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

host: athens has 1.6 billion euros to repay this month starting with over 300 millions this friday. they need the rest of the belmont -- bell bailout money or it will face defaults. for more we will cross over to babava. all these people are meeting their hoping to clinch a deal. will there be one? reporter: there will not be a deal tonight but there will probably be a deal rather soon. there is a strong force in the background pushing for a solution, angela merkel. she wants this off the table. she wanted off the table before the g-7 summit on the weekend. we know some first details that have emerged during the last hours. the creditors have really lightened the austerity burdens for greece. they lowered the primary budget surplus. greece doesn't have to come up with so much money in its budget. they have to save less. that is one point. there seems to be movement on the atv reform. the sticking points are labor market reform and pension reform. we don't know how much prime minister tsipras is ready to move in those issues and how much he can move. we have seen during the last week

euro demonstrators turning out in athens, calling for end to the deadlock. greek savers have pulled about 2 billion euros out of banks between monday and yesterday since talks with creditors collapses last weekend. athens has until end of the month to make a $1.8 billion debt payment to the international monetary fund. the greek prime minister says he is confident there will be a solution to the greek debt crisis to allow the country to return to growth while staying in the eurozone. >>> the house passing a trade bill that would give fast track trade authority. it was approved with the help of republicans and 28 democrats. the gop controlled senate could take up the bill next week. >>> pope francis this week taking a strong stance on global warming. saying humanity's reckless behavior has pushed the planet to a perilless breaking point. but energy ceo robert murray spoke out against pope's statements on "cavuto: coast to coast" yesterday. here is what he said. >> this spoke to go out on a speculative subject such as global warming, he is condemning many more of these billions of people to energy poverty. they want one light bulb. this global warming isn't even happening. sandra: some strong sentiments ther

has friday saturday sunday monday for something to be done. the euro zone so potentially find itself one member lighter. >> phil lavelle thank you very much indeed. >> pro european protesters have come out in athens, demanding that greece remains part of the euro zone. john siropolous, what has the reaction been what this feels like an excruciating process where we seem to go from one agonizing deadline to another. >> reporter: lauren when you see is another outward sign of a growing frustration felt by the greek people, as negotiations have lumbered on for the last five months. sounding very optimistic about its own ideas 24 or 48 hours later being refuted from creditors, this has gone on for several months now and particularly in the last few weeks as the government has come back to creditors with more and more ideas. and in an almost more and more frantic fashion i would say. now the greeks that appeared on the square hind me here, what they were saying to me is that we are absolutely exhausted by this. our nerves are shattered. we want to see that there is some form of communication between the government and the creditors. we want to know that we are actually going somewhere and that the eco

athens has to make a 1.6 billion euro payment to the imf by tuesday night. invoking a worst-case scenario some experts say should greece false out of the eurozone, the eurozone will take a hit. the monetary and the monetary union -- the monetary union was strong enough to get through this talk. tom: kate moody joins me in the studio. greece is dominating the markets and weighing very much on the minds of investors. kate: we have seen a lot of volatility on the world markets. uncertainty beginning in asia. it began in shanghai. leading to a close done at three points. the athens stock exchange has been closed for the duration of this week. we have seen losses on the other major european indices as well. same story in paris. the malan stock exchange down 5%. major lenders checked between 6% and 9%. wall street trading down, though analysts say the you -- say the list to the u.s. markets is fairly limited. the euro slant-in early training -- early trading. as much as 2% earlier. now trading at a dollar 12. thank you so much for joining us. let's start up by tal

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 honoring 1.6 euro of the monetary fund one of the three institutional creditors and today is a day in which a yes vote here in greece wants to express itself and put pressure on the government to go ahead and soften its position perhaps even cancel the referendum on sunday so not to risk giving the wrong message that greece doesn't want to remain in t

athens has unless tuesday to repay 1.6 billion euros $18,000,000,000 to the international monetary fundwe have full coverage with dominic kane in frankfurt and john psaropoulos standing buy in athens where greek cabinet members will gather for a meeting in about an hour. straight to dominic kane. the ecb said it's not increasing the emergency funding. what does that actually mean that they have enough? have they said? are they going to stand by the greek banks or not? >> they say they are going to stand by the greek banks and we know for several hours, they have discussed ela emergency liquidity assistance to the greek central bank. you will recall the greek central bank has been receiving ela elas for several times t amounts to several tennessee of billsions of euros. they say they will stick with the level agreed at on friday which means there is funding available but only up to the level that was already agreed. the question is whether the greek central bank has drawn that funding down. if it has, there is no more money. if it has not, it's not clear at the moment whether it has or h

