mobius: the luxembourg authorities have approved it and that represents at least half of the funds we manage. we now are beginning to invest but where to invest because the stocks have become so expensive in so many cases. we are better off in the hong kong a share market which is still let some discount. -- at some discount. anchor: if there is a correction coming what will trigger it? mr. mobius: the government will give a signal saying no more margin accounts and that could be a trigger. anchor: they have said that. no more margin lending which put

that one issue is the question of this luxembourg fund.d by various greek media that the missing issue they have to sort out is the privatization, the 50 billion euros going into an external and independent fund. that is the issue that is holding things up. let's get to athens. ryan chilcote is therefore for the latest on these negotiations. greek prime minister alexis tsipras has rejected demands for this fund to sell state assets. where are we here? what is the latest in athens? ryan: we are getting confusing signals. we have heard from greece's labor minister. we know that the greek prime minister has been saying that greece is very close to a deal. and that the greek government is trying to get the least catastrophic deal. he says that one issue is, there is concern about the government's parliamentary majority. you were talking about the issue of this private fund that would be set up, of 50 billion euros of greek government assets that would be used as collateral should greece have issues in repaying some of the 86 in euros it is see

luxembourg. the other important concession that he had rung out of his european count are parts is the idea that they would look at the restructuring of that greek debt. angela merkel very clear that there would be no writing down the debt these air puts haircuts they talk about no debt forgiveness but a question of restructuring it. francois hollande the french president swing to go put a positive gloss for greece on what had been secured here. so those debts could well be -- we could be looking at changing the duration of those debts so, for example a loan that was meant to be paid off in 30 years maybe now will be given until second years to pay it off. these are the kind of details being worked out at the moment. but yes, there has been an agreement here but it's really only the first step. it's if you like the end of the beginning. now, alexis tsipras has to go back and the greek parliament needs within hours to start debating this because the european -- the eurozone leaders are demanding a

they have to set aside this 50 billion euros in a special fund that would sit in luxembourg. these are state assets that would be collateral should the greeks not return the 86 billion euros that the eu would give them if they do all this austerity first. the prime minister could get this through the parliament, but the issue is that he could lose support from within his own party. you have a realignment of the haveical forces where you them joining some of the opposition forces and that could mean a complete reshuffling of the government. live inhanks for that, athens. yvonne man is on the markets this morning for us here in asia. the first of the latest markets to respond. the euro starting the week on a bad note. yvonne: it seems like all financial markets who are really driven by greece once again. we are seeing the euro sliding a little bit. down about half a percent earlier. but now we are seeing still a little bit of pressure. continued pressure is what we will see from a lot of analysts , saying they are likely to remain under some selling pressure until a definite de

on this 50 billion privatization vehicle, it will not be houston luxembourg.ll be established in greece and run out of greece. it will be administered by greek officials and supervised by eu officials. he did not keep the imf out. they will have a continued presence in athens. that could be a problem for mr. tsipras. he has debt relief. that is not a debt restructure. that is not a right down. we have very little clarity on what that actually means. now we have a series of steps and we get into the serious negotiations about what this year some package will look like. there is short-term financing how you are going to restart the great thanks and make sure these payments coming do actually get made. manus: let's switch our attention to ryan. the deal is done. the deal will get ratified in the parliament behind you. ryan: a lot of people are going to see this as complete capitulation by the greek prime minister. that's not how he can characterize it, he has 72 hours to push these measures through the parliament. two of the things that he will count as wins as h

as it is based in luxembourg, they are arguing about which asset should be involved.looked at some of the possible contenders. >> the building behind me is the greekarters of a major company, a monopoly in the country. to privatize it, we would have to split it into bang. -- in two. it would be the most valuable product in the privatization. they are the jewels of the crown. funds forthe major the privatization process. interested in -- astir is a summer resort outside athens, the creme de la creme of the tour is an industry. i hope it will be a major asset in the privatization package. businesses are looking for a market which is capable of objectives.as with obstacles in the market, your realize that objectives cannot be achieved and therefore the interest of the investors remains limited. in 2011, the cost of the value of the privatization assets would be around 50 billion euros . this was not an accurate number. with, we are coming back the same number in the same estimation. i do not believe that this is a realistic figure. me is theng behind headquarters of the

