europe. >>> banks leading the gains but the euro sheds over 0.5% versus the u.s. dollar. >>> another historic deal also in the making oil trades lower over the expectations iran and world powers will agree to a nuclear deal in vienna as soon as today. >>> and coming up on "worldwide exchange" -- easing the pain of austerity. find out how tech giant apple is helping its greek customers get through these uncertain times. >>> plus novak djokovic secures his third wimbledon title. we look at just how much the world's top athletes get paid. >>> and the republican wrecking ball donald trump, is he damaging the deal he chances to retake the white house? we'll discuss that later in the show. >>> our top story this morning, the deal is done. eurozone leaders have unanimously reached agreement on greece after all night talks in brussels. athens is set to 38 a 50 billion euro privatization fund. the president laid out some of the details. >> he needs to address the issue of financing needs and debt. and

europe? a prime example in the situation in greece. this process is a reminder that the union is indeed a process and a club that demands cooperation, solidarity and compromise. it is moments like what we have witnessed over this past weekend and into the early morning of yesterday that tests the mettle of the union. and i am encouraged by the fact that the parties came to an agreement for now and wish to see that the greek parliament came the necessary decisions in the upcoming days. hopefully in the future such crises can be stemmed earlier in the game and not lead to man ship involving such stakes. i just returned from latvia where i discussed these issues with foreign ministers, citizens and members of the european parliament. they clearly see the benefit office a successful european union and american presence on the continent. during the cold war, they lived on the other side you under a regime that did not allow the freedoms and prosperities they have today. in latvia, i also shared a

let's return to europe. while european politicians are fixated on greece and the possibility of a grexit, there is a long way to a referendum on the british referendum for a nexen. -- four and eight said. john moynahan is joining us now. thank you for coming. let's get your thoughts on the possibility of britain leaving europe. to have set out what you call the 10 commandments -- the reforms you want to see it in europe. have you made up your mind already? have you set the bar so high that you will not reform and therefore you are essentially calling for a brexit? john: right now, unfortunately, david cameron is quite low, and in his discussions with europe over the past couple weeks, it essentially says that he is going to lobby for us to stay within europe, whatever happens. we, on the other hand, do see a set of opportunities where we could stay in europe which essentially boils down to being the common market that we asked to join in on the political union, which we find we've now been pulled into. this

in athens as well is in europe, and even here at home. we're joined by new school professor, economist richard wolff as well as paul mason, the economics reporter for channel four news, economics editor speaking to us from athens. back in a minute. ♪ [music break] amy: popular songs and music including the scores for the movie "zorba the greek" were banned in the 1960's. this is democracy now! democracynow.org, the war and peace report. i'm amy goodman. as we talk about what is happening in greece, what is happening in europe, what is the trend happening in different places all over the world and the global repercussions of the battle taking place over austerity in greece? paul mason with this, economic editor for channel four news, producer of the forthcoming documentary about greece titled. "and dreams shall take revenge." and richard wolff, now at new school. paul mason, before we lose you on the satellite, do you share this view that this is a turning point in european history? >> tonight and tomorrow [inaudible] tonight and tomorro

the lack of leadership in europe and everywhere in europe. also, the lack of political personnel in greece, as well, is a huge problem for europe today. also, in the beginning of the crisis, nobody had any idea about what to do, how to deal with this crisis. and five years down the road, we're still struggling with the basics of the crisis. the euro or not the euro. i mean, these issues should have been solved a long time ago. >> but only in greece. the other countries, spain portugal, ireland, they're quite better off now. >> is it so though? is it really so? >> it is so, of course. >> there is still very high unemployment in spain. >> but -- but -- employment traditionally comes after the turnaround of an economy. it takes half a year a year before employment picks up, after a recession like spain had. that's how it goes so -- >> but this is a lost generation even is saying. it's 25% of young people in spain. in greece, you've got 50% of young people unemployed. how can this possibly be turned around in a couple of years? >> well, i think i

