wolfgang schaeuble is a true believer. he honestly thinks you can create a viable european union by pushing incompatible economies together. it is not going to work. it has destroyed so much trust, so much within europe, and alienated countries like poland, like britain, who are out of the euro, who are now very -- they are scared. the true believer is almost tragic. the true believer, schaeuble, is destroying europe. peter: therefore, must the next step for the german government be to get wolfgang schaeuble out of the picture, because he has become a liability in european relations? alan: he is so old, he's going to be out in a year or two anyway. it is necessary for the german government to develop a new vision for europe which is more inclusive. ursula: but why hasn't the german government -- it is a strange image to create. alan: i wish it were britain, quite frankly, but david cameron seems to the totally disinterested in europe. so who is there? peter: this is the big problem, germany is leading because the other gre

hans nichols in berlin on the latest from wolfgang schaeuble.ine: a great interview that he gave. coming up, we have more to talk about with glencore and shareholder activist trying to get a little bit more. of course, it has scrapped some of the subsidies for oil. what does it mean for dubai? we discussed that next. ♪ is trading near its lowest price in six years following speculation that the global glut will be extended. francine: it is had a severe impact in the united arab emirates which has been forced to take measures to boost public confidence. let's find out more. what has the uae decided to do? month, the uae took the decision to remove subsidies that a given residence and its nationals. every month it is going to be setting its price to global prices. so now this month, for august, prices have risen 24%. now people have to pay 58 cents per liter for gasoline. this is the big stuff. the imf has long been recommended that the uae and other gulf states to take this step so that way that money can now be used for investment and also towar

wolfgang schaeuble kicked it off.ve an obligation to greece to give them a second chance, at the same time he offered no guarantees this proposal, this 86 billion euro package would work and he repeated this idea that there would not be a debt haircut tr greece and hinted, suggested there is really only so much you can do on reducing the maturities and debt burden by dealing with maturities a little bit. we'll expect the final vote here in about an hour and then the vote in the netherlands. that could be tighter. it is also expected to pass there and then if it passes the money gets shipped out the door. 26 billion the first trench and 10 billion will go to recapitalize banks. francine? francine: austria, estonia, spain, all passed the bailout yesterday leaving three votes including the netherlands. anna: yeah, the netherlands one is interesting. they said they were not giving one more cent to greece. 5 billion will be their share of the bailout. the far right wing, say that i had they are going to call a vote of no c

caroline: in a letter to parliament, looking schaeuble asked -- wolfgang schaeuble asked lawmakers to back. despite the lack of commitment from the international monetary fund. german parliament will vote on the bill on wednesday. guy: this is the first time in three years this has been achieved. the company halted arctic drilling in 2012 after the obama administration was prompted to revisit u.s. rules for activity in the region. caroline: let's turn our attention to the u.k.. zero inflation. that is what we are likely to see when we get inflation figures this morning. it is a figure that will be closely watched by mark carney. >> ultimately our objective is not to have inflation at 0%. we're absolutely symmetric and our job is to bring it back in the genitive of the community is to bring it back to that 2% target within two years. >> the bulk of the shortfall can be explained by the sharp fall in the prices of commodities and other imported good since last year. this temporary period of below arget inflation has provided welcome boost to to real incomes. >> the near term outlook is

wolfgang schaeuble. pass, 26 billion gets released pretty quickly. 10 billion goes to bank recapitalization. then we start having a conversation about whether the international monetary fund is going to stay involved. all they say is there needs to be substantial debt relief. in germany, they continue to pretend this is an easy thing to get even though they are only talking about extending maturities. the average maturity of greek debt could be extended to have about a 60-year maturity. merkel,ans, angela she's going on a hiring spree and looking for staff. hans: this is a great story. they are talking about austerity, preaching austerity in athens, and yet at home they are looking for household staff, drivers, and civil engineers. you and i are going to be drivers. we will turn it into a sitcom. an irishman and an american driving angela merkel around. we won't bring francine and because we know she would be the civil engineer. she's very good at math. francine: i'm not sure whether it is a comedy or dr

reporter: it was finance minister wolfgang schaeuble, not the chancellor, who opened the debate. his appeal marks a turn from one month ago when he was still calling for a temporary grexit. >> in light of the fact that the greek government has already passed a majority of the supposedly reforms they would be a responsible not to take advantage of the opportunity to give greece another chance. reporter: germany's left party refuse their support out of principle, saying the deal undermines the very foundations of democracy in greece. the real problem is that the greek government is now forced to consult with these european institutions before it can even discuss any new laws openly, let alone pass them in parliament. that destroys parliamentary democracy. we cannot support it. reporter: most members of germany's green party supported the rescue package but criticize the way the german government negotiated the deal. >> this isn't about having generous or severe reforms. it is about implementing reforms that help the greek government and help the greek people. reporter: in spite of

