Bolstered by hopes of a deal in greece with greece. 11,200 the level there. Italy urging 2. 5 . Portugal up about 2. 8. Heres the big stories the market is watching today. Greece of course. Athens sending a new package of reform proposals to its creditors asking for 59 billion to help cover its debts until 2018. The Greek Parliament will vote on the plan today. Meantime leaders from the imf, the eu the ecb and euro group are set to confer on greece in the next hour. A live report from michelle in athens in just a moment with all of the latest there. And then we will be joined by former ecb president jeanclaude trichet. Another big story this morning and all week china. Stocks there rising by almost 5 overnight. The big drivers, hopes for greece but also perhaps more importantly the various support measures being announced by beijing this week. More from our colleagues in asia a bit later on this half hour as well. Also watch oil today. Prices are likely to fall even further pushed down by what it is calling massive oversupply. This rebalancing is likely to last well into next year. Heres a check on crude oil right now this morning. Wti, firmer by just about three quarters of 1 as is brent. So on both side of the atlantic we can seeing crude a little bit firmer but joe as we have seen every single day can bring a new trading pattern. Theres really no near term pattern we can look to to say here is where it is going and Even Companies havent been able to predict well enough to hedge. Which crisis to point to . China, greece iran because were going to get a deal or not going to get a deal. Good morning, angles. Its totally lost on you guys that intro music. As soon as you said it we got it. I was going to say austin powers. That fits too. We were going to do some threes company. We can do that later we know about threes company. I started the hour by tweet chg ing which is a really millennial thing to do. Earlier this week magnum pi was in the news and we played that theme song. Were going to come together on common ground. Taylor swift apparently. Youre going to see her tomorrow. Im seeing her tonight. Im seeing her tomorrow night. Im sad ill miss you. I knew a guy that was dating a longer lady and they were on a long ride together and they decided to sing to pass the time. The star spangled banner was the only song they both knew. Well find some common ground. In this millennial whats your favorite taylor swift song . Red. I only know a couple. You have a day to study up. Loving you guys is like driving a new mazarati down a dead end street. Now ive got you together. This is fun. Youre doing your normal schedule . I appreciate you joining me on closing bell. Its going to be great. Im going to try to get there. As for the broader markets check out the euro this morning. What does the euro want . What does germany want . No wonder they want to keep it in the eu. Its up today. Well see whether theres anything to this. Dont you guys think it looks pretty good . Did you see my tie . This is uncle sam but dont you think there will be some can kicking today after all the kicking weve seen up to this point. Im surprised they dont make a version of that tie with mario draghi. They do. You had to love wolfgangs comment about how he was going to trade with jack lew. And he said theres no way this works without a hair cut but we dont give haircuts but theres something they can do. Its all about the language. Its all about the language. The same thing today. Its not that different. The proposal from whats been out there in the past. Right. But there is i dont understand the referendum when youre going to not live up to it and not appease the far left. But the central peace was that greece wants Debt Forgiveness and they were running a primary Budget Surplus and had come through the worst of the downturn. All the worst were there. But now theyre saying as soon as next week we will start raising taxes. We will cut our pensions. But they get a little bit of debt relief dont they . I dont know if thats enough. Thats going to be the central question. Going home to the greeks to say is i got debt relief and forgiveness. Theyre not in a strong bargaining position at this point, right . This is not four years ago. The first time it came to the floor you could argue Systemic Risk and thats not happening this time around. Lets look at the other markets. It was disappointing yesterday the way it was enable to hold those 200 point gains at the open. Cramer was saying dont believe this right from the start. What did we end up . 30 points. Did either of you you probably dont get up early enough to watch this. Did any of you see the market cap of apple yesterday . What did it pass . 690. It fell the other way. 784. I said its hard to grow to a trillion and all the analysts that come on here and say its going to double again. From 784. Thats 1. 5 trillion. It doubled already to get up to 784. My contention is no matter what you never know why something doesnt workout. But do you know what today is . Its the 7th birthday of the app store. The app store has only existed for seven years if any company deserves a 1 trillion valuation its apple. But thats a small revenue. Its a Hardware Company through and through. Who bullish on apple has not acted at this point. A lot of hedge funds sold out. Remember when it was the most known stock on the street. Microsoft at 600 billion and sis coe at 600 billion. Its tough to go from 600 to a trillion. Sure. And you dont think apple can close that gap . No i think its hard to grow to a trillion and i think that in hindsight we never know why it doesnt happen and right now the idea is that the penetration of the iphone and the rest of the world is so small, we never know how that doesnt workout. That the price for perfection price. Something comes a long. Somebody else steve jobs isnt around anymore. But did you see 90 million units. But this was in the story in the journal yesterday. He back in 07 said i dont think that. At 780 whenever analyst comes on and says theres no way this is not cheap, why did it go to 690. You know, joe, thats the market. Thats what happens. The market dictates over fundamentals sometimes. For