speak. >> translator: to claim the best possible agreement which will give us the possibility for greek greece to stamp on its feet again so that the greek people can carry on with their baydaily battles we have to face some very difficult decisions in very difficult dilemmas. and we took very hard decisions so that we could avoid the implementation of the most extreme measures in europe. the bailout is difficult however we manage to avert the transfer of public assets overseas. we manage to avert the plan of financial suffocation and the destruction of the banking system. in all its detail over the recent times which have been planned. and had begun to be implemented. and finally we manage to in this very hard battle to gain the restructuring of debt. and a certain funding in the short-term. we knew that it wouldn't be easy. we have, however left a good groundwork behind us. for the necessary changes in all of europe. this is our legacy. grease will continue to battle as we will indeed. so that we can return to development to gain once again our national sovereignty which we have lost. we gai

we are also seeing american investors focus on greece as they try to understand what is happening in the greek crisis. we can see shares coming down slightly when the imf came out with its fresh growth forecast or not growth forecast for greece earlier. shares in britain's b.p. have been heading higher this thursday. they need to pay $18.7 million for the 2010 gulf of mexico oil spill. they settled claims from the u.s. government and five individual states. if approved by a federal judge, it's likely to be the biggest such settlement in u.s. history. the deal resolves years of legal fighting over the environmental and economic damage. shares in a swedish appliance maker dropped around 10% during european trading after u.s. regulators filed a lawsuit to stop the company from taking over general electric's appliance unit. the u.s. justice department says it believes the $3.3 billion deal would hurt competition. both companies say they are still committed to the deal. shares in electric carmaker tesla are heading higher in the united states as the company said sales in the second quarter jumped b

greek exit could be a good thing. on wall street for us. why do they want greece out? >> traders and also academia calling for a greek exit. for greece it might be better to leave the eurozone. economists like paul krugman and others saying that all those a sterritt he measures did not help greece. it just made the economic situation in greece even worse. if you look at the past 45 years, the situation got worse so it might be better for greece to leave the eurozone. that is what academia is talking about quite a bit these days. ben: a trader told us that the greek problem is not first and foremost on wall street. why is that? >> it is really reacting on the latest news. why trade on it? it was true for most of the american carmakers. and we also got data from the private sector and better than expected. that did help that we had a pretty good start into the second half of the year. ben: the international monetary fund has still yet to make up its mind on greece and there are reports it could take weeks. that leaves everything in limbo including the question of if they

greeks demagoguery. we have a government in greece that has engaged in that. not clear they are able to do the right thing. my hope is the european institutions would demand from the greek government a compromise and a compromise from the berlin government.both elements need to move at the same time if we are going to have any chance of a good ending to this story. tom: how can mario benefit this crisis this morning? what does he need to do to get berlin to a new place? >> the ecb cannot solve this problem. this has been angela merkel's problem and she is to solve it. it would be wrong for the ecb to get involved make political decisions. the number of people would like to pull the trigger and put an end to this but this is not their job. the ecb is a technocratic institution. they should maintain the level of ela for the next couple of weeks if possible to the extent to buy time to reach an agreement. number 2 -- they could resist calls to be harder or easier. they have rules in many to respect the rules. one of the things the greek government wants them to do

greek banks. we are not expecting them to make any decisions. yesterday, greece had 500 million euros left in their cash reserves. on an average day, they were taking out 300 million. the banks do not have much money left. the greek central met with some lenders yesterday. they were talking about reducing capital controls even further. they had a daily withdrawal limit of 60 euros. talk of bringing that down to as little as 20 euros a day. there is a knock on effect that will have on the economy. people withdrawing less money means they can spend less money. the economy has already lost 1/4 of its value in the last several years of austerity measures and bailouts. tightening the screws, as it we re, on greek banks. anchor: it comes as there is more pressure on athens, another deadline looming. stephen: reese is set to repay the european central bank 3.5 billion euros -- greece is set to repay the european central bank 3.5 billion euros. if it does not, they will have to cut off the emergency lifeline. that could provoke what's being called the grexit in -- the gr

greek exit could be a good thing. on wall street for us. why do they want greece out? >> traders and also academia calling for a greek exit. for greece it might be better to leave the eurozone. economists like paul krugman and others saying that all those a sterritt he measures did not help greece. it just made the economic situation in greece even worse. if you look at the past 45 years, the situation got worse so it might be better for greece to leave the eurozone. that is what academia is talking about quite a bit these days. ben: a trader told us that the greek problem is not first and foremost on wall street. why is that? >> it is really reacting on the latest news. why trade on it? it was true for most of the american carmakers. and we also got data from the private sector and better than expected. that did help that we had a pretty good start into the second half of the year. ben: the international monetary fund has still yet to make up its mind on greece and there are reports it could take weeks. that leaves everything in limbo including the question of if they

