euro-yen.t you see here is the euro retracing some of its biggest losses. volatility back at levels you haven't seen since 2011. one week volatility jumped by nearly 25%. that is the biggest one-day jump in volatility since the birth of the euro. the euro-dollar bouncing by nearly 50% of its original losses. the yen is where money is going generally. the euro declining and the yen rising. we also heard comments from the smb saying they have intervened. euro-swiss franc, down about 0.25%. the s&p confirmed that they have got involved in the market to defend their currency position. francine: just getting breaking news on the bloomberg terminal. macedonia has ordered to pull deposits and loans from greece. macedonia has moved to curb capital flow from greece. we are getting some headlines from the french president. after we had the position of capital controls, now they are all coming, eu leaders coming one by one to give us their thoughts. mr.: saying that resuming talks will depend on referendu

a weaker euro pre-individual stories when you look at euro/ swiss.ant to head back out for the latest in athens. elliott gotkine is there. talk to me about the feeling on the ground. we saw the cue at the atm's. is it continuing? elliott: a lot of the banks have their atms inside so people cannot get to them. prime minster alexis tsipras called on the greek people for their composure and patience. you look around, the beating hearts athens of an looks patient and composed to me. around here, a guy selling -- every day of the week. the one big difference in you will see here is the bank which has its shutters down. people cannot actually got inside to the atm to get 60 euros out. even if it had cast. the bigger problem in some other provinces people going to the airport specifically to get cash out. putting in a card after card to get as much money as they possibly could. it is going to be a paradise. look over here. you have the world's media, a few. satellite trucks. everybody here to get a sense of what the greeks are going through. not all want to

to stay in the euro?hat they are banking on. >> cyprus is saying vote no he's saying a wink and a nod? a wink and a nod? >> can i flip it around? isn't the ecb, as joe said there is no difference nothing's changed. why don't we -- why done they i wouldn't say we give it over? >> give more money? >> i understand that they will demand they tow the line with the previous agreement. >> that's the worry. they are trying to wing census. if they can coddle the greeks. >> they would be lending a little bit more money to some of these banks on an mortgages basis this week to give them more liquidity so you wouldn't see the lines around the banks. >> they want to force the voter of greece to make the decision. they want the greeks to understand if they vote no they will not get any more money and be a part of on the you're. >> reporter: they don't like these bankruptcies they don't like not being able to get money out of the atm. >> you think the greek people put that on cyprus or they put it on the pcp? >> cyprus

of 252 billion euros. germany has approved projects as have france, italy poland. china has announced it is ready to participate primarily in technology and communication projects. it could give china a say in the management of the fund. ben: officials signed a pact to create the infrastructure investment bank. the beijing-based bank is set to control $100 billion in capital for trade infrastructure projects. it is critical and not applying for membership. it is expecting to give a big stake that is currently dominated by the u.s. and europe. back over to you. sarah: in other news, egypt's top prosecutor has been killed in a car bombing in cairo. officials say the bomb ripped through the convoy. >> this amateur video capture the aftermath of the blast. burned-out cars littered the street. the expose of device appears to be hidden inside a vehicle and detonated by remote. the prosecutor was rushed to hospital. at first it was reported he had only suffered minor injuries. and it became clear that his conditi

greece exits the euro.he best opportunity, greece stays with the euro what is the best investment opportunity? >> i think it would be actually going right back into the euro zone financials once this crisis passes. and a logical prevail and it will past that. will be your best opportunity. >> if that doesn't happen if you are wrong and greece does leave the euro or effectively shut out under capital controls and a parallel currency? >> the timing will be influenced. ecb gets more aggressive. the big risk isn't so much for greece. we can talk geo politics down the road. it's the contagion. one thing not mentioned what the stock market has done today, take a look what's happened in terms of portuguese italian and spanish bond spreads off germany. they widened what today? 30 basis points? two, three years ago they would be widening 300 basis points. when you look at the fixed income markets, the contagion has been limited so far into the periphery. i look at that as something encouraging. the reality is if thi

