now it is greece's move.the new pressure on them as i said, the fact that greek people are voting against their government, the fact that they are withdrawing cash at a very high pace every day in the past few days, the situation is not sustainable any longer. it is today or a collapse of the banking sector. probably with the collapse of the banking sector, the government will be forced to impose capital controls. the government will not survive this kind of measures. francine: all right, bruno thank you so much. bruno cavalier joining us from frankfurt. european equity markets are looking positive. if we look at the ftse, the cac 40, even the dax, one of the biggest gains in the last year or so. it has gained 3.3%. the cac also gaining 3%. in athens, this is baffling some investors, but overall, european stocks are rising after the greek prime minister has presented this new plan for reforms. athens gaining 8.10%. one of the biggest gainers, in fact the biggest gainer. coming up, why apple has had a swift ch

greece must remain in the eurozone. the doors to open to greece negotiations.ting comments coming in this morning. the european commissioner resented the most -- presented most recent plans they have been working on. seems to contrast with the most recent plan the greek government . plenty more developments coming through. we show you the asian markets. the contingency we are seeing. the shanghai composite down 4%. it was done earlier in the trading day. we're getting comments from the regulators this morning. talking about margin trading. that has been a concern were regulators. they are saying margin trading is controllable. we saw the central bank in china moving -- trying to boost the economy in china. here are some of the stories you need to know. greece is taking drastic action to over the collapse of its banking sector there as it moves close to an exit from the euro. banks are shut until next monday and capital controls imposed. customers could which raw only's 60 euros a day -- could only which raw 60 euros a day -- withdraw 60 euros a day. a nationwid

it is greece, greece greece. talks with tehran. lawmakers do not like what the west has offered.hnology. will robots have your kids' jobs? this is bloomberg "surveillance," live in new york. monday, june 22. i'm tom keene. joining me is brendan greeley. great optimism. just starting to come back a little. brendan: headlines from the ecb-ela rules. emergency liquidity assistance. the ecb has been put in the decision of being a political organization. tom: this is a lunchtime adjustment. what is the goal? brendan: we had the optimism about this offer and what has come back is all the finance ministers are waiting for specifics. this is a song we've heard before. tom: top headlines. vonnie: finance ministers are speaking about the new debt crisis plan from greece. they are not pleased. waiting for more specifics at the ministers meeting ongoing today. an emergency summit of leaders. looking at a new proposal from the greek prime minister alexis tsipras. it would raise taxes and eliminate early retirement. the european economic affairs commissioner says the proposal goes in the right

greece, greece greece -- will suppress resign? it will be interesting to see sunday night into monday, what our team in athens will have for us. stay with us. with willem buiter, this is "bloomberg surveillance." good morning. ♪ tom: good morning, everyone. futures are up 15. greece german spreads widening significantly. here is vonnie quinn with top headlines. vonnie: some two dozen washington state homeowners have nothing but smoldering ruins for their houses. a wildfire could not be stopped before it reached their town about 120 miles east of seattle. several businesses were also lost your the fire was brought under control after scorching four square miles. after four days of losses, the shanghai composite rose 5.5% and it had the biggest intraday swing since 1992. before today, the index fell 20% since the middle of the month. there is speculation the chinese government will take steps to defend market losses from worsening. at midnight, atomic clocks will pause for what is being called a leap second. the earth's rotation is

greece playing into selloff in equities. [closing bell ringing] closing bells sounding on wall street. we'll let you know how we did. >> a lot of back and forth today, as we got all the new headlines coming out of greece. but as the prime minister spoke certainly the markets trended lower. let's get to trading floor. larry levin, joining us at the cme in chicago. we want to go first to nicole petallides at new york stock exchange. nicole, was the selloff overall from what you're hearing from traders fueled by greece? or was there another underlying theory for the market today? >> they tried to buy the dip early in the morning. it didn't work. as the headlines came out this last hour, it only accelerated selling. chief technical levels some traders were watching on s&p 500. 2068, 2063, as we went below there we knew another leg was down. dow jones industrial average closing down 350 point with most economically sensitive sectors leading way lower. financials for example. safe haven ever bonds, down 2.33%. that is where we are