anna: with greece the first advanced economy to default on loan payments to the imf and creditors standing united in the face of greek indecision, greece's future in the eurozone hangs in the balance. genie: we have been hearing from the greek finance minister and the head of the eurogroup. our business editor stephen carroll has been following that closely. what is everyone saying? stephen: because there are no longer talks taking place, this is a debate that has been playing out on the airwaves. we had yanis varoufakis say he would resign if there is a yes vote. he said he would rather cut his arm off than sign a deal with creditors that will not see some form of debt release. the argument has been that the size of the debt is unsustainable and i need help to make that affordable. he said if there is a yes vote his government will sign the economic reform proposal given by the creditors, but he reiterates that this is not a referendum on the euro, but on the economic reform proposals and he says they will have to negotiate no matter what the result of the referendum is. we have been hearing from the finance group w

what is important is greek -- greece is small, but the problem is complex.onathan: those are the thoughts of the ceo. you can watch greece and crisis, special report on sunday, july 5 with coverage continuing until monday. still to come, it is jobs thursday in the usa. we will give you a preview after the break. before we go, sweden, in a surprise rate cut the swedish currency taking a little bit of a beaten -- beating. a rate cut in sweden check out this, they cut rates, by more bonds of a country with a real gdp growth of 2.5%. we will be talking about this and more after the break. we'll be back in two. ♪ jonathan: good morning and welcome back to "on the move." we are about 47 minutes into the trading session. the tax hit a session high of -- .25%. the jobs report has come out of the nine states -- united states. >> all of the data suggests that labor market continued for june. there is upside risk this month yesterday upon reports suggested stronger hiring at american factories. as hiring growth, unemployment is forecast to fall. the number that draws t

the banks would remain shut and greek greece could be kicked out of the euro. ople would be poorer and the markets pray to uncertainty. >> a no vote is associated to a painful situation. the situation is already painful in greece at the moment. i believe the bank will remain shut for a longer time. it will trigger the support of the ecb to the greek financial sector. you might expect a collapse of the economy. i do not think that the euro group and they have made it clear that a no will hurt negotiation. >> greece's leaders have pitched this as a referendum on austerity. but europe sees it as vote on the membership of the euro. whatever it means to each side athens could be words away from a dramatic rescue or financial disaster. >>> we want to show you what the greek people are dealing with the raw emotion of one greek citizen directly affected by this crisis. these images of a desperate elderly greek man struck a chord with our team here. some banks are opening doors to people without a bank card. you see him sitting defeated on the ground. he is being assiste

let me give you some headlines from greece's labor ministry. the greekwas speaking on national television. he says greece is close to a deal and that the government of this country is trying to get the least bad deal, the least catastrophic deal. he said the government's maturity in parliament is an issue. that is an indication that the greek prime minister is concerned that he may not get the majority he needs to get the reforms that the creditors are looking for through the parliament by the deadline on wednesday. we know there is some support. over the weekend, the parliament met and in theory expressed their support for the idea of raising sales is and cutting pensions. what we don't know is how all the parliamentarians feel about these other issues, the other demands introduced by the creditors. namely the idea of syriza rolling back some of the initiatives that it has introduced in this country since it came into power that don't enjoy the support of the creditors. also, the kinds of insurance policies that the creditors are looking for, like autom

greece admits the eurozone. we wait half an hour to see how the greek market reacts. we are seeing greek debt selloff on prices falling in the yield rising 2.6%. we are at 17.25 percentage points. money out of italy and spain. the fear is contagion. 2.37%. we are up 11 basis points and a bit of a selloff. back in 2011, 7 .5% here. contagion under wraps by the ecb. the fact quantitative easing will be there. florida to the safe havens of the united states and german. -- flowing into the safe havens of the united states and german. yanis varoufakis, the finance minister leaves him his greek exit out of politics. we saw the euro spike ever so slightly higher. generally down. that is where we trade. very quickly, a look at some of the stuff we could be keeping an eye on. some of the periphery. down by 4%. one of the most exposed to the italian sovereign debt market. that will hurt. bcp as well. the portuguese lender is down 5%. an eye on rolls-royce. the engine maker said that are cutting a profit guidance, four-year might be 75 million pounds last. jennifer: thank you. p

this whole story about greek -- greece. wait to draw 60 euros a day from the atm.ow turning to bitcoin as an alternative. but it is proving challenging to encourage people to follow suit. >> a year ago, we decided to launch the first greek bitcoin exchange increase. the numbers have jumped up, there is no comparison with the beginning. we had five or six or 10 clients per day. at the moment we have 150, 200 clients per day depositing. and buying their first bitcoin. we see a lot of people that they use bitcoin as a sort of value. for a lot of greeks it represents an opportunity to --et the risk that they is somethingdm that has been introduced in the greek market three or four weeks ago. it is inside the bookstore in a neighborhood in greece. >> my name is felix. i travel around the world. for one year only using bitcoin. no credit cards, no bank going accounts. only bid going. you can access your money anytime. since 2012, there is a restaurant in athens that accepts bitcoin. >> i started accepting bitcoin in 2012. i have four or five customers who pay that way. p

