amy: buying greece? >> i guess. , thankstas panayotakis you for being with us, author of, "remaking scarcity: from capitalist inefficiency to economic democracy." professor of sociology at nyc college of technology at cuny. as we turn to democratic presidential hopeful bernie sanders, who recently convened a panel of economists in washington to discuss the debt crisis in greece as well as throughout the world. austeritynders said has worsened the situation in greece. this is some of what he had to say. >> we're here today to talk about the very, very important issue regarding the ongoing debt crisis in greece and the way that people in governments all over the world are struggling with too much debt. we're going to be focusing on greece, but in truth, this issue goes beyond greece. countries that are struggling not only with too much debt, too much inequality, and too little growth and income. today, as i think all of you know, there's a very, very serious economic situation unfolding in greece. in many

it was never about greece. it was always about who was going to come after greece, whether portugal or italy or the others. and actually, the fact that the core europe was very firm in negotiations is very good. it gives them a lot of credibility. and clearly, greece in a few months' time might be a problem again. this is not going to be a clear end, but i think for all the purposes of the market, this is a good step forward. >> do you see risk appetite improving now that the greece story, of course, becomes a little bit more positive? and if so, would you recommend clients to add to their positions when looking at european equities? >> i think from the perspective of europe, greece story should be going on the back burner. the problem is obviously china, that market is always trying to find the next negative, and it was bond sell-off in april-may, then greece, now it's all about china. but with respect to europe, i think the peripheral story looks very good. >> let's talk more broadly. you write in your notes

the move saves greece from a possible default. after more than a century -- after more than half a century, the stars and flying again in cuba. the flag was raised that a symbolic ceremony in cuba with u.s. secretary of state john kerry in attendance. and japan's prime minister expresses profound grief or his country's actions in the second world war, but he stopped short of making a fresh apology. welcome to the show. eurozone finance ministers say they have approved a third bailout package for greece for a further 86 billion euros in exchange for tax increases and spending cuts. the agreement comes after six hours of talks in brussels. ahead of the summit, the german finance minister said he wanted clear confirmation that the international monetary fund board for a new deal. the imf had expressed concerns about greece's mounting debts. >> it's an ambitious reform package. it addresses the main challenges both on reaching south public finances and to return to growth but also structural policy frameworks to enhance competitivenes

and a really difficult political process and i think it's very important now that greece can implement the conditions they have agreed to and they have been negotiated in brussels now over the last few months. if they cannot enforce or bring through the program then it will open up this whole chapter again. >> there is a risk that the future of the greek government whoever might create that government, there is a risk, is there not, that actually they will say we are not prepared to carry out these reforms and for example elected on the antiausterity and the wave of passion among greeks and said we had enough cuts, we don't deserve this any more, is there not a danger that the next greek government that is elected is going to say exactly the same as they did before they came into power? >> i think that risk is pretty small and remember it was he that was against the program that was coming from brussels and from the imf and european central bank and it's now he in the form of the prime minister himself that have changed their mind and last week in the bailout vote in the greek parliame

there were live pictures from parliament in greece. they still appear to be pretty jovial after their all-night slog. let's get more on this story. rebecca christie is in london at the moment. you are about to jet back to brussels because the finance ministers are gathering. what do we think will be prominent in their minds? rebecca: today in principle is the day that they would feel the three-day deal for greece to access the 3 billion euros in aid. that would allow greece to show that it had done the milestones necessary to earn the money. this day has a lot of significance. the greek parliament probably needs to vote before the finance ministers get together. caroline: what time are we expecting? rebecca: meeting begins at 3:00 p.m. we will see how long it goes. caroline: we do know that tsipras has already been on the phone. paving the way. what is greece having to do here? what does the bailout look like? there is so much else involved. rebecca: the imf put out a supportive statement last night. even though they are not prepared t

a lot of these immigrants say they have come to greece the other countries. where does that leave their status as refugees? the geneva convention is not as clear as you said. it is not clear what is the .tate that is responsible using of the states are this whitehall to say i'm not responsible for identifications, but the other state is responsible for it. all of these people coming from eritrea and syria, it's obvious the need to be protected in the eu because lebanon is not a safe country at all. safe: is turkey not a country? guest: turkey is a safe country, yes, but turkey has welcomed one billion people. we cannot welcome 40,000 people because turkey can welcome them? at thes a responsibility international level that must be assumed by the eu member states. to ask states poor than we are to have all of these refugees coming from critical situations in poor countries. have industrialize and wealthy countries. laura: thank you very much for joining us. the south african government has intervened in the case of oscar pistorius and has blocked his early rele