the euro without greece is a stronger euro. >> there was always concern about periphery, what do they pick off. >> nothing is happening in the bonds. >> nothing is happening in the bond markets. >> all the things we were told. >> but we aren't there yet either but you're right. there were lines at the banks. you're talking about an economy with 11 million people. the gdp is down 30%. it has a lot less of an impact. the question is still what about the euro. we're not there yet. and there are any different number of things that have to happen even after a default where you would get to a point where they exit the euro. >> i keep waiting to see that the russians and chinese are doing some short term credit for greece which could scare everybody because that means greece leaves nato nature that would be fabulous for greece to say cut our debt by two-thirds or we're leaving nato. >> the gee owe political risks would seem to be significant. one can imagine the amount of money that would have to be spent if things go on this way. why not pony up something now and help everybody out, germany

anna: the euro can move the dax around. what is the outlook for the euro? could get parity on the australian dollar. -- parity on the euro dollar. >> we have seen the weakness on the back of the goldman sachs report where they say it could be sent for its parity. they say that greece is a catalyst and that it could lead to weakness. look at the chart. we have to put this into context this year. it has been one of the worst performers among 10 currencies backed by -- tracked by bloomberg. back to you. anna: a couple of things to watch on the markets. let's get back to charlie. you are not surprised by the weakness we have seen in the market. charles diebel: not really. it was a safe haven and you have to think about the athens stark market -- stock market, which has been impaired because of the risk with the bailout. if it goes away, the outcome is binary and you see a major repricing. if there is evolution in europe, it is about the mutual's asian a balance sheet. the politicians tell you it is not the case. eventually, that is what it is. it is a slow evol

later today some have been opened. 120 euros per week. not for allocation of 60 euros per day. that brings when the banks to open up. the intention being getting it in their hands. in terms of where we are in the markets, happen our away from the european equity trading day we have the european market heavily in the red yesterday. asian markets trading in positive territory were now. a pretty decent session. some of the chinese markets turning things around towards the end. we had the song high -- ai constant -- shanghai concert up -- composition up. we will be right back as there is $1.7 billion that payment. more on that conversation when we come back. ♪ anna: welcome back. just 7:30 here in london. time to check in on the european equity markets. another day of weakness at least at the start of the trading day. perhaps the euro stocks cooled down but the ftse 100 looks to be starting about half a percent down. the dax also looks to be under pressure. that follows something of a bounce that we saw in the asian session but some of those gains we made earlier are coming off a l

we had one point a billion euro injection -- 1.8 billion euro injection. and inject more money. and i think just as long as there's a possibility of a deal being risk, the ecb -- mark: it is -- nick lyster: exactly the point. the only thing that provides a life -- vasileios gkinonakis: exactly the point. the only thing that provides a lifeline. capital controls and then moving to really uncharted territories. i do not think the ecb would like to get there. mark: buy equities are hold off until more certainty is out there? nick lyster: i would not be buying equities or some european equities acted this point until we have more certainty. assess more generally. they will probably take a stride. mark: the survey we will chat about more detail in the next section. equities. give us a little idea of what that is about. nick lyster: investors not able to get what they need from bonds any longer. as that is looking to equities. -- and at that is look to equities what do you are a pension fund trying to get growth or other investors. mark: vasileios gkinonakis the flip side is the dolla

. -- push greece out of the euro.lly they cannot push greece out of the euro. panic,n push greece into but they cannot push them out of the euro. there is no exit from the euro mechanism. basic idea is currency depreciation or restructuring, or the dreaded word "forgiveness." do you see any indication for a catalyst to forgiveness of debt? here's the point, when macroeconomists at the imf and the u.s. treasury look at this and look at it together with me, they have seen the case for debt reduction. germany has held firm there will be no debt relief. that is what has brought us to .his juncture and it is extraordinary, in fact, that with this breakdown we have the u.s. treasury secretary jack lew publicly saying that greece needs debt relief and europe immediately saying no way. tom, what is going to happen is that greece will go into default and they can -- because they cannot pay. but what is happening on top of the fault, which could have been happily -- could have been handled cooperatively and fledgedally is a ful

is demanding and stay in the euro, or say absolutely not and leave the euro?as we get actual details of what he's saying, we will bring them to you, but that feed is up live. he is speaking right now, as we told you he would, in the 3 p.m. eastern hour. i've been following his twitter page, mike holland, and i have to tell you, you know, he is standing very, very strong in all of this. >> yeah. liz: but he's still, according to many, looks like a rank amateur. >> he'll be out of a job in a couple months, one way or the other. charlie? >> this is like, you know, those people singing and waving flags reminds me of, like, rome burning while near row's mid -- nero's fiddling. they're on the precipice. i don't think -- listen, if it's just greece, and this is something we don't know -- if it's just greece, i think the markets can handle that. but if it does spread, and sometimes there's trigger triggering -- >> what's the spreading? we found out the subprime contagion thing -- >> everybody had it. if it was just lehman and bear, we could have taken care of it. >> y