greek no giving a boost to treasuries. here are the stories you need to know. greece overwhelmingly to reject further austerity demanded by creditors. 61% of voters said no to spending cuts and tax increases that were conditions of a bailout. people were in central athens, waving greek flags last night. alexis tsipras says he will return to the negotiating table with a strengthened hand. francois hollande and angela merkel head to paris for talks about the outcome of the referendum. the leaders held a call last night deciding the will of the greek people is to be respected. further euro area governments are waiting for greece to offer proposals to stay in the eurozone. secretary of state john kerry has tempered expectations of an imminent nuclear deal with i wrong after nine days of talks -- iran after nine days of talks. tomorrow, and interim deal is due to explore -- expire. it would allow tehran back into global energy markets once sanctions are lifted. let's get back out to the greek capital. guy johnson is there. guy? guy: thank you very much. a win for the no ye

greek economy. there have been totally only unrealistic positions on both sides. any plan that requires greeceoduce -- can only be a non-starter. a plan that ignores the fact that the greek sovereign debt position is unsustainable equally is a non-starter. i think we need to get back to reality and look at those two issues and see what we can do about it. there is a way of doing it. manus: the creditors and the europeans have handled this situation. ireland, portugal and spain. and tds very much in ireland and -- it is very much in ireland, portugal and stain's interest to crush down on the greeks because they want to show their domestic audiences the rise of extremism. they want to treat the greeks quite severely to send a clear political message domesticically. this is what you get if you votes for extreme left. >> i think that message has already been delivered. if you look at the conditions that greece is in now. it is very clear that the strategy that there was, if there was a strategy pursued by syriza since the election has been a complete and utter failure and it is now time to pull th

greece's creditors. also perhaps the figures put forward by the greeks will not add up. 's the concern coming from wolfgang shurtle, the german finance minister, so the feeling greece could dig a little further into its pockets to make more savings to be able to pay back some of its creditors. some eurozone companies have been coming up with proposals of their own. ireland hinted greece perhaps needs to think about further banking reforms. other eurozone countries have talked about trade and the kinds of reforms to the public sector. but german put forward a paper of of its own with two key proposals: the first, perhaps greece needs to sell off some of its fixed assets to raise $55,000,000,000 worth of money to be able to pay off some of its major debts. the second and perhaps most controversial of the two is to be the possibility of a temporary five-year grexit, leaving euro zone remaining part of the european union but using that time to restructure the dent. the response among other euro zone countries has been mixed. the french, throughout the entire process have invi

really support greece's stay in the eurozone all polls have indicated that 75% of greeks want them to stay in the eurozone. the way the question is phrased is not making this easier. >> there's been a lot of commentary in other parts of europe. actually the european union are bullying greece. i know you've reported on how greeks do want to stay within europe within the eurozone but is there some bitterness about the way they have been treated as well? >> there's a lot of bitterness and the rhetoric has been quite brutal from the greek government as well. just yesterday the finance minister talked about greece being terrorized effectively, by europe after its banks were shut down, simply to push greece to vote for a yes. this is a position a lot of people share. they feel that europe is not giving greece enough breathing space. it's not giving greece any debt relief which is what they were hoping to see in order to be able to find a way out of this crisis so they sort of feel that their european peers are not really understanding what the situation is in greece that they d

greece appears to be entering into a new bailout from its european partners this features many of the solutions greekers resoundingly rented before. the outlines of the deal promised more economic pain loss of international sovereigty as international bodies oversee greece's international management and may require a sell off, a privatisation of national assets, and for the near term the greek people have little to celebrate, with the price of staying in the eurozone being an extension of their counter troubleses. >> reporter: this 73-year-old and his wife lost their daughter to cancer three years ago, and their son-in-law two years after. they have been raising their rambunctious grandsons ever since. a tough job for any grandparents. next to impossible on a pension and benefits adding up to $824 a month. >> the money is not enough. if we didn't have support were neighbours and non-profits, we'd be finished. >> lacking the funds to cover basic necessities, they have not paid the utility in six months a hands to mouth existence. >> translation: they raise their children's children and families are de

trending business is back. ♪ rishaad: greek finance ministers welcoming the result in greece. >> on theh of january, greeks said no to five years of hypocrisy. the deficit could be overcome by nonviable loans. that the poorest greeks were called to pay with the blood, sweat, and tears. we negotiated for five months in order for our position to be heard. not have new cuts that only defend those who support corruption. the end of austerity and restructuring of public debt were are positions, but the creditors would not negotiate. they planned to close our banks with measures of austerity. offering for the first time in the eurogroup a scientific justification for which there was no rebuttal. this was the reason for the ultimatum of 25th of june. from tomorrow, with this generous no the greek people endowed us with, we will extend a hand of help and cooperation to our partners. we will invite them one by one to establish common ground. issued a report and our debt. we will deal positively with the eu, which must play a part to heal greece's wounds and indeed europe's wounds. today's no is

