there is a there is a flurry of meetings taking place all around europe, but in paris is where mrs. merkel, the chancellor of germany, and mr. hollande fran's france's president, are meeting. >> that's right. they're meeting to present a common front at this time of crisis. in recent days they've really been sounding quite difficult notes. the germans taking a very firm line. we heard earlier on monday from mrs. merkel's spokesman in which he hinted to the idea of greece leaving the eurozone pretty much saying that it was in their own hands if they did so. he syd that for now greece is a member of the eurozone, around it's up to the government to act within a way that it will remain a member of the eurozone very much putting the ball in greece's court. the french on the other hand have been sounding a more conciliatory note. the french finance minister said that an idea of the whip write down of the greek debt should no longer be a taboo subject. it is not uncommon for these two economies to be sounding different messages when you bear in mind that the french economy and the german economy

. >> i'm sure that mrs. merkel and the german government know that the people are very bad.hey know. they have visited the place here and they've seen pictures and i'm quite sure they'll try their best. >> but in brussels and berlin as in life there are few guarantee guarantees. jonah hull, al jazeera. athens.. >> we'll meet the earthquake survivors who call these tents their homes. and a year on since israel began it's bombardment of gaza, little signs of recovery. >> you're watching al jazeera. i'm david for foster. the new york stock exchange has been suspended for two hours now blaming technical difficulty. they said this is not a cyber breach. chinese stocks closing down 9.5%. the markets in china have now lost $3.25 trillion since the middle of june. russia assever which condemn the 1995 massacre . >> well pictures shown online show the aftermath of an it was attack in aleppo. activists of the accused government forces using chlorine gas. u.k. based syrian observatory for human rights say that more than 40 people have been killed since monday including 25 troops and pr

. >> i'm sure mrs. merkel and the people of germany know that it is very bad. journalists have visited here and they've taken pictures of this country, and i'm sure they're going to try their best. >> but in brussels, as in life, there are few guarantees. >> russia has used its veto power in the u.n. to label the massacre killings in bosnian as genocide. russia used its veto as one of the five permanent members. the vote comes just ahead of the 20th anniversary of the killings. well this was the scene in bosnia. many marched in memory of those killed in 1995. they're part of a three-day peace march. >> well, a vote was delayed by a day as the u.k. and u.s. tried to lobby russia for support without success. >> the draft submitted by the united kingdom turned out not to be con trucktive confrontational and politically motivateed. the approach according to which you single out one responsible party for war crime is not legitimate and can result in greater division in the bosnian society. >> speaking with al jazeera a short time ago bosnia's ambassador spoke about

mr. merkel said we are not talking about weeks any more, we are talking about days. in less than two weeks greece has another payment $3.8 billions due to e.u. institutions and if it defaults then clearly the situation is even worse than it was. >> with all the delay we have had, and these various coming and going between talks falling apart, it is making things a lot worse. >> yes, they are. and as we heard in that report, it isn't just making it worse, but it is making worse just for ordinary people, it is more days that people are having to cue up the catch point machines trying to get out 50 euros pensioners having more difficulty getting their pensions and just generally the whole country grinding to a halt, and yet, despite this urgency it seems that the greek delllation themselveses have not, in fact, so far on tuesday come forward with those proposals that from angel merkel people have been urge everring at least give us something to talk about the latest we have heard now is that maybe these proposals will be forthcoming on wednesday, but of course, the long

. >> i'm sure that mrs. merkel and all the german government knows very well the people are very bad, i'm sure they know and many german journalists have visited the place and have a picture of this country and i'm quite sure they're going to try the best. >> but in brussels and in berlin as in life there are few guarantees. jonah hull, al jazeera athens. >> to be markets in china have already opened for trading. after another brutal day on wednesday. the hong kong market is up. shanghai market had been up and is slightly down at this moment. the government has taken a number of moves to prop up the chinese-fall tergchinese faltering markets. the shanghai market has dropped 30% since june. it was the best performing investor market in the world. >>> poor people locked up while others released. details on a plan some say will restore justice in new york's jail system. >>> latinos outnumber whites in california. how the form will travel justice in the u.s. >>> the pope has just arrived in santa cruz, bolivia his late

mrs. merkel's position as you were saying. alexis tsipras here today has been gathering his domestic forces. he's in a strong position domestically. hoping he is traveling to brussels with a fair wind you behind him reinforced by the referendum on sunday. 61% voting to reject the finance mintsministers proposals. dimitri do you agree that alexis tsipras will go to brussels feeling he has momentum in a strong position now. >> he has a momentum because it is not only it was 61% of no vote in the referendum it was at this referendum who has been under terrible conditions, all greek must pleerl merely accept the conditions presented to the greeks that there will be sort of, it will be doomsday if they were voting for no. and not only that. an economic war is be stated at this very moment against country. the banks have closed. the european central bank is not giving the necessary money to be the greek economy to function normally. so it was not -- >> that is not they said they cannot give money to the -- [simultaneous speech] >> v

