not being dominated by germany in the eurozone. bye bye for now. /ñ>x>xxú÷úlúl8úxúggg been witnesses the tremendous changes taking place in asia. what's happening along the highway? arata continues his journey to discover many unfamiliar features of today's asia. the people, goods, money and information are carried along the great asian highway. they bringing remarkable economev

grexit fromvoid a > the eurozone. end, the greek parliament gave approval for a third bailout program. prime minister separates said it was necessary -- alexis tsipras said it was necessary. my decisionregret to compromise on a bailout deal when the alternative would have heroic suicide for the greek people. opposition accused the finance minister of making provocative comments ahead of the vote. officials criticized alexis tsipras, saying he broke the anti-a sturdy pledges he campaigned on. pledges heterity campaigned on. >> another bailout. government is this? no matter what the people vote for, fight for, or what the outcome of the referendum is, bailout it is. the x finance minister refused to support the bailout. greece is due to pay more than 3 million euros to the european central bank. the worstre seeing refugee crisis since world war ii. that's according to the eu migration commissioner, who added that the situation in greece is especially urgent. the contrary is set to receive further emergency funding and h

eurozone finance ministers approved the latest bailout. the ministers meeting in brussels have approved the first 26 billion euros of the bailout package to help build greases shattered economy. the move saves greece from a possible default. after more than a century -- after more than half a century, the stars and flying again in cuba. the flag was raised that a symbolic ceremony in cuba with u.s. secretary of state john kerry in attendance. and japan's prime minister expresses profound grief or his country's actions in the second world war, but he stopped short of making a fresh apology. welcome to the show. eurozone finance ministers say they have approved a third bailout package for greece for a further 86 billion euros in exchange for tax increases and spending cuts. the agreement comes after six hours of talks in brussels. ahead of the summit, the german finance minister said he wanted clear confirmation that the international monetary fund board for a new deal. the imf had expressed concerns about greece's mounting debts. >> it's an

eurozone finance ministers approved the latest bailout. the ministers meeting in brussels have approved the first 26 billion euros of the bailout package to help build greases shattered economy. the move saves greece from a possible default. after more than a century -- after more than half a century, the stars and flying again in cuba. the flag was raised that a symbolic ceremony in cuba with u.s. secretary of state john kerry in attendance. and japan's prime minister expresses profound grief or his country's actions in the second world war, but he stopped short of making a fresh apology. welcome to the show. eurozone finance ministers say they have approved a third bailout package for greece for a further 86 billion euros in exchange for tax increases and spending cuts. the agreement comes after six hours of talks in brussels. ahead of the summit, the german finance minister said he wanted clear confirmation that the international monetary fund board for a new deal. the imf had expressed concerns about greece's mounting debts. >> it's an

eurozone gdp just an hour later. five banks have reached a settlement with u.s.ver claims they conspired to rig global currency markets. settlement now brings the total currency rigging accord to more than $2 billion across nine firms. ballot papers are being mailed out to supporters of the you k's labour party today for a leadership contest that will determine the future of the party and help shape the outcome of the 2020 general elections. >> i think labor has to have an alternative. there's got to be a credible alternative. otherwise, no real alternative at all. we are leaving people behind. about campaign is democracy. it is about people. it is about people joining in and being excited by this whole change in the labour party. we don't do abuse. never have, never will. a highave got to become skill, high wage economy. that means jobs in technology. it means more people becoming engineers. it means really leading the world in clean, green energy jobs. that is where britain should be in the future. not going back to the past. let's focus on the future. out'm se

it is gdp day for the eurozone. yuan stabilization.ina strengthens its reference right. crude crash. does the global supply glut continue? the beauty i drops to a 6 --- wti drops to a six-year low. a lot to discuss ahead of the open. the dax futures higher. ftse futures higher as well. could we get higher in the european open? let's get straight to caroline hyde. caroline: greece voting for that third bailout package. we are seeing the open basically flat in france. ftse up 0.1%. the interesting figures will be the devil in the detail when it comes to greece. how many people did alexis tsipras manage to bring with him from his own syriza party and the opposition? how much can they woo germany to show they have the guts, the

there was much talk of the possibility of a greek exit from the eurozone this summer. so, has the euro than strengthened by keeping the mediterranean nation afloat? or would it the stronger without a struggling member like greece? that is the ultimate question. opinions are divided. have a listen. >> greek olives are as popular as ever at this farmers market. [laughter] >> and they are not exactly cheap. 22 euros for this purchase. >> i have all of oil from greece . i get standard olives from the wholesale market. they sell like always, at least for now. >> many here see the benefits of eu eurozone membership. this frenchman has been selling produce in germany for 21 years and like many he does not want to see a more centralized euro. he says that eu member states should keep their centralized independence. >> countries should remain independent. >> tourists are certainly fond of the euro, which makes traveling easy. the common currency symbol in frankfurt is a favorite stop for them. the eurozone, however, is still a work in progress according to this monetary policy