more on greece plus the dow hasnt moved since they added it to the dow. Another curse. Overseas, steve is in frankfurt but lets begin with michelle because we did have a lot of you round out. Youre the third i dont know if youre jacqueline smith. I hope that these guys have at least seen one of the movies. I said to kelly and he said i said dynasty, handsome nothing registered. But you should tell us whats going on with this deal i think. Okay. So heres the proposal they submitted last night. Heres the proposal they voted on last sunday. Theyre incredibly similar. Tax hikes. Pension reform the ones last night slightly more lenient in what theyre requesting however what is significant is the greek government agrees to the same fiscal targets when it comes to a primary Budget Surplus. How much more revenue do they generate over how much theyre spending on government and by virtue of agreeing to the same numbers theyll have to impose deeper austerity than they originally wanted to because since the referendum was announced the economy has gotten clobbered. So youre going to have to do it some way. Thats what the big discussion is on greek media here today. Will they be trusted . Thats one of the key questions over the next couple of days. Does anybody believe the greeks . I want to highlight to you one sentence that is both in the old proposal and in the new proposal. It says the greeks will quote, implemented in full the 2010 pension reform law. Its 2015. Why would you need to implemented the 2010 pension reform law. They havent done it yet. Thats one of the complaints about the greeks is consistently the greek government two or three governments ago, they havent been able to carrie through and implemented fully the reform process. The political process has already been done here. The Prime Minister has gotten to the office early. A lot of the Party Members have gotten to the office early to begin discussing the proposal. The former finance minister is still a member of parliament. So he is going to be involved in all of these discussions. There could be excitement there because he always makes things interesting. Creditors will review the proposal today. We expect to get a vote today as a show of good faiths by the greeks and the communityist party is going to hold a protest this evening. They dont want to be in the euro period. That is not surprising. We dont expect it to be large . I want to talk to you about this thing where he says that the greeks deserve a hair cut because my understanding is the rules of the new Bailout Program say if your debt isnt sustainable, you dont qualify. I almost wonder if hes saying it for reasons but i dont want to cut you off. Go ahead steve. Thanks michelle. That was part of a process that started yesterday with them kind of changing their position a little bit. Making positive comments about the possibility of changing the greek debt but first the political reaction has already begun here in europe. In france president hollande making positive comments about the greek points higher posel calling it serious and credible and kwuzing the words courageous where the germans have been neutral to maybe just a little bit positive. A german official this morning told cnbc these are the first steps in the prior actions demanded by the creditors. Lets see how they continue. He said it was very important for the prior actions to take place as in the vote in Greek Parliament in order for the German Parliament to accept these. We talked earlier today with the school of management and he talked about this tightrope. If finally merkel and the european lets say policy makers will give in. This will also finally conclude that mr. Tsipras will finally leave the stadium as the winner and this certainly is really complicated and is a big problem to digest for the normal people. What we have here guys is a german population that does not support Additional Support give backs to the greeks but at the same time, what you hear on the street here is they dont want the euro experiment to fail. They dont really want greece to leave the euro zone so what we have here is a proposal by the way where twice in what we see is they say they want to remain part of the Currency Union and by the way theres no mention in there of Debt Forgiveness. Now this notion of what they could give them a write down of the debt is probably off the table t. Two things that could happen, a lengthening of the maturity and or a lowering of the interest rate. Those might fall under the terms of a nonclassic write down that the germans could possibly stomach. Joe. Right, steve. Thats what we were talking about. Just exactly what is meant by air cut and semantics and everything else. Steve, stay tuned. Lets continue our discussion on the greek kai sis with someone who has seen this play out firsthand. He is the former president of the ecb that signed off on the greek bailouts in 2010 and 2011. Great to see you. I love the backdrop. I was just there a couple of weeks ago and i guess my first question is you have seen it all over time and the way this latest can i call it a drama . Weve called it a greek drama, the way we have seen this unfold and i dont know whether its a term used in france but in terms of all of the posturing has this been about on par with what we have seen . It seems like its even been more convoluted for us to play out. Has anything surprised you about how long its taken and the different turns and twists . Well first of all i would say that we have had over the last six months a succession of happenings of extraordinary games of chicken and its about to terminate. Very fortunately the deadline is now there and my understanding is we have to remain cautious but the new proposal made by the greek government are demonstrating to have an agreement. But clearly, clearly we have something which is very different from what was, you know the position at the moment of the referendum. We have always said and cynics would say that both sides would take it to the very end to try to extract as much as they can for their respective sides and that may be the case and that it happens. But to view it cynically certainly we have gone through a lot