greece agreed to make 30 billion and cuts. riots break out in the streets. greece struggles on. a second figure bailout is approved to get through the world's biggest that restructuring. greece's parliament approves a new bailout. protests continue. antonis samaras becomes the prime minister. the real relief comes when ecb president mario draghi vows to defend the euro. 52014, the economy starts growing again, and for the first time in four years, greece sells bonds. biganti-austerity party won in european elections. the government brings forward presidential elections. will it work? >> elliott gotkine is live in athens. all of the action tonight is going to be happening just behind you in parliament. walk us through what to expect. >> that's right. good morning on a not so glorious day. theust under 12 hours time, 300 members of the greek parliament are set to gather in the parliamentary building across the street from me. the vote is due to start at 7:00 p.m. local time. it is not greece, expected to start on time, sometime between 7:00 and 8:00. the committee will then call o

greece is -- expendable? the wrong word. ultimately, it is for greece to choose.or europe to make the choice for the greeks. >> have a great christmas. next, bad advice from tripadvisor. an italian regulator seems to think so. we will have the details when we come back. ♪ 23 minutes past the hour. you are watching "the pulse." on your tv, streaming on your ipads, and live on bloomberg.com. shares up sharply in the united kingdom. there are facing a reduction in orders. in terms of other news, we need to watch out for, all stem -- alstom needs to pay. it is the biggest criminal penalty paid to the u.s. justice department. wong jai lin is asia's third richest person. let's talk about another company we are watching. tripadvisor being fined by italy over accusations of improper business practices. >> quite a hefty fine. this is all to do with what they see as misleading information about the sources of the reviews. it has been criticized across the board that people will be able to go on and put fictitious reviews against competitors. the complaint stems from the nat

staying in greece. schools are still awaiting rescue off of a fairy. -- ferry. at least five bodies have been evacuated from the site. helicopter crews have been lifting groups of people to safety despite deal force winds and -- despite gale force winds and freezing temperatures. the italian government has announced it will open a criminal investigation into the fire. oliver farry has more. >> it is carrying some 50 passengers wrecking -- rescued from the greek ferry. the passengers were among almost 400 people lifted from the ferry after it caught fire early sunday morning. a few dozen passengers running on board -- passengers remain on board, but the situation appears to be under control. >> at the moment, the situation is good. a doctor is going on board to check if some of the passengers need to be transported to the hospital or the emergency center that we have established of the cruise's terminal. >> some of the rescue have been taken to southern italy hospitals to be treated for hypothermia. film shows fires blazing aboard the vessel. >> it was impossible

we haven't talked about greece. everybody has been told by greece. what are they saying? saying conflicting things. both heading into a meeting in brussels. you have schauble saying greece will need more time. they always need more time and he is confident that while some sort of financing and agreement on agrees. another one has a different take or be he said he is not confident and does not know whether it will be a short-term extension and in greece is going to get the requisite amount of funding. look at the calendar on this, the real cut off date is december 14, 15th you could argue the cause of the member states that have to approve any future disbursement. if you get a technical extension, you can set that line of credit could extend further but you have a fundamental problem of what do you do to help greece plug their holes area the estimates is third 2.5 euro short -- 2.5 million euros short. the budget they pass is about budgets but it does not hold much weight onto on to the eu signs off on it. whath, their growth forecasts are. -- everybody will be subject to

leaders hailed it as greece's first balanced budget in a long time.ut it failed to impress the international creditors. european commission and the imf saying the budget is too optimistic. there is a gap of at least 2.5 billion euros in greece's budget next year. >> okay. with creditors approving a two-month extension to the bailout let's go to brussels to find more. why just two months? what comes after that? >> the so-called technical extension is no doubt a success for the greek government. the eu initially wanted to keep the bailout in place for another six months. now greece will only have to bear the observers and their tough conditions for another two months. now within the extra two-month period, the eu and greece will still have to negotiate a deal and still have to find a way to put further o'sterity measures in place if greece wants to receive the last installment of the current rescue program. once that is settled and agreed, there is a possibility that greece will receive a so-called safety credit line for the future with less tough condi

nobody wants to give greece more money. if syria insist owes taking a harder line, on banging heads with germany or other countries in the eurozone then what you're going to see is a lot of volatility in the market. i think that's what people are most afraid of, that kind of conflict. >> thank you very much for joining us this morning. much appreciate it alkman granitsas with the "wall street journal." james ashley stays with us for another segment after the break. >>> the airasia search agency has told cnbc news that at least six bodies have been located, three of which have been recovered. we have seen bodies and objects floating in the sea. >>> moving on to our other top stories, scott lntd's minister says a second patient is being tested for ebola after returning from west africa. this comes after a health worker was confirmed to have the virus after returning to scotland from sierra leone. the patient will be treated to a isolation unit at the royal free hospital in london as soon as possible. >>> still to come on the