i've always that once you take greece out of the euro the euro becomes very expensive. i've argued that germany wants to keep greece in the euro but at this point the german people have had enough of the greeks. they want them -- it's almost as if they wish to wash their hands of them. so you had the euro last night amongst the panic trading all the way down to 109.50. by the end of the day today we trade add boff 112.50. we had what's known for the technicians an outside reversal day, a new low and a much stronger close. i think the euro's going to get much stronger because they are going to toss the greeks out. that's what's going to end up happening. despite the fact that the german cognoscenti, the german business class wants to keep the greeks in it, i think the german public has had enough, wants them out, and suddenly the euro becomes a valuable commodity again instead of a devaluing currency. that's the big news. >> you and i have had this conversation before. isn't there a risk here that you're counting your chickens before they've hatched? greece has not yet d

the second question was is there another date for the euro group?we'll follow it day-to-day and convenes when necessary. >> have you called for a new meeting? >> i have not called for a knew meeting yet but we will monitor it each and every day and if necessary we'll reconvene. >> we're living toreconvene. >> we are listening to the president of the euro group. he said that the euro group is ready to reconvene at any moment and the constitution stands ready to assist the greek people following the expiration of the deadline. let's go to andrew simmons live in brussels. he has been following all of the developments. >> they're not going to budge on that deadline. >> this was a firm message again and what was also quite clear there was a reassurance that this may not be the end for greece but as it was described it's going to be a process that may not have an end. clearly making the point that the euro group still amounted to 19 members not 18. greece has not left the euro, well certainly not yet even though there is a strong likelihood that this coul

it's 8.3 euros up 5% today. air lingus off 0.4% after the parent company posted it's document to the irish airlines shareholders. they have until july 16 to accept the deal. a lot of that price already there in the share price. >> france will sell six mobile spectrum boxes by the end of the year to help carry more traffic. >> good morning, it's crucial to get one of them at least because low frequencies get easily into building and new obstacles. that's the reason why it doesn't have any low frequency in france needs to apply for a couple to ensure a fair competition. they will have the right for three blocks where as the order operators, the old one will range and face two blocks each. it begin with the price of 460 million euros. it means that the they'll receive 2.5 million euros from the auction. we know who is the winner is the french state but the price could go higher because the demand is going to exceed what's offered by the government. we're expecting at least 11 bids from operators in france if the au

euro down a fraction. a day of greed if you ignore the euro.ains early this morning. the dax gaining the most in three years. let's join in sonny and mark gilbert. you believe even if we see some kind of default, it does not mean there is a grexit. what are the chances of capital controls if we do not have an agreement by today? >> it might make sense. you get a deal in place. it takes a long time to unwind. given the size of the outflows they have seen, they lost a fifth of deposits this year. francine: which you could argue is not enough given the situation they could be in. mark: your average greek person looking at their bank account and saying i will empty it and. in the garden. -- bury it in the garden. capital controls ensure they remain solvent. it might be the breathing space they need. francine: it has stigma attached, doesn't it? sonny: i strongly prefer, as does the greek government, that there should not be capital controls. primarily because of the signal effect. it takes a long time to unwind. it is not obvious that they are nece

the euro-dollar is falling.nclear when you look at this headline whether he means they do not accept that proposals a couple days ago are whether they did not currently accept the greek proposals. whatever he means, we will get it checked out but it is having an impact on euro-dollar. it is falling significant way. that headline hit the bloomberg terminal. at 1.1191. we will get a reporter on the ground and local straight to hans nichols in a couple of seconds. let's get back to ryan. he was talking to us about the u.s. and qatar trying to get in on this formula one action. where does it leave bernie ecclestone? ryan: with a few more euros or pounds which appears to be a safe haven given the crisis around the euro. so bernie owns a 5% stake in the holding company that owns formula one. he would sell his stake alongside cbc. that does not mean he would be going away. he turns 85 in october. but steven ross and his associates are said to be interested in keeping him around. why? look, the u.s. market is something

