we go germany germany, germany, greece, greece, greece. there are other members of the euro. i am assuming they are is limited -- they are as limited as everybody else. >> i never understood angela merkel. she has been the most popular leader -- why she hasn't talked to the german people. if it hits europe, it will hit your jobs, too. i am not a political advisor to germany, but more -- it is pretty simple when you put it that way. your jobs are on the line if europe has a problem. tom: buying time until after the july 5 referendum, coming together for restructuring. jeffrey sachs will join us coming to us from ecuador. his op-ed this weekend was skating. leslie get the tweet that went out. the u.s. has shown -- let's get the tweet that went out. germany has been strenuously resisted. tom: one and the advantages -- one of the advantages of bloomberg, using timing, talking about weeks, days, seconds. we are in the last milliseconds to talk about solutions. many disagree with mr. juncker, that there is a timeline here to come to a successful conclusion. a raging debate as greec

and looking at greece's uncertain future. the reform proposals and don't want a new agreement with greece's creditors. there is a growing sense that even when they are working the most they can draw in a day is 60 euros. >> i need 20 euros to buy medicine. i don't know if i will be able to. people have to heat -- eat and drink. they have cut our pensions and now this. >> i am against europe. it makes me very sad. >> it is terrible and very cruel. everything is closed. maybe not even when it reopens. >> groups are forming to approach the pros and cons of the referendum. many locals rely on it for income. >> and right now, people think it comes here -- they are not going to have any money from the banks. cncom of greece, if you take out it, you have nothing. and they come here with their own money. >> it is a lot of news in finland. we took some more cash with us and we hope we are stable and and long term, i hope that they will be ok. >> it is the only point that the politicians, creditors and greece seem to agree on at the mo

banks are closed in greece. atms and he and tourists are stranded as the country teeters on an exit for an exit from the euro zone. ashley webster on the ground in athens right now. good morning to you. >> good morning, maria. another small in. the lines were longer earlier this morning as people continued to get out their 60 euros per day. certainly no mad dash, no panic in the streets. please don't report that everyone is fighting each other to get money out of banks. that's not the case. he is right. it's all very orderly. the big question is what happened next for greece. the great prime minister alexis tsipras maintained his anti-austerity stands saying we shall not negotiate, we shall not be humiliated. he went on to say the great people want to have a humiliated trimester there's a lot of them out there but it won't be me. we have had some reports in a few places this morning. the greece may consider a legal challenge to what is happening within with regard to the e.u., maybe suing the ecb or the e.u. com

it is also a agile situation for greece at the moment. -- a special situation for greece at the moment. i would not want to speculate, and if somebody wants to talk to us, we are prepared to have those talks at this time. scarlet: next week will see a moreof whether they want eight. prime minister alexis tsipras says to vote no. supreme court justices stroke -- the ruling for mercury and acid gases. that led to the closing of dozens. was two minutes into its flight yesterday when it blew up. it was carrying supplies to the international space station. is installing a new feature on the iphone. apple suppliers have started making phones that include for stretch, which senses how hard , whichre -- forced touch senses how hard users are pressing down on the screen. markets are closing in europe. we need to check in with bloomberg mark barton in london. mark: it is a countdown to referendum. a couple of major hurdles along the way. the imf debt repayment, and the deal on the second great bailout all on the 30th of june. what a day. no trading on the athens stock market. not only are the ma

greece imports all the basics. if they exit they won't be import ago thing because there will be a period of time, maybe months, during which they will not be able to pay those who are exporting into greece and, therefore they won't export into grease. there will be food, fuel shortages it will be truly dark. that realization -- >> unless a parallel currency. >> rose: make the point, the parallel currency argument, lionel. >> well, yeah i mean, again this may not be so black and white as we see it. parallel currencies as we know from tarnlg tina case, they're not an easy fix. but you might imagine for example, that for certain transactions high-level transactions, that the euro could be somehow used within a drachma as a parallel currency. this is all corchlcated. i'm saying i couldn't imagine a situation where greece is literally thrown to the wolves for six months while they try to put this all back together. >> rose: that opens a question i'm especially interested in. if they do that, what might russia do? >> th

negotiates hard over greece. european finance ministers meet to try to stop athens from leaving the eurozone. the afghan parliament comes under attack. taliban gunman storm the exoined where lawmakers were meeting. and returning to white force village. in so years the rural chinese community has been transformed into a modern city. we look at the changes. >> welcome to our viewers on public television here in america and around the globe. in every greek drama there are plenty of twists, and today there is every sign that athens and its international creditors are hammering out a deal to avert a full scale financial crisis. the greeks have a little more than a week to avoid defaulting on debt. as the meeting in brussels ended, angela merkel said intensive work is needed but e.u. leaders need to work for a deal. here is our report from brussels. >> it has felt like a never-ending saga. but now the end may be looming. greece really is running out of money. it could default on its debts in days. germany, trying to av