the yields are ticking up in greece to 8.62%. has been the move in germany where we had a flight to safety bond buying at a record low. the greek and german bond yields are moving in the opposite direction. we'll check on the u.s. as 2.2%. that is the greek ten-year yield that we have seen in the trade so far today. we'll sort of look at u.s. futures expecting a slightly negative open today following the strong christmas trade on thin volumes last weekend. a slight correction expected at the start today with the dow expected over ten points now. the s&p expected to open a point down. and the nasdaq expected to open four points down. joining us is the chief market strategist at tesco partners as we go into next year given that quantitative easing has ended, surely one of the two markets is due a big correction. >> well, you're absolutely right. one of the things i'm looking for going into the new year is which side of 250 is the u.s. ten-year going to decide to be at for the majority of the year. and i think that move is going to

he then i on greece.s is one of those stories we haven't been talking about much but it may be, more towards the center of the distribution curve. >> looking at the polls over the weekend, 23.4% for the ruling party. it doesn't really matter what gets agreed in the coming weeks. you get a snap election, tear up the script. >> game over. absolutely. you've basically got to start again. i assume they are going to turn the rhetoric into reality. we are going to focus on that. we will talk to a company which provides a lot of the backend stuff for companies like uber and airbnb. really interesting day to talk about this kind of stuff with the sony hack story coming in. we will get his take, the ceo of the company. how -- get his take on what do they do, how do they cope with these kind of things? we will talk about that. the shanghai chart just blows me away. when you see a chart go parabolic, you either have to get on board and say that it is going to carry on, or you get short. which one is it? >> the bank

. >> reunited with their loved ones at last in greece.ome of the last passengers to be evacuated from the ferry touched down late on monday. many are enraged there were no fire alarms and no help from the onboard crew. >> it was a horrible boat with mechanical problems and despite that they lead it sail. nobody alerted us. i was afraid of burning alive. >> many chose to sleep on the deck when the fire broke out. she fears many could have perished. the operators said 478 people were on board but not all of those have been accounted for. throwing into doubt the accuracy of the list, meaning there could be more victims. >> we are in constant communication to cross check the list with the list of rescued people to establish whether there are any missing people. >> the italian coast guard has announced the evacuation of the ship is now complete. now a burnt-out shell. they are searching for more victims. authorities will decide which port to tow it to. to ascertain if there was any criminal wrongdoing. >> the italian prosecutors said the death

at the end of year $290 billion will have been loaned to greece, but there is a dispute over greece's budget. the lenders think that greece is being too optimistic. there is a budget gap between what greece thinks it needs and what the lenders do. so despite it's efforts greece still facing an uphill battle to balance it's budget. one of the reasons for that is rampant corruption. as we have reports from athens. >> reporter: the old athens airport has been billed as europe's biggest development. it was just recently sold for over $1 billion. but greece's biggest body of architects and surveyors say that the land is worth three times that much. >> unfortunately, it has not behaved in a way that protect the public interest. it has not accounted for its costs, and neither the funds nor the government has answered these questions. >> reporter: greece is being forced to sell its lucrative public assets to pay back it's $400 billion bailout debt. land is it's abundant resource, so how it's valued is critical. the country is stuck at the bottom of the bottom of the european union in transpar

and the yield on the greece three. year has risen higher than the level of the ten-year amid political uncertainty. let's talk more with sylvia, european economist at nomura. do the threats widen from here? >> there is a huge uncertainty. i would expect this uncertainty to keep dominating the market action until more clarity is made on the result of the presidential elections first and then eventually to the chances of new elections. but i think the threat on greece can continue to widen. i would like to mark out the fact that from position from where it was when it was the first leg of the greek crisis years ago. and we need to keep in mind this could inter convenient on the markets. so the call on greece is more about politics. >> this in tig, does it not provide fresh ammunition? it begs into question whether certain periphery -- >> absolutely. and i think it is already in place if they do not agree. the reason greece will be excluded from the sovereign purchase program of the ecb and that i think will be a very str

we report from greece on how corruption and miss management are making a bad economic situation worsen sport tiger fluffs it again but did he avoid finishing last in his own tournament? ♪ six former detainees from gitmo detention center are starting new lives and they were never charged and their release which had been approved years ago was delayed by u.s. bureaucracy and they are free as they report from uraguay capitol. >> reporter: uraguay is far away from the six men's homes which for now they cannot return to but it's also far away and that is what counts and treated at two hospitals before their resettlement program begins. >> he is hopeful now he is out and free with proper medical care he can get better and rebuild his life. >> reporter: providing the men with education, housing and help them to find work. for now they just are are relieved to be free with a burning desire to be reunited with their families. their futures are uncertain and the uraguay are doing all they can to help the men rebuild their lives a long way from home. it was personal one from the president, himse

