no one covered the crisis better than michelle caruso-cabrera on the ground in athens. what's the latest there? >> reporter: there are three key questions for the market. is somebody going to win this election this sunday? remember, we are holding this election because last month the results were inconclusive. too many splinter parties driving the vote apart. the expectation is this time around one of the two leading parties will command enough votes but it's not guaranteed. if we see another inconclusive election that could lead to uncertainty. that would mean another election in another month. greece runs out of cash before the next bailout and the troicha would have nobody to negotiate with. assume that won't happen. if there is an outcome, who will win? the pro bailout party or the anti-bailout party? right now the market consensus is if the pro bailout party wins you will get a rally. if the anti-bailout party wins, then you will see markets fall. however, that brings us to question three. what if the central banks step in to provide massive liquidity in case the a

michelle caruso cabrera. the story here and how it ties into some other things like -- >> gold, for example. you won't believe the speculation that people are making in it the last few days. gold has been bouncing around a lot. and some of it, some of it has to do with speculation about what might or might not happen in greece. gold in the morning, see this, look at this. boom, all of a sudden moves down. now starts moving up. this is a little choppy action here. so different people are speculating on greece. some people feel, well, if the anti-bailout forces win over the weekend, increases the chance they might leave the euro, this might mean that greece would have to sell its gold holdings. and greece does have gold holdings. the central bank have gold holdings. what a coincidence. here is the list by central banks. the u.s. is number one. you see 8,000 tons of gold. we do here in the united states. here is germany, imf, italy, france. greece is number 3 in terms of holdings. 111 tons of gold there. that's

of debt, those that are in turmoil are seeing it increase substantially. >> let me bring michelle caruso-cabrera in here. michelle, you are watching the story of the eurozone, where do you see the trouble? >> right now we are focusing on spain. while we have sean egan on the phone, the uk can print money, where as the rest of the countries we are talking about cannot. does that not ease your concerns in any way some. >> michelle, they can all print money. in the eu that happened. the problem is, they can't obviously print it on a country by country basis. the issue with printing money is whether or not your creditors are going to continue to accept it. when you print money in excess of the gdp growth, you're basically making creditors poorer and that's what is happening in a lot of countries right now. >> whose next on your chopping block here, sean? what are you looking at right now? >> we are looking at a variety 6 different countries. >> like? >> i'm sorry? >> like what, sean? >> hey, efrp that we come to, if you look at it from the a year ago to today, the gdp has increased and increased fai

joining us now from athens is michelle caruso-cabrera. good evening. guess it's still evening where you are. look, there's a lot going on late in the day here. no one is sure who's doing what to whom. first of all, g-20 leaks about massive injections of liquidity. we had confirmation from the bank of england. we had confirmation from the bank of japan. i have not heard from the ecb or the federal reserve. what can you tell us? >> well, those are the two key ones we would have to hear from to know for sure it was going to happen. it did seem awfully ironic, larry, within 15 minutes we heard three statements about liquidity injections or efforts by central banks to stabilize the markets in advance or in case of what happens in athens this weekend there is clearly worries among financial leaders of the world about what will happen with the greek elections and how the greek people will vote. are they going to vote for the party that supports the bailout and austerity measures or the party that wants to fight austerity programs and bailout measures and yet

our chief international correspondent michelle caruso-cabrera joins us with a special guest. >> thank so much. leaders watching europe. joining us now is a business leader, ricardo salinas, second richest man in mexico. and he joins us now from as a attending the aspen ideas festival. good so see you again. >> how are you doing, michelle? >> great to have you here. we are talking about europe so much today. you have seen a lot of debt crises up close suffering from so many. how are you looking at the situation in europe? how do you game it out? do you have advice for them? >> i mean, well, obviously, we got to thank the germans for the rally today and i think that the bailout is the only way out, frankly. they're in a big debt trap. and they need to have some liquidity. so this is the right move. >> at this point. okay. turning it back now to your part of the world, mexico. the election is on sunday. for the new president. what do you think after that? the drug war, is that a good idea? are they finally going to allow private investment in the mexican oil company? >> well, the electio