erik: is greece a buy?ist of political situation clears up that is it's difficult to track any type of investment, whether it is underlying equity assets or another line. erik: you do corporate finance, wealth management, trading -- obviously -- is it possible for anyone to transact any business on a financial level? george: the corporate's have been actively managing risk for the last apple of month and managing cost. corporate activity has ground to a standstill. in terms of actual investments in greece -- exactly. i think that most of the ins additional's have been increased in turn of risk and supplying, but it is running practice the. until the whole situation can get cleared up, there is not much that they can do. erik: we know what the greek consumers doing, like up in front of an atm withdraw a 60 euro limit. what is the wealthier individual doing? the kind of person that you serve in your wealth management business? what are they doing now and in the week leading up to today? george: contrasting cy

for "nightly busine michelle caruso-cabrera athens greece. and the treasury department is urging all parties to get back to the negotiating table ahead of that greek referendum. and it's urging greece and its creditors to find a compromise that balances reforms with debt measures. a treasury official also reiterat that u.s. exposure to greece is mental. >>> western union, the world's largest money transfer company, reportedly closing for business in greece for at le according reuters, the company has not seen an increase in money moving out of the country, but that it did see a rise in funds going in to the country nt >>> and now to puerto rico which has major debt proble the island's governor says its bills are not payable, and has concluded that the commonwealth cannot pay it's $72 billion in debt. and investo own municipal bond funds are payin late this afternoon, puerto rico's gov. the u.s. island cannot afford to pay its debt and some painful be. puerto rico's legislators are hashing out a new budget which aims to cut costs. it also sets

>> greece is not a financial event. greece is a media event. greece is an itty bitty tiny country having a temper tantrum. we do what we've done. greece is not important to us. >> if greece leaves the euro zone, it will be significant with regard to the viability of the monetary project. do you think it has political complications? >> it may have political complications, but this has gone on so long i'm quite sure that both the central bank and the euro zone and the major players in the euro zone have some strategies. there's a reason why the euro went up against the dollar this week, today. europe does not believe this is going to reversely impact them. it's going to impact greece dramatically. that is very sad. it's not going to impact the euro zone. >> rick when i checked the markets last night i heard about the rate cut in china. china was up briefly. then it fell out of bed. the euro with all that was going on in greece was falling. treasury yields were going down but things softened a bit today. we are back to $1.12 on the euro. we are ba

they're granting the bank of greece and the bank of greece to the banks and greece will be frozen at level now. the level stands at roughly 90 billion euros. that money is gone. everybody was saying perhaps the ecb should recall it. it's not realistic at all. what we're seeing is a freeze in that operation but this emergency liquidity assistance is also depending on the country being on their program and as we all know the program for greek will end on tuesday. big question mark though is what happens wednesday? ecb governing counsel member who is the head of the austrian central bank was saying that they're going to discuss whether they grant more or whether they keep it on wednesday at the governing council meeting but also the reality of things is if they don't keep a freeze but want to recall it that would mean actually the complete collapse of the banking system in greece. i think they'll wait until next week at the latest or at least to find a solution here. with that back to you. >> yes. when is the next -- i don't know if you're the right foreign ask necessarily. so they don'

we go germany germany, germany, greece, greece, greece. there are other members of the euro. they are is limited -- they are as limited as everybody else. >> i never understood angela merkel. she has been the most popular leader -- why she hasn't talked to the german people. if it hits europe, it will hit your jobs, too. i am not a political advisor to germany, but more -- it is pretty simple when you put it that way. your jobs are on the line if europe has a problem. tom: buying time until after the july 5 referendum, coming together for restructuring. jeffrey sachs will join us coming to us from ecuador. his op-ed this weekend was skating. leslie get the tweet that went out. the u.s. has shown -- let's get the tweet that went out. germany has been strenuously resisted. tom: one and the advantages -- one of the advantages of bloomberg, using timing, talking about weeks, days, seconds. we are in the last milliseconds to talk about solutions. many disagree with mr. juncker, that there is a timeline here to come to a successful conclusion. a raging debate as greece is in crisis

and looking at greece's uncertain future.the reform proposals and don't want a new agreement with greece's creditors. there is a growing sense that even when they are working the most they can draw in a day is 60 euros. >> i need 20 euros to buy medicine. i don't know if i will be able to. people have to heat -- eat and drink. they have cut our pensions and now this. >> i am against europe. it makes me very sad. >> it is terrible and very cruel. everything is closed. maybe not even when it reopens. >> groups are forming to approach the pros and cons of the referendum. many locals rely on it for income. >> and right now, people think it comes here -- they are not going to have any money from the banks. the basic income of greece, if you take out of it, you have nothing. and they come here with their own money. >> it is a lot of news in finland. we took some more cash with us and we hope we are stable and and long term, i hope that they will be ok. >> it is the only point that the politicians, creditors and greece seem to agree

