fo "nightly busine" michelle caruso-cabrera athens greece. mik collins is joining us now to discuss what lies ahead for the markets in the second half of the year. he's with holland and company. always great to have you with us. welcome. sue, thanks for having me. >> let me start with where michelle left off, greece. as we go into the second half of this year how much of an overhang will that situation be for the market if any at all? >> do you know that a week from now we may actually have something lik greece no longer be in the headlines? it's hard to believe, given what we've had the last several weeks. but if we get, for example, a "yes" vote by the people and then the government the current government gets thrown out, which they probably should be we could end up a couple of months from now with a reasonab the can kicked down the road in a successful fashion and people no longer worrying about greec today. and it's a great segue into the first half. greece is only the latest of all of the problems of people that would be extended throug

michelle caruso-cabrera live for us in athens. of course after that vote it will effectively be in germany's hands. and that's exactly where cnbc's senior economics reporter steve liesman is. he's in frankfurt. steve? >> so let me answer a couple of the questions that you had for michelle. first of all, which they're wondering about in greece, the issue of will there be money for the banking system on monday? that's going to depend a lot upon what happens sunday in brussels. if there's a strong statement, if the leaders get behind the greek reform proposal, then what'll happen is the ecb governing council should meet on monday morning and could vote to increase the so-called e.l.a. to greece, which is the amount of money they have to lend to their banking system. and i talked to one analyst who said perhaps there will be a modest increase in the capital controls from, say, 60 euros to perhaps 200 euros. it won't cost the ecb a whole lot of money, maybe something in the single billion dollars worth or single digit billion dollars.

michelle caruso-cabrera is live in athens with the latest. hi michelle. >> reporter: we've learned in the last couple of hours who the new treasury secretary -- or equivalent of the finance minister will be here in greece. euclid tsakalotos is his name. he's an oxford educated economist. fairly well respected among the ed educated elite here. there is just no way though tell's ever as as colorful as the former fm who resigned very publicly via his block today. it is hard to overstate the rocks star sta tis varoufakis had here in greece. any time he would arrive at the finance ministry or leave, he's be surrounded in this constant journalist scrum. just today we are on the balcony and we hear this melee on the square. we look. what is it? it is yanis varoufakis leaving on his motorcycle. he's got his wife on the back and there are journalists running into the street almost getting hit by cars in attempts to ask him questions and shoot photos of him as well. that's a constant situation -- or was around yanis varoufakis. we've heard from the gree

michelle caruso cabrera reports from athens. >> reporter: there were clashes in the streets of athens. molotov cocktail being thrown by protesters leading to dozens of explosions and fires in front of parliament. the protests inside parliament. members of the government were debating a controversial set of austerity american purchases would raise taxes, austerity measures. it will force changes in the greek economy and attack a lot of vested interests and different political clashes. we are still waiting for that vote to occur. the political analysts say there is little doubt the bill will pass. what does remain doubtful do the greeks have the ability to actually implement what they've promised to do? in athens michelle caruso cabrera. >>> china's economy, the world's second largest, grew 7% which was more than second. that country's government has stepped up support for the economy and follows four cuts in bench mark interest rates since november. other data released overnipt show june beat expectations. despite these better than expected reports, chinese stocks fell about 3% extenti

michelle caruso-cabrera has the details from athens. >> the ballots are printed and polling stations are being moved into place as greece goes into full campaign mode. a vote to decide whether or not to accept unpopular economic reforms in exchange for billions more in bailout money. the street with posters urging greeks to vote yes or no. . xoi means no. nai is pronounced nay and means yes. as for both sides, still the airwaves. social media sites like facebook and twitter are als campaign platforms. while the choice in answers is clear, the actual question on the ballot is complicated. it reads, should the plan of agreement be accepted which was submitte by the european commission t european central bank and the international monetary fund in the euro group of june 2015 and comprise of two parts which constitute their unified proposal? regardless of what the ballot says other european leaders have told the greek people very clearly, they should see this vote as a decision on whether or they want to stay in the euro. dutch finance minister said no place in the eurozone if it's not w

