john tsipras now willing to concede to some of the terms. which ones he is wanting to change. >> reporter: he is conceding, really to his own plan. this was being finessed when tsipras walked out of those talks on saturday. his deputy issued somewhat of an explanation in the last few hours saying the creditors were shifting on their vat position. they were not going to stick to what was referred to during the week, and they were raising consumer taxes. but we are where we are. now four days later, mr. tsipras seems set to have let's say not an easy victory, if the no vote is still not what he really wants. since the referendum was announced the no vote has fallen to 46%, and the yes vote has risen a little to 37% according to the polls. the distance seems to be narrowing, and i think it is going to be too close to call. either way the government doesn't standing to gain i would say, because the no vote would keep the doors closed while a yes vote would be a public censure on its policy choices. >> how has this affected tsipras's political st

and john is in athens, john, mr. tsipras said it's the best possible agreement. best in brussels, perhaps good enough for greece, though? >> reporter: well, it is going to be difficult to get some of these points past the greek parliament and the greek people. i think the biggest problems will arise in some of the up front actions particularly the overall of the a.t.. above and beyond what the greek parliament just passed -- >> we are going to jump in quickly and listen to france's president francois hollande. >> and everything be studied and everything be said by the goff of the eurozone, by greece. by those who were the most reticent and requesting guarantees and it was necessary to keep the german relationship between madam merkel and myself which is necessary in we wish to achieve a compromise. if there is not this solid solidity which, of course, can include differences, if there is not this cohesion to achieve an agreement and we spent a lot of time with madam merkel, with alexis tsipras and the our opinion authorities to achieve this result alexei tsipras

tsipras is heading in to here john, he's leaving brussels, everybody has to go to sleep. he has another battle ahead of him. how is his future looking on the political level? >> reporter: well, it's very simple. at this point greece is either going to pass additional measures between now and wednesday, they have 72 hours or they are going to lose all chance of staying within the eurozone. everyone is now on this page. it's not just the germans anymore, they have managed to push the entire eurozone towards tougher deal for greece. we are no longer where we were at the beginning of the weekend where the greeks had capitulated to everything creditors wanted up until then and felt that greece would simply proceed in a technical mapper and sign onto its new bailout loan, this is an enormous new burden. to digest what additional america your honor have to be taken, what they cost the taxpayer and whether greece will be viable economically once they have been passed and once the implementation has begun, there is a lot of debate over whether these things will actually work. but

when you look at the exit maybe more than john saying prime minister tsipras thinking it one of the pave the way toward making the deal. you have not been following the last five months. it is a pretty big hurdle here. kit juckes: it is clear in terms of the language between the two sides something had to get. now we are talking and we can get away from some of the emotions. is debt relief meaningful? the imf things another 60 billion euros needed over the next three years of new money. by the way, that number goes every day the greek economy stands still. a lot more money needed area you have to go around the table and say, we do not mind opening pandora's box as saying so with the principles of our debt forgiveness within the eurozone will change. jonathan: the imf says that. we know there's a difference between the creditors. whatever they agree on together in brussels is what has to go to the german parliament. when i look at the very fact is quitting, seemingly the market forget jpmorgan the best case scenario for the market seems to be we are going to get a deal. is that your best

how do we look at the political landscape for tsipras? john: there doesn't seem to be any huge doubt that he will manage to get this through the greek parliament on wednesday night. but of course, we all know why he was elected. it will be difficult for him to preside over the legislation that has passed. anything beyond that is pure speculation. there was talk that he might be tempted to form a technocratic government. perhaps we could see elections this year. right now, i think the mood in athens is one of certainly fury. a lot of people didn't expect the germans to come down on them over the weekend with the talk of a temporary grexit. if you talk to people here there is a sense of resignation. either accept this deal or leave the euro. there is no appetite to leave the euro. ultimately, tsipras has to push this through. manus: john, thank you for giving us an update. let's turn our patient now to alberto gallo. good morning. what do you make of the deal so far? >> it is a good result. we have always been pro greece in europe and against a

john, practically the same. people said no to us te austerity. and tsipras said he would not jump on the pensions which is getting rid of the special offer for pensioners who are slightly poorer. he will not get rid of that. that is going to go by the year 2022. the other concession made is special right on islands. certain islands here in greece had a special rate of tax basically reduction. he did not want that to go ahead prior to the referendum. now he conceded saying some of the richer islands will get rid of the tax on that. the special rate. all in all, he's accepted there will be more reforms up to 23% to restaurants. he is making concessions on the retirement age. he is privatizing state assets and cutting military spending and raising corporate tax. what we know is it is going to parliament and it has to be approved. >> every step has its own little macinations. >>> time for an early start on your money. alison kosik is here with that. >> good morning. with the greek drama and volatility volatility we will end on a good note. european shares are on