greec plus prime minister is dissolving -- greece's prime minister is wanting to silence opposition and his leftist party and seal support of the country's bailout. also coming up, macedonia declares a state of emergency. troops and police are being deployed to stop migrants at the border. you will hear from the u.n. refugee agency. in thailand, 10 people were involved in planning the bangkok bombing. one person turned himself in but was later released. one suspect remains at large. i'm sarah harmon, glad you could join us. alexis tsipras has resigned to clear the way for snap elections. he said he wanted a fresh mandate to implement the bailout deal negotiated with international creditors. the leftist leader is seeking to enter -- within his party. september 20 is the most likely date for greeks to go to the polls. >> it has been seven bruising months. it has been leading building up to the announcements. it will give greece another chance to decide to go along with the creditors demands. >> you, with your vote, will decide if this agreement is enough to get out of the dead and we have

on august 20, greece has two do a repayment to the european central bank. so the fact that they stuck market has reopened, there still remains significant obstacles. stephen: thank you. let's take a look at some of the figures michael was talking about. greek stock market opened down 23%. it is down about 17% at this stage. the rest of the european markets, we see things moving along a little bit as well. we have seen gains in paris and frankfurt. in london, things down slightly. but no great impact to the rest of the european markets. stewart: opportunities for foreign companies as sanctions are lifted in iran? stephen: renault previously had great success in iran. they are hoping to quadruple their production by 2020. reporter: just a few months ago these car parts could not have been imported to iran. today, they are being used to make the tondo. the restrictions on their business, the company suffered losses of over 500 million euros. >> they production lines did not stop but there was limited activity. the factories were working at about 15% to 20% of

manus: likely to see the star of greece's -- start of greece's general election campaign. three days after creating a new political party. with one of the parties key players acknowledging the agreement is unlikely, greeks are expecting to head to the ballot box in september. for the bank how low -- francine: how low can oil go? our guest host also stays with us. ♪ manus: welcome back to "the pulse." webzine european oil and gas extending to 2015 low. patrick armstrong is here. a lowly path. oil will. , wti starting at 40 bucks. what is your view on these commodities? patrick armstrong: i wish we were still short. we were short on taliban's ago. it may have reached the bottom. -- we were short on till a month ago. it is not coming from a demand weakness which a lot of people are interpreting that oil is falling golf because the china's economy is imploding. that's a lot of production. it has not moved yet. it is something keeping oil depressed and probably will continue for the next 6-9 months. i do not the oil jumping higher in the short term. notice and as probably sus

the snap election in greece has been confirmed. matt: alexis tsipras will call snap elections in greece. we have now confirmed this for september 20. we have called the government and confirmed it ourselves. there will be a snap election in greece for alexis tsipras. he has gained support of the opposition party. he has become a pragmatic prime minister. now, this could ultimately longer-term. longer-term.nto a vault him into a longer-term. pimm: the combination of the package and privatization process puts him in a much better position to at least lead the country if he is able to get the political support that he needs outside of his party. an interesting turn around. he was elected in january on total austerity, totally anti-european, anti-eu basis. now, he is the one who has made the deal, the one bringing in the austerity and the one who atyed greece's relationship the end after almost wrecking it. pimm: the concept of brinkmanship is not unknown to mr. sippers -- alexa sippers. -- alexis tsipras. going back to brussels and ne

. >>> let's get back to greece then because stock markets in greece have opened for the first time in five weeks. as we can see on the charts they're down by a whopping 20%. we want to show you some of the biggest on the performers. the national bank of greece down by some 30%. we've got alpha bank off by 29.8%. and piraeus off by 30%. and euro bank off by 30% as well. this is sort of a decline than what we're anticipating for the month? >> i was really expecting a 20% decline. it looks pretty much in line. we were down 23% at the session. it has a little bit of a bounce now with three percentage points. if you look at the banks, a fifth of the index overall, some of those do trade in the u.s. the national bank of greece actually up around 20%. it's interesting to see actually a 30% drop across the board for these banks because that is obviously what we've seen in the u.s. we spoke to the chairman this morning, and what i pointed out, what they've got ongoing investments for the investors. they can't use deposits so they're still concerned about further cash being taken out by the ban

the move saves greece from a possible default. after more than a century -- after more than half a century, the stars and flying again in cuba. the flag was raised that a symbolic ceremony in cuba with u.s. secretary of state john kerry in attendance. and japan's prime minister expresses profound grief or his country's actions in the second world war, but he stopped short of making a fresh apology. welcome to the show. eurozone finance ministers say they have approved a third bailout package for greece for a further 86 billion euros in exchange for tax increases and spending cuts. the agreement comes after six hours of talks in brussels. ahead of the summit, the german finance minister said he wanted clear confirmation that the international monetary fund board for a new deal. the imf had expressed concerns about greece's mounting debts. >> it's an ambitious reform package. it addresses the main challenges both on reaching south public finances and to return to growth but also structural policy frameworks to enhance competitivenes