. >> i'm sure that mrs. merkel and all the german government snows very well that the people are very bad. they know. i'm sure they know. many german journalists have visited here and i'm sure they're going to try their best. >> but in brussels, berlin as in life there are few guarantees. jonah hull al jazeera, athens. >> well, the world worries that greece could send global stocks in a frenzy, but investors will be closely watching the market in china when they resume trading in a few hours that's after wednesday's sell off after it slumped 5.5%. the stock was fears were brought by slow downs. >> continuing four weeks while the marks in china slow down again. the biggest index closed down 6%. this adds to the nearly 30% to the markets in china have seen a sell off in the last several years. nearly $3.2 trillion. now something else we see continuing on wednesday. more companies are taking their stocks off the market. they're not allowing them to be traded. the total number is 1400. a few more hundred were taken off

we also know as we heard in barnaby's piece, mrs. merkelthere can be no negotiations until the referendum, but other countries around the euro zone have not necessarily shared that sentiment. the french government thought that negotiation could happen prior to the vote that referendum on sunday, but of course we have always heard from the italian prime minister who said as others have that the greek people face a vote which will be entailing chooses between the drachma, or the euro, that again shows you the sense of uncertainty that euro zone voters share and feel. >> thank you very much indeed. still ahead on the program talks inch closer to a final deal on iran's nuclear future. and calls for help in this yemen as the u.n. says 20 million people need aid. ♪ >>> hello again, a reminder of the top stories here on al jazeera. egypt's prime minister says his country is in a state of war after an attack left more than 30 soldiers dead in sinai. >>> president obama has announced his country is restoring full diplomatic ties with cuba. >>> and t

mrs. merkel's reaction.he is taking today is the one that germany and so many others have taken since this criescy began. even with what mrs. merkel said yesterday, if you look at what italian prime minister renzi said, look what i have had to do look what others have had to do tough political decisions on pensions and taxation. how can we tell the greeks they don't need to do what we have already done. people tend to focus on germany. i understand it. it struck me yet, there was significant uninimity of vote that they want to keep them but not at any price. >> it comes down to who are the greeks angry at angry at their own government and the prime minister angry at the imf, angry at the germans? how do you predict the vote goes? >> it is really hard to say. my feeling, sarah, is that anger animates demonstrations. i think when people get in a polling booth and clothes the curtains behind them a sense of calmness comes over them. they understand the importance of what they are doing. i think they are going t

>> reporter: as mrs. merkel said the door is still open and mr. hollande said it's up to mr.pite the greek mine minister to bring forward credible proposals. we'll see if there are any positive reactions because that would be the first indication of whether a technical agreement can be hammered out and signed off on in the evening. it's difficult to imagine that process beginning totally from scratch. there has to be elements from the existing program carried over in to the discussion. otherwise there wouldn't be enough time to begin the discussion anew and conclude it today. i think what you are looking at, is the basic document there was delivered as the object of the referendum but with serious changes on both sides. perhaps the greeks will ask for a greater commit to him debt restructuring than the next four years. perhaps they'll ask for a more long-term approach than that. but that will be politically difficult for the creditors to deliver and in toured get it the greeks have to make some very serious reform proposal of their open, we are now in an area of extremely nar

it's worth making the point saying they've had this referendum that mrs. merkel said a few days ago to vote no as the greeks appear to have done would be the equivalent of driving into a blik wall with your eyes open. that gives a clear sense that the german government very much wanted a yes vote here. rather than in the manner that the french government and others said equally that's what they wanted to have happen. there was a slight difference in policy, though between the german and french governments in the sense that the germans were very clear, no negotiations before a referendum. the frefrn a few days ago appeared to suggest that perhaps there could be room for negotiation. that is ancient history. we have a no vote. of course, whether the position is strengthened whether mr. tsipras' position is strengthened is a moot point. the other no we heard is from the european central bank when the greek central bank asked for more emergency liquidity assistance. the greeks and ecb said no to that. whether the position has been strengthened, it's very much open to

when i had my meetings with mrs. merkelhe french president it was sarkozy then, after that time italy was more regularly barred from the treo of -- trio of decision-making. i would say to them that greece should not be given any special treatment. other than generic spending that is an everybody interests to keep them in the euro. greece if they do comply which is not been the case -- manus: time has run out. let's see how the rest of the day. no special treatment from mario monti the former italian prime minister. no special treatment for greece. erik nielsen: mr. monti said it will. the biggest fiscal tightening when he came in a rescued italy. and he says no special treatment. greece has no luck from everybody else. manus: we are back in two minute s. ♪ manus: yanis varoufakis announces he is stepping down. they overwhelmingly reject further austerity. german bonds surge. more market volatility. china announces a of measures to stem and equity right. a very good morning to our viewers in new york. welcome to you waking u