our michelle caruso-cabrera will join us. which airline is your best bet? phil lebeau is on the case with that. we start with breaking news. rally time on wall street and that's probably because my partner ty is at the nyse today. they like you down there, ty. >> for the first time in history, bringing positive numbers to wall street, sue! the markets are picking up steam. we are as you said in rally mode right now. the dow up about 1%. about 120 points at this hour. the s&p 500 is higher by about 11 points or about .8 of 1% and nasdaq is up as you see right there another 18 points at 2837. that is about two thirds of 1%. more u.s. market news coming up. but now we move to the other big story of the week. and that is the euro crisis as the countdown to sunday's election is on over in greece. here's what you need to know right now. the german chancellor merkle saying today that economic reform is the only way to fight the debt crisis over there. germany's parliament is going to vote on june 29th on whether to fund europe's rescue mechanism champions by miss

michelle caruso-cabrera in athens. a rally behind her and all the world's eyes are on you. >> reporter: hi there, brian. yes, greece invented both democracy and theater so you can expect grand political theater as we head in to the key vote on sunday. behind me, preparations under way for a last and final rally by what we believe are one of the two leading parties here. new democracy. this is the pro-bailout party and one hour from now, we expect the leader to take the stage and talk to the crowd here. the crowd is nearly -- clearly not as big as we have seen in some protests and we know about the same size, maybe smaller than the anti-bailout party that held the rally yesterday evening and we showed you live here on cnbc. as it happens, we'll bring it to you live. he was trained at the harvard business school and been delivering a tough message to greeks that they have to stick with the austerity measures and at the same time if they want to do that, they want to stay with the euro, vote for new democracy and not the

you can understand some scepticism. >> i don't blame you. >> michelle caruso-cabrera, thank you very much. >> i thought as an old professor i heard all the excuses there were. i had a student who lost three grandmother's in the same week. this is a new one for me. i didn't know greece had a finance minister. >> john, good to have you on the show. thank you so much. energy and financials leading the way lower today. coming up, we're continuing to give you the playbook for the second half of the year for the top ranked analyst and answers for big questions that remain for apple in the back half of the year. halftime report straight ahead. looking for a better place to put your cash? here's one you may not have thought of -- fidelity. now you don't have to go to a bank to get the things you want from a bank, like no-fee atms, all over the world. free checkwriting and mobile deposits. now depositing a check is as easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account today a

michelle caruso-cabrera there for us for a couple of days. this is yet another one of the rallies, one of the speeches by the variety of political parties happening in the last couple of days leading up to, mandy, the huge vote which technically begins tomorrow, wraps up late afternoon, early evening our time on sunday. >> yeah. we'll get more color in a second with michelle on the ground. in the lead-up of the election, hearing of the creeping in the population and i don't want to call them bank jogs. a billion dollars a day out of major banks in greece. people stocking up on food, for example, just in case there's not just extreme market turmoil but social turmoil on the result of the elections. >> but the greatest -- i have two fears in life. one is eaten alive by red ants. >> my fear, too. what a coincidence. >> the second fear i have is a cocktail party tonight and someone asking me what i expect and me not being able to answer. >> yes. >> so what i did is on cnbc.com, a piece, a cheat sheet, lays out the variety of major players. new de

our chief international correspondent, michelle caruso-cabrera, is here to get us ahead of any news. >> news broke just in the last few minutes, sue. we had a news conference between angela merkel and berosa, they said we are talking about a lot more integration when it comes to the banking system in europe, but that is a mid-term goal. in other words, not right away. that may be why we see the markets moving lower because while they're talking about a long-term solution, in the short-term you have to ask right now, what do you do about spain? the fourth largest economy in europe is actively seeking bailout funds to help them recapitalize their banks. reports out of madrid report the spanish finance minister is in full on negotiations to get money injected into the spanish banks suffering from the bursting of a massive property bubble there. this is very different than previous bailout requests when the money was given to a government first, say like greece, and then hand it over to the banks. the spanish government wants to skip that step. spain had originally hoped the banks in the