the united kingdom norway, sweden and luxembourg. over all money from rich nations has increased. it was $84 billion and went up to $134 billion by 2013 overrer although the data suggests that it could fall again. but the thing is overseas development aid cannot pay for all the work that needs to be done. alternative routes are required. take the solidarity levy on airline tickets. countries can choose to take part of it, and nine of them have. it's a small tax applied to airline tickets and it goes towards those countries. it helps to pay for the development of drug for hiv a.i.d.s. and tuberculosis. there is 22 trillion-dollar in savings globally. the task for delegates at this conference on financing four development is to get that money working. >> in india they're threatening to take legal action over schools. the state said that children in 2,032,000 schools were not getting a proper education and stopped recognizing them. they say it amounts to discrimination. >> dedication and resuscitation are corner stones of learning at this traditional islamic school. but that's not en

be looks like this would be controlled by a fund in luxembourg although it will be subject to monitoring. all this will be needed to be introduced and agreed to in principle in greek parliament. we're already seeing signs that the raft of austerity measures are not going to go well among the syriza governmental. >> as far as the process is concerned wharp the next what are the next steps and the greek leerdz, leaders mr. tsipras? >> the focus is on the midnight deadline wednesday. what exactly goes on with the greek parliament, will the parliament throw its weight behind those pleasures. i as i said there is a list of greek austerity measures that have more or less polarized the greek legislature. after that the mechanism for releasing billions of dollars worth of funds to greece will begin and that could take many more weeks to come. >> neave barker, thank you. >>> some citizens have taken to social media to expresses outrage, noted they rejected similar cutbacks during the referendum. be whab chance he what chance is there that the greek parliament will agree? >> there is a certain deg

to i a fund to be prepared for an he van tull privatization, being based in agents ends and not luxembourg. okay let's get some analysis with an economist with macro a think thank based athens and also a former member of the european task force in greece, thank you very much for speaking to us this morning, i can imagine just how busy you are there in greece, what are your thoughts on this deal? >> i think it's actually not a deal nor an agreement. >> why is that? because basically greece had no sovereignty over the process and the final touches. i think now the greek prime minister travels back and as you likely say he has to now convince his own coalition and most importantly the greek public. and they will bite, they will hurt in terms of tax increases and direct cuts in pensions and other labor markets or property service reforms. it's a difficult sale and a high-risk political strategy for this government. >> do you think the greek parliament, the people like you say have any option but to agree to these proposals? >> they have no options and that's why this is an ultimatum. thisthis

one of the proposals floated during the night those this fund would be held in luxembourg, clearly for the greeks this was unacceptable. this was a question of national sovereign did so that the funds will be based in agent ends, we heard from angle merkel that there would be european supervision of the funds, we are talking 8,286,000,000,000 euros over the next three years in terms of the greek contribution to that, this funds the idea is that it would be made up of assets like the regional airport those assets would be put in to the trust fund with the idea that they could be used ultimately to be privatized and the funds raised would be used partly to recapitalize the banks, we are looking at banks now that are running out of cash, we have seen those disknowledge immaterial edges of greeks curinggreeksqueuing as cashmans and banks. half goes to the regular payments the other half actually reinvest invested greece and this is a very importantish as well for the greek government, the idea that there will be some plus points. so clearly there has been give and take and gestures made to

the united kingdom, norway sweden denmark and luxembourg.l money from reach nathsz has increased. it was at 84 billion in 2013 although it does suggest it could fall again for 2014. but the thing is overseas development aid cannot pay for all of the work that needs to be done. alternative roots are required. that's where some invasion comes into it take the solidarity levy on airline tickets. countries can choose to take part in it. it's a small tax applied to airline tickets which take off from those countries. it goes toward the fund which helps pay for the development of drugs for hiv aids tuberculosis and the ideas are there. financial resources do exist. there is $22 trillion out there in savings globally. the taching for delegates at this conference on financing for development is to get that money working. farmers in nigeria are accusings cattle hearders of stacking them and allowing them. herders say it's farmers using land dedicated for grazing. decades has led to thousands of deaths. a report >> offering prayers for the dead, more

