merkel's comments have been quite hawkish recently. that is going to be the thing we will keep our eye on. in terms of driving asset classes, -- guy: reporting numbers wednesday. how tough is the commodities space going to the? let's not get into the specifics, but oil is down again. copper is under pressure. the story just seems to get more and more dismal. how deflationary is that force going to be? stephen: i think it is very bad. the reason is the oil story. there are very few commodities out there that are really doing well in this environment. the interesting thing this time around, and we talked about it last year with respect to u.s. energy companies, this time around i think you will see it in the glencore numbers. the struggle to really get liquidity, to get financing in the commodities space, that is the story we are starting to move into. commodity prices have dropped. a lot of it is driven by what is happening in china. the challenge is going to be credit squeezes within the commodity sector. potentially that takes out som

how was angela merkel's tone? hans: she was defensive. she knows she has a difficult challenge with the bundestag. she lost about 60 votes when they were authorizing her to proceed with these talks. we will see where that number comes in. what she's talking about here is a leap of faith. she has not guaranteed the idea that mr. tsipras will continue to reform, will continue on what they say is a positive path. way to go out of her praise mr. tsipras, talk about how he's changed things around since they came to the brink. she has a little bit of give in terms of her finance minister, mr. wolfgang schaeuble. pass, 26 billion gets released pretty quickly. 10 billion goes to bank recapitalization. then we start having a conversation about whether the international monetary fund is going to stay involved. all they say is there needs to be substantial debt relief. in germany, they continue to pretend this is an easy thing to get even though they are only talking about extending maturities. the average maturity of greek debt could be extended to

what did we hear from merkel over the weekend? we heard-- on an optimistic merkel. the idea that the imf will be a part of a bailout program. the imf has not said anything. they indicated that there needs to be that relief before they do that. merkel in her interview rolled out a debt reduction. she opened up an idea. >> with regards to extension of -- we have room. just like we had in previous times, we did extend maturities. we move forward the rates. it is always possible to do something else. there is a clear statement of the eurozone cannot allow another haircut. merkel noted the seachange. insistedme time, she she could not guarantee anything. she did not know if this third bailout package, if it passes, but six billion -- 26 billion will get shipped in the first package. she has her finance minister, he is for the deal. aret of german newspapers reporting it is a part of a debt relief. the average majority would be a 60 year majority -- the average maturity would be a 60 year maturity. mark? mark: if i live another six years, that will be a miracle. i will se

reporter: merkel blow -- merkel broke her silence on the outbreak of violence against refugees will stop demonstrators outside dresden clashed with the least trying to block the arrival of refugees over the weekend. the chancellor condemned the and their supporters. chancellor merkel: it is republic -- it is repugnant that neo-nazis are trying to spread their idiotic message of hatred. it's also shameful that citizens and families with children are supporting them. reporter: merkel believes developing a coherent policy is that eu's greatest challenge. she will present a plan with france to the european commission in an effort to grapple with the hundreds of thousands of refugees making their way to this continent. reporter: let's bring in our political correspondent who has been following this story. tell us about this meeting. what was discussed and what the plan we're likely to see them resent? -- present? guest: the german and french leaders would like to push ahead with some of the things they have agreed talking about, do defining common standards for what a genuine asylum seeker is

reporter: merkel blow -- merkel broke her silence on the outbreak of violence against refugees will stop demonstrators outside dresden clashed with the least trying to block the arrival of refugees over the weekend. the chancellor condemned the and their supporters. chancellor merkel: it is republic -- it is repugnant that neo-nazis are trying to spread their idiotic message of hatred. it's also shameful that citizens and families with children are supporting them. reporter: merkel believes developing a coherent policy is that eu's greatest challenge. she will present a plan with france to the european commission in an effort to grapple with the hundreds of thousands of refugees making their way to this continent. reporter: let's bring in our political correspondent who has been following this story. tell us about this meeting. what was discussed and what the plan we're likely to see them resent? -- present? guest: the german and french leaders would like to push ahead with some of the things they have agreed talking about, do defining common standards for what a genuine asylum seeker is