let's go to michelle caruso-cabrera in athens for more on this. how is it looking?> reporter: there's three possibilities come monday northern momonday morning more the markets. could see no outcome, could be so indecisive that greek doesn't still have a government. you'll possibly see the markets around the world fall. another negative for markets would be if we see the young upstart, tsipris, he's been campaigning on renegotiating the bailout terms, rejecting the bailout and trying to on vince the greek people they can stay in the eurozone under the circumstances though the european union leaders said don't necessarily think so. we could definitely see the marts fall on that outcome. antonio samuras, head of the conservative party wins, i think we see rally in the markets worldwide. at the same time we could see violence in the streets in the coming days because the people on the ground here are very upset with the austerity measures and would rather see them rejected even if that would ultimately be a pipe dream. back to you. >> michelle, it's tim. real quick, wh

no one has covered this more than michelle caruso-cabrera. >> remember, we're holding this because last month the results were inconclusive. too many splinter parties driving the vote part. this week one of the two parties will command enough votes, but it's not guaranteed. if we see yet another inconclusive election, boy, that would mean a lot of uncertainty. greece runs out of cash and the troika would have nobody available to any gosh yat with. secondly, if there is an outcome, who will win. will it be the pro bailout parties or the antibailout party. if the pro bail outparty gets a win, you'll rally. if we see an anti-bailout party, we'll see it fall. what if banks step in and provide massive liquidity in case they actually control the election outcome. then you might actually see a counter intuitive rally. it's hard to know what's going to happen. expect a lot of vulnerability. back to you. >> don't miss her documentary "greek crisis" which airs here on sunday. we want to get to the markets and michelle makes a very good point. are we in for some count of counterintuitive rally. is

it's a danger point and cnbc's chief international correspondent michelle caruso-cabrera joins us from on what's going on with the key greek election this is sunday. three things you need to know. we think this time around we might get a decisive outcome, that is more likely. there was an election a month ago but so many splinter parties splintered the vote literally. they couldn't form a government. we have seen two leading parties have now really seen a surge in backers so we might have an outcome next week. the two leading parties are neck and neck. we've seen some behind the scenes numbers, it's illegal to publish poll numbers right now in greece but plenty of polling is being conducted and right now the numbers indicate neck and neck. we'll put an asterisk next to that and the third thing, we're going to know roughly 3:00 or 4:00 in the afternoon on sunday, new york time, around 1:00 noon we'll start to hear some exit poll data so we'll get an indication of where things are going. before sunset we think we'll know on sunday what's happened with the greek elections. we show you the

than the pond, let's go over to athens to talk about those greek election results, cnbc's michelle caruso-cabreraathens live. michelle? >> the worst case scenario did not happen. the far left party that's threatened to renegotiate the bailout, repudiate the country's debt did not win. you've got peter boockvar coming up later on. he put out a note already this morning and i think he encapsulates it well. what happened with the pro bailout party winning isn't necessarily a positive. it is a lack of a negative. you think the markets are rough this morning? they would have been rougher if we'd seen the worst case scenario, maybe talking about bank runs. bankers were fearful of that. bottom line it looks like this country will finally be able to form a government, we're not going to be back here in a month, we believe, going through yet another round of elections. i want to show you the morning newspapers. here is a great irony for a country with awful finances, there are four financial newspapers in greece. in the united states we have the "wall street journal," that's it. here they have four. most