our michelle caruso cabrera is in athens and has the latest for us. ng, michelle. >> reporter: hey, good morning, carl. the more stability in the markets, the more there will be a tough stand. it's giving the creditors more leverage. the greek prime minister thought there would be worse reactions in the international markets if there was a standoff. in the last half hour we've seen from christine lagarde, the head of the imf, putting out a statement from her. the imf has taken note of yesterday's referendum in greece. we stand ready to assist greece if requested to do so. in the meantime, we wait. we are waiting for so many things. we are waiting for the announcement of the new greek finance minister. local reports suggest it will be an oxford educated gentleman who is a part of the negotiating team. no confirmation on that, what the ecb does when it comes to extending or not extending liquidity and sending more cash to the country so the atms might keep on working. we're awaiting an official announcement on the greek banks. reuters quoting banking sou

michelle caruso-cabrera, live in athens. how do you protect your portfolio no matter the outcome?s nordvig joins us now. >> the event is very important for the future of greece. but if we think about it for a perspective of global portfolios, i think we have to think about is this going to continue to be a big driver? because we saw this week, it was a big surprise over the weekend that the referendum was called. we had an initial market panic on monday, then we recovered, i think a lot of people are now prepared for this event and i don't think it's going to be such a huge shock either way to the market. whether it's a no or a yes. so i think we have to sort of tone down a little bit what the spillover effects are going to be. >> you really believe that? because my next question was going to be, do you think a no vote sort of sets off this global market of unrest much like we saw with the dow losing 350 points? what makes you think that this is now baked in so to speak? >> well i think what really moves the market is surprises and calling this a referendum was a huge surprise, no

michelle caruso-cabrera is here. made her way back from athens in our washington bureau this morning. i was excited that you're going to be here -- aren't you going to be onsite with us? >> yes, i'm onsite with you. joe. looking forward to it. >> i don't know what's going behind the scenes. did you want to come home a little earlier, is there some things going on there? >> i have been away a month, joe. >> months go fast. i remember talking about when you were going to go. then you went and then you never came back? >> i know the boss was trying to get me to go two weeks earlier. once we're there, we're going to be there a long time so let's hold up. >> right. you know all the kabuki dancing and here we are where we knew weed be most likely. >> and proof that all stories merge into one, joe, dominique strauss-kahn is going to influence the cuban government. >> love him or hate him, he was a good head of the imf. >> good at a lot of things. >>> anyway what's the headlines? >> greece. >> you know we got to go you got t

let's get over to athens and our michelle caruso-cabrera. michelle? >> reporter: and in just the last few minutes, scott, the greek bank association said the banks here if greece will remain closed both tomorrow and wednesday. there was a decree something would happen today. the prime minister and former finance minister suggested it was possible they would reopen tomorrow. right now we get confirmation of that. we are waiting to hear from the ecb. will they send more to greece? the betting is the answer is no. if they feel pressured politically, they do. that's a key event. the fact the banks will be closed suggests maybe not. angela merkel going to paris and meeting with hollande, the president of france. there are two sides of this issue. hollande would be much softer than angela merkel. make no mistake the most important person in that room is angela merkel. what toneality does she use? keep in mind her hands are tied in many ways. it's a whole new world now that the greeks let their program expire. all kinds of lies have been passed since the gre

international correspondent michelle caruso-cabrera is live in athens and where do we go from here michelle? >> reporter: supposedly another meeting, but in greece i think things go downhill from here because they ses bratly need the banks to reopen. they desperately need bailout money, and they can only do that if they bring a solid proposal and we're going to tell you some of the scathing international response to them showing up in brussels today in a way that was described as empty-handed. listen to what the president of lithuania said. >> always waiting for a greek proposal tomorrow. must speak spanish in lithuania because he said minyana can't be always. >> and listen to this. >> i'm disappointed there were no greek proposals on the table and i have a strong impression that there is one government or minister of finance that doesn't feel the urgency of the situation and that's the greek government. >> so do you think after this meeting grexit has actually moved closely? >> grexit like i always said will be a decision taken by the greek government and now we'll see what comes out of th

michelle caruso-cabrera is in athens. and steve liesman. we'll have more from the three of them. >>> as higher up on the news. but it looks like a deal is going to be reached. you can see the dow jones up 125 points. s&p up close to 15 points. the nasdaq is up by 37. this is all coming as the markets in europe are higher. dags up 1.5% in germany. the cac is up 2%. the ftse higher. italy 1.5%. portugal up 2.75%. and the dollar is up. the euro despite the news it looks like the euro is kept together. trading higher at 1.1075. part of the fact if you deep greek economies in that's going to add pressure over time. also you can see what's happening to the yields in the european markets. in greece be the five-year yielding 17%. if you look to the bund that's the german ten-year that's trading at .927%. if you check out what's happening with treasuries here in the united states you'll see at this point, the ten-year is yielding 2.45%. >> trending on twitter twitter #thisisacoup. >> some people love to see the world burn. this is austerity -- >> di