that is about the gdp of luxembourg. that may not be enough.id the cost could reach $70 billion. the settlement we reached now is to cover state and federal claims. there are businesses that did not join a smaller settlement and they are demanding billions. the relief is for investors because the biggest threats are gone now. manus: they are saying what a relief. jpmorgan says it is a manageable cents. the greater conundrum is what happens next to bp? to they become a target? nejra: that is the big question. bob dudley took over in the wake of this spill in 2010. he said i am able to spend more time running operations and less dealing with the consequences of the disaster. he will have his work cut out. the company sold about a third of its assets. production has been slumping. market caps have been falling. certainly, he will have his work cut out. francine: thank you. coming up, we talk more about greece and what it means for the bond markets. ♪ ♪ francine: welcome back to the pulse. i am francine lacqua. manus: here are the top line desktop

point, the deal breaker is a fund that finance ministers want greece to put into an independent luxembourg-basedny for sale. it is where the greeks ans d tsipiras are. the talks are ongoing and they are harsh demands that they have from creditors. harsher than anything we have seen before. also because of the capital controls and a lot of trust in greece. creditors say they are concerned about tsipioras. we are on the edge of our seat. -- seats. angie: we have the headlines when they happen. our correspondent in brussels. we ask our guest where greece goes from here. they say the eu must find a way out of the crisis without taking to heart of a line. >> on its own, they must pass a message that they are not trying to take revenge of greevece for the policies in the last months. it should give help to get greece out of the crisis. the european mean wants all of the members to flourish. >> the ceo is confident the minister will be able to win over lawmakers in athersns. >> they say, "you go ahead and negotiate." he brings back the deal, if they say no it means greek exit. he will get his way. the

euro zone leaders want greece to transfer billions to an independent fund in luxembourg, but both sides they will continue negotiations to try and reach an agreement. >>> still ahead on wusa 9 tonight -- >> as we're walking close to the water, we hear what sounded like a bomb. >> imagine this. you're trying to catch some rays on the beach when suddenly there's an explosion. >>> and more than a million turn out to cheer the pope as he wraps up his south american trip. >>> and coming up later tonight, get ready for some incredible >>> a popular rhode island beech reopened today just 24 hours after a mysterious explosion shut it down. authorities are still trying to determine what caused the sudden blast sending one woman flying into the air, then crashing against a wall of rocks. that 60-year-old woman was taken to the hospital. we're told she has now been released. >> as we're walking close to the water, it sounded like a bomb. >> i can tell from you personally witnessing the sight that there appears to have been some ground disturbance. there are fractures in this wet sand. the gaps tha

it is a city in a country also called luxembourg and the only grand dutchy the world. so now you know. again, one 0 the thing is really have benefited from was having an extremely supportive husband who was -- also had the fortune of had been an editor but was interested in going free lance and starting to experiment with riding. he has only ever lived in new york and said, sure, heat do this. seems kind of crazy but all right. so we take our four-year-old twin sons and moved to europe, and it was a particular experience because i was there i was really the only person in the office who was working on the kindle. and only a couple of people in europe working on the kindle. so i had this very definitely stressful experience of spending the day in lux. -- luxembourg take talking to people in london so a lot was on the phone and then e-mail, then would run home, occasionally be able to have dinner with my family and then spend the next five hours or so on conference calls with seattle because the time difference was -- that's what it was. and that was a very -- i mean, it

one other comment we heard from the finance minister of luxembourg, he is talking about the need to havet restructuring, not write-down, but a restructuring. we have to wait until the night. -- midnight. jonathan: my question on a banks and when they open is, never mind the controls being unraveled once we have a deal, even if we do have one, we could have capital controls for a long time and then you're talking about parallel currency still even if there is a deal because the process could take so long. when i listen to some of the comments from others saying an exit from the eurozone is the best case scenario not just for the short-term, but the next 1-3 years. it is hard to see even if we get a cam kick on sunday, that this problem will go away soon. guy: i am at the commerce station it is certainly hot here as well as, how exactly do we deal with the bat -- banks? is it possible to get them back into working order without issuing a parallel currency. there are rumors floating around about mergers of the banks. there is nothing confirmed. we will wait and see what happens. there's no