melbourne was soon home to more greeks than all but two cities in greece. in the 1970s the trend reversed. tens of thousands who were by then dual citizens returned home often with children. the collapse of the greek economy has led a change in the direction of migration again. more than 10,000 thought to have left greece for australia in the past five years. >> the biggest problem for greece in my opinion the people who are productive, young educated, and in the right age to create the conditions for the country to go forward are not there to help that system. >> it's not just young people. two years ago this man left not only thinks job but wife and three children to come to australia. >> it's very hard. it's very hard. but for me, and i hope for my family as well, but this is what had to be, and this is what we are doing at the moment. >> like our recent migrants, he was sending money home, but the freeze on cash withdraws in greece and uncertainty over deposits held by greek banks means even that is on hold. instead, he's thinking of bringing his whole f

greece owes 320 billion euros the greek debt is currently at 177% of the country's gross domestic product that's also expected to climb to 200% within the next two years. essentially greece will owe twice as much as its overall economic output. because that is impossible to pay back, one dramatically increase grace period, so greece doesn't have to pay back for 30 years, and reduce the debt. but european officials have ruled that out. consulting for the european central bank and the international monetary fund. ted good to have you with us. so greece passes the austerity bill if the bill goes forward as was planned will it just be a band eighth and we'll see a repeat of this crisis in the not-too-distant future? >> good to be with you. yes birth sweet bittersweet victory for prime minister tsipras. a vote he wouldn't have gotten without the opposition. in fact his own party made it very clear through central committee that they disapproved of the measures which they considered fiscal water boarding. whether this will be a long term solution, is unlikely. greece may need yet another bailou

is there was a sticking point is greece was stick the creation of a 50 billion euro fund which would house greek state assets that would be sold off as collateral should greece not repaid it is looking to get as part of the third bailout or repay the other money. we know the greek prime minister was pushing on the that earlier. maybe that's something he does through the parliament. extraordinary how many changes over a couple of weeks ago. this privacy or has the support of his country. you thought the results of the referendum saying no to austerity meant we were moving away. in an odd way, rapidly moving in the other direction. tsipras is the man who can get it done. people think he has 72 hours but yes, he can do it. jonathan: stay with us. out to caroline hyde. the headlines coming through. what the deal may or may not look through. caroline: christine lagarde, head of the imf, has received no money from greece. so far saying it is a good step to rebuild confidence. it has been struck unanimously from the president of the european commission and comment out saying a deal has been done unanim

greece's lead negotiator. it was regarded as the strongest signal that the greek prime minister wants compromise to keep greece inside the eurozone. it is not a party outside and has been a member for nearly a decade. he is a member of the executive committee. and he is a marxist economist. he comes from that school of marxism that has learned to compromise with realities. here's more. >> rather inconspicuous. previously deputy foreign minister and member of the executive committee. he is the man behind the economic ideas. he is known to be rather quiet and to the point. when it comes to policy, not much comes between him and his left-wing predecessor. the economic downfall of greece it is not due to too little but too much free market capitalism. the privatization of public sector enterprises. they think a powerful government is crucial for the country's economic success. if there's one thing he agrees on it is the importance of the fight against corruption and tax evasion as all of the fact that greece is much better off with the euro than without. his european counterparts have met and consider him likable.

greece if requested to do so. requested from whom, andrea? of course the greeksld call her up and say, help us, give us more money. >> well, i think that the fund now cannot give money to greece according to its rule. greece is a country in arrears. it didn't pay the payment due by end -- liz: right. so she doesn't mean if asked by the greeks, right? she's not giving them any more money directly. >> no, no, she cannot give. liz: correct. >> she cannot give money now. the first thing gruels has to do -- greece has to do is pay back the imf, and once that's done, the imf can consider whether to intervene in greece, but right now, it cannot do it. liz: do you think there is a chance that greece's banks become insolvent, that the germans and the netherlands say, forget it, we just have to send a message here, and the next thing you know they have to go back to printing dragging mas, and they go -- drachmas, and they go back to their old currency. is this even a possibility? >> unfortunately now it is a possibility because time is running. and really we are left with

who will pay for the pensioners in greece -- office, the italians, or the greeks? e comments from a tail renzi calling greece out for not making sufficient reforms, a situation where billionaire shipbuilders are not paying taxes. hung tran, what you think about the progress greece has made on structural reforms? hung: progress has been quite slow. they made some progress after the first program in 2010, for example, extending the retirement age, but more needs to be done because pension expenditure is the highest in 70% euro area, about 16% to of gdp and they also need to -- 17% of gdp. they also need to increase the tax rate. they have very significant reforms ahead of them. they have to do so without the euro area because without those, the economy cannot grow. , what is theelsen strength of the euro against the u.s. dollar tell you about the future? erik n.: it tells me there is trust in the currency despite the doom and gloom on the economy. the fundamentals right now that drive the euro -- the euro still runs an account surplus of 2.5% to 3% of gdp. france is t