michelle caruso-cabrera is live in athens with more on that and some comments we're now getting from ellor angela merkel. michelle? >> yes, they've just broken in the last minute or two, kayla. the most important person in europe right now, in greece's biggest creditor, angela merkel saying there is still no basis for negotiations. she's saying it's not about days but a few days to reach a deal with greece. that time is truly running out. clearly she's not satisfied with what was brought forth by the greeks today as we've learned from all the finance ministers who say it isn't enough. she really needs -- remember, she has legal hurdles she has to get over before she can go to parliament and ask for permission to begin negotiations. there's a big process here. 48 hours after the referendum, no deal, even though that's what the greek prime minister promised. in the meantime, the economy here continues to grind to a halt. we've been telling you about the inability to pay for imports in this country because you can't transfer money out of the country. think of cloud services like an impor

michelle caruso-cabrera is live in athens. le, what are the potential tape bombs we should be looking for out of greece tomorrow? >> well, it appears that negotiations have come to a complete and shall we say bitter end, at least for the week before the sunday referendum. so i think the things to watch for over the next couple of days are how the greek population reacts to the continuation of capital controls. tomorrow again we expect pensioners to line up. they've been doing it via alphabetical order. today we saw them in line. there was already a lot of tension. as pensioners who thought they were going to be able to get all of their monthly stipend actually could only get 120 euros this week and then they'd have to come back next week for another 120 euros, see how much cash the country can retain at this point with the capital controls. you also have to watch for things like fuel. now, on monday we're going to show you video from monday where in were gas station lines that were incredibly long because people know that virtu

correspondent michelle caruso-cabrera. we'll hear from her in a special report at 8:30 eastern. >>> "on the money" starts right now. >> this is "on the money," your money, your life. your future. now, becky quick. >> july 4th is always a big weekend to hit the road. the rails or travel by air. and if you're doing any of that, you very likely will be running into a pothole or two along the way. there's no question america's transportation needs repairs and lots of them, but the price tag is huge. $3.6 trillion by 2020. that's according to the american society of civil engineers. there is no easy fix in sight. that's our "cover story" this week. >> if i blindfolded someone and took them at 2:00 in the morning into the airport in hong kong and said, where do you think you are? this must be america. it's a modern airport. if i took him blindfolded to the laguardia airport in new york, you must think i must be in some third-world country. >> that was vice president biden last year. his strong words calling attention to america'

back to you. >> michelle caruso-cabrera. thanks for the headlines. >>> let's go back to facebook news. the company announcing it will start sharing ad revenue with video creators in a move designed to attract better content and more advertisers. jon, very much a space that you play in every day. is this the big assault on youtube that we've been waiting for? >> it's part of the cablefy indication apple news will be coming out with hosted content. facebook has instant article, we read this yesterday. we email our facebook rep and said we want in 55% revenue share on the video monetization that they're doing with their data should be good. we want to see the numbers and we want to be in. >> critics say the 55% will get split more ways than this would potentially if you were putting your content up on youtube or other hosting sites, how does that work? >> every time we meet with one of these platforms and say what will the average cpm be? they say they don't know. they have no answers. >> how much you're getting paid per 1,000

i want to go back to athens to michelle caruso-cabrera with breaking news. michelle?oblom, the leader of the finance ministers conducting a teleconference about greece and greece's latest letter. he sent out a tweet. he said the meeting soefr and going to post a video statement any time now. we've heard from the greek government official who says the meeting is over and they tell "reuters" there's no other meeting planned by the finance ministers until after sunday's referendum. it sounds like nothing conclusive came out of this meeting. that's what we expected. we don't know it for sure until we see the video statement from the dutch finance minister who leads the group. that's what we'll be watching for. this in response to the letter that tsipras sent overnight that led to the big rally in the morning, he has since come out on television, was defiant and called the creditors blackmailers after he a i peered to concede to a lot of their demands and asked people to vote no. we think nothing came out of the meeting, but we'll be watching. >> michelle, thank you so muc