euro zone potentially. john has this update from athens. >> reporter: the greek delegation issued a statement late last nights a sum rift proceedings. it says that it's a its creditors has proposed a new deal shift are shirting the burden to veil workers and pensioners in a unfair way. that's where things are left and at this hour as we speak the greek delegation did going back in to a meeting with creditors four hours from now there is another meeting of the euro zone finance ministers. so we have a repeat more or less of yesterday's schedule except tonight we have a summit which will hopefully wrap this thing up. we know what creditors are asking for. they are asking for $4 billion in savings this year. now, the greek side has shifted. if you remember at the beginning of the month the proposals they put forward shifted the problem onto future budgets, there were no cuts or savings in this year's budget at all. but on monday, when they submitted their from new proposal there were significant shirt. the greeks were proposing 10 about $720 million worth of savings on pensions, and about another $750 million w

has accused you about pushing greece to leave. athens appears to be resisting pressure from other euro zone members.pm>> the greek people on the greek government must know that even with all the affection from us friends, there is great pressure coming from part of european public opinion and some countries in particular who want to use this window as an opportunity to close down with greece. to get rid of the presence of greece in the eurozone permanently. laura: in pakistan, temperatures have dropped to 34 degrees amid signs scorching heat wave is coming to an end. 800 people lost their lives after temperatures soared to 40 degrees. it will have been -- people have been fasting for the muslim holy month of ramadan. a court in the netherlands has ordered the government to cut the country's greenhouse gas emissions by 25% by 2020 to help fight global warming. it is a sweeping victory for dutch environmentalists and it could spark similar rulings around the world. greenpeace has called it a game changer in the fight against climate change. french taxi drivers have called an indefinite strike to prote

athens has until tuesday to repay 1.6 billion euros $1.8 billion, to the international monetary fund. we have full coverage. john is standing by in athens. let's go to dominick caine first though in germany. dominick, this news that we've had from the greek prime minister just in the last few minutes confirming that the banks will be closed on monday in greece. >>reporter: yes. if you recall barbara, there was a meeting here behind me lasting several hours early on today where the issue of emergency liquidity assistance was on the table. it was a tell econference. they said they would maintain the ela at friday levels. we were not sure whether that meant all the previous money had been drawn down. given the fact that banks will be closed we can surmise that money has almost run out. plus, the chancellor of germany is going to be meeting parliamentary party leaders tomorrow in berlin where she'll be raising the issue of greece. the reason that's important is because we've heard about this greek from the greek people will have this referendum but if there is to be a long lasting resolut

greece has to pay back 1.6 billion euros, or face bankruptcy, and that would spell disaster for its banking system. barnaby phillips has more from athens. a momentous and acrimonious debate in the greek parliament. at one stage opposition m.p.s walked out. but it ended with a vote in favour of the governing syriza's party motion that there should be a referendum on july the 5th. the prime minister alexis cyprus said the referendum was a chance for the greek people to take back control of their own destiny. >> this verdict intended with the vote of the people and will end with a verdict of the greek people on next sunday. >> earlier opposition leader was withering. he argued that the government is recklessly endangering greece's membership of the eurozone. >> in the central market we found support for the prime minister. the weekend is always busy here as athennians stock up for the week ahead. for pensioners these are anxious times, no one can be sure what the next few days have in store. or whether a referendum would solve greece's problems. let's leave europe now, we have had it with all these agreements. >> how am i meant to answer

euro zone summit athens have failed to agree on a deal. last chances to keep greece from defaulting on its loans and possibly leaving the euro zone, greece haso repay 1.8 billion that it owes the international monetary fund by the end of the month. but it has to reach a deal with creditors for bailout funds to make that payment. >>> nigeria's slide in oil revenues triggered a decline and now central bank is unable to stem the fall. ahmed idris has the story. >> aol another quiet day at one of africa's largest textile markets. a few months ago this man stepped out of his shop during a long walking day. these days he comes to the market late and leaves early. business at the market has dropped by more than a third he says. >> translator: many trade verse closed shop and i amershave disclosed shop. it's useless coming at the time market and i'm afraid many lives are being destroyed. >> reporter: and his problem is compounded because local manufacturers cannot produce enough. despite a $500 million intervention to revive text titletextileindustries. makes it difficult to compete. and the manufacturers say monitoring intervention is thought enoug

