varoufakis' comments in riga.: lawyers for joe harz and i have -- lawyers for dzhokar tsarnaev will ask jurors to spare his life. loretta lynch will be the first black female attorney general. her aides asay she wants to find common ground and improve cooperation between communities and law enforcement. apple stores will not have apple watches. those ordered today might not be shipped until july. tom: the drummer from riga -- th e drama from riga. leaders speak. dijsselbloem regling. shannon o'neil is here. we tilted to cuba. olivia sterns will lead us off with the mayor of athens greece. really looking forward to that. i want to ask about rem. that's a joke. call it the evercore isi wall of worry. the dollar is too strong, capex is too weak, christine lagarde's new mediocre. janet yellen has to get to september or december and miracles will happen. ed hyman is the founder of isi and chart paragraph. this is what janet yellen reads every morning. this is from my childhood. this is classic -- do you still do this w

yanis varoufakis: thank you, kemal. it's with the deepest gratitude that i wish to thank you for this honor and privilege to addressing such a fine institution at a crucial moment when our government is shouldering a momentous task that of completely successfully and has human -- this is humanly possible that negotiations with our partners both european and internationally. the reason why i should be focusing on these negotiations is their global significance. not so because i'm a contagion through the financial circuit that frightened people so frightfully back in 2010 and again in 2012 because the outcome of our negotiations with institutions what influence i believe heavily europe's attitude toward a larger problem located in the fibre of our democracies and within the foundations of our real economies. after all, must we forget that greek that drama of 2010 was the harbinger of much that followed throughout large swaths of europe are indeed of countries further afield. its resolution one way or another in 2015 now w

varoufakis speaking in washington.e rejects the idea of cutting pensions and he says copying imf rolls on labor deregulation is useless. he said athens wants to create a bad bank. congressional leaders reaching an agreement on legislation's to give president obama fast-track authority to negotiate a trade accord with 11 nations. it will be the largest trade deal since the north american free trade agreement. $267 million in its ipo, the company has raised about $1 billion in total. we are just under 30 minutes until the close of trading. scarlet fu is looking at the three stocks we need to know about today. scarlet: let's talk about those three stocks that made their trading debut today. here is where they stand right now. party city up 20%. it sold shares at $17 apiece. etsy up by 87%. it had gained as much as 123%. virtu is trading at 22.40, it did gain as much as 25%. the three stocks making their debut reduced some of their gains, but have held onto most of it. party city got that big move initially and it has stag

amy: yanis varoufakis, your response? >> well, look. if it were true that the greek economy was on the mend prior to election and it was on a sustainable path then my colleague would be right. unfortunately, it isn't. the debt deflationary crisis was continuing. nominal incomes continue to fall. the debt continues to rise. the banks could not function as credit providing institutions. investment was negative. and generally speaking, the greek economy was like a drug addict that relied on the next dose of loans from international and european creditors. what we try to do was to say to our creditors, partners in europe, into the whole world that this recipe was simply not working. and we took a very considered view and very principled position. we said, look, if we sign on the dotted line of this existing program -- imf-inspired program, then we will secure another $7 billion, another does if you want, and our addiction will continue. but at least we will have our ghost for a few more months. we didn't take that does. we did not sign on t

what did varoufakis not do at this summit?: he did not provide specifics as he was supposed to. he did not appear to grasp the gravity of the situation. the difference between where the euro great -- eurogroup once greece to go and where they are. talking to finance ministers after the meeting, we caught up with the economy minister of spain. he said the next move is up to greece. >> there is a certain sense of frustration with respect to [indiscernible] we need to take advantage of the limited time we have available over the next days and that everybody wants to reach an agreement, but now the ball is on the camp of [indiscernible] hans: it is still an open question on whether or not greece understands what they need to do, at least in the minds of eurozone officials. this was 18 against one. it was described as a hammering against yanis varoufakis. mr. varoufakis came out and said he thought there had been progress. he was about the only person making those claims. uniformly the finance ministers were disappointed, frustrate

manus cranny is in paris with highlights of his excuses interview with greek finance minister yanis varoufakis. first, let's get right to the top stories we are following this thursday. a number of americans filing for on a plummet benefits is that a 15-year low. claims averaged 282,000 a week

yanis varoufakis: the greek government always fulfills its obligation to all its lenders and that is what we will always continue to do. reporter: in february, greece and its lenders had agreed to extend the international bailout program by four months, but the creditors suspended the payment of the remaining 7.2 billion euros, demanding first concrete reform plans from athens. spain has begun to crawl out of its own economic tailspin, including its own eu multibillion-dollar bailout to prop up its banks. the spanish prime minister has a few words of advice for athens. rajoy: we have gradually built up our credibility. if you stand by your commitments, then it will start to pay off. reporter: for spain, the payoff is now apparent. the country's economy is now growing after years of stagnation. in march, the number of unemployed dropped by more than 60,000. brian: india has taken a step towards ending the rising told in human -- rising toll in human life from air pollution which has been tied to hundreds of thousands of deaths in that country every year. laila: the government says the