our chief international correspondent michelle caruso-cabrera is live in athens. good evening michelle. >> in just the last half hour the greek prime minister tsipras spoke to the greek people and said if you vote no and a no vote wins i will fly to brussels the next day and within 48 hours i will have signed a deal. he said the banks will not be closed for long. both are extraordinary promises to make. another one that is not up to him to decide at this point. the economy has gotten away from him. he mentioned that this is a vote about whether or not to stay in the euro. that is certainly the way other european leaders are describing it. that's not how the prime minister is describing it. he is just saying he is trying to get a better deal. do you know what the ballot says? i've got one here. this is the question. it's quite long. it says should the plan of agreement be accepted which was submitted to the european commission, the european central bank and international monetary fund and euro group june 25th and comprises of two parts which constitute their unified

our chief international correspondent michelle caruso-cabrera live from athens with the latest. >> hetill on tv right now. this is a taped interview airing on greek television. conducted by two journalists. the theme of the interview thus far is we don't like the agreement, we don't like the way it was imposed but there is still enough in it to preserve our progressive values and prevented us from a total bankruptcy and grexit off the table. this is something he has to do. he's got to sell it to the people and the parliament. his opposition will go along with him. he's seen people leaving his party or indications he will have loss of members of his party. he has to deal with that. bottom line, meeting the deadline to get this thing passed looks like it's going to happen. he's done so far an eloquent job trying to defend why it is they could have ended up with a worse deal than the one rejected a week ago. >> his message is i don't like this deal but it's the best we'll get so we might as well pass it. is that the idea? >> that is absolutely right. here heard that from people who said

michelle caruso cabrera will take you to and through the closing bell. >>> thank you. to the "closing bell." i'm michelle caruso cabrera in for kelly evans. industrials lower by 160 points. s&p lower by 22 nasdaq lower by 57. declines of more than 1% in the s&p and nasdaq. much more on the markets still to come. an exclusive interview with the former new york governor eliot spitzer. he is still taking on wall street. this time with his business that ranks analysts and analyzes corporate insider transactions. he will join us live at the new york stock exchange. we have evan newmark and kayla tausche. "fast money" trader guy adami. guy, what is your sense of what the problem is this week? >> by the way, ridiculously outstanding job during your tenure in greece. it was amazing work by you. >> thank you. >> crude oil, mcc. it's been cut more than half in the last seven, eight months. look at freeport-mcmoran. it's at a six or seven-year low. u.s. steel is within a whisper of a 15-year low. you can't discount the fact that commodities across the world are getting crushed. wh

paul voeckler has some very strong opinions and he shared them with our very own michelle caruso-cabreravely, you do not want to miss this. she's going to join us next. >>> plus, pete rose, ringo starr, others? they have a lot in common, maybe more than you think. the under-the-radar reveal of a stock that's beaten nike and under armour and adidas over the last year is coming up next. i'm here at the td ameritrade trader offices. ahh... steve, other than making me move stuff, what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place that lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim? for all the confidence you need. td ameritrade. you got this. >>> transports up 4% this week alone. what is the rally telling us about the overall market. is the leading indicator telling us the stocks are continuing to go up from here? also the health of housing, home prices are going up, bu

michelle caruso-cabrera is live in athens. you've been there for a while. michelle listen.ke we got a deal but there's still a lot of work to be done on wednesday. >> yeah huge amount. they'll have to vote in the parliament, the building you see behind me to pass measures almost immediately before the creditor nations will even consider sitting down and negotiating a full legal written document for a bailout. in the meantime we do have a protest we should point out going on in front of the parliament. same group that protested last night. these are no-voters. no-voters who really meant no. in fact, really wanted at one point greece to leave the euro. they said they would be fine with that. they are not typical though. the vast majority of greeks still very much want to stay in the euro although they're upset with the details of the deal. they are relieved that they are actually going to stay in the euro. at least for now. like you said it is tough. . prime minister is backing greece. he's got to sell this to the parliament by all political considerations, it x loois going t

