Choice. Today we celebrate the victory of democracy but for tomorrow come altogether, we continue and will complete our National Effort on exiting the crisis. Our strong ally is the great peoples belief in its own strength and justification that we are in the right. Vonnie the leaders of germany and britain france and france will get together to discuss the crisis. Greece may run out of cash within an hour unless the ecb extends another lifeline. There was a big drop in the shanghai composite. Bennett rose because of oil. The Chinese Government has suspended ipos and boosted cell purchases by state run financial firms. The index is down 27 since june, 2012. Secretary of state john kerry has expectations that a nuclear deal from iran is imminent. He said negotiators are not where they should be on most difficult issues. The talks have run on for nine Straight Days of u. S. Says it will only agree to a deal that restricts the iranian ability to make nuclear weapons. A big acquisition and the Health Insurance industry is putting pressure on others to make their own deals. Aetna agreed to pay 35 ilium dollars for humana. Is the first deal among the Largest Companies in the business. A takeover of cigna could be next. In soccer, the u. S. Has he come the first threetime winner of the womens world cup. The u. S. Got a 400 lead and the first 15 minutes. The final was 52. Lloyd was named the tournaments best player. Brendan she looks at the position of the goalie and launches it from hatfield. From half field. Culture matters because french trench banks have the biggest investment in greece and now its still friends still france. They have had the most kind words for greece. Tom lets get through a data check. Futures have been improving and crude oil taking it on the chin. I will call the euro relatively stable. The vix is closing 16. 9. The two year yield on greece is all you need to know. This will be the focus as we speak to our guests this hour. Greecegermany spread is out to new crisis levels harkening to two or three years ago. Lets look at that euroswiss. All you need to know is the spread circle is a oneyear out that bet that sweden and switzerland will have the knockout if act. This is not about greece. Its about the knock on effects to the euro. Brendan there are longterm concerns about the euro. Forgetting greece, the chart reads out to the tenure. This is a longterm debt bet. Tom we need to begin in athens with Erik Schatzker looking at the protests last night. We will go to hans nichols in frankfurt in a minute. Greece has to get to july 20 or maybe july 7 with a lack of cash and the potential issuance of ious. We begin with hans nichols in berlin and Eric Schatzker in athens. Are there ious on the street at this time . Erik there are only pamphlets left out on the street. More than 61 in the referendum voted no. This morning, who is going to be the next finance minister . The finance minister unexpectedly resigned. What we are trying to figure out is did he resign himself or did the Prime Minister push them out . There is a lot to be read between the lines. I would not take anything for granted. Tom very quickly, is the left in athens stronger this monday morning . Erik i would say unquestionably but that strength may last only briefly. This is the same Prime Minister and the same party that has promised the great people that tomorrow the banks will open. If the banks do not open tomorrow and depositors face the prospect of haircuts, the prospect that they may lose their life savings that support will evaporate very quickly, maybe a matter of days. Tom thank you. Brendan we have hans nichols in berlin. There was a phone call from the greek premise or with france but Angela Merkels spokesperson says her rescue policies have not hailed. That says she is worried about her legacy. Is it the french or german concern that will keep us together . Hans is her legacy building a reaffirming strong euro zone or as a keeping greece in the eurozone by raking those rules . The discussion seems to be almost uniformly we have heard members of parliament all morning that the rule cannot be broking and you cannot have any unconditional money going out the door to athens because you may not get it back. Brendan in order for the German Parliament to approve any new deal, theyve got to come back this summer. Any sign that might happen . Hans until we have an official request from greece to the Eurozone Group they will meet this time tomorrow, that is several steps down the road. We had to do so might think before you can think about an emergency summit not the least of which is having a bill passed the house and parliament in athens. Otherwise, you will not have a vote let alone a summons bringing the German Parliamentarians back from vacation. Tom thank you so much. A today decision will not happen according to reports. We will go to an expert on the crisis who was out front on the real economic effect of the greek financial crisis. This is Carl Weinberg of High Frequency economics early on calling for depression. Your notes this morning really drove over the desperation of athens. Is the rest of europe aware of the desperation within the nation of greece . Carl good morning i think the leaders are aware of the urgency of the situation, the name of their game right now is to avoid default which is the same thing as bringing stabilization to greece. They have to be focused