the european commission has labeled it the last attempt to find a solution. athens needs to repay one point 6 billion euros to the international monetary fund by the and -- by the end of the month or default. athens argued that more austerity would only worsen the situation in a country where the economy has shrunk by a quarter in recent years. eu finance ministers will try to come to an agreement with greece on thursday when talks resume. an extension of the debt reduction, the default, all options are on the table. halla: a south african cour prepares to rule on whether or not the government should arrest the sudanese president, omar al-bashir. this as we received confirmation from sudan that he left johannesburg. he is expected to arrive at 6:30 p.m. local time. has the uncatchable man finally been cart? mokhtar belmokhtar, the man behind a massacre. it is time now for a look at the business news, and for more, here is our business editor stephen carroll, at the paris air show. stephen? stephen: good afternoon, halla from the paris air show. you will hear some noise behind me because there are aircraft

the temperature has tipped 45 degrees celsius. >> euro zone leaders moving closer toward a debt deal with greece, discuss ago budget proposal submitted by athensgreek government has to pay $1.8 billion by the end of this month. if a deal is reached this week and it's been pretty nail biting as to whether they are going to do it or not, is that it, is the drama over? >> no, this is a deal so that the european union lends the money that the greek has to pay back. it's literally a case of borrowing from peter to pay peter. you'll be headed back in with exactly the same conversation. >> exactly the same? there's an added jeopardy here in that in this latest crisis, it seems many greeks have withdrawn their money from greek banks, fearing that the country was going to leave the euro. are greek banks solvent is what i'm trying to say here. >> well, grease itself is not solvent, you can't get out of a problem of being insolvents by being lent more money. they want to reschedule their debts and start all over again. the entire country is effectively bankrupt. the greeks are withdrawing money from their accounts. that means the money is staying in euro

a look at the euro-dollar, the athens stock exchange. it haseen some quite big falls and the past few months. this is euro-dollar and a little bit of 1.1335. strengthening a little bit overnight. that brings us to the twitter question. is tsipras miscalculatingmerkel' -- miscalculating merkel's patience? we have a professor. he is peter. great having the program. get us a sense of how optimistic you are will have a deal and not today, by the end of the week? peter: quite optimistic. observing and the past few weeks a typical chicken game and they have to come to an end. i do not think it will end with a crash. both sides have come pretty close to gather. it is still controversial but i think they have come pretty close. my view now isn't the greek government is moving in the right direction. -- is the greek government is moving in the right direction and that is the element of the approach that can be found. i think were relatively close to solution especially the pressure by the ecb. will not want to absolve much longer. and not to be able to

has been ticking for months. athens needs to pay 1.6 billion euros to the imf. it's bailout agreement runs out on tuesday. kurdish control of the town of kobani in northern syria looks to be in trouble with a second bomb set by the islamic state group now reported. also stories that the jihadist have killed 20 kurds in a nearby village. france should take the united states to court, so says wikileaks cofounder julian assange who promises there are more revelations to calm. -- to come. it is time to take a look at the weekly magazines. nicholas rushworth is with us to take a look at the weekly magazines. what has caught your eye? nicholas: an italian magazine which is headlining europe shipwreck with the 12 stars of the european union floating at sea. the article is slamming france and the united kingdom for watching out for business interests in africa, their former colonies but closing the door on those african migrants who currently are in italy trying to get across the border into france. my grits trying -- migrants trying to get into the u.k. as well. eve: mood and despair reflected in germany. nichol

let's go straight to athens, of course and speak to john, the president of the euro group has said specifically that the greek parliament needs to be aware and realize exactly what is on the table. the greek parliament is meeting right now. they're discussing the referendum penciled in for the fifth of july. i'm sure they also now know what is being said in brussels. i guess it must have been a tense time for alexis tsipras? >> this is indeed. there is quite the battle going on in in parliament behind me, particularly the conservatives openly accusing the government of moving forward based on an unon aned agenda to bring about the the environment in which an exit by greece eurozone would take place. now the ref run dumb was defended earlier in brussels. they said neither do they have the mandate but neither do they have the authority to accept it. that, he said, has to be done by to be done by 50% of the greek people. it's a bit of a fig leaf of an excuse but it demonstrates that this government did not feel it got enough of what it wanted even though it's position was greatly approached at the

athens. monday's summit is seen as one of the last chances to keep greece from defaulting, possibly leaving the euro zone. >> thousands marched in france in support of greece. athens haso repay $1.8 billion to the i.m.f. by the end of the month and strike a deal to get bailout funds to repay. it is said the greeks are trying everything they can to secure a deal. >> what's been going on is that the greeks have gone suddenly the prime minister having to the russians. he had a meeting with putin the other day. the russians have made some declaration that they are ready to perhaps help. we'll see if that materializes. there's that element. the whole geo politics of the region are very important in decision making. throwing greece out of the e.u. will have substantial repercussions. at the end of the day it's not economics and you're quite right. it's not the difference of a billion or half a billion which is tiny in relation to everything else going on, it's really weather the europeans will feel anyone is following the rules that are supposed to be set up. if the greeks don't follow the rules, they have to worry about what else will happen to the rest of the euro zone. >

