What list . Thats on my the other one. The one that begins with an f. My husband did that a couple of years ago. Before i knew him and im glad about that. And that would make me thats just me but that would make me just wonder. Wouldnt you like to at least be there for that once . I read sun also rises. I got the sort of the romantic idea of whats going on but i would never in a million year dos that. I wouldnt want to be running but as a spectator it could be interesting. I would never jump in a from one of the windows a couple of stories above. Would you do a flying squirrel . Ill never do that either. I dont think ill ever jump out of an airplane. Perfectly good airplane. Not once you have kids. Not for any charity or stakes whatsoever . If there was a charity and a certain amount of money id think about it and then decide not to do it. If this was a golf outing on the other side of it. When i see a really close out of bounds thats as close especially if im slicing thats as scary as i like to make my life on any given time. But you put yourself through three hours of Live Television every morning. I do. With andrew. Hes not here to defend himself. Well talk more about him with the starbucks story. The big business story of the morning, of the week of the month, the crisis in greece and the Global Market reaction. Of course euro zone leaders are gathering in brussels for an emergency eu summit. U. S. Equity futures are actually firmer right now implied open for the s p 500 up by about 13 points. Dow would be up about 95 points. Market reaction in asia of course is driven largely by what the chinese authorities are doing to stem a fall out there but we are seeing european markets and we are seeing bond yields across the board lower. Europe is lower. The euro is lower as well. So certainly something to watch across the board. Well have live reports from bronchusel and athens in just a minute but first scott has this mortgages other big stories. Negotiators face a midnight deadline to finalize a nuclear deal with iran. In return for allowing inspectors into its Nuclear Facilities iran is now making a last minute push to lift the United Nations arms embargo. In asia chinese stocks dropping yet again today but ending well off their lows of the session. This despite a number of new measures aimed at stocking a stock slide. Among the drivers of todays sell off Traders Point to chinas premiere failing to mention market chaos in a statement on the economy. Steven roach will join us in the next half hour. In other news Australias Central BankHolding Interest rates at record lows today. The decision was expected. They argue theres a need for a further decline in the countrys currencies because of a significant decline in commodity prices. In Corporate News new details on the socalled living wills of the nations biggest banks. Theyre part of a post crisis reform measures that were put in and last year regulators skoelded banks for producing plans they said were inadequate. In the latest plans goldman sachs, citigroup and Morgan Stanley said they would cease to exist after a hypothetical bankruptcy triggered by a crisis. Jp morgan would stay in business with a Main Business about one third smaller than what it has right now. Lets check on the markets this morning. Take a look at the futures. Were set to open on wall street. Looks like we would have a pretty descent open. Dow would open up nearly 100 points. S p and the nasdaq following suit. All eyes on the euro zone. That petemeeting there. European markets are mixed with germany and france. The ftse as well negative territory while italy and portugal are seeing their markets in the green. Oil down 8 yesterday. And a bit of a snap back today but theres a ton of focus on whats taking place across the commodity spectrum. Most certainly in crude oil. Yields, the ten year note yield, there it is. 262. Watching that along with the dollar and the movements there as it relates to whats taking place in greece and elsewhere. 109 is the euro dollar now. Where was it it was fine everything is expensive anyway. At least in paris. Gets cheaper as you go east. Everything gets cheaper as we went east all the way through and we went right across the center. Its a rail. Right across paris, munich. Vienna and next would have been budapest. Of course people talk about how your european vacation will be cheaper but a lot of these hotels and airlines are big companies. They can reset prices. But not necessarily cheaper. When were you there . Like the cup of coffee and the croissant. If its 28 euros in paris for a cup of coffee and croissant. What type of coffee were you getting . It doesnt matter. Thats what it costs there. Basically. Im exaggerating a little. Its still 28 something so it doesnt matter once you do the math. Its expensive. My question to both of you, this gets resolved lets say and a lot of people still think maybe there will be some last ditch way to keep greece in the euro. I dont know at this point. 50 50 is what most people say. Markets get a bump if they resolve it dont you think . Were at 176 on the dow . Dont you think that would be a catalyst . However if it doesnt, is it already in the market right now . No. So you think it goes lower . I think the risk is absolutely that it gets messy and that the market doesnt like that. See i think its already i think a lot of the angst you see on the chart already reflects greece and the bad news is in already and its written off and the question is what the euro does and how that then effects Companies Going into earnings for the back half of the year. If there are incredible swings in the euro like we saw over the last year we have seen what thats done to sales. Its just currency. If it wasnt for currency. People are taking it more seriously. Organic growth. They always give you both numbers. Unless its the other way where its at their back and then its well look at howell well we did. When the currencies are in their favor its good management. I dont think anything is in the market yet. Really . How stupid can if it gets results. Traders are stuff are very shortterm oriented and maybe they arent thinking that much. I think if it