greece, is the u.s. greece? puerto rico is pretty close. what happens in the muni market? need to worry about contagion over here? >> i think they're under control in some large respect. in puerto rico, most borrowing municipal in terms of capital in america, eight times the face amount what detroit had, this is a big deal. they owe $72 billion. >> right. >> i think there is a workable solution here. puerto rico is not able to file for insolvency proceedings. that is hammer municipalities have, like detroit or private companies. that is the template how these things get done. lacking a hammer it will be white challenging because there are numerous creditors and municipal borrowers in puerto rico. i think there is a way to impose order on that chaos. i think it is very important. there has to be sharing of the pain. folks who own a debt. a lot bought at deep discounts. they're expecting things might not be incredible rosy. they need an overall solution. you can't keep the debt propped up. there has to be recognition what puerto rico can afford to do. >> how is that trading

will greece default?ny coming right back for the final guess on all that happens with our markets. dow jones industrials losing 314 points. . . liz: i just want to quickly as we bring back mike holland. there was a question to alexis tsipras, prime minister of greece. any elections before the referendum is held. if anyone calls me i am here for them. they called. they have been calling for five years, michael holland. is his window fast closing? >> of course. you had one of the great interviews of the day with john lipsky a little while ago. the guy was head of imf. used to be chief economist at solomon brothers. very smart. this is serious thing. it will happen. liz: he says simply this will get more chaotic. look at crowds outside of parliament. you wonder what happens when nobody can even get 60 euros or $66 out of atmss, let alone petrol. >> any investors going to greece because it is opportunity, be careful day-to-day how you do things. you can't do things there without atms. liz: we know this is liv

they say that greece will be in arrears. we know that will not happen in greece's case. that is what christine lagarde told us. they will start this arrears procedure, which involves a meeting at the board of the imf, the aim of which is to try to get the payment schedule back on track. meanwhile, they will not get any new money from the imf. it will not be much of a difficulty for greece because it has its own problems with the debt bailout. the job is to a sort -- to assess the credit worthiness of the country for private investors. they also say that if greece misses a payment, it will not be a default from their point of view. genie: what about the markets in all of this? what kind of market reaction has there been? stephen: the interesting thing when the news first came, there have been new contact between athens and the european commission. european markets were trading down and altering into positive territory but that has dissipated quickly as details of what has been proposed turned out. that is not represent any great change. you can see all the markets are dow

plus greece in times of tragedy. talks are going nowhere, fast. >>> this is your brain on bias, unconscious bias, it looks normal but scientists say many of our brains are packed with unconscious subconscious negative views of women and minorities. negative views are often formed by years of exposure to cultural stereotypes or facts in the media. consciously, many of us find thee views deplorable and many of us believe that biases take up any space in their mind. guess again. unconscious bias is how we do with information overload. the human brain stores 11 billion items but we can only process so much at a time. unleashed outside the brain those shortcuts can lead to discrimination. some people suspect that unconscious bias played a role in the deaths of michael brown in ferguson, missouri and eric garner in new york. those are two of the recent cases of unarmed black men dying with encounters with white police officers and they have sparked responses to combat bias in law enforcement. but it's not just cops who pla

is it greece? tom: of course it is greece.gentleman who came up with the phrase "grexit" will join us. he has steamed back to greece staying in the euro. you will see someone like mohamed el-erian respectfully disagreeing. daniel juergen will join us. i am fascinated about iran, the oil. jonathan ferro mentioning that china is the other story. over here, puerto rico is a huge story. if greece did not exist trust me, that would be our top story. francine: you are absolutely right. on iran, you need to keep -- we need to keep a close eye on it. the inspectors are not allowed to look at the facilities. it is going to be a great show. tom keene and "surveillance" in 25 minutes. today's headline on iran. talks in vienna are set to continue after midnight. u.s. and european diplomats are confident a group can be -- an agreement can be reached in days. elliott: talks brinkmanship, and a dramatic venue. that sums up the negotiations on an iran nuclear deal. as the deadline approaches, we may be in seeing the same. world powers say a d