. -- jan us varoufakis -- yanis varoufakis. futures indicate we could extend those highs. caroline: let's see how we are opening up, a three-day rally is the biggest we have had since january. similar news for the ftse 100. stock 600 up 19% this year. emerging markets stocks have been up. you talk about that japanese nikkei, first time in 20 years they hit that spot. chinese shares also getting a wind of productivity this week as we see mainland investors crash into hong kong as well. clearly they are on a bit of a role when it comes to equities. yesterday it was all about the factory industrial reduction looking pretty rosy up half a percentage point. just a little moved to see how we are doing, generally it is flat against the dollar. interesting as we suddenly see a little bit of relief into what is coming out of varoufakis lips. he seems far more conciliatory when it comes to their negotiations with europe. with the dollar let's look at it on the week, because we are up on it comes to the dollar, up almost 2.7%. the first weekly gain in a month. refocusing and we will

-- yanis varoufakis. could extend those highs. caroline: let's see how we are opening up, a three-day rally is the biggest we have had since january. similar news for the ftse 100. stock 600 up 19% this year. emerging markets stocks have been up. you talk about

varoufakis to -- how does he put his gloss on? had, no matter how long, we have had some short ones that ended faster than expected. varoufakis comes out and professes his commitment to the european project, to the common currency to greece being a good partner. listen to see whether or not he preets that after in the bloomberg copy that is moving. he took that hammering. guy, francine, you never give me a hammering. it is always a gentle -- never a hammering. guy? francine: nothing physical. anyway. just verbal abuse. that's what i get. guy: i get a quick on the shin turned desk. francine: hans will keep us up to date with any new developments in riga. that's it for "the pulse." for our u.s. viewers "surveillance" is up next. for our u.k. viewers i will be back with our politics show. she never kicks me under the desk. ♪ >> this is bloomberg "surveillance." tom: the mystery is how much cash does greece have left? not enough. finance ministers gather in riga latvia as greek bonds find a bid. janet yellen and monetary distortion. e

varoufakis is saying over the weekend, april 24 is the new date. that is when euro finance ministers meet in rego for a meeting. that is when he was to see some kind of deal. it includes a primary surplus of 1.5%, new investments from the european surplus bank and the creation of a bad bank with nonperforming loans and crucially, something to have growth debt -- overall you mentioned 450 million on thursday and over the next six months they have 20 billion they will have to pay or rollover in addition to running the functioning's of the greek state. jon: busy month. while all of this is going on greece seems to have come up with a figure for world war ii war reparations. you have tsipras headed to russia. they don't have a list of reforms they have agreed on with creditors. those curveballs, do they mean that much to eurozone creditors? hans: the visit to moscow is being taken with -- not a grain of salt but with a wait and see approach. it is a firm agreement come out of officials in athens. that will because for concern. germany clearly has the g

varoufakis free if we learned anything is that member of -- mr.aroufakis can sometimes be contradicted if not contradicted undercut by mr. tsipras. a lot of the finance ministers when they meet in brussels they prefer to deal with mr. tsipras because they think yes the final word. -- they think he has the final word. jonathan: let's bring in stephanie flanders. stephanie, great to have you with us. my colleague compared this to getting wet when compared in the rain. prepared for default. it's kind of obvious. stephanie flanders: i am surprised that the markets moved print it would be bizarre if they were not making or thinking about it. i'm sure other people should at least be thinking about it. a point i find interesting is that when the new election to happen in in greece, a spike of concern around greece leaving the euro. we are still talking about that. the mood in general is it is less likely. i do not think there are even further away from a default or exit since the day after the election. somehow we decided it will not happen. jonathan: th

mark: the finance minister yanis varoufakis spoke to us on sunday. he was in washington speaking to the imf managing director christine lagarde. they released a statement that read in part -- what should that corporation intel? -- entail? >> some concessions from greece and also from the troika. they would have to release some part of the $7 billion. i hope that we would be in a position to get around $1.9 billion after the measures proposed by the government which would pass the greek parliament. if we do that, we may get 1.9. what is crucial is that we have to pay another 19 billion by the end of the year. this is the big problem because this represents 10% of the greek gdp. so without some kind of compromise, without international assistance, i don't think we can make it. mark: the new government soften some of the pre-election promises it made. as the political reality set in, does the party possible base realize that greek creditors probably will hold firm on their demands? >> absolutely. they understand that and the greek citizens realize we ar

