mr. varoufakis put it. >> there was no one in our government, no one, not varoufakis, no one, who will sign an agreement that will precede the restructuring of the debt. hans: he also said no one is thinking of leaving the euro however there is a meeting with an series of and they are advocating for the european union. you have this notion of what they would do if they do come short on payments. last night, mr. varoufakis said they would rather go with the imf rather than pensioners. manus: hans what about this reported juncker proposal? give us the details. hans: the eu has denied that younger is working on it -- that juncker is working on a proposal. there were reports last night that it would focus on the primary deficits are plus around 2%. it seems like the big stumbling block is what greece is going to do on pension and labor costs and we don't know anything in terms of what would be in the juncker proposal, how it would address privatization, labor. those are the parts that the current bailout programs that greece seems to be chasing. so yes, we have optimism from athens, but my note

mr. varoufakis will listen to this morning. it is not something new. mr. varoufakis has always been saying that greece shouldn't have joined the euro in the first place, but since it has joined, it is now it can never leave. it is a different thing for an academic to say that greece shouldn't have joined the euro area and a different thing when the finance minister is saying this. francine: that brings us to what i've been wondering. why is alexis tsipras so committed to yanis varoufakis? he says what he wants but he's in a position of government. is this a game that tsipras is fully behind? why not change finance minister? nikos: i'm certain the greek prime minister has received the message from creditors, that mr. varoufakis' views are a liability for the country. the finance minister has been sidelined in the negotiations over the past few weeks. it has been the deputy prime minister and the deputy foreign minister who have taken the lead in the talks. since they have done so creditors report some progress in areas including sales tax reform, tax adminis

mr. varoufakis complain.is clear this is the price he has been paying for his frequent public comments. greece's government spokesman has said yesterday in his regular briefing to reporters the ministers should stop talking so much. jonathan: they have done a lot of talking. time for a couple of thoughts with bob parker. you comment for me. bob: let's cut through the noise. there are three pressure points. watch outflows from the banks. if the outflows continue, the question is will they have to do what cyprus did and introduce capital controls. the end of this month, have they got adequate funds to pay pensions and welfare etc. pressure point number three is the repayment coming up this month and next month to the imf the ecb, and the european union. i think the next few weeks are critical. >> we will talk assets after the break. ♪ just because i'm away from my desk doesn't mean i'm not working. comcast business understands that. their wifi isn't just fast near the router. it's fast in the break room. fast i

mr. varoufakis: let's say about a week. controversy over hillary clinton's e-mails could drag into the election. and walmart, first quarter earnings of a share, $1.03. the estimates for adjusted earnings is 5. we are waiting for more headlines. tom: as warmer comes out across the bloomberg terminal, very different from the clarity of home depot as well. we will get the headlines out here slowly. what i am interested, vonnie are the comp sales, home depot numbers of 6.1%, very un- walmart-like. vonnie: a little gain, 114 $8 billion. -- $114.8 billion. tom: we will break and what that can't fail number as well. brendan: joining us now is olivia sterns. do you remember olivia sterns? welcome back to "surveillance." what do you see in these earnings? olivia: we were expecting a modest increase in sales and a decrease in profits. what we're seeing is a mix. walmart has beaten earnings estimates 11 out of the last 12 quarters, you can make that 13. a lot of macro tailwinds for walmart that we were expecting to show up. we are all

varoufakis. at the same time he had kind words for mr. tsipras and said he is becoming increasingly sponsored will in discovering increasingly the magnitude of his task. more negative comments from this time unclear what this will do to the negotiating ross s but it does seem to add a little more drama. mark: -- negotiating process but it doesn't add a little more drama. hans: the other plan is to -- in swiss banks, that will be discussed here in the coming weeks yesterday they floated this idea of having a transaction tax at atms so that when you pull out 1000 euros you would get taxed on it or it what they want to do is funnel more purchases through visa and mastercard systems because that way you cannot avoid paying areas they have backed away from that idea of really putting the tax on atm withdrawals. i know you always deal in cash mark, but if you were to go to greece you can take out 1000 euros without worrying about your atm fees. mark: relief. we will see later. caroline: the irish government has agreed to sell its 25% stake in a

mr. varoufakis: red lines are inflexible, guy: but there is common ground.to athens and a couple minutes. in brussels, tom mckenzie is with us with the latest. talk us through the timeline. a more positive tone but a tight timeline. tom: they have managed to do it again, kick it into the long grass. a couple of weeks of breathing space for the greeks now that they have had this rapprochement as they are calling it. a statement that the ecb, which was preparing to tighten the screws to step back. we will get more clarity tomorrow when members of the ecb governing council meet to discuss that pension give the greeks -- meet to discuss that. should give the greeks a couple more weeks. refinancing of 1.4 billion euros of t bills -- in july and august they have about 6.8 billion. as the leader of the eurogroup told me, mr. dijsselbloem told me there is little time to turn this around. mr. dijsselbloem: the program runs out at the end of june. between now and the end of june we have to find an agreement, get an approval from parliament, the implementation has to b

mr. varoufakis saying there is only one roadblock. the germans and the spaniards want to see greece implement the reforms that agreed to and that includes some austerity. i don't see how we are closer today than we were yesterday. francine: i know you're making your way to dresden for the g7 but that question they will have to face is can we lead without greece in the eurozone? hans: the germans would is that the g7 has an official agenda and greece is not on that agenda. when everyone gathers i suspect that greece will overshadow and hijacked the meeting to some extent. the question is, is this the right forum and that germans will argue that it should be that eurogroup. the dutch finance minister will be in the meeting and that is perhaps an indication that greece will be on the agenda. francine: we are joined by john mills, when you look -- you have handled a lot of negotiations when you look at what is happening, is this down to the wire orton negotiating tactics or is this just a deal gone wrong? guest: i suspect it will eventual