that is what greece, this is what has happened with greece. it has been five years.o get gone or get with the program. i think they will vote to stay in the euro. neil: i think you're right at this stage. >> when other economies start feeling -- listen, if 2/3 of europe be sunk, because greece is going to go, if they stay in the euro they will go into depression, probably, at least a mild depression. >> economy started to grow before tsipras was elected. >> if you're elf selling me three or four major economies have to go into a depression or something close to it, that will have a real impact on the world. here is where it gets tricky -- >> i don't think one means four. >> they have similar, they don't necessarily mean four. what i'm saying to you, they have similar problems and these are countries that are not growing economically. >> you know what the problem is? tsipras wearing no tie, right? neil: a little too lackadaisical. >> you snow what i say? the greek olympic athletes, they competed in the nude so, i'll take no tie over complete nudity in these negotiatio

greece not the only headlines today. other headlines in today's edition of "the wall street journal." u.s. intelligence agencies believe there is a strong possibility the assad regime will use chemical weapons on a large scale a large scale of islamist fighters threatened strongholds. morgan stanley raised new bond trading push after years of rationing back trading operations in favor of more stable businesses. morgan stanley is quietly plotting a comeback pushing for more fixed income trading business. among lenders suffer competition for banks. on my syntax companies and to displace banks aspects of consumer business funding capture imaginations of investors. coming up we will keep you up-to-date on every detail coming out of greece and europe in general including the three things you need to watch as the crisis unfolds. global stock markets rocked by greek turmoil. checking your stocks index futures and the overnight sessions in significant losses to report although we've come while off the futures of 176 points as th

marios: everything is possible including greece exiting, greece staying, and greece defaulting on debtg to stay in the eurozone. we will know in the next couple weeks. mark: great to see you in dubai. back to you in london. francine: a lot of the gulf countries are confident they are immune to greece. if it doesn't leave the eurozone, we do not know where that money is coming from or going. it may have more of a regional impact than people think. next lego's sustainability push. the toy company's ceo on their pledge to move the way from oil-based plastics. ♪ francine: welcome back to "the pulse," live from london. let's talk toys. lego plans to invest 150 million dollars to develop more sustainable materials for their famous blocks. we are joined by the legacy you joergen vig knudstorp -- by the lego ceo joergen vig knudstorp. lego has seen a huge success. the amount of raw materials you use is so much bigger. your raw material consumption is more than 77 thousand tons in 2014. how much raw materials do you plan to use this year? joergen: i can't say. we are optimistic that we are cont

joining us from greece.ill being cradled be -- it will be an incredibly busy morning paired with think it is midnight athens time around 5 p.m. in the evening over again washington paired that has increased -- crucial. back to you. anna: yes, we will see. it is 21 minutes past 6:00 paired leading up to crap the patrol. of we have chart of the impact on the cities in inhabitants. let's listen. >> 50%. this time, it is 80% there because i don't have any money. >> i would take how much it takes the take a taxi. the way for the bus about 45 minutes to an hour. what do they going to do with their money. if they have money for five days or more. >> next week if we are not paid by the government all pharmacies will be affected. next week we are in europe or not. they will have the money to pay. we will see. >> in general, you are amounts of produce -- fewer amounts of produce. these last days, the problem seems to be worse and worse. >> we have the same amount of tourists. i am not concerned about two pourists, mor

let's get back to greece.ght, an announcement that the greek banks will be closed. our chief international correspondent is live with more in athens. consider here we go. that's one way to put it for sure. we want to bring some clarity to headlines that have broken in the last half an hour or so. there were reports that the greek banks were going to reopen an thursday. it could be that the doors will physically open on thursday, but it's only to pay pensioners. it's not to be able to get your money out if you're a greek citizen. the capital controls will remain in place. things could change. the ecb is going to meet on wednesday to decide what they're going to do and by then they'll know two things for sure one way or the other. did the greeks pay or not or did they get an extension on the i agreement. right now both of those things look unlikely. we have to get through those days to find out. banksing opening on thursday, doesn't mean the capital controls will go away. we're seeing already an impact on touris

we don't understand greece at all. we talked about greece as cradle of democracy.was two and a half min millennia ago. and greece missed building institutions, codes of thousands a thousand years under the byzantine and 500 years under the ottoman's empire's boot and a mistrust of government, the state is the enemy. a culture of tax evasion, weak civilian institutions and really this financial crisis we're seeing as severe as it is, it's really part of a crisis, and back to vladimir putin culturally greece in spite of pride in being part of europe is closer to russia know the only because of the orthodox religion, but because they were divorced from european developments for so long. putin is looking to make miss cleave. and tsipras is closer to putin than-- >> i'm a history buff and glad you walked us through that. i imagine putin saying are' part of that, but they let you down. and pipelines coming through turkey, and what could they promise them and offer them in terms of money? ultimately that's going to be the solution. >> well putin still has some financial r

