schaeuble seems to be hinting.ot want to be accused, especially not the germans of trying to influence the outcome in greece. matt: i wonder if capital controls can be seen as a stick as well. after you are stuck only getting six he six dollars and pensioners only getting half of their money out of atms struggling to survive how could you then vote no and doom yourself to those circumstances? hans: that is more than a stick. that is a formed -- a thorned stick. quite a bit of anger from mr. tsipras as well as the entire eu for yanking the bailout package and not offering extension. in some ways mr. tsipras it was clear the bailout package was not going to be extended when he walked away friday night. it is somewhat remarkable that he is crying unfair now after walking away from a negotiation. matt: hans nichols, thank goodness you are back in berlin. hans only brought one suit to brussels so he was stuck. stephanie: more on greece ahead. we head to athens to speak with a former greek minister of administrative refo

schaeuble and angela merkel. here's a look of what is on our radar.outh korea has received -- mer s. the government has decided for an aggressive response. hong kong has a red alert on outbound travel indicating a significant threat. apple has unveiled a new music streaming service taking on spotify. it came at the worldwide developers conference in san francisco. it will give users access to a vast library of songs. and msci will decide whether to add china's locally traded shares. it would be historic shift because of the potential to put billions of dollars into mainland stocks. more on that now. mark barton is standing by with the latest. it has had quite a ride. mark: check out the bloomberg china market cap. a chart of the market cap of all chinese equities over the last 12 months. in the last year, $6.5 trillion. that's enough to buy apple eight times or circle the earth to enter 50 times with 100 don't -- to circle the earth 250 times with $100 bills. you get the gist. big, big test. 10:00 p.m. london time, msci will decide whether mainland se

schaeuble share many ideas. it is a question of where the difference is on contagion. mr.s to think that contagion from a greek ex it, economic contagion, can be limited. there is a growing sense that merkel and her finance minister on a day-to-day detail are not on the same page francine: something we will keep an eye on . uefa president michel platini is holding a news conference and paris. as the bbc reports that a successor to sepp blatter could be chosen. let's get tomorrow with mark barton. what he is talking about is not fifa, it is 2016. mark: platini is speaking french, i'm sure you can understand what he's saying. he's said that today is not the time or place to talk about fifa . he has been at the center of the fifa discussion, the head of uefa touted as a potential successor to mr. blatter, who stepped down after the election, days after he won his 5th victory. according to the bbc, the fifa presidential election is planned for december 16 in zurich. the final decision is not expected to be made until july. so says the bbc. without stating where he gets its inf

what schaeuble has been through.we are getting live headlines from wolfgang schaeuble the finance minister of germany. germany cannot prepare without substantial proposals. greece says we have a new idea. everybody looks at it and there is nothing there. vonnie: define it -- tom: the finance minister of germany speaking. what i would point out is the headlines are beginning to reverse the feel-good markets. brendan: the greek papers last night actually had very specific proposals. raising value added tax, getting rid of early retirement. these are substantial, they do not seem to be reflected by what schaeuble and noonan are saying. tom: we will continue coverage with gideon rose. how about a better and bigger view about where markets are within the european experience. julian emanuel l with ubs. if you are paul donovan and others that are big thinkers about europe, how nervous are they about liquidity issues within europe? and when we look at china, global liquidity issues. julian: it has been holding the u.s. marke

in germany, we have schaeuble being the bad cop and merkel being the good one. has lent another 100 billion, close to 75% of greek gdp. that is a lot of money. you don't -- it is not a sign that they are about to let greece go, when they just increased, essentially doubled down on the lending already. zeb: clearly, they will not allow this to go on forever. you hear the exasperation in schaeuble's voice, and merkel has been very restrained, but i'm sure behind closed doors she is losing it as well. mikio: the question is, if they will let a deal not happen, they will have to take the losses. hans werner sinn, who has been an outspoken critic of this whole bailout logic he's just coming out with a comment saying, don't underestimate the negotiating position of the greeks. these guys know exactly what they are doing. if you look at the process, in the beginning, we've had a very strong german position or a creditor position saying, we won't sign anything until you meet all the conditions. as we get closer to the day that greece effectively runs out of money, you h

i'm going to quote wolfgang schaeuble a 50/50 chance. i'm going to flip the coin right now. tom?atters. reading co heads. heads it will be here on monday. talking about greece. tom: there it is. vonnie: tom, we have to get to your agenda. tom: it has been quite a week for the nation. the president traveling to charleston. i loved the nuance in the "wall street journal," this idea of an ongoing morass. everybody has their own history on this, which is interesting. we come up with this whenever anybody's politics or cultures the presidents is a dark part of our history -- this'll be addressed. i have an offspring that went to school down there, and all she said to me was -- this church is special. vonnie: i will be watching france. one beheaded at two injures. multiple arrests have been made to it we knew one person was in custody. we will get to do -- we will continue to watch that. tom: greg was great on this about the cultural challenges and france paired thank you to tony crescenzi steve ricchiuto and for the terrific perspectives this morning. thanks to both of you. much more

