glencore results are down by 9/10 of 1% as the bundestag the ginza greek debate. -- begins the greek debate. caroline: we are waiting for live prices to open up on the dax, but i can tell you that it is already up by a quarter of 1%. -- reason of this selloff interestingly, we aren't really following china as he did yesterday, because china suddenly staged this late comeback in the late hours of trading. we suddenly saw the shanghai composite end in the green amid speculation about whether or not we would see more stimulus to come. monetary policy quickly kicked in. will bewhat juliette talking about in a moment but in europe are still concerned about the commodity index. bloomberg tracks as the lowest since 2002. the selloff is continuing. look out for those big oil majors today, and glencore after they came out with their numbers. the dax is now opening 9/10 of a percent down. stop buyingtime to these chinese stocks like the luxury good makers. have the fundamentals in china changed that much? and they have pricing power in china -- maybe is tryinime to analyze whether it's good to

tragedies or the greek stories that relate to today?>> they ask a core questions about what it means to be human but i'm not sure the plays mean anything. i think they are technologies designed to do something very specific and like an external hard drive plugged into the right audience when he taken ancient greek play designed for specific audience and plug it back in the plane knows what to do. the story knows what to do in the audience knows what to do as well. i feel like these were stories born out of the need of the democracy to communal eyes the story weather was war or you leave the accounts a plague wiped out one third of the gideon population. there is no one in the audience who would have known the conflicts of the caregivers the intensity and the grieving things that make to us seem like extreme histrionic emotion may have been kitchen sink realism. people say that wasn't poetry. that was an act of my wife in the kitchen. for a general audience who may not have had these experiences you either come to our performances and be

♪ reports greeks will vote again as the prime minister calls for new elections. ♪ hello there, this isjazeera live from london, also coming up, safe landing, a ferry carrying several thousand syrian refugees docks on the greek mainland. cross border tension north and south korea exchange fire after a dispute of loudspeakers. three firefighters killed as the fire continues to burn out of control in the northwestern u.s. ♪ hello, greek media are reporting that prime minister will call a general election for september the 20th even though he has only been in office for seven months and the left wing party were elected after pledging to end austerity cuts and agreed for reforms for greece to receive bail out funding and they rebelled against the latest deal. with me now in the studio is dennis an associate professor of economics at the university and thanks so much for coming into the studio, one key important issue about all of this is clearly the bailout package and funding that greece has received. as far as you are concerned is that now in concerned, is the bailout program now in dange

they are waiting to be registered by greek police.espite reinforcements brought in from athens, patience is running thin. >> many people here have been 50 days waiting here. they don't do anything. you see how many degrees hot it is now. reporter: some 7000 migrants have flooded the streets the past few weeks. the two worst island has a population of 33,000. with nowhere to go, the refugees have been sleeping on the ground or in tents and living in deplorable conditions. tensions escalated tuesday when the police attacked the migrants with fire extinguishers. the mayor warned that bloodshed would follow if the situation were to worsen. the reinforcements were welcomed by local authorities and the mayor hopes that most refugees will be allowed to leave the island soon. >> the registration process is going very well. the a point to point out police were working until 4 a.m. last night and started early today. about 700 people are being registered every day. i believe most will be registered by the weekend. reporter: meanwhile, the greek

arrived on greek short last week. germany says asylum applications there have doubled this year. type police releases artist impression of the man -- thailand police release an artist impression of the man they believed to be involved in the bombing in bangkok. let's get to business news now. it seems that germany has overwhelmingly given the green light to lending more money to greece. guest: yes. after many ifs, but it's and a bees, greece has clinched a third a lot package from the rest of the eurozone. this one is valued at 86 alien euros. the esm has also approved the first trench of money. the key was a decision by the german parliament to back the bailout. the government and chancellor angela merkel faced a rebellion, but overall, the german parliament heated a cord to essentially give greece a chance. let's listen. of course, after the experience of the last years and months, there is no guarantee everything will work. we are allowed to have doubts. thein view of the fact greek parliament has already passed a

