wolfgang schaeuble. manus: thank you very much.e this all up tomorrow morning right here on "the pulse." the markets are up for seven days in a row. ♪ >> this is bloomberg "surveillance." tom: tsipras gets his vote. he may lose his job. brussels and berlin must find a bridge to austerity. schaeuble says do not build the bridge. will the ecb write the check? there will be a draghi press conference. a conversation with stravidis. can we trust iran? live in new york. thursday, july 16. joining me, bonnie karen and -- vonnie quinn and brendan greeley. brendan: 7 billion is not 50 billion. i think there is jousting about power within the european union. now the eurogroup finance ministers are getting together and saying weight approve it. it's a power struggle weight will talk about. tom: we need to catch up on the top headlines on greece. vonnie: early this morning in athens, the greek

brent: what about german finance minister wolfgang schÄuble? praised by the chancellor, but no one is talking about a grexit anymore. as he consulted basically keep your mouth shut for a while? -- has he been told basically to keep your mouth shut for a while? reporter: he took a center stage today and the opposition criticized him fiercely for the comments he made, saying that he put the european project and outcome at risk, but he defended his own actions. obviously, he was also victorious today although no one is talking about grexit any longer. brent: strange political bedfellows in this vote today, right? reporter: everyone was debating the issues, there was a big dilemma within the opposition, many within the opposition in favor in principle of helping of greece, but they are not in favor of the increases being helped. brent: lots of dilemmas at the moment. thank you very much. the greek prime minister alexis tsipras has done some reshuffling. his cabinet in fact, kicking out rebel ministers who voted against the recent reform proposal a

brent: what about german finance minister wolfgang schÄuble? praised by the chancellor, but no one is talking about a grexit anymore. as he consulted basically keep your mouth shut for a while? -- has he been told basically to keep your mouth shut for a while? reporter: he took a center stage today and the opposition criticized him fiercely for the comments he made, saying that he put the european project and outcome at risk, but he defended his own actions. obviously, he was also victorious today although no one is talking about grexit any longer. brent: strange political bedfellows in this vote today, right? reporter: everyone was debating the issues, there was a big dilemma within the opposition, many within the opposition in favor in principle of helping of greece, but they are not in favor of the increases being helped. brent: lots of dilemmas at the moment. thank you very much. the greek prime minister alexis tsipras has done some reshuffling. his cabinet in fact, kicking out rebel ministers who voted against the recent reform proposal a

alix: and he pointed out that wolfgang shauble wanted at grexit.t, and it's sort of goes the french flexibility way or the german hardliner way. like the latter. joe: nowhere was it put together as cyclically as he just did. we were excited pretty much all weekend about it. it was good stuff. coming up, black gold is not so golden. oil has hit a bear market. joe: here is a question for you. the answer, when we come back. ♪ alix: i am alix steel. joe: and i am joe weisenthal. what did you miss? fastest pace in three years, a contraction of 28%, and a long position, those dropped, while short holdings climbed 20. money managedt inflows were up in the two weeks in july, so while you had this wti, brentin oil, was a different story. joe: they are unequivocal. may bullish, but now everything is talked out. well, remember when california was in a higher financial straits? they were racing to close a $41 billion deficit. people,nn beck, of all sounded out on the idea. glenn: there is only one man who can save california. barney frank to the rescue. curren

wolfgang schaeuble.ere any tea leaves from him about restructuring without calling it a restructuring? hans: the closest we've come to that is yesterday has top spokesman said that a ending the maturities for 30 years sounds like a backdoor haircut. if you cannot do a backdoor haircut, you are in big trouble because as madame lagarde said it is editorially not viable to have his land out there with out any sort of greek debt relief. -- it is categorically not viable to have this plan out there without any sort of greek debt relief. tom: hans what do you see in the german newspapers this friday as a print for saturday and sunday? brendan: unlike brendan, i do not read the tabloids -- i just look at the pictures. [laughter] there will be some big think pieces over the weekend on just what it means for german society. guys you always have to wait around. around 4:00, 5:00 "der spiegel" could have some great scoop on what went down behind the scenes. tom: hans, a great week. thank you so much, hans nichols.

equities are going, sort of following the european equity market, whether or not wolfgang schaeuble isxcited for believing what alexis tsipras has to say, there is some small tone, maybe we are approaching a little bit of progress. pimm: the u.s. economy got good manufacturing. stephanie: or maybe the perception. pimm: it's all about perception. of 3%.alling, a decline gold futures also lower. let's see if we can look at the bond market. a bit of a selloff in the 10 year and 30 year hyields. u.s. dollart the versus its partners, the dollar gaining strength against the , and the dollar weakens a bit against the japanese yen, also weakens against the pound sterling. the top stories crossing the bloomberg terminal at this hour. the u.s. and cuba have agreed to open embassies in each other's capitals. it's a major step in restoring than fiveafter more decades of hostilities. in the last six months the united states has removed cuba state sponsorsf of terrorism and made it easier for americans to travel to the communist country. obama: this is not merely symbolic. with this change we will b