and looking at greece's uncertain future. the reform proposals and don't want a new agreement with greece's creditors. there is a growing sense that even when they are working the most they can draw in a day is 60 euros. >> i need 20 euros to buy medicine. i don't know if i will be able to. people have to heat -- eat and drink. they have cut our pensions and now this. >> i am against europe. it makes me very sad. >> it is terrible and very cruel. everything is closed. maybe not even when it reopens. >> groups are forming to approach the pros and cons of the referendum. many locals rely on it for income. >> and right now, people think it comes here -- they are not going to have any money from the banks. cncom of greece, if you take out it, you have nothing. and they come here with their own money. >> it is a lot of news in finland. we took some more cash with us and we hope we are stable and and long term, i hope that they will be ok. >> it is the only point that the politicians, creditors and greece seem to agree on at the mo

massiveyou deliver a debt reduction to greece, and greece needs that, there are no guarantees greeceme through on reforms. so, you have a situation where others,side trusts the and in in negotiation when you do not have trust, that is very difficult to take the first step. you have this typical game theory in which you cannot get a cooperative outcome. it is not hard to solve from an engineering perspective, but it's very hard to solve when the two sides do not trust each other. if greece of effectively rips up their debt notes, this poses a capital problem for the ecb, does it not? guest: there will be losses throughout the system. i am not too worried. a lot has been done in the last -- years to ensure that there was one legal uncertainty. it is not clear what happens when you go from a currency you do not own to a currency you do own. that is the big legal uncertainty out there. m: how many degrees of freedom does angela merkel have right now? does: whew, because she not control facts on the ground in greece. quoted a wonderful earlier. this is a different greece. it will emerge f

but greece is running out of cash. after months of filing, it has come to the crunch with just days left to pay off the loan to the i.m.f. or risk crashing out of the euro. it is a tough balance in the negotiations. >> the greek prime minister arrived at the talks alongside the european commission president. a will be discussing the new greek agreement proposal today. he was not overly optimistic going in. >> i don't know [indiscernible] >> if the negotiations today fail, greece faces the real prospect of leaving the euro and going back to its former currency. there are just eight days left for greece to pay back the 1.6 billion euro loan to the international monetary fund in order to get the bailout money it needs. >> greece hopes to resolve the crisis. but the future remains bleak. since the great depression in the united states, no advanced economy has undergone as many austerity measures as greece. it has been a drastic surge in unemployment since it was first bailed out in 2010. how much has greece borrowed alread

why the greece crisis matters. and what happens if the country defaults. >>> broken vows using fate to fight a fundamental right. >> one man, one woman! >> tonight we take you to the front lines in the battle against same-sex marriage. >>> failing grade for profit for shame. >> they overcharge. students get so deeply in debt they drop out, or get worthless diplomas and can't find a job. >> reporter: we talked to senator durban about whether washington can stop it. >>> plus stroke of genius, the painting of jacob lawrence and a new appreciation for this ground-breaking african american artist. ♪ >>> we begin with the crisis in greece, and the impact it is already having here and around the world. investors fearing greece will default on its debt they started selling and didn't stop selling. the dow dropped 350 points the worst day of the year. and in greece time is running out before its bailout program expires on tuesday. the banks are closed and there are severe limits on how much of their own money citizens can w

what happens politically on the ground in greece? we saw what happened when he moved for a referendum. a no-confidence vote on the heels of it. there could be a lot of volatility down the road. we are concerned about the markets as well. alix: i believe we have a live shot of the greek prime minister in an interview where he puts the ball back in creditors' court. paul, do you agree with hans? is this a time you want to be buying on this kind of dip? paul: we are not that brave. this has all been political. for people driving the debt now, they are the voters or political face of the rest of europe. if there's going to be a haircut to the official sector, at the even though bondholders have taken a haircut, i think there is a high probability europe would want the private creditors dinged again. we are not as brave as greylock with a slightly different investor base. alix: thank you very much for us.ing up so late with thanks for being here. joe: coming up, we asked jerry siegel what keeps him up at night. ♪ >> alix: "what'd you miss