is it greece? tom: of course it is greece. francince, the gentleman who came up with the phrase "grexit" will join us. he has steamed back to greece staying in the euro. you will see someone like mohamed el-erian respectfully disagreeing. daniel juergen will join us. i am fascinated about iran, the oil. jonathan ferro mentioning that china is the other story. over here, puerto rico is a huge story. if greece did not exist trust me, that would be our top story. francine: you are absolutely right. on iran, you need to keep -- we need to keep a close eye on it. the inspectors are not allowed to look at the facilities. it is going to be a great show. tom keene and "surveillance" in 25 minutes. today's headline on iran. talks in vienna are set to continue after midnight. u.s. and european diplomats are confident a group can be -- an agreement can be reached in days. elliott: talks brinkmanship, and a dramatic venue. that sums up the negotiations on an iran nuclear deal. as the deadline approaches, we may be in seeing the same. worl

greece is a special case. i do think that we need to be careful if we say in effect this is manageable contagion. the shop of the greek exit, they would still be in the european union. leaving the eurozone doesn't mean you leave the european union. it would be a tremendous shock and a huge setback for europe's leadership. charlie: i don't think it is clear there will be a greek exit from the eurozone. charlie: even if they default to the imf? roger: that can be financed. it can be financed. if the greeks vote yes on the referendum, and i don't have any idea, we will see over the next 48 hours, it is a task to hold the referendum. i've heard people express skepticism. ifi think greece. in the eurozone. there is the possibility between now and the referendum that greece returns to negotiating table faced with the reaction of its own people to the idea of being unable to access their own money and to banks being closed for other services. in terms of living standards, if this thing does unravel. i don't think it

greece, is the u.s. greece? puerto rico is pretty close. what happens in the muni market? do we need to worry about contagion over here? >> i think they're under control in some large respect. in puerto rico, most borrowing municipal in terms of capital in america, eight times the face amount what detroit had, this is a big deal. they owe $72 billion. >> right. >> i think there is a workable solution here. puerto rico is not able to file for insolvency proceedings. that is hammer municipalities have, like detroit or private companies. that is the template how these things get done. lacking a hammer it will be white challenging because there are numerous creditors and municipal borrowers in puerto rico. i think there is a way to impose order on that chaos. i think it is very important. there has to be sharing of the pain. folks who own a debt. a lot bought at deep discounts. they're expecting things might not be incredible rosy. they need an overall solution. you can't keep the debt propped up. there has to be recognition what puerto rico can afford to do. >> how is that tr

greece greece. he wants to go back to building his federal europe. he believes in this. he grew up on the french border and speaks french and believes in the reunification and the reason he is saying enough is enough is he wants to go back to the project and greece is ruining it. if we even give them a deal that can basically be done and papers over and kicks the can down again, do we want to? are they going to implemented it and are we going to be back here in three to six months. >> we have to wrap up. the only way we get a deal here yes or no. >> i think that's what happens saturday. >> the greeks capitulate on saturday. back to you. >> thank you for that. let's get a view from athens. steve is on the ground there. regardless of that we come back to the same position in three months time. are you looking forward to going back to athens? >> i'm very happy to come down here. i enjoy my trip down here however i have a lot of empathy for the people down here. they have gotten themselves in this pickl

greece having difficulty. there are people who look at detroit and greece and puerto rico and they see this theme around the world of governments that promised too much to their pensioners and haven't been setting enough money aside to pay them. that is a chrisrisis. >> that country on the brink of collapse. >>> deadline. the world powers are extending the nuclear powers. john kerry met with the financial ministers on saturday and sunday. he says there is still work to do. a senior official says any extension will last a few days. our senior correspondent nic robertson is in vienna. good morning, nic. >> reporter: good morning, john. that is the hope that the foreign minister in tehran is back here tomorrow. the deadline clearly cannot be hit, but a hope and aspiration that the gaps can be closed over a couple of days. why are the gaps suddenly opened? you had three months ago an agreement in switzerland that was supposed to provide a stepping stone to the final agreement right now. what happened in the past w