recent greek election is called golden dawn. this is a party which some people call a neo-nazi party, but other people believe it is nothing neo about it. it is a nazi party, which came in third place in the recent election. in my view, we should learn from history and we should understand that when democracy fails, when people vote for something and cannot get with the government promised because of outside forces, this leads to massive discontent, contempt for democracy, and it opens the path for right-wing extremist parties like golden dawn. finally, let us remember that one of the main reasons why greece was unable to take on so much debt was because it had help from goldman sachs, who helped disguise the nature of the greek debt. today when we talk about dead, we should appreciate that something similar is happening right now in puerto rico where the government is struggling with unsustainable debt and a group of hedge fund billionaires are demanding austerity in puerto rico, demanding the firing of teachers, the closing of

i think that answer, by that age leftist reads the greek psyche very well.sty -- think the period we are in now is where the greeks don't want the battle to get worse for them, therefore i think they say electing incumbent of the path of least resistance and has continuity at this point because we now have a new deal with creditors rather than going back to a conservative administration which will again try and overturn the terms of this agreement perhaps. >> point well made there, thank you. john in athens, thank you. >>> ♪ a ferry carrying more than 2000 syrian refugees is now at the greek port and close to the capitol athens and the vessel leaving cause on wednesday and stopped at a number of greek islands on the way picking up more refugees there and it was touted to ease the pressure on the eastern islands which are a first destination for small boats coming from turkey. jenna is there where tourists and refugees are coexisting uneasily side by side. >> reporter: the sea front at the height of the holiday season has become a refugee camp. tourists might

from back in january when things were pretty bad for the majority of the greek people.till today, the hope that things might still get better after -- with tsipras, is bigger than any perceptions that things have gone worse -- >> so this is the only thing in his favor, the perception is other people would have done a worse job? >> the negative feelings clearly are directed at the older parties that were in a power until january. they are seen as corrupt, they are seen as basically having brought this whole thing about in the first place. there is still some positive feels towards him. many feel he did try to renegotiate, where others didn't, so there is hope that he might negotiate on austerity in a different way. >> he was regarded as a fire brand leftest. he was going to change everything. he was going to kick austerity into touch. that isn't the man we have been seeing for the last seven months. those who voted against the measure, and they are part of his coalition, he has to get rid of him now, and bring in new coalition partners. how is he going to do that? >> tha

it looks like the greek -- >> it looks like the greek armament will vote on the issue again on tuesday. negotiation's focused on greek finances and the privatization of enterprises. elsewhere in europe representatives are still cautious about a final agreement. >> this work was done hand-in-hand with the imf and ecb on the ground. the institutions and greek authorities achieved an agreement in principle on a technical basis and talks are still ongoing on finalizing details. >> some details have to be worked out, but investors seem optimistic. following massive losses last week, shares surged over 2% on tuesday. posting robust gains after taking a beating last week. >> the future of the market will now depend on the details of the deal and on political stability. we don't know yet if we will have elections are not. we don't know anything about bank recapitalization. greece can expect up to 86 ilya and euros. the country needs that money urgently to repay its debt. >> it's like being between a rock and a hard place. he's chosen the path that everyone was wishing for and was against at th

is it fair to the greek retail investor? it is difficult to say whether it is fair or not fair. greek investors have the ability to use other money they are bringing from abroad. you know the greek braking system -- banking system before capital controls and look at $8 billion. they can utilize. as you see, this is a buyer's. hans: it gives you a sense of where you expect things to go and shake out. socrates lazaridis: and i must mention also, a discussion by ecb that the position will take place only for the short first period. where they -- the new environment will be stabilize. hans: after one month, the restrictions will be limited? socrates lazaridis: it is protective. hans: that is a fair point. when we look at what is happening today, have any stocks been halted from trading? some banks down 30%, are they technically halted? socrates lazaridis: you may know they are halting the much activity. for the pedal of time, we have extended it to 10 minutes to give time to investors and sellers to rearrange possibly. hans: hav

greeks are not allowed to buy their shares via bank accounts. those bringing cash into the country will face no restrictions. keep in the little cash desk keeping the little cash they have in the banks is crucial. recapitalization of the banks remains crucial to greece's negotiations to its creditors. it is estimated that they need 25 billion euros to operate normally. >>stewart: french police have again blocked migrants overnight trying to access in the euro channel to the u.k.. hundreds trying to evade the french police to make the crossing. claire: another day, another attempt to cross the channel. but these migrants have returned to their camps frustrated. they say it is getting harder to break through fencing and get onto the rail checks. >> now it is vary hard. -- rail tracks. quacks now it is>> now it is vary hard. reporter: 14 and traveled from a scanner stand -- from afghanistan with one goal, get into britain. last week, prime minister david cameron pledged 10 million euros to improve security around calais. >> this situation will saw

