Focus today as we watch and see what happens with todays iran nuclear story. Anthony we are waiting for something to happen. How long will it take the iranians to get their crude. They are wrestling with your the banks say it could take 12 months. Markets are discounting mechanism and they are already discounting. We are starting to see the price of crude you can see it is coming down over the last few days. Expectations are that if we do see a deal, it will continue to soften. Anna the great optimism greek optimism. An agreekment. That is really horrible. It was the picture up optimism. Some of the gloss has come off of it. You can see the shanghai reacting. That his house or reza will be debating a little bit later on today. Lets carry on the conversation about it looks set to be announced today. Anna diplomats are starting to prepare the final text sometime this morning. Elliott has more details. It does feel like we have been here before. How many times have they missed to these deadlines . Do we really have a deal this morning . Elliott it looks that way. I know it can feel like deja vu all over again. They have blown through four deadlines. Including one last night that expired at midnight. We have had been told that the deal is imminent only to fail to materialize. This time, it really does feel different. We understand from four officials indiana that diplomats are preparing the document of the agreement. We note that Foreign Ministers met after midnight last night to get the final push to this deal which could be announced at any moment. Until we actually see one of these Foreign Ministers from world powers or iran or one of their representatives at a microphone, publicly announcing that the deal has been done. Perhaps even holding the actual agreement in the air. I would keep the champagne on ice. Elliott, as you say, it has been a long time in the making and we get lost in the details. The big picture story here could be very big. Just remind us, walk us through ultimately if a deal is done, what does it mean . Elliott essentially there were two objectives. The main one was to prevent iran from getting a hold of the bomb. And iran wanted the sink is lifted. It would seem to provide that both of those things specifically that irans Enrichment Program would be curtailed. They would have to open themselves up to interest of inspections. As part of a side deal, iran has even agreed to allow other sites including military sites to be open to inspectors in the Global Nuclear watchdog. On the other side, economic sanctions will be lifted. The arms embargo will be lifted. We dont know the specific timescales for that. Some of the details have also emerged that iran will the allowed to buy airplanes and will be allowed to sell foods to the United States and which may a pistachio farmers. Everyone is a winner if these did if this deal is done. A nod to this ingestion that the delays were down to the iranians and americans wanting to go back to their constituents to claim victory. Here in israel, and the government, they will not see any deal as being a victory. Anna irans foreign minister said that we all will have won. It will require no spin. Lets move on and return to greece. Tsipras faces mutiny on the home front. Before the rescue can be dispersed, greek lawmakers must agree on the deal. Lets figure out what is happening. Anna Ryan Chilcote is in athens and hans nichols is in brussels. Will the Prime Minister be able to push these measures through parliament . There are many difficult different opinions about this. Ryan at the moment, it looks like he will be able to but not without sacrificing some of his own power base. Two of the factions that have up till now supported the Prime Minister indicate that have indicated they will not support him with regard to these austerity measures. That is within his own party. That is his coalition. They have said they cannot do it. They alone would rob the Prime Minister of the 12 seat majority that he currently has in the parma in the parliament. The head of the independent greeks gave a press conference yesterday. He is also this countries the defense mister. Have a listen. We will remain together to fight but we will not accept participating in the socalled unity government with partners that are giving away everything. Ryan there are the keywords. We will remain together to fight. The defense minister, despite voicing his opposition to this deal, has not resigned. It is not clear that the Prime Minister would fire him or any of the other dissenters. There are suggestions that the Prime Minister could go for a minority government style approach where he could solicit the approach the support of other parties which would easily give him the majority that he needs. He may not even need to reshuffle the government as we have been discussing because at the end of the day, this measure is the one where he would run into the most trouble. Ryan, let me pick up and give you a headline that is coming out. I want to get your reaction to it. Tsipras weighing resigning after wednesdays parliament. That may pave the way for an interim government. This is the story now. We are waiting to see a tsipras can pull together a new coalition. How much chance is there . I know there was a lot of chat last week whether his party would be able to survive. Ryan look, the Prime Minister is a surprising guy. You have watched him in action for weeks very never say never. There is not a lot of chat about him resigning prior to that report this morning. The reality is that i think in brussels, they would have wanted to know that he is going to stick around to get this through parliament. Probably, the creditors would be very happy with the notion that would not be very would not be very happy with the idea of political instability. His labor minister said that it might be necessary to have a snap election in this country. Then again, the keyword is might and the timeframe was that i the end of the year. By the end of the year. Having a reshuffle before wednesday, would