that greece was left isolated. everyone we spoke to said they were taking money out of banks and storing it in home in contrast people i spoke to this morn. i was tonight, there was a pro-government really. there supporters to the streets saying that they wanted the government to hold their ground, no concessions. people telling me that things could not get worse than they are with tax hikes and pension cuts, 44%. some people not even getting paid for months at a time. how much worse can it get? but i think there has been. a mood shift in the last three days and greeks who once held a glimmer of hope that a deal could be struck now see that there is a very real possibility that -- of a greek exit, and that anxiety is palpably there, but there is no panic yet. people are glued to the news. it is all they talk about. all taxi drivers talk about. and there y're pinning their hopes on some positivity from the emergency summit on monday. francine: thank you so much. now of course, that brings us to today's twitter quest

greece must remain in the eurozone. the doors to open to greece negotiations. interesting comments coming in this morning. the european commissioner resented the most -- presented most recent plans they have been working on. seems to contrast with the most recent plan the greek government . plenty more developments coming through. we show you the asian markets. the contingency we are seeing. the shanghai composite down 4%. it was done earlier in the trading day. we're getting comments from the regulators this morning. talking about margin trading. that has been a concern were regulators. they are saying margin trading is controllable. we saw the central bank in china moving -- trying to boost the economy in china. here are some of the stories you need to know. greece is taking drastic action to over the collapse of its banking sector there as it moves close to an exit from the euro. banks are shut until next monday and capital controls imposed. customers could which raw only's 60 euros a day -- could only which raw 60 euros a day -- withdraw 60 euros a day. a n

will greece default? mike holland of holland and company coming right back for the final guess on all that happens with our markets. dow jones industrials losing 314 points. . . liz: i just want to quickly as we bring back mike holland. there was a question to alexis tsipras, prime minister of greece. any elections before the referendum is held. if anyone calls me i am here for them. they called. they have been calling for five years, michael holland. is his window fast closing? >> of course. you had one of the great interviews of the day with john lipsky a little while ago. the guy was head of imf. used to be chief economist at solomon brothers. very smart. this is serious thing. it will happen. liz: he says simply this will get more chaotic. look at crowds outside of parliament. you wonder what happens when nobody can even get 60 euros or $66 out of atmss, let alone petrol. >> any investors going to greece because it is opportunity, be careful day-to-day how you do things. you can't do things there with

plus greece in times of tragedy. talks are going nowhere, fast. >>> this is your brain on bias, unconscious bias, it looks normal but scientists say many of our brains are packed with unconscious subconscious negative views of women and minorities. negative views are often formed by years of exposure to cultural stereotypes or facts in the media. consciously, many of us find thee views deplorable and many of us believe that biases take up any space in their mind. guess again. unconscious bias is how we do with information overload. the human brain stores 11 billion items but we can only process so much at a time. unleashed outside the brain those shortcuts can lead to discrimination. some people suspect that unconscious bias played a role in the deaths of michael brown in ferguson, missouri and eric garner in new york. those are two of the recent cases of unarmed black men dying with encounters with white police officers and they have sparked responses to combat bias in law enforcement. but it's not just cops who pla

greece playing into selloff in equities. [closing bell ringing] closing bells sounding on wall street. we'll let you know how we did. >> a lot of back and forth today, as we got all the new headlines coming out of greece. but as the prime minister spoke certainly the markets trended lower. let's get to trading floor. larry levin, joining us at the cme in chicago. we want to go first to nicole petallides at new york stock exchange. nicole, was the selloff overall from what you're hearing from traders fueled by greece? or was there another underlying theory for the market today? >> they tried to buy the dip early in the morning. it didn't work. as the headlines came out this last hour, it only accelerated selling. chief technical levels some traders were watching on s&p 500. 2068, 2063, as we went below there we knew another leg was down. dow jones industrial average closing down 350 point with most economically sensitive sectors leading way lower. financials for example. safe haven ever bonds, down 2.33%. that is where we are

greece has gone beyond that. trish: when you look at specifically a greece, they're talking about sort of the recipe of disaster for your books they want tax hikes. at the same time, you have the europeans saying no, no, you can't do tax hikes, we want you to cut spending. they're looking at austerity, potentially tax hikes. are they going to dig themselves into a deeper mess? >> they may. i don't think there's much deeper to go to be honest with you. have you heard of economies being taxed into prosperity? about as dumb a thing i can think of. if you tax people who work and pay people who don't work, don't be surprised if a lot of people choose not to work. that's exactly what happened with greece. it's gone full circle and the checks have come due and it's over. and i think it's a very good sign and the sooner this happens, the better. once we get back on a growth path, the world will be a lot better. if this is 1978, 79, 80 all over again, trish. the beginning of the new era. the "new york times" economics is