athens. >> reporter: the euro crisis fear in greece has set off a worldwide chain reaction. overseas markets reacted this morning. the nikkei and japan fell 3%. the london stock market is down 2%. the u.s. market has little financial exposure to the euro crisis, but experts say it's often hard to predict how emotions will impact trading. after five years of dramatic and often painful cutbacks on government services an attempt to have greek residents actually pay their taxes, the country remains deeply indebted and now cannot make an immediate loan payment of more than $1.5 billion. the long lines at atms to cash are not just hitting greece. those here on vacation are caught up at the financial crisis. at the acropolis this senior class from california say they're mostly out of euros and they still have a full day to spend here before flying home. >> i'm completely out of euros right now. and i can't get any more. >> reporter: while street protests in athens are so far calm some folks here on vacation say were they would have known about this think would have gone elsewhere o

athens has promised. they are attending an eu latin american summit in brussels today so this could certainly come up for discussion. athens had to pay over 1.5 billion euros to the imf. genie: the clock is ticking on that. how have the markets been reacting today? >> this uncertainty about greece has been weighing on the asian markets earlier today across the board. europe is seeming to shrug off those concerned a little bit. after a major step -- after a negative start we saw retail results pushing stocks into the green. the result is the athens stock exchange. it just had a rocky session. it is down a little over half a percent. genie: spotify is gearing up for a big battle with apple. >> apple unveiled its new streaming service earlier this week, and spotify has lost no time at all in upping its game. it has a fresh round of funding more than half a billion dollars. according to "the wall street journal," it brings spotify to a value of $8.4 billion, up from $5 billion last september. investors have believed to have triggered it but one internet company teliasonera -- it is protecting its corner of the market. genie: thank you for that look at music an

euros by next tuesday or risk default. more from jon in and athens saying the greek side has shed some of its demand that the e.u. leaders will not ignore. >> the greek delegation issued a statement last night the the summary of the day's proceedings. creditors proposed a deal which shifts the burden to salaried workers and pensioners. the greek side has such a direction that's where things are left. at this hour as we speak, the greek delegation is going back into a meeting with creditors. four hours from now there's another meeting of the eurozone finance minister. we have a repeat more or less of yesterday's schedule. tonight we also have a summit that will wrap this up. we know what creditors are asking for. they are asking for 4 billion in savingsment the greek side shifted. at the beginning of the month, this is a future budget. there was no cuts or savings at all. on monday there were very significant shifts. the greeks were proposing $720 million of savings on pensions, and another $750 million of increased taxation or consumer tax. we don't know how far that position shifted since then. yesterday morning

has not been heard from since. the euro strengthens ahead of the latest crunch talks on greece. athens proposal as the biggest bank warns it will be better not to strike a deal. taylor swift pulled her new outlook from apple music saying artists are given a role do you -- rod deal. she says three months is a long time to go unpaid. follow us on twitter. include #trending business. story isn the top greece. one week to go before the latest deadline. athens remains reluctant to compromise, and creditors are losing patience. as we look ahead to the latest talks, any chance of a deal? eb: a glimmer of hope. comments from the european commission, saying the latest proposal submitted by the greeks provides a good basis for monday's talk. that is encouraging news, given the fact that both sides, creditors and the greeks, has not been able to come together and find a compromise. european officials are quick to point out it is the fault of the they have not been able to sufficiently compromise on issues like pension reform -- as well as taxes. alexis tsipras is said to be testing the patience o

, primus alexis -- prime minister alexis and as has 48 hours to five-month standoff over aid the risks splitting the euro. guy johnson reports from athenshe technocrats worked through the details of the great deal in brussels, here in athens, tension has turned to greek politics. and whether or not alexis tsipras has enough votes to pass a bill here. there are big questions. we still don't know. the left wing of the party may decide to revolt and throw it out. we could see a vote on sunday or monday. this is by no means a done deal from a great political perspective. it could still fall foul of the left wing of the party. electoral masses going to be critical to market performance over the next few days. we all have to learn awful lot about greek politics. guy johnson, athens, for bloomberg television. more evidence of the sluggish chinese economy is stabilizing as a mostly private industry manufacturing gauge beat estimates. stephen has details from hong kong. stephen: cinnamon a chinese factories is improving as it came in above estimates at 49.6 for june. manufacturing is still in contraction territory below 50, but this is the third