john hannah says that it's too it to be considered. the pressure is on the greek prime minister alexis tsipras, is it not? john: of course it is. that pressure is is because of the referendum greeks voted on sunday that was a no, increase an effort to the negotiating power of greece and we will see of that works. rishaad: how important will type's meeting be in brussels -- will tonight's meeting be in brussels? don: it will be very important. it is a signal from the other side from the europeans, the creditors, as to whether they are willing to sit down again and work out a deal. rishaad: alexis tsipras -- as his hand been strengthened? don: certainly what it has done is created a backing within greece for the idea that greece should get a better deal. from his standpoint, his standing within greece is clearly stronger. what we will find out in the next day is as a result, the ability for him to get a deal better for greece has also been strengthened. that is the uncertainty. you have a divide within the europeans as to whether post this referendum was essentially the greek saying we do not want to be part of the euro, therefor

that's why they are in the situation they are today. >> we'll see the next move from alexis tsipras, won't we. johnos. thank you, john. >>> a simple exchange of letters ended 50 years of broken relations between the u.s. and cuba. an american diplomat delivered a note to cuban officials in havana offering to restore ties. it came after several months of talks between the two countries. mr. obama said that the american people will welcome the new friendship. >> we are neighbors and now we can be friends. here in the united states we have seen that same enthusiasm. there are americans who want to travel to cuba and american businesses who want to invest in cuba. american colleges and universities that want to partner with cuba and americans want to get to know their neighbors to the south. >> and that was the moment on cue cuban television where mr. castro send the invitation. john kerry will travel to cuba this summer. the move doesn't lift the u.s. economic embargo against cuba. but mr. obama on wednesday called on the u.s. congress to do exactly that. >>> the head of the international atomic energ

and final answer if yellen mentions greece today she is more likely to quote olivia newton-john rather than tsiprass a percentage of our audience who don't know olivia newton-john. brendan: how to handle that twitter question without singing which has been banned from the show? i will not that is for certain. brendan: the course of that chong -- song was better shape up. vonnie: i believe that you are watching greece all day today, tom. tom: let's do yours first on yellen. vonnie: we have data at 8:30 and janet yellen starting to testify before congress around 10:00. we are expecting her treatment run 10:15 and questions after. tom: bloomberg terminal will have the headlines. then a 1:00 p.m. agenda. brendan: this afternoon obama will open up the east room to questions. expect those questions to be about iran. tom: i don't know the time zone but i will say the 3:00 a.m. agenda, whether athens brussels, berlin or washington with great fear i say that. greece front and center. david gora is in athens and we will watch this very carefully. stay with bloomberg television and bloomberg radio all day. al

alexis tsipras spoke with chancellor angela merkel on the phone. he'll present a new proposal tomorrow. john spropolous has the latest from athens. >> we have yet to hear from prime minister tsipras. he's trying to form a consensus position across the parties that are anti-austerity as well as those that have been in the first pro austerity a memorandum of understanding for creditors. that has been the political divide in parliament so far. forming a decision that bridges all of those gaps between the parties on greece's negotiation with creditors obviously difficult. it has taken many hours. there have been, we understand, telephone calls between mr. tsipras and other world leaders during that meeting. what we hope to achieve during the day is a communique between all of them that forms a national position. this was asked for by the opposition before the referendum took place despite the fact that mr. tisipras has handily won that election, it is good faith on his part and political courage and now he needs to strike a credible deal that's trying to line up politics behind his position. >>

greek prime minister alexis tsipras wrote to the euro group after his government failed to pay $1.6 million, the first advanced country to miss a payment. the latest from john psaropoulos, live from athens, what are the details? what is alexis tsipras offering the europeans? >> he is offering to cut roughly 700 million worth of spending pon pensions this year and about 2 billion next year. that is in the latest plan submitted by creditors, and it came close to what the greeks submitted earlier. he issa greeing to that and to raise the v.a. f to raise more of to this year. he's going to raise $2 billion more about v.a. t than previously foreseen next year. these are austerity measures measures that take money out of the economy and put it in state coffers. the government will ask for the delay of certain measures such as a review of spending and labour laws and it's agreeing to the reviews and reforms. it's a question of a few months putting them back a little. >> it's also trying to sweeten the pill. the fact that it's capitulated to this neegsgotiation to the creditor's demand. asking for a 2-year moratorium. it is a fund that would help governments pick u

john. in fact during his comments to mps his impassioned appeal, prime minister alexis tsipras says he doesn't agree with this agreement either, he doesn't agree with these austerity measures. his choice was temporary default or grexit. john. >> what does this have as effect on him personally? >> even people who don't vote for tsipras feel sympathy toward him. many feel this is an intrusive deal humiliating deal but many feel in essence tsipras was blackmailed. either accept these austerity measures which was the condition by european dealers to carry the bailout talks forward to rescue greece's economy or watch the banks go under watch the savings in those banks get wiechedwipedout or seized. and that's impossible for many people. >> is this enough to save their country? >> there's a lot of skepticism that this is enough to save the country and indeed, there is skepticism from official sources as well. and that will be the imf. the imf leaked a memo yesterday that basically said, europe has to get real about how unsustainable greece's debt is and how europe must consider measures to keep that

