yanis for a caucus and his latest twitter stats.ack into. -- in two. ♪ jonathan: let's get to greece. greek officials holding talks yesterday. talks continued. the pressure continues to build on the greek administration to present a plan for more aid. yesterday dennis varoufakis -- yanis varoufakis mourn the loss. >> this is not a statement i want to make. i wish we had the drachma. i think deep down all member states of the eurozone would agree now. it was very badly constructed. once you are in you don't get out. >> bob parker is next to me. he made some comments that were in his words reported as astonishing propaganda by some members of the press. the bureau chief is joining us now. what a moment yesterday. talk about the controversy if there is any at all. >> it is clear he is paying the price of his overexposure in the media. let's remind you what has been happening over the past few years. greece has been borrowing from the monetary fund with superlow interest rates and super long maturities. he uses these funds to pay short-

yanis for caucus -- yanis varofaukis, the view that greece is not achieved sufficient fiscal consolidation not just false, it is patently absurd. relative to the rest of the countries on the eurozone referee, greece was subjected to at least twice that austerity. there is nothing more to it than that. peter orszag, you and janyanis varoufakis have two things in common. how hard is it for someone who teaches it to actually do it because it is not working out well for him? peter: the thing that is most clear about greece is that either the government is going to fail, or does going to find a new coalition. either way, there will be a new finance minister within two months. that is the single best bet to make on greece. it is hard to translate from academia to government, and some people do it well, and other people do not. admittedly, he is in a very trying situation. tom: there is a headline just out here, vonnie: yanis varoufakis says greece to steal deal by june 5. i think we have seen that headline. brendan: no we have never seen a date before. peter: whether it says june 5 or sixth, you

arafat this -- yanis varoufakis. at the same time he had kind words for mr. tsipras and said he is becoming increasingly sponsored will in discovering increasingly the magnitude of his task. more negative comments from this time unclear what this will do to the negotiating ross s but it does seem to add a little more drama. mark: -- negotiating process but it doesn't add a little more drama. hans: the other plan is to -- in swiss banks, that will be discussed here in the coming weeks yesterday they floated this idea of having a transaction tax at atms so that when you pull out 1000 euros you would get taxed on it or it what they want to do is funnel more purchases through visa and mastercard systems because that way you cannot avoid paying areas they have backed away from that idea of really putting the tax on atm withdrawals. i know you always deal in cash mark, but if you were to go to greece you can take out 1000 euros without worrying about your atm fees. mark: relief. we will see later. caroline: the irish gover

yanis varoufakis: let's say about a week.rancine: for more on all of this, to berlin and hugs nichols. what did -- hans nichols and what did we learn. you had one side saying it will reach of the deal and a commission being more pragmatic. hans: that has been the dynamic for a long time. a great deal of optimism from the greek side. and the other side least optimism. the lease in berlin and then madrid. what we learned from varoufakis is he was any kind of deal in a restructuring of the debt. he said he cannot foresee any new deal that did not have any kind of change on the overall debt. it could be a dealbreaker in berlin. uganda back the way of a referendum which had been gaining currency. francine, he kind of laid out his negotiating strategy. he explicitly did not rule out to the idea of "rift" with his partners. yanis varoufakis: our mandate is to negotiate. in a negotiation and any negotiation, if you're not willing to consider the possibilities of saying no to crate a rift, you are not negotiating. really requesting. t

why is alexis tsipras so committed to yanis varoufakis? he says what he wants but he's in a position of government. is this a game that tsipras is fully behind? why not change finance minister? nikos: i'm certain the greek prime minister has received the message from creditors, that mr. varoufakis' views are a liability for the country. the finance minister has been sidelined in the negotiations over the past few weeks. it has been the deputy prime minister and the deputy foreign minister who have taken the lead in the talks. since they have done so creditors report some progress in areas including sales tax reform, tax administration reform insolvency law, and so on. but mr. tsipras cannot ditch his finance minister formally because this would be seen as a concession to creditors. it is not something he can afford politically. guy: thanks for the update. nikos chrysolaras joining from athens. francine: joining us is bank of montreal's european head of x x strategy to talk about weakness in the euro and the greek drama. thank you for comin