robert: germany is trying to say that if you want more money from europe -- europe has already given them 280 billion euros -- you need to do more things to put your economy on the right track that will reduce your deficits. in fact, the last government was making progress in this direction. it had a lot of unemployment but the fiscal problems were improving. tom: and then the finance minister resigned last night. brendan: if you want more money a lot of that money went to greece and back to french and german banks. looking at greece, is it a strategic problem or economic problem? robert: it's both. they have had generous pension plans and do a lot of things internally which are not consistent with good fiscal policy. there is a bigger political problem and that is if you do not give greece anything and it deteriorates and collapses, that is horrible for the great people and horrible for europe. if you give them too much, other governments say why should we do the kind of tough fiscal measures the europeans want us to do? he will start protesting and asking for more liberal terms. th

we decide to live with dignity in europe, and to progress and prosper to the fairly in europe. believe me, nobody has a right to threaten that they will cut greece from its physiological geographical area, because no one has to right to threaten without dividing europe, greece, our motherland, east, west and will be the cradle of the political, the european civilization. from this place mythology arose from this place the technocrats of austerity we say no to them on sunday, those technocrats of europe. we won't allow those to take it -- we don't want to take europe democratic values democracy from solidarity mutual respect. men, women of all generations who today, we are flooded the square of constitution. you have flooded inundated the roads, ignoring the crescendo of all the scare mongering of these days the crescendo of citizens of athens. citizens of athens, greek people, greek people has in its history for many times it has proven that it now announced to return the ultimatum. they are being sent back the ultimatums. the most pride is pages of the history of this country

we belong in europe. we need europe and europe needs us. >> all for one and one for all. the words in childish paint strokes at, at polling station. on this day, greece finds itself divided and alone. jonah hull al jazeera, athens. >> let us bring in the analyst with open europe joining me in the studio. we have just seen on the screens of one of the greek t.v. stations out with 52% saying no to the terms of the deal. 48% yes. of course, that is just a telephone exit poll. it doesn't give us very much except perhaps to say it's going to be pretty close whichever way it goes. >> i know. and whatever the result is the bottom line is there is no good option for the greek people because even if it is a yes and they, thereby, continue to have those talks with creditors, the fundamental problem is that greek debt is unsustainable. so any kind of deal going forward can only be an extend ant. it won't be long until greece is in the situation where it's been where creditors and the greek government is at odds about what to do again. >> let us assume that it is going to go the way

>> it would be better for us if it did and better for europe if it did. >> better for us and europe? >> yes. >> for everyone? >> absolutely, better for everyone. >> so let's just talk about dealing with this greek problem for a second. >> because some say to deal with the problem in you listen to the greek prime minister he came in on a mandate of no austerity. and yet, in this agreement, there is austerity. do you see any debt relief in this agreement? because some will say, and you're the economist here if greece is going to get back on its feet, it's not just austerity. it's austerity with debt relief so it can begin to grow again. can you talk a little bit about that? >> yeah. it mean there's no doubt you need a combination of the two. you need some degree of fiscal rectitude because greece is a country that historically has run very large and persistent government deficits. but given where the debt is now, you clearly also need debt relief. and i actually do believe there is very credible prospects for debt relief included in this agreement. because what it does is that it basic

you do not like europe, we love europe. and i hope you will be able to come up with a program, finally. thank you. >> clearly, this is a lively debate. we are aware of that. i don't think it is a bad thing. we are particularly pleased to be here today, but i now call the leader of the social democratic group. >> thank you, president schultz. >> europe, without grace, is something unthinkable. as a social democrat. greece is an essential part of europe and the euro zone. without greece in the euro zone, europe would no longer be itself. and that is why we have opposed and will oppose extremist political speculations to our zone, europe would no longer be calling for greece to leave europe. i could quote what mr. varoufakis would say. or i could reply to statements that have been made by our colleague, mr. weber. but i would prefer to undermine the sobriety, the seriousness, the constructiveness of the president. who has for all of these months work to find a solution. a positive solution. today is not the time for friends to

does europe not need to react to this somehow? could we not see a softening of the european position? >> i certainly hope this is the case. i certainly hope that this message is taken abroad. i do worry, however, that this will vote will play into the hands of the hard liners in europe. the ones that would like to see greece exiting the euro and the ones that like a euro zone without greece because they think it's more manageable. so even though i, you know -- we're all hoping that this will the softening of terms, it's not emanating from capitals at the moment. >> martin schultz said that greece can't be abandoned to its fate. interesting comments from the german finance minister suggesting that perhaps there might be some room to maneuver on germany's part as well. >> well, obviously what we're looking at here is not some kind of humanitarian jes tu of europe. we're looking for a viable solution, which includes substantial new financing. that's the deal mr. tsipras needs to come back with. he said that unfortunately he can cut a