was called in greece. fitch was warned that prolonged political uncertainties would hurt the nation's credit rating as the ratings agency said it was unclear that the election would produce an outright winner. one of the questions now is weather the turmoil increase could have economic ripple effects elsewhere in the eurozone. we take a closer look at that. >> may 2012, greek party leaders scramble to form a government, warning the country risked exiting the eurozone. 2.5 years later, a crisis in the nations single currency is lurking once more amid great political turmoil. borrowing costs remain low even among weaker economies like spain and italy. >> the situation has improved in that sense but also there are fresh measures in place by the ecb to help stem the crisis. >> the eurozone may avoid contagion as private investors have scaled down there great that holding aptitude bailouts most of it is in the hands of the eurozone government. another reason is the banking union, and that can isn't set up by th

those fears about greece exiting the euro.hen implementing new -- >> they can force a debt restructuring, couldn't they? >> well, i suppose anything is possible. our view right now is that we will, like we have done for the past few years, just muddle through. at the end of the day, all that matters really is what is monetary policy going to be. the fact is that will remain extremely loose. is dragi going to remain in control of things? probably yes. >> we have the results tomorrow. willere a figure that assuage the markets and maybe it will put off a chance of the ecb buying government bonds? the last figure was below 90 billion. figure,t 200 billion will that assuage investors or are we just heading towards bond buying regardless? >> i think we are going towards bond buying. it is probably the more evidence there is that bond buying is required at this point does -- because dragi feels the need to have the evidence being shoved in his face. if only two was waged the opponents of bond buying. the reality is as he said recentl

fears of more political uncertainty in greece are weighing on its financial markets. economy is slowly returning to growth after a six-year recession but a major obstacle to recovery is banks that are not lending to businesses and consumers. john reports from the island north of athens. >> reporter: the shellman factory used to be one of the noisy places on the island. this is where the greek construction industry ordered much of its plywood and chip work giving work to 1200 families n the crisis the construction industry collapsed and shellman did not replace the business with exports quickly enough, in a chilly day in february last year workers owed years of back pay and downed the tools, this 40 hector complex that took half a century to build fell silent and he worked his entire life at the factory's purpose built harbor. >> translator: ended up in a difficult situation and some people got tired and died of stress and others committed suicide and took children out of schools and university because they couldn't pay expenses. >> reporter: his wife and two universit

investor positions in greece are very small. greece is under-owned.he risk is low. >> we will talk about contagion risk after the break. parker from credit suisse stays with us. the effects market is once again about the russian economy. the ruvell has sustained its gains against the dollar this morning after the finance ministry said it is selling foreign exchange. ♪ >> welcome back to "on the move ." i am jonathan ferro. let's get back to the top story. the ruble ending a seven-day route that wiped off nearly 1/5 of insider. the russian finance ministry is selling foreign exchange calling it extremely undervalued. it hit the lowest in history yesterday and the central bank hiked rates to 17%. still what does is bob parker. i'm looking at dollar-ruble. it is coming back a little bit now. the ruble is down by 3%. it is reversing over the next to go hours. what can they do to spur the currency? >> this is a classic short squeeze. thate at a situation intervention it short-term will work. we need more fundamental long-term action to make the sustainable

-- greece -- titan back in. -- tighten back in.hat's happening today is something we've seen time and again where the leading political party puts its reputation and the country on the line to force a positive vote. 2010, 2011 and 2012 with the government said if you don't vote for us a nasty can of worms will be opened. they need something where they discussed the numbers before we came on -- 25 politicians to vote with them. if they don't we end up with an electoral cycle which would end up with the lunatics taking over the asylum so to speak. dates --oking at the the presidential race diary. first round, december 17, second round of summer 23rd, third round december 29. will you be at work december 29? >> know and most of the market won't which makes it a good day to have it. will be a more limited problem if we do see an election coming in greece, people will factor that in. the expectations will be that we lose the election and we see the leader of the party come in and win easily -- well, who knows? will see is a lot of backr