>> i need 20 euros to buy medicine.i don't know if i will be able to. people have to heat -- eat and drink. they have cut our pensions and now this. >> i am against europe. it makes me very sad. >> it is terrible and very cruel. everything is closed. maybe not even when it reopens. >> groups are forming to approach the pros and cons of the referendum. many locals rely on it for income. >> and right now, people think it comes here -- they are not going to have any money from the banks. the basic income of greece, if you take out of it, you have nothing. and they come here with their own money. >> it is a lot of news in finland. we took some more cash with us and we hope we are stable and and long term, i hope that they will be ok. >> it is the only point that the politicians, creditors and greece seem to agree on at the moment. sarah: she is the woman the greeks loved it hate as the debt crisis as -- has unfolded and now they are looking to chancellor angela merkel for a lifeline. she is one of a number of leaders to kee

here is the euro. you have the biggest two-day rally in the euro since 2009. there was this resurgence in the euro. the consistent -- it is the biggest two-day rally since march 2009. jonathan: a softer open in london. four minutes into the session you thought europe was interesting let's go to yvonne man in hong kong. yvonne, run it through the action in asia. it is pretty difficult to keep up. yvonne: i can't keep up either. what a difference an hour and a half makes. earlier we're talking about a pairing of losses down 3%. backup in the shanghai composite. volumes though still at 80% for both markets from that 30 day average at this time of trading. again volatility mario draghi is talking about it, here it is. this is one week ago when we saw 6.5% plunge in the shanghai composite. there are ups and downs. when it comes to that 5000 level, we seem to be hitting it and then we hit a wall once week -- once we hit that level. a lot of analysts were concerned once we hit this level. we have been talking about, is this a bubble? we got the securities, brokerage,

the euro went up today because many investors think the euro will be stronger without greece. don't see any threat to the euro for the main continent of europe. i think it will be as viable as it has ever been. alix: part of the issue with the potential grexit is that the e.c.b. is going to have to go more all in. they will have to prevent peripheral contagion. we did have the annual review over the weekend that warned of the central banks creating more risk in the market. what do you say to that? jeremy siegel: they're going to do qe, announced six months ago. draghi is going to say we will loan to any spanish, italian bank in trouble. liquidity is open. they have abided by the rules. greece has not. we are not going to provide them with liquidity. that is going to stabilize the euro but also peripheral countries and keep the financial markets in fairly decent state. draghi is going to step up to the rest of the euro. he is going to wait for the greek people to say whether they want to live by the rules or not. it will be fascinating to see what happens because tsipras tells

part of me was thinking that is just a euro situation. but you could see it in terms of the dollar-yen as well. the yen was stronger against the dollar. what is that about? joe: last monday it looked like greece would get the euro was weekend. today felt like the opposite. you had everything falling apart, and the euro showing strength. the dollar weakening against the yen, greece and puerto rico, maybe people are skeptical about the fed hike. alix: joining us from london is paul mcnamara. the chief u.s. economist for bloomberg. thank you so much for joining us. european leaders say it is down to the greek government to step back from the greek -- brink and stay in the euro. big banks are increasing the probability of a grexit. this is a fascinating chart. r.b.s. doubled its chance of a grexit. morgan stanley up to 60%. what is your call? >> i think the majority likelihood is that they stay within the eurozone. however, public polling has taken an interesting twist. if you ask greeks if they want to stay in the eurozone, about 80% say yes

whether the euro zone continues to recover and whether the euro zone remains this level is of course largely in the hands of greece and italy. >> i want to touch on germany. manufacturing makes up 2-thirds of its economy. we're seeing a better than expected number out of germany but there's still the lingering uncertainty around russia. >> absolutely. the german numbers are okay but they're not -- there's nothing amazing happening at germany in the moment in terms of growth. you're looking at gdp growth rate around 0.3% given the amount of stimulus and level of the euro you'd think there would be doing better. there's concerned over russia and sanction concerns over greece but also what we're seeing signs of is that manufacture in other countries are making roads into german producers bisby being more competitive and aggressive in their pricing. >> chris sticks with us here on worldwide exchange. but now let's get a look at how european stocks are performing. >> let's have a look at european markets. extraordinarily strong day yesterday with the likes of germany and france up over 3%

