let's get to paul gordon. he talked about the ela saying the ecb cannot make a decision on it. scenarios have been discussed behind the scenes. he said he cannot speculate about scenarios and chose not to speculate. he said the referendum is relevant to the ecb in deciding what to do about ela. the banks will be weaker and if there is a no vote and as long as there is no deal with the government and creditors, banks will weekend and that makes it harder. that will be factored into the analysis of what to do with ela. it can be extended to banks as long as they are solvent and have adequate collateral. the strength or weakness of those banks is critical. manus: one of the critical issues is waking up on monday morning. we have to go into the process. the euro flowing through greece is reducing. the job of the ecb is to decide if the banks are solvents. paul: it's own finances it may miss the july debt payment to the ecb. that will be critical. the banks are weaker. they hold state assets and that is what they are pledging as collateral with the greek central banks. the government

paul gordon is in frankfurt. mario draghi came out pledging further funding. re those comments? paul: a couple of reasons. one is that thextra 900 million euros, it is not a huge amount of money. it will help a little bit towards getting banks able to open their doors, but it also sends the signal the ecb is ready to move forward. the ecb will play its part. they expect to get their own debt repaid july 20. it is not uncontroversial to say greece needs debt relief. you heard valdis dombrovskis saying that relief needs to be discussed. maturity, interest rates could potentially be discussed. they will be discussed and mario draghi said in needs to be discussed. you can expect that to dominate the discussions over the next few days. anna: draghi was quite clear this was part of the flaws in the euro area structure. he was admitting a lot of fell ability for the currency. he said it was fragile and vulnerable. amazingly which from a central banker. paul: he turned attention to the so-called five presidents report published in late june, which was kind of buried by

paul gordon is with us from frankfurt to give it that ecb angle.pen but many restrictions are still in place. what difference does this monday morning bring? >> in tactical terms the differences that instead of just taking out 60 euros per day they can take out 420 per week. you don't need to be a mathematician to workout that is still 60 euros per day but i can take it out all in one go. one other thing that we were kind of expecting to happen and tandem with the reopening was the athens stock exchange we expected to reopen today. that hasn't happened. we were just speaking with the managing director and his best guess was wednesday or thursday we should see the stock market reopening. capital controls remain in place but are not quite as stringent as they were before. there are not even any cues here or journalists filming them. everyone thinks ins are moving in an efficient matter this morning. this is another thing that the prime minister did not want to do. he has agreed in order to get this third bailout to increase sales tax on certain items

erik schatzker on the ground and paul gordon in frankfurt. mark barton is standing by. strata erik schatzker. what a 24 hours. the votes. what is the significance? varoufakis pulled one out of the bag. will do appreciate -- improve their negotiating? erik: let me quote from yanis varoufakis on his blog. an excerpt, soon after the results i was made aware of a certain preference by eurogroup partners from my "absence," an idea that the prime minister judge to be helpful. yanis varoufakis was the world to believe his stepping down to gear prime minister alexis tsipras a helping hand in his negotiations it is well documented as you know that varoufakis is very unpopular with this fellow ministers. i want to pause. varoufakis may have been victim of internal syriza. politics. mr. varoufakis had a large worldwide media profile. she held a press conference before the prime minister took to the airwaves. last night was the last will receive mr. varoufakis in a blue t-shirt and helmet ride through the office. was that because he was really trying to give tsipras mr. a health --

paul gordon is standing by. on's nichols is in brussels that summit. guy johnson is in brussels. guy, i want to start with you. we thought the banks would be open today. they are not. the big question is what will it take to get the banks act soon as possible? guy: it would take a deal or enough progress towards a deal for mr. draghi who will be in that summit. paul will talk about that in more detail. the politics front and center. the banking system writing to a halt. we do not see any progress yet on the opening of the banking system. the banking system could run out of money. it is getting down to the wire now. we've had many crucial meetings. i feel this one is different. i think mr. tsipras has to come up with something. he is a new finance minister in place. yes, there is a bit more political cohesion. i do not think that is enough. he needs to find a way of gaining the trust of his euro creditors. if he cannot do that over the next 24 hours, i do not know what is going to happen with the banks. i cannot see them opening over the next few days. that is the story here in at