mr. varoufakis not changing his tune very much. >> we've got 11 days between then and the current terms and obviously the brussels group are meeting to thrash out some kind of deal. they need to negotiate further as far as pension reforms are concerned even if they give them a bit of latitude as far as labor reform is concern because those are the two crucial red lines too. there is also a point of view that tsipras doesn't mind these voices. we only have to look at spain to look at the elections they have had. >>> from singapore, phillipe, good morning from here. good afternoon to you. do you think in the market at the moment, the risks associated with greece are they correctly priced in at the moment? >> well we are in a situation where no one wants to imagine that the -- that greece would exit from the euro zone. at the point we are in a political issue. on one side you have tsipras from greece and on the other side, you have angela merkel and mario draghi on the other. the question is how can they have an agreement on political issues? that's besides the point. we know that the greek si

mr. varoufakis stepping aside. you mentioned it twice today. too many people, greece still matters., the bloomberg terminal. let's get to our top headlines. here is lifted. olivia: the police report on the freddie gray is now in the hands of prosecutors but there are still sketchy details on why the black man died in the hands of baltimore officers. his autopsy showed injuries like those suffered by car crash victims. officers taking him to the station made a nexus top that wasn't previously reported. a third night of curfew was put in place after riots. the pharmacy was burned down earlier in the week. the police commissioners as they will keep investigating the case even though the state attorney now has the report. >> this does not mean the investigation is over. if new evidence is found, we will follow it. if new direction is given by the state's attorney, we will follow through with the investigation. olivia: anger about the gray case is spreading beyond baltimore. protesters in philadelphia clashed with officers. elon musk says his new venture could reinvent energy production

mr. varoufakis for his desire to get to june 5. a weaker canada $1.2368."bloomberg surveillance." i am brendan greeley with tom keene. in london, a former trader is in court this morning. he is the first person to face trial for allegedly libor waiting. -- for a legend libor rigging. ryan chilcote is live. ryan: he is accused of conspiring with other bankers to effectively manipulate libor, to rig libor rates. the indictment includes eight counts going back to allegations that he did this as far back as 2006 and right up through 2010. the first one was at ubs, then at citigroup. his name is tom hays, he is 35 years old. he was charged about three years ago, but today is his first day in court, and the trial began about 2.5 hours ago. it has been interesting so far. brendan: ryan, banks just paid 4 billion pounds in fines for manipulating the foreign exchange market. now we are moving back to libor, an earlier allegation for which they also paid fines. what is the future of unraveling the human trials? if we are looking at this guy on trial, is anyone else

mr. varoufakis spoke earlier and talked about the creditors being as succeeding.ut restructuring longer-term debt. from the wolfgang schappell -- wolfgang schaeuble perspective that is more of the same. talking about a third program. interesting to see what kind of reaction we get today out of this meeting on that. francine: thank you. we will be live throughout the day with the latest on the g-7. we'll keep an eye on the fifa scandal, especially the impact on big-name sponsors like coca-cola, please and mcdonald's. putting pressure on the organization to resolve the scandal. unclear whether it will prompt world cup backers to pull out. peter goldsmith later on bloomberg. former attorney general for england, wales and northern ireland and the former member of fifa's independent governance committee. that is coming at 1:00 u.k. time. it :00 eastern time. that is it for "the pulse." keep it here on bloomberg full stay tuned for surveillance, up next live from new york. follow us on twitter. i have had some pretty good responses to the twitter question, "should spons

mr. vary rare is -- varoufakis is in touch with some of his counterparts.e just saw mario draghi go in madam lagarde. i asked her for an update on greece. i was met with nothing but a smile. we had the finance minister saying it was up to the greeks to put pen to paper and start writing things down. we heard from schauble. he said negotiations between the three institutions and the greek government still haven't come very far. he is always a bit surprised. that raises the prospect of some sort of default. >> it is a defulet the i.m.f. clearly. there are issues which can impact of course their domestic situation. they could run out of money domesticically. that would create its own social and political repercussions. these are very serious issues. that's why we're taking them seriously. hans: i leave you only with a smile from lagarde. she did speak to german media this morning on a morning magazine program. she said it takes two to tango in terms of a deal. we're hearing more from the americans. i spoke to former treasury secretary larry summers yesterday.

mr. tsipras is going to get themselves out of this knot. manus? manus: let's head to athens now. the response to varoufakis' comment.erviewed a couple of people saying that it is the internal split that are that is the biggest obstacle in taking a deal across the line. >> it is another groundhog day. the brussels group of greek officials. the european commission and the i.m.f. resume talks. greek government spokesman said yesterday that significant differences need to be -- in areas including sales, tax reform pension reform labor market regulation, especially those last two labor market reform and pension overhaul including pension cuts are a red line. not just for the government parties but -- but also for cabinet ministers. what is for sure is that there is only five weeks to go before the bailout expansion expires. after june 30 there will be nothing. the i.m.f. definitely will not stay in the greek program is there is no funding from the euro area. of course greek is going to need another extension. the clock is ticking. manus: hans, let me just take it back to you for a minute now and talk about tsipras. he is