weight watchers' $140 million in senior loan in making an overture to the company's based inowner luxembourgshares rising by 17%. year-to-date, you can see the troubles weight watchers has been facing. in particular, it had a big drop earlier this year after it reported in other revenue decline. other -- fit bits and other instructors have been taking away the appeal weight watchers has. we are talking about shortage of 43% as a percentage of flow which is a very high number. it used to be over 60% which is incredible. that is not something you see very often. that are still a lot of people bidding weight watchers -- betting weight watchers will decline. matt: there is a good question though. julie: potentially. matt: because they will cover. julie: you can see covering as part of the gain today. matt: true. very true. julie: that something we can agree on. matt: we agree on so much. u.s. markets have recovered. a drop substantial enough to mention. now it is much less. european markets recovered. dax was down with the 2%. now it is 1%. julie: euro is still not moving. matt: let's take a loo

the company and might be making some sort of buyout overtures to the company's majority owner, a luxembourgte company that owns 61% of weight watchers. weight watchers has been very troubled. over the past year to date you can see that they are down by 81%. there was a big drop in the spring before they came out with their latest revenue decline, it really has been hurt by all -- all of the fitness wearables and the free at it you can get on your phone to track your calories, your steps, etc.. problematic for weight watchers as the shares fell by so much. i want to take a look at the bloomberg terminal as well. we are seeing an enormous short interest in weight watchers. 43%, yet over 60% after we had that negative earnings report in the spring. nonetheless this means that we up eight onan exacerbation as the people do short covering. another deal that is happening today, humana. $230 paid in cash. delving more deeply into this in the next hour with alex neil. we finally wanted to mention go pro, that the climate we are seeing today, shares pulling back nearly 3%, now more like 2.3%, goldma

. 100 $50 billion in assets -- a privatization fund -- initially that was going to be housed in luxembourg. athens.tually housed in clearly he has a political challenge, if not a career challenge. matt: sure, he has to find $50 billion in assets that the greek government can sell. i have not heard a lot of people who think that is possible. coverage continues right now. let's hear from the home country. been our olivia sterns has on the ground all day long. you spoke with the mayor of athens earlier. what did he have to say about the state of the country and how negotiations are ongoing right now? matt: -- it is a critical 48 hours alexis tsipras us to get the package through. everyone i have spoken to think that he will be able -- thinks he will be up to find the support. the newspapers were full of how alexis tsipras is surrendered to creditors. references to world war ii. remember, his own party saying that greece was being waterboarded i creditors. asked if he feels, like a lot of the press does, that greece went up against the creditors and lost because they signed on to the package o

not in luxembourg as originally proposed by germany. half of that fund or 25 billion euros will be used to recapitalize greek banks and the other half will be split in two to pay back greek debt and invest in greek assets. vick y are the results more difficult than the referendum results? >> i'm afraid they are. since the last quarter of 2014 of course the closure of the banks and the capital controls over the last fort night have accentuated that quite significantly. north to get back to fiscal normality if you like they have to do an awful lot more. already the package from the europeans included an extra 2 billion for the second half of 2015 and an extra 2 billion for 2016 and that makes it a tighter package than had been considered before but the greeks have no choice. >> even now it's not a done deal. alexis tsipras needs to get approval from the greek parliament. how much opposition is he expected to face? >> he is getting a lot of opposition already. remember syriza is a combination of various parties and various faction he. the

i think the latest proposal actually doesn't put those things in luxembourg it is going to be back inoint, heavily supervised by outside entities, but when you said you think an exit is still 70/30, do you mean that in the short term or the long term? because certainly if the long term greece is between a rock and a hard place if they follow the prescription they are going to likely have a very prolonged recession, probably more emglacial from the country. if they don't follow their out now, either way it is tough. when you said 70/30, do you think now i would argue at least this news last night and this morning said that we have kicked the can again. >> i don't think we know two salient facts yet. the first one is i don't think we know how the greek parliament is going to respond to this. i'm sure there will be a lot of angry people. so we will have to see what happens. and two, as you pointed out, when the parliament decides if they go through with all of these things which we will see if this takes place, then it gets kicked back to the eu for further discussion and consideration a