there was much talk of the possibility of a greek exit from the eurozone this summer. so, has the euro than strengthened by keeping the mediterranean nation afloat? or would it the stronger without a struggling member like greece? that is the ultimate question. opinions are divided. have a listen. >> greek olives are as popular as ever at this farmers market. [laughter] >> and they are not exactly cheap. 22 euros for this purchase. >> i have all of oil from greece . i get standard olives from the wholesale market. they sell like always, at least for now. >> many here see the benefits of eu eurozone membership. this frenchman has been selling produce in germany for 21 years and like many he does not want to see a more centralized euro. he says that eu member states should keep their centralized independence. >> countries should remain independent. >> tourists are certainly fond of the euro, which makes traveling easy. the common currency symbol in frankfurt is a favorite stop for them. the eurozone, however, is still a work in progress according to this monetary policy

an awful long way in the last 12 months, again, another competitive advantage for the eurozone. the australian dollar, another currency that's fallen a lot in recent months. so what we've seen in this period is actually the exchange rate of china appreciating. there has been a de facto peg of the choin ease currency against the u.s. dollar, and as the dollar has appreciated ahead of an anticipated interest rate hike by the federal reserve, well, it's been dragged higher. so the chinese economy has been suffering from inflation forces, from weakening growth, and yet the exchange rate has been relatively firm. so you could argue and say, well, actually, there has been a currency war, and china is coming in late to the party. reporter: jane from london, thank you so much for that update. richelle, as you said, this is going to have an effect on the global markets throughout the trading day. we'll be following that for you right here on france 24. richelle: thanks very much for being here with the latest business news. it's time now for the press eview. time take a look at what's gr

scarlet: are you looking at the eurozone as the next nightmare?atrick: david and i share a lot of the same nightmares. it is not appropriate to have the same currency for these different countries that need different medications. germany needs a stronger economy, much like china, i would add. you have other countries along the periphery that need a weaker currency, and because they are locked in this currency embrace, there is no other way, other than fiscal policy, to resolve these internal imbalances. so, the only possible alternative is for them to try to export this imbalance. the way they export this imbalances by engaging in qe, devaluing the euro, and essentially exporting that imbalance to the united states to read and we have seen a growing trade deficit with europe as one of the major headwinds to u.s. growth. joe: all right, david, patrick, thank you so much for being here. scarlet: everyone is counting on the u.s. consumer at the end. which of the world's richest men has lost $7 billion just because of the collapse in gold prices? that

pmi data out of germany in 30 minutes, out of the eurozone at 9:00 a.m. u.k. time. we also got pmi data out of china today. it missed estimates. juliette is in hong kong. juliette: good morning, mark. not a great day in asia. i will start with this picture because it sums up the red we saw. this is the asia-pacific index -- it is at its worst weekly loss since 2011 and stocks are holding at their lowest level since february, 2014. you can see every sector on the asia-pacific index in the red. we are closing up in china, flirting close to that 35000 poi level, whichnt means government intervention. the shanghai composite is down 4.2%,%, -- down officially entering bear market territory. they close down by more than 2%. taiwan is off by 3%. three markets in asia are now in bear market territory. the south korean index, to added to the woes, is having his worst close in two years. all the equity selling that we have seen globally, the weaker oil price, and the tension between the north and the south. in japan, a terrible day for the nikkei 225. only one stock closed hi

the economic recovery is very soft in the eurozone. export led deflation of the euro has to face off against the yuan, and that is going to be difficult. they are trying to claim this is strengthening the markets role. are they going to let it play out? right.second answer is the market won't be determining this. this will be the visible hand of the chinese government. >> you mentioned the derivative effects. does this have any meaningful impact on whether you move or not? september looks like a likely move. i think it does fundamentally affect the speed. i think they are likely to be much shallower as a result of the potential of deflationary forces. >> this was a record cut. they would take a long-term adjustment. >> that really changed the game in terms of what we hear and what we believe. i think it would be difficult for the chinese to say anything else. say, we be logical to will slide this out. when we get to a situation where a week r&b is expected to be the driver. >> if the chinese were a .eneficiary are there any other winne