gets resolved the market goes up. If it doesnt, the market goes down. I think its in the favor of it going up. Staying where it is if it exits. Traders are watching the level of 1097 on the euro. We have Michelle Joining us live from athens as well as jeff who is in brussels for the emergency summit and jeff well start with you. Were watching the euro and also talking about the likelyhood of the deal and what level of patience european leaders have going into this meeting. Yeah i have to tell you that expectations are very low as we come into these two emergency meetings. The finance ministers have been called back here by the dutch finance minister who leads this euro group. He and many others have said in the build up to the meetings that greek must remain a member of the euro zone. But in the same breath they also say greece needs to come back to the table with stronger restructuring proposals. Ie more reforms, more austerity and at this point theyre not in the business of talking about debt restructuring which is something that the greeks desperately want and has been a recurring message since the referendum no vote we saw over the weekend. So we have yet to see what these proposals look like from the greeks but as i say, expectations at this stage relatively low that well see Real Progress and one other thing just to throw into the mix, yesterday evening, we of course had the german chancellor and the french president meeting and the message coming out of there seems to be that the germans and the french are still not on the same page when it comes to dealing with greeces debt. So let me move the story on and send it to michelle in athens. Thank you so much for doing that. Let me tell you what the local press is saying about this. Very High Expectations that something good may come about it. Heres the local paper of record and the headline is the summit that will decide grexit. So they think quite a lot viedingviedis riding on this event today. This newspaper says were running out of time for a solution before catastrophe hits. Catastrophe is a greek word. Theres great hope that at least when this thing is over that somebody might say that progress is being made. That maybe the greeks have brought a proposal to the table thats good enough to move forward on something even though the expectations are incredibly low. In the meantime here in athens the greek banks are closed again. The head of the greek banks association. I doubt she ever thought when she took the job that she was going to be flanked by dozens of cameras as she arrived at the office to announce that the greek banks would have to stay closed for another two days despite the promises that they would be able to open very soon. Lines are still at atms. Thats good news. Theres still money and cash. When you dont see the lines anymore they have actually run out of cash and late yesterday we were introduced to the new finance minister. Oxford educated economist. He was introduced to the press by the former finance minister its been in the papers. We had one source tell us this yesterday. Now dow jones is reporting it as well. One of the reasons he might have been pushed out is that he told the telegraph of london that he was going to print oious and supposedly that was the final straw that broke the camels back. That would be significant. We talk about the next level of the crisis and i always said First Capital controls. Next when do they start printing ious. Maybe its better for negotiations, two it pushes the chances of ious which many believe will be the next step. If hes not around maybe that doesnt happen as soon as it might have otherwise. Yeah. Apparently a math wiz, michelle geometry specifically this new you have to check your facts though i think on one thing. I believe catastrophe is an english word. You just said it was a im pretty sure you think catastrophe is an english word. Ive used it a lot. Arent you its one of your favorite words. Arent you pretty sure its a english word. Our greek producer insists its a greek word. It may have come from the greek. All of those words are are always greek words if they end in ic. Came from the greek but i guarentee you they are english words now. Anyway the one thing i see what youre saying yes. Everybody sitting in for anyway, one other thing, the thing that i read immediately here michelle that i thought of that we didnt necessarily say yesterday yesterday, the journal leads with tsipras pushed him out and its a sign that hes maybe willing we didnt say that yesterday. We acted like when a ceo leaves and he says yeah it was time for me and you find out later that the board was pushing him out. Did tsipras do this because he was so confrontational because he wants to do a deal . I find it hard to believe that tsipras is goi to cnge his tact so dramatically that its going to make a difference immediately with these negotiations. We have see what proposal is brought forwar do know yesterday he got all the leaders of the parties together and got them to sign off on backing him on the proposal that theyre going to bring forward which includes debt restructuring. It is possible that hes going to be less strident . I dont know at this point. The bottom line is and the way i always think about this is could the banks open any time soon . What would get the ecb to move . That would take the pressure off the crisis and it would take tsipras coming forward and saying all of you guys are right. Im going to do everything you said and now even more than what you said because the economy has gotten so bad we had to make up for all of the lost revenue than otherwise and on my knees please help me and then maybe you might get some leniency from the ecb. Do you think thats going to happen . I dont think so. I dont know. I just cant accept it. I cant accept it. I cant accept that they voted no and i cant accept that theres not going to be some last minute deal and this is all a dance. Thats just but what the germans at this point, they really are feeling their oats it seems like. If they need to teach a lesson to greece to get everybody else in line and stay in line because its risings everywhere including this