athens is to blame for the crisis. some in greece dusted off the old money in case they're kicked out of the euro zone. barnaby phillips has more. >> reporter: they've come to the european union office in athens to shout their defiance. they say no to a bailout. no to the imf. this crowd is small. the majority of greeks are simply frightened of what could happen in the coming days and the prime minister is it struggling to reassure his people. >> translator: what is required over the coming days is sobriety and patience. deposits in greek banks are fully insured as are the payments of pensions and salaries. whatever difficulties might arise should be faced with resolve. the more cold-bloodedly we face the difficulties the quicker we overcome them. >> reporter: even at z prime minister spoke more greeks rushed to the cash machines to get money out while they still coulded. seoophiea was there for four hours waiting for the machine to be restocked. >> reporter: she never thought it would get like this. the government has to go. so are we really talking about a return to these? dracmas on sale. most greeks still see eyre row

athens has two weeks to find out a way to pay off its 1.6 billion euro bill to the imf. negotiations broke down, and the president of the european parliament says the fault lies squarely with greece. >> we fully understand the greek government's concerns about raising the value-added tax or the medical tax, or raising energy fees or lowering pensions. that i have no sympathy for their refusal to reform the pension structure, which is necessary. i think he should not be touring europe, delivering big speeches. he should be in athens, doing his own work. reporter: alexis tsipras explained in a column that the institutions were responsible for the impasse and for his country's dire economic situation. it's funny to questions in the eu parliament, the president of the ecb explained that between 2010 and 2015, financial flows to greece amounted to 223 billion euros, which represents 100 55% of the country's gdp showing the -- 125% of the country's gdp, showing eu willingness to help. >> these numbers are significant, by the way. but i say that to show the drama of the greek s

euros a day. that is $66 a day. and the athen stock exchange has been closed and will be for the rest of the week. we will expect to hear from the greek prime minister tonight. he will make the point it is up to the greek people whether they want to live under the austerity that europe wants them to do. they are trying to get out from under the tremendous debt and try to keep the financial system from collapsing. they are uncertain about the future of greece and what happens next. >> and ashley thank you very much in athens today. and we'll look at what is happening here at home. and we'll look at the dow. and trading lower than 240 points. are you worried about the economic pain in chin and greece and puerto rico. go to fox news.com/"happening now". >> and we'll talk to an expert about what it means for us. a raging wild wife going on in washington state. forcing thousands of people out of their homes. we'll have the latest on thosacizations. and chris christy expected to launch his presidential campaign tomorrow. and what it could mean for the gr

billion at the end of the month could be exit of euro zone and thousands rallied in athens urging the government not to back down under pressure and john hase. >> reporter: unpopular in some parts of europe not here in the square in athens. after years of austerity these people believe they have a government that is on their side weighing in at 600,000 people the public shelves represent 1-6 greeks still in work. >> translator: our government is negotiating and it wants europe united and not divided under germany and want to stay? europe as an equal member and not a debt colony. >> reporter: some are from the private sector to support austerity on the poor and middle class. >> translator: we came here to support our government's efforts and to tell europeans that numbers are not everything. there are also people here and they are suffering and don't want the same social classes to continue to lift the weight. >> reporter: century old laws have given state workers tenure for life and the state shed 300,000 jobs since the crisis began and most were fixed term workers whose contract expired and took early retirement deals. this is a labor for

austerity in exchange for a bailout or drop the euro as their currency, something that has never happened in europe before. holly williams reports tonight from athens. >> reporter: for six years greeks have had their taxes raised and their pensions slashed, and once again today they took their anger to the streets of athens. >> i see myself, like i have no future. >> reporter: dimitrios kalogeropoulos is a mechanical engineer, who like a quarter of all greeks, is unemployed. he's furious that greece's foreign creditors are demanding more tax hikes and spending cuts. >> we want greece and nothing more and nothing less. this is humiliating. it's humiliating. >> reporter: as greece teeters on the verge of bankruptcy, some have panicked, withdrawing $1.5 billion from their accounts since friday. the greek prime minister vowed that nobody would lose their savings and called for calm. but the government was so worried there could be a run on the bank, it ordered them to shut for a week and limited withdrawals to just $70 a day. hit hard by the financial crisis of 2008, grease's economy never recovered, and after two financial bailouts, it is drowning in

euro zone. >> that you says marched in france in support of greece. athens has to repay $1.8 billion that it owes the i.m.f. by the end of the month. hate to strike a deal with creditors by then to a debt bailout funds to repay the i.m.f. >> let's beat now to vicky price, economic advisor in the economic center. what are your expectations for monday? >> i think the groups are trying everything they can for security. i think the population in greece has lost patience, for quite some time, they were rubber stamping but now are seeing what the implications of this have been, falling g.d.p., greek back in recession in other words no sign of any light at the end of the tunnel and what they really want is to move back to normality even if it's a move towards austerity. he realizes that a deal is absolutely essential before the end of this month. >> do you think the creditors will see enough for the impasse to be broached. >> i think of in the shorter perhaps not. i believe the greece already put something forward not just through the telephone calls but they have been