reporter: there was no love lost with his wolfgang -- his german counterpart, wolfgang schaeuble who said the pair had agreed to disagree. threw two style -- true to style, varoufakis was not of the same opinion. varoufakis: we didn't even agree to disagree, from where i'm standing. reporter: he is expected to remain in the syriza party and is extremely popular at home. as tsipras' government and european leaders meet, both sides hope that there will be new impetus to the bailout talks. anchor: that quick look at the yanis varoufakis in greece, stepping down as finance minister. i believe we can cross to london now. stephen: we will speak to the director of sovereign risk at ihs. we were talking about greek banks and the risk they pose to the future of greece's economy. is that the thing we should be worried most about at this stage? >> absolutely. it is central, what the ecb does with its emergency assistance, how it treats greek government debt. it is urgent. they need support. stephen: give us an idea of how close you think things are to pushing over a cliff. how close to you thin

wolfgang schaeuble who is making his speech.that the third program is the last attempt to solve the greek crisis. this as -- this is his point. he is pointing to some of the headlines asking people to prove today. look enjoyable making his speech after angela merkel made it very clear they would be no debt restructuring on the table. will enjoy both at the first thing for greece to do would be to restore lost trust. we are here with the global investment strategist at black rock. you said that the biggest opportunity and challenge was the fed and the bank of england what they will do. ewen: it is the first right rise cycle in eight years. after we have filed returns from the future in terms and equities. we have had the longest bull market in the last few years. it will be a time of navigation moving into this cycle. if you listen to mark carney carefully, he is a man who chooses words carefully there is strong emphasis on the words slowly and saying that it will be half as high as the rate cycle before. that means the destinati

is wolf wolfgang schaeuble. a five year grexit. without entirely leaving the european union. that could well be discussed later in the evening. but the about no break through is reached in brussels, that kicks the can further down the road. it may be referred up to european leaders meeting here on sunday. >> thank you neave. speak to al jazeera's simon mcgregor wood, for greeks right across the country the more immediate concern is just how soon they're going to be able to have proper full access to the money in their banks. >> reporter: yes exactly felicity. the euphoria has been replaced with this growing sense of dread about what's going to happen next and minds have been really focused on the capital controls, the closure of the banks the 60-euro cash withdrawal that is imposed on all greek citizens. that has really changed things here. an interesting note for the greek minister for economy georgio stefakis, saying those capital controls will likely stay in place for months to come. no real sense of a break

angela merkel and her finance minister wolfgang schaeuble have ruled out haircuts.hat sense have you gotten that they are prepared the honey scenes to consider -- behind the scenes to consider some of these? david: there is confusion about the terminology. they have made clear they do not consider haircut something envisioned under european law. i think we can have a discussion about debt repayment terms. in fact, we had a discussion about this in 2012 where europe provided assurances to the imf that greece's debt would be made sustainable. it was not a specific commitment, but now there will be a need to be more specific. matt: what is it, david, that wolfgang schaeuble's idea that greece needs a timeout? that it needs to leave the eurozone and european currency for a short while before you come back in. with that be a possibility? david: if europe and greece set together and decided not to go that route -- matt: yet schaeuble continues to float up alone. david: if he floats that balloon, i am not sure what he is intended given there is an agreement here to go forw

then there is the wolfgang schaeuble version which is not to go bankrupt, but have an agreement.s bring in our correspondent who is in athens. hans nichols is in berlin. the parliament has been debating for the last hour and a half since we have been on air. what can we make of alexis tsipras' language? blackmail. suffocation. >> he called the creditors revengeful. this was his opportunity to talk to the greek people about the plan he agreed to. he talked about broadening the tax base and raising the sales tax something that he said was a rational and that he had to agree to. he talked about tension reform. he talked about raising the retirement age. he says it is not progressive. people should be able to retire at the age of 50. the meeting is expected to continue until 6:00 this evening. there will be a short break. then they will reconvene around 10:00 tonight. then, the debates could go on well into the early morning. manus: the banks are still closed. that will continue to be the situation. you need to get bridge financing in place. that is where we are seeing a little bit o

wilkins shyla says -- wolfgang schaeuble says greek must be clear about what it wants.ays missing payments are unacceptable. >> i understand it because the situation in greece is going backward fast and they are trying to get a grip somewhere and it is difficult in a situation where the old program is de facto expired and the new program will take time and include tough measures. vonnie: greeks have until sunday to decide whether to accept or reject austerity. another debt crisis is forcing hedge fund managers to scramble. puerto rican bond prices have plunged 70% in two days after the country's governor says he seeks delays. restructuring could prevent hedge funds from selling their provisions. the u.s. and cuba are moving closer to normal relations today. today they announced restoration of diplomatic ties and plans to real and embassies after 54 years. in the last six months the u.s. dropped the u.s. and cuba from the countries that sponsor terror and lifted limits on traveling there. shareholders are meeting today. the deal would create the third biggest food and be