>>> i'm michelle caruso-cabrera in greece with a cnbc special report. u.s. futures are higher after a pro bailout party win in today's election. that increases the chance greece stays in the euro. i spoke with the leader of that party earlier tonight. >> hi, everybody. welcome to "the wall street journal report." i'm maria bartiromo. europe teeters on the brink. will it save itself? greece, italy, spain, all facing disaster. what happens next and could it be good news for the united states? but europe isn't the only global story. what do you tell retail investors about the emerging global markets? where do you get in? where will the next economic miracle happen and how do you get in on it? and the new trend in weddings this summer. "the wall street journal report" begins right now. >> here's a look at what's making news heading into a new week on wall street. on the hot seat, jpmorgan chase ceo jamie dimon appearing before a senate committee abcing questions about what went wrong when the bank lost billions in trades in london. dimon said those who made the

i'm becky quinn along with andrew ross-sorkin and michelle caruso cabrera. joe is enjoying well-deserve d time off. the government at this point has not specified an amount. lead e leaders are expecting to ger for the summit. the finance ministers will not be attending. the government's international lenders was scheduled for today. greece's foreign minister will attend in brussels and they will be asking for the terms of greece's $130 billion euro bailout to be loosened. germany, as you probably know, has been resistant to giving athens any leeway. we'll have more from london in just a moment. the other big story this week is health care. the supreme court's going to be meeting today to issue opinions. president barack obama's health care overhaul and arizona's immigration law are at the top of the list of undecided cases. today is the court's last scheduled meeting until the fall but it is unlikely to be the final session. additional dates can be announce ed for later this week. we're going to be talking about what a decision might mean for politics and fo

to athens and get the full story out of greece, from our chief international correspondent michelle caruso-cabreraorter: hey there, david. the worst-case scenario did not come to pass here in greece, at least when it comes to what investors feared. the leftist party that really wanted to do a really hard-core negotiation with the european union did not get into power, instead we did have the pro-bailout party come into power. we see the process of forming a government. greece invented two key concepts, democracy and drama, so for the next couple days we'll get a lot of political theater. it began today antonacy samuras the winner of the leads party gods to see the leader of the second party, they sit down to try to form a goism. the leftist had made very clear he was not going to, and then samaras, the winner, spoke to reporters. here's what he said. >> he is not willing to participate in such a government or such a coalition. i believe that the government should immediately be formed. it's something that is required as stated by the developments by the economic situation, and by the vote of the g

i'm michelle caruso-cabrera along with joe kernen and andrew ross sorkin.your morning headlines. upbeat economic news out of china this morning. services industry expanded at the fastest pace in 19 months during may. a monthly survey by market points to new business growth as the primary reason behind the increase. >> attorney matthew kluger has been sentenced to 19 years in jail for his role in an insider trading case. he and two others were accused of insider trading in over 11 corporate deals. >> incentives for companies to invest in new gas supplies. >> if you look at the cost of developing incremental supplies of the natural gas supplies in the u.s., it's difficult to justify investment. if terms of supporting long-term investment in new and ongoing supplies, it will be difficult at this price. >> tillerson says export regulations causes difficulties for distribution. >> andrew? >> thanks so much. the g-7 finance minister and central bankers talking today. roger altman has an important op-ed in today's "washington post." roger served as the deputy trea

michelle caruso-cabrera is in athens and has more on all of that. michelle?polling numbers that we have heard about suggest that the two leading parties are neck and neck. to be very simple, there is a pro bailout peter and anti-bailout party and what we have seen when the anti-bailout party when it rises in the polls the financial markets around the world fall because they fear that a greek exit from the eu eurozone would be eminent. when the pro bailout party moves higher, the financial markets move higher. we spoke with the economic adviser of the sirisa party, john melios, adviser to the young 37-year-old who has become a big fiery leader in greece. i asked how should financial markets feel or what do you say when every time your party does well, they plummet. here's what he said. >> we are going to show to the financial markets, to the people in greece and all over the world that we have a program which is meant to stabilize the country, to stop austerity, but at the same time to balance the budget by raising revenues, bringing justice and democracy in t