here we have greece. could fight against all of the issues that have been raised over the last two or three years, austerity, said that. that makes it that much more difficult. hefairness, let's say theoretically get in, willing really be a case they will punch wholesale against all of this austerity measures? i do not know. harder make it that much the first quarter of the year with this huge debate about how qe -- >> they want to renegotiate public debt and that is on their agenda of items to achieve. >> one of the things that strikes me about all of this is that european nations, far more prepared for this than they were in 2011 and 2012. in particular, you could argue that with this cyprus prices now gone, almost a dry rail for an exit from the eu. maybe it is -- if push came to shove and grease really wants out, they could say if you want to go, go. i do not think they will. it means that the eurozone, the rest, is in a far stronger position to deal than they were several years ago. >> what does that

plus, turmoil in greece.attled by the prospect of early elections next year. ♪ >> welcome back. let's get back to bring you the most important stories you need to know before the bell. erik schatzker and brendan greeley are with me. also, our bloomberg marketing managing editor. let's continue with number four. a good week and -- week 470. during the interview -- a good week for sony. they aired "the interview" and it has been downloaded more than 2 million times. >> i think it is better if you look at it as a satire rather than a free-speech exercise. i enjoyed it as a satire, but i was a bit disappointed in the free-speech exercise part of it. $15 million is ok, but the film cost $80 million. and we don't have a sense yet of what happens if you release a film online how long it takes to recover the full cost. >> at that $15 million was a bit mediocre. there was so much hype about this and if that is the best they could do, there's probably not much to it. i really wanted to see it and then entered as they a

let's talk about greece. i want to talk about japan.s we come into this election, it is not clear what the risk is. what is the risk? >> the key risk for monday morning is the ruling coalition does worse than expected. that would certainly dent confidence in abenomics. even the risk of that seems very low. are evenopinion polls close to being accurate, they probably will lose some seats. suggestinging is something in the region of 300. that gives them control of the committees and they can move forward quite strongly with the impetus in terms of structural reform. >> when i look at the movement of the yen, more of a global story than anything, heading for the best week of gains this year. the market reaction to these elections, you expect it to be a muted? >> i do. of october,rst dollar-yen is up 6% on monday. that is incredible after the boj easing in 2013. 11.8%. in the aftermath of that rally, we had a 10% correction. the full boj move was reversed. we had a very similar strong move up higher since the easing on the 31st. the risks a

tight are controls over the way that greece spends its money. john siropolous has more from athens. >> the economy is still essentially under supervision and the europeans will be relying on the imf supervision to focus on the terms and conditions of their loan. the greeks say they have, the europeans are not so sure, they think a couple of billion dollars of money the greeks say will be owned from tax revenue they don't believe will be there. but the european central bank which will cover greece's needs in the event of any such contingency. >> joining us now is megan green, chief economist, formerly the euro zone expert on the crisis group. what do you make on this extension? >> i think an extension was inevitable. government is trying to spin it as a big victory. that's probably why they've pulled their election forward for about two months from february to late december. the troika wanted. >> for the economy to be solid i mean whether it's two months or six months, are you confident that the greek economy could be a solid member of the euro z

on keeping greece in the euro zone. everything else is going to be negotiation on how best this course is going to be taken. and i believe that now time has come not to talk about the problems any further at the same frequency but we at last need to start talking about investment, job creation, and ending this horrendous recession that has hit the country. >> do you think that will happen? do you think that investment, do you think that economic balance that you talk about would happen regardless of who is the prime minister of this country? do you think if he was the prime minister of greece that that would be the scenario that we're looking at? >> well, i think that in the event as we go to elections they decide who is going to be the prime minister. but my firm belief is that whoever is prime minister is going to try first to keep greece fully into the euro area, second, to make job creation a top priority. this is what our country needs. and the thing that we cannot achieve this unless two conditions are met. the fi

and it is deja vu in greece. lawmakers failed to elect a new president, and that spells political and economic turmoil to come. welcome to our viewers on public television here in america and elsewhere around the globe. after more than half a century of hostilities, today the united states and cuba took an historic step toward diplomatic and economic ties. in simultaneous appearances, president obama and the cuban leader role castro announced the moves that were the result of more than a year of secret talks brokered by the vatican. click -- >> it took three hours for alan gross to fly to america, but 50 years for the countries to find accommodation with each other. his freedom was being wrapped up in a much bigger prize. >> i am incredibly less finally to have the freedom to resume a positive and constructive life. -- i'm incredibly blessed finally to have freedom to resume a positive and constructive life. but for now i will close with one of cecil b did milk characters, it is good to be home. >> -- cecil b dem