every time that wolfgang schaeuble's speaks, he supports the. we don't need wolfgang or ju ncker.have to decide for ourselves. the yes people and the know people have to put their arguments on the table. these three days will be the most crucial of the country since the second world war. guy: finally, you talk about the economy, right in the middle of tourist season, you could not have picked a worst moment. guest: i would like to give a message. greek people and greece need the support of other people across the world just for the present come to greece, it is an extremely beautiful country. greek hospitality is here and we really wait for everybody the summer. guy: i hope they will come. thank you. anna diamantopoulou, joining us the former eu commissioner here in greece. anna: it looks nice in the sunshine. let's move on and talk about something very different. the nigerian president took office a month ago on a wave of hope that he would quickly deal with an -- a weakening economic crisis. so far, he hasn't met those expectations and has even delayed naming a cabinet until sep

. >> there has been a lot of talk about wolfgang and his motivations behind his actions and comments. do you think that has now been swept aside? >> no, i do not think it's been swept aside. his suggestion of a temporary exclusion of greece from the eurozone was a provocation, but it was endorsed by all members of the euro group and it is now in writing that threat can be used again in the future. hence we have a complete new political and legal environment as we move forward in the eurozone. >> okay. thank you very much for your time. >> i thank you. >>> well now to the race to replace barack obama in the white house. one of the republican party's hopefuls is scott walker, john hendon reports from madison wisconsin on how he's manage to go attract support for his presidential bid. >> reporter: scott walker is an unlikely front runner for the republican presidential knowledge nation. he was a little known and little noticed milwaukee executive when he became wisconsin's governor never 2011. and a national following that propelled him to the top tier of remember kansas datz. remember k

angela merkel and wolfgang schaeuble are as popular as they have been and their political careers backn germany. why would you give into greece now after all this hard work at using them to kind of tell everybody why you should not act? 75%: you're saying 50%, exit probability. why is that off -- dow off by not even 1% today? guest: we have been very consistent in our view that this would not metastasize into something more significant in europe or the global markets. really it was unfortunate timing for greece. the introduction of euro qe was a huge deterrent to anybody that in going to effectively get front of this trade and short italian bonds or short portuguese bonds. mario draghi had a 60 billion euro bazooka he can fire at any time and he can probably introduce the s&p program or if the country got into trouble the onp program, by more. i don't see it happening. alix: you had a no doubt this morning that was one of the clearest ways a deal could get done. germany would say, we will give you money of greek depositors, you take a haircut. a this has been floated around. you are he

. >> they will be negotiating with wolfgang schaeuble poafer boy poster boy as the architecture of pain of the greeks sucking their blood for the past five years. that's hardly the basis for getting along now something i put to a greek minister. >> i won't predict whether it will be tomorrow or day after tomorrow there's no reason why today or tomorrow we can't exit not only for greece but for europe. what will that take? it will take mutual compromises and putting at the heart of the negotiations the good of the people of europe and of the european union the stability of the european union above other kinds of priorities and interests that prevail now. >> reporter: meanwhile the drip drip drip of cash from the banks, making the recovery harder by the minute. >> that can only be achieved as part of europe. >> i wouldn't say i'm really positive. i hope they find the solution because i'm really terrified and i don't know what's going to happen tomorrow. >> greeks are proud and by saying no more, many will feel they've won their dignity back. but they may not be allowed to enjoy the moment

them be negotiating with people like this wolfgang scheubler the german finance minister hated by many greeks as the architecture of their pain, sucking their blood it says for the past five years. >> that's hardly the basis for getting along now something i put to a greek minister. >> within the week i will not predict it will be tomorrow or the day after tomorrow but there is no reason why within the week we cannot exit this very, very dangerous moment, not only for greece but for europe. what would that take? it will take mutual compromises. it will take putting the active heart of the negotiations the good of the people is of of europe and of the european union above priorities that remain now. >> meanwhile the drip drip drip continues, making a bank rescue harder by the minute. >> translator: people want the banks to open and they want a peaceful life and that can only be achieved as part of europe. >> well i wouldn't say i'm really positive. i hope they find the solution because i'm really terrified and i don't know what's going to happen tomorrow. >> reporter: greeks are proud a