varoufakis seems confident.vergence is absolutely clear and the institutions are admitting that. he told a reporter that both sides have invested a huge amount in achieving an agreement . it is clearly to the benefit of everyone. according to a person familiar with the matter, it looks like the greek central bank where the cash is being held will get about 1.5 billion euros. that is from asking municipalities to take the cash and hold it at the central bank. that puts them through about mid-may. that gives them another six weeks, maybe the end of may. at the same time, they are grumbling. i want to stress that they are grumbling at the european central bank that they need to do more to ensure the quality of the collateral is a little bit better coming out of greece. this is being discussed at the staff level and what they are talking about is imposing discount on the securities that are posted as collateral for loans from the ecb later today, maybe tomorrow. the ecb will have another meeting on emergency liquidi

thank you. >> yanis varoufakis there.director of the independent think tank good to see you. so yanis varoufakis there saying he's pleased with what's happened. christine lagarde saying she's pleased with what's happened. what actually happened? how much of a breakthrough is this? >> it's not really a breakthrough. if anything this is the least possible one needs to do to keep the show on the road. what would have been shocking and surprising is if they actually had negative and they would have been a delay in the payment to the imf, that is expected later this week. this is simply right now a matter of keeping the show on the road while the politics plays out, while the brinkmanship drives us right to the edge of the cliff. and hopefully, eventually, a deal is agreed. >> that's a surprise to some people. because the greek economy is in dire straits. >> well, the greek economy is a 200 billion plus economy in terms of gdp. and frankly, government in most countries, functioning governments, even one not well- well-function

he has met with tsipras and varoufakis on a number of occasions. what is the oecd's role in building trust with the rest of europe? it is a big one. >> we are trying to create a common ground, a common language, built on taxes and the collection thereof. the second is about corruption the fight against corruption. more competition, so you can fight against monopolies oligarchy, etc. and last but not least, to have a government that is functional and has the capacity to execute what is legislated and what is regulated. on these premises, we've built a cooperation where the greeks tell us what their priorities are and we inform them what are the best practices around the world, what has worked, what hasn't worked, what is more effective what we believe could work better for them. this is the arrangement we have with them. manus: anna, it is fascinating. we at bloomberg and many other institutions focus on the numbers. where is your opinion coming from here? that was angel gurria talking about how do you run an effective government? governance and exe

hans: there is no confirmation to buttress varoufakis's optimism.ng it has gone the opposite direction. we had the european commission president -- in the past when you look at the three institutions, the eu has been the most sympathetic to greece. and we heard yesterday is there still needs to be a lot of work done. he was quite pessimistic. they are nowhere close to having any sort of technical agreement or an agreement with a can get to the place of a final agreement. while yunker says some of the work has accelerated they are still far away. you contrast that with varoufakis you have to have some kind of discount premium on what is coming out of athens. jon: that is almost it for "on the move," in a couple of minutes the post -- the pulse is coming up. we set here 24 hours ago and said this could be perceived as progress whether they like it or not. does it still come down to a political decision, as opposed to a rules-based decision you -- decision? guideway -- guy: the ecb is in political so you would hope -- jon: -- guy: there are some redlin

having said this, i have a personal good relationship with varoufakis. i have never -- and even he didn't ever make a personal offense to me. not at all. we have different political opinions by sure. but i have a lot of people in germany, even good friends, that have very different political to opinions. so i think -- and i know in campaigning -- political parties, political leaders including myself, tend to say things that if asked later on "i didn't say this really." so no no. of course, therefore, i am not personally in any regard there. the raeleal story is, in the last couple of years, not only in my own party, for a long time i was seen as a very dangerous man who will be too generous in spending too much money of germany for other people. i have often been recommended by people from the imf that i should be -- as soon as i have friendly discussion with a greek colleague, it will be misunderstood that germany will not support. so that's a normal political view. it doesn't change anything and the problems themselves. once again i have to be very car

varoufakis received a hammering. it was quite tense at several moments. coming out of the meeting, mr. varoufakis said they had made some progress and had constructive talks. he was about the only finance minister to make. throughout, there was a consistent line that greece needed to do more, more quickly, and implement reforms because time is running short. back to you. mark: the senate is expected to a proven oversight bill that would curb president obama's discretion to waive or terminate sanctions on iran. what impact could this legislation have on talks to reach a final nuclear deal with the run? -- with iran? >> this is a big deal and the timing is interesting because senator bob corker had pledged early next week he will be bringing to the floor his bill which passed through committee easily. this is the iran nuclear agreement oversight bill. that would give congress the right to give a thumbs up or down on the ultimate deal the obama administration and five other powers may make with iran by the end of june. the timing is also interesting because

varoufakis is an d.c..e says greece is ready to compromise but not his ideals. >> we will compromise. in order to come to a speedy agreement. we are not going to be compromised. jon: as payments lumen may. he thinks time is working against greece as it faces mounting liquidity measures. >> good morning. jon: imf prepayment, no deal insight? >> frankie speaking if any country faces a repayment, they are granted a 30 day grace. . at the same time, what is important, because a lot of people have been asking questions, within that 30 day. since no formal default has been declared but what is instinct -- but what is interesting, it indicates there the es fs may consider a default formally declared in the imf. however it may -- which means it is obliged to do that. jon: the greek debt timeline, i was looking at april 24. now it looks like may 11. may 12 there it is a sizable imf loan repayment. when you try to figure out what is going on in greece can you figure out how much money is left? >> and term of how much