the greeks voted no.unately just because a country votes not to pay back their debt, doesn't mean they don't have to pay back their debt. if you take out a bank loan and then tell the bank i voted not to repay you, the bank will likely say [ bleep ] you. [ laughter ] which is what germany basically did, challenging greece to accept even worse terms or leave the euro altogether. and while some greeks would love to go back to the drachma, the euro isn't a mexican prison. you can't just walk out whenever you want to. [ laughter ] you need a plan in place. [ applause ] and the greeks did not have a plan in place. so that's why today the anti-austerity tsipras had to admit a bad deal was better than the alternative. how bad was this deal? not only doesn't it promise any debt relief, but it makes very german suggestions like how to increase sales at greek bakeries such as bakers can use marketing techniques such as clearly stating that the dough is prepared on site. "our economy is in free fall, homelessness is

the greek parliament will have to ratify that deal. then this friday we could see euro zone finance ministers meeting in brussels to give it their backing. then it will go to euro zone parliament. we had caution coming out of bar lynn calling for a bridge loan for some 5 billion euros. they don't want to see a third bailout of up to 85 billion euros. another issue, of course, is the participation rate of the international monetary fund. laura: thank you. so lawmakers in athens are working their way through the conditions of that bailout deal. meanwhile, the greek island is out of control, according to the local mayor there. relocating migrants who are working to get their immigration papers, moving them to a local football stadium. violence broke out and police used fire extinguishers to the crowd which included many children. reporter: tensions running high on the greek island of kos. police sprayed migrants with fire extinguishers to prevent a stampede. hundreds were looking to move into a football stadium and register with local aut

the greek parliament backs a third financial aid package. we will have analysis coming up in the program. japan's prime minister marks the 70th anniversary of the end of work or two. shinzo abe says previous war apologies remain unshakable. however, future generations are not obliged to apologize. fires continue to burn in shenzhen -- in tianjin, china. molly: we started in athens, where after an all-night debate, the greek parliament has approved the country's third international bailout. alexis tsipras got support from pro-euro opposition parties. the third of mp's voted no or abstain. abstained. the latest bailout will involve tax hikes and spending cuts in return for 85 billion euros. france 24's alexander has the story. it is a night that divided the ruling syriza party. prime minister alexis tsipras said it was necessary. i do not regret my decision to compromise on a bailout deal when the alternative would have been a heroic suicide for most of the greek people. vote -- had toto rely on those from the new democracy party. the finance

on that note let's look at the greek banks. the greek stock index losing 16% in yesterday's trade and it has been the banks that have been seeing the brunt of the sell off. that sell off continues here on tuesday. you can see all the major banks down another 30% or so. alfa bank down. paris bank down 30%. another tough day for the greek banks. how much longer will this go? >> a huge amount of correction over the last couple of days having been closed for five weeks. let's also look at bond markets. as the greek situation eased in july we saw risk on sentiment come back into equity markets. particularly equity markets in europe but it has continued to be risk off in bond markets. safe havens seeing some purchases. the u.s. and germany thus seeing yields depressed. we're looking at 0.61% in germany. interestingly the u.s. which as we think is getting closer to a rate hike compressed down to 2.15. it wasn't long ago it was 2.4% flirting even with 2.5%. let's look as well an interesting couple of movers today including the aussie d

greek mp's vote on a third bailout today. germany says the plan is incomplete and refuses to back it. all this as we wait for what are expected to be depressing greek growth figures at 10:00 a.m. francine: welcome to "the pulse ," l ive in london. i'm francine lacqua. coming up later in the program we speak exclusively to the zalando managing director rubin ritter as his company beat second-quarter sales estimates. francine: after that, we will speak to the rwe chief finance officer. make sure you stay tuned for both these interviews. manus: a rare briefing has been held in china. as the central bank worst to restore calm following the devaluation of the yuan. francine: the currency experience its worst loss in two decades as the people's bank of china says it would intervene. the deputy governor also in charge of the foreign-exchange told the media respects the market, fear the market. he did not mention intervene the market. that is probably what he was thinking in the back of his mind. manus: indeed. and try to get some so

glencore results are down by 9/10 of 1% as the bundestag the ginza greek debate. -- begins the greekaroline: we are waiting for live prices to open up on the dax, but i can tell you that it is already up by a quarter of 1%. -- reason of this selloff interestingly, we aren't really following china as he did yesterday, because china suddenly staged this late comeback in the late hours of trading.