the greek finance minister is in brussels today to speak to his eurozone counterpart.y will talk about the latest bailout. nightebated through the and approved it today. it is the third bailout since 2010. the dutch finance ministers says euros unless to make sure this $96 million effort will succeed. >> the debt sustainability is still a major point of concern, especially for the imf and the imf will look at that as will look at it closely in october. hopefully we can make sure that this is sustainable by men. scarlet: debt ridden greece desperately needs the money to pay the central bank in just six days. learning that is the company will delay is live television plans until next year. they were aiming to unveil an early next month but what we're finding out that they do not have enough content or computer network capacity yet. apple is in talks with cbs, fox, and other networks for programming. the still plan to unwrap new set-top box on november 9. jcpenney posted a second-quarter loss that was smaller than analysts had expected. they boosted sales by 2.7%. jcpenne

it must be agreed by the greek parliament and eurozone countries. here is our economics editor.ad, ans is running symbol of health at the last moment the greek government accelerated talks. this is the third, and presumably last, bailout deal. the agreement is about being reached. not about what as being happening to greece's economy. and for businesses like this chain of nine shops to pay overseas suppliers. >> we applied to the banks 15 days ago to make an application to pay the importers. we have not had an answer. it is not just our business. it is difficult for the greek economy. decisions must be taken fast so we can take -- and we can step out of this statement. estimatedks need an 25 billion dollars of new capital from eurozone taxpayers and escape from 95 billion euros and loans that households are struggling to repay. the government has agreed to more austerity. this year it expects to run a -- cit of by 2018 it promises it will be spending less than it turns from taxes. there will be a surplus of 3.5% gdp. that may sound tough, but athens says they will be $20 billion

there is a clear statement of the eurozone cannot allow another haircut.noted the seachange. insistedme time, she she could not guarantee anything. she did not know if this third bailout package, if it passes, but six billion -- 26 billion will get shipped in the first package. she has her finance minister, he is for the deal. aret of german newspapers reporting it is a part of a debt relief. the average majority would be a 60 year majority -- the average maturity would be a 60 year maturity. mark? mark: if i live another six years, that will be a miracle. i will see you later. good to see him back. rose.half revenue and record level -- a record number of -- the chief executive spoke to bloomberg. he gave his view on how the housing market will handle a bank of england rate rise. >> we are in a situation where paying a mortgage is relatively stable. affordability is there for good. we recognize industries are on the rise. it will be gradual and modest. we believe the control within the mortgage market will be forced to accommodate those rises and interest

that will have an impact on the eurozone. then we have china.f they are doing something because the weak growth is coming out very soon, whic also explainsh the wek oil price, than it is bad news. the recentou look at drivers of growth, it has been domestic demand, household consumption as the fall of oil prices and the fall of on the plumbing has helped a bit. this is leading the recovery. sense, in an a huge sense gdp is still below its peak.sis it will not really take off until businesses start to investigate. if we look at it in the area of economy that has not done so well it is investment. investors will be more confident and recovery before we see that take off. manus: just to come back full circle on greece. in 35 minutes look at the numbers. two big issues. one is privatization. i'm fascinated to know. this a big word, which we do not know what it means. when you talk to investors, does it remotely come up as being discussed asterisk, -- distressed assets? niall: it is beginning to come up with investors. i think there is real interest

this has pushed leaders across the eurozone to take sides. >> indeed. there is absolutely no way you could say greek domestic figures are happy that they're part of the european union and that they have respect for their critters in germany. public opinion is very negative towards the european union. and i think it's wishful thinking to think overall the european project comes out of this stronger. >> absolutely. we'll continue to keep you updated on this story out of greece. >>> let's get you a rundown of what to watch in the u.s. today because the national association of home builders released their monthly housing market sentiment index at 10:00 a.m. eastern. that is follow i bd data on existing home sales this week. s take estee lauder and agilent report before the open, urban outfitters after the close. >> the "new york times" reports a document from 2003 to 2013 and were provided by edward snowden. they show the nsa's relationship with at&t allowed it under secret court orders to conduct surveillance of international web traffic passing lieu the u

at 3:30 this morning they negotiated with the rest of the eurozone and everyone else.here you see the talks resuming. this is for the big bayingoilou. they're suggesting that they have almost completed now line by line agreement on this 27-page memorandum of understanding and they could have that together by tomorrow ready for the greek parliament on thursday, two specific measures and eurozone finance ministers then to okay the big third greek bailout with presumably a promise on restructuring the debt further down the line as well. that would -- and the race is on basically next thursday to release enough cash and send it through parliaments to release that cash to pay the ecb. you have a fast track from the greeks. the fly in the ointment, if you like, is what germany and the rest will do. angela merkel has come back from vacation, a three-week vacation, and her spokesman said thoroughness before speed. germany has isolated as the "financial times" in dragging feet or if there's problems around the european union, the eurozone passing through parliaments on the size