finance minister yanis forest yanis fo ourafakis -- our guest says he may not have that long to make a decision. fail: greece is going to or make a new coalition. either way there will be new finance minister in two months. that is the single best bet to make on grace. deals onleaders want budget targets and sales tax rates. the two sides are meeting again today in brussels. and money managers at goldman sachs cannot resist the 10% yield on puerto rico's bonds. goldman sachs has almost bondspled its stake in since the island's credit rating was downgraded last year. had $1.4 billion of puerto rico bonds as of the first week of may. and snapchat's chief executive to turnegel has a plan his company into a real business. he has come up with a new pitch to attract advertising. have 100claims to million users and claims that its audience is bigger, younger, and more excessive than anything advertisers could get with television. evan spiegel is 24 years old and snapchat is valued at more than $15 billion. youra: you are so lucky daughter is not big enough to be on snapchat. pimm: i'm not e

yanis varoufakis gave a talk in athens saying how close they were to a deal. they said there is one red line on that, that the new agreement cannot be more austerity. budget discipline is being amended, being called for by the imf, the ecb, and the eu partners, the creditors to greece. in some ways, yanis varoufakis says the same thing, and in some ways we have the same redline. that is why privately we are seeing there is not a lot of optimism. brendan: the scramble is that it does not look like it is ever going to happen, and that overnight it has been last-minute. that does not seem like that is what is happening right now. do you get the sense from the people where you are in dresden that this is not going to happen by june 5? hans: i get the sense, but i do not want to fully acknowledge my cents on that because i have been wrong so many times. the first rule of a greek deadline is that there is no greek deadline. even the june 5 deadline we are talking about -- it turns out there is an imf procedure from the 1970's that you can look your payments together

in new york, brian yanis fox news. >>> and philadelphia's baseball team doing its part to help our fournds, as well. the phillies hosting hundreds every pets and their owners for their afternoon game today. proceeds from today's bark in the park benefit pennsylvania spca. hosting adoption event outside the ballpark, so some fans getting the chance to take in a game and then take home brand new pet. >> if following football news for us? >> eagles evan mat cyst still holding out. might already be time to move on. players preparing without him. and the phillies, women, they didn't have much bite today. almost got no hit last night. today the offense slumped again. aaron pitched great, but could not get any run support. that's next in sports. >> the phillies had a nice little six game winning streak about week ago and just when we had our hopes up, they lose seven out of ten now, in a five-game losing streak. to make things even worse can't even hit any more. almost no hit yesterday. and the game before that, well they score no runs. well, today against the rockies it was more of the same.

yanis varoufakis: i wish that we had the drachma. mistake this is not the statement i wanted to make. i think that deep down all member states of the eurozone would agree with that now. vonnie: yanis varoufakis has been moved -- has been removed from day to day handling of the crisis. a california man is suing huber saying that he cash is suing uber. he said that he came up with the idea and the technology. uber is in a new round of funding that may boost its valuation to $50 billion. the man who filed the lawsuit is a yoga practitioner and filmmaker who was -- who has previously sued two other tech companies. in the nba playoffs, a decisive game seven in the western conference semifinals. the rockets came from 19 points down to stun the los angeles clippers, 119-107. lebron james and the cavaliers have advanced to the houston conference finals. they beat the chicago bulls 94-73 to win the series 4-2. brendan: italy is ungovernable. the italian economy is unfixable until possibly now. gdp numbers show the most growth since 2011, the