you want to know or the euro is headed, look at the euro dollar prices. more, let's bring in the reporter to cover the commodity and energy markets. anything new. we are just getting traction. >> more in the marketplace are starting to look at the indicator of where the euro is going to go and the oil. >> the forecast is pitched where crude will go. what does that tell for 2015. >> it is one of weakness for both of them relative to the dollar and opec meets this week with a strategy of producing more oil than they really need and they will be trading at the high-end. we want to remind you that it can stay low and there is a weak euro. jonathan: in that case, the meeting and the terminal. sitting on the story last year i don't see how the story changes. >> it has not increased. it has increased. saudi arabia has added barrels. and, people say it is coming towards summer with the power demand. some people say that is the reason. jonathan: i bring out a bar chart. they really want to turn up the heat. they will go along. >> there will be a change of policy.

ironically the euro/dollar, you are seeing a stronger euro or it is it really about a stronger euro at this point or a weaker dollar? it was a fascinating move today. euroould have expected the to sell off completely. pimm: or people are just taking off their short positions. alix: that is a great point, absolutely. pimm: now top stories crossing the bloomberg terminal at this hour. the u.s. supreme court is wrapping up its term with several key rulings. they bolstered efforts to make elections more competitive. they upheld a commission certified by arizona voters to redraw congressional district. they also said that states can continue to use a lethal injection drug that has been implicated in several botched executions. shares of coal companies move higher after justices struck --n in obama ministrations administration rule that led to the closing of dozens of coal-fired plants of the last two years. the u.s. wants as much is $13.7 billion in civil fines from bp and more than $1 billion from anadarko. it was the largest explosion in u.s. history, releasing millions of barrels of oil

it is happening in the euro as well. the euro

the greece to pay back 1.6 billion euros athens ha requested a new bail out from the euro zone. in a last ditch effort to avoided the payment. after the assassination of egypt's prosecutor general president aceci has promised to change the law to accelerate trials for both suspected of terrorism. and a plane carrying military personnel and their families have crashed in residential neighborhoods in the city of medan killing off 113 people onboard. six major world powers and iran have agreed to extend talks on teheran's nuclear program. to allow more time to reach an agreement. the announcement was made by the u.s. just hours before a self-employeed deadline. diplomatic editor reports now. >> after a day of consultations, the iranian foreign minister was back at the negotiating table with his u.s. opposite number. afterwards only a brief comment i am here to get a deal, and i think we can. however, earlier when he spoke to journalists he made it clear that it was still more work to be done. we with can make progress, but this will require political will and a lot of work needs to

a daily limit of 60 euros is about 66 u.s. dollars a day. i would point out tourists are growing on foreign banks said they can take out as much money as they want. things will be closed at least the next six days. the athens stock exchange closed today and for the rest of the week. by the way, we assume online from atms but not today. anyone who needed to get cash knew what was coming and hats. i was told that maybe 40% of atms right now actually have any cash anyway. i tried to get cash out of a couple atms and never shut down not working anyway. the big question is what happens next. the next big event due to the international monetary fund tomorrow ride about $1.8 billion increase this of the money to make the payment. technically default. there is going to be some last-minute scrambling here. we understand the european commission may have another offer for the greek leaders to consider. we will keep an eye not that the meantime meantime the clock is ticking and the prime minister tsipras is calling for composure and patients, both of wh

they are of 50% on the euro stoxx 50.n i pull back on the greek tensions and a bounce in the last few days. that is what we talked by the headlines will stop the euro area finance ministers meeting today and that is the headline story of the day, if you like. the equity market closed up yesterday and we have moved higher across the equity markets. once again, there is enthusiasm towards a deal and greece. the s&p is near a record on that greek optimism and there is a little bit of optimism fort the fed. when will they begin the moving up of rates? let's get more on the asian equity session. david ingles is in hong kong. david ingles: not a bad session. it could have been better if we had cut -- better, if we had cut the trading day by two hours. you look at the nikkei and what matters is the closing level of 20,000. we are short of the 21,000 level. you mentioned that it was 1996. december 5, if i'm not mistaken. that was the high. that being said, it has been a 900 point run over the past four days and it has gone up so