in athens michelle caruso-cabrera cnbc. >> u.s. stocks today looking resilient. making a mistake? >> well, i think greece has to be seen separate from things otherwise. greece is mostly a tragedy for the greek people. i don't think anybody outside greece will change their life stile because of what's unfolding in greece. having said that, i think asset prices are highly elevated. there is huge xascomplacency in the market. to take a property or see the glass half empty going forward. stocks are vulnerable on earnings, beat on technical level. greece might well be the catalyst to take them lower. >> just homing in on the situation there for a moment how likely is it are we de facto seeing the country moving to a parallel currency? >> definitely. the best thing creditors can do is wait. they cannot structurally move fast. they tap into the esm structure which requires more approval from governments. they want to have the greek come to the table. greek country is suffocating. at some point the greek government is not going to be able to pay pensions any more and pay

in washington, d.c., for nightly business report michelle caruso cabrera. >>> we begin tonight's marketus with morgan stanley. reporting a beat on the top and bottom lines. strong growth in bond and equity trading revenue helped the bank pull off results. shares were actually off a fraction to $40.04. hasbro was the best performer in the s&p 500 today about the toy maker benefited from strong demand for its boys and preschool division projects. particularly because of the popularity for its jurassic world and star wars themed toys. shares topped 6% to $83 and 15 cents. and halliburton's second quarter earnings plunged more than 90% as the oil services giant revenues fell on soft demand. despite that earnings topped analysts estimates. shares were higher to $42.70. >>> the egg producer missed on both the top and bottom lines, but still shares rose slightly to $54.10. >>> a deal to buy united technology's sikorski unit. the company that makes black hawk helicopters. loks heed will sell or spin off $6 billion in other information technology services and businesses. lockheed up almost 2% to

cnbc's international correspondent, michelle caruso-cabrera is live with what could be a historic weekend. >> reporter: absolutely sarah. the day after, we have learned that the ecb is going to reconvene the governing council to decide what to do with the emergency liquidity to greece. whether or not they get more cash so you can get more money out of the atms. they are going to be looking to see the outcome to make any decisions about what's going to happen next. just because there is a yes vote doesn't necessarily mean we start to see the banks reopen next week. there is a lot of political things that have to happen first before that. in the meantime the country is in full campaign mode. posters are going up throughout the city. if you want to learn some greek this morning, the no posters say oxi, it is not pronounced oxy. it is pronounced auhey, greek for no. yes in now is nai. you see those in a lot of the but stations as well. there are campaign ads for both sides on television throughout the day. we are also seeing it on facebook and twitter feeds as well. if you are trying to send

our chief international correspondent michelle caruso-cabrera is live for us as she has been over the past week or two in athens. hi michelle. >> reporter: hey tyler. one of the key events we were waiting for today is over. it was a meeting of all the finance ministers of europe. they convened in a teleconference to look over yet another letter from the prime minister of this country asking for help and for a bailout, making concessions, et cetera. the result is -- nothing. we've heard details from a couple of the finance ministers who said you know what? we really want to see the results of sunday's referendum before we go any further. the finnish finance minister went so far as to say he doesn't believe the current government is trust worthily enough to do a deal. the greek prime minister telling at least one reporter that the finance ministers said the most recent application by the greeks was a good start. in the meantime we expect that once again the banks will open briefly tomorrow morning for another round of pensioners so that they can withdraw 120 euros of their monthly stipe

what is it like in athens where michelle caruso-cabrera is talking to real people?ll bring you that coming up. >>> plus i get paid for this. >> i'm kevin may and i get paid for this. ♪ >> what it takes to be an animal acupuncturist coming up on "power lunch." >>> got a pretty volatile market ahead of the long holiday weekend. vix spiking almost 6%. the dow more than 50 points. s&p 500 is just point point off session lows. russell the worse major indices, down .9%. western union and dupont also down. cognizant and united health all down. >>> time for our regular series where we feature people who have very cool jobs. today meet a man whose clients are furry, four-legend and full of needles by the time he's done with them. >> i'm kevin may. and i get paid to be an animal acupuncturist. ♪ >> we're treating soreness and poin throughout the body the neck and the back. hips. animals that sometimes cannot take certain medications or they're not responding to certain medications, musculoskeletal pain. so arthritis, sore muscles, dogs or horses that have nerve problems. like

michelle caruso-cabrera athens. >> european leaders plan to meet in brussels on sunday to consider the proposal but ultimately any deal to give greece a third bailout runs through germany and the politics there couldn't be more complicated. steve leishman reports tonight from frankfurt. >> center stage is german chancellor angela merkel to keep the european union intact and she also faces a public opposed to any more greek give aways. >> finally lets merkle and the european let's say, policy makers give in this would also finally conclude that alexis tsipras will finally leave the stadium as a winner and this certainly, is really complicated and a big problem to digest for the normal people. >> after greece submitted an 11th hour proposal for a bailout, leaders throughout europe offered their opinions, but merkel's government was glaringly silent. if the chancellor who's guided the country for the past ten years, would accept another round of promises from greece and concede on the most critical point, giving the greeks debt relief. merkel's finance minister known to be more hardlined