. -- that's when varoufakis set the deadline.uy: sometimes there is a risk to scratch our ahead. 279 billion euros is the number. look at it again as scratch my head and wonder how they came up with that number for world war ii reparations. hans: they had committee looking at it. and they looked at archival evidence as they say. the number is 278.8 billion euros. 40% of germany's gdp print to give you one example, this loan that has been well documented during the world war ii era for 450 million right marks and that is 10.3 billion euros. that gives you a sense of what greece multiplier effect. as they keep saying here they issue has been litigated and decided. guy? guy: hans nichols running through the data and the rest of the week. let's stay with europe. his bridgewater associate is the world's largest hedge fund he bets against the euro. good to know what is doing right now with his money. let's figure out what is happening here in your. we are joined by fidelity worldwide head of equities. good morning. glad to see you. bet

varoufakis may be a hurdle in the path to compromise or even a liability for the greek government.fficult for the greek prime minister to cut him loose, as this will be seen as a concession to creditors' demands. francine: interesting. thank you so much. guy: let's stay on greece. let's get the view from berlin. joining us now is the former chairman of germany's budget committee. and an mp. good morning to you. thank you for taking the time. do you think the problem we have between greece and its creditors is a personality problem or a numbers problem? >> it is both. it is definitely a numbers problem. personality wise, if you see what happened in riga, you could see that the finance ministers and my colleagues in other countries don't want to hear any stories from a professor telling them how the economy should be. that is what we do see right now. there has to be a political solution. you can neither do this by just going through the numbers, nor by being a professor. francine: what is the plan be that we need in place for greece? otto: here comes the big problem. if you have no

varoufakis, who was conspicuously quiet and had no comment when he walked past the cameras earlier. jonathan: this has been dominated by a problem that was very much greases problem. if we had a problem it is that you can have a default without an and said. is that gaining more traction? -- without an exit. >> bloomberg did pulling of economists. economists think there is a 40% probability you could have i missed payment, but it is a 30% probability on whether or not that translates into a default. the difference comes from a question of liquidity. no one knows how long greece can go. will they be able to make those payments to the imf? another thing is when you look at will greece impose capital controls, a broad range. the median answer, 50% probability that capital controls will come to greece. >> no one really knows, do they? we are joined by the head of global asset allocation at barclays. great to have you with us. i see no one knows because a couple weeks ago we were told it really matters. then, it is it doesn't really matter. what is your take on the meeting? what's we don'

varoufakis: otherwise we would have smoke coming out of the chimney. it is our view that we have no right to achieve this agreement. emily: in the meantime, a economists say that a greek default does not necessarily mean that the country would have to leave the euro. samsung has continued production of its curved displays after seeing strong sales for the galaxy edge. it will double its monthly output of curved screens to 5 million. it had not planned on starting production at the factory until june. now to our leads -- the times are changing for apple as the company's first entirely new product in five years, the apple watch, goes on sale today. customers who preorder the device may find the watch in their mailbox already. but if you did not preorder it, stores are not selling them yet due to a limited inventory and only a handful of luxury retailers will be showing and selling the watches are it with the debut, another battle to create the best possible apps for the devices -- companies including twitter, uber, out with apps already. bloomberg has a

the second point that i can't help, i want to support yanis varoufakis on this come is privatization.when i was in canada job in turkey, yes, i was in your job one privatize everything come immediately. at every -- at whatever price they could fetch. that is not good for public finance, i'm sorry, and i refuse. we were asked to privatize and allow a foreign strategic investors to buy it. we refused and get a turkish airlines is the airline that flies to the greatest amount crunch in the world and is quite profitable and is still a state enterprise opened a small private investors. so when we talk macroeconomic policies we always discuss primary surplus. when we say structural reform, some other something under their which i think we have to get into the details of to see whether they are good or bad. and replacing a public monopoly by private monopoly, even if one is a perfectly liberal economics -- economist is not a good idea. two things i have to get off my chest. but i think there's one thing i wonder, you made a very strong point, very, very strong by saying the people of greece