yanis varoufakis has the full backing of the government.bundle imf payments towards the end of the month. the june 5 day when 300 billion euros is due to the imf is a firm date. the other thing we will be waiting for reaction on, mr. varoufakis spoke earlier and talked about the creditors being as succeeding. he wants to talk about restructuring longer-term debt. from the wolfgang schappell -- wolfgang schaeuble perspective that is more of the same. talking about a third program. interesting to see what kind of reaction we get today out of this meeting on that. francine: thank you. we will be live throughout the day with the latest on the g-7. we'll keep an eye on the fifa scandal, especially the impact on big-name sponsors like coca-cola, please and mcdonald's. putting pressure on the organization to resolve the scandal. unclear whether it will prompt world cup backers to pull out. peter goldsmith later on bloomberg. former attorney general for england, wales and northern ireland and the former member of fifa's independent governance commi

they found the body of jesse yanis' mother wednesday. >> i feel for the others that are going through the same situation and they -- may god be on their shoulder. >> forecasters say more rain is expected in the coming days and that the rivers could rise two more feet. in some areas. chris martinez, cbs news, wimberley. >> in houston alone floods destroyed 1,400 homes, thousands more lost in and around austin as well. >>> the attorney for former san francisco 49er ray mcdonald says his client did not know there was a restraining order issued against him. santa clara police arrested mcdonald yesterday, they say he violated the restraining order when he showed up at a home he was ordered to avoid. he was released on bail late last night. >>> this is his mug shot from yesterday. his attorney tells the mercury news neither he nor his client had been notified about the restraining order. he says mcdonald was at the house to gather evidence from his earlier arrest. >>> charges are pending against the man suspected in a chaotic crime spree across parts of the east bay. started late yesterday

. >> my name is yani hasalar and i brought some photograph that is i took of that particular lot basically. i was taking photographs basically just of the view over there but let me see here, okay, let me see if i can put it over here, okay. when you see a fence it's right above those words on the left and that is where that house is proposed to be built and it is supposed to be sticking out way above the roof line of the other houses there so as you can see, they're pretty conformed, all of a sudden, there's no proposed residence is going to be way taller, so at any rate, i just want to reiterate to you that the lot on where this new house will be built very obviously is so tiny because it was supposed to remain open space. i cannot emphasize that enough and the new house is literally going to be crammed into that lot, and today i brought these photographs which were taken a few years a i took them myself and they show the profile of the roof line of these houses on the same side of the street as the proposed property so if you could see this white house with the plans drawn on it it is g

. >> young as 4:00 us is known for -- yanis varoufakis is known for strong words.id he would reject any deal that does not help his country out of its economic crisis. he said that greece would have to borrow more money just to pay back installments due in july and august. there is no end in situ greece's debt crisis. varoufakis said he wants to push back the repayment schedule on 27 billion euros of bonds. he said that greece and the eu now have to pay for the bad mistakes made in the past. minister varoufakis: i wish we had the drachma. make no mistake, this is not a statement that we want the drachma. i wish we had never entered into this. deep down, i think all member states of the eurozone would agree with that. because it was very badly constructed. but once you are in, you don't get out without a catastrophe. >> a catastrophe is what all sides are trying to avoid. greece's future in the eurozone hangs in the balance. anchor: some relief in the cards for lufthansa. more from frankfurt -- >> these are supposed to be good times for many airlines thanks to oil p

finance minister yanis varoufakis told bloomberg there was common ground. mr.red lines are inflexible, guy: but there is common ground. guy: we got to athens and a couple minutes. in brussels, tom mckenzie is with us with the latest. talk us through the timeline. a more positive tone but a tight timeline. tom: they have managed to do it again, kick it into the long grass. a couple of weeks of breathing space for the greeks now that they have had this rapprochement as they are calling it. a statement that the ecb, which was preparing to tighten the screws to step back. we will get more clarity tomorrow when members of the ecb governing council meet to discuss that pension give the greeks -- meet to discuss that. should give the greeks a couple more weeks. refinancing of 1.4 billion euros of t bills -- in july and august they have about 6.8 billion. as the leader of the eurogroup told me, mr. dijsselbloem told me there is little time to turn this around. mr. dijsselbloem: the program runs out at the end of june. between now and the end of june we have to find an