it is time to rethink europe. it opened with the question, will the greek people choose austerity or alexis tsipras? what will happen? >> i'm not sure that's the question. public opinion is torn at the moment. i wouldn't make any predictions at this moment, but it is definitely a very strong debate going on in greece. my only fear is that the greek people will end up divided. melinda: who is the good guy and who is the bad guy? >> it depends on who you're talking to. the bad guy is usually the finance minister. number two would be the angela merkel. it is actually what we take upon ourselves. so many years of bad administration and bad governing. it has to do with the people as well. we the people have a huge responsibility of what going on today. and we have demands. there are promises that we have two, at some point, start to figure out what it means to people. in between the east and the west, we have to decide this for ourselves. maybe this is now the time to decide. melinda: and you would agree the bad guys a

dangerous for europe. we have never been in this situation, we don't know what will happen and the market will open tomorrow and we'll have a big surprise one way or another. having said that i think the market reacts well and the greek government is not acting perfectly rational . i'm hopeful the react won't be too bad tomorrow, but i think we come to the end of the line in terms of what is possible. what will happen i think, the greek government will collapse we'll have new elections or the economy will collapse. >> i want to discuss some scenarios in a bit more detail. for now, thank you very much. there's more to come on the al jazeera newshour. a crucial and controversial contest. we are speaking to people in burundi ahead of the election. also we look at some of the latest sites awarded world heritage status and has the pournt tournament brought economy to women's football. we'll be live in vancouver. >>> the other big story we are following in europe negotiators trying to iron out a nuclear deal wit

>> i am in europe. i want to stay in europe. >> i believe there is no solution within the euro zone and within this european union. i'm sure about this. >> hopefully next sunday we're going to vote yes because we want to remain in the european union. >> i came here to say no because i cannot leave. >> they are trying to play the future of greece in cards. we do not want to have our future played in cards. >> no no no no! >> i want to believe that they will vote even in the last minute they will think of that and they will vote for yes because the majority believes in the euro and it believes in the euro zone. >> because we have a government and what this greek government to make the decision. not the people of euro group. >> the only future for my country, for me for my family my children my grandchildren, is to cooperate with the other europeans and go ahead. >> well, elsewhere, as that vote unfolds, iran's foreign minister and the u.s. secretary of state are expected to meet this hour as they continue

europe has a lot of excellent companies that are not just within europe but sell overseas. the eurozone indicators improve. retail seals aales are at a cyc high. they're doing high despite this pain in the periphery. >> this is pete najarian, would it be more about finding companies with growth right now or would you be looking for companies that are u.s. centric or how would you analyze the u.s. companies? >> always follow the money, right? i forget who said that exactly. it was said in a negative connotation. it's really negative m&a. i think first and foremost go where corporations are putting their own money but growth makes a lot of sense if you can find it because it's scarce and that's why it's getting increasingly higher valuation. >> you sound fairly positive, u.s. is there something that can happen within the eurozone? >> i just don't think greece is anywhere close to a lehman meltdown situation. i think it's a situation they'll have to figure out. i think when they do there will be some decent fundamentals in europe and the u.s. >> appreciate the time as always,

and this is why we talked about united europe and that is not a devoted europe. at this time we are told establishment to produce a lot of fear compromise which will avoid a great amount of negotiations and this is line with the traditions of european and all of us have taken the measures of the situation and i believe together we can rise to the challenge. [applause] >> thank you. welcome to the european parriment. bf addressing the situation in greece i believe that the european parliament also should be regularly involved in making the decisions of the european council in the presence of our president. i have said in the past and today i will address the principles of european culture. for example, decency partnership in the way we deal with each other as friends. this presents a government that has said a lot of things in recent weeks. this is an unleashing of migrants to the rest of europe if this settlements were not made as we were. i believe or i would have thought they should apologize for the utterly unacceptable statements. unfortunately he passed over