european markets react sharply as they open but the stock market in greece is closed. ♪ hello and welcomeal jazeera live from doha and also to come on the program polling stations open in burundi for elections but they will not be free nor fair. fair. >> the government and international bodies expects. >> reporter: activists demand action after israel intersects the flotilla as they try to reach the main blockade on gaza. ♪ but first we go to news coming in from egypt, attack on the convow of the state prosecutor and attacked his car behind an academy in cairo and body guards have been taken to hospital and more on that as soon as we get them. the doors remained firmly closed for greece's banks on monday and will continue that way for the next week. it has been a nervous opening for the markets with stocks falling sharply in reaction to a weekend of turmoil that saw capital controls but they will remain silent and they will be closed for the next week as well and barnabie phillips is in athens and sent these updates. >> it may have been necessary and inevitable to save greece's banks afte

but the finance minister of greece has got to tell the bank of greece to wire the money. that means we're merely hours away from ability to make that paim. wpayment. we have heard it won't happen. lower markets throughout europe and the united states. that's where the uncertainty ends. no one has ever done this befo before. zimbabwe has defaulted. argentina has defaulted. the fact that someone could default in the european union opens up all kinds of possibilities. greece has said they are holding a referendum next sunday. the europeans were very, very upset about that but angela merkel of germany has now said you noaa what if greece defaults and wants to reopen negotiations, we're open to that. what they don't want is a grexit, the unruly exit of greece. apart from that what does this mean? the flow out of the euro, into the dollar, the u.s. dollar will strengthen some more. fantastic for people on their way to europe for a vacation, really bad for u.s. manufactures or service providers who sell their goods, they are already suffering from a dollar that is too high. it w

back to greece. the former of gamco investors both dodge fund leader not see greece leaving the euro anytime soon. pimm: earlier they spoke with betty liu, who ousted we are at the breaking point here. marketlet's face it, the does not like uncertainty and does not like negative surprises. most people felt the deal would be worked out -- betty: and look what happened. greece represents less than 2/10 of 1% of global gdp and less than 2/10 of 1% of global markets. it is hard to imagine this will be a major event for markets. most greek debt is held by institutions,nt not the private sector. it's unfortunate. anything could still happen, but i do not think this is what the market is making it out to be. betty: how about you? guest: he mentioned the size of like what happened with lehman brothers, when that went bust, it was the reserve fund that created a problem. we are still waiting for the ripple effect. not with sanding how the market is reacting to it, and that gives you opportunities for the it r

rishaad: to greece. people waking up in the next couple hours, day two of their reality as their life savings are out of reach, stuck in the banks are prevented from leaving the country. there is an imf payment in the prime minister's daring his country to throw them out of the common currency. first point, greece has shut down speculation that they weren't reducing the euro limit to 20 daily. that is not true it is still 60. they downgraded their ratings on greek banks to restricted default. most of the concern and expectations can, will and should be able to bring in any kind of follow. from alexisnts tsipras exuding confidence that the rest of europe knows better than to kick greece out. >> greece has made an ultimatum including terms and conditions that do not abide by the mutual respect defined by the european framework. just a few other things, $1.7 billionhe imf which the prime minister says they will not be paying. second the finance minister was getting mobbed behind me by reporters telling the

request greece. let me finish. what is hedge fund and blows up you just don't know. you don't know. [inaudible] >> there's so many complacent just brazil and greece's problem. >> they're trying to help us. >> sheetion here, she cares for people who want to know what is up. and you don't believe the fire until you're on fire. >> at this point -- she's screaming fire in a crowded movie theater. >> okay. >> i've said repeatedly i've said repeatedly that the european banks said repeatedly that european banks do not have exposure to greece said it over and over again. >> exactly. exactly. lizzy -- >> mutual funds may have exposure to puerto rico. >> let me finish. let me finish. 180 mutual funds. i like that you cite paul volker. >> on this show loose has delayed restructuring of government and bank and systems when feds start to -- you see it. >> before this guy was pouncing on me. i'm just saying this global debt issue in isolated cases one more severe one a different story than other, it is everywhere.

greece has shut the banks. this is an attempt to avoid a collapse of the financial system after a tumbled to as weekend. francine: the weekend saw talks with creditors break down and the european central bank freeze its lifetime to the country's banks. we are live in athens with guy johnson. elliott gotkine also is looking at the mood on the ground. hans nichols is in berlin. elliott, withdrawals are limited to 60 euros. that is the only amount that a greek person can withdraw from atms. elliott: that's right, francine. prime minister tsipras asked for the patience of the greek people. it seems pretty patient right now. over here, we have one branch of national bank of greece in the center of athens. the problem is not so much that greeks can only take 60 euros per day. the problem is that you can't even get in because the banks are shut. they are going to stay that way for the week. there were people traveling to the airport specifically to take money out of atms. there were two there that had cash. one ran ou