john psaropoulos is there. what will the people in greece have made of what alexis tsipras is saying? >> well look we have had a lot of ups and downs. we had the greek government declare the referendum. there has been a no to further austerity. now we have gone back to talks. what will they be based on. alexis tsipras went without specific proposals we are told yesterday, but there'll be specific proposals on thursday. today there is another euro group teleconference to discuss what the status is or the progress is. there has been a roadmap that has been discussed by alexis tsipras and the leaders of the eurozone. i wonder what will be thought of between tuesday and thought of. i think the basis of the proposals has got to be the previous plan. there's precious little in the speech, to suggest that he is about to burst forth with a slew of ideas, that crossed the lines held up until now, by either side. for example, is he proposing to cut any of the state expenses that he wants them to cut. 55%. budget. the two biggest expenses. there's no sign of that. he harped on about the past fai

john could this possibly be mr. tsipras's toughest test, because it might involve his political future. >> at it's a moment he knows has been coming. negotiating with creditors he knows he wasn't going to get everything he wanted and quite possibly was going to be saddled with a number of things he didn't want and that has happened. there's got to be a house cleaning within his own party. he is going to shed his far leftwing at some point and in some form. we expect that the energy and productive reconstruction minister who leadsette left faction will at some point break off as he has threatened to do and form a party of his own. that may not happen until the autumn. the government is sticking to its guns, it's going to take its hit, shoulder its casts and it's going to put these measures to a vote by midnight tonight. it's going to have opposition support. it does not want to lose more than about 40m.p.'s from the entire coalition block, because that is a point past which there could be a legal problem with parliament accept

prime minister alexis tsipras has written in a letter that he's willing to accept most of the bailout conditions. john is in athens for us. what's been the reaction to tsipras's decision to concede to most terms? >> i think that a lot of people feel relieved that i've spoken to this morning, that there might be hope for an agreement even if not immediately, in a few days, perhaps after a referendum that's still scheduled to happen next sunday. there is no question, i think that the closure of banks this week and the capital controls imposed on withdrawals has eroded the majority that would have voted no to any austerity package from greece's creditors. according to an opinion poll published today in a government friendly newspaper before those capitol controls, 57% of greeks were willing to vote against it. today, that has been reduced to 46% over the same period, the yes vote has ricin from 30-37%. while it looks as though the overall public opinion verdict on this new package that the government is willing to accept with a few changes may be no, but yes can still be rising. you've noticed now that t

tsipras. thelet: we will talk with ever colorful john ledger as the company adds 2 million users to narrow thed sprint. pimm: good afternoon, i am pimm fox. scarlet: and i am scarlet fu. let's take a look at the markets. we hit our highs one minutes after the market opened and since then we have been drifting down.

john mcfarland will become executive chairman. alexis tsipras the -- calls greece an experiment in austerity. china's benchmark share index has seen its biggest fall since 2007, plunging as much as 8.2%. the shanghai composite slump is around 30%. george osborne will deliver his u.k. first conservative budget and almost 20 years. the chancellor, whose election campaign played heavily on economic prudence and the need for more austerity will drawn his newly granted authority to prep ahead with plans to slash a further 12 billion pounds from coffers. the u.k. has a productivity problem. gdp work is flatlining. it is lower now than it was in 2007. one industry bucking the trend is manufacturing. we visited the manufacturing sector in coventry. >> you refer to it as a productivity issue and i refer to it as a productivity opportunity. we are part of the time manufacturing. for every pound the government invests in the cap a poll have generated 15 pounds. we have a situation where we have high levels of employment. we do not have the same levels of t

prime minister alexis tsipras insists on a no vote, to get him a better deal. but john siropolous joins us from the greek capital. what's actually at stake here for greece? >> much is at stake for greece darren. the question whether they will be forced to dip into their depositor savings they don't know if the european central bank will continue to release liquidity into the system, or they'll have to rely on the deposits that are left. they don't know if the government will receive another financial aid package. in addition to the imf bond it didn't pay last week. and we don't know what the fate of the private sector will be, be the backbone of this economy enormous unemployment, high taxes, a lot of businesses are simply unable to continue. the market has been shrinking there has been a recession as people are unsirn of unis for five months. this is the ballot paper. everyone is called upon to sign. all it requests is is is the do you sex the is sustainability analysis that goes with it -- you accept the sustainability. they had are going are or the voting on the basi

john is live in athens now. over the mast days, we've heard prime minister tsipras really trying to separate the vote -- veep rate the bailout deal from greece's overall relationship with europe. how do people there view the upcoming referendum? >> well, as you very rightly said, people are very divided and polarized between the yes and no champs. both do not want more austerity. both feel that europe has treated greece badly in some stages of the negotiation pros over the past couple months. it's domestic politics that distinguish business the yeses from the nos. this want mr. tsipras to go. mr. tsipras is trying to pump up the no vote in order to reassert his authority in government. he wants the no vote to act as a vote of protest against the way the european union is dealing with him in order he says to strengthen his hand at the negotiating table we never left the table web says, it is part of the table this referendum. he wanting to with a strong no majority if he can get it in order to ask them to approve the terms of the deal he was given last weekend. he has accepted it during the week just ahead of the