country with bernie supposedly every day hillary is quaking in her boots. I think thats crap. But anyway thank you michelle. Joe yeah go ahead. Well see you in two hours were going to introduce you to a business man that produces pharmaceuticals and is being completely constrained by the capital controls. Well show you how the economy is getting squeezed. He also thinks theres got to be a deal. Yeah but thats what i mean. I mean for a developed country to all of a sudden be sort of a third world nation its just never happened before and thats why i just cant imagine it goes on for that long but youre over there. But for more on how greeces debt drama could dominate the markets lets bring director of global macro. I was channelling you earlier. I think that a resolution gives us a pretty good move. It could be an excuse for this oversold position in equities to be reversed. And then i was saying even if it doesnt happen its like already baking in a worst Case Scenario. So i think right now its sort of the deck is stacked in favor of people that are long. Maybe im wrong. I dont know. No i would agree with that joe. I think hopefully cooler heads will prevail in europe. Everyone has gotten the timeout here. What the ecb does of course is key here. It increased the haircuts on the ela so its still a pretty hard line. My thinking is if they can get they need to get back to the negotiating table and talk about maybe a third bailout program. Kind of scrap whatever was on the table before. But thats going to take weeks and in the meantime the bank versus to stay afloat and the ecb has the greek banks. They cant operate without the ecb but on the other hand the debt of greece is held by European Public institutions so it is sort of a catch 22 and they need to figure out some way to move forward. Im hearing about bridge loans and that sort of thing until they can all sit back at the negotiating table hopefully with cooler heads and sort of start over if you will and as for the market its been going sideways. The response so far has been very muted which i think is correct because even though the odds of a grexit have gone up i still believe it wont be a systemic event even if it were to happen or negotiations start to draw out even further simply because the greek debt is held now in public hands. We do have qe by the ecb that sort of fences the peripheral spread contagion and frankly the european economies in a much better place than it was three or four years ago as is the u. S. Economy. So i do think that markets are correct to be some what calm here and i think once the deal comes together in the next few weeks hopefully that the markets will resume what has been an up trend for most talks. Michelle a 61 no vote the dow was down 46 points yesterday. Thats a pretty good performance, isnt it . Its critical about how it impacts the u. S. Economy. Its muted in the sense of the trade flows so the question is what kind of financial spill over will there be . Will it hurt asset prices or hurt the flow of credit through our Banking Sector and so far the market response has been quite muted. Most Market Participants are carefully monitoring what happens out of greece. We still have the baseline view that most probably will end up resolving it and well avoid that worst case crisis or that real kind of blow up moment where the euro zone is crushed in and even if it goes ahead with the grexit perhaps it could be maintained. You can almost look at it as if its almost too big to fail. Its not private institutions that are going to get hurt. Its just money printers. They have plenty of money. Worst Case Scenario private institutions go belly up and we have debt in the private institutions. The rest of europe is going to have to absorb the losses. That limits the spill over. The other big distinction between now and 2010 is to your point the ecb is involved. So they provided important backstop. The ela program is extremely important in terms of providing liquidity and helping the Banking System so i think thats right. I think the risk of a spill over is probably more muted but we cant say its zero. There is still some possibility that things escalate and that impate kts the fed impacts the feds decision. They love having economies artificially suppress the euro in the first place. If they do have to print more. It just weakens the euro. But thats an important point for the u. S. Which is what will be the currency implications because if you get a big weakening in the euro the dollar strengthens and then you have financial conditions tightening in the u. S. Which could impact the fed inkeysing Interest Rates. Thats really a so we have to take it all back to whether we get a quarter point rise or not. So we can actually take greece back to worrying about what the stupid fed does from zero. No i dont think it at this point i dont think it stops them from starting the cycle but if you get the dollar tightening if you get the dollar strengthening and financial conditions tightening they cant go as quickly its one more thing to monitor and take into consideration. All right. Thank you. We got so much out of your question that we just let michelle go. There were nuggets. Nuggets. And you too michelle thank you. You got it. When we come back a live report from asia where china stocks have been on a wild ride for the last three weeks. Oil prices rebounding today after suffering their biggest one day drop of the year. Down about 8 . But first as we head to break heres a look back at this date in history. Sri joins us now from singapore. Good morning sri. Good day to you scott. Yes, it was. This volatility is really starting to become the new normal now in the Mainland China equities market despite the attempts by beijing to really put a flaw in the market. They tried to do so over the weekend with those major support measures but they really had an impact just on the margin. They were very short lived. It was the drop in the bucket if you will. So another day of volatility down by 5 at the low stab at one point during the session. Degree of stabilization toward the close but still negative. The really surprising thing for me is that we havent seen