. >> i'm sure that mrs. merkel and the german people know that things are very bad here. they know. i'm quite sure they're going to try their best. >> but in brussels and in berlin as in life there are few guarantees. jonah hull, al jazeera. >> respeaking out and reiterating that the rules will not be changed for greece. >> we'll find a solution that is most conducive to try to help with restoring stability growth, and debt sustainability. those will continue to be the guiding principles of how we need to operate in order to help the country. >> well, as time runs out for greece's government to get more money, greeks themselves are struggling to make ends meet. >> for 20 years his coffee shop was the pulse of the neighborhood. barely anyone here during the days of austerity. >> from 9:00 in the morning to 10:00 at night. >> how do you keep it open? so nothing. >> he's not worried his landlord will throw him out. most of the shops have shut down and no one is investing in new businesses. wherever you look there is this same season of abandonment. the doors are shut. sometimes there i

first we have mrs. merkel and here is what she said yesterday -- i have said that a classic haircut is out of the picture and that hasn't changed between yesterday and today but then mr. schaeuble seemed to give a little ground. i think the imf is correct. later he says there cannot be a haircut because it would infringe the system of the european union. how you square those comment gets down to whether or not you think something can pass the bundestag. in a few hours it will become a berlin story. after we get some signal, we need to figure out how members of our limit will vote on this. does angela merkel have the will or the authority or political capital to force a vote through the bundestag? it seems like many of her party are deeply suspicious. jon: the big question after sunday, let's assume that the plan goes through. the big question will be have they underestimated the damage done and is it even enough going forward and the additional question attached to that would be whether syriza will be around l

mrs. merkel's speech today in moving the setup forward. >> but at the same time, the institutions in the eurozonere also strong enough, some would argue stronger than they were a few years ago than to withstand greece leaving the eurozone, aren't they? >> the institutions are a lot stronger but the fire wall that the european central bank has signalized that's there and saw the 2% gross domestic product that is gross will not jeopardize the whole eurozone. but it's still a truth of the overall weakness of the setup when this summer we're calling everybody back from vacation to deal with another immediate crisis in greece, as we should be dealing with other problems, russia, climate change, and the like. and we should be -- >> speak of the importance of -- smoops. [simultaneous speech] >> fiscal as well as a monetary union being in place but how much democratic support particularly in germany is there for that given recent opinion polls suggest nearly a quarter of the german public truchts trusts the european central bank. would they want to close the union? >> they wouldn't want a full fiscal uni

tsipras and what is minor to mrs. merkelgermany we will have to wait and see but it certainly shows the desperation from the greek leader because clearly the situation is going from bad to worse. the bank had just opened to a senior pensioners to get access to their money. you could feel the tension assert my rising, the anger is rising and quite frank with you i don't know the greek speaking system will last much longer given the amount of cash being taken out even if it is only 50 or 60 euros per day. the markets react to the news that perhaps the greek leader is having to back off when he said greece was being blackmailed, that have a shameful what was being asked. what is the alternative? dropping out of the euro. we will continue to follow the story and get an actual statement from the greek government and the european creditors. sandra: ashley, i want to keep you there. your life in athens, standing outside of clearly continued lines of great people trying to take money out of wherever they can in the country. the head

diverging and great divisions are opening up and germany play be held responsible for that and mrs. merkel does not want that as her legacy. however, i think things have gone too far. it feels a little bit as if the leaders are impotent. they are relying on the greeks to come up with solutions. and the ecb is determining whether or not greece's proposals are acceptable by placing intense pressure on the banking system in greece and by delaying the opening of the banks. that is a form of fiscal enforcement which in my view is well beyond the mandate of the ecb. >> in some ways, would greece actually benefit from getting out of the euro? some economists have argued actually they would end up being better off. they would be able to control what's going on and wouldn't be reliant. >> to have her own currency and her own central bank who prioritizes the interests of the greek people and not of you know the financial system. i mean the ecb is very willing to provide monetary financing if you like to the other states in the euro zone by buying up bonds spanish and italian and other bonds. mr. dra

so mrs. merkel is speaking of a german unity on the euro. southern half of europe is suffering. and that's why they take exception to the comment saying that europe is more united than ever. it's painful in the south and austerity has not done well for the greeks and that's why they are in the situation they are today. >> we'll see the next move from alexis tsipras, won't we. john defterios. thank you, john. >>> a simple exchange of letters ended 50 years of broken relations between the u.s. and cuba. an american diplomat delivered a note to cuban officials in havana offering to restore ties. it came after several months of talks between the two countries. mr. obama said that the american people will welcome the new friendship. >> we are neighbors and now we can be friends. here in the united states we have seen that same enthusiasm. there are americans who want to travel to cuba and american businesses who want to invest in cuba. american colleges and universities that want to partner with cuba and americans want to get to know their neighb

in the meantime, today the german parliament went into recess, summer recess, so mrs. merkelould need to recall everybody so they meet and get a mandate to the german government to commence negotiations. erik: you are a former board member with the i.m.f. the last time we spoke was before the release of the draft i.m.f. report on the debt sustainability of this country, a report that concluded that at the very least 36 billion euros would be required over the next three years just to stabilize this economy. what was the motive behind releasing that report in the dying hours of the opportunity to come to a deal before the referendum? >> i think the i.m.f. has been saying for a very long time that debt relief would be needed for greece most probably. now, i guess they wanted to make it public that we are in a dire situation. we are in a double dip recession. banks are closed. there's a credit crunch. of course, now there are bigger needs for debt relief than a year ago. erik: it sets up a contest between christine lagarde and angela merkel. does it not? >> in a sense, yes. but