tsipras. thelet: we will talk with ever colorful john ledger as the company adds 2 million users to narrow the gap behind sprint. pimm: good afternoon, i am pimm fox. scarlet: and i am scarlet fu. let's take a look at the markets. we hit our highs one minutes after the market opened and since then we have been drifting down. we are pretty much revisiting our session lows here. thecan see that pop at start of trading because china got a big rebound yesterday. pimm: the s&p is moving up from a four-month low. scarlet: it is still down 9/10 of 1%. there is the nasdaq over a two day. . we want to move over to oil and gold has commodities got hit hard. gold down by 2/10 of 1%. nymex crude, $53 a barrel. pimm: that is the biggest move in a month. scarlet: a check on the bond markets as well. pimm: ten-year treasuries falling for the first time in five days. a selloff in bonds. scarlet: there is an option to of bonds so there's a lot of supply coming on. pimm: just under 3%. let's take a look at what is going on in currencies, in the dollar versus the euro. 110.24. the yen versus the euro, also a lit

tsipras. a battle for a nuclear accord viennaran goes from th to congress. john boehner says he will do everything to stop it. obama sees it as historic. i am rishaad salamat. gdp figures. >> getting better than expected. it is the same as expected. %.e consensus was 6.8 better than expected. the stabilization that many have talked about in the economy is, perhaps, taking old and is in line with the government target. let me give you the other numbers. mostly better than expected. retail sales come in. the retail sales have not been in single digits since 2006. low.is but, better-than-expected. production is coming in better-than-expected. also, a little bit better than expected and the same as may. gain on year to date. gdp comes in better-than-expected. 8% quarterecting 6. over quarter. the consensus estimate was for 1.6%. it looks like rings are better, better,-- things are broadly. rishaad: that is the picture painted, at the moment. we have the reactions at the markets with yvonne. down in the are shanghai composite right now and it was a volatile day that w

john kerry will travel to havana next month for a flag raising ceremony. alexis tsipraseturned to eternalnt to defeat an -- internal revolt against the new bailout. there were cuts on aid worth more than $90 billion. members led8 syriza by yanis varoufakis refused to support the first forum. an measures have prompted upgrade to ccc+. the s&p 500 fell from new record levels ending the day down .4%. the dow jones fell after a commodities rout. declined, but slowed a bit. gold is little changed. that is the result of the day. let's get more with jack from chicago. was it the earnings disappointments i carried the day? >> i think that is what it was. there is not much other economic news. disappointment, the previous shadowthat really cast a over the market during the day. angie: do you think the consumers are coming back? what is this earnings story tell us? even though 72% of companies projectionsearnings , only something like 36% are beating on the revenue side. we are not seeing revenue. i do think we are seeing some elements of strength globally. perhaps we will see som

tsipras speaking earlier on. tell us whether anything new john is being put forward by the greeks in this leaked proposal. >> there's nothing new either in what the prime minister said at the european parliament, his criticisms of the bailout loans of the last five years are well documented. there is nothing new in the application made public a short while ago by the government that the government has filed with the european stability mechanism, an intergovernmental distress fund set up within the euro zone at the beginning of the crisis for a new funding program, a new financial aid program. what we're seeing in the second, however, this application for funding is a confirmation of what we've been saying, that whatever new set of proposals the greeks put forward tomorrow, they will be based on what the greeks have already accepted in a june 30 letter to the creditors, which was a plan that would include tax reforms tax hikes, and pension cuts. that is all promised in this letter to the european stability mechanism. it says that the government proposes to moo immediately implement a set of measures as early as the b

secretary of state john kerry is expected to go to cuba to raise the country's flag. alexis tsiprasignaling he wants a compromise. some eurozone leaders are not so sure. alexis tsipras has told creditors he is willing to accept their proposals as the basis for a deal, but he has some sticking points over such things as pensions and sales tax reform. schatzker is in athens with the latest. is this a real proposal, just a proposal for european leaders, media -- what is alexis tsipra'' plan? says this is what tsipras he would be willing to accept. what the europeans are saying is that the time to negotiate has gone.nd gone during -- there was room to negotiate until the previous bailout expired last night. now the europeans want to see the results of the referendum scheduled for sunday. you have heard that from angela merkel in germany, and who holds the most power in this situation? draghi,tween merkel and but she pretty much speaks for the europeans. wanted them to believe he was ready to sit down and negotiate in good faith. stephanie: we are sitting here saying we are getting a dif

john and christine. today is all about deal or no deal. we are waiting. greeks will be waiting to find out what their prime minister tsiprasard in the proposals. will they go far enough? he requested a three-year bailout. the amount we are not sure but suggestions are anything around 50 billion. that is exactly what the imf said the country needs to survive for the next few years. we know the greek government has submitted a formal respect. some sort of debt relief. will they get debt relief? we know europe is divided on this or some sort of debt restructuring. the messages has been clear from europe. they are not singing from the same hymn sheet. you either put your house in order or you get out. important to note the majority of people are backing prime minister tsipras. there is euphoria on the streets on sunday. you will have a lot of pressure today to submit proposals that europe will be pleased and they go far enough. that includes changing the pension system and as well reforming its economy and the tax system. people here taking to the streets today to show europe their heart is in it but to show tsipras this is it