>>> a greek bailout deal. greece appears to have struck a deal with its creditors including serious reforms. >>> a potential deal to curb iran's nuclear program appears to be within reach. >>> and on the run. a mexican drug kingpin breaks out of prison for a second time triggering a massive manhunt. captioning funded by cbs captioning funded by cbs >>> this is the "cbs morning news" for monday, july 13th, 2015. good morning. good to be with you. i'm anne-marie green. we begin with breaking news on talks to bail out greece from its debt crisis. a deal was reached overnight. jill wagner at the new york stock exchange with that and more. good morning, jill. >> good morning, anne-marie. it appears that for the third time in five years greece has narrowly avoided bankruptcy. summit chair has tweeted that leaders have agreed to, quote, serious reforms and financial support for grease. german chancellor angela merkel says the trust of greece needs to be rebuilt. we're still learning the details of what it's going to take to

let's get to our top stories -- greece is finally getting some relief. for the first time in weeks, greeks got more access to their own money as the banks reopened. elliott got been filed this report --elliott: it's the start of a bankseek for greece as reopened after three weeks and most capital controls remain in place but greece can take out the equivalent of 420 euros per week instead of just 60 euros per day. they can deposit checks and access safety deposit boxes but transferring money overseas is pretty much barred to most greeks. greece repaying the european central bank 4.2 billion euros today. as well as paying back the central bank in greece. these were supposed to be the things that made the prime minister signed the deal with his european counterparts last week. there is the potential for another parliament meeting next week as the government will introduce new conforms that are preconditioned to getting the third bailout. we will be checking in with him in the days to come. the iran nuclear dylan up for a vote at the united nation security council today and there was not much

breaking news in greece. the greekinance minister quits after the greek people say we don't want your bailout or terms. a resounding no vote in the referendum referendum. the finance minister writing saying the european creditors wanted him gone. he says he is quitting his job to help the prime minister reach a new bailout deal. he says i shall wear the creditors loathing with pride. markets around the world are sinking to the bailout deal. u.s. stock futures are lower. this no vote puts greece's future further in question. it deepens the divide with greece and the rest of europe. the european countries who hold greek debt. greece there were more reforms in exchange for bailout. greece voted no. they had enough of the steep cuts. they don't want to have higher taxes. they don't want to have cuts to their pensions and government checks every month. that is pushing the country closer to bankruptcy. it is pushing it closer to having to exit the eurozone. greece needs more money to pay pensions and wages and reopen banks w

greece's lead negotiator. it was regarded as the strongest signal that the greek prime minister wants compromise to keep greece inside the eurozone. it is not a party outside and has been a member for nearly a decade. he is a member of the executive committee. and he is a marxist economist. he comes from that school of marxism that has learned to compromise with realities. here's more. >> rather inconspicuous. previously deputy foreign minister and member of the executive committee. he is the man behind the economic ideas. he is known to be rather quiet and to the point. when it comes to policy, not much comes between him and his left-wing predecessor. the economic downfall of greece it is not due to too little but too much free market capitalism. the privatization of public sector enterprises. they think a powerful government is crucial for the country's economic success. if there's one thing he agrees on it is the importance of the fight against corruption and tax evasion as all of the fact that greece is much better off with the euro than without. his european counterparts have met and consider him likable.

returning to greece, the imf has criticized the greek bailout deal as pushing for deeper debt relief, a move that is likely to fuel fierce debate in germany about lending greece more money. matt: we are joined now by the former defense minister and economic former minister of germany. you now have a consulting firm in new york. thanks so much for your time. let me first ask about the german feeling about what is going on in greece. it seems that, especially with here,minister tsipras there are so many u-turns. he seems so untrustworthy. is that a proper reading? read.er: it is a proper there is not much trust, but , and is a certain attitude i think it's not only healthy. just blame each other and mutual finger-pointing is not coming to any better solution at the end of the day. matt: how important is it to together? ro zone germany and france kind of let this project, and it's important to remember it's not just an economic zone, it's about peace for europe and the world. minister guttenberg: that is what it should be. the factor, it is some kind of fiscal union we have, but no polit

and i think the real trigger for a greek esity from the eurozone will indeed be the banks. i mean greece owes the ecb 3.5 million euros on july --. and if greek defaults, they will rerecall deem banks insol haven't and demand a resolution plan, in order to resolve the banks, i think the greek government is going to have to start printing a legal tender. i think that will be the avenue through which greece effectively has to leave the eurozone. >> it takes two. and there is no question even if tsipras is now in a stronger position with a much more unified party system in greece and population behind him the germans also have to come to the table. merkel is popular but she's not as popular today in germany as her finance minister who absolutely is ready for greek exit and has been pushing as hard as he can. >> rose: a greek exit. >> a greek exit. but having said that you know it's france today that is sitting down the french president mr. hollande is sitting down with angela merkel and they would like to see a way out of this process. they would like to see a compromise. the germans may be