a human implication for the situation in greece which in turn has an impact on greece's creditors and the euro zone. >> yes presumably so barbara. the first few months at least of the new year are going to be pretty turbulent with greece very firmly back in the international spotlight as it tries to work its way towards a sustainable government out of a snap election, bearing in mind that that may well be a coalition of parties that have never been in power before. and all of that creates uncertainty that the financial markets don't like and all of this happening at a time when greetionthatgreece is only beginning to emerge from six years of recession. take a look at the wide are picture, greece's position in the euro zone and how that may be affected. joining me is a journalist who writes widely on financial policy yergos scopopolis, let's talk about this, how difficult is it going to be for greece omeet its are international commitments in the new year, $7 billion or more worth of debt refinancing required and possibly without international funding. international lenders have alread

greece and the ine of the european union france.ices a hard bringing everyone together to solve the european situation. there is a lot the government needs to do in terms of labor and economic reforms to help the ecb achieve their mandate. let's talk about the flip side of that. how big is the policy spread going to be next year? the further the oil falls, the more it will tighten. it will have a positive effect on europe. and not inum-term the short-term. what does the policy spread look like? >> it looks bigger and eger. you have the ecb that has to take measures. you have the fed gearing up with monetary policy and growth. place insion is in some areas. it is a positive and we need to be careful that we are not in linear territory. it is probably not profitable. how much will it be for investment next year and 2016 is an open question. . would be more cautious the further it goes down, the more positive it is. itdefault rates rise and will have negative feedback. longer in linear territory. does that cap the downside for the euro

greece has to be there.nd round of the presidential vote today, which could push greece out of the headlines. but then, of course, if the prime minister doesn't get the -- his favorite presidential candidate, we could have early elections and we could, of course, have the far left in power. and then that would really cause the possibility of a lot of strain once more for the eu, for the ecb, because it's so difficult to reconcile the policies of the far left with those of the troika. so greece certainly very interesting region to watch in the next couple of days. perhaps in the next couple of weeks, couple of months. >> jane, merry christmas. >> merry christmas to you. >> and i'll see you in 2015. >> as we've been telling you, it has been a mega rally on wall street. the s&p 500 gaining more than 5.5% in the last four days. but data that we get today could change the story. november durable goods report due out at 8:30 a.m. eastern. also house at 8:30, forecast calls for growth from 3%. november personal inc

greece is headed towards early elections. the imf has suspended financial aid to the country until the next government is formed. marcus carlson joins us on said. business news begins now. the markets are jittery after the news that greece is headed towards early elections. another round of market turmoil in greece. the main stock market index in athens closed 4% down this monday. the greek government failed to push a potential candidate through parliament. the vote is due to take place on the 26th of january. it has pledged to end austerity and to renegotiate the terms of the imf and eu funded bailout. we take a closer look at why investors are so worried. >> a party's leader just turned 40. it could shake up the countries political and economic future in 2015. his party could win the majority of government with a campaign based on renegotiating the terms of greece's bailout plan. the party is garnering popularity by offering voters a break from tough austerity. >> the vast majority of the people determined to end the policy

let's start in greece.awmakers have approved their spending plans for next year. >> next year. 2015. this is a package that includes cut to pensions and an increase in taxes on hotel stays, among other measures. international lenders say the projections for growth that are all most 3% for next year are too optimistic. greece is trying to secure payment of its last bailout from the european union. >> a contentious late-night debate and a new budget for greece. hundreds showed up to protest angered by additional austerity measures including cuts to pensions and more taxes. the government did include a few sweeteners, cutting attacks on home heating oil. >> after decades, our country this year, has its first balanced budget. it is a historic moment. it is the only way we can move forward, have real developments. without turbulence. >> the budget forecasts a growth of 2.9% for next year, as well as a deficit of just 0.2% of gdp , down from 1.3% this year. greece's international creditors say the forecasts are o

will they be affected by greece, or others? when they look at the dax, the euro stoxx, both clearly at the red. the euro is holding up surprisingly well, but it has already lost a lot of ground this year. >> thank you for the update from frankfurt. all passengers have now been evacuated from the burning ferry in the adriatic sea, but the death toll still sits at five. with almost 500 were on board when a fire broke out the island of corfu. bad weather and gale force winds have hampered rescue operations. first, this report. let's smoke and flames -- >> smoke and flames poured out of the ship on the adriatic sea. in the italian port of bari survivors disembark a rescue ship. they will be checked by a medical team. >> we are in the process of establishing a condition of the passengers. the cheaper rescue operations has reported that they are -- the chief of rescue operation has reported that they are all in good health. we need to determine who can be hospitalized and treated here at the medical center. >> bad weather continues t