euros of that is expected to go to recapitalize greek banks. that will happen quickly in the months to come. at least 3 million will have to come back to the european central bank. athens has at least a 3.2 billion euro payment that is due next week, august 20. that is the first order of business. we do not know the minor details that greek officials say need to be ironed out. greek finance ministry says it should overall affect the restructured -- shouldn't affect the overall structure of the deal. things like the pension system, rises, asses, vat well as the 50 billion euro privatization fund. they will be sold off to raise money for the government. crucially, we know a lot of these reforms will have to be put into effect and implemented before creditors are willing to hand out any of this money. annette: what are the next steps? kate: we will have to iron out those minor details that still remain. the two sides will have to reach a political as well as a technical agreement. be ratified has to by parliament both in athens and in berlin. the

>> alexis tsipras says he needs the greek people to support him again. he resigns and calls for general elections. ♪ >> it's good to have your company. i'm david foster, and you are watching al jazeera live from london. they have no place to go, the refugees stranded between greece and macedonia, as the government there calls in the army to control the border. >> i'm ready for anything. and looking forward to a new adventure. >> former u.s. president jimmy carter staying positive as he begins radiation treatment for cancer. >>> a and north and south korea exchange fire over a dispute over a loud speaker broadcast. ♪ >>> seven months, yes, just seven months after sweeping to power on an anti austerity platform, the greek prime minister has quit. on tv he said he had represented the country with courage against creditors but that his mandate to lead had expired. mr. tsipras effectively lost his majority after a rebellion lead by hard liners in his own party. they opposed a bailout agreement which he instruct with international lenders. athens received the

would it have go through the greek parliament, because the greek parliament has to agree to this. >> the far limit will agree to it simply because of all of the opposition will provide support. so that doesn't really have to have support from all of it's memberrens. but lit get support from all the other parties with the exception of the greek communist party. >> greece does seem to have lurched from one with financial disas tore another over the past whatever ten years. and, of course, even if this deal does go ahead, one of the key problems my guess is that it still has to find a bay to reduce it's massive debt. this deal doesn't do anything to address the debt that's one major problem. in fact, we can expect that the debt g.d.p. ratio to increase, precise as a result of this agreement. because the agreement carries so many recession marry measures. that will -- that will send the economy into a free fall. i mean major major economic problems with this agreement. >> it doesn't do anything to address development. growth. and, of course, if there is no growth, in development, that th

stopping at several more greek islands on the way to pick up more refugees.s being chartered by the greek government to ease the pressure which is the place and inflatable dinghys coming from turkey and this is where tourists and refugees are coexisting uneasily, side by side. >> reporter: the sea front at the height of the holiday season has become a refugee camp. tourists might once have lingered here for the view, they don't anymore. outside the police station frustration rises by the day. those with more obvious claims to asylum like syrians fleeing civil war are given priority and processed fairly quickly, others fend for themselves. >> thank you, thank you. >> reporter: international agencies are trying to help speed up a process that is grindingly slow but they say they are getting little help from the local authorities. >> we have offered the municipal authorities our support, we can provide tents, we can provide services, but. >> how quickly? >> we can provide it very quickly but we need them to provide us a site where we can put the tents. >> so the

thousands continue to arrive on the greek island. the billion dollars truck cause seized by the u.s. coast guard. at least 47 people the death toll suspected in a blast in nigeria's northeast, the military and witnesses have confirmed the explosion. at least 50 were hurt, the regions where hundreds have been killed in attacks by suspected memberrens of the islamic group. our correspondent is there, what do you know about what happened so far? >> looking to find maximum -- that's what has happened. 47 people dead, they are saying that the fatalities may arise bought of the severity of the influence, and this is happening at a time when the military is bringing the operations against boko haram. >> that area of the country, under boko haram control. >> much of the area, has been liberated. the lassiter story the military said was taken away or back from boko haram was about a month ago. that was when the military declared that no nigerian territories and control. in the last two months or so, in particular, have seen the military in ni

we had greek numbers come out yesterday.posted growth in the second quarter much to everyone's shock. you think this was just a blip? >> we had growth in the real numbers, but the nominal numbers fell. at the end of the day, what is important for paying your bills is nominal gdp. fallen, it does not matter the volumes because all of the greek debt have to be paid in nominal euros which are still negative. the numbers are still not as positive as those numbers had implied. caroline: what is the secret --toe to reenter i re-energizing growth in europe? because investment has been the weakest link, that is really what needs to be spurred at this stage in order for the economy to take off. if we look at measures of the business confidence, they remain weak. in theed more confident sustainability of the recovery. you are not worried about this sluggish growth, this stagnant growth that we are seeing in france? thatthink we take the view what we do not see as investment from the corporate, we may see that from the consumer perspec