another one is greece. what is your new new take with bank of america/merrill lynch -- has moving forward unraveled in the last two days? david: most people think there can only be one of two outcomes when it comes to greece. either they will come to an agreement in the last minute or -- i think the first scenario is more likely, which is basically a gray area that they are basing post capital controls on default. tom: i will go with that. here's the rate of change. in the two year yield, we have gone from 22% to 32% in the last few days. -- from 20% to 30% in the last few days. i have not seen the -- i would suggest market vigilantes are betting something to happen soon. do you agree? david: yes, but i do not have to tell you, the past three days the euro has been trending like a big. the reason is because in the last five years the debt ceiling crisis, the first european crisis people were shorted possible policymakers. this time around, the market is simply too afraid. the writing is on the wall that the

joining us from greece. it will being cradled be -- it will be an incredibly busy morning paired with think it is midnight athens time around 5 p.m. in the evening over again washington paired that has increased -- crucial. back to you. anna: yes, we will see. it is 21 minutes past 6:00 paired leading up to crap the patrol. of we have chart of the impact on the cities in inhabitants. let's listen. >> 50%. this time, it is 80% there because i don't have any money. >> i would take how much it takes the take a taxi. the way for the bus about 45 minutes to an hour. what do they going to do with their money. if they have money for five days or more. >> next week if we are not paid by the government all pharmacies will be affected. next week we are in europe or not. they will have the money to pay. we will see. >> in general, you are amounts of produce -- fewer amounts of produce. these last days, the problem seems to be worse and worse. >> we have the same amount of tourists. i am not concerned about two pourists

rishaad: to greece. people waking up in the next couple hours, day two of their reality as their life savings are out of reach, stuck in the banks are prevented from leaving the country. there is an imf payment in the prime minister's daring his country to throw them out of the common currency. first point, greece has shut down speculation that they weren't reducing the euro limit to 20 daily. that is not true it is still 60. they downgraded their ratings on greek banks to restricted default. most of the concern and expectations can, will and should be able to bring in any kind of follow. from alexisnts tsipras exuding confidence that the rest of europe knows better than to kick greece out. >> greece has made an ultimatum including terms and conditions that do not abide by the mutual respect defined by the european framework. just a few other things, $1.7 billionhe imf which the prime minister says they will not be paying. second the finance minister was getting mobbed behind me by reporters telling the

>> greece is not a financial event. greece is a media event. greece is an itty bitty tiny country having a temper tantrum. we do what we've done. greece is not important to us. >> if greece leaves the euro zone, it will be significant with regard to the viability of the monetary project. do you think it has political complications? >> it may have political complications, but this has gone on so long i'm quite sure that both the central bank and the euro zone and the major players in the euro zone have some strategies. there's a reason why the euro went up against the dollar this week, today. europe does not believe this is going to reversely impact them. it's going to impact greece dramatically. that is very sad. it's not going to impact the euro zone. >> rick when i checked the markets last night i heard about the rate cut in china. china was up briefly. then it fell out of bed. the euro with all that was going on in greece was falling. treasury yields were going down but things softened a bit today. we are back to $1.12 on the euro. we are ba

potentially even greece could remain for some time. >> greece may read -- may remain in the common currency but one diplomat said that the crisis will leave scars that will last for generations. >> this will split families. friendships. is this is. right down the middle. it will be very, very difficult. these groups will hate each other for generations. it is a really, really difficult decision and it is about not only greece and europe but about you throw the nation. >> pine ridge investments will cause more turmoil in greece. >> he was unprepared and uncooperative. they did not communicate well with these decisions. i think that the longer-term implication is the european community suffering more. >> that was the word from asia on greece. in other news, the crisis over faulty airbag is weighing on honda from last year it's down by 7% because of the cost of recalls with operating profits coming in at five ill you and dollars, maintaining their forecast for this year they have affirmed and eighth fatality in a honda quick with a tech, airbag -- honda equip with a to caught up -- takata airb

he is saying that greece could go. he also did note that the referendum -- if the referendum should support the creditors proposal he sees room for political solutions coming out of that. he is not ruling it out yet and that does suggest that the ecb might be minded to wait in the referendum until deciding what to do. there are a lot of butts, but that is a possible outcome. jon: let's get the investor take. a global market strategist for jpmorgan in europe. you talk about imf and the consequences of missing the payment. join a club that involves sedan somalia and zimbabwe. not great for europe occasion to talk about the immediate financial consequences. guest: the question is whether or not ecb will perceive this as default to the imf. but i believe they will wait for the democratic process to take place and the decision is taken at the political level. in the end the only institution that can affect the solvency of greece is the ecb because it keeps the financial institution float at the moment. as long as it will be