it is not just greece. it is all of the eurozone.t of the eurozone is also not sustainable, as the greek debt. if there is going to be a serious conversation about restructuring greek debt, which i believe there should be, then there should be serious conversation about restructuring the european union debt, the eurozone debt, because it is not sustainable for the rest of the country. it is impossible to keep talking about debt went over 100% of the gdp of the major european production -- >> there is a bit of a wrinkle their, and that is that the ecb is about to launch a program of buying government debt around europe. if there is any possibility, if there is any credit risk associated with government debt in key members of the eurozone, then that program does not work. i am wondering whether or not that is going to limit the possibility of any discussion, consideration of restructuring these now government-backed debts of greece because it is going to make the ecb's job incredibly difficult if we associate credit risk with those cou

an important vote is taking place in greece's parliament. taking a first vote on the new head of state. elliott gotkine from athens. walk us through what we are expecting to see. the rain, 7:00to p.m. local time it is not to start. -- meant to start. 300 lawmakers will go into parliament. say they either support prime minister samaras' nomination for the presidency or effectively abstained from the vote. when you know the game is up as far as this round is concerned, you've got to get to 101 abstentions. then it is mathematically winssible for samaras to this round. the focus is on round two, december 23. the main one is round three, december 29. he only needs 180 votes. 155.already has lawmakers have said they will vote. perhaps because they know there job to come back to. if samaras does not win, general elections will have to be called. willical instability continue a little longer. >> general elections, the fear. win.a looks like it could it would have to form a coalition government, we will wait and see. talking about renegotiating with

but greece's trio of creditors have not approved this budget.y the forecasts are just too optimistic and they're meeting today in brussels to decide the outcome of that review. so let's go straight over. no, let me get this in before we go to brussels. overnight, we saw scenes like this. protesters again hitting the streets of athens, calling for an exit. they want out of this international aid program. the bailout has forced strict austerity measures on the greek people, lowered living standards across the country. now we can do it. let's go over to chris morris, who's in brussels. great to have you on the program. can you explain this to us? a lot of people watching around the world who may not follow this kind of thing. you go hang on, if these three have been basically propping up greece, the greek government can't just go on and approve this without their permission, can they? >> well, they can and they can't. they're supposed to get the approval of these troika, but the greek government believes that it's produced what is essentially the f

officials say at least five people have been killed in the fire onboard a car ferry traveling from greece to italy. >> translator: possibly there's a discrepancy between the list and the people onboard. that can happen from time to time, that there could be some other people possibly some illegal immigrants as well. >>> a snap general election is called in greece after the country's parliament fails to elect a new president. >>> and 160,000 people are forced from their homes by flooding in malaysia. >>> the search teams looking for the missing asia air passenger plane say they've spotted the first potential signs of wreckage. an indonesian helicopter has seen two oily spots in the search area and an australian search plane has spotted objects hundreds of miles away. it is still too early to know whether either sighting is connected to the missing aircraft. the search is centered on the java sea off the coast of sumatra. it's now been called off for the night. the plane's last known position is in this area and you can see the total search area has been divided into several sections. well,

. >> unsettling for greece then? >> the election the politics around that and the possibility of serisa win. the financial markets of course can once again as they have before cult off greece's access to external funding and reduce this country essentially to bankruptcy and then of course the euro zone crisis, renewing that crisis because now the euro zone is politically vulnerable as well as academically. parties around the world gaining enormous ground. a win by serisa would embolden that effort. >> thank you. >> much more to come. military jets used to fight boko haram. and flooding in indonesia described as the worst in a decade. >> the top stories on al jazeera. the man in charge of indonesia's search for the missing airasia plane says the aircraft is probably at the bottom of the sea. the search area has been now widened. three al jazeera journalists peter greste, baher mohamed and mohamed fahmy haven now been incarcerated for one year. >>> prime minister anthony samaras will have to call elections. >>> nigeria

or other with off shore companies to open up their records, we then would know who is corrupt in greece providing illicit money would be exposed. >> reporter: they are trying to balance the budget under supervision from the creditors and they do not feel the supervision has brought them greater justice, i'm john with al jazeera in athens. >>> two women have opened what is thought to be sin gal's first car garage run entirely by female power. they believe that fighting stereotypes is good for business and nicholas hawk reports from the capitol daka. >> reporter: they are sisters and business partners. together they opened what they describe as the first car repair shop in sin gal operated by women and specializes in luxury vehicles and there are plenty of older models in need of repair. >> lots of car garages but few reliable and saw an opportunity in the market and we are certified mechanics and there are not that many in town. >> reporter: they have a growing number of regular customers. >> translator: it's irrelevant they are women, i want the job to be done properly and quickly. >> r