i'm becky quick along with andrew ross-sorkin and michelle caruso cabrera. we are playing all the music that joe hates. he hates steve miller and the eagles, too. he has a very big hate list in terms of music. >> are you shocked? >> if you have any requests you want to send in, anything from the boss -- let's see, go ahead, we'll keep it going. in our headlines china's exports growth in june is matching the pace seen back in may. and the commerce minister says it will pick up in coming months predicting that the country can meet its full year target of boosting imports by 10%. turkey's central bank raising its reported gold holdings by 5.7 tons last month, the late nest a string of countries to increase reserves this year. and on the u.s. economic front today standard & poor's releasing the case-shiller price index. a few things for the market to be on the lookout for. >>> a check on the markets so far this morning. futures right now are indicating a slightly positive open after the big sell-off that we saw yesterday. the dow jones industrial average by a th

michelle caruso-cabrera is live in athens. what are you hearing do they have a chance to gain a majority in the greek parliament? >> reporter: they do have a chance. it's getting tougher and tougher. we have seen poll numbers which indicate maybe they have lost a little bit of momentum but still within the margin of error of the conservative party. they're neck and neck. we're waiting to hear one of the big final speeches of the leftest party, alexis sispres. we came in a strong second in the last election, we saw financial markets plum met because they were so worried about his rhetoric. he is a communist. he is a socialist. however, at the same time, he says he wants greece to stay in the euro. and he has told the people of greece that they can renegotiate this bailout. the woman who's speaking right now is a former member of parliament from his party. we're waiting for him to take the stage in his rally. this is the parent of the political theater always as we lead up to the elections in greece. you know that the financial

chief international correspondent michelle caruso-cabrera joins us from athens with the details.y, the election is over. now the presumed winner has to form some kind of coalition government. everybody thinks it will happen within the next 24 hours and then the hard work begins. the presumed next prime minister has to begin renegotiations with the european union. at least he said that's what he wants to do. he thinks so far the program in greece has been recessionary. they have raised taxes and cut spending. he said it's made it difficult to raise revenues and bring growth to the country. he said that is the next step. he says greece needs time to cothe reforms in the labor markets to help it grow and also get back to having a balanced budget. can he convince the european union to give him more time and more money and more understanding? we'll find out over the next several months. larry, back to you. >> thanks, michelle. look, here's my take on what the euro zone needs. i want a growth agenda. my big problem is the euro zone crisis, neither the e.u. nor the imf nor anybody else

michelle caruso-cabrera is live covering it all in athens. michelle? >> reporter: hey there, tyler. yeah, what's been considered the worst-case scenario is averted. a deep renegotiation of the bailout agreement did not get in to power and the pro-bailout party has won and greek media has been carrying the political theaters that happens here in greece as they try to form a government. the leader of the winning party meeting with the leaders of the other parties trying to build a coalition. if you don't understand parliamentary democracy, don't worry about it. just know that we believe might be running the country before the end of the week and form a government officially tomorrow or the day after. the next step is, that government says they'll try to renegotiate the bailout agreement that keeps greece afloat and easier terms. there's a growing consensus in a lot of places this is something done if greece pays the bills back. the former prime minister of greece george papandreou appeared on tv networks and joined cnbc today and he, too, was lobbying to get greece more time and under

cnbc's michelle caruso-cabrera reports from athens. [ cheers and applause ] >> reporter: greece's futures up for grabs. almost no one here wants to abandon the euro, but it could happen after sunday's vote. that could mean economic ruin here and send shock waves through the global economy. either way, greece is in trouble. it is deep in debt after years of living beyond its means, and life here has changed. unemployment is at record levels. needy shoppers line up for donated food. nervous greeks are taking their money out of banks. with drawls of up to 1 billion euros a day. and some people are bartering for goods and services and using an alternative currency they've created. artem hasn't been paid in months and her partner's salary is down 50%. they joined the barter network so they can feed the animals on their farm. >> i want to use euro, but it's very expensive. i believe that trade, it's better. >> reporter: greece is getting by on billions in loans keeping the country afloat, but that comes at a price, harsh austerity measures forcing taxes up and government spending down. that ha