be that 60-euro limit grade matt: maybe i will ask both, david lipton and john cochrane, how would you do this? alexis tsiprascess. is that too small to be an example? he is working very closely on ukraine. i probably will not have time to talk to him about that, but he worked in kiev very early, and it will be great to hear him talking about it. tom: matt miller, see why much, with "market makers, with lipton and cochrane as well. i look forward to the conversation with david lipton replacing john lipsky at the imf, the first deputy managing director with importing comments as well. a look at our twitter question again, we have a great response thank you for that. should germany leave the eurozone? i first saw this idea ages ago. stay with us on "bloomberg surveillance." good morning. ♪ tom: good friday morning, everyone. "bloomberg surveillance." let's get to our top headlines. vonnie: the broken bone in the neck of george h.w. bush will be able to heal on its own. dr. say that could take up to four months. the president had a fall at his summer home in maine. he is wearing a neck brace. a spokesman said he

john lipsky, former imf managing director. it's just gotten too painful. i mean, at best alexis tsipras naive, at worst there was a cha read. right now he realizes we must submit to what the creditors want. we've got the closing bell ringing in about 50 minutes. we have a big gain on wall street right now, but we're off the earlier highs. we had been up about 238 points, we're now up 2 2-9d, so we're holding at the moment -- 229, so we're holding at the moment. we have all eyes trained on what's going on in parliament in greece. we're going to take you live there once again and live to the floor show for what the traders anticipate, how it will all play out. remember, a lot could happen over the weekend. >>> and we are waiting for the greek parliament to vote on that plan to stay in the eurozone. wow, you know, you've got to wonder what the crowd -- which is seriously no, seriously angry about austerity -- will think if this comes out as a yes, let's give the creditors what they want. "countdown" coming right back, don't move. ♪ ♪ you total your brand new car. nobody's hurt,but there wi

john, i'm thinking back six months ago to the general election which brought alexis tsipras and his anti austerity to power with 36% of the vote. would it be fair to assume that those who voted for this government will now vote no in today's referendum? >> >> i think some voters will go over to the yes vote, but on the whole, if you take the dynamics of that election that you mentioned in january all of the anti austerity parties put together garnered more than 52% of the vote, and that, if dynamics are unchanged ought to give them the majority also today. of course, the opposition, the pro austerity group of parties the socialists, conservatives and the river who then in january garnered about 38% put together are hoping that all of the events of the first two weeks, the bank closures, the cliffhanger negotiations in brussels, the week before last, will have frightened people enough to bring them back into the austerity camp. don't forget, freese's creditors have been bullying them with a threat of the exit from the euro. i think they're not aware that in this population, that's likely

john. i think it will be after the referendum. we are not expecting to hear from the prime minister tsipras. we heard from the europeans. they will not talk to the greeks until post referendum. now, the ball in on the greek court and how greeks will vote sunday. many unsure exactly what they will be voting for, john. let me give you a taste of the mood on the ground. i have two newspapers. it is a bit windy. i'll try to show you here. this one says "terror machine." you have the leaders of the trade commission and the imf christine legarde. pushing to vote yes. this newspaper here has both sides. on one side you have "queueing for a few euro." and you see, some people here angry, furious, at how prime minister tsipras managed the situation. others say he played a strong and fair hand with europeans. >> isa soares thanks. >>> the white house says for-profit colleges have taken advantage of hopeful students and it stops now. they are putting the bad actors out of business calling unconsciousable actions in higher education. will get some real relief for students right after the break. >>> i'm christine romans. let's get a

parliament will be asked to authorize prime minister tsipras' plan but you could come under secure any from mechanics of his own party who reject any austerity. johnhe likelihood that it doesn't get passed? >> reporter: well, i think there is a good chance that it will. not because the agreement itself has changed but because it's now accompanied in theory, by a three-year funding program rather than two years. that gives a longer period of stability and predictability for the private sector and the greek voter. secondly, because it would be accompanied by a 35 billion euro development plan. that's the so-called plan, the money the european commission promised to greece if it signed on to the package. and thirdly because the company says it will be accompanied by a rescheduling of the greek debt which is the holy grail of this entire thing. they want 30 years wrath they were 16 to pay off the dead. it will spread out of payments each year and make it sustainable. right now greece isn't producing enough wealth to hand out as much money as it's being asked to for the repayment of creditors. if all of that package does transpire the way the greek gov

tsipras can bring this to his people. he has to first bring it to parliament and voting on this. also the opposition. after that, john european parliament and national parliaments have to vote. will germany oppose this deal? we are not out of the woods yet. >> and after all this greek has to get going in the right direct economically. that could be next to impossible. isa soares, thanks. >>> time for an early start on your money. alison kosik is here with that. >> interesting. you think about it. all of the volatility that greece caused in markets. we will end the week with green arrows. european shares are higher. so are u.s. stock futures up a bit. on the hopes that greece could finally reach a deal for a bailout plan. asian shares are higher. shanghai composite is on a wild ride. stocks are up 4.5% today. the government has stepped in to stop the plunge. it seems to be working at least for now. stocks have fallen 30% in recent weeks. that wiped out trillions of dollars. >> $3 trillion gone. thanks alison. >>> bill cosby facing new fallout after admitting he obtained drugs to give to women for sex. that fallout rea

tsipras. a battle for a nuclear accord with iran goes from thevienna to congress. johns he will do everything to stop it. obama sees it as historic. i am rishaad salamat. we have the gdp figures. >> getting better than expected. it is the same as expected. the consensus was 6.8