, an end to negotiates with europe. [applause] >> translator: i think that they showed their -- they stood up and were counted. this was a voice of democracy. and we have to listen to what they said. as i was saying. this was a courageous choice by the greek people. and this is not a decision of breaking off negotiations with europe, it's one of going back, it's a turn to the informing principles the founding principles of european unification. at the start of democracy and of solidarity, going back to mutual respects and going back to equality. it is crystal clear message. in surviving under the challenges circumstances. these ongoing negotiations between the greek government and its partners arrange to reconfirm the dual forms of respect in europe, both for the grand rules of the european union, and also full respect for the democratic choice of our peoples. my government, i myself personally and our government came. [ inaudible ] government five and a half months ago however the bailout programs, the programs have be

that's how we see europe. reporter: if one were to tell you it's not easy bilal kamara: i wouldn't believe them. because africa is difficult. i can't compare africa suffering and europe. i know that whenever happens in europe, it happens in africa. reporter: the next day we want to film footage of a truck pulling out towards the sahara. goods from algeria are being offloaded. on the return trip, the driver will be carrying human beings. young men from a variety of countries are waiting to get on board. no one is willing to speak with us. they are probably afraid we might hinder their chances of reaching europe. we resort to a hidden camera. we meet bilal again and he tells us of a surprising turn of events. he's decided to return home to sierra leone. this his second trip to gao. two months ago he tried to reach italy but he was beaten by criminals in the desert. in libya, he paid 500 euros for a place on a boat. but the smugglers disappeared with all his money. then came news of the hundreds of refugees who'd

the currency weakness in europe. isn't that a good or bad thing for the prospects of european companies? again, you can turn it from a headwind to a tailwind. will that feed through? and help companies? jonathan: mi worried about the demand for commodities? -- and i worried about the demand for commodities? wayne: if you look at g2 risk u.s. and china. there has been a slowdown. being accelerated through the management of china. they are try to soft land the economy. they are chewing to take out some of the shocks. there is an element in the reduction of demand. jonathan: they're going to stay with us. after the break, european leaders take the hardline on greece. we'll hear from alexis tsipras himself. here's a picture of the equity markets for you. the 5100 is up this morning. as was the dax in the earlier part of the session. the ftse up about 3/10. barclays up about 3%. the chairman says the bank may cut jobs. the ceo was asked to leave. the ftse up a quarter of 1%. talking europe and all things break -- all thin

europe is recovering. the imf did not cut europe. you had a report on the 13th which was fairly of heat on european stocks. can you hone that down for me? the stoxx 600 recovery turned over the past month showed health care, real estate insurance, all up a percent or 9%. the periphery equity markets have come up a percent or 9%. ewen: there's a story in europe that credit demand is slowly recovering having been contracted for three years or four years in a row. that story is playing in italy, spain, but not such an extent in northern europe, because they never had such a crunch. the rate of changes picking up. countries have benefited from a weaker euro and a weaker oil price. this week the iranian thing has come along and has been helpful. this is listed in european stock markets. if you come back to the micro the credit figures that the ecb has been releasing suggest that credit is growing for mortgages and how so purchases even after the greek crisis. that goes back to june 24. that suggests it is still expanding. financials on bo

flashing headlines out of europe. part of europe is russia. brendan: where to park it in russia. gavin serkin is the source of today's single best chart. here's what we are looking at. this is how traders are shifting to bonds from stocks. trillions of rubles trading for quarter. ranging from 1.4 trillion to 3.6. they were in bonds before crimea. then they cross, help me understand that dynamic. gavin: this was a chart picked out a reporter in moscow who noticed this pattern. what you are seeing is that if you think back a few months to ukraine, oddly headlines were about the frontline the death toll, where the sanctions were going to be ratcheted up. you do not have the swings going on the micex. there's less opportunity for profit for traders and the stock market. they are going to bonds, more mundane stuff. interest rate cuts. here's russia not getting back to normal because they are still in recession and they still have a lot of problems. we are looking at interest rate cuts, 5.5 percentage points this year. the expectation is for more cuts. good news for the bond market, wh

we need europe and europe need us. >> all for one and one for all the words in childish paint strokes at a school house polling station. instead, greece finds itself divided and alone. al jazeera, athens. >> we have two correspondent in greece this hour. barney phillips is in athens and hodor. barnaby, they are not conducting exit polls but are you getting a sense for how the vote has gone given that we've got less than an hour to go until the polls close? >> i'm hearing rumors that it's close. i also understand that several of the greek leading private stations are sitting on results and don't want to release them, such as the sensitivity of this referendum. they don't want to be seen as influencing what could happen in the remaining 50 minutes or so of voting. we're hearing unconfirmed rumors from the minister of the interior that the turnout had passed 40%. that is significant. we expected it, but it is significant, because it means that the results will be valid. under the greek constitution, a referendum question needs to be validated by a 40% turnout otherwise, i'm afraid i can