then his life and athens and paul gordon in frankfurt. what can we expect from parliament today? is going to be a stormy debate in parliament. the syriza lawmakers are very unhappy about the bailout deal which tsipras has signed up to and he faced significant revolt when the first packager reforms went to parliament july 15. there is a broad consensus among the opposition party that this is a deal which greece has to sign up to. there is no one forecasting any problems as to whether the bill will pass. the issue is what is the scale of the rebellion among tsipras's own aside and where does that leave him in terms of his political future? jon: when you look at the political events, what does that mean for the ecb? >> initially it will be -- here we go again. they will be picking up the phones later today to have that phone call and decide whether the greek banks should get more emergency liquidity. the last week i only got 900 million with a pledge to review that in a week but you can imagine they will be asking for more and it is reasonable to assume they will be willing to grant

let's bring in a bloomberg team, guy johnson in athens, hans nichols and berlin and paul gordon out of frankfurt. as far as the reputation of athens and the greek government is concerned, it is not a great club to be in. guy: you don't want to be in this club. you are waking up in a different place in athens this morning. yesterday you were in a program and you are protected effectively by the eurozone. today your out of the protection of the imf as well. that relationship has changed as christine lagarde effectively notifies the board that greece has missed a payment and the relationship changes significantly. as we look forward from here it is down to what happens next. the made up of journalists that created this paper after they were laid off at the beginning of the financial crisis. the polling says the yes, the know and the undecided. it is starting to move in favor of the yes campaign. as pensioners begin to realize the reality of the situation. it is heavily restricted. jon: it is not arrears, it is not a default, the imf does not use the word but when we talk about the consequ

paul gordon joins us ahead of that meeting. olicy playing second fiddle to greece once again today. what do we expect? paul: well, of course the chief item on the agenda has to be what now to do with emergency liquidity assistance? and the european commissioner report that came out this week suggested that the greek banks were close to collapse. they would collapse inevitably. if they didn't get a bailout. but the key here is what of solvency entail? you need liquidity as well and the e.c.b., the bank of greece has been providing that. so the governing council will sit down and say right. the greek government has -- the greek parliament has signed off on this austerity laws and much closer to a bailout. is that enough? and it may not be just yet. it really depends on how critical the situation is for the greek banks and whether they really need this money now. given they're shuttered and easies liquidity pressures and may give the e.c.b. room to keep things on hold a little longer. anna: and i wonder what the e.c.b. has an updat

elliott got been and paul -- elliott goggin and paul gordon. the banks open, a little bit of a rush. what is the feeling of the street? reporter: you will see another lazy day in agrees. security guards having a little chat among themselves now looking particularly concerned anybody will vent their fury after not being given for access to their money. a real difference. now you can take out 420 euros for the whole week. over the course of the week, it is the same. the difference is you can take it all out in one go and go inside the bank and deposit checks. you can access your saved deposit boxes. there are capital controls in place. people cannot get access to all of their money or transfer money overseas, for example. many restaurants and other places are demanding cash only as was the case in the one i had dinner at last night area the restrictions are a little bit less strict than they were before this morning. manus: i have to say the -- is very typical tv. we are showing pictures. what are the queues outside one of the national banks? it

we are going to cross to caroline hyde in athens, paul gordon in frankfurt. caroline, let's kick it out to you first. i love the line that i heard this morning. you were given a hotel bill. on that hotel bill, the rate has changed already. caroline: not happening across the board. many of the smaller restaurants have been given until monday to update their system, but at my hotel, i was charged 23% on my food and beverages. just a couple days ago it was 13%. implementation is already happening on the ground in greece. this is a problem already for the shopkeepers. the business people are less likely to want to flash the cash. this is clearly what everyone is thinking about when they can get access to more cash. we just heard from the greek government, banks will open their doors monday at last am three weeks of closure. there is no relief in terms of capital control. if you are an exporter, you can send money abroad more easily. if you have a son or daughter living abroad, you can transfer 5000 euros every three months. but if you are living in athens still 6