threaten and jeopardize the deal and getting the austerity measures through that the creditors want to unlock the 86 billion euros and eight. Anna hans let us bring you in. Hans one thing on the bill report is that they seem pretty well sourced in terms of the finance minister. It is a mass publication but their reporting is typically very good. Lets put that we also have a question of rich financing. What are they going to do in the interim because remember last night, 450 million payment to the imf was the second missed payment to the imf. We do not have any clear indications that the finance ministers think they have the authority to offer financing. In the neighbor of 7 billion euros. When we talk about this big project, the esm loan, he hinted and suggested that it broke my heart thinking it could last for more than a month. It will involve a lot more ther in terms of substance. It will take time to negotiate that. We have asked the institutions to do that as quickly as possible. It will probably be closer to four weeks then two weeks. Some call me an optimist. Hans to pick up on what ryan was saying about the timeline and the dynamics in germany, it does look like chancellor merkel would call a vote on friday if athens passes their share on wednesday. It looks like she will have the votes. It does not look like there will be a major revolt there. Quickly, some of the headlines that are crossing is well. From german presses. A respected business daily is saying that debt certificates are being floated for their bridge financing. That is interesting that is coming from the finance ministry in germany. You could have debt certificates that could cover this shortterm debt because on july the 20th there is 3. 5 billion due to the ecb from grace. Still no certainly certainty or clarity on how greece will get through the next stretch. Anna the German Finance Ministry is clearly clearly has a high level of creativity. Coming up, we will go to Morgan Stanley and how they are warning that china could be the cause of the next global recession. Stay tuned for that, up next. Anna welcome back. Guy these are the stories that you need to know. An official announcement is expected today from the negotiations regarding the Iranian Nuclear program. Diplomats have been preparing the final text on the perspective agreement after 18 days of talks. It would mean iran could increase their experts. Anna the greek Prime Minister is back in athens and faces a mutiny within his government after surrendering to european demands to keep this country in the euro. Alexis tsipras must persuade hardliners to expect to accept austerity conditions. The Greek Parliament had until tomorrow to pass into law key creditor demands including streamlining vat, curving pension cost. Guy after a 9. 5 year journey across 3 billion miles in space a nasa spacecraft is set to sweep past pluto around much time today. Since will pass about 7800 miles from the door planet. From the dwarf planet. Anna that brings us to our first question. Is space travel worth the worth the investment . The Public Sector is pulling away from it. The private sector is adventurous. Guy we just spent 86 billion euros rescuing greece. Is it a good investment chucking money into outer space . I would argue, absolutely. Others think it is a colossal waste of time. Anna that is when we will have to watch out for this nasa mission, new horizons passing pluto. Guy it is a long way away. Anna it took nine years to get there. Lets look easy. China could tip the world into recession according to Morgan Stanley investment hedge of emerging markets. A recession has different definitions in Different Countries but in china they are really growing at about 5 rather than the 7 number. The chinese economy could slow down by a point or two more in the next couple of years. Historically, the u. S. Economy has mattered the most. Every single major global recession in the last 50 years has been caused by the u. S. Economy stumbling into recession. My take is in the next couple of years, the next global recession will be made in china, just like many things in the world today. Guy china on that note will release its gdb figures tomorrow. Gdp figures tomorrow. Tomorrows figure is expected to show growth of 6. 8 . Anna back to the iranian news. An agreement with iran over its Nuclear Program and what it might do to commodity Commodity Markets and lets go to hong kong and talk to michael every. Michael, good to have you on the program. I wonder if you could sum up investors sentiments. Will it not do much to the oil price in the shortterm or will we wait to see the piece of paper in the deal seven done before we see the real reactions in the markets . Michael i think the market has priced it in to be honest because the leaks that of a out of these talks for some time have made it very clear that this deal was always going to be done despite some headline saying it was city50 or that the u. S. Would walk away. The u. S. Really wants this deal. So does most of iran. It is going to happen in the market already reflects that. Guy will it Keep Oil Prices low for longer . Michael i think near term, they will continue to edit down. That edge down. That is due to a slowing chinese economy and other key emerging markets that are not doing well. Longer term, it might start to push prices back up again because countries in the region were extremely concerned and vocal that they do not like this deal. I think it could start a regional arms race. I dont see that pushing prices down but rather backup. Anna you have been talking about china and the growth story. How solid is the governments target of 7 in terms of the full year growth figure . We focus a lot on the stock market of late, are you expecting that to have a negative impact around the sentiments of the chinese economy . Michael we will deftly see there was an impact in the last few weeks. That will Carry Forward for at least another few months. I think china will struggle to hit that 7 figure. They can always massage the data or increase in state spending in a particular quarter to try and get back up to that magic line in the sand. The underlying basis china is not growing sustainably at 7 anymore and it is borrowing future growth to try and keep it at that level. Guy what is the real number . What is the growth figure looking like . Michael on an underlying basis china is growing at about 4 or 4. 