for the eurozone is really that slowdown is managed stably and sensibly.eaker you want as part of that, i think that's better for the eurozone economy than a more severe slowdown. caroline: it was a great fact you brought up with the euro remaining weaker. it's down 13%. tom: the euro has depreciated so much against the dollar compared to a year ago, that a small change in the yuan is fairly minor when you look at the grand scheme of things. and the chinese don't compete directly in that many markets. japan is far more sensitive in terms of that. guy: david, is this in some ways good news for the eu? doing the seems to be heavy lifting at the moment in terms of the global economy. it has been strengthening. you look at what's happening in europe -- is europe significantly less affected? david: i would say it's not a huge story for europe. i agree with everything you just said about the magnitude of the move being quite small. certainly when it is put in the context of the depreciation of the euro, it is a small move. in terms of what europe will be feeling

time for a health check on economies elsewhere in the eurozone.pain, portugal, and ireland are facing impressive growth. their competitiveness is relatively weak. ireland was the first euro member to turn its economy around during the recession but the country is suffering from the repercussions of its mortgage-backed housing market. a ticking time bomb was gerard there are major concerns about eurozone heavyweight italy. some say could become the next -- next major crisis created there is a glimmer of good news in spain. tourism has seen much needed growth. in the first months of the year, mr. #jumped by 5%. nearly 238 million. spain benefited from the depreciating euro which made travel more expensive. many have chosen to stay in your cousin -- security related tensions in the middle east and north africa. all businesses in south sudan have had to shut down due to lack of access to foreign currency, rendering them unable to pay suppliers. the country's economies based on oil and plummeting revenues have resulted in a battle for cold hard cash. r

time for a health check on economies elsewhere in the eurozone.pain, portugal, and ireland are facing impressive growth. their competitiveness is relatively weak. ireland was the first euro member to turn its economy around during the recession but the country is suffering from the repercussions of its mortgage-backed housing market. a ticking time bomb was gerard there are major concerns about eurozone heavyweight italy. some say could become the next -- next major crisis created there is a glimmer of good news in spain. tourism has seen much needed growth. in the first months of the year, mr. #jumped by 5%. nearly 238 million. spain benefited from the depreciating euro which made travel more expensive. many have chosen to stay in your cousin -- security related tensions in the middle east and north africa. all businesses in south sudan have had to shut down due to lack of access to foreign currency, rendering them unable to pay suppliers. the country's economies based on oil and plummeting revenues have resulted in a battle for cold hard cash. r

someplace of t the eurozone members will discuss further support plans in october. but a rift among greece's ruling party members over austerity measures could jeopardize the future of the bail-out program. residents in tianjin china are concerned about the voirmtal impact of last week's deadly explosions. they're waiting if are word from authorities on the cause of the blast. experts have been checking water, soil and rubble to see what chemicals were involved. the state-run xinhua news agency quoted a source as saying a fire may have ignited a chemical called ammonium nitrate. more than 200 tons of the substance was stored near where the fire broke out. it was one of 40 kinds of hazardous chemicals in the warehouse. the explosions last wednesday killed at least 114 people. officials say 13 other dead are still unidentified. 65 people remain missing. residents are concerned about pollution from the blasts. chinese state-run broadcasters cctv quoted senior fire officials saying highly toxic sodium cyanide and nerve gas were detected tuesday in air samples. but xinhu

the greek economy grew by 0.9% in the second quarter, three times as much as the eurozone as a whole. also, the date for the countries elections is now official, september 20. the current government hopes that good economic news will give it a boost at the polls. consumer spending, surprisingly, is one factor behind the recent jump in gdp. greeks were spending on things like cars and durable goods. they were trying to put their money to good use as the threat of capital controls loomed larger. since june, greeks have only been able to take a maximum of 420 euros a week out of their bank accounts. tourists have also played a major role in the bounce. they have continued to come, despite all of the economic uncertainty. >> the weather, the food, the sea, the slow wind, just perfect. >> greece's leading tourism operators says this week is expected -- this year is expected to be even better, with 25 million holiday goers forecast. >> it's about 19% of our gdp. all studies show that this number can be improved. reporter: but the recovery is likely to be short-lived. creditors say greece wi