how much time does greece have here? shery: we have been talking about how much time greece has for some time. at least for now, they have one deadline coming up on friday. that is $329 million to the imf. analysts say in greece probably has the cash to avoid a default then. of course, we have more deadlines ahead, totaling about 1.78 in dollars just in june -- $1.78 billion in june. they have told greece you need at least a technical agreement by the end of this month if they want to get a disbursement approved by the eurozone parliament. after they have a technical deal, finance ministers will come together and try to free up those resources. tsipras right now without being able to move forward the negotiations with creditors is hoping to get some help from the german chancellor, the french president. they already held talks on sunday. officials calling it constructive. hollande and merkel are supposed to be meeting today to talk more about greece. rishaad: thank you very much indeed for that. angie: the annual defense

a greece finance minister yanis her caucus -- but greece finance minister yanis varoufakis says greece is refusing to raise taxes or make further cuts. house republicans want more time to revise president obama's trade agenda. the committee delayed another trade vote until the end of july. it involves a bill that will compensate workers who lose their job because of free-trade legislation, and one ceo, jeff and melt of general electric, things -- jeff immelt thanks the u.s. needs this and talked about it with charlie rose. jeff: in two weeks, our export is expiring full so we are the only country on earth i will have those two things happen and they will both happen in the next two weeks, so i would say to people who are watching the show, guys, we can compete. this is a job creator. people think trade bills are for people like ge. i can globalize without them. vonnie: and you can see charlie rose's entire position with jeff immelt tonight at 7:00 eastern on bloomberg tv. goldman sachs has been for wall street, now it is turning to main street. they plan to online land for consumers. g

what happens politically on the ground in greece? we saw what happened when he moved for a referendum. a no-confidence vote on the heels of it. there could be a lot of political volatility down the road. we are concerned about the markets as well. alix: i believe we have a live shot of the greek prime minister in an interview where he puts the ball back in creditors' court. paul, do you agree with hans? he is going to keep holding greek debt. is this a time you want to be buying on this kind of dip? paul: we are not that brave. this has all been political. people driving the debt now, they are the voters or political face of the rest of europe. if there's going to be a haircut to the official sector, at the even though bondholders have taken a haircut, i think there is a high probability europe would want the private creditors dinged again. we are not as brave as greylock with a slightly different investor base. alix: thank you very much for staying up so late with us. thanks for being here. joe: coming up, we ask jerry -- jeremy sie

continuing to watch greece. air of optimism at the bank of japan seems to be winning over the critics. of consumers expected to rise 5%. that is more than the banks's target. they see the doj will continue easing until inflation stabilizes. earlier, there is no reason for the yen to drop further. that comment push the yen up. >> the pace of the foreign exchange rate, different factors move currency rates. the finance ministry may intervene in currency exchange markets when necessary, but the bank of japan monetary policy is focused on price targets and stability. yes trillion dollar is likely to fall below $.70. blackrock may be forced to cut interest rates due to weak capital spending. 17% but remains higher than where the central bank wants it to be. china's output, for the first time, is the bull market, driving up costs and squeezing profits. the china iron and steel association expects out -- output to fall 2%. producers are being hit -- hit with rising costs. iron ore prices up 19%. taylor swift says apple

greece, greece greece -- will suppress resign? it will be interesting to see sunday night into monday, what our team in athens will have for us. stay with us. with willem buiter, this is "bloomberg surveillance." good morning. ♪ tom: good morning, everyone. futures are up 15. greece german spreads widening significantly. here is vonnie quinn with top headlines. vonnie: some two dozen washington state homeowners have nothing but smoldering ruins for their houses. a wildfire could not be stopped before it reached their town about 120 miles east of seattle. several businesses were also lost your the fire was brought under control after scorching four square miles. after four days of losses, the shanghai composite rose 5.5% and it had the biggest intraday swing since 1992. before today, the index fell 20% since the middle of the month. there is speculation the chinese government will take steps to defend market losses from worsening. at midnight, atomic clocks will pause for what is being called a leap second. the earth's rotation i

that is that it is up to greece. we have a very clear and now it is up to greece. guy: thank you very much, hans nichols. a little later on, we will talk to michael fuchs. michael fuchs is a key ally and he will be joining us a little bit later. he is usually fairly clear with his views on where greece should be going. let's find out from another man who probably has some clear views on where greece should be going. tim will also be here in a moment with the stories making headlines on our website. where should greece be going? roger: we should be going out of the euro. -- greece should be going out of the euro. i think we have reached the point where that is in the interest of greece and all the other eurozone countries. it can't go on much longer like this. we have seen with extended and extended an extended. i think really what is at stake here is the future of the whole european economy. greece, in my view, should never have been in the euro in the first place. it was forced upon. frankly i think it is only a matter of time before greece leaves. guy: unlike oth