guy: back to greece. the latest greek bailout is that imf'sman lawmakers with role very much in question still. she said signal she's willing to to help inat police the bailout. hans nichols is on the story. a defensive angela merkel. said they would do that. the member the last time she lost? she showed confident you get this through. on the reform, she insisted the imf will join. howis indicating here is you put the issue of debt relief. extensiongards to the , the setting of interest rates roomssibly have, we have for maneuver, just like we had in previous times. there's a clear statement that they cannot allow another haircut. about 10 billion would go for bank recapitalization. she is delaying her trip to brazil. she says it is confident it will pass. he has indicated he'll support the package. we're looking to see how many defections she will have. she's not entirely confident this will work out. they insisted there are no guarantees. caroline: it has been a busy time for angela merkel. spree? bit o

greece kayla bankgreece's creditor -- caroline: greece's creditor's agreement new deadline. guy: on the move is next. we will see you tomorrow. ♪ jonathan: good morning the welcome to "on the move." "on the mov i am jonathan ferro. yuan devaluation. the people's bank of china slashes the currency. the biggest one-day loss in two decades. google becomes alphabet. a conglomerate as it searches for new future. the stoxx soar. deal. talks between greece of the creditors go into the early morning hours. they agree with terms on a third bailout. i will break down those stories. 20 seconds ahead of the open. by 30tures of -- off points. is china.eme caroline hyde. caroline: phenomenal moves area that record move in the yuan. a devaluation to the tune of 1.9%, the most in 2 decades. it moves across asset classes and everybody knowing china is trying to boost exports. is it trying to tap into the imf? to ensure it will come to reserve currency? the special digital area for china. it is having an effect on the market. cac 40 is often by zero .3%. it is going to play in stocks in eur

greece wants to stay in the euro. even if they have to implement everything that their creditors are demanding. greece sees the euro as a guarantee of a modern, democratic future. and i think that is the overwhelming imperative. mark: good to see you -- stay with us. coming up, mining meltdown. clinic or plunging 66%. we will bring you the highlights of our conversation with the chief executive. then, evaluation tool. the annan cuts its reference rate in the fight to stay competitive against a weaker yuan. emerging-market stocks fall. the brewer cuts its four-year profit forecast amid falling sales. ♪ mark: this is "on the move." let's bring you up to speed with the top stories. aiden lawmakers vote on an package for greece. spain and estonia are all part of the deal. this comes a day ahead of the 3.2 billion euro greek payment to the ecb. the german bundestag is debating the deal as we speak. the german finance minister -- the central bank of vietnam has devalued its currency for the first time this year. it weaken

and they were about greece in 2012? volker: no. with greece it was the contagion effect, the potential that this would trigger a lot of turmoils in the whole eurozone. has dampened, at least the expectation and the fears they cam e down. that's good. thechina is a powerhouse of world economy and a powerhouse for german exports and german worldwide investment. so, therefore, they are concerned right now but they are not that concerned in the structural way like they were with greece in 2012. hans: when you look to the rest of 2015, 2016, where are you optimistic for german industry, for potential exports? iran? volker: iran is really, on the positive side for expectations, but first of all, it is the u.s. economy. and this is major market that is still the major market outside of europe. it's also passing by now france, our biggest partner in europe. so it's u.s. but if we look about, upcoming stars or stars could have the potential, it is iran with, it's not highly industrialized but there it -- it is much more industri

live on the border there between greece and macedonia. thank you very much indeed. >>> doctors without borders is reporting that at least 65 people, including 17 from the same family have been killed in the yemeni city of ta'izz. the strikes hit civilian areas of the city, and survivors are said to be searching through the rebel for their relatives. this footage is from shelling on thursday. pro-government forces backed by the saudi-lead coalition are fushing -- pushing houthis from the region. >>> iraq's top shia cleric is calling for reform by the government. it is believed he has played major role in the recent anti-corruption drive by the prime minister. >>> the shut down of life-saving medical services is happening in ira iraq. the reason they shut down, i wasn't able to raise the half a million needed to provide the services. >>> the speakers of brazil's congress has been charged for taking a $5 million bribe. he is the first sitting politician to be charged over the scandal at brazil's state oil company petrobras. last month he def