embassies are expected to open july 20 and secretary of state john kerry will go to havana to raise the country's flag. upon mr. of greece alexis tsipras -- the prime minister of greece alexis tsipras has agreed to a proposal as a cover mines but there are sanctions on -- compromise, but there are sanctions that could derail the deal. what peng shuai both said europe is in a new situation now that the bailout program has expired. a new report is raising questions about the link of the makers of drugs and those who prescribed them. drug and medical device companies paid out 6.5 alien dollars last year and -- billion dollars last year and much of it went to hospitals were teaching doctors. a multibillion-dollar pledge today from the saudi arabian giving away three $2 billion over the coming years to benefit both muslim and non-muslim countries according to bloomberg -- countries. prince allah will lead is the -- lwaleed is the world's third richest. mark barton. mark: the greek prime minister slightly derailing a close. he said greek should vote -- greece should vote no. he also said he had no intentions to lead greece out of the eurozon

john. you hit the nail on the head. this is the last chance and greece knows it. i think tsipras and the new finance minister know this. this is their last chance to reach a deal. europe has been clear all along. if they want the third bailout, there are 29.1 billion euro that they are requesting. the third bailout in six years. they need to come up with serious proposals. those are words used by you're peep lead european leaders. they will exchange ideas with the proposals in mind. are they prepared to budge on the red lines? cuts to pensions and raises to taxes and many others. those are the red lines they said no all along. are they prepared to budge? is europe and germany prepared to give in on the debt? this is something the imf suggested is unsustainable. and from italy as well. they are more meanable to the fact of cutting greece's debt. what greece puts on the table and what europe is prepared to accept. because as we mentioned, the economy is coming to its knees. banks are closed and i went to a supermarket yesterday. it was practically empty. people cannot pay suppliers

tsipras spoke to the parliament asking for fair and just terms. athens requested a three-year loan asking for tax and pension cuts that could begin next week. john sporopolous has more. >> it's a distress fund that the greeks would like to fund their program for the next two years. it's a new financial aid program because greece has already graduated unsuccessfully from the previous one. that letter was meant to be submitted this morning. it being done in collaboration with greece's creditors. it sets the process in motion of asking for additional financial aid program and agreeing further down the road by sunday on the terms of it. now in this letter they will immediately implement a set of measures which will create a tax reform measures and pension related measures. well that gives you your first clue about what the greek side will be agreeing to. it sounds as though they'll be agreeing to the package of ussterty measures. some cuts in pension spending and some additional tax revenues that the greek government already agreed to following the proposal by its creditors. this seems to be building on what was on the table and it's also the docume

alexis tsipras said cash shortages and bank closures are embarrassing, but will not last long and asked greeks to vote no in the referendum on saturday. john psaropoulos reports the outcome of the vote is anyone's guess. >> reporter: the yes vote has grown, relative to the know vote which appears to hold the majority. the trend may be change. it's difficult who will have the upper hand come sunday. the yes vote is feeding off the insecurity of grease feeding off the us open tied to warnings and -- eurozone tide to warnings and threats, saying if greeks vote no they'll no longer have a place in the us open. the no vote -- in the eurozone, the know vote has strength people believing they have no choice but to tell creditors they are no longer willing to talk about austerity, believing they will not bring a decent package, and seem to be strengthened by a debt sustainability by the international monetary fund, one of greece's biggest creditor and that says unless greece receives an additional loan of about 52 billion euro for the next three years, it will have an unsustainable debt in the years to come. the i.m.f. recommends to europe extend

tsipras speaking to parliamentary there. we'll have a first on cnbc interview with john mcfarlane. executive chairman at barclays. that's coming up. >> plus facing another budget crunch. we speak to the u.k.'s shadow business secretary as george osborne prepares for the first all conservative budget in 20 years. need to hire fast? go to ziprecruiter.com and post your job to over one hundred of the web's leading job boards with a single click. then simply select the best candidates from one easy to review list. and now you can use zip recruiter for free. go to ziprecruiter.com. >> a new approach is required. they fire anthony jenkins amid dissatisfaction about his leadership show. john mcfarlane will lead until someone is found. >> brokerage stocks weigh on the markets. the hang seng closing down by 6%. this despite the pboc stepping in with further support. >> searching for light at the end of the tunnel. tsipras tells european lawmakers that austerity in greece must come to an end as brussels gives athens a final deadline of sunday to deliver a new package of reforms. >> microsoft is taking an ax to its work for

tsipras has to bring home and if he does then i think he have brought one of the biggest criticisms of austerity to an end. >> johnhank you very much. >>> as we heard earlier, one of the ports that faces public control is this one. hoda abdel hamid has meet some workers there. >> reporter: it's a model of self organization. a factory that was doomed if it wasn't for the ingenuity of its workers. it went from producing building materials like growth and acrylics to making environmental friendly soaps and cleaning products. >> translator: we were working with a lot of chemicals before, so we decided to change. we wanted to produce something different that is cheap and affordable for the families and people. >> reporter: these products are now sold in several european countries, with a label proudly stating made by workers who refuse to fall into unemployment and depression. because back in august 2011 they had effectively lost their jobs, even though never officially fired. what happened here is very telling about how things went wrong in greece where there is often a fine line between personal interest and business