. >> so it's true there are an unbelievable number of people from the city side marge go and wolfgang are partners not only here by on many projects are huk huge humane partners from the mayor's office of housing i've got a long list ann and olsen lee and georgia martin and others from the urban housing and i'm sure there are many others thank you for everything you did to make that possible (clapping) so we're officially 10 percent through the program in case you keep a chart at home the 09 great partner for us is the hud as long as hud for many, many years they've been the key partner for producing housing particularly for seniors in some ways a sad waterfront momentum this is the last hud 202 projects in california for whatever reason they've chopped did funding that provided the subsidies for this beautiful spot so hopefully that will change some day in not we're here to celebrate and we couldn't have done it without you from the team from hud to say more is larry ferguson the production chief our kids go to state and federal school together and a champion of housing. >> (clapping

they will be negotiating with people like this wolf gain wolfgang sch schoibler. the german finance minister. >> within the week i will not predict if it will be tomorrow or day after tomorrow, i can't imagine we cannot exit this very very difficult moment, if not for greece but for europe. at the heart of the negotiations the good of the people. of europe and of the european union, the stability of the european union above other kinds of priorities and interests that prevail now. >> reporter: meanwhile the drip drip drip of the cash from banks continues, making the rescue harder by the minute. >> translator: people want the banks oopen and they want a peaceful life and that can only be achieved as part of europe. >> well, i wouldn't say i'm really positive. i hope they find a solution because i'm really terrified and i don't know what's going to happen tomorrow. >> greeks are proud and by saying no more, many will feel they've won their dignity back. but they may not be allowed to enjoy the moment for long. jonah hull, al jazeera athens. >> are barnaby phillips i

wolfgang is to kick greece out s this really the feeling on the streets of greece?rter: absolutely. and he is expressing his considered opinion, his informed opinion based on confidential conversations a he he's had. and nobody had actually say whether he's right or wrong because only they were party to those talks but no one has any reason to doubt what he says. there is another article editorial that he will be publishing today in the german newspaper, and there he has given an advance idea of what he will say on his blog, saying he know he wants us out of the eurozone because he told me that up front. and that, of course, -- >> john, i am going to jump in there. john we'll come back to you later, there is a news conference being held now. let's just his then to what is being said. >> nevertheless the decision to give greece a chance to get back on the truck -- on track with the support of european partners. it also avoids the social, economic and political consequences that negative outcome would have dropped. i welcome the progress and the constructed position o

in terms of how the greek drama could play out, we will be hearing from wolfgang shoretel -- wolfgangwe will also hear from the euro growth finance minister who will have a conference call to this gusts greece. the conference call is set to take place at around 4:00. the ecb governing board will meet. banks could be in question. joining us now for more on the greek situation is a senior fx strategists. think you for joining us. greece is unpredictable. a grexit is not likely. is that still everyone's case? >> others were saying it was inevitable. [laughter] i think basically at this stage i would put it around 64. it is kind of interesting, the change dynamics in recent days. now they are pretty happy with it. the yes vote is more likely. no only do you get -- basically means they will call on a reelection. it is interesting. >> phil try to cast his vote is a vote on euro membership. >> it is exactly what they are trying to do. it is not unfair to say that. it leaves them in a pretty difficult situation. were that to be withdrawn indicates a grexit pretty effectively. >> for asking if

hans: one, we have not heard from wolfgang schaeuble yet. we will hear from him and about one hour.some ways, the ela, the likely outcome is the status quo. we do not have a major decision by the ecb. it will go to the policy makers spirit one of the reasons to be pessimistic today, and there are a lot of them, but one of them is just the level of despair among social democrats in germany. this is the minority party in germany, and the coalition government. they're typically a little more sympathetic toward the greece position. we just are the vice chancellor say he is basically depressed. you listen to him talk about just how complicated it will be to get a third bailout package. that 2012 debt restructuring that was on the table, that has been taken off the table. you have to have a memorandum of understanding and a variety of legal technicalities that need to be met in order to get a third ballot package. leaving aside the substance of a package, the technicalities are going to be exceedingly difficult. it is difficult to see how you can do that in 24 or 48 hours the for somethin

alix: meanwhile, angela merkel and wolfgang cho fliss says there will not be more talks on greece after the referendum on sunday. scarlet: saudi arabia's praise says he is giving away $32 billion in the coming year. he said there is no timetable for this donation and his get well benefit muslim and non-muslim countries. he is the world's 20th richest person with $30.5 billion. alix: it is one of the biggest deals of the year. ace limited has agreed to by chubb, which is known for ensuring mansions and guts for $28 billion in cash and stock. evan greenberg will run the combined company. scarlet: the u.s. and cuba have agreed to open embassies in each other's capital. in the last half-year, the u.s. has removed cuba from its list of state sponsors of terrorism and made it easier for americans to travel to the communist country. president obama making the announcement at the white house. president obama: this is not merely symbolic. we will be able to substantially increase our contacts with the people. we will have more personnel at our embassy and diplomats will have the ability to engag

wolfgang schaeuble said it lies with greece during the -- olivia sterns is in athens.lood said this lies with -- wolfgang schaeuble said it lies with greece. you are speaking with the economist, and i was shocked to hear him say that the 15 billion -- the 50 billion euros are just not there. do we have the 50 billion euros or not? mohamed:olivia: no, the economy minister is a friend of alexis tsipras. i've not spoken to anyone who thinks that 50 billion euros is actually going to happen. brendan, in 2011, george tried to do this, try to figure out how to sell airports seaports, they have only sold $3.5 billion. please tell me if you have any idea where they will find 50 billion euros worth of assets which is roughly 20% of the greek overall economy. he thinks the target is way off. he thinks it will be under $10 billion. i will tell you this about asset sales -- i am standing at a very fancy hotel. i have to american friends, one from a hedge fund and they're both here because they were sent by their bosses to perceive that perhaps the greek economy has actually it now