michelle caruso-cabrera is on the ground in athens. excellent special last night. learned a lot from it. >> reporter: thank you. >> tell us why the enthusiasm turned in to skepticism there. >> reporter: i think pretty simply, brian, that you should look at the greek election as lack of a negative rather than a positive. right? we have a guest here and working on their ifb in a second. if things turned out differently, i think you would have seen a big negative but at this point the fact that it didn't go as badly as the markets expected. let's bring our guest actually. he is here on set who i've been chatting with you. good to have you here. he has joined us from the young president's organization, cnbc has a great relationship with ypo and he is involved in trading, in shipping, in all kinds of businesses. the greek election. markets got the result they wanted but the response isn't that great in the markets. why? >> i think it was to be expected. we have the volatility coming up. there is a government of gaining control, has most of the votes and needs to form a

make sure you tune in on sunday to catch michelle caruso-cabrera, "a greek tragedy" takes you inside the debt crisis. midday movers you might not yet have on your radar. off with a drop, citigroup. >> citigroup is the most correlated according to bernstein, 86 correlated to european banks. i think it's just reacting right now and could be something that really could pop over the next couple of weeks if marco is right. >> usg another pop. b.k. >> positive comments, a little off from jpmorgan today talking about how their pricing is sticking, price increases increasing. name i'm still on, still like. >> we've seen it. all hinges on epa at this point. not saying it won't go up, but really volatile. if you look at the chart i'd say away. >> bump for bp. john. >> a few weeks ago we talked about this one $36 stock outperforming in the energy space. today up another 3%. look at it exxonmobil over the same period, double the performance, double the french company, triple the performance. bp doing a lot of something right and the stock continues to react positively. >> thank you, john. nat ga

let's get more from cnbc's michelle caruso-cabrera in athens. good morning. >> reporter: tom, good morning. there are two leading candidates here in greece and the poll numbers show they are neck and neck to be the next prime minister. now, both candidates have campaigned on the idea that they want greece to stay in the euro. however, one of them has said he wants to renegotiate or even cancel the huge financial bailout the country has received in order to keep the country's economy from collapsing. other european leaders who have lent the money say a vote for him is the equivalent of a vote to leave the euro. economistes say if that happens, they fear the financial ripple effect will be felt all over the world, even in the united states. tom, we're going to know the results of the vote sometime in the afternoon in the united states. back to you. >> michelle, thank you so much. >>> staying overseas now, escalating violence in syria has forced u.n. observers to suspend operations. nbc's chief foreign correspondent richard engle is monitoring the

i'm michelle caruso-cabrera. in for maria bartiromo. she will be back tomorrow. >> i'm bill griffeth. i'm here today but not the result of the bolts we are looking for today. spanish troubled banks did get the bailout as expected over the weekend. but the news not enough to convince folks to start buying. they bought in the open but then started selling right after that. that's part of why the averages are being led lower today by key groups like banks and tech follow ja -- technologies. looked like the dow would be a stellar beginning of the week. then it started to fall apart. down 57 points right now. about the low of the session at 12,496. nasdaq is down 247 points. also the low of the day. four percentage decline there. s&p down half a percent or seven points at 1318. >> we used to get a full rally out of a bailout. six hours. >> so jaded now, aren't we? >> another reason why we are lower, apple. the stock giving up early gains. investors were less than wowed what they heard from the conference in san francisco. despite new announc

let's bring in our chief international correspondent, michelle caruso-cabrera. who is this guy?s party? and what's their stake in the election next week? >> he's with the golden dawn party. they're known for being fascist, anti-immigrant, local media call them neonazi. they got 7% in the last inconclusive election in may. and he goes on trial for a mugging he allegedly participated in. >> here's another mugging he participated in very clearly on camera. now, what does this say, michelle, about of the political situation in greece, about a society under stress. >> yeah. we see often during debt crisis the total break down of the social fabric in society when they're under so much stress, tyler. the whole world, when we woke up and saw how the greeks voted after the last election, the economic groups of the world say oh my goodness, they voted anti-austerity. and we were all horrified. in greece, a lot of greeks woke up and said, oh my god, 7% of us voted for the nazis? they were horrified. what does that say about us? especially because the nazi occupation of greece during world