yanis varoufakis has blamed creditors demand for more austerity for the lack of progress. saying their guard -- government will not accept a cure. in a moment we go live to our international correspondent. let's get the latest in athens. what is the state of bailout talks? >> it is another groundhog day in the greek crisis saga. the so-called brasses group have resumed talks today. the significant differences remain in areas including sales overhaul, labor market reform, and targets as the greek spokesman explained yesterday. the impasse continues for the fifth month. there are only five weeks left of the bailout. it reminds viewers at the end of next month, they extension that greece got in february for its bailout expires. after this, they will have no financing whatsoever. in this. , greece could strike a deal with creditors, have this deal approved by parliament and then lay the fine -- foundations for the new financing agreement which will succeed the current bailout. it is a lot of work to do and there is not much time. francine: nikos, bottom line, can greece haiti

that we are seeing a slightly chastened yanis varoufakis?ncine: i do not want to be too optimistic, but the tone is a little bit better. what finance ministers were angry about is the greek finance ministers giving them lessons in economy. so the tone is better. the tone can be better and they still do not have an agreement. what the european finance ministers want -- very quick we have the tone of talks getting better, but we also had the deadline today of greece having to repay the imf. we understand they have done that, but it is by using money from the imf itself. they are buying themselves more time. tom: francine lacqua, thank you so much. coming up in the next hour, we will look at the equity market. a chief u.s. strategist at citigroup. looking forward to that. so stay with us. bloomberg surveillance. good morning. tom: good morning, everyone. "bloomberg surveillance." summer is here, at least for a few days. as we look south everything in site is owned by bill rudin. he joins us this morning. the development of real estate on his is

yanis varoufakis says greece creditors have agreed on most issues.the officials there saying something different. after the break, cameron continues his euro tour. how will his negotiation go with angela merkel later today? we are looking at that after the break. ♪ jonathan: good morning and welcome back. i'm jonathan ferro. this is "on the move." breaking news in the last 15 minutes or so. ukraine's creditors of the to be offering the country an easing of repayment conditions. ryan chilcote, what do we know, and is it going to be enough? ryan: it won't be enough, but here's what we know. the creditor group says they are prepared to offer coupon cuts and an extension of maturity to the tune of 10 years. that would give ukraine about $16 billion worth of savings over the next four years. is this a game changer? not really. what it doesn't offer is the opportunity for the haircut. the ukrainian government has always maintained that there's going to have to be a haircut. they've already responded to this offer in the last 60 seconds saying, there is hai

followed by a conversation with yanis varoufakis. >> we welcomed in particular the intention of the greek authorities to accelerate the work with the institutions with a view to achieve a successful and timely conclusion of a review. >> the difference iss have been narrowing considerably. so when it comes to the fiscal plans for 2015 and beyond, there's been some convergence that we can now speak of differences that fall within the realm of fiscal error which is a good thing on privatization on npls, nonperforming loans on there's been significant convergence not total but significant convergence. >> the message is that progress is slowly being made but they're not there yet and time is running extremely short. the existing bailout package expires at the end of june. i think the key words there more time and effort needed to brick gaps, the gaps that were mentioned later in that press conference, labor reforms now the problem for the new government in greece is that those are austerity measures they promised the people of grease there would be no austerity measures but the problem is they

yesterday, yanis varoufakis insisted greece would make the 300 million euro payment to the imf. was contingent to the idea that they would have a deal and get fresh cash with which they could actually make that payment with it is a circular argument from the greeks. at the same time you had a german official saint that germany is confident that an imf payment will be made. they think talks and progress can proceed from there. we do not have a whole lot this morning on which to hang optimism or pessimism. everyone is sorting out these comments. we will see where the day takes it when everyone arrives in dresden in a few hours. jonathan: bacillus in athens. do we expect anything groundbreaking from the ecb today? vasillis: athens expects greece to be mentioned. the brussels group is where the group is at the moment. there seems to be little convergence at the talks right now. this seems to be convergence on the sales tax but that is it. it is not served by its creditors at the moment. we need an agreement by the end of the week with a deadline would fourth by greece and its credit