that is more the point as to whether or not wolfgang schaeuble will is there. francine: what happened to the markets? there is a deadline on june 5 friday. it is a deadline that could be extended. if i am a market participant, do i stay put, do i sell, do i buy euro? stephanie: it goes back to the difficult balance people -- we had a lot of volatility a few weeks ago and european markets. i think there is a nervousness. we think that the world is safe for some kind of greek mishap that we are not quite confident enough, especially when we have still some disappointing noises from global growth. we have not just the u.s. growth disappointment but other parts of the world as well. europe surprisingly resilient. we are hoping to see a change from last year with the second-quarter growth still remaining decent in europe despite a slowdown in other parts of the world. we have not quite seen that yet. there is a nervousness although we do not think greece by itself can cause a major problem or as much of a problem as it did a couple years ago, we are conscious that t

that is not what schaeuble wants. tom: he is a traditionalist.oking at this as a political question. he is looking at it as economics and finance. can germany survive economically so he says yes, so the politics do not really matter. angela merkel is a disciple of helmut kohl -- tom: i liked your picture of merkel and the president with julie andrews. brendan: yes, "the hills were alive" yesterday. vonnie: on my agenda after the close today after 4:00 p.m., you may see china shares included. tom: this is to put the shanghai market into the index. vonnie: shares listed in hong kong already are in there as are some shares trading in the u.s. that are chinese companies, but it's china, is really interesting because there is $1 trillion worth of money to track emerging market index. tom: i am looking at jobs. this hsbc thing is a big deal. we saw jpmorgan a few weeks ago, now we see deutsche bank as well. you really wonder where this is heading. i still say it has a lot back to the digital technology and its overlap into retail banking as well. this

the most notable rhetoric came from the german finance minister wolfgang schaeuble who set rather thanprogress, the greeks have moved backwards. still they finished the session higher. three companies a complex than .1% of the broader stoxx 600. greece accounts for less than 2% of the euro area economy. if you needed evidence greece does matter to europe, the euro moving in union by the most since july 2011. want to show you the rebate moving stocks in europe today, h&m the second biggest clothing retailer. second-quarter profit estimates. the u.k. oil company up by 4% today. that is because pneumonia -- nomura holdings recommended buying the stock. on track for the best we can five years. by 1.8%.x down swedish newspaper jargon industries dated the chief executive plans to leave the company. electrolux said he had not resigned. i wanted to finish with the athens top market, despite the ink of progress among talks athens in the emergency summit, the index finished the session .1% higher. it is up by 14% over the week. the saga continues as the finance ministers meeting again saturday m

schaeuble seems pretty confident the economic contagion is manageable.erkel seems much more willing to make a compromise. if that compromises core values, that is the cause of the difference. that is minor compared to the distance merkel and tsipras seem to need to travel to be on the same page. i can answer your question. there appears to be differences but the difference is you won't get to those differences unless you close the differences. they have a long way to go. >> thank you very much for joining us this morning. stay with bloomberg. we will be speaking to one of angela merkel's key allies at 9 a.m. u.k. time. you don't want to miss that. edmund is with us. if i concentrate on the politics of what is happening in greece i am missing what is going on in the bond market. >> i think the bond markets are much more important. and greece people have low expectations. actually, looking at what is happening in the u.s. and treasury markets, it is interesting. bill gross made a comment. he talked about head and shoulders. i was amazed. he has not actuall

one of the reason you see wolfgang schaeuble is the politics and you wonder what the implications are the likes of greece and spain. will they win the argument over austerity? alberto gallo: ecb has done a lot probably as much as they can do. now it is about politicians. prime minister's including angela merkel what a solution. it is becoming harder and harder. we are getting closer to the point of no return. this is the game of two cars going in opposite direction. jonathan: the interesting part is we talk about spanish yields is the political equation to think about at the end of the year. another spanish election. the euro is going higher on greece and they want to send a message to podemos. the eurogroup president, sc going to remain dusselbloem -- is it going to remain draws a blue -- dusselbloem> alberto gallo: dusselbloem has played a hard role. he has done a good job. we will see what happens and the next few weeks. greece is the same as duesseldorf or malan. -- milan. a potential exit is a dangerous situation for the euro. like draghi said, enter unchartered territory. the in

she was maintaining her own hard stunts praising her own finance minister schaeuble who some say hase latest from greece, some bank openings thursday. credit cards and debit cards aren't working. in an environment where you already have 25% unemployment, 50% youth unemployment, that will be a tough week. >> and, simon, regulators have indicated that the stock market is probably going to track the banks when it comes to reopening. there are people trading in the greketf where the banks will open for trading. >> more like trades at the moment. there are some distressed investors who have gone in there. the overriding question you need the banks to be solvent. greece isn't negotiating. that's very problematic. >> sure. simon, thank you. >> all right, greece is not the only thing on the minds of investors this morning. puerto rico is in major financial trouble warning it may not be able to pay its more than $72 billion in public debt. we'll tell you what this means for the u.s. economy in just a moment. but what if you could see more of what you wanted to know? with fidelity's new active