. >> the greek prime minister wolfgang schaeuble alexis tsipras slightly deflating the close after anr he said it should vote no in the referendum. he said there was no intention to leave reside of the eurozone. nonetheless, a different day of sentiment after two days of the client after greece said it was pay death prepared to accept the bailout. conditions with some changes. it does come after the biggest quarterly drop since early 2012 and comes a day after greece missed the payment to the imf and exited the protection from the second bailout. definitely progress. here are some of the big gainers european stock markets on this when they session. since the biggest gain may. 78 a-30 jets worth $18 billion. of salt almost 3 billion of commercial real estate loans to oaktree capital group and j.p. morgan chase. making headway in its plan to reduce riskier asset. ,nother german bank rising deutsche bank. john cryan's first day as co-chief executive. he clutched to cut the operation built up by his predecessor. he also said he will delay preventing an update on the plant by taking until

. >> merkel tried to shut down the debate about a relationship with wolfgang schaeuble her finance minister in this tv interview that she gave. it is clearly an issue that is out there and is not going to go away but you also have to remember that they got their act together the germans internally meeting merkel and schaeuble and also with 18 other euro area countries to reach this deal a week ago. so for now this is in of a it's but it is not gone. jon: thank you very much for joining us this morning. that is the bloomberg team. we are joined by the head of the fixed income at blackrock. the big issue today is that the ecb will get its money. it looks like they are going to get the money and it looks like the whole bridge loan was set up just to get money. >> to some degree the current bridge loan is aimed at that day and the ecb. i think it is quite central that the ecb helps to finance the greek economy we've seen what happens if that financing is in question. so i would say from that perspective it is totally natural that that line would receive all of the focus. jon: i remember in janu

i'm not surprised that angela merkel and wolfgang schaeuble decided to say, wait until the referendum and then move forward on that. i think the eu is in a very difficult position. they've got to walk a very fine line between how they settle up with greece, if they do, and then not causing resentment in other countries, particularly spain, portugal, and italy, where the electorate may feel that greece is getting a soft deal, and they feel their government should be tougher as well. perhaps i could just add that on a historical note, if anyone is not familiar as to how greece got in this position, they should read michael lewis' book "boomerang" which shows you how greece managed to massage its numbers to get into the eurozone. francine: we know what the past -- >> i will be up front. it has been shifting. we may well not necessarily get a yes vote. there will still be negotiations. manus: as erik said, there is a long way to run. there were new offers, counteroffers, minor changes. take us through sunday night. the greek people are being told, double down, say no. tsipras says, this w

. >> they will be negotiating with people like this, wolfgang schaeuble, the german finance minister unlikely poster boy hated by many greeks as the architect of their pain, sucking their blood it's said for the past five years. hardly the basis for getting along now. something i put to a greek minister. >> there is no way within the week we cannot exit these very, very dangerous moment not only for greece but for europe. what will that take? it will take neutral compromises. it will take putting at the heart of the negotiations, the good of the people of europe and of the european union the stability of the european union above other kinds of priorities and interests that prevail now. >> meanwhile the drip drip drip of cash from the banks continues. making a bank rescue harder by the minute. >> translator: people want the banks to open and they want a peaceful life and that can only be achieved as part of europe. >> i wouldn't say i'm really positive. i hope they find the solution because i'm really terrified and i don't know what is going ohappen tomorrow. >> reporter: greeks are p

unfortunately, the rules are seen from angela merkel and wolfgang shoebler are different than elsewhere is in favor of opening negotiations and it is her finance minister who is very hard-lined and disliked by large numbers of people in greece. he is regularly parroted in greece. he is saying no. he is saying we can't go with this. we need to have better guarantees. how many will sign up for germany? this is politics european style on a grand scale. >> richard quest, i thank you so much for breaking it down for us. >>> another fsu player in trouble this morning allegedly for hitting a woman. this is the second player in less than a week. we have a live report next on details of this case and the possible consequences. here at the td ameritrade trader group, they work all the time. sup jj? working hard? working 24/7 on mobile trader, rated #1 trading app in the app store. it lets you trade stocks options, futures... even advanced orders. and it offers more charts than a lot of the other competitors do in desktop. you work so late. i guess you don't see your family very much? i see them a