this is massive volatility in the immediate space of the euro both the weak euro, long euro, and even out here we have elevated, weaker euro. this elevated volatility, this bright red in the one-month and three-month betting of what the euro will do is extraordinary. brendan: this right here is usually a grin a nice smile here. what we are seeing is -- here is what i am looking at. i want to jump in here. we have breaking in germany, their "new york times," the european -- the euro countries have agreed on a plan b an emergency plan for france capital controls. they are going to wait until the european finance ministers meet in luxembourg thursday. they have a plan for greece. the greek parliament has to approve of it. they have broached the c word. tom: we have hans nichols and john farrow with us. hans nichols, let me go to you first. is greece simply running out of money? is that the catalyst here? hans: that will be laid bare tomorrow when the ecb meets and they decide how much to increase their emergency assistance. i do not want to despair the report because they have good repor

the question will be if they default out of the euro, the euro zone is that ever closer union finished the question perhaps to be decided on the weekend. >> all right thanks so much dominic kane there. >>> now we have an update for you on the crash of an indonesian an military plane in sue mott rah with the number of dead now at least 20. the plane came down on houses in a city and exploded in flames. the army says 12 crew were on board. >>> there is also a financial crisis in puerto rico the government there says it won't be able to repay a debt of $72 billion. the governor of the u.s. territory wants to defer the payments so he can renegotiate with creditors. andy gallagher has the latest from the capital san juan. >> reporter: puerto rico has been in recession for close to a decade but the island's stagnating economy now pales to its inability to pay more than $70 billion of debt. the publically-run power company alone owes $9 billion, the governor's admission that puerto rico now stands on the edge of an economic death spiral has brought things to a potentially catastrophic head. i

you saw the euro spike on this news. look at what he said. the head of the euro finance group.t does not meet conditions, we cannot come to an agreement. there is a misunderstanding we should meet halfway. this is not a man that looks like he wants to negotiate. here's what we have from alexis tsipras as well. the last five years of recession have been devastating. therefore, we must move forward without the mistakes of the past. mistakes of the past means austerity. it is clear that creditors are going to insist on pension and labor reform. the market seems to be positive. it is just because we finally have an agreement. you can see the potential for an endgame. mark: what about the greek proposal? hans: they want to bring the surplus down to 0.8%. spend more than they have previously indicated. let's go for some of the details. we have had so many conversations about what the red lines are. has everyone stake out there redlines, it can be difficult for alexis tsipras to back away. how much room does he have to maneuver? we may get some answers. mark: why is alexis tsipras goi

the euro is at 11213. >> euro zone may annual growth loans to private sector up 0.5% versus a reuters poll of 0.4%. another step in the right direction. a sea of red in asia as the sell off of chinese equities celebrates as the composite has one of the worst days of the year. let's get out to sri with more. what is the specific reason for the sell off or is it more of the same? more ipos coming to the market and another crack down on margin lending. >> the catalyst is hard to pin down. i was talking to a strategist about this move that we saw in the china market. so yet another friday afternoon free fall but i would say it comes down to this. it's positioningment it's. it's retail investors. 80% of the market. they hold on average for about one week. that's the average holding period and it's the fact that margin lending though it has come off slightly still stands at around s2.2 trillion. it's an ultra crowd market and ultra leveraged market as well and feeds off itself. that's one of the reasons why we continue to see high volatility ultrahigh leverage being the root cause of that.

they want this to become a referendum about the euro here it -- about the euro. which way this one is you moving. german unemployment data coming out right now. mark barton has in the numbers -- mark barton has the numbers. mark: economists were looking for a drop of 5000. the previous months drop of 6000 has been reduced to 5000. german unemployment has fallen for a ninth consecutive month. companies increasing hiring is a sign of competency. the drop is not as great as many anticipated. the june unemployment figure the rate is 6.4%, which is the lowest since german reunification. the dax -- euro given back yesterday's losses. what we do yesterday? we rose 6.2%. jonathan: let's get a final word from vincent juvyns. vincent: my last comment i would like to refer it is important for europe to remain together. greece is important building block. it is a vote yes or no to stay within the eurozone. it is a tough process. jonathan: thank you very much. that is it for on the move. the pulse is next. they will be speaking exclusively to ubs chairman axel boehner. they w