i hope it will never happen but not ukraine, not luxembourg, not france, not england. to me this is a territory of -- this issue will get worse. currently the united states according to the poll is any number one for russia. in 1970 to 1979 russia considered the united states its enemy. at the end of the cold war it was a 50%. our mentality is very militarized regarding you guys. [inaudible] any sanction is the challenge. any statement of any journalist is seen as a challenge. that's what it is quite clear. so i don't know why. >> you spent a lot of time one on one or in small groups with president putin. one of the most striking stores i remembered hearing about is what he spent a difference to between an inning and a traded and he said you are an enemy. can you explain what he meant by that? [speaking russian] >> translator: it was the year 2000 president putin was only just elected. he came out i was just a journalist. he came to a city. he met with us. [inaudible] he was very nervous. he was talking very fast to us. later he spent about two hours talking about medi

earlier reports was that it was going to be in luxembourg. mutedis has fueled optimism in brussels. should stress that we are not there yet. earlier today, i spoke with the finnish finance minister. he is what he had to say. there seems to be a lot of people who have jumped the gun here. like the beginning of the negotiations are automatic. no, it is absolutely conditional on the decision of the greek government and the greek parliament. the big issue will be great financing. i foresee those negotiations being difficult because i do not see many countries having a monday -- mandate to give money without conditions. hans: those conversations are starting right now. finance ministers have come back lowfor this discussion. there is a lot more paperwork to do and there is a lot more political work. back to you. brendan: hans, thank you. parliament will meet on wednesday and discuss greek bank recapitalization. let us turn to olivia sterns in athens. olivia, what do we know about ecb liquidity measures that are offered to greek banks? how much longer today half? -- do they have? olivia:

the united kingdom sweden norway denmark and luxembourg.it was at $84 billion and went up to $134 billion even though it is suggested that it could fall again for 2014. but overseas development aid cannot pay for all the works that needs to be done. alternative routes are required. that's where innovation comes in. take the solidarity levy on airline tickets. countries can choose to take part in it, nine of them have. it's a small tax applyied to airline tickets that goes through funds that helps to pay for the development for drugs for hiv a.i.d.s. malaria and tuberculosis. the ideas are there. and financial resources exist. there is 22 trillion-dollar in savings globally. the task for delegates at this conference on financing four development is to get that money working. >> nigerian government is investigating the killing of thousands of people and decades old feud between farmers and cow herders. they say farmers plant produce on their grazing lands and they say that herdsmen allow their animals to eat their crops. >> more than 60 peopl

it was going to be based in luxembourg and now based here in greece. that gives sippers the opportunity -- tsipras opportunity to say i won something as some of it is on our own terms. there will be political fallout within his own party. he has made clear that the important thing is to get a deal first and deal with the fallout after. jonathan: i want to bring in our guests who have been standing by and listening. stephen and jeffrey stephan, six months ago he could've gotten a better deal. he is trying to spin this as a win i am looking at the comments from prime minister tsipras. that was never the table in february, what is your reaction? stephen: he probably could've got a deal 20 files before the referendum. a deal was on the table that was better. it will go through parliament but raises longer-term questions of his standing within greece and how the population reacts. jonathan: the consequences of this politically, he goes back to athens arguably embarrassed. what is your view and how long can it last in greece with tsipras as prime minister? g

aside from the golden gate transchit operates the golden gate bridge and the sausalito and luxembourgse $1 for a roundtrip ticket. the san francisco bay ferry which operates from oakland vallejo prices going up there. and cable car rides prices going up. if you're headed out the door remember to grab your -- the extra cash. reporting live here from golden gate bridge abc7 news. >> it looks like you found one of the few cool spots. thank you very much. >>> if you drive, you may find gasoline a few cents cheaper. not because of a drop in oil prices. rather california's gas tax went down six cents at midnight. the excise tax is recalculated every year based on how much gas we've used the year before. but state leaders warn that changes in supply and demand and fluctuating oil prices could eat up the price drop. >>> there are new details this morning a grass fire near gilroy being fueled by the heat wave we're having. so far it's burned 50 acres and is 50% contained. sky 7 h.d. captured flames tearing through terrain off highway 101 yesterday. sue the flames. no structures threatened. >>>