yanis varoufakis certainly does that.e is an academic coming into a politician's finance minister enclave, and he doesn't have the background to present the kind of things they are used to seeing. alix: if the greek debt is only a risk if you expect catastrophe, would you be buying it here? guest: i think if you have more of a risk appetite, you can look at the equities. probably the hottest spot to go after is the bank stocks. you can easily construct a scenario where they are servicing private sector bonds. the bank stocks you could see de facto nationalization of the banks and still servicing of the bonds. on the other hand, given how intertwined the solution needs to be helping the banks out, allowing the banks to survive in our view. any of your viewers have risk appetite, that is the place to look. alix: is there a rollover risk? we have that money do the imf in a few weeks. is there risk with that debt and the debt eight it -- it owes the ecb? guest: these maturities were never meant to be actual repayments. it was

guy: it has been a tough few days for varoufakis, the greek finance minister.used in riga late last week and had his role reduced and fow has been involved in an incident with anarchists. it is not going well at all. how did the night go down? >> yeah there was an incident in a suburb here in athens. a group of radicals with covered faces went to the restaurant that var factorice and his spouse were dining. they threw some glasses at him. thankfully no one got hurt. it was a good that i think his spouse hugged him and turned her back. the incident ended after the finance minister had a long discussion outside the restaurant and after 15 minute or so, they just left the scene. guy: we're looking at pictures of the restaurant. this is the actual restaurant where the incident took place. francine: the inside or the outside? it seems quite incredible because he goes and issues a statement. right? is this likely? does this happen often? you kind of have an incident and then feel you need to put a press statement out. does this bring him in a light that is closer to

be reducing the parents of outspoken finance minister canister caucus -- finance minister yanis varoufakiswhile publicly the greek government still report -- still supports them, he is giving his role as finance, they have a new policy negotiating team, the finance minister's chief economist will take the role in brussels. greece is trying to convince its international and european creditors that its reforms are enough to unlock the 7.2 billion euros worth of bailout loans that it needs to help repay its debt. the u.k. economy grew at a slower pace than expected in the first three months of the year. according to gdp growth of just .3%. it could be a blow for the conservative liberal government coalition, as josh vardey explains. josh: the conservative leader david cameron has been at the forefront of israel election campaign, but the latest figures show it to be showing down -- forefront of his reelection campaign, but the latest figures show it to be slowing down. the last quarter of 2014, the economy was re: slowing down six months ago going from .7 for seven -- .7% to .4% in the last w

the treasury secretary will hold his first face to face with the greek finance minister yanis varoufakisrow. peter cook sat down with leew. mr. lew: greece needs to make a list of changes in policies it is prepared to put in place so it can work with institutions to come to a mutual understanding of a path forward so they can get out of the cycle of being from one crisis to another. the rhetoric was not helpful early on and i send a signal to both the greek government and the institutions, as they are now called, that everyone had to attend down rhetoric and get to the technical work of seeing what policies can be put in place to address this. obviously it would be better if the work had been done six weeks ago and not over the next six weeks. no time to waste. my understanding is the president is going to be speaking to the hellenic celebration day. it is not a bilateral meeting. peter: does the u.s. have economic interest in making sure greece stays within the eurozone? mr. lew: there is no doubt that if this leads to a crisis such as greece leaving the eurozone it would cause an enorm

and a is due for their bill to be paid how would you advise, when you have a quiet moment with varoufakiser on? guest: the crucial thing is he has to respect their position he has to respect their concern about the way that one person restructuring would create a precedent for others, but they also have to respect his point of view. there is a problem that if you look at the sheer scale of budget surplus which greece would have to run year after year in order to pay back the debt in full i don't think that is credible. it was always expected within the people involved with the base about financial regulation in the european economy that the private sector involvement would be followed at some stage by entering official sector involvement. some say we have already done it , we made the terms of debt less reduced the interest rate and extended the terms, but my healing has always been there will be a further step. -- feeling has always been there will be a further step. manus: i enjoyed last night at the center, thank you very much. johnny, that is it from a very beautiful spot. it hasn't a

varoufakis of greece in the last seven or eight days.cy for the leadership of greece? alan: greece is playing a dangerous game. they don't have much bargaining power. the situation is not sustainable where they are. yet the greek people seem committed to the euro. not clear how this gets resolved. if you would have asked me four or five years ago i would say greece would be out of the eurozone by now. tom: what people do not know about princeton is you have a national resource, the author of "the art of strategy," princeton owns game theory. what is the game theory you spoke to varoufakis about? alan: game theory was invented at princeton but it has spread. it is not clear they are playing a strategy that will work, making threats against germany is going to discourage investment in greece. i think the current government has a bit to learn, they are not ready for prime time. tom: bill gross, we are ready for you on jobs day. let's talk about the game theory of bond investing, note investing and re in -- repo investing in europe. what is