5 . Guy that is Sustainable Growth . For how long . Michael 4 you can keep doing for another couple of years but i think it will even trade lower than that. The oversupply in the properties it sector, the oversupply in terms of infrastructure, is still an enormous and has not been dealt with. More important, the debt overhang is crippling. We are seeing today further debt numbers coming out of china. Another 300 billion equivalent borrowed and that is not including rollover borrowing in local government. That is a nearterm stimulus but at some time all of those bills have to be paid. Anna can we get your thoughts on greece. You had said an agreement was reached yesterday. Investors in asia, where they impressed by what they saw . Michael nearterm, there was relief because we were tiptoeing towards a night a nightmare scenario. The recognition here is that they can has been kicked down the road. The greek story will not go away and we will keep hearing that word greece for some time yet. Guy if tsiprass party fall, and we get an election, how will the government story play into the market story . Is that something that is priced in or expected . How will politics continue to shape . Michael i am a british guy sitting in hong kong talking about greek elections. I am not sure the inside angle. Certainly, if things start to crumble, the market will be extremely concerned. Lets be honest, it really is not cut and dry yet. There could still be potentially problems getting it through parliament in any number of countries. Also, people are ignoring, even if it gets through parliament in greece, what are the people themselves going to do . Will the fy us will they acquiesce . Will they go out on the streets . Anna now, lets get an update on the asian markets. It looks as if the optimism we were experiencing around that great deal in europe and in the United States, it is not holding in the asian session. Yvonne there is some relief. We are seeing in terms of the asian stocks overall, the best four day games that weve seen in the last 18 months. Those have gained. The aussie stocks are at about 2 . China could be the outlier here today. Coming back from the luncheon session, that shanghai composite is down by 7 10 of a percent and the hang and as well. Here in hong kong, we are down about three force of a present. About 250 companies are back online today. Where does that come in the pie chart here in the bigger scheme of things . 27 of the market is still frozen since tuesday morning. Less than 800 companies have halted trading. You can see how things have looked like in the past day here. We are continuing to see those losses. We did see some foreign money rush in and the first 90 minutes of trade. The northbound traffic. We did see a selloff later on. The small caps have been the big winners in the last few days getting about 18 from the low that we saw last week. It is a Big Companies for the first time in the last quarter days, the index is being dragged down. China data today, we got information about the money supply. About 11. 8 for the month of june which did beat estimates. We also got aggregate financing which topped nearly 300 billion. The credit growth in china is beating estimates. We are seeing some recovery in demand after that monetary easing. Four cuts, interest thats since november. Guy up next, we will be talking about the greek deal. He weighed in on the 86 billion euro bailout reached between the country and its creditors. This is really not about how much greece will be a. It is about how much the greeks will have to suffer and this was all about sending a message. There is no escape. You dont get away with anything. Greece, having made it clear that they were not willing to contemplate leaving the euro had no bargaining power. It is a very sad day. It was a humiliation. A ritual humiliation for greece. Anna paul krugman there. He has not been shy about contributing his thoughts. Guy not a happy camper. We are going to carry on the conversation as well. We will talk more about greece. Were going to be talking about space a little bit later on as well. Pluto. Not a small dog or a large dog but a planet. Anna nasas mission called new horizons has trouble 3 billion miles and more than 30,000 miles per hour. It will pass by pluto at 2 49 p. M. , u. K. Time. What you think . Our investments worth doing, or not . Anna an official announcement is expected from negotiations to curb irans Nuclear Program and. Oil prices have continued to decline on that news as a deal would mean iran could increase crude exports to an already oversupplied market. Guy the greek Prime Minister is back in athens. He must sway hardliners to accept strict austerity conditions and returned to four 86 billion euros. Anna after a nine and a half year journey across 3 billion miles of space, a nasa spacecraft is set to sweep past pluto at lunchtime today. It was discovered in 1930. Pluto is the last planet in our solar system. Guy lets move on. Stepping down as chair after trailing the benchmark. [indiscernible] 39 billion in assets. Anna here is talk about the greek deal. Our guest for the next hour. Good to have you on the program. Thanks for coming in. What are your Key Takeaways from greece, are you focusing on the short term implications and whether the grexit is off the table or are you concerned of where this leaves the rest of the eurozone . It was the first chancellor of germany who said this is the art of the possible. Between what the eurozone would not do and what they could not do which is the grexit, we have three days to pass and then we have potentially bridge financing to tide greece over and then we have