schaeuble is pretty negative. they are not even talking about the same document. all that said, euro this morning was about 1.12. there is optimism in the market. athens was up yesterday. ian was up late last night. he may have more insight. mark: what was the eu trying to achieve by inviting tsipras the brussels? >> as hans said, the clock is ticking. greece has got to make a payment tomorrow. they've got to make 1.6 billion euros worth of payments this month. they are wasting no opportunity. they want to see exactly where the red lines are. the commission has said they want to act as a meteor -- a mediator between greece and countries like germany. they are going to waste no opportunity to really tell him where there is room to compromise. at the moment it doesn't look like there is much room to compromise at all. mark: how did the eu think the talks went between the two parties? ian: not as well as tsipras seems to think they went. they talked about progress being made. they talked about constructive dialogue. they talked about learning where each other's posit

suspect we will be talking a little bit about the relationship between angela merkel and wolfgang schaeublend the parliament as well. he will be joining us a little later on bloomberg television. let's go to little further south. the russian president vladimir putin heading to italy today where he will meet with his italian counterpart. asked -- sanctions against russia are expected to be extended next few days. let's find out where we sit on this. italy is a really interesting case because putin has friends there. he is very close with mr. berlusconi. j there is quite a strong undercurrent -- there is quite a strong undercurrent of socialism running to the body politic in italy. >> i think it is unlikely that the russian president could convince the italians to go against everyone else. but maybe this is about setting the ground for the future. it is extraordinary how much ground the russian president has covered in just a year. when you're ago he was in milan and that's when i asked him what he thinks about the allegations that he is violating the minsk agreement and he shrugged it off an

schaeuble is getting closer to realizing that degrees should ago. -- greece should go. the european central bank that everybody is concerned about greece and he is commenting to reporters in vienna. he said it is too soon. this is the problem -- mario draghi everybody looking at liquidity for the great banks but it does not want to be the one who pulls the plug. a lot of the insiders do not think it will come from the ecb to put an end. angela merkel does not wanted this to be her legacy that the grief have to leave. we understand greek negotiators are meeting at 11:30 a.m. u.k. time. -- her legacy to be that greece had to leave. there will be a meeting when they won't another chance to talk. for those on the radio, first word is next. for viewers a second hour of "the pulse" is coming up. we speak to the ceo of the saudi market opening for the first time. and to the paris air show. guy johnson is there. this friday, the russian president. all of that coming your way. ♪ francine: open for business. the saudi stock exchange welcomes foreign investors for the first time.

schaeuble.the greek parliament as to give a vote of confidence to tsipras and the german parliament to sign off. mr. tsipras was speaking just now and said there are reparations for german failure of talks. when i talked to him two months ago that was not the case. he said you plan for every eventuality and now he has gotten rid of all of that. tom: a program is a program which means we have to get today. vonnie: streets were flooded and schools were closed. it is now raining in areas still recovering from plugs over memorial day weekend. the first tropical storm to hit texas in seven years. you figure how low oil prices are hitting opec. the took in less than a trillion dollars from oil exports. they fell 11% compared to 2000 -- 2016. donald trump should not expect a campaign contribution from singer neil young and here is why. >> ♪ vonnie: that is young's classic song, rocking in the free world. neil young's manager says the trump campaign was not authorized to use it. he supports bernie sande

schaeuble, who says we need to stick to the current plan, is wrong?sterity, if you have it too much or not at all, may harm you. i think what we need is a good level of optimal fiscal -- [indiscernible] i think the step that the greek government has taken so far to meet fiscal targets is at levels of 4% or 5% per year and this should be taken into account. i think the government should -- [indiscernible] and then at the same time try to negotiate more market reforms. the economy is not just the public sector. everybody in greece they talk exclusively about the public sector civil servants and all these type of things. at the same time, they neglect the private sector, which is the real engine of growth and employment creation. i think now is high time for the government and the european union to pay attention to all these people to create more jobs. unemployment is a big problem. under investment is a problem. i think that greek debt and deficit might have a much better opportunity to become more viable than they are now. guy: it has been a great leis

schaeuble, the german finance minister said they are making contingency plans.ments reported out of brussels ireland, the netherlands. people are starting to think about what happens the day after. there is so little hope, so little optimism that any deal can be struck here at a technical level when finance ministers meet, that puts a lot of pressure on the june 25 26 e.u. summit. one thing that i think paul might be able to weigh on a little bit more, we had an increase in emergency liquidity assistance. that increase was 1.1 billion euros. anna? anna: stepping into the conversation. whose court does bundes bank think the ball lies in? hans: he is strongly hinting if greece misses the i.m.f. payments that the e.c.b. will stop financing the payments. when will the e.c.b. stop financing? pretty clear they will stop because they cannot if they miss that i.m.f. program. he is refuting this claim by mr. tsipras that spain and potentially other periphery countries would be next. what you're really seeing is this idea that greece has been -- and the overall european p