♪ >>> greeks to vote again.rime minister alexis tsipras resigns and calls elections for next month. ♪ >>> hello there, i'll felicity barr, and this is al jazeera live from london. also coming up, safe landing, a ferry carrying several thousand syrian refugees, docks on the greek mainland. cross border tension north and south korea exchange fire after a dispute over loud speaker broadcasts. three firefighters are killed as wildfires continue to burn out of control in the northwestern u.s. ♪ >>> hello, greek media are reporting that prime minister alexis tsipras will call a general election on september 20th, just seven months ach -- after his party first came to power let's take you straight away to athens and speak to john psaropoulos. this is not entirely unexpected, this decision, but why now exactly? >> reporter: what we're hearing from lawmakers is that the government simply couldn't proceed with the implementation of the third bailout loan it negotiated last month. it's original plan was to form a summer se

they are greek people.nd with my conscious clear and proud for the cycle i gave for the government i was struggling over this period and will remain faithful to what i have promised and when i negotiated for a long time, we tolerate the pressures and blackmails. we reach some marginal consideration for the country. but the case of greece is a world case. and now it's life for other european nations and europe, it's not the same now after all this difficult six months period the idea it should be put to austerity and gaining more and more ground, the difference between democratic and progressive and european powers. and the more sense to the difference and greece with this and the changes which take place and the discussions for the future of europe, greece will be in the first lines at the front. yes, this is my message which was sent to the president of the european parliament. i asked for european parliament to play an active role in the greek problem. the transparency and open democratic discussion and d

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

greeks head to the polls again in as little as four weeks. in a televised drays, the representative to the country had courage against creditors, and a mandate to leave had expired. the leader of brazil's lower house charged in a corrupt scandal in state oil companies. supporters and a government have been holding rival marriages >>> in yemen, four have been killed in a bomb attack targetting temporary headquarters in aden, it's the first attack since pro-government forces took control of forces. >> we have this report. >> this is the governor of aden, who survived an assassination attempt. he was the commander of forces that pushed it out of the seaport city of aden. a member of the party, runs a divided city. the secessionists want aden to become the breakaway of the republic. forces loyal to the president want the seaport city to become the financial capital over yemen. the reform one of yemen's organised political party says yemen should remain united. a failed assassination attempt is a sign of the deteriorating security situation across

our correspondent is live for us on the greek side. he joins us now.is going on there now. >> reporter: well, nothing much since 3:00 pm this afternoon, when the -- the border was reopened only a couple of hundred refugees managed to cross the border with macedonia and to enter to -- to their country, and just after that, shortly, police closed it again, and they are letting come through the border only a -- every two hours the refugees are allowed to cross the boarer, but mostly women and children, because here at the border, mostly from 3,000 people, they are mostly women and children, and they have got the priority, and police announced that they are going to open the border next time at 5:00 am tomorrow morning, and every two hours they are going to allow for small groups to cross the border with macedonia. at this moment, here at the border is more than 3,000 people, but some estimations says that the number is much bigger because a lot of them do not stay here for whole time, they rented apartments, rooms in the closest city to this border. we ha

ursula: that is an impression -- if i had been the greek finance minister in the last month, the greek had different views on europe, on the eurozone, because they had to agree to reforms, because they had to apply for more money. they had to at least accept the conditions. peter: what is wrong, duty, about germany insisting on fiscal probity and strict budgetary practice? judy: it was not only germany. it was northern europe as a whole. the greek foreign minister, he perhaps used his power as a playground as well. just look at the countries that supported germany. slovakia, the baltic states, ireland, which is now turning positive, spain and portugal. spain and portugal told schaeuble, don't weaken. we've gone through austerity measures. it will pay off. the short-term is miserable, but if you give into greece, it was a waste of effort. there were many in the eurogroup that actually supported germany in this. to answer your question, yes, the measures are very tough. peter: it is a good point that you are making, that many members of the eurogroup did view germany as their champion. n