and deliberately facing europe. >> and striding toward europe, yes. [laughter] >> and as lavolet explained the lamp -- not the torch not the symbol of revolution, not stepping over dead corpses but of enlightenment. yeah. it's a wonderful story. >> thank you so much. [applause] well, we have some time for questions. right here. >> i get depressed as an african-american. i've seen 150 years go by where lincoln has been put up as almost a, you know, a saint-like figure on the one hand and then parochialized. and it's taken scholars like you two to find these new angles. do you -- i mean it seems to me especially as an african-american that this parochialism that lincoln was a limited purpose person that this stuff about foreign affairs and even i've come to lectures here where we talk about how the capital turned from a sleepy southern town to a real northern town because of him. it just seems to go against this grain in american history for 150 years until you guys have come along that i think has been perpetuated, i think by white southerners and mayb

from europe's bailout fund. athens has to follow that request with a detailed plan by thursday of how the government plans to reform its economy if it is to get more money to stave off bankruptcy and a possible exit from the euro. reese has been told it has to have a deal in place i sunday, when the leaders -- greece has been told, effectively, it has to have a deal in place by sunday. it made an appeal to the european parliament, asking for it to rethink the way it has been dealing with the greek debt crisis. the greek people voted overwhelmingly against the greek debt bailout. groups he has the mandate to ask for a more socially just and economically sustainable solution -- it prooves he has the mandate to ask for a more socially just and economically sustainable solution. >> to give the floor directly to ask the greek people directly for their views and to be an active part of the negotiations affecting their own future. a few days after this verdict we have now been given a mandate to redouble our efforts in

some 11 million people, a struggling economy and uncertain future in europe's common currency. greek drama - it's the "inside story". [ ♪ music ♪ ] >>> welcome to "inside story". i'm ray suarez, the greek prime minister elected when his country's economy was cratering, with a promise to reject austerity, now is ready to accept terms he once rejected. the change of heart and tone coming after his country missed a key debt payment, off the banks closed and lines the frightened citizens stretched down the sidewalks hoping to grab cash before the money ran out. john psaropoulos in athens. >> greeks have been caught in a 2-pronged strategy. at the end of tuesday they decided to capitulate, write to creditors and accept the deal on the table on saturday. the creditors said that deal is no longer available to them unless there's a referendum result giving a positive direction to the eurozone authorities in the sense that greeks want to remain within that eurozone. so by the end of wednesday, alexis tsipras, the greek prime minister, was forced to stick to his guns on the referendu

europe a different story however. optimism as alexis tsipras says greece will have a proposal in days. deadline coming up this weekend. here at home, u.s. stock market futures acted more to the china story is the selloff continues there. looking at a lower open, triple digit loss down 181. also pay you caught up in oil. oil prices have dropped the last four trading days and $50 a barrel bouncing back slightly this morning. not much than we've seen in recent days. an inventory report in the morning. gold prices have seen a good effect dignity and all this as well. gold is tightly to the dollar again. turning to sports, sabrina williams will meet maria cheryl pope and the semi finals. williams rallied to beat number 21. sure up of advances with a three set win over american coq au vin the way. a tube and 17 record against williams. the u.s. open champ in today's quarterfinals. in baseball, the yankees had a three to two lead in the sixth inning. billy butler put an end to that with a solo homerun to tie things up. brett

tonight, "no" is a big "yes" toa a democratic europe. reporter: while the far left will be entering negotiations with its creditors this week, for opposition antonin samar is, it's the end of the road. -- samars, it's the end of the road. -- antonis samaras, it's the end of the road. even the fountain bore the syriza party colors. anchor: eurogroup ministers expect new proposals from greece for tuesday's talks. meetings are already being held with french president francois hollande and german chancellor angela merkel quick to set out times to talk. reporter: as soon as the result was announced, principal on called angela merkel -- francois hollande called angela merkel. they will be meeting this monday in paris, at a working dinner, where greece's future in the eurozone will be top of the agenda. for now, they declared the greek vote must the respected, but differences remain between them -- must be respected but differences remain between them. merkel is facing pressure at home to keep a firm line with greek officials. it's up to athens