. >> i'm sure mrs. merkel and all the german people know the greeks are very bad they have visited the place here and the progress of this country and i'm quite sure they're going to try best. >> but in brussels and berlin as in life there are few guarantees. jonah hull, al jazeera athens. >> back in the united states, the mayor of baltimore today fired his city's embattled police commissioner. the termination follows a deadly increase in crime and riots after the death of an unknown blackman in custody. paul beban has the story. paul. >> until today he had reliable support from baltimore city hall. but mayor stephanie rawlings-blake said it was time for a new top cop. she thanked anthony batts for his service but said they needed a change. >> it is one that is in the best interest of the people of baltimore. the people of baltimore deserved better. >> reporter: the mayor said an ongoing spike in murders demanded a change in leadership. batts firing came two and a half months after the city plunged into violen

this is a strong commitment, and especially mentioned that in his statement yesterday he met with mrs. merkel so i think today they have some good elements in his proposals. >> and of course, not forgetting that 18 plus% of greek opinion polls want to stay in the zone as well. >> absolutely. >> easier said than done, let's talk about the governors finances here, let's talk about the banks time is running out, even if they get a deal, will it come soon enough. >> well, i don't believe so, because the cash in the banks is running out it mite be three days five days or seven days we don't really know, but soon, the cash will run out, put we have to say that greeks have been very very patient, at the cues extreme patience there so it is remarkable how the degree society has been maintaining this ordeal. >> a little picture of what happens the f the money runs out, if one of those banks as is being reported now collapsed in the coming days. what happens then. >> will it be a really really dramatic. but i don't think that the rules have any kind of big clashes or people gathering in the streets no

and the first signs from the international monetary fund and the european central bank and from mrs. merkel herself saying there is a possibility that if these measures are voted in they are endorsed and they started to become implemented and the first positive assessment there could be a room for debt relief. this has gone down very well with the greeks. it is really the only thing that gives them some hope at the end of the tunnel rather than just following the austerity and recession cycle they have been in. they are hoping if these measures are implemented properly and followed through for a while there will be some kind of reward at the end of that. >> more tough times to come at the greek banks, thanks. >>> u.s. secretary of defense ash carter is in israel the first stop on his trip through the middle east. >> he says his trip comes at an important moment because of the iran nuclear deal. >> this trip was planned before the nuclear deal with iran was reached last week but the defense secretary telling reporters that of course during his talks with israel and other countries over the c

. >> i'm sure that mrs. merkel and all the german government knows very well that the people are really bad they surely know and many germans have visited here and i'm quite sure they're going to try the best. >> but in brussels in berlin as in life there are few guarantees. jonah hull, al jazeera athens. >> before we move on we want to show you how much pressure greek prime minister alexis tsipras was under at today's euro zone meeting. the form he prime minister of belgium got very emotional giving him a lecture. >> i know it's difficult for a leftist, but it has to be done because of 800,000 people civil service. let's propose to end the privileges in your country. the privileges of the sip owners, the privilege of the military, the privileges in your country, privileges of the greek islands and the privileges not to forget of the political parties. the privileges of the political parties who receive everyday loans and money from public banks who are in fact bankrupt. >> gee verostadt also said european leaders

the social democrats, and the finance minister may speak, and then there is a meeting between a mrs. merkel and the italian prime minister renzi, and i understand he said that the voters in greece have a stark choice - voting for the euro or the drachma. those are the things we expect to happen today. >> dominique kane there. meanwhile in greece there's panic. pensioners have been cueing outside banks to withdraw cash. the yoction is on a referendum on -- focus will be on a referendum on sunday where the greeks will vote to accept or reject the deals of a package. the latest from john psaropoulos in athens. any hope that the last-minute proposal put forward by greece may be accepted by the finance minister? >> i think there is hope on the substance, because the exceptions to what the greek prime minister alexis tsipras is asking for is not great. it amounts to footnotery on essentially what is the creditor's fan. greyed tors had, when they -- creditors had, when they submitted the plan approached the greek measure. this was largely inspired what the greeks proposed last month. it is not unp