there's a conflict in ukraine and greece has ongoing debt problems. we are asking the questions what is next for europe? what direction should the european union beheading? you can take part in the discussion using the hash tag what next europe. we have been speaking to ordinary europeans in germany. in an exclusive survey, we asked who do you think sets europe's political direction? reporter: the european flags there's 12 stars with her many more players on the stage. the nationstates, vigor and more powerful ones like germany, and crisis hit states like greece. we asked the german people who they think sets the agenda. the survey showed 39% of germans believe that cb has the most influence. 36% say it is the european commission. 34% say germany set the agenda. surprisingly, almost 1/5 of those surveyed say countries like greece run the show. it seems germany is very divided over who is in charge in the european union. anchor: recent crises have shown just as much division among european members. keeping 28 different languages together is a tall orde

there's a conflict in ukraine and greece has ongoing debt problems. we are asking the questions what is next for europe? what direction should the european union beheading? you can take part in the discussion using the hash tag what next europe. we have been speaking to ordinary europeans in germany. in an exclusive survey, we asked who do you think sets europe's political direction? reporter: the european flags there's 12 stars with her many more players on the stage. the nationstates, vigor and more powerful ones like germany, and crisis hit states like greece. we asked the german people who they think sets the agenda. the survey showed 39% of germans believe that cb has the most influence. 36% say it is the european commission. 34% say germany set the agenda. surprisingly, almost 1/5 of those surveyed say countries like greece run the show. it seems germany is very divided over who is in charge in the european union. anchor: recent crises have shown just as much division among european members. keeping 28 different languages together is a tall orde

is it greece or something else? >> it's greece. it's a combination of greece, a lack of people knowing exactly what to do in the next four or five years if you look to the european union there's a lot of misunderstanding about what happens in emerging markets but also at home and we need stability and until we get that they won't be calmed. look into the u.k. everybody is talking about the brexit being about will u.k. decide to exit the european union? these are the fundamental most important things. >> we always try and engage what the next shoe is that will drop after we saw, you know, the devaluations and the similar things happening. you say the mideast could be next. why is that? >> if you look at spreads they jumped quite a long way in the last three or four days. anything that has a fixed exchange rate at the moment in emerging markets will have to refocus on that and as we've seen with china, even that hasn't supported a peg, if you like, of the currency. so if we look to countries i think saudi arabia obviously clearly the

for example, before the first bailout, the retirement age in greece was 60. and for some strenuous jobs it was 55. and true story, hairdresser counted as a strenuous job. [ light laughter ] now obviously this is a hard pill for germany to swallow as they are, i'm assuming, a country that doesn't even have hairdressers. [ laughter ] "hello, i'd like to make a 5:00 appointment with bulls and scissors. [ laughter ] but on top of the reasonable financial reforms, the greeks also had to submit themselves to severe cuts in public spending and public jobs. this meant greeks had less money, and less money meant less demand, which means the greek economy hasn't been able to recover. so on the back of this long suffering, this past january alexis tsipras was elected the fifth greek prime minister in four years. so basically greece gets a new prime minister as often as we get a new "spiderman." tsipras vowed to fight austerities, take on greece's creditors, but right away things went south. and in no small part thanks to tsipras' finance minister, yanis varoufakis, a co

elliott: greece is on the front line. the easiest but to get to is greece. in fact, you can see the island of costs. you get rubber dinghies ferrying people across the border. coming up from north africa as well. but the european union and the germans are hoping will happen, and they are in a position to nuts this along, is an arrangement whereby the burden is evenly shared by countries. willps not all countries play their part. they wills saying offer asylum to christians. they do want muslims. mosques.t have any they are lee only european country without a mosque. -- they are the only european country without a mosque. -- to meet with her french counterpart. they're setting up a new control center. what they say this is about is cracking down on the criminals who are helping to encourage migrant asylum-seekers to break into the channel tunnel to make their way to the u.k.. but are making it through they want to keep that flow as small as possible. francine: elliott, thank you. china slowdowne may not someone off the billionaires list. ♪ francine: welcome

there has been a shake up in greece's ruling party. the far left faction breaks away to form a new group following the resignation of prime minister alexis tsipras. fire stunmacedonia grenades at migrants on the border with greece as germany slams europe's failure to tackle the worsening crisis. >> the first legs of the playoffs took place thursday night in moldova. 1-0 at home. they came from three goals down to win 4-3 in norway. they're looking to maintain their unbeaten start to the season. win.enjoyed a comfortable maxwell play down the fact he scored a couple of goals in the past. >> yes, i scored against them, but we did not always get a good result. last year when i did not score, we won. it will be tough as always. we know the mentality of teams that play against us. it will be a tricky game, but we are confident of stringing together good results. we have great players and are trying to improve our play so that we can win this game. it is important to pick up the points now at the start of the season, so we will do everything