could sidelining varoufakis be the break necessary? whoever trades greek debt seems to think so. the announcement the yield on the greek three-year dropped by about 300 basis points. is there cause for optimism? let's talk to the man andreas great to have you with us. a little bit of a reshuffle. the bond market seems to think it is good news. for you, you operate in the country. how close are we to a deal? guest: i think we are getting closer. not as close as i would like. i think we are moving a little bit faster than before. we are very worried about the situation. greece had an amazing year last year. this year, we are going for another record of $25 million. another $1 billion in direct receipts and another in indirect. all of this instability and security, discussions about debt , scare away some visitors especially from germany. they're worried about the bank situation. we want the deal to close as soon as possible. jon: i look at the fx market every morning and the euro, we were around 1.40 this time last year. for the tourism industry, this should be a huge summit. talk

varoufakis is a master of game. . we haven't heard him say what he is going to do about it. it is also likely that maybe greece starts paying its pension employees in ireland and england. you are going down various paths. i still think the ecb will keep greece within the eurozone. francine: two free questions. if the ecb continues giving the greek banks support in case of default, this would be a political agreement. what happens to the euro the day after a default? up or down? manish: we are talking about a serious threat on greece. it is getting isolated. i don't think it is as magnified as we were thinking before. guy: how difficult would it be to stop paying pensions? i'm trying to discount options here. vassilis: the current government is looking to take pensions away in the first of the month. they are looking to put money aside for that. in the next elections, they might be out of the government. the first thing they are doing putting the money aside. guy: what is your sense, what is the sense in athens about whether there's enough money to cover everything else? vass

economy that needs to get a lot stronger tomorrow when he will meet with greek finance minister yanis varoufakisamerica now owes more money to japan than it does to china. new data shows japan has become the biggest foreign creditor of the u.s., holding just over $1.24 trillion of debt. the u.s. still has the biggest holding of treasuries worldwide. now to one of the big top stories. corporate news. netflix shares surging after hours to a new all-time high after the company reported first-quarter earnings that crushed expectations. the company's value will exceed that of cbs. caroline hyde has the details. caroline: check this out. over the course of a year this is the number you want. 43%. this is how much it has risen in market value. netflix, if it holds on to that surge after hours, will be worth $32 billion. that will be more than rival media company cbs which is worth about $30 billion. less tv, more about online streaming. it is all about subscriptions. they now have 62 million subscribers worldwide. they added 2.6 million internationally. they now have almost 21 million subscribers inter

or a referendum are possible here if the talks continue to stall, but the finance minister yanis varoufakisat absolutely not, we will use this as a bargaining strategy. we also heard over the weekend that as it comes to a default, he doesn't even want to contemplate such an event because he thinks that greece will honor the payments. rishaad: let's have a look at some of the stories making headlines today. >> kaisa will become the first chinese property developer to default on dollar denominated bonds of the doesn't pay $50 million by the end of today. the 30 day grace. expired over the weekend. the company owed $10.5 billion to local and overseas lenders by the end of last year. taco bell is back in japan. for the first time this 1980's. a new store set to open in tokyo on tuesday. taco bell will also cater to japanese tastes with such opera -- with such offerings at the shrimp and avocado arrigo. -- avocado burrito. puget and --peugeot and chinese motor group will work to develop 20 new models from sedans do suvs. those in the latest corporate headlines, i am and krueger in hong kong. >>

great finance minister yanis varoufakis says he is confident that greece will reach an agreement with its creditors to unlock a bailout fund. he says greek is not pushing to russia for help despite a meeting between him and resident -- vladimir putin. >> we should be very clear on this. our financial woes are bailout fallout needs to be done with within the european public. this government is not seeking some extra european solution to what is a european problem. cory: grace, meanwhile has named the $495 million loan payment to the imf which was once in question. they have also increased the emergency funding available to greek banks. the news from greece helped to propel banks today. the stock 600 index of 1.1% to an all-time high. investors hoping the quantitative easing program will boost the european economy. meanwhile, a new report out of germany showed production recovered in january. intel's potential purchase of its fellow chipmaker altera is off. talks have ended. people familiar say altera rejected the offer of $54 a share and will be looking for new growth as it faces a slo

varoufakis is wrong if he thinks this is a problem for everyone else. the problem of contagion is limited. alix: is the main street rhetoric echoing what he is saying, it is a greek problem and not a mainstream problem? >> there is some truth to that if you look at charts. in the past, it has been interesting. the news volume on greece has fluctuated in lockstep with five-year spreads. since the beginning of the year it has plateaued, the news volumes. and yet the spreads continue to rise. there is speculation about what that means. does that mean there is less concern, main street concern, about a greek default? alix: main street twitter not talking about it, but the market thinks something different. headed into the weekend, negotiators will resume talks in brussels ahead of next week's finance minister meeting. what do you think the number one topic is? >> quite clearly, they are talking about greece. the head of the i.m.f. is saying we don't just need words. we need actions. we need to get our hands dirty and work on the numbers. that is not happeni