in this europe, there is room for solidarity, solidarity is everywhere in europe. there is also responsibility, this balance between responsibility and sol dater solidarity must be the lightning rod of our behavior today and tomorrow. >> al jazeera, jacky rowland has been following those talks in paris and sent us this update. >> the focus very much is on two key meetings that will take place in brussels on tuesday. first a meeting of finance ministers of the euro zone and then afterwards a meeting of leaders of the euro zone countries. they will be look to greece to come forward with new proposals for how to resolve this crisis. they've said that there is still a channel of communication open but those proposals must indicate that greece is serious about remaining within the euro. clear language that they are not willing to write a blank check and that the greek proposals would have to be within certain parameters. also indications that despite all the tough talk of the previous days, europe is not going to abandon greece and the greek people to their fate. the ge

i think europe has had enough of us. if there is no final deal it wouldn't surprise me. >> gallis has 43 employees left. he's laid off 60 people over the past five years, just to stay afloat. he orders components from various countries for making his lamps, including one in austria. gallis says the two companies have worked well together for decades. now he's behind with his payments because he can't make money transfers abroad. the austrian firm is delivering anyway, giving him time to pay. but how long can that continue? >> it's crazy that banks should close in a free society. it's just chaos right now. >> the greek government clamps down hard on companies that don't pay their taxes or insurances. if gallis doesn't keep up with those payments, he would quickly find himself in court. >> take another company -- yorgos and thodoris koukoulas sell tires from germany. they import them in bulk. their livelihoods are now under threat. >> we can't give our customers credit anymore. they have to pay in cash. and even that's dif

and this is why we talk about a united europe and that it's not a divided europe. at this time, we are told to produce a productive and fair compromise which will avoid a break off in negotiations. and this is in line with the traditions of european union. all of us are taken the measure of the situation. i believe that together we can rise to this.considerable challenge . thank you very much. [applause] manus: alexis tsipras addressing his, well his political peers in strasberg. he's talking about the need for a united europe, a fair compromise. it is interesting that tsipras referred to greece in the past five years having been treated as an austerity laboratory. they need a way forward. there needs to be medium-term funding. the objective is to encourage entrepreneurship. he also refers to the need for talks on debt relief to be on that table. he made it very clear about this nexus between three key groups within greece the politics, the oligarchs, and the banks. this nexus that he referred to. and he talked about tax evasion is something which has run riot in t

it is mostly in developed asia into europe and north america now into europe. china. we had chem a great synergistic deal. the nikkei, japan, and to the u.k.. why europe is so interesting right now -- people have looked at europe and said it feels too risky and pricey. that was six months ago. people look at europe and say there is more upside than downside. the valuation is making sense, and i have i can put to work in a smart way overseas. i think those flows will continue. the cross-border part of the business it is to grow. people like they can buy into europe at a lower cost. chris: before exchange rate helped earlier in the year. we helped fedex. one of the elements, a business that was strategic for them to expand globally was the dollar. it helped him think about how to value the business at that moment at -- and time. we go, is there one area, one industry that you are surprised has not seen as much activity as you would have thought? chris: you know, one of the other things, in 2007, there was a lot of mna in commodity-driven sectors. that has not been the c

so europe is asking to reform the pension system. the pension system here is subsidized by the national government. europe is saying make that more independent. whatever you put in you get out when you retire. the third is raise tax on businesses. europe says your businesses the economy is too taxed. can you cut spending any other way. and then there is cuts in spending in military spending that greece agreed to and one of the red lines is this v.a.t. in the islands. europe wants to completely eliminate that v.a.t. because it is just too much. but greece wants to keep it. greece says we need to keep the v.a.t. on the islands because that will impact tourism. >> interesting points coming out there. at least there is some progress but a lot to be decided. isa soares reporting there live from athens many thanks to you. >>> in the third week of trading volatility chinese stocks rallied thursday. >> beijing announced measures to halt the slide including a ban on large shareholders from selling. the shanghai composite is up 5% and the shen