let's get back to michelle caruso-cabrera live in athens. michelle. >> reporter: want to give you an update with what's going on with the protests. in front of parliament tonight we have groups from communist party, the far left party, labor unions, et cetera who are angry about what's happening in the parliament. these are "no" voters and they want parliament to vote no and they believe parliament is going to vote yes. what's unique to greece at this point is there may be violence in this crowd. we've seen it before in the past, in 2010 2011 during protests like this because there are such deep divisions within the communist party in the far left of greece. right in front of the parliament where you see white flags, some more mainstream communist party. down here in the street below us you'll see a lot more individuals dressed in black. those are. groups of the far left. you may think the far left and the communists would be the same thing. in greece they're not. there's many different divisions where the guys down below us think that the gu

decide whether to accept or not accept those difficulte reforms in exchange for a new round of michelle caruso-cabrera is in athens with more on what the outcome means for greece's . >> reporte celebrations late into the night in athens after greeks learned no had won by a 61% voting no to a bailout program. on >> i think every one of us was afraid. but we said no. >> i'm happy. but i don't know what is co >> reporte the result puts greece farther along the path for leaving the euro. just a few weeks ago, most wall stre firms and rating agencies put the chance of greece leaving the euro at below 50%. today, as a result of the referendum m announced they now think that is the most likely outcome. the greek prime minister alexis tsipras still insists a no vote does not mean that greece is leaving t euro. only that it gives him a stronger posit to get a deal that is easier on the greek people when he returns to brussels tomorro for an emerge summit of european leaders. up to tsipras to make the first move showing up with a proposal that german leader angela mer. and that's key, since every previous greec

i'm michelle caruso-cabrera.greece where for the last half-hour or so there's been violence here in the streets in front of the parliament as mallolotov cocktails were thrown by protesters and riot police came out with teargas to disperse them. we saw a series of fires and explosions in the streets for roughly 10 or 15 minutes while president obama was speaking. we can still taste the smell of the teargas in the air. they dispersed the crowd pretty quickly. they've now allowed some of the protesters to come back in front of parliament tonight, tonight because parliamentians inside are debating this austerity bill that they need to pass before midnight tonight in order to begin bailout negotiations with the country's creditors to give more bailout money. you can see from the video, fires in the street. clashes between the police and a group of protesters that we've seen before called anarchists. they come dressed in black, often with hoods on often carrying gas masks. that's maybe a hint that something going to ha

cnbc's michelle caruso-cabrera, our chief international correspondent on the ground in athens with the very latest. michelle. >> reporter: alexis admitting he made mistakes during negotiations, melissa, also saying i realize i was not able to deliver on every promise i made during the election, but we had no choice. at one point the former finance minister yelled at him from a different party said you're lying at one point. so it's been a little bit contentious. the vote has been delayed. it was supposed to happen around midnight athens time, within the last half hour. there was a procedural problem. supposed to happen in about two and a half hours from now. joining us here on the balcony is demetrius, lawyer here on the balcony with us briefly last night. we wanted to bring him back. dm you were so scared about a greek exit, do you feel any better tonight? >> yes, of course. the greek government came to sens senses. now i think we have a very good chance in the forthcoming weekend. >> reporter: he has admitted to making mistakes during the negotiation process. i assume you agree with

more from michelle caruso-cabrera in just a minute with the latest there.ese stocks dropping again overnight ending well off their lows of the session and fairing better than they have in recent trading sessions. you can still see shanghai down about 1.3%. this decide a number of new measures in recent days aimed at stopping a stock slide that shaved off a third of the market value in the last week. among the drivers, traders are pointing to china's premier failing to mention this market chaos when he made a statement on the economy. and here's what former morgan stanley asia chairman stephen roach told us here on "squawk box" earlier this morning. >> this model shift from manufacturing-led exports and investment to services-led consumer demand is something that they are continuing to emphasize. they're not backing away from. and tactically they've got a big problem on their hands with the stock market and they're addressing this with short-term measures but they're not backing off of then fundamentals of this model chain. which i think is good news. >> als