. >>> i'm michelle caruso-cabrera at the breaking news desk.details on fitch's three-notch downgrade from a to bbb. their ability to intervene decisively in the banks. they think the restructuring of banks in spain will now cost roughly $60 billion. the increased likelihood of a bailout of the banking sector is higher and that spain along with other countries is vulnerable to capital flight. we've talked a lot about that and whether or not they're seeing bank runs. and their lie level of indebtedness rends them vulnerable to contagion. scott. >> thanks very much. let's get to eddie. we have the wall here, willie. i want to talk about the euro. you want to look at the aussie dollar and u.s. at certain levels. >> sell the aussie dollar at 99.75 with a stop loss at 101.75 and a target of 95. i think that the move today by china indicates that they are concerned about growth. if they were only cutting rates. i say that would be a good thing. but they also tweaked their deposit rate as well as lending weight implying that we won't see a big investme

michelle caruso-cabrera joins us here. there's some things happening over there but -- >> it's too early. >> is it. >> you'd be there all the time. >> i'd be there all summer. it's not even the first week of summer. >> euro bonds someday maybe -- >> it's consistent to what you said. >> we need to be able to tell everyone what to do before we do that, right? we need huge fiscal consolidation. >> did you doubt the germans would ever say anything differently? >> i think they're weakening. it's a co-dependency. we're in this together. >> oh, yeah. >> we're not, they are. >> they need a weak euro or else their exports get more expensive. >> it's a sick co-dependency. >> it's like the average marriage. >> you shouldn't be talking about the average marriage. some of us are still -- >> happily married. >> penelope, you are well loved, this is obvious. let's show you the front page of the actual physical paper, it says the finance minister of spain is negotiating with europe the formula for recapitalizing the banks. so the moment h

michelle caruso cabrera on the ground in athens for us. thank you, michelle.tion coming up on sunday, what does all this mean? jim, great to have you with us. what do you think about these reports that there would be coordinated central bank action depending on what happens over the weekend? and, jim, it's interesting because the markets are a curious creature in what is bad may actually be good. in this case, perhaps, if the pro bailout party wins, which would be a good event, maybe the twalg action won't happen and that would be actually bad. >> yeah, yeah. >> how did you decipher this? >> i think that the central bankers this week, mario draghi, mervyn king in kick did not say anything you would expect them to say. which is if liquidity was short and if it was a run on bank, well stand behind them and do something to provide liquidity. that's essentially the role of a central bank. there was no surprise there. i thought the reaction of the market yesterday to their comments and the g-20 allegedly was actually probably short-term a bit irrational. ultimately

michelle caruso-cabrera joins us on the newsline with more of what that is. >> greeks are paying moreas a result of the election. they don't have a new government yet. we expect one to happen in the next couple of hours, there's been a lot of wrangling behind the scenes, coalition building, blah, blah, blah. one of the ripple effects of the election has been the tax collection office says they have seen a 20% rise in the number of greeks filing their taxes. >> in two days? >> yeah, in two days. all of last week they said they had about 49,000 filers every day, never hit 50. on monday it went to 54,000 and yesterday there were three filings short of 58,000. so from 49,000 to 58,000. they think it's because the guy who many thought would win was promising to cut taxes and reduce all the higher taxes imposed and now that he didn't win, people started filing in a much greater fashion. >> whatever happened to that whole electricity thing? remember they were going to shut off your electricity if they didn't pay your taxes? >> so they did impose that tax. they did do it through the electrici

i'm becky quick along with andrew ross-sorkin and michelle caruso cabrera. joe is on