. >> greece moves one step further of securing a bailout after the country moves further. he has fears rebels in his own party could weaken the government. >> stabilization in the chinese market after the central bank holds the currency steady with shanghai composite with the biggest weekly gain since early june. >> german and italian gdp disappoint in the second quarter as france grinds to a complete halt. the data not voting well for euro zone member which is are due imminently. >> deals galore from goldmans. the invest ment bank selling its mines. and in-turn buying deposits from ge capital. so that has come out. we have gdp from the second quarter at 1.3%. that's in line with expectation and an improvement from 1% the previous quarter. that's the year on year number. the quarter on quarter number has come in at 0.3% against a forecast of plus 0.4. so fractionally below expectation which is some what in line with germany and italy earlier. they were both fractionally below expectation where france was significantly below and spain was significantly ahead. overall the gd

there's some respite to greece this tuesday. they secured an 85 billion euro bailout from creditors in return. make more economic reforms which will have to be approved by the greek parliaments and other countries in the euro zone. there's a breakthrough to find those responsible for shooting own a plane last year. they believe to have been a russian-made missile. the united nations agree to share power by the end of the month, libya was plunged into chaos after the fall of muammar qaddafi four years ago. well, let's get an update on the business news. we are going to start over in china with the latest news by the central bank. >> that's right. we saw an abrupt valuation. the people's bank of china cut the value of the yuan, they call it a depreciation but it's the bowledest sign yet of the slowdown in the second largest economy is mounting. alexander reports. alexander: the free market reform, but the latest move from china's central bank could be the beginning of a longer term slide in the exchange rate. the central bank said

funds like greece has. so we are with limited capacities and we must be trying to deal with the situation, because whatever happens with this terrible crisis here in macedonia, and many [ inaudible ] local population on the greek border. >> okay. thank you very much for talking to us here at al jazeera. >>> all right. let's move on to yemen now, because 43 people in the third-largest city there have been killed in saudi-lead air strikes. ta'izz has become the focus of cent fighting between houthi rebels after government forces. pro-hadi forces have managed to take back control of parts of the city as they push towards the north. >>> iraq's top shia cleric has warned the country faces possible partition. he says government reform measures need to be introduced immediately. this is one of several calls made by the cleric this month. it is believed he has played a major role in the recent anti-corruption drive by the prime minister. >>> the iraqi government is also under pressure to speed up reforms to help sa

which is what is needed for greece. greece is a country that has to be rebuilt from scratch, let me put it this way. in order to do so you need a ten-year problem, not a three-year program. -- ten-year program, not a three-year program. sarah: what else do we need? we have seen that the euro has hit a couple of pickups, to put it mildly. some have said that the european union needs something that is a formula more like the united states. further integration. that's the only way the euro will work. do you agree? >> i fully agree. as i said before, the united states has a common government, currency, and language. we cannot go towards a common language because we speak languages, even if it english is be -- even if english is becoming a working language for most in europe, but we will never have a common language. a thing that we need is more common government. we need more integration in europe. stronger european institutions. which means that sooner or later probably national parliaments should give up some of their pow

greec plus prime minister is dissolving -- greece's prime minister is wanting to silence opposition and his leftist party and seal support of the country's bailout. also coming up, macedonia declares a state of emergency. troops and police are being deployed to stop migrants at the border. you will hear from the u.n. refugee agency. in thailand, 10 people were involved in planning the bangkok bombing. one person turned himself in but was later released. one suspect remains at large. i'm sarah harmon, glad you could join us. alexis tsipras has resigned to clear the way for snap elections. he said he wanted a fresh mandate to implement the bailout deal negotiated with international creditors. the leftist leader is seeking to enter -- within his party. september 20 is the most likely date for greeks to go to the polls. >> it has been seven bruising months. it has been leading building up to the announcements. it will give greece another chance to decide to go along with the creditors demands. >> you, with your vote, will decide if this agreement is enough to get out of the dead and we have

how much does greece still worry you? how much do you actually look at greece? >> from a global macro perspective, it hasn't affected markets that much. it has not had that big an impact on the markets. it is not actually affecting our global thinking. in terms of the issues you've been covering china, those are the big macro drivers for markets in the next several months. having seen very little in terms of news from the fed last week we are going to see that news coming from gdp. we've got more data today and later in the week. nonfarm payroll will be very important. we've been told that the data is not picking up. i'm sure they will want to be comfortable with hiking rates. the economy is not doing quite as well as the fed would have hoped. francine: thank you very much for now. stuart richardson stays with us and we will talk more about china. here's a look at what else is on our radar. china's stocks have extended the benchmark's biggest monthly loss in six years. a drop in manufacturing brings concerns that the economic slowdown is deepening. hsbc has repo