guy: more on the greek story.ined by david powell and david, a european analyst at control risk. let's get an understanding of what is happening here. walk us through the risks. probability of getting a deal done here or are we going to get some sort of bridge loan? cooperation on the of the greeks and they have apparently done most of the work already. in the past, that was the major hurdle, the speed in which the greek government can handle it. that seems to be going quite well. caroline: the ongoing struggle is the imf saying we need some debt relief to greece going forward. they do not want to put any more money until that happens. we know germany is beyond that. what is the likelihood of sustainability in greece? >> if nothing were to change, the primary surplus is highly unlikely to be reached. in all likelihood, there will be some form of restructuring. it will probably not come in the way of a nominal haircut, but reduced interest rates and a grace period on those interest payments, as already exists on th

greek officials say a vote could be held september 20.nd north korean leader kim jong un ordered a cease-fire and south korea. ofh side accuses the other provocation. tensions were high between the nation. earlier this month, two south korean soldiers were injured by landmines. angela merkel is in brazil for trade talks with controversial president dilma rousseff. hans nichols is in berlin and has more. these are very busy times for angela merkel. brazil's visit have been prioritized. hans: it had been prioritized. it was supposed to be longer. is, dilma rousseff controversial. but she is an important ally as germany looks to expand the economy. when you see the global economy shrinking, the numbers are quite remarkable. 57 billionspent dollars on rail transport, a lot of upgrades to the economy. germany wants a slice of that. she is increasingly unpopular at home because the economy there is sputtering. unemployment last month jumped all the way seven .5%. that is a five year high. look at the currency market, like a lot of the commodity

you will recapitalize the greek tags. -- the greek banks. it is going to be a difficult path but not guaranteed path. spain, austria and estonia all past the bailout yesterday. three votes are left, including the netherlands. hans: the difficult thing about the netherlands is not just the seatnment -- it has a one majority. they have got 76 and a parliament of 150. the issue is what happened after. netherlands share of this bailout will be 5 billion euro s. mr. rutter campaigned on not another bailout. e opposition leader plans to introduce a vote of no-confidence. that is what analysts are saying in the hague. but it gives you the sense of the political instability and to what extent this deal still needs to be able up and -- to be implemented step-by-step in athens. there have been numerous hint of the past three weeks there will be actions in september. the governing party will not last. it will collapse. and we have to see what government takes its place in athens. francine: think you so much. alberto, we were talking about -- you expect

. >>> frustrations spill over on the greek island as greeks struggle to contain the migrant crisis. >castro also took the hopes and dreams that our parents once had for our future. >> and americans make emotional pleas for cuba to return property taken from their parents. ♪ >>> we begin this news hour in yemen where pro-government forces are making major gains against houthi rebels. they have pushed them from the last town in this province still under houthi control. then when you add in aden, and these two provinces, that means most of the south is now held by forces loyal to the exiled president. still heavy fighting in other central provinces, and the houthis remain firmly in control of the capitol sana'a, which they captured last september. caroline malone has the latest. >> reporter: watching over the province now entirely in the control of pro-government forces. local resistance groups backed by a coalition of countries lead by saudi arabia, are recapturing parts of yemen. they fought houthi rebels and forces loyal to the former president saleh out of town, and say that are now

had a greek summer.itical headline , and it is back. a standoff between greece and -- chancellor merkel will probably face a revolt on wednesday. we have had 60 members of the ruling coalition vote against extending more money to greece. that was double the number of protests vote from merkel's ruling party back in february when the eu was negotiating an extension of the second bailout. relief, imf debt involvement and the implementation risk. what we heard just now was extendinging she is her own political capital. uncertainte quite political environment at the moment. the periphery is performing really well right now. remarkably so. france, italy not looking so great. germany, not looking so great right now. >> what we have learned is the political union is ultimately the heart behind the consortium. what we have is a new political environment in europe. if we are to get a greek exit, and i think it is a matter of greece -- if we are it will comehere, into question. there is a limit as to how much debt

greek stocks are in a freefall. greek banks leading that plunge. matt: barnes & noble drops out of college. the bookseller is selling off its education unit. the new stellar starts trading today on the nyse. ♪ matt: good morning, i'm matt miller. erik: i'm erik schatzker, everybody. matt: we want to take a look at breaking economic news. erik: not breaking, really. it broke. matt: broken economic news. julie hyman is in the newsroom with the headlines. julie: we have one item of breaking news, construction spending. month over month, it is a disappointment. it looks like it is more than made up for based on the revision from the prior month, an increase of 1.8%, up from 0.8%. getsee that the may bar bigger as the june bar is smallre. a strange situation with the isn manufacturing. the numbers coming out early. we saw manufacturing in the u.s. cooling in july from the highest level in five months. the reading is down from 53.5 the prior month to 50 2.7. guys. matt: thanks very much for that. i want to check out how markets are reacting to that news.