marios: everything is possible including greece exiting, greece staying, and greece defaulting on debt and managing to stay in the eurozone. we will know in the next couple weeks. mark: great to see you in dubai. back to you in london. francine: a lot of the gulf countries are confident they are immune to greece. if it doesn't leave the eurozone, we do not know where that money is coming from or going. it may have more of a regional impact than people think. next lego's sustainability push. the toy company's ceo on their pledge to move the way from oil-based plastics. ♪ francine: welcome back to "the pulse," live from london. let's talk toys. lego plans to invest 150 million dollars to develop more sustainable materials for their famous blocks. we are joined by the legacy you joergen vig knudstorp -- by the lego ceo joergen vig knudstorp. lego has seen a huge success. the amount of raw materials you use is so much bigger. your raw material consumption is more than 77 thousand tons in 2014. how much raw materials do you plan to use this year? joergen: i can't say. we are optimistic th

what should greece still -- what should greece do? it became a turning cap on the economy and it was -- micheal: one of the things he said in the interview was that they would have to be formally imposed by the government. what sort of social and political fallout do you think there will be? tim: obviously, they would have to be significant, wouldn't they? we had a really interesting piece -- a video of people stashing tens of thousands of euros hiding them behind the radiator, anywhere you can imagine. people are preparing for this. anna: you were telling us last week that businesses have already prepared, to some extent. the businesses we were covering last week who for so many years have planning to keep a lot of their money outside greek banks, where wouldn't be subject. tim: exactly right. we talked to a lot of companies saying -- what are you doing? are you preparing? some said they had been ready for this since 2012. they wanted to get as much money out of the country as possible. anna:. but something else you have on the websi

there is still no agreement on the lifeline for greece. greek prime minister alexis tsipras held talks. there are the reforms that the eurozone and the imf want for that bailout trots. the greek government does not want more austerity at a time when it has already dug a deep hole in the greek economy, but others say they cannot do better than their current proposal. >> the joint proposal agreed between the european commission, the imf, and the european central bank has clearly demonstrated significant flexibility on the part of the institutions relative to the previous program in order to take into account the political situation and the social situation. markus: dallas christine lagarde, the head of the monetary fund is speaking there, and for more on the story i spoke with a finance minister from a business school earlier and i asked about the meaning of the payments. guest: the imf giving a green light, postponing the payments gives each party some leeway very crucial to continue and for last-minute agreements. markus: so this does not

and looking at greece's uncertain future. the reform proposals and don't want a new agreement with greece's creditors. there is a growing sense that even when they are working the most they can draw in a day is 60 euros. >> i need 20 euros to buy medicine. i don't know if i will be able to. people have to heat -- eat and drink. they have cut our pensions and now this. >> i am against europe. it makes me very sad. >> it is terrible and very cruel. everything is closed. maybe not even when it reopens. >> groups are forming to approach the pros and cons of the referendum. many locals rely on it for income. >> and right now, people think it comes here -- they are not going to have any money from the banks. the basic income of greece, if you take out of it, you have nothing. and they come here with their own money. >> it is a lot of news in finland. we took some more cash with us and we hope we are stable and and long term, i hope that they will be ok. >> it is the only point that the politicians, creditors and greece seem to agre

they're granting the bank of greece and the bank of greece to the banks and greece will be frozen at the level now. the level stands at roughly 90 billion euros. that money is gone. everybody was saying perhaps the ecb should recall it. it's not realistic at all. what we're seeing is a freeze in that operation but this emergency liquidity assistance is also depending on the country being on their program and as we all know the program for greek will end on tuesday. big question mark though is what happens wednesday? ecb governing counsel member who is the head of the austrian central bank was saying that they're going to discuss whether they grant more or whether they keep it on wednesday at the governing council meeting but also the reality of things is if they don't keep a freeze but want to recall it that would mean actually the complete collapse of the banking system in greece. i think they'll wait until next week at the latest or at least to find a solution here. with that back to you. >> yes. when is the next -- i don't know if you're the right foreign ask necessarily. so they

now it is greece's move. with the new pressure on them as i said, the fact that greek people are voting against their government, the fact that they are withdrawing cash at a very high pace every day in the past few days, the situation is not sustainable any longer. it is today or a collapse of the banking sector. probably with the collapse of the banking sector, the government will be forced to impose capital controls. the government will not survive this kind of measures. francine: all right, bruno thank you so much. bruno cavalier joining us from frankfurt. european equity markets are looking positive. if we look at the ftse, the cac 40, even the dax, one of the biggest gains in the last year or so. it has gained 3.3%. the cac also gaining 3%. in athens, this is baffling some investors, but overall, european stocks are rising after the greek prime minister has presented this new plan for reforms. athens gaining 8.10%. one of the biggest gainers, in fact the biggest gainer. coming up, why apple has had a sw