of trauma to finally get at what people thought would happen all ahong but at this point the end result will be a positive outcome . No i was very prudent. The problem is the problem of trust. Do the friends of greece that are the other europeans and also the International Community will trust that the program would be implemented after all the changes of positions we see in the past. What makes me listenreasonably confident but prudent is that the people of greece clearly demonstrated they didnt want to leave the euro. That they understood that they had to remain in europe. And that was clearly the results of the referendum because the no vote meant in the presentation of the government yes to europe yes to the euro but we want to have a negotiation that would be as much as possible but now they realize that to have the approval of the other democracies in europe and probably in the world they have to present a good plan. A plan which would be credible and we are at this stage. But do you really think mr. President that the no vote at the referendum was a yes vote to europe . Do you think that the greek people understood that. Because this entire situation second based on trust and history doesnt provide a very good example for the greeks being able to follow through with promises to the ecb. No youre absolutely right. This is the real problem. Is the government credible in its new promises and new pressures . But in regards to the referendum i was very surprised because my first understanding of yes and no were yes to europe and to the euro and no to europe and to the euro but very very soon the government said no the no vote doesnt mean no to the euro. It means we want to negotiate as hardly as possible the program and the help of the european. But had he said no vote means no to the euro the no vote wouldnt have triumphed. Just a simple question. Is greecing to to get debt relief . If so how much . First of all the main problem is the plan. Is it a good plan . Is it consolidating the solidity of the Greek Economy. The Greek Economy was about to grow at 2. 5 this year according to the imf. Now probably minus 3 . So the time that has been lost over the last six months is absolutely terrible in terms of growth. And now they need to reestablish a competitiveness. Thats important. The debt outstanding is much less important than having a credible plan with good level of competitiveness as soon as possible. Does that mean you i trust that taking account the im sorry, does that mean youd be comfortable with giving them debt relief more than half of the outstanding debt if they agreed to the terms that you just discussed . No. Certainly not and i dont think that you will find anywhere in europe governments and parliaments ready to do that. What can be done without in my opinion real principle of the debt diminishing but you could have a longer term for the repayment and you could have lower Interest Rates and that of course is what is important because what is important is the service of the debt. Year after year. So it seems to me that they are way if there is a good plan if the plan is credible and if the plan is implemented theres probably ways to alleviate the service of the debt which is what is obviously needed. Mr. President , we compare the European Union we have states here and we have some states that need a little bit of help. And we feel like a wrun i dont know. And watching this all play out and as an american just watching it we always come back to the notion that theres no real concerted Fiscal Authority over there and when germans still feel like germans and greeks still feel like greeks that the idea that youre willing to help as a union and give what needs to be given, it just doesnt seem it seems like more work needs to be done. Will this make it easier to have better consolidation of fiscal authorities . Because now portugal italy, spain, they all know its going to be a tough one for them as well. Will this be positive and cohesive . Well first of all, greece was more or less following the steps of ireland and portugal and spain in some respects and i said at the beginning of the year the imf was considering that greece was now back to growth and job creation with a growth of 2. 5 . So the efforts that have been made the efforts made by the others through great difficulty and great pain which is normal when you start from a situation which is dramatically negative. Minus 15 of the gdp of current account deficit minus 15 of the gdp of fiscal deficit. So greece had worked a lot and greece was about to grow so the problem was the change of government and the maturing time for the government to realize what was the real world. What they really had to do if they want to succeed and succeed means growth and jobs and growth and jobs means confidence and of course capacity to inspire confidence not only in europe but also in washington because the International Community is also a partner in this very dramatic case. It seems to me that its history in the making. But until now if you consider what has been the resilience of europe, of the euro area of the currency itself in the worst crisis since world war ii one has to admit that the resilince had been quite remarkable. It is is perhaps likely that greece will remain in the euro area and no country would have left the euro area over the last seven years after lehman brothers. Not only that. The 15 countries so four new countries entering into the euro area. So it means something in terms of stress test of the euro area of the concept of the single currency. Yes. It means also that we have a lot of hard work to do and i hope very much that we will do all the lessons from these experience and continue to do the hard work which is badly needed. Mr. President , thank you. Thank you very much for all your time. Beautiful, beautiful day. We can see in paris today and once again thank you. Beautiful shot. Im kind of a i do love that your affinity for paris. Despite not liking the french. I love the french. How about the french philosophy. I have a little problem. You caused a fire storm after that interview. Coming up another volatile trading session in china overnight. Stoc