these are big projects for shipping. >> the eurozone, the economy, we should do better next year. inflation should return towards where the ecb's target is, and therefore, you know, qe will not be extended beyond september. so, you know, more of the medium-longer term, we think it's more of a bearish market for european fixed income. >>> google is restructuring as the tech giant comes to grips with its massive size and the different nature of its various businesses. it's forming a new parent company called alphabet to streamline its corporate lineup. alphabet will be led by co-founder and ceo larry page. sergey brin will be president and eric schmidt chairman. google shares will convert to alphabet shares later this year but still trade under the same symbols. >>> let's stick with tech. in an effort to help customers navigate the flood of available products, ebay has designed collections consolidating similar items. the eclectic collections span everything from beyond the pale collection of vintage lunch boxes to the prose on george ka pawn, typewriter and materials collection. jo

the greek economy grew by 0.9% in the second quarter, three times as much as the eurozone as a whole. also, the date for the countries elections is now official, september 20. the current government hopes that good economic news will give it a boost at the polls. consumer spending, surprisingly, is one factor behind the recent jump in gdp. greeks were spending on things like cars and durable goods. they were trying to put their money to good use as the threat of capital controls loomed larger. since june, greeks have only been able to take a maximum of 420 euros a week out of their bank accounts. tourists have also played a major role in the bounce. they have come, despite all of the economic uncertainty. >> the weather, the food, the sea, the slow wind, just perfect. >> greece's leading tourism operators says this week is expected -- this year is expected to be even better, with 25 million holiday goers forecast. >> it's about 19% of our gdp. all studies show that this number can be improved. reporter: but the recovery is likely to be short-lived. creditors say greece will probably c

it is a bit like the eurozone crisis. where is the leadership? it takes forever.many could be a great leader. germany is doing a fantastic job. you would think that germany would try to be more effective in getting france on board or getting britain to take a bit more. the eu is a mess with their policy on the refugees. they can barely agree to let 40,000 in the next two years. it is a bit of a joke, seeing the way that you is dropping the ball, like they did the first four years in the eurozone crisis. one can hope that you will get its act together faster -- that the eu will get its act together faster before the move does turn. peter: i would like to remind all of us, you guys and myself, the official figure is 1867 people lost their lives trying to get across the mediterranean in the first half of this year. the question at the top of the show was, do we care enough? if you are pedantic, you would be asking, who are the "we"? let's take it to be the germans. i would like to ask each of you -- do you and do you can do you and do i care enough? christoph: i thin

guest: the bailout package follows months of tough discussion from greece and its eurozone partners. but there remains at least one unresolved issue and that is whether the international monetary fund will sign on to the bailout package. hitting the ground running. now that brees's third bailout program has been approved, here is the breakdown of where the money will go. 86 billion euros will be dispersed over the next three years. 26 billion euros is expected to arrive starting on thursday. theillion will go to security mechanism with the goal of recapitalizing greek banks. 13 billion will go to various loan repayments, starting with 3.2 billion in bonds. 1.7 billion will go to the imf 7.16me number and another is for a bridge loan payable by mid-october. the latest ale out has one less partner than the other 2 -- the imf. it says the greek debt is unsustainable and europe must relief significant debt for reforms in athens. that is in line with the greek government's demands. the euro group says it would consider a longer grace time and repayment schedule if greece successfully meet

however, we have eurozone finance minister is coming together in brussels this to finalize, give final approval. are we expecting surprises yet are we express -- are we expecting surprises? >> i don't think so. we have a number of what the imf 16 prior elections to be implemented very soon. i think the vote of the parliament is something that will send a strong message, and there are some questions. , why ise some questions the imf so silent right now. we have not heard yet about the imf. is the imf going to provide funds? that was a wish of europe and especially angela merkel. second question, what about the consolation, the debt consolation, the debt rescheduling, the debt restructuring. you know that this was the main spine a few weeks ago, and now there is no discussion about that. what is going to happen is -- what is going to happen? is the situation sustainable or not? these are the questions ahead. the way the program works is that you have some funds that are going to be disbursed very soon, but they are trenches. the trenches are disbursed if some measures, some new measures

are we going to get to a new lisbon, something that makes the eurozone work?> we asked about 50 investors, what it would mean for europe more broadly. the large majority of investors were very pessimistic, thinking that this show that further integration is near impossible. this is important because what is really happening now is what we are seeing in greece -- markets are coming to terms with the fact that it is not so market moving anymore. but it is a publicity failure. it is a publicity failure for the european project, and that is going to make it very tricky for all of these upcoming elections getting a boost from it. brendan: the markets do not -- is the momentum toward come in the next two years, some kind of new arrangement -- physical, anything, legal, within the eurozone? jens: it is difficult because everybody feels pressure from the anti-european parties, so they are getting more cautious. where we need to leadership to be bold, is going in the other direction. vonnie: we are seeing the yields turn a little more negative today. the best that the