greece is due to receive 30 billion euros today. the money is being released after eurozone parliament backed the terms of a third bailout. it will be used to pay the debt to the ecb and to clear other outstanding arrears. oil sending its decline for the lowest level in six years as u.s. stockpiles unexpectedly increased. seen oill glut has slump more than 30% since its closing peak in june. the ims must push back the earliest date that china's you want can join the market to preserve currencies. china shifted to a more market determined exchange rate. a move that the imf welcomes is a step toward it freely floated currency. markets today, all attention today focused on the fed after minutes from the fomc july meeting. should officials remained concerned about stubbornly low inflation. add to that the u.s. cpi data they came out yesterday weaker than analysts said estimated. let's get to mike mckee for a breakdown. it is all about inflation. when fed officials met three weeks ago, most judged that the conditions for policy firming h

the border between macedonia and greece the scene of a violent crack down by police over the weekend. andrew simmons is on the macedonian side of the border with greece. >> reporter: in the heat of macedonia's border with greece, the pathway may be open again, the pace of their journeys may have quickened politicians are bogged down in arguments. macedonia's interior minister defended the decision to close the border last week. here too, austria's foreign minister talking about what the european union was or wasn't doing about the situation right now. in the brief time they spent with refugees, an oil engineer from syria wanted to get a word in. >> to solve this problem for syrian refugees, why dit make it all on syria? >> youngest foreign minister didn't have an answer to that question. macedonia's interior minister blamed greece saying it didn't have any controls or security on its border. >> translator: our intention was not to close the border but to protect it. >> reporter: this was confrontation with refugees in humanitarian terms surely it was a disaster. >> translator: our eff

more details there of the situation on the greece macedonia border and plenty more. aljazeera.com. ♪ >>> wall street in the middle of another big selloff as global markets tumble. >>> new evacuations in the northwest as fires spread faster than crews can contain them. now international help is on its way. >>> and a state of emergency in macedonia, as a migrant and refugee crisis pushing the tiny nation to the brink. ♪ >>> this is al jazeera america live from new york city. i'm randall pinkston. well the stock market is plunging again for the fourth straight day. the dow is down nearly 2%, 190 points lower after falling 358 points yesterday. that is the biggest win-day drop in almost five years. nasdaq and s&p 500 also trading down right now. richard wolf from the university of massachusetts says this market turmoil requires careful analysis. >> selloff has to be taken seriously, because anything of this size, happening so quickly is a warning shot across the bow of the world economy. i think the way to understand it best is to see, that when you have a global cap

but the case of greece is a world case. and now it's life for other european nations and europe, it's not the same now after all this difficult six months period the idea it should be put to austerity and gaining more and more ground, the difference between democratic and progressive and european powers. and the more sense to the difference and greece with this and the changes which take place and the discussions for the future of europe, greece will be in the first lines at the front. yes, this is my message which was sent to the president of the european parliament. i asked for european parliament to play an active role in the greek problem. the transparency and open democratic discussion and democratic accountability so. >> again, that was the greek prime minister live in athens. they are resigning and calling for new elections and the fact is he doesn't have a governing coalition in the parliament anymore after reaching a new bailout deal, that new deal as you know calls for more difficult austerity measures and remembe

if he doesn't, expect more chaos in greece. , fore have seen in greece better or worse, when the europeans force them to, they give in. caroline: thank you very much we just got a very few minutes ahead of the equity market open. move" will be helmed by mark barton, what you seeing? mark: china has fallen to its lowest level since 2009. snap elections will take place in greece. some of the data is quite astonishing. stocks falling to the lowest since 2009 in the emerging markets, crude oil on track for eight weekly decline that hasn't happened since 1986. money flooding into gold. we will discuss all of these. ahead of pmi data out of france, i'm jeb a senior european economist to tell us what a day and what a week. caroline: thank you very much. the worst week for global stocks in nine weeks. stocks are set to open lower. we look at a 1.8% decline for european stocks. rose,e stock on teh dax it is the perfect storm. ♪ mark: good morning, i mark barton. right here in london. moments away from the start of european trading -- let's get straight to your morning brief. worldwide selloffs --