on a 4 point agenda. By tomorrows summit, the have to cut with a plan to save the banks and if necessary direct the ecb to keep the ela open. The heads of state have to get the finance ministers back to the table, talking about what happens next. They have to get a negotiator in there to help them as a mediator and move forward. The most important thing on the agenda is restructure the bond due on july 20 that one bond the ecb has to begin in a green light to accept other paper in exchange so we dont get default. Tom dr. Weinberg did not mention the emf. Are they part of the discussion . Brendan if the greek government issues and iou to pay pensioners, does that automatically mean new currency out of europe . Carl its a long way to get out of the euro to issue script. They did it in california but they are still part of the United States. If thats it they have to do that would be something they have to do. It would probably be something that in retrospect would be deemed illegal but i dont think it necessarily means they are going to their own currency. The greeks and their best course is to stay within the euro. The europeans know the best way to get their money back is to keep greeks in. No ones throwing them out anytime soon. Tom tell me what the reaction will be among the italians and the portuguese . If frankfurt is the focus today, mario draghi is the focus more than anyone and maybe Angela Merkel but Carl Weinberg, how does portugal for ireland or italy response to this crisis . Carl i am reminded of the latin american crisis back in 1980s when early countries came in and negotiated with the bank and further down the line, countries like argentina stood up and pushed back a little bit. The result was that countries after them got better deals. This puts this tactic on the table and does not drive anybody to renegotiate their debt it opens the door to the fact that the imf course of austerity may not always be the most immediate important thing to do. It may not be the best strategy for every country at every point in time. Tom thank you so much. We victim four hours of coverage this morning. The former Central Bank Governor will join us. He is critical in understanding the ecb response to that vote last night in greece. Stay with us. Bloomberg surveillance. Tom good morning and we welcome all of you especially across the continent of europe. Lets get to the top headlines. Vonnie more than one Million People will attend a papal mass in ecuador. And enthusiastic crowd greeted pope francis yesterday. Its the first stop of his nineday trip to south america. Is scheduled to visit bolivia and paraguay but escaping argentina. More than 130,000 people have signed a petition demanding the removal of the interim ceo. He has been accused of censoring online Message Boards at reddit. They experienced blackouts friday. He gained National Prominence with a gender dissemination suit against a Venture Capital firm kleiner perkins. There was a horrific accident on the last lap of the nascar race at daytona. Dale earnhardt jr. Had just won the race when Austin Dillon plus car went upside down and went back onto the car and was hit hard. He said he has a bruised arm and tailbone. He was phenomenally lucky. Tom lets continue forward as we give you perspective for the nation of greece and for europe as well. Mohamed elerian wrote an essay yesterday. Robert hormath is with us. Thrilled that you could come in this morning. Is the european experiment at risk of coming off the rails . Forget about greece. Cannot come off the rails . Robert it could but i dont the get well. The creation of the European Unions currency was designed to pull europe together. Now it turns out to be the vulnerability which could fragment europe if it continues. If greece leaves or encounters major problems and then there is a spread to other countries, if the greeks get a better deal out of this, we want to get a better deal like in spain and portugal so it could change the balance from the current policies to more aggressive policies on their governments to get them to take more dramatic action against the imf and the eurogroup. Tom the core of your work like with Goldman Sachs is for responsible fiscal policy whether its the United States or any other nation. Is germany leading a responsible fiscal policy . 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 its 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. There is a right balance. Vonnie has greece back to europe into a corner . Robert they have backed themselves into a corner. Its difficult to get into the dish given to things that europe wants. The germans have made these very clear demands on europe to come round. They are both in a very difficult negotiating position. Tom the idea of irresponsible whoever is to blame how does it set up Vladimir Putin and russia . Robert its hard for me to imagine that the russians will not try to take advantage of this somehow. Im sure there are russian agents now in greece. The Russian Ambassador was met with first when the new premised or took over so the russians will do something but they dont have a lot of money and is not much they can do to help the greeks much. The greeks want to stay in nato and europe and want to be part of the west. They even want to be part of some part of the euro. For them to play the russian game cyprus has talked to jack lew and a regular basis on a regular