. -- greece stays or leaves. for real-world people come up you up and the markets are prepared for it. i think you would end up with a market reaction, but not one -- would be and when you talk about the economy, we are getting right now indications of things like the jpmorgan thing you talked about. people who said that the economy was not low enough. people have them prepared for crummy earnings in the next quarter. these may not be the fellow. we might be surprised to the upside in the next quarter, because pessimism is rampant. fed just said that it may be september when they do it, if they go ahead and do that the market will probably say one and done makes sense. the market has been a lot of little kids in respect to the fed, not listening to the adult in the room. they say we will do it, but not do anything after that. i think that will happen in september. alix: we actually have breaking news. for theatest from pimco month of may. bad news, investors pulled money out of their fund in may. it is not as muc

for "nightly busine michelle caruso-cabrera athens greece. and the treasury department is urging all parties to get back to the negotiating table ahead of that greek referendum. and it's urging greece and its creditors to find a compromise that balances reforms with debt measures. a treasury official also reiterat that u.s. exposure to greece is mental. >>> western union, the world's largest money transfer company, reportedly closing for business in greece for at le according reuters, the company has not seen an increase in money moving out of the country, but that it did see a rise in funds going in to then country nt >>> and now to puerto rico which has major debt proble the island's governor says its bills are not payable, and has concluded that the commonwealth cannot pay it's $72 billion in debt. and investo own municipal bond funds are payin late this afternoon, puerto rico's gov. the u.s. island cannot afford to pay its debt and some painful be. puerto rico's legislators are hashing out a new budget which aims to cut costs. it also set

greece has shut the banks. this is an attempt to avoid a collapse of the financial system after a tumbled to as weekend. francine: the weekend saw talks with creditors break down and the european central bank freeze its lifetime to the country's banks. we are live in athens with guy johnson. elliott gotkine also is looking at the mood on the ground. hans nichols is in berlin. elliott, withdrawals are limited to 60 euros. that is the only amount that a greek person can withdraw from atms. elliott: that's right, francine. prime minister tsipras asked for the patience of the greek people. it seems pretty patient right now. over here, we have one branch of national bank of greece in the center of athens. the problem is not so much that greeks can only take 60 euros per day. the problem is that you can't even get in because the banks are shut. they are going to stay that way for the week. there were people traveling to the airport specifically to take money out of atms. there were two there that had cash. one ran ou

greece not the only headlines today. other headlines in today's edition of "the wall street journal." u.s. intelligence agencies believe there is a strong possibility the assad regime will use chemical weapons on a large scale a large scale of islamist fighters threatened strongholds. morgan stanley raised new bond trading push after years of rationing back trading operations in favor of more stable businesses. morgan stanley is quietly plotting a comeback pushing for more fixed income trading business. among lenders suffer competition for banks. on my syntax companies and to displace banks aspects of consumer business funding capture imaginations of investors. coming up we will keep you up-to-date on every detail coming out of greece and europe in general including the three things you need to watch as the crisis unfolds. global stock markets rocked by greek turmoil. checking your stocks index futures and the overnight sessions in significant losses to report although we've come while off the futures of 176 points as th

olivia: five greece? -- buy greece? what you mean by greece? matt: i mean as in win favor. by the way, that was the amount the ecb has raised their emergency funding. olivia: we finally got the number. back in may, president putin said it greece does find a clinic green -- agreement for this pipeline, which they did today, russia would consider giving greece more aid. lots of serious questions on a fresh attempt afford to bail out greece. we heard prime minister tsipras speaking moments ago and he did not suggest a. matt: well they would not fail them out, they would default. they would have to win favor. olivia: number three story i will head out. >> number three today's earnings are carmax which both report earnings -- first quarter sales below estimates, 4.0 and billion versus 4.1 5 billion. earnings-per-share did beat estimates by one penny. trades -- shares are trading lower in the premarket, down about 4%. kb home earnings came out momentarily and they'll be watching how the company will do given higher land and construction cost and how their shift toward lower margi