greek finance minister yanis varoufakis said that the two sides, the greeks and europeans, are almost i think we are very close. of course, intel the deal is done -- until the deal is done no one is sure. >> could it be a matter of 24 hours? >> a matter of about a week. erik: creditors want to see more concrete actions from greece. they want to see labor market deregulation and the pension system overhaul. until those things happen, they say they want release bailout funds. the world's largest retailer is hurt by the strong dollar. walmart posted profits that missed and -- estimates. the company is doing with a shift in how consumers spend their money. shares are lower in premarket trading. stephanie: americans spent more on their homes in the last three months. that boosted earnings at home depot. first quarter profits beat analyst estimates. the company was helped by the continued rise of housing prices and the early arrival of warm weather spurring people to work on their home exterior. regulators want to know whether fiat-chrysler is fixing safety defects quickly enough in million

yanis varoufakis insists that he has not resigned. the fallout in football.

futures in chicago pointing to a higher open at the start of the session. 121ar-yanis strengthening .52. a couple of close markets today. no trading in hong kong or south korea because of celebrations tomorrow for buddha's birthday. the consumer electronic show has kicked off its first asian event in shanghai. for global brands, it is a chance to get into the chinese market. it is also a showcase for up-and-coming chinese brands. it will reachast $155 billion this year. stephen engle to take us for a spin. unlike its bigger brother in lost vegas every year, which attracts 170 6000, this show will get about 20,000 participants. for virtual driving, the potential for sales in china is huge. it will not let me crash. new categories of gadgets, products not even on the market, will see a doubling in some sectors around the world. like camera drones to 3-d printing. one way for china to mass-produced cars. ultraearable devices to high definition television and video devices. this is probably the only time in china when i can stick a camera in someone's face like this. twitter, blocked in chi

yanis varoufakis gave a three-hour interview that ended this morning. let's go to hans nichols in berlin. hans, parse away. hans: we do like to parse what is happening out of varoufakis. good morning. all the optimism we heard from mr. varoufakis and him -- we don't have any confirmation from creditors at what we have out of this interview is a couple new redlines from mr. varoufakis. he seems to be backing away from this idea of holding a referendum. he said it would be "unfair" to the greek people. >> there is referendum, it would be a referendum on the euro, and it would be unfair for greek citizens to have to face such a dilemma an answer with a yes or no. hans: manus, it is a binary question. you look at the polling that has come out over greece, support for the government strategy has slipped to 35%. it may not be as strong as it was heading into these to negotiation's. on this crys crucial questions of the existing debt -- john barrow says they will not agree to anything unless they restructure the existing debt. the problem is that it means a th

yanis varoufakis speaking in athens talking about debt being redesigned and indicated singling out theond redemptions coming up in the summer. a suggestion he might like them to be pushed out. whether he gets that wish remains to be seen. francine: jonathan ferro with your asset check. telefonica has reported earnings to the spanish company beat estimates on the top and bottom lines. let's get straight to rhetoric up -- to trodrigo in madrid. how did telefonica perform in spain? rodrigo: on one hand, they were happy to celebrate for the first time since 2011 the number of -- which is used to measure performance. there is still a decline. the good aspect is that those declines are slower than they used to be. it is not as bad but it is still bad. that is a bit of contradiction the markets are showing the results are good but the market is a bit down. guy: what about the rest of the business? walk me through that. jonathan: the rest of the business seems to be solid. they had some weaknesses in brazil but the revenues were pretty good. they came out yesterday from their unit there. germa

brendan: we had this one little beat from yanis varoufakis that said it would happen sound like he hasat he is losing but wants to have a hot hand. francine lacqua says statements from the ecb are getting out in front of the possibility. tom: review this again for americans who are like, oh, i do not really care. it is a series of payments to the imf. brendan: essentially it is hard to explain, but greece borrowed money from the imf to pay back the imf, which is bad news. the bank a running out ofs liquidity. tom: we are waiting for walmart. let's go to vonnie quinn. vonnie: greek leaders believe a bailout agreement is near, but european creditors are not so sure. late last night, the greek finance minister said the two sides are close to a deal. mr. varoufakis: i think we are very close. of course until the deal is done, no one ever knows when the deal could be done. reporter: could it be a matter of 24 hours? mr. for there are caucus: -- mr. varoufakis: let's say about a week. vonnie: the controversy over hillary clinton's e-mails could drag into the election. and walmart, first quar