a lot of those refugees have been arriving in greece. international humanitarian agencies are stretched to their limits and say they are not getting enough help from local authorities. we report from the island. >> reporter: the sea front at the height of the holiday season has become a refugee camp. tourists lingered here for the view, they don't anymore. outside the police station, frustration risings by the day. those with more claims are given priority and processed quickly. others fend for themselves. >> thank you, thank you, thank you. >> i want you to be quiet. >> reporter: international agencies are trying to speed up a process that's slow. they are getting little help from the local authorities. >> we have offered the municipal authorities our support. we can provide services. >> how quickly? >> we can provide it quickly. but we need them to provide us a site where we can put the tents. >> so the greeks are dragging their feet? >> we haven't received any information yet. >> contagious diseases, diseases that are coming from thei

reporter: is never quite smooth sailing in greece. more political turmoil following alexis tsipras' resignation. analysts say it is the wrong time for the greek government to take its eyes off the ball. >> the challenge of the reform agenda is actin the melting pot. if there is any backsliding on the implementation and the bailout package is also at risk. reporter: greece's creditors are taking the news in stride saying snaffle elections change nothing about the deal but german officials have warned that if reforms are delayed, payments would also be delayed. some analysts in greece are also matter of fact. >> or should not forget that there is a deal on the table now. a major problem has been diverted at least in the short term also think -- and thanks to the loan tranche. alexis tsipras is the link -- expected to win an election if it comes about. that would mean his mandate would be strengthened before voters feel the extent of more austerity. anchor: we have talked about greece a lot this week. time for a health check on economies

reporter: is never quite smooth sailing in greece. more political turmoil following alexis tsipras' resignation. analysts say it is the wrong time for the greek government to take its eyes off the ball. >> the challenge of the reform agenda is actin the melting pot. if there is any backsliding on the implementation and the bailout package is also at risk. reporter: greece's creditors are taking the news in stride saying snaffle elections change nothing about the deal but german officials have warned that if reforms are delayed, payments would also be delayed. some analysts in greece are also matter of fact. >> or should not forget that there is a deal on the table now. a major problem has been diverted at least in the short term also think -- and thanks to the loan tranche. alexis tsipras is the link -- expected to win an election if it comes about. that would mean his mandate would be strengthened before voters feel the extent of more austerity. anchor: we have talked about greece a lot this week. time for a health check on economies

it rose from single digits to rule greece in just a few years. those who wanted it returned to the leftish roots and those who lost voters to it both now want it to unravel even faster, but greek politics are personality oriented. while the appeal of alexis tsipras lasts, they're unlikely to succeed. >>> now, tensions are building between north and south korea after an exchange of fire across the border on thursday. north korea's leader kim jong-un ordered his front line troops to be on a war footing as the south refused to top propaganda broadcasts. it has until saturday afternoon to stop or face military action. harry fossett reports. >> reporter: south korea's president visited the command post on friday flanked by her supervisors and senior military commands. the message conveyed, her personal chanted of situation as north and south korea engage in sporadic military face-offs. >> reporter: the military should be alert for further provocations if the situation occurs, i want you to take action first and then report later. >> reporter: it follo

greece will get more money. it will be able to go on paying interest on its debt but at the cost of driving the economy into greater recession. that is a self-defeating circle. the greek economy has fallen by 25% in the last five years. it is projected to go and get smaller by 5% this year. what are they trying to do? they are really cutting off the real basis of servicing the debt. meanwhile, they are increasing the debt so it cannot work. joe: has europe forgotten the lessons of post-world war ii? there were a lot of people talking about germany and the fact that they were supposed to get debt relief and that helped europe and that should have applied to greece as well? what is the historical lesson here? robert: the historical lesson, the settlement between debtors and creditors has always got to be negotiated. there are creditor responsibilities, and the creditors cannot just expect to be paid by granting the economy of the debtors into dust. what we haven't had enough of in this particular negotiation is th

guy: for more on greece that scott to athens. forward toas we look this debate, this the -- this vote what is the political climate like going into it? >> indeed the prime minister has a difficult task at hand. right now he is trying to keep his party as united as possible. just yesterday we had the parliament speak once again presenting obstacles to the he is been a close political friend to the prime minister for many years. members have been going around greece the past couple of weeks trying to measure their strength. 25-30 lawmakers not to vote for the deal today. some say the number could go up to the likes of 40 or 50. it is for certain that syriza will be divided before the elections this year. some say they will be held in september and other say but tsipras says when is the best timing for the current administration to hold elections. the most interesting part may be willer the platform voluntarily leave the syriza party or whether the prime minister will be forced to force them out of his own party. see you as ever. gr