mark: meanwhile, german chancellor angela merkel and finance minister wolfgang schaeuble say they won't be any talks on a new bailout until after the referendum on sunday. scarlet: and it is now official, the u.s. and cuba have agreed to open embassies in each other's capital. it is a major step in restoring relations after more than five decades of hostilities. in the past half year, the u.s. has removed cuba from state sponsors of terrorism and made it easier for americans to travel to the communist country. president obama made it the announcement at the white house. president obama: this is not merely symbolic. with this change we will be able to substantially increase contacts with her the cuban people, our diplomats will have the ability to engage more broadly across the island. that will include the cuban government, civil society, and ordinary cubans who are reaching for a better life. scarlet: the embassies are expected to open on july 20. secretary of state john kerry will go to havana to raise the embassy's flag. mark: the heads of the u.n. atomic energy agency will head to t

that's the concern coming from wolfgang shurtle, the german finance minister, so the feeling greece could a little further into its pockets to make more savings to be able to pay back some of its creditors. some eurozone companies have been coming up with proposals of their own. ireland hinted greece perhaps needs to think about further banking reforms. other eurozone countries have talked about trade and the kinds of reforms to the public sector. but german put forward a paper of of its own with two key proposals: the first, perhaps greece needs to sell off some of its fixed assets to raise $55,000,000,000 worth of money to be able to pay off some of its major debts. the second and perhaps most controversial of the two is to be the possibility of a temporary five-year grexit, leaving euro zone remaining part of the european union but using that time to restructure the dent. the response among other euro zone countries has been mixed. the french, throughout the entire process have invisited that greece needs more money to be able to avoid bankruptcy and to be able to move forward. germans

we were just at a meeting across town where german finance minister wolfgang scherbel said he didn'twhen the proposals were coming and said look the greeks need to build up trust out there and they should go about doing their reforms to build up that trust. germany of course the fulcrum, the place where if there's going to be any concessions at all from the europeans, the germans are going to have to go along with it it's a very difficult road to hoe for angela merkel. the chancellor. on the one hand she face as public that doesn't support any concessions to the greeks. on the other hand she does not want to be the chancel or presiding on over the break-up of the eurozone or the european monetary union. recent poll found only 10% of the german public supporting any concessions to the greeks. this is the german broadcaster, 85% oppose it. we went on the street here in frankfurt and we found some people on both sides of the issue. >> i think greece is a very important country in europe and it's not i think it is not a good idea, it would be a loss, greece. and i think we must unify eur

liz: we'll help you folks out, everyone that wolfgang mentioned ones that will win and lose.m. and facebook. good to see you. with fireapps. calling it right just about every time. that does it for "countdown to the closing bell." david, melissa. hand it to you. david: thank you very much on very busy news day. melissa: that's right. google's earnings report minutes away. we'll have numbers as they cross. we'll break it all down. this is the biggs one. david: the big story of the today, domestic terrorism to describe deadly attacks on military in chattanooga? colonel oliver north is here. melissa: jury reaches a verdict from the shootings in aurora, colorado, the latest on fate of james holmes as well. david: it is. traders working nonetheless. it is a positive day on the dow. particularly, spectacular day on certain stocks like netflix where the ceo himself says can't figure out, actually dumfounded as to price of the stock but the markets are in plus category as bells ring. [closing bell ringing]. only thing pointing down is oil and gold right now. again, a great day for th

in fact friday, wolfgang quite honestly said no, that there is no discussion of grexit. it's not a consequence of a no vote and he chose to back off from what was clearly a false and as i say false statement set of statements to intimidate greece. >> you sound as though you have very little time for the euro zone the rest of the your zone's argument and their sense of greek overspending for over a decade and they now will be required to carry the can the german taxpayer, for instance if this is not resolved satisfactorily will be expected to cough up for what has been greek overspending for many years. >> well, you know, the overspending by past governments in greece was a facilitative made possible by the over lending of banks owned by the french and the germans, and the bailout which transferred the burden of those debts on to the taxpayers of europe, was a deliberate political act in 2010 by the governments of the creditor countries by the international mon stair fund, which was involved in this entirely improperly by the european central bank acting from an economic

their hatred." [ light laughter ] this friendly negotiating tactic led to german finance minister, wolfgang apparently saying to varoufakis about the deal on the table, "this is a horse and either you get on it or it is dead." [ laughter ] which makes me want to ask, "how do horses work in germany?" [ laughter ] because here if you don't get on it, they don't die. they're still horses. they run around on their own. [ light laughter ] is this how you get german kids on ponies at the carnival? "get on him, he will die." things got so contentious with varoufakis that the tsipras replaced him last week with euclid tsakalotos, who immediately won everyone's confidence when it was revealed that in 2010 he wrote a paper on the greek economic crisis in the font comic sans. [ laughter ] so faced against this dream team, greece's creditors didn't budge and insisted on more austerity. so tsipras held a referendum to let the greek people vote whether or not they want to accept the deal. the greeks voted no. but unfortunately just because a country votes not to pay back their debt, doesn't mean they don