we retain an overweight to europe. pimm: so buy stocks in europe right now? paul: that is right. pimm: any specific industry groups? paul: we like specifically -- i would say not just europe, but we like the developed countries. generally speaking, we would include japan in that list. the sectors we like the most are those most closely tied to strengthening global economic activity. we think that is going to be the theme for the second half of this year, into 2016. brendan: for somebody not watching minute by minute developments out of muscles, what would you look or at the next deadline? paul: the important deadline right now is the greek parliament has to pass the required votes by wednesday. we think that will happen. after that, there is a series of bail-ins, or payments that have to be made to greece. the next thing that would be important to watch would be how soon the banks can open. that is just if you are watching greece and distress there. as long as they pass laws on wednesday, you will see investors lose their worries about a grexit and the spillover potential to euro

it's not about europe. because greece is inside europe and this is something that cannot be changed by any referendum or by anybody's opinion. this is a fact and this is the history, so what we are about to vote is clearly if we agree with this proposal or not. >> whichever way the outcome is, one thing is certain. this will have repercussions right here in greece and far beyond its borders. lisa suarez cnn, athens greek. >>> we're join now by linda in athens. what's it looking like there? >> people are turning out to big numbers. this school has been turned into a polling station. we expect the turnout is going to be very high. the question of this referendum comes at such a critical time and although a lot of people appear to still be confused about the exact phrasing most of them seem to be voting for a no to aw -- austerity or a yes to europe. the prime minister said this vote symbolizes a vote for democracy. let's take a listen. >> translator: today, democracy wins over fear. our decisiveness cinched t

and i want my children to be able to study in europe and to do business in europe. >> finance ministers held a teleconference and agreed fot to negotiate with greece until after the referendum. >> there will be no talks between the greek authorities and the institutions on proposals or financial arrangements. >> he expressed home that people in greece would be determined to stay in the eurozone. now, officials of the european central bank have been meeting to discuss the greek crisis. ai uchida joins us now. the ecb also one of greece's creditors. how much do the greeks owe them? >> well the total outstanding debt for greece, comes to about $350 billion. out of that, about 30 billion is from the ecb. the central bank's board members have made a decision that could keep greek banks closed for some time longer. they won't raise the ceiling of emergency funding for these institutions. the ecb officials sat down together in frankfurt and made their decision after greece became the first developed country to fail to meet a repayment deadline to the imf. although the ecb officials say the cei

. >> we were made to go towards the wishes of the most europe -- powerful people in europe. first the agreement with the specific requirements or leave the eurozone. jonathan: let's get the latest from our bloomberg team. david what can we expect from the vote today? i think about alexis tsipras and how he would like a bullish man now he is defeated. david: last night his chance to make his case to his people, it brought in raising the sales tax was something he said was irrational that he had to agree to it. he was also talking about pension reform and raising the retirement age. it will go to committee and parliament -- in parliament. later at 10:00 p.m., parliament will have another chance to speak. jonathan: disentangle something, front and center is a call from the imf for a haircut. now take me inside the politics of creditors until me why greece did not want the imf to have a big role if they are fighting for grace -- greece? hans: they do not want to have monitors on the ground. the ims has on -- imf has almost taken on this mythical notion inside the greek governmen

future in europe but with a better deal for greece. legs austerity. less lost to accident repayments. >> and no means to me, there is a possibility this country will have a future. >> not far away, the yes crowd fai,nai. >> a possible return to drachma would be a total disaster. >> reporter: sunday's referendum called unconstitutional by some, the conclusion has never been less certain. >> translator: the no vote will write history. our people will move on within a europe of democracy and solidarity. is. >> reporter: the left wing prime minister believes the no vote will strengthen negotiations a national mandate to demand more for less. a demand for him and his party. >> actually many voting yes are voting against current government. >> continuing with the membership of europe. >> what strikes me about these two sides the yes and no camps is not only the strength which which they illustrate a real division in greek soat. society, between the largely middle class voters of the yes camp, willing to sign this country up to more austerity measures to def

we owe that to the peoples of europe who want europe united and not divided. we can reach an agreement tonight if all parties want it. >> reporter: a lot of factors are at play: economic complicand en emotional. german is among the country's most skeptical about the greek proposals. >> we will have rigorous talks today, and there won't be an agreement at all costs. i know nerves are frayed but it has to be made sure that the advantages outweigh the disad vantages. the future of grease as well as for the whole eurozone. greece's most important supporter is france. the french have dismissed an idea floated by german that greece could take time out from the euro. >> there is no temporary grexit. there is a grexit or none or to be more clear, there is a greece in the eurozone or not. >> would mean europe is going backwards and not going forwards anymore. i don't want that. >> the partnership between germany and france is absolutely central to the eurozone and the mean union as a whole. the risk between them over greece could have far reecing consequences. >> there