the greek -- >> would -- if you were president, would you just let greece go? >> well, it's up to the eu. there should be no american tax bare dollars for a bailout no american taxpayer involvement. this is between the greek and the ei. puerto rico is facing a similar situation. but before we get on our high horse, with we don't reform our entitlement programs we don't some riching the size of government cut back the epa, cut back taxes that's us. we're -- >> the president -- a president jindal jury. >> deniers. >> a president jindal would not be bailing out puerto rico, wouldn't indirectly for any foreign sovereign government like greece that is an ally and friend. you would not to be clear. >> absolutely not. i know the governor or puerto rico is trying to put politicness this and threaten presidential candidates. those are the same leaders that get to them in trouble. they need to cut government and -- nobody is going to be left to bail us out. we have to get our own house in order. we have massive debt. this president celted a new entitlement program and we

julie: we thought we had greek -- greece and china behind us, we thought about the fundamental earnings? not so hot. the dow has been the big loser of the day. various sectors within the s&p 500, you can see a lot of selling. telecoms, industrials, utilities, no big areas of green. there are some subsectors doing better but overall a lot of selling, we have had significant and disappointing earnings. telecom, for example. verizon losing -- leading this group lower after sales drop for the year. as much as 4% in part because of the price wars going on. it is pulling down at&t and t-mobile as well. if you look at the dow and the underperformance today, the big drag on it, united technologies and ibm, united technologies has seen it biggest the climb in about four years after its spun off aerospace, otis elevators, lower market demand than anticipated. ibm, 13th straight order of sales down, quinton, 13% as well. i wanted to point out that we saw in chesapeake energy. this was having its worst three-day streak in three years. lowest since 2003 after suspending dividends for the first time

european union leaders will decide on sunday whether greek greece has done enough to save itself for bailout. clamp down on tax evasion, it will discourage people from retiring early and it will seek higher health contributions from pensioners. greece will sell off its remaining shares in telecom's lte and also offering to cut more than $300 million from its military budget by next years. john siropolous, bring us to the latest of where we are on this story. >> outside parliament is the no vote, the communist labor union that's demonstrating against austerity package not surprisingly because they've decided to pit themselves he goodness syriza now that syriza the left wing party has become the ruling party. the communist party has decided this is the chance they have to prevent themselves as the opposition party. therefore they won't be elected simply to turncoat and go to creditors seeking terms. that's what's going on outside. inside, we are -- we have been in committee discussion, over the package of austerity measures that essentially was rejected by greek voters in last sunday's

greeks coming than going. there are no direct flights between greece and australia but via connections greeks are arriving hereay. it seems a growing number of them have no plans to go home. andrew thomas, al jazerra. sydney. >>> around 200 people gathered in the serbian capital belgrade to mark 20 years since the srebrenica genocide in neighboring bosnia they lit candles to remember the more than 8,000 muslim men and boys who were killed by bosnian serb soldiers in 1995. despite the show of solidarity the region is far from united and some still refuse to accept the genocide -- the massacre rather as a genocide, a report now from bosnia. >> reporter: she lived in srebrenica and to call her determined would be an under statement. her husband, two sounds and her two brothers were killed in them 95. she told me how her street is now virtually empty. like her most boss knee actions or muslims residents that were not killed fled to other parts of the country but she returned 13 years ago and is determined to stay despite knowing people implicated in the massacre are still at large. >> if people like plea wouldn't

promised they will reopen but that decision on thewhile dependent ecb, it is decision of the greek government. greece, germany needs to figure out its decision today. debate it.i any expectation this is going to go through without a hitch? guest: they have the majority. if you put together the 500 four out of the 631 lower house seats. the agenda today is that german lawmakers will back relief from the summer break. there is a debate. the vote takes place at 7:00 hong kong time. go throughhat to considering the majority they hold. this is based on a source telling bloomberg they held a closed-door and we have 48 lawmakers voting no. that is a wildcard. angie: think they will hold their hunches, it is angela merkel's birthday. [laughter] thank you for that. the euro took a tumble after comments from druggie. guest: we did hit the seven-week low. let's take a look at how things were. we did hit the low point. as we see the ecb, policy diversion, they are pretty stuck on qe versus the u.s. talking about how a rate hike this year is quite likely. that is helping the euro go lower. helpingecb, not really