they didn't want to go certainly the germans have been holding out against that and he will meet wolfgange as well. and the imf has confirmed its demand that there should be greek debt reduction before they enter any new bailout talks which will start on monday. the united states is the largest shareholder in the imf as everybody knows. back to you. >> simon hobbs, thanks for the update. >>> when we come back shares of netflix hitting another all-time high today. rbc's mark mahaney spoke about it and will join us here. hi my name is tom. i'm raph. my name is anne. i'm one of the real live attorneys you can talk to through legalzoom. don't let unanswered legal questions hold you up, because we're here, we're here, and we've got your back. legalzoom. legal help is here. when you do business everywhere, the challenges of keeping everyone working together can quickly become the only thing you think about. that's where at&t can help. at&t has the tools and the network you need, to make working as one easier than ever. virtually anywhere. leaving you free to focus on what matters most. because

the germans, they have to vote on this deal and this guy right here, wolfgang shrauberg is surging hem to vote it down. basically it's the deal they wrote. he is the german finance minister. if they vote no friday, that would be the biggest jerk move in finance history. >>> other news that amazon prime day turned out to be a disappointment to many people. stuff nobody wanted. amazon said it would be bigger than black friday, one amazon user tweeted, prime day is like when grandma says help yourself to the candy jar but it has nothing but race ins and sugar free salt water taffy. >> i love salt water taffy, sugar free, though -- >> have as much as you want, sam. >>> a water war right now is officially settled, the southern california water district is going to accept, get this, more than $21,000 from tom selleck. selleck accused of using a tanker truck regularly to high-jack water interest a hydrant to his 60 acre ranch. the district says it happened more than a dozen times over the course of two years. >>> let's see if things are going to heat up out there today with meteorologist kari

into that mix it's interesting, if not somewhat extraordinary that the german finance minister, wolfgangho is very experienced politician in berlin suggest there is are many people, many people inside the german government who believe that a greek exit would be a better solution for greece and the people of greece. we believe he may feel that personally. but for him to say it in the current environment is not helpful to the greek prime minister attempting to convince the rest of the greek politicians that they, it is in their interest to push the austerity through. is it probably woenl affect the german vote on friday to restart talks, because the opposition is so strongly in favor of that within german government. but it may affect the greeks' ability to pass the austerity through. back to you. we'll watch the inner workings of greek politics tomorrow. >>> when we come back, a closer look at the $15 billion company often called, the amazon of india. flip card's chief product officer with us on a first on cnbc interview. session highs up 51 at 18029. but what if you could see more of wha

wolfgang says greece has not provided any basis for talking about serious measures to her the u.s. and cuba are taking another step toward normalizing relations. they will announce today the restoration of diplomatic ties as plans to reopen embassies after a total of 54 years. in the last six months the u.s. has removed cuba from the list of state sponsors of terrorism. it also made it easier for americans to travel to cuba. president obama will be making a statement on the opening at 11:00 a.m. right here today. matt: diplomats have given themselves another week to reach a deal on nuclear programs. john kerry in vienna, the russian foreign situation is moving in the right direction. the u.s. and other global powers want to prevent iran from nuclear weapons and they would ease economic sanctions. >> it is important because it provides a little extra breathing space. no one is under any illusions or trying to race to that day as sort of, i got to have it by. we could get a deal in two days, three days. we could get a deal on the seventh, or we could get no deal at all. that is alway

referring to two wolfgang schaeuble. guy: mr.eaking last night on state television and greece. what is next for the country? david powell joins us now. david, let us talk about this 60 billion fund that is designed to sell off state assets. we've all been following greece for some time. let us face it, greece has not -- greece doesn't have a great track record. how do we get from where we are to appear? david: that number appears to be realistic. today, about five years later, there pulled less than 4 billion. guy: talk about what could be sold. nice land just north of athens therefore they could sell that. david: there are three primary assets the greek government could sell. bankshares the problem is they are probably close to worthless. the government state and banks -- the government stake in banks . the banks closed, the value has probably nosedived. they have stakes in corporate assets. the problem is selling corporate step desk selling corporate assets in a depressed economy. -- selling corporate assets in a depressed econ

this -- "wolfgang schaeuble, the despised german.not say who the terrorists are, but most greeks know who he means." tom: he is the bad guy. brendan: dan alpert, westward capital we were talking about how tsipras is a leader. he needs a villain. is schaeuble the right villain? daniel: he's the perfect villain. he is representing a political constituency in greece. it is not exactly the same as merkel's. it is further to the right. he's trying to be the one defending a treaty drafted in the 1990's that quite frankly every member of the eurozone has violated in one way or another. consequently, he's making an argument that is difficult -- brendan: at the time, he argued for a tight core of the eurozone. not spain, not greece. just germany and benelux. daniel: if we had that today we would have a euro at 1.50 germany would not. enjoy the advantage it has. tom: pimco has said the same thing. very quickly, when i look at schaeuble merkel, they need to understand that the academics say greece must have growth. can germany impart nominal gr