and of the picture for europe. -- an upbeat picture for europe. anna: daimler the mercedes car sales growing. let's put this in context and talk about where these european markets are headed. >> i am looking at the european stock futures here. they are pointing higher, indicating we might be seeing gains. this would come after today's of losses, for the stock 600 which snapped a nine-day rally. the longest rally since april 2014. in terms of what might be driving that sentiment and micro terms, the greek parliament approved those measures that are needed for greece to get its bailout. the athens stock exchange still close at the moment. we heard that it might open today. the dilemma facing greece is putting restrictions on trading? or do they invest as -- or do they exempt investors? the risk is that you can see more capital strike from the country. in the meantime, let me update you on some of the stocks that might move at the open. credit suisse second quarter net income beat estimates, even though profits failed. we might see that move higher.

and that if the euro fails europe fails. but one leading member of the ruling cvu party said the euro zone could survive a so-called grexit. >> howl which grease progress economically? the situation as it is now cannot continue because there is no perspective for growth. it will not be the end of the matter. the crucial vote on any more money for greece may well be held at the bundeszag. a yes vote here is far from certain. dominic kane, al jazeera, at the german parliament. >> julian assange says his life is in danger because of the possibility of extradition to the u.s. where he may face the death penalty. but president francois hollande rejected his me. >>> ignoring a ban on public assembly. follows four nights of riding ride roitding. rioting. it seems that have the person was likely to have died of asphyxiation. >>> al jazeera's hamza mohammed reports from mogadishu how illegal drugs find their way into pharmacies. >> given to the hospital near their home in moaghtdz. mogadishu. >> the medicine they gave me nearly kille

who will be the left over bank in europe? that is the main question in the europe. who will be the leading investment bank, and will it be a british bank? anna: we have a lot to digest this morning in terms of the earnings flow. we have earnings from vw, lowering their targets. they beat the estimates and started that was saying. a fascinating story and belgium, we talked about the m&a race, that looked like it is going from strength to strength. we leave you with "on the move." ♪ jonathan: good morning and welcome to "on the move." just moments away from the european trading. what a busy morning with that. let's get straight to your morning brief. oil crushes estimates, income slide just 2.1% from a year earlier despite a crunch and prices. stepping up the cuts, barclays the 1.8 5 billion pounds the chairman pledges to excel amid the execution of the strategy. twitters tock d -- twitter stock drops how the ceo killed off a rally after some straight talk. it is decision day, spinouts interest rates decisions. a economist says no lift off today, but watch for signa

they are much higher than europe. europe is now catching up. that is the kind of lit side of the argument -- flipside of the argument. we are forecasting over 6% earnings growth this year. actually, this is a good story for u.s. equities. jonathan: the call for the first hike? ramin: we are still saying september. jonathan: with conviction? ramin: our economist has conviction. he's been doing it for 50 years. jonathan: ramin nakisa, he's going to stay with us. up next, we are back live in athens. bloomberg polling data tells us the vote is to post a call. we will bring you the details live after the break. for now, i'm looking at equities just a little bit lower. here in london, we are off by 0.1%. the dax dead flat. 0.25%.x down about downhanghai composite 5.77%. the biggest three-week rout in china since 1992. we will head out to athens again. we are back after this short break. ♪ ♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the

or sells a product in the united states to europe. the eurozone is america's largest trading partner. >> the greek banks need to know that there is more money coming towards them. depositors need to know their money is safe. once people know there isn't a banking crisis and the money is safe they stop demanding it. it's a difficult problem trying to stop a bank run but that's what they have to do. >> when the greek people make their choice on sunday cnn will be in athens. the polls open at 7:00 a.m. local time across the country. our day of live polls will have more. >>> we turn to the philippines. the coast guard confirms 59 deaths in thursday's ferry sinking. 140 people survived after the boat overturned just after leaving port in the start part of the country. searchers recovered more bodies on friday. david santos joins me now by phone from ormoc city. >> reporter: salvage operations is still a hunt for the bodies being recovered from underthe vessel. you were saying that the death toll is at 59 with 140 survivors. if you add them