we do appeal to the greek authorities to take all necessary measures to address the humanitarian needs of the persons gathered on the board r line. >> reporter: macedonia says it will allow refugees to enter in numbers it can cope and care for. by bolstering the borders, the country may create a backlog of desperate men, women and children unsure where they can go next knowing they can't go home. emma hayward, al jazeera. >> al jazeera's ivan karpalo is with hundreds of migrants gathered on the greek side of the border of macedonia. he sent this update. >> reporter: more than 3,000 refugees here at the border between greece and macedonia will spend another night outside. we can definitely say that these people are not not born under the lucky star, because as if they don't have enough of their own problems, another one showed up a few minutes ago. the light rain started, and the forecast for tonight is heavy rain. so another night in front of the these people. people are coming here at this border. tomorrow expected foe boat from the island with more than two and a half thousand refuge

that deal passed by the greeks.till to be passed by the rest of the creditors. >> moving on, a lawyer for plaintiffs says investors have recovered more than $2 billion in settlements with nine banks over claims of price rigging in the currency markets. he told a man hat tan court on thursday they're still pursuing claims from 7 other banks. the most recent were with barclays and bmp and they agreed to pay $800 million. >> the next segment is brought to you by the letters hbo and the number 5. long running children's program sesame street agreed to a five year deal to air it's first run episodes on hbo. it will provide additional resources to sesame workshop. after nine months of appearing exclusively on hbo they will be available on pbs which hosted sesame street for years. >> yuan easing investors worries. u.s. futures point to a broadly flat open while greece takes a step closer to a third bailout. and goldman sells it's columbian mines while buying a large loan portfolio from ge capital. you're watching cnbc. fir

we have the greek parliament that needs to weigh in on this.l is going to have a meeting tomorrow, and of course she will be talking about this as well. we will see the german perspective going forward ahead of a meeting later this week. >> thank you very much indeed. it looks like a deal surrounding greece. thanks for joining us from brussels. >> let's look at the russian outlook. the economy shrank the most a forecastafter the country drag into deeper recession. clearly bad news. where is the russian economy headed? is this the bottom? >> i think the answer is nowhere good. too alarming pieces of information. they came in worse than expected. worse than we saw in the first quarter of the year. the underlying reasons are pretty alarming. investment is down. consumer demand is down. have been passing on the higher prices to consumers. the bigger problem for the russian economy is what might happen now. economy saying the could get as much as 6%. won't -- the lowest point won't come until the fourth quarter. this second quarter would be the lowe

the greek electorate should know that it exists within the agreement.ill they continue to support us? tom: a quick one about the party and the split that we have seen -- what is the new cabinet going to look like, it tsipras gets the mandate? >> as it looks now, we have lost a few key members of the. -- of the cabinet. tom: and that split hasn't completely damaged, eroded the original purpose of the party? >> no, quite the opposite. that it came for the t i think we are going to keep our character as a party for the social character of europe. tom: minister, thank you very much. that's greece's minister for labour, laying out what some of the future might hold and how the political machinations might unfold. mark, back to you. mark: thanks a lot. let's get back to juliet cohn. do you see this as another layer of uncertainty on top of all the others? we've already talked about china and emerging markets. yes, butn some senses, more i think it means we are seeing the light at the end of the tunnel here. yes, we have uncertainty over the next month. can be