now mrs. merkel and so on have to give way. is that realistic, do you think? >> if it is the political will with the european leadership to do whatever is necessary to remain part of the euro zone then i'm sure that the new proposal by institutions will hear some better terms and some not only mentioning but those are some particular and complete terms on debt relief. it's on debt relief. i think that this is enough for alexis tsipras. it's easier for him now to pass it through the greek parliament. >> reporter: so there is a glimmer of hope? you see a potential deal? >> in alexis tsipras told the truth to the greek people when he promised that the no vote doesn't mean an exit it only means we're going to negotiate hard. however, trying our best to remain in the euro zone then there is a hope for a better proposal and for a better compromise for the greek people. >> reporter: one legacy of this extraordinary referendum campaign organized at the last minute around proposals that no longer existed is deeper divisions within greek society, which could be dangerou

mr. merkel's spokesman said it's up to the government to act in such a way as it can continue to remain part of the euro zone, so their vague threat there of this idea that greece could potentially drop out. on the french side, we've been hearing morley way if you like, being given to the greek position and the french finance minister has actually said that we should no longer be considering the idea of a write down of greek debt as at taboo so a conciliatory tone about the greek debt. >> thank you jacki roland watching that meeting in paris. >> it is said the no vote will make future talks with creditors more difficult. >> greece must take difficult measures, otherwise the country won't make it. otherwise, the government won't function. otherwise, the economy won't work. if the government and people reject difficult measures, we are going to get into a very difficult situation. >> we can now talk to james in athens professor at the university of texas and a former colleague of the former finance minister yanis varoufakis. thank you for talking to us. as a friend of mr. varoufakis, how is he

mr. tsipras will be rolling into town and he will meet with angela merkel, and all of the other euro leaders. caroline:there has been a lot of preparatory work. mr. tsipras will have to deliver something. caroline: we will be looking at the market reaction. the bond market expressing a bit of their concern, italy, and spanish foreign costs are rising. it is still alexis tsipras facing fresh pressure from creditors going into today's emergency summit in brussels. angela merkel and french president ward greece that it is running out of time. guy: the onus is on tsipras to strike a deal. what is the prime minister's plan? let's go to hans nichols. he is in brussels. guy johnson is in athens. what are creditors expecting from mr. tsipras and tell us, will we get a deal? >> if i had that information i think i would be worth a lot more than i actually am. what creditors -- what creditors are expecting is a medium-term deal. mr. dijsselbloem was very clear on this and madame merkel has also been clear on this. that may rollout the prospect of a possibility of a bridge loan or short term financing.

so monday night, we have madame merkel and mr. a lawn -- mr.aunch meeting -- hollande meeting in paris. then we will have the all-important call on monday from the ecb. back to you. angie: all right, hans nichols for us in berlin. , we will haveis more on that top story. but also, stopping shanghai's markets biggest slide there in 20 years. those are the stories we are watching for you. this is on bloomberg television. stay with us. ♪ ♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. angie: that is a live look that we are showing right now in singapore, 8:30 in hong kong as we wake up to news that greece voters decided, very and statically, no against -- very against the, no latest agreement put forth between greece and the eurozone. we have 30 minutes of trading here to read what does this all mean -- trading here. what does this all mean? stay with us. history --thrown its its future into the eu a

then again, it would be up to mrs. merkel to do the packaging right of offering a new deal. tricks to give debt relief without calling it debt relief. the german public opinion could change if the debt relief is presented as the carrot at the end of a long ride. the biggest red line is no up front that relief. that is a no go if you listen to the public in germany. manus: the banks are closed. the ecb has changed its collateral at the banks. liquidity is squeezing greece by the neck. how much longer can the economy go on without them issuing ious? where are you on the word of they'll in? you think we will see one in greek banks? how much longer will we see controls? give me your sense around that. carsten: the banks could survive in the current state. i think that is obvious. the capital controls will continue for a long while, even if there is a deal. imagine if the banks would open now. we would see a bank run with everyone withdrawing as much money as possible. the situation is severe. manus: july 20, you framed it for me beautifully, you said the next way for hours are c

matt: did mrs. merkel hans promise or parliament that she would not allow any debt reduction for greece? hans: that is what i heard. debt reduction, not debt relief so the question is -- how can you finesse that? is a 30-year extension of maturity, a backdoor haircut, as mr. schaeuble said yesterday, we do not know of germany will abide any sort -- call them accounting, not gimmicks accounting methods to elongate the debt and not have it show up as a nominal cut. erik: financial engineering is what we call that. matt: hans thanks so much, hans nichols and berlin. number two, around the world, central bankers are moving market, signs that britain is getting closer to raising interest rates, sending the pound to a seven-year high. stimulus for the eurozone spurred again in bonds. the chair janet yellen also made the case for raising rates sooner in her testimony before congress, so it looks like the pound is getting much stronger and the dollar will also gain strength, although a lot of that dollar move has