german chancellor angela merkel has ruled this out before greece hold its referendum on another bailout deal on sunday. since the start of the greekebt crisis, angela merkel had her demand that greece has overhauled its economy and finance, which should be in exchange for international rail out funds. our reporter. reporter: the german chancellor is doubling down. as the leader of the country that owns the most greek debt, she is urging harsh budget cuts and painful restructuring in greece. her repainted -- her repeated mantra has been if greece fails, europe fails. she sees it as fighting for the very survival of the eu. after the crisis in 2010, angela merkel and again pushed for closer cooperation. " it is still about all of us taking responsibility on the one hand for the economy and on the other hand for how we show solidarity with each other." now, she is under increasing pressure. some want her to take a harder line with athens, while others blame her for punishing austerity demands that have all but crippled greece. angela merkel says germany has done its part. >> a compromise can only be made when the advantages outweigh

that reserve did you mean taking place sunday about whether or not the greek people back the bailout package proposed by greece'snternational lenders. the greek prime minister alexis tsipras amid a crown of his supporters. no doubt which way they are going to vote. the country as a whole remains divided. all the recent polls suggest that the country is almost exactly split down the middle become who it should boast. the government wants them to vote no and say we are not going to take anymore of these austerity measures. we are not going to accept this proposal as it stands. it has been suggested that a no vote would mean greek exiting the euro. the problem is that nothing is absolutely certain about what will happen depending whether or not they will vote yes or they will vote no. the prime minister taking his time to get to the stage. as soon as he addresses those crowds, we'll come straight back to him. >> the syrian army coward out airstrikes and raised in aleppo in response to a major assault by an alliance of rebels. activists say rebels fired into government held areas friday. a civilian military source s

you had a referendum in germany saying should we have more for those greeks, i guarantee you they would not want to. i think the greecere coming back -- i do not think they will get better treatment. i think if they don't, the lines outside the greek banks will get longer and longer and maybe as soon as tomorrow evening, perhaps wednesday, the greek banks will simply have zero euros left to give out. at that point, you have no banking system, no payment system, and an economy operating and that is when it gets extremely nasty, pensioners who neither money from atm cannot go by food. then i think you see quickly a move toward government having to institute some kind of script and that is the beginning of the exit from the eurozone. charlie: you are not as pessimistic? >> i am not quite as pessimistic and i think sebastian's right one of the reasons we have not gotten a deal so far is because the germans have taken a tough line position on continued greek austerity and reforms and labor force pensions, they look to complete come to the table on. that is not the only issue. we also have the fact the greek government lack

greek story. angela merkel held up the prospects of limited debt relief for greece. she ruled out any haircuts on great -- greek debt. >> greece has been granted relief. private creditors were allowed debt cuts. because consider such measures again as their part of the mandate. once a hypothetical program has been discussed, we will discuss that question then. as we said, classic haircut and death forgiveness cannot happen in a currency union -- debt forgiveness cannot happen in a currency union. imagine if every country came about this way? we would enter a hopeless situation which would network. it is reflected in our wish that greece remains part of the euro. such a haircut is not possible. ryan: greek thanks reopened for the first time in three weeks. let's head to our correspondent who is on the ground outside a ranch of the national bank. controls are still in place right? >> that's right. if you look over here, people are going inside this branch of national bank of greece. they were giving out numbers to people to go in through the side doors over here. others

greek economy. who is going to trust again greece and furthermore the european union the eurozone countries to invest or to do something for the sake of the greek economy? >> very briefly now you say there are about 80% of the greeks are in favor of the euro but again a lot of people voted against the measures in the referendum last week, there was no secret it would make negotiations harder. do you hi the mood has changed? do you think the greeks are saying look, we need to buckle down, whatever they ask in the eurozone if there is still defiance? >> it is hard to answer this question. the feelings are mixed i think. >> do you notice a change though? >> yes of course. i think the people start realizing that when they are members of a big club they need to play with the roots of this club, they can not do whatever they want, i suggest that. >> journalist from the greek antenna tv thank you so much. >> thank you. >> at least 14 people killed and 40 others wounded in a series of bombings across the iraqi capital baghdad people killed at a checkpoint in a suicide bombing and car bombing on a commercial

the opener said some greeks saw the cruise sis coming and opened foreign bank acts. >> the lucky one, people in greece had another debit card. whatever lent is not greek -- account is not greek, there's no limitation. >> greeks voted no to reject deals, the country is deeply divided over how to clean up the financial mess and build a relationship with the rest of europe. >> greeks belong in europe no doubt about that >>> this sociology professor says it's time for greece to stand up for itself. >> be feel european. we want the other people of europe to realise that. >>> chinese financial markets are in free fall with losses getting worse. as wednesday training got under way, 500 firms halted trading on the markets, almost 200 more had, after the markets closed tuesday. shanghai's market is down 5%, and the hank senning index is down 4%. it is efforts by the government to keep the efforts afloat >>> a grand jury indicted 21-year-old dylann roof. he is facing nine charges of murder, three charges of attempted murder and a charge of possessing a weapon. scarlett wilson has no's whether she'll seek the de