anna: paul gordon joining us with outlook ahead. breaking news through from south africa.nutes past 7:00. -- seven minutes past 7:00. south africa is selling their stake in vodioocom. they are selling the stake because they need more money into the energy provider in south africa. when i was most recently in south africa, this was being talked about. it should not be a surprise for the markets. many were asking how the government would find more money. selling the stake in vodocom might be the answer. let's look at asian markets. shaking off a sluggish starts to the week. david ingles is in hong kong. david: a lot of news across the region. it would be a mistake to think there is no big event happening. you take a look at this, volumes are thin. we are at the highest point of the date. a few more hours let me zero in on the market here. the boj comes out and does the survey, 200,000 companies. what they found was the first time we saw an improvement in sentiment. it is fairly mixed. it is tilted towards the bigger companies. bigger companies are having a better time than s

ryan: let's get more on what we can expect the ecb from pollock gordon -- paul gordon.s policymakers pick up the phone, they will be thinking when will this end? right now the decision is whether they will have more assistance. the greek central-bank acts -- asked but then recalibrated. they expect to get a bit more today. we wait to see when a call comes through. as the other issue, what happens next? bloomberg survey published today the just over 50% of economists exceeded the ecb will ease back on the collateral haircuts which were heightened as political talks broke down. they will reintroduce the waiver by the end of the year that is a swift process. for that, you up to see progress on the reforms. to that end they will be back in athens quite soon to set the monitoring process. ryan: thank you very much. anna: thanks paul. let's bring in our next guest. michael, good to see you. give us the benefit of your insight. what is going on in technology versus the rest of the u.s. market? you had a lot of technology news. we saw a record highs of the nasdaq over recent da

ryan: thank you, paul gordon. let us bring in peter rosenstreich. we do not talk about china.t a lot of time talking about china here at this desk with the collapse of equities there. one of the worst performances in the past month. the 93 indices that bloomberg tracks. is this going to be a systemic model? peter: i do not think so. people are starting to forecast that this is a reflection in china's growth. we do not think so. the overvaluation, that this is going to be a trigger. i think what we are seeing is more of a localized structural issue, where the changes of the rules -- the lack of other investments for small investors the use of the ipo market as a vehicle for m&a activity also created this fluctuation and chinese market. these are localized issues. if you look longer-term, china is relatively healthy when it comes to equity markets. loan ratio is good. lending rates are low. growth is around 7%. it is stable. all the while, the growth within the chinese consumer continues to improve. we will see a strong recovery from the shanghai composite. anna: that is interes

hans nichols is in berlin and paul gordon is in frankfurt.uy tsipras is not backing down on holding a referendum and making a clear statement to the people? guy: confusion there. drama in athens. as the afternoon wore on we had stories emerging. the eurogroup appeared to give ground on certain key points that had been demanded by the creditors. social media and the athens body politic. mr. tsipras then appeared -- they will go ahead and how we wanted to vote. >> on the other hand, a no vote is not just a slogan. no is a decisive step toward an agreement we aim to sign immediately after the result. no doesn't mean clashing with europe or returning to a europe of values. no means strong pressure for a financially viable agreement, that will solve the debt, not ejected, not undermine greek society. no means strong pressure for a fair agreement that will equally divide the burden to the ones that have the means. lots of people -- not to the people depending on salaries and pensions. guy: mr. tsipras with a very clear no but there appeared to be d

anna: paul gordon joining us from frankfurt. let's get to our correspondent.m paris? the scene is set for activity this evening in paris. >> yes, exactly. angela merkel the german chancellor will come to meet with francois hollande, they will have a working dinner 24 hours before the summit. the reason is that the french and the germans want to be on the same line. in public they have always kept a show of unity as the two largest economies in the euro zone. they have to be the ones driving any decisions. and they have to be unified. we know that in the background there are differences between them. the germans are more hardline and the french have been more conciliatory. they want to iron that out. anna: thank you to our correspondence. -- correspondents. with spring you up-to-date with something happening away from the greek story. rolls-royce talking about guidance for the full year. they are talking about cutting guidance on pretax profit. they say they can achieve significant improvement in return. it remains unchanged although they talk about net headwin