lawmakers tend to opt for austerity in order to keep greece within the eurozone preferring to choose the responsible option. because nobody here really feels that they have got the political authority to take greece on the adventure that it would be to go back to national currency. that is unchartered territory. it's unclear that greece is in any state of preparedness for that venture. >>> australia is considering a request from the united states to carry out air strikes against isil in syria. australia is already involved in an air campaign in neighboring iraq. the prime minister cited leg issues around his country's involvement in syria. but he also says he will carefully consider the pentagon's request. the decision is expected in a few weeks. >>> the syrian army says an israeli air strike killed one of its soldiers and left seven injured. the army was responding to rockets fired into northern israel. the armed group jihad, but the syrian government was responsible. >>> macedonia declared a state of emergency on its southern and northern borders on thursday. 42,000 have entered th

they would leave the eurozone and outside of the eurozone you could write down a lot of their debt ande a path to bring them back into the eurozone. within germany, especially within her party, there's a great deal of interest in having them leave. mark: hans nichols joining us in studio. good to see you. coming up on the "bloomberg market day," we are talking with we askedtrachan jim, him if talk of liquidity prices in the bond market is real. stay with us, "bloomberg market day," continues in just a moment. ♪ mark: welcome to "bloomberg market day," i am margaret to with scarlet fu. scarlet: it's 2:00 a.m. in beijing. shot as have a moving the government values the yuan by the most in 20 years. it's the biggest economic slowdown in a generation. the effects are being felt around the globe. google shares soaring after a corporate structure reorganization. we hear from a former google executive. mark: a new chapter for mail-order music giant columbia house. the dvd club owners just filed for bankruptcy. good day from bloomberg world headquarters in new york. i am mark crumpton here wit

friday, eurozone gdp day. that is it from me.th bloomberg tv for those huge interviews with tom keene, including the fed vice chair, stanley fischer. i'm on twitter. best of luck for the rest of your day. ♪ . francine: china stocks surge over speculation the government will merge. manus: doing a deal. greek officials are optimistic. a rescue package will be agreed today. inncine: vilest -- violence estimable. a police station attacked. -- violence in istanbul. manus: one of buffett's biggest. buying be close to precision castparts.

in a way, we can do more here, but it's clear that within the eurozone, there can be no haircuts, no writing off debt. >> joirchbing us now is the managing director and global head of strategy and solutions at socgen. very good morning to you. if this greek deal does pass german parliament and the other critters that it needs to pass, how long until the greek issue, how long until that is risk to market? >> yeah. that's actually a very good question. we have seen a pattern of the gre greek, or the grexit happening over three or four years. in this particular case, it all depends on the debt write-off. we all know that the debt of gdp of greece has increased by the simple fact that elimination has been shrinking. to get greece on a sustainable path, that needs to be sustainable. so the likelihood of having another greek -- depends on the ultimate debt relief. we'll be playing more of that interview throughout the show. merkel said i've always maintained europe should come out of this crisis stronger. is that true? or will the euro weaken following this crisis? >> this is pushed back t

gamble.it is a big for the future of the eurozone, there are skeptics.t it wasremember at the bottom of the class. what is the eurozone about? see. greece is doing reasonably better. greece had an option. it tells you there more implications. >> you are actually quite negative long-term. you feel a grexit is likely? >> i don't know. there has to be a lot of money to be paid. how do people feel about it? how long can they continue? -- were talking about structural, that is a positive sign for the eurozone as an economy. there have been many remarks to scare everyone else. >> of that contagion can take an effect. everyone react strongly and does what they need to do. if germany looks to greece as an isolated case, you could make it work. if you start seeing negative concerned,nd may be i don't know which one it would be. it is multiple countries. that may be a different story. lex that is what worries me. >> it is interesting you mention that. they should spend all the money in europe. this is a wait and see what will happen. the cost has to get paid. >> d

the eurozone has given greece a new lifeline, signing off on the $95 billion bailout.ould receive some cash today in time to pay off debt. reporter: the third bailout in five years. 63 lawmakers opposing the package, three more than in the last vote in july. after a three-hour debate, 453 in favor, 140 in the gates. the chancellor voiced confidence on tuesday that the international monetary fund would help provide loans. merkel's coalition, by the way, has consistently backed financial rescues during europe's debt crisis. dissent has grown with each bailout. germany has been the biggest contributor to euro area bailouts -- euro era bailouts. -- euro area bailouts. , bloomberg london. shery: time now for a look at some of the top stories on the bloomberg terminal. here is young von. -- yvonne. softbank is buying a stake for $453 million. while he admits it is a risk, he is confident about the company's future. to reveal theans release new models lexmark. a hatchback and a crossover are said to be in the pipeline, with suv also a possibility. tata owns jaguar and land ro