let us talk about greece.t on the diplomatic -- donald tusk stopping -- and once greece to stop fighting demands. the imf has made differences with greece. we will be bringing you more with the mexican president. that is one of the things we will feature this morning. let us move on and talk about something else. perhaps we will talk about asian markets. perhaps not. twitter, more twitter. the ceo of twitter has stepped down. +++ user growth. bloomberg businessweek senior writer, brad stone joins us on the phone. read, the two have you on the program. do we know why costolo quit from the company? you were suggesting that this is a man who is entrepreneurial? brad: he toughened up. it is the most stressful job. considering all of the scrutiny on twitter. he claims he has put together a management team that he is comfortable with. he is comfortable with the direction. twitter user growth is disappointing. it pops -- the tops off at 300 million. the question is how this twitter make money? advertisers will come c

greece is waiting for the 7.2 billion euros.i'm hearing around here at this meeting from a number of greek officials that there will be another meeting tomorrow and there will be another meeting on sunday and then the eurozone capitals will have to emerge and ratify whatever decision will be taken, which will probably just be an extension to the program to give greece a bit of space and time. laura: all right meabh, thank you very much. another meeting going on in brussels today, members of nato. they have approved a series of measures that include tripling the response force unit. the unit is bolstering its defenses against russian aggression in ukraine. russia, though, has hit back and accused nato a cold war provocation. reporter: nato's new measures are not a provocation, but a response to russia's 2014 annexing of crimea. that is how the nato chief justified the decision to bolster troops of the two-day summit in brussels. >> russia continues to send troops, forces, supplies into eastern ukraine, and destabilize eastern ukr

it is a very innovative measure that one supporter of greece -- >> the latest efforts to rescue greece, one guy may have found his own solution. it involves a 29-year-old londoner. probably older than 29, aren't you, karl? karl: we are not talking about me. we are talking about tom feeney. he has his own plan. he started his own greece bailout fund on the international crowdfunding website indiegogo. here is the update. nearly 300,000 euros raised towards greece's bailout fund. it would be quite a way to go. he says it is not impossible. he needs for everyone in the eu, every member to buy a feta and olive salad. that is what you get for a six euro donation for the crowdfunding campaign. you will get a personalized postcard from prime minister alexis tsipras himself. it would you rather have the greek salad or the postcard? >> think i will take the healthy option. the greek salad. no one since postcards anymore. but see with the big-time investors -- let's see what the big-time investors are thinking about what going on in greece. we are joined with an old hand from the trading floor.

greece imports all the basics. if they exit they won't be import ago thing because there will be a period of time, maybe months, during which they will not be able to pay those who are exporting into greece and, therefore they won't export into grease. there will be food, fuel shortages it will be truly dark. that realization -- >> unless a parallel currency. >> rose: make the point, the parallel currency argument, lionel. >> well, yeah i mean, again this may not be so black and white as we see it. parallel currencies as we know from tarnlg tina case, they're not an easy fix. but you might imagine for example, that for certain transactions high-level transactions, that the euro could be somehow used within a drachma as a parallel currency. this is all corchlcated. i'm saying i couldn't imagine a situation where greece is literally thrown to the wolves for six months while they try to put this all back together. >> rose: that opens a question i'm especially interested in. if they do that, what might russia do? >> th

joe: i'm excited about greece. alix: greece, greece, and more greece. joe: i want an all-greece show. alix: there might be a bright spot in biotech. we will talk to the ceo of biomarin. the health-care sector really blew it out of the water. first, the markets. dow up 20 points on the day. s&p up five. joe, take a look at the broader context here. intraday, a little bit of greece, a little bit of china. we closed off the highs of the session, and at 2:00 p.m. we got word from fed vice chair stanley fischer that the u.s. economy is close to full employment, but we are not going to tighten prematurely, so the goldilocks scenario continues. joe: one was the fisher headline. the other one was that greece will have another eurogroup meeting tomorrow. even though they are careening to the referendum, there is a little talking going on. alix: talking about the update and the up quarter, the count up clock stands at 1,365 days since our last correction. joe: worst first half in several years. as you said earlier, stocks, not a good quarter. this was the first q