my name is paul a gordon.ave a website called drug abuse prevention. >> speak up. >> my name is probably gordon. i have a website called gordon drug abuse prevention .com. >> okay. >> i also had a nonprofit organization in california and berkeley which was called the committee for psychedelic drug information we tried to do everything we could to dissuade individuals not to use marijuana and other psychedelic drugs. what you have overlooked all of you is the fact that if you clarify -- so-called purify the substances you still have a psychoactive substance which is addictive which can be addictive. longitudinal studies in last year have shown that one in six youngsters, young people become addicted. one in ten adults become addicted to marijuana and what you are overlooking is in order to ascertain the harmfulness of the substance pharmaceutical substance you have to go to the active principle, the thc. no amount of thc could -- should be used by someone who is driving. you should not drive under the influence

my name is paul a gordon. i have a website called drug abuse prevention. >> speak up. >> my name is probably gordon. i have a website called gordon drug abuse prevention .com. >> okay. >> i also had a nonprofit organization in california and berkeley which was called the committee for psychedelic drug information we tried to do everything we could to dissuade individuals not to use marijuana and other psychedelic drugs. what you have overlooked all of you is the fact that if you clarify -- so-called purify the substances you still have a psychoactive substance which is addictive which can be addictive. longitudinal studies in last year have shown that one in six youngsters, young people become addicted. one in ten adults become addicted to marijuana and what you are overlooking is in order to ascertain the harmfulness of the substance pharmaceutical substance you have to go to the active principle, the thc. no amount of thc could -- should be used by someone who is driving. you should not drive under the influ

gordon fox 29 news. >> mystery continues. >> unbelievable. >> robbing pete tore pay paul. we can go into that forever but we will talk about this. >>> in russia a big issue they are tackling right now selfie sticks, we will tell you why straight ahead. >> do you know who this is. >> i know song, is what the movie work bradley cooper, i can't remember,. >> that would be the hang over. >> yes, that is in this movie. >> i didn't know that. >> usher. >> yes, featuring lil john. >> i love ludicrous. ludicrous is doing acting and rapping. ludicrous looked great in hustle and flow with terence hour. that was a good movie. >>> russian interior ministry knows it cannot prevent citizens from taking selfies. they know they cannot do that. >> but in the campaign it urgees them to do so with greater care. >> go on. >> while on the campaign focuses on russian citizens the lesson that teaches universal. it is probably not a good idea to take a photo of yourself in the path of on coming traffic example by this photo you are seeing right now. >> look at this photo. >> that selfie stick wil

gordon in the middle of three wide as is denny hamlin. that inside line led bit trevor bane. how about matt dibenedetto, the 83. the draft, the great equalizer. >> it is. >> pauld a great run here at daytona. best finish at this track was a sixth and one win that came at the indianapolis motor speedway. >> jeff if you're the 88 i want to know would you rather have menard hornish, bane guys looking for their first win, are they going to be more or less timid? when we were at talladega, we heard blaney say he didn't dare pull out because he didn't have anybody to go with him. >> i think trevor now, they're single file on the bottom. can this bottom line work? the bottom line right now, they need to keep running the bottom in the corners. that's really what is it going to boil down to momentum of the bottom line. >> in the back of your mind as a crew chief, do you question if you've got it completely full the last time you were on pit road? because we were on the edge of having enough fuel or maybe not having enough fuel to go the entire way. >> my brain is confident that we have enough fuel. my stomach knows every mistake. but you have to stand with your decisio

gordon in the middle of three wide as is denny hamlin. that inside line led bit trevor bane. how about matt dibenedetto, the 83. the draft, the great equalizer. >> it is. >> paulytona. best finish at this track was a sixth and one win that came at the indianapolis motor speedway. >> jeff if you're the 88 i want to know would you rather have menard hornish, bane guys looking for their first win, are they going to be more or less timid? when we were at talladega, we heard blaney say he didn't dare pull out because he didn't have anybody to go with him. >> i think trevor now, they're single file on the bottom. can this bottom line work? the bottom line right now, they need to keep running the bottom in the corners. that's really what is it going to boil down to momentum of the bottom line. >> in the back of your mind as a crew chief, do you question if you've got it completely full the last time you were on pit road? because we were on the edge of having enough fuel or maybe not having enough fuel to go the entire way. >> my brain is confident that we have enough fuel. my stomach knows every mistake. but you have to stand with your decision, be confident, work th