manus: i think that is part of the reason why varoufakis had breakfast with gurria.e obsessed about the numbers, the 1.5%, the 895 billion euros, the oecd are there to support the greeks, to affect good governance, good tax collection. the oecd will, working with greece, give them credibility that the creditors crave so much. this is a game of trust as much as numbers. excuse the pun on game theory. guy: jones, so the greeks are looking for credibility. they think they are going to get some kind of deal. what are you hearing in brussels? what are you hearing from berlin about whether enough boxes are being tickleded to make this viable? where are we in terms of the gap that has previously existed both personal and economic? jones: i think we are still a little ways away. they were hoping to have something's own up already. greece has been promising since february, almost since january, to come up with this program this plan that their creditors need in order to come up with the extra money, the next tranche of money. we are still a ways away. what we are looking for

varoufakis.ong-term, it will make the prospect or likelihood of a third bailout for greece which would have to go through all 19 parliaments that are members of the eurozone that much more difficult. finland is almost of the right of germany when it comes to pushing for austerity for greece. these election results will move feeling to further to the right and further down the austerity road. jonathan: hans nichols. let's bring in our reporter to the conversation. if we get an election and they win it again, what changes? what happens? report of a be much more clearer. we will have hard talks. that reporter: it will be much clearer. we are moving into a euro environment or we are moving away from that pro-europe or a referendum and i think it will need much clearer where we are going. jonathan: what breaks of the deadlock -- the politics or elections, referendum coffers running to drive -- running dry, or from the banking sector? ramin nakisa i think it will be deposit light. the banks see collaps

a group of self-proclaimed anarchists threw broken glass at varoufakis.ielded him from the as >> it's getting violent. >> a solution has to be found and everybody is getting ant sysy. they owe the imf money and the number that we're talking about that needs to be released this is from the last bailout. >> yeah. >> we're not even looking at the future you money they need. >> that's right. that's why almost a fresh approach is needed. the europeans need to bring something to the table as well as the greek side. they need to compromise. they need to keep the europeans happy with some form of austerity and some form of monitoring if you like but equally i think the european side needs to start focussing more on how they support the country such as greece you know, maybe some of the other countries as well. >> charles, in the meantime when looking on what's going on in the oil markets and saudi in particular saudi arabia's new king appointed the country's interior minister as his new heir. in one of a number of leadership changes closely watched in america and

. >>> on thursday greek finance minister yanis varoufakis spoke at a forum hosted by the brookings institution in washington, d.c. where global finance ministers are attending the annual spring meetings of the international monetary fund. he talked about his country's economic challenges, including his debt crisis and the negotiations between his country and the european union for financial assistance. this is an hour and 15 minutes. >> good evening all of you, ladies and gentlemen, good evenings. this was a much expected event. we had trouble accommodating everyone who wanted to listen to you. i'm really grateful that you took the time out of the very busy meetings here of course to share your perspective with you. you're a well-known phd in economics. many books, 15 books. i don't know all of them, but i know the two in particular. the future of the world economy two years ago. a modest proposal for solving the euro crisis, two years ago. so you were elected to the parliament in january 2015. i welcome you, very deeply, on the part of brookings, the whole brookings community, the various pro

thank you very much. [ applause ] >> i want to thank again, minister varoufakis again for his excellent speech i will say. i want to say two things. one, i want to introduce david wessel, my partner and friend here today on the panel who is the director of the fiscal and monetary policy. he joined brookings about a year and a half ago. he was at the wall street journal most recently as economics editor. he is the author of two new york times best sellers, in 2009 and 2012. in fed we trust the war on the great panic. published in 2009. and red ink, inside the high stakes politics of the federal budget 2012. he shares two pulitzer prices in '84 and 20023. one for the persistence of racism in boston. that was 1984. in 2003, for stories on corporate scandals. i'm glad that david is here, and i'm also very glad that this is made possible. i let david ask the first question. >> thank you. minister thank you for your clear remarks. to an outcider,siedde it seems that the policies fall from the outside to what the european partners are insisting. it's hard to see how this comes to a happy concl