german chancellor angela merkel is on a trip to brazil to talk business. we will look at some of the deals that could help boost that country's lagging economy. that and more in just one minute's time. stay here on dw. sarah: welcome back to dw news. our top stories. tsipras has announced his resignation and called early elections. in a televised speech, he said his mandate to govern had to be written. he is looking to silence rebellion within his far left party against the country's bailout. macedonia has declared a state of emergency in europe's growing refugee crisis. the country says it will deploy the army to turn back migrants coming in from greece. as an's have been transiting macedonia heading for western europe. international terrorists were probably not behind the bangkok bombing is the verdict of authorities in thailand as the investigation moves forward. at least 10 people were involved in the attack as they describe as carefully planned. one person turn himself in but was later released after questioning. reporter: circled in red, the images s

sometimes, merkel is very quiet. fundamentally, this europeanization is not about making a moralistic culture. this is about dealing with globalization. this is what the euro crisis is about. there are several countries in the eurozone that should never have joined the euro and one of them is greece. germany was pushed into doing this for many reasons. short lot and merkel, schaeuble sees it as europe being prepared. nobody is naive enough to believe germany can go on with this huge -- we haven't even seen the beginning of globalization and how it is going to affect european values. this is the crux of the issue, how to keep the roof together to make europe competitive. judy: if this is -- alan: if this is about globalization, how come you have in the eurozone the worst growth of any? they've got a much better growth than the eurozone. germany -- judy: this is a great point, alan. you have antiquated structures in france. no wonder france is against the big reform package for greece. it is very interesting. everyone

german chancellor angela merkel is on a trip to brazil to talk business. we will look at some of the deals that could help boost that country's lagging economy. that and more in just one minute's time. stay here on dw. sarah: welcome back to dw news. our top stories. tsipras has announced his resignation and called early elections. in a televised speech, he said his mandate to govern had to be written. he is looking to silence rebellion within his far left party against the country's bailout. macedonia has declared a state of emergency in europe's growing refugee crisis. the country says it will deploy the army to turn back migrants coming in from greece. as an's have been transiting macedonia heading for western europe. international terrorists were probably not behind the bangkok bombing is the verdict of authorities in thailand as the investigation moves forward. at least 10 people were involved in the attack as they describe as carefully planned. one person turn himself in but was later released after questioning. reporter: circled in red, the images s

it does seem that would be angela merkel's next big european challenge. anchor: thank you very much for your analysis. granting asylum takes time in germany. people wait months for their application to be processed. while they wait, german law does not permit them to work. it is a frustrating situation for refugees. more and more german politicians are beginning to realize that refugees are not a problem to be dealt with, but people with a huge potential to contribute to society. reporter: he is a doctor who has worked in hospitals and emergency wars -- boards in syria. in recent weeks he has repeatedly offered to assist the doctors here, but the authorities never responded. >> they said about the possibility of me work with them. or help them, yeah. i said ok, i'm willing to help. until now i'm waiting for their decision, yes. reporter: refugees whose papers have not been processed are not allowed to work in germany. even though doctors like him are urgently needed in the camp. 2000 people live here, partly intense. many -- tents. many get sick. in anoth

it does seem that would be angela merkel's next big european challenge. anchor: thank you very much for your analysis. granting asylum takes time in germany. people wait months for their application to be processed. while they wait, german law does not permit them to work. it is a frustrating situation for refugees. more and more german politicians are beginning to realize that refugees are not a problem to be dealt with, but people with a huge potential to contribute to society. reporter: he is a doctor who has worked in hospitals and emergency wars -- boards in syria. in recent weeks he has repeatedly offered to assist the doctors here, but the authorities never responded. >> they said about the possibility of me work with them. or help them, yeah. i said ok, i'm willing to help. until now i'm waiting for their decision, yes. reporter: refugees whose papers have not been processed are not allowed to work in germany. even though doctors like him are urgently needed in the camp. 2000 people live here, partly intense. many -- tents. many get sick. in anoth