caroline: the greek ports. how are the talks going?w being agreed to with the greek government as opposed -- i suppose privatization will be an important part of that and needless to say we will look at opportunities there we would be very pleased to buy a greek port if the conditions were agreeable. guy: congratulations on the numbers, thank you for your time. it's a great pleasure speaking with you. caroline: a few minutes from opening the markets. seven minutes in fact. let's go to jonathan ferro. jon: looking for the snap back. the rebound. the come back after the biggest sincedropped on the dax 2011. some soothing words from the people's bank of china. the market pops a xanax. you need to pick up the pieces and have a look at some of the sectors as well. the mining stocks taking a big beat down. a brutal 2015. one stock that really is glencore. down 12.5% in just two days. this company reports earnings next week. this was the darling of the mining sector 12 months ago. it was supposed to weather the storm of a commodity market rou

this according to greek labor ministry officials. they're hoping to ratify it's bailout up to 86 billion euros before a debt repayment is due to the ecb later this month as carolyn pointed out earlier greek banks off sharply once again today all essentially close to the limit down amount of 30% declines. the broader athens index off just over 4% of course. only opening after five weeks of closure yesterday. joining us is the fixed income strategist. good morning to you. thank you very much for joining us. just quickly how important are these declines in the stock market in your eyes as an indicator for where greece is today. >> obviously the greek stock exchange is is very small and given that the banks are going to have to have some restructure which presumably involve a big hit to equity holders it's been shut for a long period of time. this doesn't come as a surprise to us and it's not something that we view as hugely significant in terms of wider ramifications. >> the overall situation in greece not fully solved yet. we're in a m

greek investors are going to be swept away. reporter: meanwhile difficult talks continue over greece's bailout deal. >> the imf is calling for debt relief, that is something germany is opposed to. and later this month greece estimated a 3.2 billion euro repayment to the central bank. despite the fact the stock market has reopened, the remain significant obstacles to any sort of bailout deal between now and the end of the month. reporter: later this week, negotiations will be held over the recapitalization of greek banks, seen as vital for any sustained recovery. guest: let's get a check on the market action -- in europe, the main indexes shrugged off the freefall in athens, the dax closing up over 1% and in france, ending the day up .8%. the footsie in london closed ever so slightly in the red. in the united states, the main indices are trading to the downside. the dow jones, s&p 500 and tech heavy nasdaq are all in the red. apple shares trading down over 2%. the court in london has sentenced tom hayes to 14 years in jail. he w

jonathan: i still don't know what to say about greek gdp. greg, the measures the french government has taken to boost growth, we are getting too used to saying the french economy stagnated in the previous quarter. what can they do now? >> probably not a huge amount. they are hoping some measures put through over the past year or so are going to be doing something. cut ands a payroll tax a series of measures that went through. taken together, they have any effect. we are seeing things on city openings, a bit of changes also in how companies negotiate their labor contracts. think they are hoping there will be some feedthrough from these reform measures. i wouldn't count on a huge amount next year. france has already fallen into an electoral season. the elections aren't until 2017 but it is on everyone's mind now. every newspaper every day has something about the 2017 elections. i think the country may be heading into that pre-electoral phase when no one wants to rock the boat. jonathan: paul, the headwinds outside of europe, talking about chin

greek banks could get a crash injection.ls still need to be ironed out, including how to deal with bad loans at the banks, and a 50 billion euro sell off of state assets. an independent euro zone analysts spoke with us. >> it is very likely that the greek parliament will pass the relevant bill on thursday. the greek government has majority that can be enforced by opposition parties that will most likely vote for the new bill. there are countries that are still not convinced that this agreement between the top level and the greek government, and they want to have an interim, a bridge loan for the next week for esm, ecb bill to be paid by greece and have further talks. there are several discussions right now on how the new -- the new reforms will be implemented by greece. right now there has to be some reform on the pension system. there has to be reform on also the tax collection system, the vat, and also reform on opening closed professions. so we're waiting to see the bill in its draft to be submitted later today to the par

as you can see, the major greek banks are down some 30% each.et's also broaden out and look at the rest of the europe. and it's worth remembering what greece has done today, the first trading day in five weeks and what european markets did over the course of july of course today the first trading day in august. germany up 3%. the likes of france and italy were up 5%. it's worth bearing that performance in mind in the face of what has been quite a crazy month of news in july. many all the indices in positive territory for the month. today as you can see, across the rest of europe excluding greece. and one of today's best performance, after the company reaffirmed its guidance. the company lost in the second quarters. revenues held steady at up 6.6%. and abengoa up sharply. after a 650 euro capital hike. this after criticized for slow implementation of its plan. still down sharply. rolls royce up about 5%. the firm increased its stake in the company on friday reportedly after researching the career of the former arms holding boss. this is according