a greece finance minister yanis her caucus -- but greece finance minister yanis varoufakis says greecexes or make further cuts. house republicans want more time to revise president obama's trade agenda. the committee delayed another trade vote until the end of july. it involves a bill that will compensate workers who lose their job because of free-trade legislation, and one ceo, jeff and melt of general electric, things -- jeff immelt thanks the u.s. needs this and talked about it with charlie rose. jeff: in two weeks, our export is expiring full so we are the only country on earth i will have those two things happen and they will both happen in the next two weeks, so i would say to people who are watching the show, guys, we can compete. this is a job creator. people think trade bills are for people like ge. i can globalize without them. vonnie: and you can see charlie rose's entire position with jeff immelt tonight at 7:00 eastern on bloomberg tv. goldman sachs has been for wall street, now it is turning to main street. they plan to online land for consumers. goldman plans to make the

greece was not doing that. if they can have an agreement this week and greece will be, stay inside the eurozone, and this crisis can be overcome, i think this debate on the future of austerity is going to come back to european politics. burns, former u.s. greece, and hose nichols, joining us from brussels, gentlemen, thank you so much. ahead.much more we will show you some of the advanced training simulators. that is next. ♪ betty: welcome back, i'm betty liu. take a look at what is happening with the nasdaq today. ramy: that is right. it is going gangbusters. , a newvious record high lifetime high. the nasdaq has led the way, up 9% in 2015. the s&p and dow are up 3% and 1% respectively. facebook is helping to push that index higher. 2.5% higherouching right here. the highest in the past two months after piper jaffray raised to their price target. that is currently the highest price target on the street. towards expect a shift virtual reality in the next 10 years, which facebook is well covered because it owns

greece. we had quite a big rally. it seems that every thinks we will get a deal. what if we don't? >> that is a very difficult thing for markets. it is a binary outcome really. it is quite difficult to place your bets on something like that. i think they want it to be a deal. the fact that everybody is still talking looks like there will be a deal. there is a big risk that won't get one. manus: jamie, how much -- the tiny proportions for g.d.p. in the eurozone, it is inconsequential. it is not going to make any difference. what is your view? >> well, it is small. there is no getting around that. we did some calculations looking ahead of the current bailout and negotiations and about how much money greece would need to tide them over until 2016. it is small. francine: the problem of course is that it is not the amount of money. it is the political will and the fact that if you're going to lend money then the creditors want something in return. for me, in my mind, the prime minister of greece h

really it's about greece. think investors like the fact that athens has put a new reform package on the package. whether or not it's going to cut it with the creditors is the new question. it all depends on the greek headlines and that's going to continue told this market in asia pacific in my opinion. anyway let's talk about china, it's closed for the dragon boat festival holiday. reopens tomorrow. i think it's going to be an absolutely crucial day for china, given the fact that we've seen the meltdown happen on a friday. high leverage. high volatility. that really is the move. we saw the market down about 6.4%. big question for mainland china investors is whether that correction continues or whether valuations and now even more compelling to entice a buying interest back into the mainland market. remember also the macro side we have pmi numbers, from the market the private forecasters looking for concessions around 149.4. that's where we stand, seema, wilf back to you. >> thank you. >> there's a lot of posit

is it all about greece? >> to start the day but volatility is opportunity and if we look at the market action we have been stagnant really here over the last three months. trading sideways between 2120 and 2080. we did make new highs. so like you said the reaction here is some what muted. we're down to 1% and we have gotten back half of our losses. >> which sectors do you think are going to react? in the u.s. as you're eluding to there will be a little bit of risk off across the board or are there particular trades you're planning to make in the volatility that's arising? >> i still think tech is the opportunity. the stock markets here in america are still positive. still positive year to date. we have been talking about this year in and year in and now we're seeing the fall out with greece. look at the euro currency. it's cut it's losses as well. the initial knee jerk reaction was very negative but the u.s. is holding up well in comparison to the rest of the markets and like you eluded to i think the contag

the greece has 19 members not 18 greece has not left. these are words trying to soften the situation but really the hard reality is that greece is in a situation where it are not have the 1.55 billion euros that it needs to pay the international monetary family. it's inm it's not clear what they will do. will it go towards default or will it postpone. there is a procedure that 2 could be described as arrears if they don't move on it right away. added to all of this, julie is the issue of contagion. the line there the euro group is that it's not in the same ways that it was in 2012. there are now safeguards fireproof aspects to the way they've arranged things, and they can effectively contain the situation. but this is ground that no one has been into before. no one is quite sure where this will end up. if the run on the banks get bigger and bigger, the central bank will have to call in stopping the emergency loans going to the greek banks. it's not a situation that anyone could predict. it certainly is really really uncharted waters, as