we had the opposition leader in a minority coalition with mrs. merkel government, and they say that talk of the greek exit has to end and they have to move forward. the challenge of that position is that it is clear with any german that you talk to is that the negotiation process will be difficult. we heard from madame lagarde and her comments are the most interesting. she claims that the current plan is not viable. she wants to see more done on the greek debt and the debt to. we just heard from the finni sh prime minister. he says that the caught -- he says that the talk of a haircut -- manus: the greek deputy finance ministers at the things will open on monday for basic services. what does that mean? we understand a 60 euro cap is still in place for ordinary people. >> 60 euros is still all you can get out of the bank. on monday, capital controls will be in place. if you are an exporting company you will seat using in your payments are broad. if you have a student living abroad, like a daughter or son, you can transfer five thousand euros every three

barry: they have to go to the level of leaders, we made more progress over the weekend when mrs. merkelto the picture. and this false argument that you cannot have a haircut inside the monetary union, that needs to be addressed head-on. the french and italians need to take that on. tom: you agree with bill rhodes that we have to have that haircut? barry: it will come, the question is when. tom: let's do a data check, off what is not news for the ecb but can't move markets. futures where they were, the euro is a major news with the quality. bonnie mentions that goldman sachs struggling off of their earnings announcement. crude oil a little light, hundred $52 -- under $52. vonnie: a plan that would extend military reach clears another hurdle, the proposal was passed today by the lower house of parliament, opposition lawmakers boycotted the vote. odessa state the plan is a break with pacifist policies that have followed since world war ii. uber is hit with a $7.3 million fine in california, a judge says the company is withholding information from the government. raiders want to know when t

we are appreciative of the fact that mrs. merkel and mr.ollande and others really put out a strong fight in our favor. but we need to change and we will clang.hange. >> throughout it the rest of europe, in germany, they say they'll never get this done. in greece people say, watch, this could be a nixon-china moment pmt moment. this could be clinton passing welfare reform and nafta. >> i think absolutely the country is ready for a change. there will be a lot of kivging and screaming especially from the radical left wings. even communists are a bit milder in the criticism. they haven't been that vociferous in the past few weeks but the citizens of the left governing party is probably going to split away from mr. tsipras. >> what about the vested interest? the accountants, doctors, engineers, everybody else and their mother who's got vested interest to protect and will be at first hurt by this? >> a lot of legislation is going to be rammed in to them. they won't have much of a chance to actually have time to go piecemeal and resist. things are

yes, the markets may like the fact that mrs. merkel't mean they're going to come to arrangement anytime soon. greece's political leaders have finished their meeting with the country's president. it's a meeting that lasted a marathon six hours. we're expecting to hear perhaps some reshuffling of the negotiating team and perhaps trying to come up with their strategy before they present some more proposals tomorrow. we're also hearing that the bank holiday here in greece will go on for, quote, a few more days. you can't get any more vague than that, but the banks are running out of money, and with no new agreement in place there's no way they could open on a full-time basis. it comes down to the ecb, would they increase their funding, and if they did, would they require more collateral in exchange for those loans, something which the greek banks simply wouldn't have? more capital controls, most of the banks will remain closed while this whole saga now moves back to brussels and whether the greek government can come up with a proposal that

right now, angela merkel -- suppress -- mr. suppress mr. him -- he's prepared to give specifics. it was announced he would give a speech to the european department and that is where we are now. no official request for additional money from the greek side, which is what everyone was expecting. a amount of disappointment. the commissioner came out saying he was still optimistic. his was really the only optimistic note that i heard coming out of that meeting. out more and report back when we get that information. is he trying to wear down on july merkel? >> only he knows that. from other people who have been strategy hashis been confusing. he sends mixed signals. at one moment, he has a five hour conversation and people think there is progress, and then he gives a speech in athens. last week, two weeks ago, talks were progressing on a monday. it seemed like we had a good suddenly theyhen went south and wednesday, he referendum and then goes back and campaigns with fiery and hot language, critical of the creditors he will now once again ask for

merkel, from the s.p.d. in germany, certainly from italy france, so on, to build a bridge for mr. tsipras. merkel basically took him under her wing, a neophyte, young politician, wanted to build a bridge and risked a lot. but the grex, greeks the government has thrown away help from others that even if we had a deal tomorrow, something magic happened, that it has the will or capacity to implement the agreement. throughout the world, this is not just the greece situation. in washington, the i.m.f. have a lot of condition that of things over the years, countries must be willing to change to get to a brighter future and it's not about just opening banks and throwing money their way. that would be nice if it were that. but if you think all the euro crisis away, greece had problems before it got started in the euro, those problems are till with us. it takes more than money to change that. >> ifill: paul krugman? one thing to understand is just how much effort greece has put in. greece has achieved an incredible budget adjustment. it has raised taxes, slashed spending to the tune of what would b