greece wants to billion underneath the flum the troika. these countries say yes, there's enough austerity there, there's enough structural reform in greece to set them free. this was a key promise for prime minister samaras when he won that crucial no contest vote saying he would be free by tend of the year. you may have early elections. you may have presidential elections in february for greece which could trigger yet another round of concern. when you look at this price of debt, clearly there's a diver generals there. e.u. finance ministers meet heading into it. i don't want to say explosive but vivid comments from angela merkel. she talked about questioning the intent of france and italy to reform. she talked about the timeline whether or not reaching that 3% of deficit has been in the g.d.p. mr. sapam the french minister on french tv he talked about germany's crumbling lows and their low birth weight. it's going to be an interesting two-day meeting today. >> you mentioned italy. italy's finance minister jump into the disinflation, defl

can greece exit the imf support program?o yesterday was to give him a two-month lease on life, so that if a for twol extension months, and then they will come back to a larger question of can they get out of the program. >> all right, hans nichols joining us from berlin with the latest on those political development in greece. that election is a big move. let's get your data check. not a lot of economic data coming up on the calendar this morning. futures down by .5%, nine points on s&p futures, the 10-year yield, 2.24%, euro stronger versus the dollar, $1.2371. this is "bloomberg surveillance." i am scarlet fu here with tom keene and brendan greeley. let's bring you are morning must-reads. i have one from the "new york times," from johnson tepper, a u.k. and u.s. citizen. ps based in london. he writes why i'm giving up my passport. this has been a theme over the last year or so as the u.s. government has really cracked down on making sure people report their assets outside the u.s.. he says >> it is a huge deal. >> it is hu

and greece heads for a snap election that could put the far left into power. from london, to sydney, to san franciscan journalists around the world have stopped work and called on egypt's government to set our colleagues free. it was a year ago today that peter greste, mohamed fahmy and baher mohamed were arrested and imprisoned. andrew simmons has their story. >> reporter: al jazeera's doha news center marking an anniversary the staff here and in the rest of the world find hard to absorb. it is now one year since a phone call to the news desk reporting the arrest three of the network's journalists in cairo. then 12 months behind bars. for just doing their job. right across the world there were newsroom vigils and protests outside egyptian embassies. a trial in cairo had failed ocome one any evidence to incriminate the staff or associate them with what egypt described as terrorists. all the charges against correspondent peter greste, bureau chief mohamed fahmy and producer baher mohamed were false. baher's wife spiking from her home in egypt impressed her desp

once you're looking at greece potentially leaving.g we are going to spend that much time talking about it but it is a possibility. can the ecb and not full-blown -- can the ecb enact full-blown qe in that? >> the ecb is framed by germany on one side and greece on the other. they managed to contain the euro bysis in 2011-2012 convincing investors it had the mandate to protect the union. if it was to go in the direction of sovereign purchases, it will aggravate germany and economists that are struggling to contain their fiscal deficits and are looking at a different political environment for spain, italy, france in 2015. they cannot be buying great debt -- greek debt. they cannot justify taking on more of greece's political and fiscal risk. it is unlikely that they can take that risk away from the market. >> wow. that shakes up a lot of things. expectations about what is going to be happening. >> none of this is priced in. >> the market has got to a point where it believes qe is going to be happening at the beginning of -- at the beginn

it pit greece, the ottoman empire, and russia.e they just ordered state of the art dreadnaughts from britain which were scheduled to arrive in july. russia was watching this with trepidation and terror, and so too were the greece. in the course of the balkan pouring into the ottoman empire.3:c7 a few muslims but mostly christians. christians are being displaced from their homes. so what everyone is expecting on june 27 and the morning of june 28, 1914, is for the third balkan war to break out between turkey and greece..1éip r(t&háh% it's interesting that that is not as we know how the first world war began, but it is how it ended, 10 years later. and it is not entirely an accident that that is so, because this is actually where, of course, the first world war began. it didn't begin in london. it didn't begin in flanders. it began in the balkans. technically speaking if you want to look at the spark, it began in sarajevo. what happened on that fateful morning of the 28th of nq2yñjun? well, of course the archduke franz ferdinand wo

>> i am struggling to see how greece can do that anymore. greece can derail greece even further.hat is audibly all that it can do. -- that is probably all it can do. i personally struggle to see how it can at the moment. they are just short of having all their bailout money and the economy is not well. >> thank you very much, we will continue our conversation and talk a little bit about you can't -- japan and the fed note. >> welcome back to "countdown." let's talk about the u.s., whether we will see wage growth starting or continuing, you of been doing some digging. >> the thing that surprised me about wages -- wage growth overall is flat. one .9, 2.2 month after month. it is held back because all of the employment growth has been in the lower paid sectors and the higher paid sectors have been shedding jobs is 2008. that means we could all have pay rises and average wage inflation will stay low because we are changing the makeup of the labor market. what is happening now is that the lowest paid jobs -- the lowest paid sectors have 3.7% pay growth. it was falling and its lowest p