now, when i was prime minister of luxembourg i had to chair the council, the echo fin, the euro groupas well. so i really do understand what the constraints are, what the onus and what the unfortunate elements are of a presidency but it's i think you manage very elegantly to run this presidency and i would like to pay my respects to you the excellent negotiators you had and the very good work that was done by your permanent representative. we are geniuses of course who are presidents and prime ministers but compared to those who do the real work well we don't compare. so i would really like to pay my respects and pay homage to all of those. [ applause ] >> translator: and i would also like to give my congratulations to the civil service. it really is excellent. this evening we will have another european council on greece. >> translator: and i just like to say a few quick words about that. in the german press i'm reading all sorts of things about myself having disappeared. but i think any such glee is premature. i said nothing about the greek referendum on sunday evening or indeed yest

the part of many european officials the head of the european commission was the prime minister of luxembourgthat thrived as a tax haven through the tax receipts of other european countries and other countries like the netherlands have also served as a tax haven. they are hardliners and they are hardliners and that point the finger at greece and forget that there may be issues in greece, there is corruption, but often times the corrupters are european companies, german companies. amy: professor costas panayotakis, thank you for joining us, the author of "remaking scarcity: from capitalist inefficiency to economic democracy." this is democracy now!, democracynow.org, the war and peace report. i'm amy goodman. we move south to south carolina. state lawmakers will begin debate today on whether or not to move the confederate flag from the state house. following the massacre of nine black worshipers at a church in south carolina, president obama and governor nikki haley have called for the removal of the confederate flag from the state house. for the rest of the show today, we bring you our extend

we heard from luxembourg.ce minister said a negotiator should be open to having a debt restructuring. on the other side, you have the bund this bank president -- the bund this bank -- bundes bank president questioning the solvency of banks. you have the hardline out of germany that is not necessarily relevant folks at hand. it is relevant because it gives you a sense of how much capital angela merkel have to spend. manus: guy, back to you. we have chatted about this. bank closures are a disaster. it has raised the cost of a new bailout. this is a big piece. the ecb, the solvency of the banks, the ability to get them open again, the higher the risk of a parallel currency. >> this month's data is going to be horrendous. the fact that they are not open for two weeks is a major headache. the economy cannot operate under these terms. you think about the denominator the structure of all of this you have an economy that is very flat and it will be tough to get going again. the deal is going to be harder on the people

[inaudible] not ukraine, not luxembourg. this is the territory -- currently according to the poll and that believes it has been to russia and the united states. it was about 50%. our mentality is very militarized. [inaudible] [inaudible] and the statement as journalist is in charge. everything is quite clear. >> you spent a lot of time one-on-one. one of the most striking stories i remember hearing about is when he explained the difference between an enemy and a traitor. he said you are an enemy. can you explain what he meant by that? >> translator: it was the year 2000 the president was just elected. i was just as journalist. i came to this city -- [inaudible] he was very nervous. later he spent two and a half hours talking about the media about what would have been. and at some point -- how do you classify your enemy? and he said the two categories are traitors. they are those with whom you fight a world and then conclude an armistice and then you divide again and we look in their eyes and he said people people who were in

mobius: the luxembourg authorities have approved it and that represents at least half of the funds we we now are beginning to invest but where to invest because the stocks have become so expensive in so many cases. we are better off in the hong kong a share market which is still let some discount. -- at some discount. anchor: if there is a correction coming what will trigger it? mr. mobius: the government will give a signal saying no more margin accounts and that could be a trigger. anchor: they have said that. no more margin lending which put the cabal sean that. they feel people are too leveraged. mr. mobius: they are. the sky is the limit in terms of the number of people who have come in but it is the government's direction that will determine what happens. anna: you might be stepping down but he has a great deal of foresight about what is to come. that was in may. that is what happened. carry on the conversation. -- a let's carry on the conversation. how big a drag is the chinese story on the global economy estimate -- economy? guest: what we have seen is the de-bubbling of severa

the company is majority owned by a luxembourg-based firm.ike they would have to be on board as well. matt: will have to get involved with weight watchers after this weekend. stephanie: you are involved with the bloomberg tv fitness challenged. you have a chance to make it happen with or without weight watchers. thank you so much for giving us the latest. krishna: is a chief investment officer of oppenheimer funds. we are not seeing as much of a market reaction on greece today as we expected. is there any chance that is a buying opportunity? krishna: if there is a significant correction, there would be a significant buying opportunity. i'll think that is happening in the market. matt: here in the u.s. we see big drops continuing in europe. we are down 2% pretty much across the board. krishna: yes, by think risks in europe are higher as well. at the end of the day for medium-term investors, this is a buying opportunity rather than a selling opportunity. policymakers are supporting the market. in the environment, equities probably end up doing