mr. tsipras. tom: and you see the drama from our guest and will no doubt be back within the hour. this as the chancellor begins to speak. shoretel speaks and merkeleaking to mr. tsipras this morning. >> it is pretty clear that he was saying the letter mr. tsipras sent tuesday night wasn't sufficient. it did not do enough to bridge this happy talk that we're close to a deal and that tsipras is willing to accept creditor terms did not look at the fine print. that would make it very difficult for angela merkel to get anything through and they need to get a third package. >> tom: what has been the response and brussels and or lynn to the polling showing a no referendum. mohammed really talking about that a few days ago. he looks remarkably prescient. >> they are looking for better polling. if the polling switches, he can always poll the referendum. he can pull it and saint never mind. in the last 48 hours we had mr. tsipras call a referendum saying he is urging voters to vote against the package and he sent a letter to his creditor saying i can accept most of the package. tom: hans nichols, thank you so much. there may be opportunity out there but it

mr. schobler has played good cop to ms. merkel'sood cop, i think it's for her to try to keep the greeks at the table. as we look is talking to whom we know last night, very quickly after that result came through, mr. tsipras was on the phone was to paris. so he talked to mr. holland. and i think they will all be bending over backwards to try to find a way to move forward here. i think the key question will be if there are grounds to rare row the differences over tax for the islands, pensions and so on and so forth, there's just this one rye maining issue. i seriously would like to see some progress on debt can the europeans come up with something that is imaginative in this area? look, they've said it in the past past, special purpose vehicles some corporal of special refundlerefund le ing, maybe sure can come up with a way that's imaginative that would lead to a meeting of minds. >>> still coming up on the show america 2350e78 mail soccer team continues the fireworks into the fourth of july clinching the world cup from former winne

even if chancellor merkel wants to sit down with mr. tsipras and find common ground, she could have a battle on her hands at home. >> you know, it came up over the last couple of days if not weeks where the finance minister took a hard line. he's very much a rules based person in terms of his character. believes in rules, and is a very experienced politician. he negotiated german unification with russia. he knows, you know, how to deal with big questions. >> so this is a negotiating tactic? these are comments coming from the economy minister, so this is no way of saying don't expect too much from us? >> in a way, yeah. i think any solution will come from merkel. merkel is actually on the softer side. she understands there's more at stake, more about europe. in fact, in this meeting with them, the ecb and german chancellor wasn't there or wasn't even invited. she knows that there are other things that are at stake. she will play it accordingly. >> there is a chance -- sense merkel and hollande have lost their patience with greece a bit.

mr. tsipras. now there is perhaps some backlash because angela merkel and the germans are being used of a coup inreece, essentially. economic blackmail is what some are calling it. all sorts of terms. some of them quite harsh in their own right being leveled against the german chancellor. germany, of course, does hold the economic sway and the power. that is because germany earns the money. it produces the goods. it has the greatest gdp. it has the voice and the leverage to be in charge, running the show. angela merkel is going to face a lot of criticism after this, but she will be remembered for how she stood up for greece throughout the entire process. she wanted greece to remain in the euro from the beginning. angie: the details that came out in the last hour -- greece has missed a second debt payment to half a to the tune of billion dollars. before, they had asked for an extension. half $1 million, that is not that much to have missed a payment. zeb: they can send it all in one check. on ouryou can get more top stories at one digital destination. bloomberg.com, why there could be an explosion

mr. juncker said, we have just been listening to the german chancellor angle merkel speaking and she did say that she had strong convictions about this agreement. that there was a lot to do yet. jackie rowland -- no, actually let's just listen to mr. tsipras speak. >> translator: to claim the best possible agreement which will give us the possibility for greek greece to stamp on its feet again so that the greek people can carry on with their baydaily battles we have to face some very difficult decisions in very difficult dilemmas. and we took very hard decisions so that we could avoid the implementation of the most extreme measures in europe. the bailout is difficult however we manage to avert the transfer of public assets overseas. we manage to avert the plan of financial suffocation and the destruction of the banking system. in all its detail over the recent times which have been planned. and had begun to be implemented. and finally we manage to in this very hard battle to gain the restructuring of debt. and a certain funding in the short-term. we knew that it wouldn't be easy. we have,

mr. schauble and ms. merkel, saying that things will move forward. is there any discussion of debt restructuring away from madame lagarde? hans: not really. we heard from the finnish prime minister saying that was one big distraction. what you have here -- and mr. schauble mentioned how big it is. what you have in parliament is clearly a vote that is not going to fail. but the debate is setting up a failure of the negotiations. you clearly see a telegraph by mr. schauble how difficult these negotiations are going to be. he is acknowledging that it is going to be hard for greece to accept that because they can. according to mr. schauble right down the nominal value of the day. negotiations that i think everyone behind me in the bundestag is prepared to let them fail. brendan: where is the vote count on this and how does it compare to public opinion in germany? hans: public opinion is more divided against. 49% voting no, 46% with say vote yes on this. this is clearly going to pass, but it is a remarkable moment in the bundestag. i have had -- i have no