national bank of greece down 45% this year. the maritime holdings and what is happening in greece can also delay the federal reserve plans to raise short-term interest rates. fed officials earlier this month expect to increase this year, keeping them near zero for almost seven years. it could be as early as september. the recent turmoil we have seen in greece, china, puerto rico could delay the move if it ends up back in the economy off track. the dow is down 350. the ten-year bond with a big draw. we are connected certainly will watch and see if the dollar surges on whether or not they make these moves in september. now looking 35% likely versus 45% lead before the hike. sandra: the white house has no plans to offer a federal bailout to puerto rico. the governor of the u.s. territory once the island nation cannot pay $72 billion in debt. puerto rico asking washington to allow it to go through chapter nine bankruptcy like detroit date. the governor says sacrifice must be shared by bondholders. features a governor crist christy

greece is the word? yvonne: are we going to see a stampede of a selloff? market yet tod hit its peak. who knows where it will go? the central bank did not want to panic. they made this move and we will have to see. larry mcquarrie says there is three main questions. should margin lending the banned? how much volatility is acceptable? and pboc, how will they improve their guidance? yvonne: will come back to later on that talking about china rate cuts. apple said to have started early production of new iphones and sources say they will include a feature called force touch. this sense is how hard users are touching on the screen and can be used to bring up different functions. it will be similar in design to the iphone 6. force touch was first seen on the iphone touch -- i've watch -- apple watch and the newest macbook. a trial campaign which will encourage employees to come into the office earlier to ensure they leave at a reasonable time is set to begin next month. they are being encouraged to forget abou

clearly led by greece. european stocks in general are lower after the weekend debt tops the 20 european nation and the creditors broke down. it is all about politics. -- after the weekend debt talks between the european nation and the creditors broke down. it is probably time when mr. schaeuble is getting closer to realizing that degrees should ago. -- greece should go. where hear from the european central bank that everybody is concerned about greece and he is commenting to reporters in vienna. he said it is too soon. this is the problem -- mario draghi everybody looking at liquidity for the great banks but it does not want to be the one who pulls the plug. a lot of the insiders do not think it will come from the ecb to put an end. angela merkel does not wanted this to be her legacy that the grief have to leave. we understand greek negotiators are meeting at 11:30 a.m. u.k. time. -- her legacy to be that greece had to leave. there will be a meeting when they won't another chance to talk. for those on the r

let's get back to greece. in the dead of night, an announcement that the greek banks will be closed. our chief international correspondent is live with more in athens. consider here we go. that's one way to put it for sure. we want to bring some clarity to headlines that have broken in the last half an hour or so. there were reports that the greek banks were going to reopen an thursday. it could be that the doors will physically open on thursday, but it's only to pay pensioners. it's not to be able to get your money out if you're a greek citizen. the capital controls will remain in place. things could change. the ecb is going to meet on wednesday to decide what they're going to do and by then they'll know two things for sure one way or the other. did the greeks pay or not or did they get an extension on the i agreement. right now both of those things look unlikely. we have to get through those days to find out. banksing opening on thursday, doesn't mean the capital controls will go away. we're seeing already a

let us talk about greece. the latest on the diplomatic -- donald tusk stopping -- and once greece to stop fighting demands. the imf has made differences with greece. we will be bringing you more with the mexican president. that is one of the things we will feature this morning. let us move on and talk about something else. perhaps we will talk about asian markets. perhaps not. twitter, more twitter. the ceo of twitter has stepped down. +++ user growth. bloomberg businessweek senior writer, brad stone joins us on the phone. read, the two have you on the program. do we know why costolo quit from the company? you were suggesting that this is a man who is entrepreneurial? brad: he toughened up. it is the most stressful job. considering all of the scrutiny on twitter. he claims he has put together a management team that he is comfortable with. he is comfortable with the direction. twitter user growth is disappointing. it pops -- the tops off at 300 million. the question is how this twitter make money? advertisers w

many from germany go to greece, some even have second homes in greece. tourism from the united states has been increasing because of the strength of the u.s. dollar prompting people to take a second look going abroad. scarlet: mykonos is not in any austerity mode. the bar manager at the most exclusive beach resort there says he saw 302 -- sells 300 to 400 bottles of champagne every night and it is shipped out to the yachts in the harbor. and the greeks are coming over as well. they want to enjoy their holidays. mykonos and many of the islands in greece have been known for many years as a tourist destination. they have some of the most beautiful beaches, beautiful towns. indeed, this is a way that the greek economy can try to rebuild itself. tourism, of course, a major earner of non-euro currency as well as euro currency. they may need a couple of more mykonos types of places. scarlet: athens? pimm: they fly in, and then they go to the islands. it would be a little depressing to visit athens these days. pimm: we will see if they get a vote on any parliame