brendan: they are not sure whether to put cash in ireland or luxembourg.t, if you ask me why interest rates are so low, one of the reasons is that check environment does not require a lot of capital spending. scarlet: we have a number of guests coming up today. i am most excited about jack rifkin. he focuses on all -- on alternative investment. tom: scarlet fu coming up in a bit. stay with us this friday. ♪ tom: good morning, everyone. "bloomberg surveillance." brendan greeley and vonnie quinn. the news today, without question, the headlines out of russia -- there central-bank adapts to lower oil prices. i also note gold at $1080 per ounce. there is vonnie quinn with top headlines. vonnie: investors are suing american express saying the credit card giant -- the suit was filed by a union pension funds. it says investors were not told that a deal with costco brought amax -- american express a percent of its revenues. the new apple tv is a new improved set-top box. it would be the first major change in the set-top box since 2012. demonstrators in oregon gave

it is housed in athens, not luxembourg, the big victory for tsipras. brendan: the note that came out of the summit reads, "the euro summit takes note of the urgent financing reads of greece -- urgent financing needs of greece." there is a distinction between that and the possible much larger bailout. how do they make sure that these very immediate financing needs are met? hans: that is what they are doing in brussels in the next couple of hours. the bridge financing, the short-term financing. it does seem to me -- i do not want to say a rounding a=error because the numbers are not small. we still do not know whether politically it is viable. will it survive in athens? we simply do not know. yes, there is optimism. yes, there is clarity, but we do not know if there will be clarity from athens. tom: i am baffled about where we are by wednesday. brendan: we are going to have olivia sterns in athens helping to understand whether or not alexis tsipras can get it done. also, the former prime minister of belgium, current rockstar on the internet, will talk to

that is one of the reasons they initially wanted to put it in luxembourg.ng to be housed in athens. it will be supervised from the eu. i do not want to call it funny money, but that is the goal. half of that money, supposedly is where the bank rescue is going to come through. you still need to find $25 25 million for banks. matt: putting a value on the assets should be easy. hans: it will take a while to figure that out. matt: thank you for your work. thank you for joining us in new york. erik: when we come back, the reaction live from athens. you hear from the city's mayor, hoping this is the end of a confrontation with europe. stick around for that after the break. ♪ matt: back to athens. futures in the u.s. are up, that is promising. with that in mind, let's head back to athens for more reaction to the greek deal. olivia is standing by with the mayor of that city. olivia: i am indeed. thank you. my pleasure to be joined by maier giorgos kaminis. thank you for joining us outside parliament. this package of reforms looks like a complete you term for alexis

luxembourg per capita income is five times higher than greece. the size, population and economic resources varies enormously, as do their cultures and national histories. the expansion has made the eu more couple better some and less popular. two years ago, more than 70% of eu citizens believed "their voices do not count in eu decision making" nearly two-thirds believed the eu does not understand the needs of its citizens. second, although the disappearance of the soviet union was a welcomed development, it removed one of the main motivations for european unity. eu members have pledged to develop a common foreign and security policies but they have never done so. the in coherency response to events in ukraine highlights the last of consensus on basic security issues. the third problem facing the eu today of course is the euro crisis. seven years have passed since the crisis hit. and the eu still lacks the political institutions needed to sustain a genuine currency union. if greece eventually exits its departure will demonstrate it is not irrevers

one branch via luxembourg and one subsidiary here. we are the primary authority for the subsidiary. supervisory oversight -- not supervisory -- we have an ability to affect certain changes in liquidity management of those institutions. we have anticipated this possibility. they have anticipated the possibility. in certain things, we have stepped up our degree of scrutiny and monitoring and protection for the individuals in those institutions to the extent we can. we recognize that the responsibility for the branches the ultimate responsibility is with the greek authorities -- it is the great deposit scheme and the ultimate supervisor -- >> that is right. we stepped up to very close monitoring. i think the answer to your question is probably cyprus two years ago, in terms of the nature and level of our activity. i think the other thing i would add is you might expect that on the other side of the coin the one u.k. bank that is actively involved in greece is hsbc. as in cyprus, the measures taken by the government affect all banks operating in greece whether you are a great national b