johann: what defines strongly of ourchasing parity swiss franc is the stability in the eurozone.eurozone , thelidates its situation better the growth in the european union, the greater the tonces for the swiss franc find back to its real value compared to the euro. francine: when we are looking at a fed hike, when we look at what is going on in china, even if we have a stable eurozone, how much do you worry about the rest? johann: it brings pressure on our currency naturally. concerned about the development in the far east and particularly the republic of china. of 7%chieve a growth year-by-year, even in 2015. weakenok measures to sure yuan currency to make they can stay competitive and create volume, which helps china and the global economy. certainuestion of transition. -- transition period. that is important for the swiss franc as well. francine: when you're say you're not could -- you're not too concerned about china, is it because you're not seeing impact on the eurozone? or is it because you do not see a hard landing? be an: i used to entrepreneur all my life before becomin

i want to talk about rules, the rules of the eurozone.default and remain in the eurozone, and the imf says wait a minute, we have rules too. whose rules win? bill: at the end of the day, the germans, particularly chancellor merkel, who brought the imf into it in the first place -- it was her idea. the previous head of the imf convinced her at the very beginning when greece had its problems in 2010, to bring the imf in. they will find a way to get the imf in, it means they will have to recognize at a minimum, debt relief. vonnie: who becomes the elephant in the room, then? christine lagarde only has so much power. if there is a federalist system put in or a federal union, who is the lead in that? who is the big thinker? bill: the senior finance minister of the eurozone will play a crucial part, and he is more flexible than schauble. he is a more flexible person and he will play a key role. tom: we saw the greece pmi yesterday. we have unemployment and cpi data. does real economy data move the suits and ties? bill: the only thing that will

we get eurozone gdp now. manus: paying up. five banks agreed to settle u.s.wsuits tied to currency -- u.s. government lawsuits tied to currency rigging scandal. good morning to our viewers in europe. good evening to those in asia. cranny.s francine: i'm francine lacqua. germany disappointed, france disappointed. overall, that figure is disappointing. manus: euro-dollar is virtually on mood. stagnation in france. spain had the fastest growth in eight years. italy missed as well. francine: it is all about the global outlook. it is probably not greece. it is about china and possibly the fed. we are now joined by our guest. a little bit lower than expected gdp growth. it is no big deal, right? >> we all assess about these quarters. we have a weaker euro. the others were fine. manus: we are going to come back to you. we are going to take a trip around europe. let's move to our reporters and break down the numbers. paris,in rome, frankfurt. let's go to frankfurt first. this was a big miss for the french. break it down in france. miss.was a big it was not with the e

of a reversal as it isn't quite as exposed to the eurozone recovery as some investors might want. and of course, we've got those new department of labor regulations coming in in the u.s., which could restrict some of its sales. we saw axa earlier this month warning that that could bring sales down by as much as 30%. so, if we see anything from prudential today on just what their estimates are of how that's going to affect their business, that will be extremely interesting. and of course, we're all waiting to hear from the new executive and just what his plans are for the business. >> absolutely. we will continue to bring you more on that once the chief executive starts to speak. at the moment, though, catherine, thank you very much. we're looking at prudential shares down 0.6% on the day but they have recovered by about 1% ahead of those results. they were down 1.6%. let's have a look at other top stocks in european trade today. shares of circo are trading higher after the outsourcing firm for investors was better than expected for revenue in the first half. the uk company recover

the eurozone wants to make sure this $96 billion effort will succeed. the imf will look at that.ebt-ridden greece needs the money for a big payment to the ecb due six days from now. euro area growth slowing. economists had estimated stronger performance. stagnation in france and weaker than expected results for germany, france, and the netherlands. germany's economy expanded by 4/10 of 1%. oil prices are headed for the longest run since january. u.s. oil futures dropped to their lowest level since 2009. agencyernational energy says the crude surplus will last through next year and since june of 2014 the price of oil has fallen 60%. coal mining, no. goldman sachs is selling a colombian mining operation at a steep loss according to "the wall street journal," but buying an online banking unit from general electric. the bank says the unit has deposits of $16 billion and offers an inexpensive source of funding. no terms have been disclosed and regulators still need to sign off on the deal. a surprise for those who are following new england patriots quarterback tom brady and his appear

they cannot survive the eurozone without these reforms.uy: if there is any kind of problem, if any issue arises, a failure to implement even the most extreme measures that were imposed, ari back to stage one? -- are we back to stage one? >> this is the last chance for greece. guy: even a fourth one we are worried about. or we miss something. this is an incredibly tight program. concerned if more a future great government tries to get away with things. this is why they came to power against the reader arms they are now having to swallow. that is part of the problem. arguing --ey are they are a new party. they are trying to have a balance between the two. i'm just asking a question. i'm reading stories about mario -- if he starts doing it come at maybe i should start doing it as well. defaulting on great taper was always a case in only an extreme scenario of a grexit p it caroline: where would -- of a grexit. caroline: or would you even access this? is there liquidity out there at all? >> it is about $33 billion. you can buy it. caroline: we