has been sent to athens just yet. at the same time, mr. suppress -- tsipras has his own proposal. you saw the euro spike on this news. he said. the head of the euro finance group. as long as it 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

referendum on bankruptcy, the euro or the drachma, this is a pro-syriza party it says referendum, forget it. >> barnaby phillips updating us live from athens. >>> a day of mourning hasn declared in kuwait. all kuwaiti security agencies have been placed on high alert. all out confrontation against terrorism. mohammed jamjum reports. a be suicide attack at a mosque, left dozens dead and hundreds wounded. >> the pictures have been shown of the suicide coward that walked into the place of prayer today. wearing the same robes that i'm wearing now. it's very difficult to be able to stop that type of activity. we are refg investing or will be vechg ininvesting in metal detectors but even that can be overcome by certain types of technologies. >> suicide bombers killed dozens of worshipers in saudi arabia in two consecutive fridays in may. now kuwait. an attack apparently pleasant to sow sectarianism in a country where sunni and shia have been able to coexist fairly well. ffts a message that was reinforced by the country's cabinet, security officials have been placed on heightened alert. do what is necessary to ensure kuwait and kuwaitis are protected. reassurances are were

athens has until the end of june to pay off the loan or risk be crashing out of the euro zone. >> we are in a state of great anxiety about tomorrow. no one knows what our lenders are going to decide and what prime minister tip rays's concessions will be. there is great uncertainty and no one knows how it's going to end. >> earlier greek cabinet ministers gathered to finalize a new proposal. among them, finance minister, greases creditors the i.m.f., the european commission and central bank insist further austerity is vital if greece is to pay off its debts. >> europe's largest creditor nation germany is demanding greece have urgent reforms. >> our stabilization policy has worked in recent years in the european countries where reforms have not only been agreed to but also implemented. as long as reforms are carried out. >> suggested reforms include cuts you president obama pensions and some tax rises something the greek government vowed to resist. a time of anxiety and responsibility, reads this title. the countries leftwing governments promised a new deal ahead of monday's summit but

the euro group president stressed it was up to athens to put forward credible budget proposals. 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

athens has been flooded with anti austerity protests recently, but a poll in athens newspaper sunday actually shows a significant majority of greeks want to stay in the euro zone. how should we interpret that? >> you have to remember that greece has been in this very terrible situation for many years now. this crise has gone on for several years. i've seen it for myself. i was in grease just a few he is years ago reporting on the general strikes happening in october 2012 and i remember talking to one owner of a bees astro on the square where parliament and he said many around him weren't paying their taxes, because they couldn't afford to pay their taxes. if the government cannot collect taxes, how can it make repayment? by the same token many people in greece believe europe is the reason why they're in the problem to start with, so you have the sense this dichotomy between a large section of greek society that wants to be part of europe and another part of society made homeless, lost its conditions and really wants to be out. those are the issues that are being played out in brussels and to a lesser extent here in frankfurt today. >> an intense heatwave

euro. >> let's get over to athens. i have to ask what is the latest coming from the greek government. hashe tone shifted in any way at all? >> or think what we are seeing is the endgame completely transforming itself from a blame game on both sides. creators are blaming greece and delaying, not giving their opinion on the proposal. time is running out. we expect from the creditors to come back with notes on our own proposal, which is our own redline. maybe if you have some debt relief we can have a few alterations. that's about it. then you have finance minister varoufakis saying the traders are sabotaging negotiations. it won't be an accident basically implying it won't be the creditors fault. it is a bad situation. >> it has been for four or five months. they come, they go. what are the new deadlines now. is it the end of the month? >> it has been a mess from the beginning. right now you have a june 30 deadline. that is the most extreme you can get. it seems to be forgotten. we are talking about these figures she nations. it will be focused on june 30. it has to meet the large sum. if i

time is running out for athens to reach an aide deal with interfacial creditors and talks with euro zone broke down on thursday without a deal and greece hasan two weeks to risk defaulting on $1.8 billion on repayments and has more than $378 billion to the international monetary fund the european central bank and union for bailouts it received in 2010 and 2012. according to some estimate the debt burden equals more than $34,000 for each greek citizen and john reports from athens. >> reporter: thursday's meeting ended with no agreement but the greeks left behind a proposal they believe could be the basis for a deal. >> recognize there is a problem of trust within the euro group. in order to overcome it in today's meeting we put on the table an article proposal a proposal has never been discussed before and not asked by the institution, an innovative proposal that came from us. and it is this: in the context of our agreement that we should have our fiscal council, dependent fiscal council with britain's office for budget responsibility monitor the execution of the budget. >> reporter: the council would automatically trigger spending cuts mak