uncertainty looms over the future of greece in the euro zone and not pay 1.6 billion euros due to the today. thousands of people rallied in athens to back the government's reaction of a tough bailout, on sunday greeks will vote on whether to accept or reject the deal. meanwhile the economy is grinding for a halt and lining up outside of the atm machine to take out cash and withdrawals are capped at 60 euros and john has this update from athens. >> reporter: the coming hours are likely to see reactions against the government here at athens intensified. that is because we just heard word that a renewed overkure is overturned and if confirmed in brussels offered the government another opportunity to accept the latest offer put on the table by the creditors, the one that is going for referendum with perhaps one or two changes. again, we are in a critical day for the process of greece's graduation, not an honorable graduation from its financial assistance and oversight period. this is a day when both that financial assistance financially ends and greece is to find itself not paying not hon

so unfortunately although the real question is between euro zone euro on the one side and a variable vulnerability on the other side with grexit drachma and who knows what else the majority of the people think the stability vote is to vote for what the government says. >> we're running out of time. it's a yes or no answer here. are you effectively saying then if we have this referendum a grexit becomes inevitable? >> absolutely. this is why it's so important to reach a solution before that. before the expiration of the extension of the program this evening. >> thank you for speaking to us. guys, you heard it there, if this referendum goes ahead, this is saying a grexit becomes inevitable. >> wow, thank you for that. meantime, i want to show you this live shot of athens of the national bank of greece. earlier the greek government announced a thousand bank branches would open tomorrow in order to serve pensioners. >> the greek government has threatened to take action in europe's top courts in faced with expulsion from the euro zone they are adding that the country's membership is nonne

the euro doing better at 1.1177.rk city, this is "bloomberg surveillance." ♪ . . >> this is "bloomberg surveillance." tom: this is the day greece will not pay the international monetary fund. greece will decide its future. greek yields ever higher. default and oppression back in. san juan, we have a problem. s&p/their puerto rico credit rating to credible default. and a new economy this hour, for the entire hour, daniel yergin will join us. good morning, everyone. this is "bloomberg surveillance," we are live from our world headquarters in new york. it is tuesday, june 30. vonnie quinn, brendan greeley is off, katia porzecanski joins us from bloomberg news. the president of brazil will dine with the other president at the white house. very important. when he to give you an update on greece without top headlines this morning. here is vonnie quinn. vonnie: the fed widening because it is the day greece loses the protection of the bailout. demonstrators are protesting the austerity measures. the government says it will m

you heard mark talking about the euro.rrencies that is little changed, fascinating given the situation down 1/10 of 1%. olivia: coming out of asia, big moves with stocks tumbling, off by more than 25%, the shanghai composite falling by more than 3% after the chinese central bank stemmed recent losses by cutting interest rates. we have this report coming from hong kong. >> officially bear market territory after a trade on monday when the main index one from those gains of 2.5%, the largest swing since 1992. ending the longest ever chinese blue market. particularly technology players over the past six months. olivia: now, let's stay on what's happening in the markets. let's bring in mike reagan. just another day at the office, mike? mike: it is looking like that, i hate to say, for the u.s. market, which has been trapped in this range for several now. we have had this sort of ping-pong action up and down. as of now we are still in that range. the s&p has not dropped below its lowest level from earlier this month, let alone t

let's talk about what's happened in the euro. thing that stopped that initial correction was the ecb coming out to say that the bond buying program will continue. in fact it might be sped up slightly. what kind of details are you expecteding from mario draghi? >> not too much. we think it's a case of continuity. they will fulfill the terms of the program as they see fit. i think they are very happy with where the euro-dollar is trading right now. they are expecting 130, 140. it will be very comfortable. it has to be below 110 for the right reasons. the right reasons being if the fed is on course to some advance, which seems to be the case or euro is just slightly softer against advancing economies elsewhere. you've got that external demand push. if it's greece coming into the fray and we have a few scenarios there, a messy tumbling of the euro zone coming out of different assumptions, that's a different story. we have to look at the contagion of financial instability and the like. >>> do you think we'll hear from mario draghi abo

because we have seen 5 to 6 billion euros coming out of the banks, 43 billion euro year to date.nd the e.u. coming into a few more trenches of money, last week sending that emergency loan assistance down towards greece as well because they were worried of course about short-term liquidity. and that could add to the longer term solvency programs. i'm pleased to report none of that is normal here today. it appears that alexis tsipras has done enough at that marathon cabinet meeting yesterday to get his own part behind a wrath of proposals to go to the commissions and say, look, we are serious about it, but while we do have our red lines. and there are changes to when people can retire early and sorting out the convoluted tax system. these are the things that we believe the tsipras government has put forward. but as we say as well selling it back home. selling it to a population is sick and tired of unemployment rocketed up to 40% to 50%. over that unemployment 25%. and percentage points coming up the sides of the economy the last few year, it's hard to argue when you look at those