. >> another vote of confidence for the greek economy, eurozone finance ministers approve the proposal, john siropolous is in athens. >> the greek government has managed to pass the first implementation bill of its first $93 billion bailout loan and this means it says roughly $15 billion worth of austerity measures over the next three years, but that it says is far lower than what the greek people would have suffered under the previous bailout agreements. however, the passage of this bill does not come for free. it comes as great political cost. the government has been exposed as completely divided through this latest vote. 44 mps, roughly one-third of the block of the ruling left wing syriza party has defected, and that means that the prime minister may now be considered no longer to have the confidence of parliament as a whole. so he has called for a vote of confidence roughly a week from now in which he is essentially putting his own people on the spot and he is challenging them to come back into the fold. should that gambit fail he will then have to dissolve government, dissolve pa

this looks like the plans to keep the eurozone economy going on steadily are actually failing.e may well see more boost. they are talking about we are ready to intervene and use all the weapons we need to. so a slowing european economy probably not that great for the dollar. betty:ening of the radar, but what impact will this have on fed policy. janet yellen and her cohorts are focusing somewhat on what is going on internationally. they recognize what is going on overseas is going to impact us in europe and china. what does that mean for the fed? >> nigh cerullo is this is a complicated set of skirmishes. the action of one central bank impacts everybody else. the strengthening of the dollar has had a major impact on exporters. it has hurt microsoft, g.e., intel, caterpillar and disney, particularly who have earnings outside their country, outside the u.s. strengthening of the dollar is equivalent to monetary tightening. betty: but does that mean the fed moves or not? >> i think it means the fed that is not move. there has been monetary tightening already driven by the dollar. i

i think the eurozone itself has been pretty much a disaster.hat means there is a lot of anti-eu mood in britain. --h the rise of you can't ukip and the turbulence on the continent of europe there will be an anti-european sentiment. i don't roll out a referendum going against staying in the eu. scartlet: stay with the spread we will have more. joe: coming up, a question for the man who wrote the book about keynes. what would keynes do? ♪ member ofus still, a the u.k. house of lords and well-known biographer of john maynard keynes. humans on the income to replace wages from work. point in the -- ction of could you explain why this is something we should support? guest: first of all, why even think of it? it is how you deal with a challenge of disappearing jobs. if you think that robots and automated systems are going to make deeper and deeper inroads in the human work, you have to start thinking not so much of replacement jobs as replacement income. is an income not tied to the job market, seems to be the logical way forward. work is going to be

the eurozone needs mechanisms to deal with debt overhangs.wise, the situation we are in is a spiral of debt where we never solve our problems, never restructure. the default hurts investors but gives you a fresh start. there's been losses. everyone knows that the greek public debt is unsustainable and the banks are undercapitalized. the later you do it, the more expensive it is. manus: "the telegraph" had an article this morning. asphyxiating the greek economy. they talk about the need for 100 billion euros worth of debt forgiveness and the alternative is an extension to 30 years to pay your debts. what is the reality in those things, from the research? >> we actually crunched some numbers and came up with similar estimates just around a few days before. greek debt is not sustainable. the austerity measures in the third bailout agreement will likely make gdp fall even more. there are some quasi-automatic spending cuts in the agreement. if the economy falls, you have to cut more spending and it falls further. there is some more austerity spira

let's get straight to some macro economic data in the form of eurozone july manufacturing pmi.hat came in 52.4. versus a forecast of 52. slightly better than expected. the june was 52-.5. what we're seeing in july a tine will slowdown. let's just go through the different economying. spain's manufacturing sector saw a surprise slowdown in the month of july 53.6 below expectations but still expanding but we saw the fastest rise in employment since the start of 2007. let's also talk about france. it was below the boom bust line of 50. july, 49.6. but the german number was slightly better than expected at 51.8. but let's get back to greece. >> yes, indeed carolin. we'll dive into broader markets in a few minutes. there it is greece down two 22.7. and then manufacturing just 30.2, the lowest level in years. but it's the first trading day for the an aagainst stock exchange after the last five weeks and trading down sharply. the banks expected around one-fifth of the exchange they're all down sharply, as you can see. pretty much the same among, national bank greece alpha bank, piraeus