chief international correspondent michelle cruisae a caruso-cabrera live in athens and steve liesman in frankfurt. there is new controversy around greece's former finance minister. >> he cannot stay out of the headlines even though he is no longer the finance minister of the country. this started when he tweeted out earlier today, "i will not be in parliament tonight voting in person due to family reasons." this is to fend off other interpretations. even though he is not the finance minister he is still a member of parliament and should be in the building behind me debating the proposal and voting later tonight. he will not be there. he wanted everybody to know, "i support the proposal." a local reporter all coverage of the parliament stops to show photos of yani getting on a ferry out to an island in his mini coop were his family and looks like he is going on vacation. a toll journalist takes photos of him. his security detail attacks him. there is drama there. then he tweets out again thankfully, there are people who respect what it means for me to wish to spend my saturday and sun

our chief international correspondent michelle caruso-cabrera live with today's "as the world turns," michelle? >> news breaking just the last two minutes. reuters reporting that the ecb has kept the liquidity cap the same for the greek banks. it did not reduce it either. so it could have been far worse news for greece. it could have been better. there's going to be a cash squeeze going on in this country. the stock market may be rallying on hopes for a deal. there's no hope for a deal. everybody's gone home. the negotiations are over. sent this letter this morning saying there were all kinds of concessions he was willing to make. he then went on national television and said vote "no" on sunday. i'm telling you vote no. if you vote no i'll have a better negotiating position we'll get an even better deal out of the creditors. well, that upset the creditors. didn't last very long. and they said given greece's previous rejections given all the issues we've had for the last seven months, the referendum and you're telling them to vote no we're all going home, we'll see you on monday, this

chief international correspondent, we are going to refer to her as the athens bureau chief michelle caruso-cabrera. steve liesman moved to berlin. michelle, happy monday. >> it's an unwanted title. it's not a done deal yet. alexis tsipras back in athens today has to rally the parliament, bring them together and get them to pass a key number of reforms when it comes to pensions which will raise the contributions that the people in greece have to contribute to their retirement and raise the age more quickly than expected. there will be a hike in sales tax across the board on everything. that's the first proof of performance before you see the european finance ministers sit down on thursday to assess the situation, see if they are going to begin the deal process. ahead of that waiting to hear from the etb perhaps as early as wednesday to decide whether there's been enough good efforts by the greeks to loosen up the cash out of the atms. there is a whole soul-searching going on here about what happened? alexis tsipras told us he would get a better deal within 24 maybe 48 hours after that big no vote.

michelle caruso-cabrera has gone from athens over to cuba. she's there live. le you've been tripping all around the globe. >> reporter: hey there, mandy. as you can see over my shoulder the cuban flag now hanging into front of the cuban embassy. used to be the intersection. even though this big event occurred today there is a big long to go before true normalization between the two countries. big financial issues actually between cuba and the united states. i'm going to explain right after this break coming up on "power lunch." [dad]i wear a dozen different hats doing small gigs,side gigs...gig gigs. quickbooks self-employed helps me get ready for tax time. to separate expenses,i just swipe. it's one hat i don't mind wearing. [passenger] i work for me. and so does quickbooks. it estimates my taxes,so i know how much stays in my pocket. and that's how i own it. [announcer]stay in the flow with quickbooks self-employed. start your free,thirty-day trial today at join-self-employed-dot-com. are you moving forward fast enough? everywhere you look, it strategy is now

michelle caruso-cabrera is live in athens with more. michelle. >> reporter: thanks so much, brian.ith special guest the founder of core capital here in athens. he's a lawyer. he's banker. also a member of the young presidents organization with whom cnbc has a collaboration. good to have you here. >> thank you. >> start were the whole issue of capital controls. i've been reporting all day that they are strangling the economy. do i exaggerate? >> i do not believe that you are exaggerate at all. let's not forget that the heart of every country's economy are the banks. the banks are closed so nothing can move. in other words, if i'm an importer, i cannot import anything because i cannot pay. if i'm an exporter i cannot export anything because i'm not getting paid. because even if i'm getting paid, i cannot move thn money around. i cannot use this money to make payments. and of course if i am let's say, a greek abroad and i want to use my credit card that has been issued from a greek bank i cannot do that because my card is not accepted anymore. >> wow. we are talking to people tonight