the story of the euro today, look at the euro go.s middling along all day and up almost 1.75%. earlier, reports that greece was preparing their proposal and also creditors were preparing their proposal, finishing it up and putting final glasses. you saw the euro really move. this little dip is when the dutch finance minister says they are quite far away from the actual deal, not much progress being made and looks like they could shut that off. it is about one point -- 112 and we will do a quick look at the pound, similar story. strength in the pound up almost zero point 82%, almost a full percent on the day. with that, i will send it back to you. pimm: thank you very much. "the bloomberg market day," a war of words between hillary clinton and a billionaire hedge fund manager, next. ♪ "the looking back to bloomberg market day." i am pimm fox. let's take a look at the top stories crossing the terminal right now. in central china, divers are searching for hundreds of people missing in the capsizing of a cruise ship. the ship was carryin

euros -- let three me get my notes. euros, it gets you a postcard from mr. tsipras. get salad. 10 you get a small bottle of wine. 25 you get a bottle of greek wine as well but you have to pay for shipping. so obviously everyone is trying to do their part. >> one not? -- why not? >> i am looking at donald trump again. i know it is a bit of deja vu but you have to be careful what you say. dumped donald trump. they will not air mr. harris or miss usa and this is halloween last week's decision -- miss universe or miss usa and this is following last week's decision. trump says i will sue because we have deals and partnerships. he has even taken to instagram to defend himself. stems from the comments he made during his campaign announcement had a presidency saying that mexican immigrants are drug dealers and rapists. he is saying that has been taken out of context and he was worried about the borders. >> taken out of context? those are his direct words. >> innocent people are not saying that i love mexico. but if you run for president people will hold you accountable. and

of 252 billion euros. germany has approved projects as have france, italy poland. china has announced it is ready to participate primarily in technology and communication projects. it could give china a say in the management of the fund. ben: officials signed a pact to create the infrastructure investment bank. the beijing-based bank is set to control $100 billion in capital for trade infrastructure projects. it is critical and not applying for membership. it is expecting to give a big stake that is currently dominated by the u.s. and europe. back over to you. sarah: in other news, egypt's top prosecutor has been killed in a car bombing in cairo. officials say the bomb ripped through the convoy. >> this amateur video capture the aftermath of the blast. burned-out cars littered the street. the expose of device appears to be hidden inside a vehicle and detonated by remote. the prosecutor was rushed to hospital. at first it was reported he had only suffered minor injuries. and it became clear that his conditi

also other euro area as a whole. while all actors will need to go the extra mile the bull is in the camp of the greek government. hans: i count a three or four officials or ministers in the case of spain talking publicly about the need for a plan b about what you do if they do not make their payments or have a deal and if we get to june 30 and no agreement for additional cash. one final note, a new poll out and they ask on whether cool bears responsibility for the prolonged talks. 56% blame creditors and the other the greek government. inside of athens, more blame for the creditors than the greek government. jonathan: nikos, that headline that last night, what i want to gauge is the latest from athens. when news's first across, does it -- when news like that comes up, does the hit of the streets? nikos: greek public opinion is divided and the majority of greeks favor an option that would keep greece and the euro area. some would say greece should remain at any cost is dropping. we do not see a swing yet full over hal

. >> the euro zone and their rationale opposition would be to leave the euro zone to reintroduce andey have good and extremely successful positions and export things. and once a week we are still going by exports and could do their homework and do their reforms and in a couple of years maybe 10 15 20 years they could come back and it's good not to have a political solution just to say there will be a member of the euro zone still. i guess we will have a referendum next sunday if the greek majority will vote yes for reforms and for being a member of the euro zone then i'm still a strong believer that greece will be a member of the euro zone but if they vote no they have to go. >>> the u.s. territory of puerto rico has troubles and from the imf economist says major reforms have to be made to cut the $73 billion debt and facing crunch time this week because several bond payments are due and could face default and puerto rico governors will give a televised address to the nation later on monday. houthi rebels in yemen shelled a major oil refinery in aiden for the second time in three day