. >>> and yanis varoufakis said it would be a ka tascatastrophe. >> it is up to the institutions to do their bit. we have thet them 3/4 of the way. they need to meet us 1/4 of the way. >> on set with me now is julia to give us an update on the situation. mr. varoufakis not changing his tune very much. >> we've got 11 days between then and the current terms and obviously the brussels group are meeting to thrash out some kind of deal. they need to negotiate further as far as pension reforms are concerned even if they give them a bit of latitude as far as labor reform is concern because those are the two crucial red lines too. there is also a point of view that tsipras doesn't mind these voices. we only have to look at spain to look at the elections they have had. >>> from singapore, phillipe, good morning from here. good afternoon to you. do you think in the market at the moment, the risks associated with greece are they correctly priced in at the moment? >> well we are in a situation where no one wants to imagine that the -- that greece would exit from the euro zone. at the point we are

yanis varoufakis is again saying that all sides are close to a deal.e's saying that while insisting that greece will not accept recessionary measures area -- measures. the dynamic hasn't changed. what has changed is the sense of urgency, that time is running out. listen to how mr. moscovici put it to me. >> time is running short. we need to speed up in order to get to this agreement that we all want. although there are progress there is still a way to go. there is still some more progress to be done and some substantial reforms that need to be delivered to the country. that is absolutely necessary. hans: francine the sensitivity of negotiations have gotten to the point where we are parsing the difference between potential or possibility about the potential for a greek exit. i'm going to read the quote to you provided by the imf after some back and forth in the dispute about whether madame lagarde was misquoted. "i hope the europeans -- this idea that there's a distinction between a potential and a possibility gives you a sense how tense things are. we

finance minister there two years ago, and when you look at what he did to negotiate with europe and what yanisas done for greece, michael noonan worked hard to do what he could for europe and asked for small things and return and got small things in return. that was ireland's approach, but it is not mean they are not angry. prof. calomiris: the irish should be angry because the irish deal is now called the irish error. where was germany's pressure coming from? not to impose losses on the holders of irish bank debt. olivia: private holders. prof. calomiris: right. german banks held 6% of german gdp of irish bank debt in 2010. italian sovereign debt in 2010, and 6% of german gdp in the term of spanish debt, and they wanted it to be borne by someone other than german banks. brendan: greece has a great problem, ireland had a property market problem but ireland bailed out europe. it is basically them bailing out senior bondholders. tom: brendan, go to this "irish times" article. explain the purpose of this. brendan: i have been to ireland a couple of times and what i have not seen if the change in

whoever won american idol his name is nick fab yany. >> and good for him.. >> this is the last go around. for american idol. >> you know what if you can say you had that kind of a roll and a run, you know what -- >> i think it was when simon cowell left. simon cowell was so he was somebody who you look for, the answers you wanted to see. said what everybody was thinking. but also paula abdul. >> paula added to it too. she was nuts. >> it was like on paper, what that's your casting, but monday night football howard and don, and you go how does that work? >> isn't chemistry a funny thing? >> look at you and me. >> yeah. >> let's play a little zach brown. >> okay. >> this is my ihoda play list. i decided to play zac brown band. every time ier that it puts me in a good mode. ♪ i got a feeling, out in the countryside ♪ ♪ lay back and smell the sun ♪ ♪ warm up the georgia pine ♪ ♪ feels so to be taking it easy ♪ ♪ why would i ever leave ♪ ♪ cause i know i got some good friends that live down the street ♪ ♪ got a good looking woman with her arms round me ♪ ♪ here