michele, what is the latest with greece? latest is that based on what happened with the presidential election we're asking whether or not greece could leave the euro again. the same question we were asking back in 1999 and 2000. the issue here is the following. they will have to have elections far earlier than expected. supposed to happen in 2016. instead they will happen january of 2015. right now, if those elections were held today based on the poll numbers the leader of the radical left would win and even though he has said he does not want to leave the euro, all of the conditions he imposes on all the international organizations for staying in the euro, are pretty untenable. people are looking at this, not guaranteed leaving the euro but they're step closer. that's why you see the greek markets get hit hard. you don't see a europe effect because a lot of greece's debt is held by the official, not banking sector, we don't have to worry about a blowup of the balance sheets of banks in europe or the united states. it's hedg

could this be possibly the first step in greece leaving the euro zone? our chief international correspondent michelle caruso-cabrera is on the news line. >> that is why the greek stock market is getting hit so hard. if the election -- that is the news today. they have elections earlier than expected in january of next year rather than 2016. if that election were held today a man named alexis the leader of the radical left his party would win. if he were to win people are concerned based on all the things he says that grease would leave the euro not because he says that. he says he wants grease to stay in the euro. when you start listening to conditions he wants to impose he wants a major write down of the substantial debt. he doesn't want to do anything the imf suggests. he wants to raise the minimum wage and more state ownership. these are all things that could quite possibly be untenable and lead to a point where we are asking does grease leave the euro. first he has to win and second they have to do the negotiation. we are several steps away but close

namely greece, greece is so 2012, right? there is political uncertainty. there's a snap election for president in early 2015. because we have such thin trading, any event like that is going to have a larger impact on the market. that might be tempering the gains here today. if you look at the u.s. listed shares of the national bank of greece fell about 7.5%. the stock market was down 10%, the declines coming back to a decline of 3.9% when all is said and done after that news. here in the u.s., carl icahn announcing he has taken a 7.7% stake in a train company. the shares are about to close with a 9% gain, despite little change for the broader market, we have a highflier in shares of the company because of the icahn stake in that. we know that the activist investor icahn is looking for a split of the crane business and it is a food equipment maker too, it makes industrial sized ice machines for restaurants and icahn wants to see the two businesses split apart, similar, this may take you back to icahn calling for ebay and paypal to split which happened eight

so much up in the air in greece. wants?hat samaras >> what he wants to do is accelerate the timetable. the initial presidential election and is a ceremonial post that was supposed to be in february and he will move into december, december 17. he does not have the numbers. vote for theast president, he would need 180 votes. vote, no-confidence vote, triggered a lot of this he only got a 155. he is 25 votes short. you ask the question of will it taper over the fact that they have not left in the imf program? that is a heck of a gamin because the opposition party, which is meeting and the opposition and meeting in the opposition and leading in the polls, they will not let them. proof positive that the samara'' government is working to keep the grease under the imf for another duration of time. the domestic challenge for him is he may be able to get away with it would international debtors. but domestically, he still has a challenge. seems stock market humbled this morning. are people talking seriously about what happens? comin

to see a strike in greece -- to see a shot in greece is a little bit about greece and a little bit aboutund conditions. >> investors are concerned about political instability in greece. should we be concerned about instability in places like italy? yes, in general. volatility has been extraordinarily low. we have become habituated to ridiculously low volatility. was 1998-2002, the vix about 20 the whole time. we had good and bad years of monetary policy. investors have got to race for volatilityly higher as the norm. then we can decide whether it is the italian or greek government that gets us wound up. is runningeo renzi to there are obstacles to structural reform. we have some obstacles of our own in the usp or president is vomit as president obama is heading to nashville -- we have some obstacles of our own. president obama is heading to nashville. he will speak at a community center that houses immigrate nonprofits. our next guest says the republican congress needs its own plan. he and peter worked together in the bush administration. now a professor at stanford university coming to

it doesn't actually add time to -- in total to how long greece will spend under financial supervision because the international monetary fund has already got a separate oversight period which extends to march of 2016. so the two periods overlap. so essentially what greece is saying is that we have graduated from the european part of our oversight program on the substance. we just need a few more weeks to conclude the processing of review. and those inspectors are expected in athens as soon as tomorrow. >> so a technicality john what you're saying but greece has been having a really hard time trying to balance its budget. >> that's right. and obviously, the $9 billion that will now be released after the successful completion of this review in terms of loan money that was still outstanding as part of this program will be an important part of meeting next year's budget commitments. one of the big bones of contention between greece and its creditors has been that the greeks believe they have a balanced budget next year, the first in many decades they say, with a 3% of gdp surplus. that me