the biggest issue is greek banks and how long can they last before they run out of cash in the people of greece are unable to get any money. we are close to the point. the greek government says they can muster the end of the week. other reports say ours. some people trying to get an atm cards that they can get access to the very conservative things to collapse saving will go with them. the question is certainly a hot day here in is. mid 90s but did he really felt in brussels and frankfurt and certainly in berlin. the words you hear the phrase you hear is to restructure our debt relief. imf says greece needs a paint the question is can the e.u. bite the bullet. that is either a haircut for lenders or forgiveness of debt. they will continue to struggle as the password so many years. sandra: ashley, thank you. we will be back shortly. i want to bring in cowgirl steinhauser. good morning to you. what is your take on the development of greece right now? >> well, all across russell, frankfurt, berlin, a lot of shock and now people with the right response. the finance ministers in the early afternoon

greek immigration. the first one happened in the early 1940s-1950s after greece's civil war. second started in 2010 with the financial crisis. since then the number of greeks seeking legal residence in the united states has gone up nearly 60%. >> the numbers over all are relatively small. less than 2,000 greeks came legally in 2013. but those who work with immigrants say that they're also seeing an increase in greeks who come on tourist visas and then try to stay and work illegally. >> a lot of times you see people want to do the right thing but they have no family here so they can't. unless you're related to a citizen or resident, it's difficult to actually get--to come here legally whether it's labor based, a visa lottery. >> born in the united states, but raised in greece. he decided to come back at the start of the crisis reluctantly. >> the plan is eventually to make enough money and go back home. i consider greece home. >> leaving home, family and friends, is hard, these immigrants say. >> it is better economy. >> but no one has plans to move back any time soon. >> al ja

the greeks walking out of talks was a serious error. angela merkel warned greece is running out of time. this is the ecb type conditions for greek banks. let us get the latest. paul gordon is standing by. on's nichols is in brussels that summit. guy johnson is in brussels. guy, i want to start with you. we thought the banks would be open today. they are not. the big question is what will it take to get the banks act soon as possible? guy: it would take a deal or enough progress towards a deal for mr. draghi who will be in that summit. paul will talk about that in more detail. the politics front and center. the banking system writing to a halt. we do not see any progress yet on the opening of the banking system. the banking system could run out of money. it is getting down to the wire now. we've had many crucial meetings. i feel this one is different. i think mr. tsipras has to come up with something. he is a new finance minister in place. yes, there is a bit more political cohesion. i do not think that is enough. he needs to find a way of gaining the trust of his

greece's creditors. how much do the greeks owe them? well the total outstanding debt for greece, comes to about $350 billion. out of that, about 30 billion is from the ecb. the central bank's board members have made a decision that could keep greek banks closed for some time longer. they won't raise the ceiling of emergency funding for these institutions. the ecb officials sat down together in frankfurt and made their decision after greece became the first developed country to fail to meet a repayment deadline to the imf. although the ecb officials say the ceiling won't be raised, they will keep the tap open for emergency lending to greek banks through the country's central bank. the board members apparently decided to wait to see the outcome of sunday's referendum in greece on whether the debt-ridden country will agree to austerity measures. >>> as for markets, european and u.s. ended higher. analysts say investors are seeing a glimmer of hope in the greek debt deal, despite the twists and turns. in london up 1.3%. the cack 40 rose aro

and the vice president of the european commission said greece needs reforms after his referendum. >> with respect to the democratic choice of the greeke the no result unfortunately widens the gap between greece and other european countries. there is no easy way out of this crisis too much time and too many opportunities have all been lost. the commission is ready to continue its work with greece. but to be clear the commission cannot negotiate a new problem resulting in mandate from the euro group. but one thing is clear, the place of greece is and remains in euros. >> referendum, reservoir -- resignation and what does it mean? >> reporter: people are out in the cues hoping to get their 60 euros out of the cash machines but many people i'm hearing in this cue say that they are very worried and there are people who don't have bank cards and don't know how much money they will be allowed to take from the bank today. given this situation, given these cues why did greeks vote as they did? why did they not heed the advice of creditors that the country was close to financial collapse and the answer is attitudes in greece have been created

despite the overwhelming rejection it does not compel greece to change the terms of what they've been offering athens. greekinance minister yanis varoufakis announced his resignation following the boasting the move might help the government reached an agreement with creditors. so what is next with a small country of greece. ashley webster with the latest details. reporter: good morning to you, cheryl. the next 48 hours will prove absolutely decisive not only for the future reason the eurozone for the eurozone itself. a difficult situation for german chance lawyer angela merkel as she tries to sell whatever plan they come down to her own party in the german parliament in german parliament is indeed the german taxpayers. germany has the biggest exposure to greece and 29 billion euros. if indeed there's some restructuring of greece, that would mean either a haircut and some loans are just a forgiveness of loans and that is not going to fly with the germans. in the meantime the biggest crisis right now are the banks. that is why you see this being repeated all over the city of athens. long lines, people asking