delays cannot be tolerated according to angela merkel. eu members then can take their first share of refugees. toit is indispensable register the people that come to our shores and europe. and at that moment, make the necessary distinction from those seeking asylum and those coming as migrants, which we can understand, that cannot be accepted as is. migrants arrived in greece by sea from turkey. others headed to macedonia, a country struggling to deal with the influx. migrants try to cross the border, aiming to reach western europe through the balkans. migrants hasof been a very real news story in germany the past few days. just during the course of this past weekend. early on, i spoke to our correspondent in berlin. set to beeting was about ukraine. because of recent events in protestersti-asylum clashed with the police. there were neo-nazis amongst them. angela merkel said that it was discussed adding that the protest would go on in front of refugees that had gone through so much to be there. were others that were not worthy of germany

it does not mean that angela merkel has been without criticism here. in fact, people are saying that angela merkel is responsible politically for the outcome of this, so they will ask a lot of questions to angela merkel about why this happened in the first place. brent: it certainly doesn't feel like we have seen the end of this story. pakistan has executed a man who was convicted of killing a seven-year-old boy. the punishment has unleashed a storm of protest from human rights groups and the united nations. they say he was tortured into confessing and was himself too young to face the death penalty. >> in a remote kashmiri village, family mourns. their son hanged in a pakistani jail for murdering his seven-year-old child. his family say he was just 15 at the time, and he confessed only after hours of torture. my son was innocent. he was not guilty. i'm sorry he was found guilty. he was a child, not an adult. he grew up in the jail. police extracted his confession by torturing him. our leaders have done an unjust thing. as the family waited to receive

here is what angela merkel said. she hinted that they need certainty, that there is room to expand trade, and we need reliable conditions for investments. you look at the total trade profile, the two economies when you say the european union and brazil, 21% of brazil's trade is with the eu. going in the other direction, refill is not as big or the european union. and you take a look at the other figures, about 22 billion german-brazil trade. here is the challenge, they are consumer facing economies. just take volkswagen, the world's biggest auto manufacturer. he had big plans for brazil. they had a good year, they sold about 500,000 units last year. it is down 26% this year for the first half. that is a challenge, they wanted dis there.gi they are falling short. angela merkel hinted for a free-trade agreement. caroline: the venue on the play, she was quick to make a statement about what is going on in greece commenting on the election. hans: the comment on the election actually came from dilma rousseff, saying that a

how does angela merkel intend to deal with them? >> so far, the chancellor has been surprisingly silent and she has increasingly criticized for that here in germany. we are expecting her and francois hollande to discuss a way to reduce the number of refugees coming in. they want to work with their countries of origin, especially in africa at the moment, to make situations they are -- the situations they are safer and to make the process quicker and safer. would also like bigger and better registration centers of ,he hotspot in greece and italy or a calm and safe home country list whose nationals can apply for asylum. tensions are growing in germany because earlier today, condemned the scuffles that recently broke out in an asylum shelter. can you tell us what happened? >> absolutely. over the weekend, about 1000 protesters, including some well-known neo-nazis, threw bottles and stones and shouted racist slogans, all of that because a new home for a silence acres was due to open in saxony. it is not the first. some refugee shelters h

angela merkel needs to tended to other business. that trip is supposed to stop -- begin on august 19th. jonathan: a big thanks to the bloomberg team. we go from one european crisis in greece to another one further .ast ukraine, seven months after the nation declared it would need debt relief talks with creditors coming to a head. ryan, and separatist go, why? ryan: she says ukraine's creditors have one final chance to strike a deal. chua to california because that is were franklin templeton is located. billione more than $7 of the $19 billion worth that ukraine wants to restructure. the second biggest holder of ukrainian bonds is russia but they consider themselves to be official creditors so they are skipping the topics. there -- the talks have been going on for several months with thal distance between that will not be good enough. it to be getting interesting. talkhan: i feel like we about greece in the following question makes it feel like we talk about greece even more. how likely is a payoff? >> you look at credit default swap