then you go to the court in luxembourg and present your claim that the claim in the international wal-mart for domestic law and in a into the public international law there is a doctrine necessity so then it comes down to who decides whether the money is allocated and who knows how that is going to come out. with this provision we may have some interesting questions. then we have the question that has anybody looked at the amendment provision in the constitution because it could be amended as well. add at the end the basic distinction is going to come down to the fact that in greece they do have their own legal system and so the bonds which are governed by the other obligations where there is a four-run may end up with one treatment and obligations which are governed by the local wall and other treatment. it doesn't sound terribly fair but that comes down to the sheriff's problem, and in puerto rico as i said we are all within the u.s. legal system so we don't know with certainty how it's going to work but there is a higher probability that some of the dedicated revenue streams which have

, denmark ecuador finland france, germany, greece, hungary india indonesia, italy japan jordan, luxembourg malaysia, netherlands, new zealand norway pore -- poland, slovakia slovenia, south africa, south korea spain sweden switzerland thailand, turkey united kingdom uzbekistan. yef one of these countries -- every one of these countries have a working export bank. why do they have one? they want to be competitive. whatever they sell to a foreign country, whether a bag of wheat or some product they manufacture, they want to be able to help their local businesses sell to foreign countries. but not the united states. and we are really hurting. and i can't imagine -- i can't imagine how the republicans supposedly the business-oriented operation we thought over the years, was interested in helping business they just turned a blank eye. they're not interested in helping business anymore. why? because these working export-import banks are government operations. now, does it cost the federal government of the united states money? of course not. we've gotten $7 billion back in rewards that goes to o

to which this response is kind of democratic liberation and in this case the beginning and luxembourg. you can see the arguments now use. it's an argument to exclude lesbian and gay couples. lake kennedy sees this as a cleanup operation. the democratic process has worked. it will not work very well in arkansas and some that are still outstanding and therefore it is seen as the supreme court went to a number of states to clean it up. i see a lot of things until i get yanked on time watch. the big take-home point or trend gunmen is how broadly or we are going to understand the due process clause. i would read the majority similar to the way i would read war and in this case. that is an understanding of government. so let's see clarence thomas. the government exists to create a structure for americans in midlife choices which allowed them to flourish. this is libertarian. they understand it and further where kennedy the idea cannot be arbitrarily denied and would include religious minority. religious minority going forward. same question. the choice issues in court such as state laws suc

you, when tsipras came to power back in january, all the heavy, big money went to switzerland and luxembourg, 80 billion euros by some estimates. so what's left are the middle and lower class folks who are just -- i spoke to so many people and said how much, how is affecting you, and they're like, well, i don't have much. i can't even take out 60 euros a day anyway, so it doesn't really bother me. people show ising me their bank statements, they didn't have a whole lot of money in their bank accounts anyway. neil: how are they getting along though? paying their rents, mortgage? >> they are, but they've struggled. this is the sixth year of recession, so they're a bit numb to it. what's interesting, neil, is from the outside, you know, the coffee bars were full, the restaurants were full, the clubs were full. it was, from the outside you'd say there's nothing wrong here, it looks great. most of it was tourism. there were some locals. it was quite interesting to see. the only visible sign there was something really long was the long -- really wrong was the long lines at the atms. neil: we talk

making headlines the european aviation safety meeting in luxembourg today.lators to share information beyond their own borders and help avoid attacks. >>> china's stock market surging overnight in a volatile session again after losing one-third of its value since mid-june. trading here getting hit hard. look at alibaba. the stock sitting near it's all-time low going back to the ipo. dom chu has put together a list of other chinese adrs and affected stocks here. >> alibaba last fall was $120 stock. now it's fallen. it's down about 35% since there. if you look at the chinese stock market versus our stock market we're looking pretty darn good now. the reason why, over the past month you know about the chinese volatility. the orange line, the s&p 500, we're down about 1.5% over the last month. the shanghai composite, over a quarter of its value erased. again over the past month. if you look at what's happening overall with some of these chinese stocks that are happening, at least here in the u.s. the ones that are traded in the u.s. but are big blue chip type co