euro meeting will be coming. that uncertainty has been weighing on the markets for days, and most of europe's major indices are trading lower this friday. the athens stock exchanges down about 3% in midday trading. you can see red across the board. french energy from alstom is seeing its shares declined 1.5% after the group said it would continue providing evidence to european authorities. greece continues to struggle. but the german economy tells a different story. volkswagen has been single that is a national success story. it's -- pw continues to dominate the market. we take a look. >> while some fear the car industry is in decline, for volkswagen das auto is very much on the rise. sales have increased 36% in the last five years. it is the leader of the european car market, with 24%, far ahead of its french competitors. that is success partly to its loyal customers. it has a good -- >> it is a good reputation. before i had a golf and it was a very reliable call -- a very reliable car. >> in 2006, employees were asked to work eight hours extra each. as compensation, they are entitled to an annual bonus based on the company results. that can go u

athens chamber of commerce. stephanie: that is get more details on today's top stories across the globe. chances are rising that greece will indeed be forced out of the euro. greece has closed its banks to at least next monday to keep them from collapsing. daily cash withdrawals are limited to $66 from atm machines. that came after the ecb prose the ceiling on emergency aid to greet's banks -- greece's banks. >> if you had to put a gun to my head and said give me a probability that greece is in the eurozone in the next few weeks i would tell you it is about 15%. there is an 85% probability that greece will be forced to leave the eurozone. not because it wants to do so but because it simply is not able to stay in the eurozone. stephanie: it doesn't seem like can kicking is even an option. next week, they will vote to accept proposals that would open the door to more financial aid. the current program expires tomorrow. the chinese stocks are now in a bear market. the benchmark shanghai index fell more than 3% today since hitting a peak on june 12. it is now down more than 20%. that marks an official end to china's longest bull market ever. the central bank tried to rev

athens stock exchange has gotten a boost jumping over 6%. the national bank of greece and alphabetic surging 10%. -- and out the bank surging 10%. the next euro meeting, next week. genie: the u.k. is cracking down on more illegal activity. kate: the age of irresponsibility is over. the message from the head of the bank of england as he announced tougher punishments on illegal practices in the financial markets. reporter: among -- longer prison sentences and more accountability a promise from mark carney. in his speech to the city, the governor vowed to crack down on abusive financial practices. >> for the people in this room, this is not new. this is how you run your business. for others, for those who free ride on your reputation, the age of irresponsibility is over. reporter: public trust in banks has taken a hit after a series of international scandals in the financial world. a number of banks have been fined or are still under investigation in the libor scandal where banks attempted to rake the world possible benchmark borrowing rate. among kearny's proposals expending to 10 years in prison and applying criminal penalties. other proposals

euro. something no country has done. for the latest, let's turn to isa suarez live in athens. >> reporter: good morning, christine. good morning, john. greeks waking up to a harsh reality. we are expecting some time in the next few minutes, one of the most popular banks we have seen queues. we expect them to open soon. it is midday and it hasn't happened yet. people are waiting for the atm to open. banks are closed until next monday. that's the day after the referendum that is called by the chief who says they can take 60 euro a day. tourists can take as much money as they want. there is no limit there. no capital controls imposed on withdraws. i noticed a state of confusion and defiance christine. people saying 60 euro won't be enough. for those in remote parts, difficult to take money out. a lot of people saying we are voting no against those proposal proposals. when asked, they said we don't want anymore austerity. surely more austerity leaving euro will be just as punishing as staying with the conditions proposed by the european union christine. >> >> it is if they are saying no to austerity. the choice is ter

euro zone officials refuse to give athens an extension to its bail out. hello, i'm julie mcdonald. this is al jazeera. tunisia's government dismisses claims that the gunman behind tunisia's attack has links to the islamic state. >>> kurdish forces push isil fighters from the key syrian borders with reports that they killed 180 people in just two days. two i'm rob reynolds, this is called the way back machine. it's an effort to preserve vast amounts of data that would otherwise be lost on the incident. internet. >> hello there, a warm welcome to the program. eurozone minister meeting in brussels say that they're standing by to help greece if it defacility on dedebt. it has refused to approve the request to extend its bail out program. as it stands greece will have to pay the $1.5 billion it owes to imf by tuesday. >> the effort of the financial arrangement with greece without an immediate prospect of follow up arrangement but it will require pleasures by the greek authorities. the institution stand ready to provide technical assistance there to safe guard the greek system. the euro group. that consists of 19 members i would like to stress, the you are row group will monitor closely