the tensions between those two quotes from wolfgang, how they try to finance this idea? will there be a haircut a change in the nominal value? the budget they have submitted the proposal greece has submitted -- yes, it could be alexis tsipras caving. but it does not take into account the greek economy. everyone sits around in brussels on sunday looking at the numbers, are they using the old gdp projections? the factor in the economy has been in a freefall for two weeks because of capital controls they can take the old projections. but let us be clear, that is a giant mess. you are pretending that the economy has not collapsed, those numbers are not real. that is fine for negotiations. the question is can you sell those numbers to parliament? no one accepts that those 3% of surplus of what they are taking in, not including debt payments, those numbers are real once you factor in what has happened. that is really the quick question, real or fake numbers? and will parliament except the fake numbers, if those are the ones that use? anna: things moving fast, i know the imf sa

wolfgang schauble says, no, that is not even on the table.t the london school of economics joins us from berlin. this is something you have written about, particularly in the last five years. where is germany right now in terms of understanding its own history of debt relief? >> not very far, i am afraid to say. it is still news to most people in germany although i have been talking and writing about these things for a number of years now. i am not the first one. it is a known thing through this is not the only debt relief. germany already benefited from debt relief in the great depression in 1932. it was the cause it german economic recovery in the 1930's. brendan: germany is justifiably proud of what it calls its economic miracle over the last half-century. can we tie the debt relief it receives in 1953 from its creditors to the economic miracle? >> absolutely. certainly as a necessary condition. there were other things that were important, but it is important to mention how germany could have dealt with this side of the debt burden -- and

it was not directed by wolfgang schauble.hey have discovered a universe of characters, 5000 characters in the marvel universe. tom: i don't know. the movies have lost me, particularly in the summer. what else has lost me is i cannot keep track of how many republicans are running. ted cruz, jeb bush, donald trump. the new task is to win the conservative heart and soul of america. the moderate debate begins in eisenhower of america. when russell kirk insisted conservatives cannot be reactionary louts, he demanded conservatives apply a liberal deuce of modernity. arthur c brooks owns the high ground on this. so much to talk about with you this morning. what is your message within the conservative heart to the 47 people desiring to be the conservative candidate? arthur: if it is only 47, i am surprised. that means 375 have dropped out. it really is an incredible rate. conservatives believe in competition. apparently democrats do not believe in that so much because they are working for a coronation. i wrote a new book called "the

issues in europe, you might look at mario draghi or in germany, wolfgang choi. here, janet yellen.one in china you look to talking about this trying to support these moves? donald: china is run from the top. the president is the president of the country, the head of state and the general secretary of the commonest party of china, he has all the power. it is very pyramid al in that sense. just today, they put out a statement saying therey were going to step up their targeted controls. that sounds like command and control top-down management to me, not let the market forces blossom and lift to the economy. matt: we appreciate your time. great to get inexpert on this issue. -- to get an expert on this issue. for more on china, check out bloomberg.com. ♪ stephanie: growing in the u.s. 2% in the first quarter and all sites are putting to a rate hike incentive. the nyu professor spoke on bloomberg surveillance earlier today on what is driving the fed's timing. >> global factors affect what central banks do in the last couple months. the greek crisis has been reduced. the china slowdown i

tom: i thought wolfgang schaeuble said no haircut.an: let's take a look at our morning must-read. my comes from tony barber writing in the "financial times" -- brendan: first of all, i will say i will start using the word "kolotoumba" once a morning with tom. donald straszheim you are a china guy, but china has interest in greece. donald: they do. and china wants to buy interesting assets all over the world, so they would rather buy greece than buy greek assets. strong currency not so much. it's not like they are rooting for greece to fail. brendan: that is really an interesting way to look at it. we have been looking at the classic economic theory, that says basically you want to lower the interest rate and make your tourism and a sports more competitive. if all greece has to sell is greece itself -- vonnie, we have been looking at the 50 billion euros in assets. vonnie: they will not give away the crown jewels, but there are certainly think they can sell and people will be interested in buying. lesser monuments and maybe parts of is

geopolitical factors led her to have a decision to work with her finance minister, wolfgang schaeublething. to keep the euro together, you have to keep greece. vonnie: nouriel, what concerns you most? what areas most to cause market tension in the next several weeks? nouriel: i would say from a geopolitical point of view, the middle east, conflicts are not going anywhere, even with oil prices going south. i was a medium-term, china and russia, china and it will be an important thing. we will see russia becoming more aggressive. a political risk with it within the eurozone, you have many economies -- there is bailout fatigue in the core, and there is austerity, and the risk is that populist parties of the right and the left in italy, and spain, and france, could come to power. it is a geopolitical sport for the economy. tom: bnp paribas in the news today, one of your great and powerful phrases, if it is too big to fail, it is too big to fail. is deutsche bank too big to fail? nouriel: officially now it should be winding down orderly. i believe that if another financial crisis were to o