his enemy number 1 -- angela merkel and her focus on austerity. that is what the left wing has rebelled against. >> for a greece without rail out, without austerity, without guardians, a greece that is democratic, progressive, and at the end of the day, socialist. reporter: no more guardians from brussels. that's what they all want. unsurprisingly, a majority of people in populist strongholds tend not to trust the eu. according to the european commission, in france, 51% distrust the eu. in pajamas, spain, it's 54%. -- in podemos, spain, it's 54%. in greece, it's a whopping 73%. all of these countries are above the eu average, but that is still 46%. that is fertile ground for europe's populists, if they are from the right or the left. sarah: for more on all of this, let's bring in a transatlantic assist test transatlantic analysis and an expert in eu foreign-policy from brookings institution. thank you for joining us. we just heard about the populist movements. that's not the only threat facing the eu. there's also the migration crisis, financial c

his enemy number 1 -- angela merkel and her focus on austerity. that is what the left wing has rebelled against. >> for a greece without rail out, without austerity, without guardians, a greece that is democratic, progressive, and at the end of the day, socialist. reporter: no more guardians from brussels. that's what they all want. unsurprisingly, a majority of people in populist strongholds tend not to trust the eu. according to the european commission, in france, 51% distrust the eu. in pajamas, spain, it's 54%. -- in podemos, spain, it's 54%. in greece, it's a whopping 73%. all of these countries are above the eu average, but that is still 46%. that is fertile ground for europe's populists, if they are from the right or the left. sarah: for more on all of this, let's bring in a transatlantic assist test transatlantic analysis and an expert in eu foreign-policy from brookings institution. thank you for joining us. we just heard about the populist movements. that's not the only threat facing the eu. there's also the migration crisis, financial c

angela merkel pledges zero tolerance anti-immigrant violence in her country. also coming up on the show, a television reporter and cameraman are killed during a live broadcast in the united states in virginia. the suspected gunman is also dead after shooting himself following a police chase. what next for the euro? in a weeklong look at the future of the eu, we will get a look at the perspective on the currency. is it helping or hurting relations? i'm sarah kelly, thank you very much for joining us. we begin with the deepening migrant crisis in europe. the people risking their lives to reach the eu and those telling them to go away. numbers keep growing. some 50 dead bodies have been found in the hall of a boat rescued off the coast of libya. they were discovered by the crew of the sweetest -- swedish ship that rescued over 400 survivors. 2400 people died this year trying to cross the mediterranean to europe. many who do reach the other side try and make their way to western europe through the balkans. hungary now says that they will send the army, police, and

angela merkel pledges zero tolerance anti-immigrant violence in her country. also coming up on the show, a television reporter and cameraman are killed during a live broadcast in the united states in virginia. the suspected gunman is also dead after shooting himself following a police chase. what next for the euro? in a weeklong look at the future of the eu, we will get a look at the perspective on the currency. is it helping or hurting relations? i'm sarah kelly, thank you very much for joining us. we begin with the deepening migrant crisis in europe. the people risking their lives to reach the eu and those telling them to go away. numbers keep growing. some 50 dead bodies have been found in the hall of a boat rescued off the coast of libya. they were discovered by the crew of the sweetest -- swedish ship that rescued over 400 survivors. 2400 people died this year trying to cross the mediterranean to europe. many who do reach the other side try and make their way to western europe through the balkans. hungary now says that they will send the army, police, and

centers in greece and italy and a summit of balkin leaders on thursday which merkel will be attending. seeing chaotic scenes at the borders with some 7,000 refugees crossing into serbia as they continue their journey north and we report from southern serbia. >> reporter: in just two days nearly 10,000 people entered serbia through here, this is a village near the border with macedonia. just weeks ago it was another tranquil village in serbia and now it's an important entry for refugees trying to get to the european union and everyday thousands of hungry, thirsty and exhausted people arrive here. >> i'm expect iing that i just want to cross, to continue my journey, just want to cross. >> the woman here is allergic from the sun, to go outside from here. >> reporter: many say they want to go to germany. europe's strongest economy and ready to endure all their hardships on their way to a better life. and this is just another step for refugees and migrants in the serbia town just five kilometers north from the border of macedonia and here they are offered medical help, some food and water.