athens. >> months of extending the bailout program have led to exactly my thing -- nothing. now they will receive 18 billion euros that are much needed to finance whatever needs the greek government has at the moment. and the country now truly enters uncharted waters for the first time in five years. the european central bank is the only thing that's keeping the banking system alive. sarah: and here in germany chancellor angela merkel has told her colleagues that she will not discuss the new proposals. there will be no last-minute solution. the chancellor also said it's not over yet and repeated that the door remains open for more talks. >> the eu faces crisis. it was business as usual. merkel said there was nothing new to report. the program will end. but even after midnight, we will -- otherwise, we would not be the european union. that is all i can see right now. >> the finance minister placed the brain -- blame squarely with athens. >> they have destroyed the last vestige of trust. they will have to think about how to win back our trust. politicians in berlin have no illusions. a last-minute deal would be nothing short of a political miracle. >> 79 people are dead after a militar

has greece borrowed already? the existing loans currently top a staggering 240 billion euros. after months of deadlock they are unwilling to let greece off the hook. athens won't get the final 7.2 billion euro installment until greece agrees to new reforms. how much does greece have to fork out? it must be back 1.6 billion euros to the i.m.f. before the end of june. failure to pay that bill could lead to devastating consequences. the european central bank could pull the plug on anymore emergency assistance leading to a greek exit from the eurozone. greece's official debt stood at 312.7 billion euros in march or 174% of gross domestic product. the prime minister wants to prevent defaulting on the i.m.f. loan but time is running out for greek to dig themselves out. >> to luxembourg where european foreign ministers have extended economic sanctions on russia linked to the ongoing fighting in eastern ukraine. those sanctions will go for another six months to january next year. the e.u. foreign ministers are focusing today on the growing migration crisis. more people are flooding toward europe this year than ever before with hundred stein as they try to cross

it has lost 150 billion euros in value since april record high. summer spike for the aac in athense greek benchmark rising 6/10 of 1%. the international -- the officials within greece submitting fresh proposals to unlock fresh bailout funds. one official says the revised plan is "a vague rehash of earlier proposals and isn't considered credible." if you wanted evidence of the breath of decline across european market today, this is the subsectors of the stoxx 600. declining one of them on this tuesday session. this is the big corporate story of the day. hsbc is cutting 25,000 jobs. it is selling operations in brazil and in turkey. those operations when they are sold will reduce the headcount by about another $25,000. what it wants to do is achieve cost savings of 5 billion dollars by 2017. shares down by 1% earlier. stock wise down by 1.5 billion pounds of market value good day quickly, little change. -- stock 600 banks in though stoxx 600 bank index though is up. back to you in new york. etty: mark barton in london. mcdonald's is reaching back into the early days of the obama admin

could default on its debt and leave the euro zone, meanwhile thousands of greeks gathered in athens to show their support of getting a better deal. john siropolous has the story. >> the greek side saying it has put the best counteroffer it can on the table. creditors are demanding $4 billion of additional austerity cuts which would have to take place immediately. that means in the next six months in order to affect this year's budget and fiscal gap. have that's the tax revenue shortfall that creditors believe greece is in for. greece says we can't do $4 billion this year on top of the other austerity measures we have agreed to uphold. what we can do is a certain amount of that through consumer tax, at least a billion and a half through consumer tax but then we would like more concessions from creditors on how much of the debt to repay this year. creditors have made such a concession, they've dropped the amount of gdp that greece would have to spend on repaying debt this year from three and a half to 1%. greece wants a little bit more than that, a slightly better offer but nonetheless even if that's granted there still seems to be a gap between the t

leaders say a deal has to be reached this weekend or greece could face an exit from the euro. if greek can't reach an agreement with international lender athens't be able to make the $1.5 billion payment for its creditors, they want greece bring in more spending cuts and tax rises in rises in return for the latest loan payment. >> we agree that there is a need for further work with the three institutions. the meeting on saturday with the euro group and greece is of decisive importance. bearing in mind time is very short and that everyone in the european council agrees that a solution must be found on saturday. >> so i think that european history is full of disagreements, negotiations, and then comprises. so after the comprehensive greek proposals i am confident that we'll reach a compromise that will help euro zone and greece to overcome the crisis. >> joe is the head of trading at e.t.x. capital a london-based broke him firm i are he says greece is unlikely to leave the euro zone. >> if the deal is not reached they'll get a technical default. i don't think we'll get greece leaving the euro over the weekend. i don't think -- i guess there is