economic reform plan this after a tough morning of talks, with greek finance minister yani yanis varoufakiso early cash for finance reforms. >>> the move comes as consumers continue to turn away from diet sodas in favor of other beverages. the change takes place in august. when cnbc's asked coke's ceo about the move, he responded i'll not here to defend a certain ingredient. >>> and dramatic video from a firefighter's helmet camera capture as massive blaze in an 1880's built mansion earlier this week in new jersey. it took six hours to bring the blaze under control. no injuries were reported. >>> and the may 2nd boxing match between floyd mayweather and manny pacquiao is expected to be the richest fight in the history of the sport. that's according to the promoter, anyway. mayweather could make as much as $180 million. pacquiao earning as much as $125 million. for the complete breakdown, go to cnbc.com. that's our cnbc news update for this hour, let's get back to squawk alley. >>> is it time to be on tech bubble watch. the nasdaq climbing higher after closing at the highest level ever, surp

however varoufakis said the government did not agree of the scale of reforms needed. meanwhile they're stepping up pressure warning that time is running out. >> it's a matter of urgency for the greek side to get the deal and financial support and make sure there's money available. >> joining me now is the managing director. he joins me in the studio now. >> this issue continues to rattle on. what is the key date for us to focus on in the next couple of weeks and months? >> 11th of may meeting. nothing will be decided today. i'm not even sure whether there's going to be much of a discussion about are greece because progress has not been achieved. can we actually really put money on the fact that the greeks will deliver something realistic by that date? no. there's still not enough pressure for them. they managed to squeeze it from their government system. they might get to the end of may. i think that once the greeks will only move once they are on the edge. they are not on the edge yet. as it is now we're just going around in circles. >> as you suggest there needs to

day greece pledges to make nearly half $1 billion in payments, bloomberg is to speak with yanis varoufakisooks like we are having technical difficulties with that. trying to get manus cranny over there. we will take a quick break and be back with the greek finance minister. ♪ matt: i want to turn out to an exclusive interview with yana spero farkas with our own manus cranny. manus: thank you very much. we are alive in the gardens of the oecd. you have been here all day. welcome to bloomberg. let us get right to it. how confident are you that you will do a deal by april 24? yanis: very confident. negotiations are proceeding quite well and our mutual interest is to strike a deal by the 24th and i am sure we will. manus: striking a deal involves trust. do you trust brussels and germany on equal measure? do you trust the people you are doing business with? yanis: trust takes a number of steps to build. we have already taken them. we have been in negotiations now for a few weeks. during the negotiations, we have acquainted ourselves to one another. not to just two parties, it is a complex piece

the line up for negotiations -- young bill is now on the side -- yanis varoufakis is now on the sidelinesans: may 3 is the new deadline for preliminary deals. both sides are saying overnight that talks have intensified that they are moving forward. they have a preliminary idea and they can codify that when finance ministers meet in brussels on may 11. here's what the finance minister had to say in an interview with bloomberg. he says there seems to be some movement in translating the bullet instant action stop there is a clear recognition that we have to have enough on the 11th to be able to keep talking. but copy out to this is that obstacle still remain. the finance ministry put out another statement talking about their own redline, like forms to the pension system. it is pretty consistent, what you hear from the creditors, especially in berlin. the pension system needs to be reformed. manus: thanks for taking us through. mark: top stories on bloomberg this hour -- fed policymakers have left open the possibility of a rate rise in the second half of the year. in a statement following the

manus: do tsipras and varoufakis still have groundswell or support?e any doubt in the average greek mind what is the mood of the greek people? >> support is diminishing. opinion polls are down 80%, positive opinion down to 55%. manus: that is a heck of a drop. >> there is an increasing number of people seeing bankruptcy as a possible outcome. it fears people. good people don't want a grexit. there is 70% class support of euro for the greek people. as the impasse isn't broken people are afraid this bankruptcy -- this is what people fear about. so support for the tsipras administration -- we had 55% in the opinion poll, that is a big mover -- number. manus: christine lagarde made a question to get down and do the tedious work of detail. have they squandered five months? >> it is only natural for some of the things with greece they are buying time. i think they are buying time because they're dealing with it politically. there have been no real developments on the technical front. when their numbers get down i understand they had trouble getting the real

brendan: one thing that is not going to happen wolfgang schauble has no plans to meet with yanis varoufakis of greece. he said the deadline of the program. he says when the program is up, there is nothing in place and that is the only option. tom: the greek spreads have widened. in the last 20 minutes we got the new idea of greek spreads widening. olivia: i wish you were hear to go through the churn. two year yield that 23%. german debt, 10 year trading at 0.09%. that is unbelievably low. the average yield on german debt is negative. who are you looking forward to speaking with? tom: madame lagarde in our 10:00 hour. before that ken rogoff of harvard, jacob frenkel, formerly of the bank of israel and now at j.p. morgan, in moments, a conversation with john lipsky of johns hopkins. olivia: speaking of washington, d.c., yesterday on capitol hill, a surprise raising concerns about the security. a gyrocopter landed, the pilot was arrested. the tampa bay times reports that the pilot was a 61 euro postal worker who wanted to deliver a message. his act of civil disobedience was in protest to campa