cnbc's michelle caruso-cabrera is live. how is it going there? >> reporter: yeah, the polls just closed as you mentioned. it is 7:00 in the evening here in athens. there are new exit polls that show it is too close to call at this point. the two leading parties are neck and neck, they were going into the election and the first exit polls indicate that is still the case. now, remember, today greeks are not voting in a referendum on whether or not they want to stay in the eurozone. they're voting for a prime minister. there are two leading candidates. and both of those candidates say they want greece to stay in the eurozone. however, one of the candidates has been very aggressive about saying that if he wins he's going to renegotiate the terms of a multibillion euro bailout that is keeping greece afloat. he says it's been too tough on the country and he wants to go back to his european partners and get a better deal. the rest of europe has interpreted that as saying -- others have said that's not going to happen and told the greek people if you vot

. >> michelle caruso-cabrera made the point earlier that if these guys basically around the world wouldstand they're not going to be reelected anyway so start doing the right things and stop worrying about being reelected. we've seen it over in europe already that -- how many governments have changed. so instead of look trying to appease the wrong people for votes, why not go ahead and do the long term since you're going to be out anyway? >> my response would be even if you're in, why aren't you focusing on doing the right thing for our grandchildren and our children. unfortunately people are spending more time trying to be re-elected. politicians are trying to keep their jobs. as you notice, the ceo terms are shrinking every year, down a little over five years, down to eight-year duration so we're compacting all this time frame and we're not seeing what i would call leadership and guidance and stewardship in terms of focusing on how to build a better future. and i would say the populate doesn't understand this anyway. you had 20 years ago many more circumstances where politics talked a

. >> we want to go to michelle caruso-cabrera who has phoned in. greek prime minister is being sworn in at this hour. what is the latest? >> reporter: you're seeing him about to be sworn in as prime minister. this is a very traditional greek ceremony with greek orthodox priests, the archbishop will see him as well. this is the first step in the process. tomorrow they swear in the rest of the government. after he swears on the bible, greece will finally have a government after six weeks. this el can hopefully get on with the process of trying to figure out their budget and negotiate with the european union to any leniency of dealing with the bailout package and making payments on time. they have lost tax revenue. due to all the uncertainty but not having a government and who was going to lead the country. so what you see here is an important step for this country to try to get back on its feet and move forward, and still try to stay in they you aro. the vote for antonin system amaras was seen as the people wanting to stick with touch measures and se

cnbc's michelle caruso-cabrera joins us with how that worst-case scenario might work.our time with you is probably short. because if there's something happening in greece, you will be there. >> leaving tomorrow. you're going to be watching tennis instead of the greek elections on sunday? >> u.s. open -- >> oh, that's golf. >> tennis isn't until much later. you're a girl, okay. you're excused. >> if ever there was a catalyst for greece leaving the euro this coming weekend's elections is likely it. ideally, it is -- if you're going to leave a currency, create a new currency, you want to do it in secret. there's very little precedent for that. we've seen it twice in modern times. south sudan managed to do it last summer. the czech republic did it in 1993. the reason you want it to be done in secret is think about it. the minute people know that you're going to be leaving the euro, what do you do? you start to get bank lines, right? people rush to take out their cash so they can have it because they fear that the coming currency will be far weaker because it will be. so th

let's bring in our chief international correspondent as well, michelle caruso-cabrera, who can brings up to date on the other events that have taken place in europe. >> you were talking about one of the key takeaways here which is germany flinched, right? angela merkel said last week that not in her lifetime would the rescue funds be used to buy bonds and yet what do we have? we have them agreeing in principle, at least, that that's going to happen. you talked about these headlines. germany caved. when we hear germany say, no, no, no, we don't know if really it means no at this point. that link between austerity measures and help, that has stopped or changed. the devil's going to be in the details. and we'll get more european-wide integrati integration. in turn, angela merkel gets a euro-wide banking supervising body. those are the key, systemic takeaways, broad-brush takeaways. now they have to work out the details. that's going to be incredibly difficult. she was asked repeatedly at a press conference, how much pressure did you come under from mont monti? and she said, nothing's re