mr. hollande and angela merkel the german chancellor arriving for a pre-meeting with prime minister alexis tsipras of greece. we understand now that they are in full session so we have a full meeting of these leaders of the eurosewn together and what's on the table here. the negotiations continue between creditors and debtors, but time is running out. were know that greece has a huge payment to make to the ecb on 209th of july and with no proposals at this stage on how to move the negotiations forward, you can understand why markets are nervous. one thing the greeks may do is put forward a proposal tomorrow morning for access to the european stability mechanism. that would give them sufficient funds to make that payment, but it has to run through some of these eurozone member parents so that could take some time. so let me leave you with that. we have this meeting ongoing against what so far has been a relatively disappointing backdrop in terms of getting a new negotiated deal to save greece and the greek banks. tyler, mandy, back to you. >> this is the thing, jeff. so much disappointment

figure out how to respond to all this -- the official response from angela merkel so far is that this is a decisive victory for mrisive test of leadership for the european leaders. the germans believe the new deal would be bad economic policy. do you have in the new deal, bow to their demand, or allow the economy to collapse? rishaad: thanks, zeb. measures tos new stop the slump in stocks. we talk about the latest moves after this break. ♪ . . rishaad: a look at our top stories. greece has fallen his future in the eurozone and the eu into doubt, sending a resounding no to austerity measures demanded by creditors. 61.3%. alexis tsipras will return to the negotiating table in a position. it must be decided whether financial rescue for greece is still possible. the european finance minister called the referendum results "very regrettable." hascellor angela merkel called an emergency meeting. about 7%opened up higher after beijing expended ipo's from which it could buy shares. wipede-week decline has some 3 trillion dollars out of the value of equity markets there. initial euphoria has subsided, david? david: it cert

mr. hollande is sitting down with angela merkel and they would like to see a way out of this process. they would like to see a compromise. the germans may be the leaders but they are not acting themselves. while merkel has been prepared to accept a exit, she doesn't want responsibility for it. she really wanted the greeks to show a level of intransigence that forces them out. that's much harder for her-- . >> rose: she wants them out. >> she doesn't want them out but she was increasingly prepared to accept a greek exit if it was greece's fault. that has been lost at this point. >> rose: let's assume they exit. exit the eurozone. what happens to their membership in the european union? >> they're still members of the european union. they still have very significant defendants in euro denominated, tens of billion, the standard & poor's put ou a report they would expect the economy would contract a further 20% over six months. it's beyond the 26% they've already contracted. they're not an export-driven economy. going to the drachma is absolutely devastating for greece at least in the near

merkel's plan? hans: good morning. mr. shukla will back cam to get this bailout package rolling.ere at a nine page letter laying out what he wants to do. he will clearly supported because it looks like there is some progress on the ground. you mentioned the importance of ela to increase that funding. up all th e way past 89 billion euros. perhaps more importantly for domestic political concerns they figured out a way to have some sort of bridge financing. it looks like they will announce that later. when all the parliaments signal they are moving forward on negotiations. we have seven billion and bridge financing. it pains me to say this we are just the beginning of these negotiations. the size of this bailout package, negotiations will be very difficult. what the role will the imf play? where will the european union play? what does greece have to do? these will be difficult and long negotiations. anna: yes indeed. what about the vote in the bundestag? hans: all indications are that merkel has a large majority. this is what happened, her caucus had a vote. they indicated they wou

merkel. pleased or displeased? mr. hans-werner: it is a deal and has some advantages.ore control of the greek budget . on the other hand another 86 billion euros out of gdp which will be flowing to greece without a helping the country sufficiently. that money will not be enough to please the people and more than the taxpayers of the other european countries are willing to give area the true problem is the country is not competitive and can not to be may competitive through money. manus: one of the strongest elements of this is the greek parliament having to enact reform do you doubt the reforms, structural reforms will be effective or implemented? what is the biggest risk here? hans-werner sinn: that they will not be implemented and there will be some legislation will increase of the taxes for example. people will not pay the taxes. the fundamental problem in greece. a two-step procedure, the parliament have to implement and then the legislation -- the tax officers have to implement the tax increases but they do not know how to collect taxes in greece. that is the fund

. >> steve, overall, bottom line do we think this is a victory for merkelle or victory for mr. tsipras? >> reporter: well i think there are two minds to judge that if you don't mind. you know how they do two different judgments on olympic dive? let's look at this from olympic public relations. when i looked at how this was trending on twitter the idea that this is a coup i don't think this is a victory for germany in that regard. i know the germans were quite keen to not be seen as the heavy in this. on the other hand when you look at this from a domestic standpoint germany got what it wanted in order to keep greece in the eurozone. number one, i think girl mane is a winner. number one, i don't think there's any other way for germany to get the things they wanted but to come forward to say the document that came out from shouble with the plan "a" and plan "b." plan "a" had the privatization fund and plan "b" was the grexit. they got this european managed privatization fund of which some goes to growth measures as well. i think germany got what it wanted there. just interested i