john defterios from abu dhabi. we did hear her say we want more adulthood. are the creditors growing tired of alexis tsipras? >> there are three creditors that have been there for six years, the imf, the european central bank and the european union. and they have grown tired of the flip-flops. this has been going on since alexis tsipras came to power in january of 2015. no one can move if you don't know where the government wants to do. imf cannot help out if they owe them $1.7 billion. the european union says the political context is not right for us to move forward. that was the head of the euro group last night. the european central bank decided not to raise the liquidity fund. they are providing money but not raising it. alexis tsipras made a u-turn saying we will go along with most of the austerity measures. that came very late. asking for another $32 billion, basically, a third bailout. but at the same time asking for patience from the pensioners. he wakes up and watches the pensioners trying to get their payments. they are suffering badly. they are seeing their payments cut 30% in the last three years

john, german chancellor angela merkel says she's waiting for a credible proposal from tsipras. what do european leaders wanted from greece right now and what are they willing to concede? >> i think europeans want to see that the greek government is willing to cut down on its principle costs mainly two things, the amount of money it spends from the freshry topping off pensions, because pension funds are no longer viable due to the high rate of unemployment and secondly the state payroll. together those account for $33 billion a year in a $60 billion budget, more than half of all the public expense. so creditors want to see that the greeks are serious about tailing the pension costs because of the fact that there is rising -- well, the demographic problem in greece, old people is simply more and more numerous, and secondly, they want to see that the state payroll will not grow, which instead it wants to restore. they've been hiring back people who were dismissed under previous administrations. the greek's also have their own parameters. they have said that they want to program th

john sir rop louse is live for us in athens. lots at stake for greece but what is at stake for the prime minister himself? >> reporter: well i think mr. tsiprasy difficult course either way. if there is the no vote that he wants, then presumably he will remain in power and resume his efforts to find some sort of solution with creditors. but those creditors have signalled that a no vote for them suggests that the greek people do not want to remain within the euro zone and they have made it clear that a deal with this government simply may not be in the offing. if there is a yes vote then things are even more difficult for mr. tsipras, because he may in fact be forced to leave office. he may either be forced to resign from his position as prime minister and ask the opposition parties to join in a sort of national unity government that would then assume the negotiation, or he may have to call an election for an all together new government. >> john psaropoulos with the latest there from athens. thank you. >>> eight suspects are in custody following the attack in tunisia that killed 38 people. as the u.k. repatriated more than 30 victims, tunisia

john siropolous. he is but one man in a much bigger game. >> reporter: well, it turns out he was also causing problems on the greek side. in the last hour we've heard that if mr. tsipras the prime minister hadn't accepted varoufakis resignation he would have had to accept the resignation of another minister, he will remain because mr. varoufakis is gone. clearly this departure facilitates departures not only on the greek side. the key is whether it is going to be received as a token of good faith on the greek side. that's because the banking system here in greece desperately needs more liquidity. it's because the atms even under capital controls are losing half a billion a day in banking system. even more is being lost through electronic transfers. payments to utilities payments to suppliers and there therefore the banks cannot balance their books at the end of the day. they are losing net amounts each day. the banking system is reaching breaking point. the head of the banking system had said it could last only as far as monday. that seems to be confirmed by our banking sources so we believe today is the day we believe the departure of mr. varoufakis as a sign of good

but when alexis tsipras took over in 2008 it was only 4.5% of the vote and it skyrocketed to 16% in just four years. this is what the communists are trying to do. >> johnthe meantime there is a debate going on in parliament. bring us up to date with how that has been going. >> well, inside we have the debate going on on the document that greeks voted no to in last sunday's election but within a week here it is again, this time inside the chamber, rather than put to a direct referendum to the people. the difference is this, that the government believes if it goes to brussels. if the prime minister travels to brussels on saturday with this document preapproved by the greek parliament he will have a strengthened hand in asking credit fors for concessions. the european commission has promised an investment package worth three times what the austerity cuts are in this package being debated behind me of $35 billion euros, and mr. tsipras also wants an extension on the schedule during which the country has to repay its debt. that's really the jackpot, the best thing he can possibly come home with, because if he gets 40 or 50 years, which is what greece wants

john live in athens, thanks very much indeed. those are pictures from the no ray, which is subtly growing and prime minister alexis tsipras is doingo address the crowds shortly. we'll thing r. bring that to you live. >> is the most serious threat to isil, but which the cooperation between the sir i can't be fighting force and the u.s. led coalition is being question idea how the suicide that four yuck siblings in china is putting child wall welfare in the spot lefty. plus. >> i'm paul reese where the tour de france gets underway, trying to turn the love of cycling into success on the biggest stage. >> first, one person has been killed during clashes between anti government protestors and british police. the rally was organized in cairo, marking two years since the military coupe poppled mohamed morsi. crowds were dispersed by police. authorized demonstration are bobbed in egypt. >> members of the egyptian anti coup ali access and opposition parties have been meetinging london causing the government of the killing of several option members. >> egypt's anti co alliance and opposition are calling for an investigation of what they say