once they're in greece there's no reception services in greece. and we have a humanitarian crisis in greece at the moment with refugees, people with young families with young children living on the streets. they're forced to continue their journey but they have no legal way to move within the european union. we need all member states to come together to provide -- to show solidarity and to protect these people. we need operational assistance on the ground. we need more finances to be able to welcome these people to ensure their dignity. we need to stop -- move on from this policy that european politics is focused on. border -- on border control, on constructing fences. it's an illusion to be able to stop migration with fences. we need to -- aura: well, hungary claims the barbed wire fence will stop them from coming true? louise: refugees and migrants ill then have to go to dosh to smugglers, and we'll have a reproduction what happened with the discovery of the bodies in austria. laura: can you say to countries they don't have the right to defend t

they don't have any help provided from greece authoriti authorities. they're managing by themselves as they can. there is no water here. there is no food, there is not enough tents for people to sleep outside. you can see behind me there are a lot of people who already are prepared for sleeping another night--as i said earlier, more than 3,000 people are here at this moment. but the number is actually much higher because a lot of them are not the same here at night. they rented some apartments, and they will come back early next morning to see if the border is open it's very difficult situation for these people in large number. large number of people, large number of women, and they have a priority of crossing the board for macedonia tomorrow, and after them everybody else. >> yvonne, good to see you appreciate it. thank you. the white house said isil's second in command was killed by an airstrike. he was killed while traveling near mosul in iraq. officials say that he was a primary coordinator for moving isil weapons. they're sending border residents

greece is doing reasonably better. greece had an option. it tells you there more implications. >> you are actually quite negative long-term. you feel a grexit is likely? >> i don't know. there has to be a lot of money to be paid. how do people feel about it? how long can they continue? -- were talking about structural, that is a positive sign for the eurozone as an economy. there have been many remarks to scare everyone else. >> of that contagion can take an effect. everyone react strongly and does what they need to do. if germany looks to greece as an isolated case, you could make it work. if you start seeing negative concerned,nd may be i don't know which one it would be. it is multiple countries. that may be a different story. lex that is what worries me. >> it is interesting you mention that. they should spend all the money in europe. this is a wait and see what will happen. the cost has to get paid. >> debt relief will be agree just in the end? everyone comes on board. greece is in a big problem. >> are you not really worried about it?

analog in greece could be dairy farmers. tom: should we set our calendar for when nichols goes to santorini? brandan: if this works out, we may be out of a job. trips inne santorini. brandan: norway is approaching an uh -oh moment. this is bloomberg "surveillance" good morning. ♪ tom: good morning. tom:futures negative 13. our single best chart. brendan: norway runs the world biggest sovereign wealth fund. 5 billion. it owns one pointer percent of the world's equities. i did not know that until yesterday yesterday's the prime minister told bloomberg she was prepared to let that fund get a little smaller. the reason why the subject of today's single best chart. norway treats oil revenue separately in his budget. this is what they make ever you. in white. they can do two things. they can paid into their annual budget, the blue line. or they can paid into the sovereign wealth fund. tom: the yellow line is going down, the blue line is going down. brendan: when all those lines converge, they have to pull out of the sovereign we

it's not greece they have come for. but germany, austria and other countries where they believe they will find work and protection. >> we are awaiting since 7:00 this morning. we came, we arrived here since yesterday, we get nothing. we are staying here under the sun. >> itself near bankruptcy, greece made a call for help. >> almost 50,000 migrants arrived in july compared to less than 6,000 last year for the same month. earlier this week the european commission approved the national program for greece that amount for 474 million euros. >> reporter: the money cannot come too soon. every day brings scores of new arrivals. some rescued from unsea worthy vessels. they are now a quarter of the island's population. some kiss the sand when they arrive. most have no intention of staying. >> police have used tear gas to disburse demonstrators in cairo. they were marking the second anniversary of the breakup of camps by security forces. hundreds of people were killed in 2013 when police raided camps. >>> turkish army says three

going to do apart from blaming greece? >> we have a meeting with all the western countries and also with germany and some commissioners from the european union. >> reporter: but those words have been heard before and the fact is that little changes for these people apart from the speed of boarding trains like this one, away from people in the cities and towns of macedonia. and so is the political talking goes on in berlin, brussels and other european capitols the reality here is that after the violence on this border there is a primitive reception center in operation, refugees quickly moved on and undoubtedly lead to more coming on this route, moving the humanitarian crisis further up the line to another country. andrew simmons, al jazeera, macedonia. >>> many of the refugees coming into macedonia are arriving from greece. and jonah is there from the port of perez outside of athens, what is happening there at the moment, jonah? >> reporter: yeah, around half of all refugee arrivals into the european union come in through g

the people of greece