basis. Tom thank you for being with us. In the next hour, we begin with adam posen of the Peterson Institute and truly one of americas authorities on the political economics germany. Stay with us on the crisis in greece, this is bloomberg surveillance. Brendan there are dueling press koppers is all over europe. Where watching the European Commission say the negotiations with the actual referendum did not reflect the latest date of play in the negotiations. We will have more details about what the negotiations what negotiations are happening. Tom here is the morning must read it Robert Hormats is with us. This is a social disequilibrium . Robert greece depends heavily on imports of food, medicine and energy and dont have the money to pay for it now. Foreign creditors are going to stop selling those things. Tom when does that start . Robert that will start very quickly and there will be huge shortages of medicine and food and you will hear about this on a regular basis. Tom the study you did is if you do that you do sxcript . Robwert they can theoretically stay in the euro but they wont have enough to run the economy. Brendan they dont have their own energy and they dont have robert people will not take script so easily. Companies will close and people will not get food and energy in medicine. Tom paul krugman wrote on this. Coming up, the most important conversation for mario draghi today, a conversation with Athanasios Orphanides the former governor of cyprus. With xfinity from comcast you can manage your account anytime, anywhere on any device. Just sign into my account to pay bills manage Service Appointments and find answers to your questions. You can even check your connection status on your phone. Now its easier than ever to manage your account. Get started at xfinity. Com myaccount this is a great place to work. Not because they have yoga meetings and a juice bar. Because theyre getting comcast business internet. Comcast business offers convenient installation appointments that work around your schedule. And it takes done. About an hour. Get reliable internet thats up to five times faster than dsl from the phone company. Call 8005016000 to switch today. Perks are nice. But the best thing you can give your business is comcast business. Comcast business. Built for business. Tom good morning everyone bloomberg surveillance. Vonnie whatever greek does next it will do without its controversial finance minister. The government voted against more austerity measures and he said hes quitting. He said european creditors prefer he not be involved in more negotiations. Greece will now try to get bailouts to get restarted and the greek Prime Minister called on the ecb to extend another lifeline to the countrys banks. Our immediate priority is the speediest reopening of the banks for Financial Stability. Im certain the ecb understands the economic crisis and the humanitarian dimension in our country. Vonnie the leaders of germany and france will meet to come up with an appropriate response and there will be an emergency summit tomorrow. John kerry is downplaying speculations that a nuclear deal with iran is imminent. Negotiators are still shooting for a deal by july 7. Over the past few days, we have, in fact, made genuine progress. I want to be absolutely clear with everybody we are not yet where we need to be. Vonnie the chairman of the Senate ForeignRelations Committee warning warned about rushing into a deal that would did the tooling and on iran. President obama is scheduled to make a rare visit to the pentagon today. Will ask his National Security team for an update on the fight against islamic militants in the middle east. The coalition had 30 a bomb rates over the weekend. The president is expected to hold a News Conference this afternoon after hearing the progress report. Uber has suspended its service in france because of growing opposition. French taxi drivers staged a violent protest against uber. The french president has said uber must be dismantled. The cofounder of a wellknown Natural Cosmetics companies it. He gave his name and his bearded image to berts bees. The Company Started with products made from beehive wax. It was sold for 925 million three years ago and he died yesterday in rural maine at the age of 80. Tom i hope he got his fair share of that. Vonnie it probably did not matter to him. Tom greece is not cyprus and greek is not iceland. There is paul krugman we now speak with Athanasios Orphanides the former governor of the central bank of cyprus and he hundred hands and he understands that the distances greater than 1500 miles. Thank you so much for being with us today. Why is greece different from the crisis in cyprus . A pleasure to be with you. There are some differences but there are many similarities. I would focus on the similarity. The crisis we have is a political crisis. You talked about frankfurt and the role of the ecb but really we should be looking at earl in to understand what may happen. Berlin is the entity that determines the outcome. I am very afraid it will also determine what happens in athens. Tom ambassador hormat would suggest we would not get to july 20. What is it mean for you and greece of you see iou plus or script currency . July 20 is the day which is a critical deadline because of the maturing greek Government Debt that is held by the ecb. Let me point out that berlin could get that problem out of the way by ag