tsipras has met with opposition parties giving him their backing ahead of the bail out negotiations on tuesday. they have nominated tsakalotos to replace retake on the position of finance minister. >>> secretary of state johnkerry said that hard choices need to be made. foreign ministers from the u.s. and five other world powers are in vienna for a final round of talks, and they say there is work to do ahead of tuesday's search-imposed deadline for a deal. >>> james bays, you've been covering this for what seems like forever. what are sticking points at this late hour? >> there are quite a few sticking points in lausanne and vienna. there is a text of a deal but there are gaps missing. we're told the gaps are marked by brackets in the text. what they are trying to do is to go through those items. what are those items? only aspects of those now are contentious, but they include the inspections taking place inside of iran. they include the sequencing of the sanctions relief and exactly which sanctions would be lifted when. these are the sort of issues that are causing difficulty. and where we are right now is that we have all of the foreign ministers now in place. we have members of the p5+1. they have their

tsipras has had a phone conversation with the head of the ecb cr. and euclid tsakalotos replaces yanis varoufakis who resigned earlier. >> angela merkel meeting the french president in paris. >>> u.s. secretary of defense john kerry says hard decisions feed to be made, they say there's still work to do ahead of tuesday's self imposed deadline for a deal. diplomatic editor james bays has been following those negotiations in vienna. >> for days and days, intense negotiations have been taking place at all times of day. now those meetings have been carried out by foreign ministers themselves. all of the foreign ministers are here in vienna and for the fir first time in the final stages of the negotiations they have all been meeting together. the chinese foreign minister says they are pretty close. >> translator: new progress has been made in the negotiations. there are still several issues outstanding on the table. we believe that acceptable solutions can be found to these outstanding issues. hence, comprehensive agreement is within reach. >> reporter: we're told there are only a few items on which they now have to try and get agreement but in this process the last details were always going to be the most diffi

for analysis on greece let's bring john chambers head of sovereign ratings for standard and poor's. do you think tsiprasthrough? >> we may get a deal from parliament. we rate the bonds on triple ccc minus, a very low rating indicating the risk the of default to commercial creditors is still quite high. greece is currently in default to the imf which is an official creditor. >> do you think the greek government will fall? is that what you're saying when you talk about extracting political costs? >> well whether the government falls or whether it doesn't fall you'll likely get an agreement i think tomorrow on the package. but there's very little you know popular backing for this. it's going to be a difficult program to implement. there's many more legislative steps to go through. it is it's a difficult package. >> i would like your opinion, i'm sure that you know this situation extremely well and many of the players, the german finance minister wolfgang scheuble has made some comments, that seem quite strange. that he said there are many people inside the german government who believe a greek exit would b

alexis tsipras will be making remarks at about 9:00 p.m. athens time. yanis fair focus, -- johnufakis will be appearing tonight. far more important is the margin of victory, that is what to look for on sunday. it is the distance by which one side beats the other that will matter because if the distance is narrow, if the margin is small, then effectively nothing will have been decided in this country and that is a nightmare scenario for monday. back to you in london. francine: you are right, that is the crux of the question. it is the legitimacy of the very narrow vote. manus: we will know that late sunday night. we will bring you live coverage, starting on sunday. you can watch "greece in crisis" throughout the weekend. ♪ >> we are finding it. we are testing it. we are on a quest to show you the most cutting-edge companies on the brink of the future. >> tech shop is democratizing invention. >> tech shop changes the process. >> i will get a taste with an all-star chef. >> you are describing eliminating sugar. >> i will take local motors, crowd sourced rally fighter in the desert.

tsipras urged a skeptical nation to get behind this deal. but maintaining that support through the pain of implementation will be a herculean task. simon mcgregor-wood, al jazerra, athens. >> johnn athens for us. and, john, just going back to the i.m.f.s statement that it may pill out of any future brailleout dale if the debt isn't significantly restructured. is that affecting the debate in greece at all right now? >> reporter: the debate in greece concerns with grease will remain in the euro principally. that's why roughly 70% of greeks polled by a major nationally daily in the last 24 hours said they want the measures to pass through parliament. now, two-thirds of greeks are saying they don't want an election. if there is a change of government because of political instability stemming from the difficult poll tippings are having dealing with the measures that should stem from the current parliamentary a imaginement. in other words that the party should discuss a different sort of coalition amongst themselves. their desire to remain in the eurozone and stay with the elected government. one of the things people here are afraid of is a collapse in governance followed by a puppet

tsipras is trying to stay in the europe zone. they have to decide by sunday whether toisech greece's plan. >> nuclear talks have ended for the day in sienna. secretary of state john kerry pledges patience bur said the u.s. is till prepared to walk away if tough decisions aren't made. an advisor said kerry's remarks are psychological warfare against iran. do you think at this point the technical aspects of the deal are worked out and we're just talking politics? >> i think a majority of the problems technical problems have been solved, but there are a number of issues that should be discussed. the most important of those issues are one of inspections. second is the timing of sanction relief. they are still discussing those issues. >> if a deal is made at this point, who is more likely to derail the deal, the hardliners in iran or here in the united states? >> i think that iranians are in a better position in that record. the iranian negotiation team from the beginning have consulted with the supreme leader and the supreme leader -- if a deal is signed, it is much easier for the iranian government to back a deal and make sure that they can implement a deal. in the