reporter: it was finance minister wolfgang schaeuble, not the chancellor, who opened the debate. his appeal marks a turn from one month ago when he was still calling for a temporary grexit. >> in light of the fact that the greek government has already passed a majority of the supposedly reforms they would be a responsible not to take advantage of the opportunity to give greece another chance. reporter: germany's left party refuse their support out of principle, saying the deal undermines the very foundations of democracy in greece. the real problem is that the greek government is now forced to consult with these european institutions before it can even discuss any new laws openly, let alone pass them in parliament. that destroys parliamentary democracy. we cannot support it. reporter: most members of germany's green party supported the rescue package but criticize the way the german government negotiated the deal. >> this isn't about having generous or severe reforms. it is about implementing reforms that help the greek government and help the greek people. reporter: in spite of

-- for madame lagarde and wolfgang schaeuble and the rest?mmediately. i know what you do when you wake up, get a cup of coffee and opened bill or what is the sentiment? a badyou do not want deal, you do not want to do it in haste. if a passive in brussels on friday, we just heard from a member of parliament, we will potentially have a vote tuesday, wednesday, thursday of next week, so maybe i will be live back in berlin and we can narrow things. tom: your eight-weak european vacation. hans: [laughs] tom: excuse me, nine weeks. brendan: if you are so audacious as to take five days of vacation. time to answer our reporter question of the day. is china fighting a currency war? raging, comes the answer, they will do whatever it takes to help inspire the economic powerhouse of asia. bullish u.s. dollar. tom: neil dutta? neil: it is not a currency war as much of it is a deflation. tom: do we get a reuben dollar we saw in the 1990's, and does a net yellen have to -- does janet yellen have to adapt? neil: by the logic of some, if the dollar continues

she did get a vote from wolfgang schaeuble, her finance minister. he gave an interview.after truly arduous negotiations in greece, they now know the country cannot get around real and far-reaching reforms. in some ways, you see this in athens and here in berlin, they are pointing back to how difficult these negotiations are. it passed athens. it will likely pass here in berlin. it has a couple other parliaments before that first tranche can be put out the door to repay that ecb loan on august 20. caroline: hans nichols in berlin. thank you very much indeed. guy: data as well coming out. we have been talking about glencore. we've got a report coming out 7:00 a.m. u.k. time. that will be gone through with a fine tooth comb on a number of levels. this is the largest supplier trader of global commodities. the federal reserve will release its minutes for july on wednesday. we were just talking about the glencore reporting that we are going to be seeing. to what welook ahead are getting at 8:00 a.m. it is not jonathan ferro. mark barton taking the helm. mark: good morning. big

guys like jack lew will be there, wolfgang schaeuble will be there as well. a little bit more clarity from the fiscal front versus the monetary front. a lot of central-bank chat throughout this week. eurozoneof today, inflation. mario draghi will pay attention to that one. gdp numbers as well. look at the long data at india's bond market. people are buying out of anticipation but maybe we will see the governor of the central bank in india following china. plenty still coming up the rest of the week. theng up on "countdown," chinese fallout is continuing. the data out of japan today are weaker than anticipated. we will go to tokyo next. see you in a moment. ♪ >> the distance that we have traveled, as well as the current outlook for the economy -- both of those would suggest to me that the timing is close. course, atlanta fed president dennis lockhart saying array kite -- saying eight rate hike from the fed is close -- saying a rate hike from the fed is close. it is 6:15 in london. london is closed today. it is a bank holiday. no trade out of london. let me tel

hans: we're waiting for wolfgang schaeuble to get back from vacation. for , mr. jeffrey rosenberg, your immediate expert is china, with blackrock. ex ordinary day. you go to bed and have no clue -- brendan: i think when we look even the common factor in greece, when you look at their economy and what it has done to the rest of the eurozone, deflation, deflation, deflation. next move is in the eccles building. tom: next move is sitomer 17, particularly with what the bank of england accurately continue with "surveillance" on radio. next.t makers" is good morning. ♪ >> live from bloomberg headquarters in new york, this is "market makers." stephanie: good rainy tuesday morning. it is august 11. you're watching market makers. i am erik schatzker. if you do not think this feels like august, you are not alone. the news got are smiling today. google reorganizing its business. stephanie: we will talk with one goolsbee.ustamnn he may have an opinion or two about donald trump. erik: we get -- we begin with a big step by china to boost the economy and perhaps get i