merkel says if it fails on migration, it fails on civil ights. we have more. reporter: confused after hundreds of migrants are on trains. many of them spent days waiting n refugee camps. police stopped them from leaving if they didn't have the correct documents. it appears to have been relaxed. >> completely new situation. maybe german government or others can handle this and let the people go. reporter: those who sought asylum in hungary would not be able to enter austria. transit countries in the east are struggling to cope. hungary has seen 50,000 new arrivals in the last month. speaking in berlin, the german chancellor urged other nations to accept more migrants. >> if we are unable to agree on a distribution of refugees within europe, then some people will question us and we don't want that. reporter: germany takes in more refugees than any other e.u. country. 300,000 have crossed into europe this year alone. anchor: i'm joined by a correspondent in buddha pest. we saw the first train loads of people moving out of hungary, what is the situation now? a lot

balkan leaders are meeting with angela merkel in vienna today. the summit will largely be dominated by the migrant crisis. the german chancellor is urging european countries to come up with a strategy to deal with the influx and to prevent far right extremism from spreading. some countries have implement a tough measures to protect their borders. hungary and bulgaria are building walls to prevent migrants from flowing in. more than 100,000 people are thought to have used the balkans route this year alone, more than 10 times the number compared to last year. the blame game among the countries affected by the crisis continues. members -- so, you have a problem, but you are asking us, serbia, to come up with an action plan for migrants. you should come up with an action plan first, then ask us to come up with our plan. i have to be completely open with you on this issue because we are friends. reporter: -- claire: what can we expect from the conference? reporter: we can certainly expect all of those balkan countries to take a hard and common line on

why would merkel want to fully embrace this? with the second vote in 2008, opposition see the to the tarp vote, but you saw the analysis that it is something they needed to do. brendan: my sober analysis question is where is the imf? isn't that a crucial proponent of this? they do not seem to be completely on board. hans: they are in purgatory. we do not know quite where they are. from brussels it seems more doubtful that they will join. we spoke to the vice-chairman of the eu, the european commission, and he thinks there a -- he thinks they are in a gray area. the imf has said they will come aboard if you do something substantial on debt and is greece follows through with their programs. it does not seem like either of those are certain propositions. schaublee speak of having 70% approval, and merkel at 66%, 67%. could there be any other stumbling blocks ahead of the vote? hans: the only other one that really has to vote is the netherlands. the government there has a one-seat majority. there is a 76 seat majority. it looksompri

what does this mean for the german chancellor, angela merkel? n: 113 against was more or less the same number as in july, but there are fewer votes in total cast. it is expected tha but not that many were members of angela merkel's own party, and that could be seen as a protest against threats that were made from party leaders. especially the chief whip. it is significant because it shows that ms. merkel was not able to convince rebels to come back into the line to agree to the deal. we will have to see how it will affect her authority, but it could be seen as a dent for her. say the man police suspected of bombing bangkok is part of a wider network. authorities say the suspect could not have acted alone. the man was seen on cctv camera. he left a backpack at a shrine in central bangkok before a bomb exploded. police are still looking for him. more than 20 people were killed in monday's last, including several foreigners. hair, glasses, a light complexion, and some stubble. with this detailed sketch, thai police hope the public can assist in the

some booed when chancellor angela merkel arrived at a detention center to condemn what happened over the weekend. white wingers and neo-nazis clashed with the police. chancellor merkel called it vile and shameful. >> we all must make great effort to show a zero tolerance towards those who question the dignity of others. there is no tolerance towards those that are not willing to help if help is needed. >> europe cannot agree how to respond to levels of migration unseen since the early years after the second world war. they follow a couple of broad routes from the south across the mediterranean sea, or through turkey and greece into hungary. foremost, the ultimate destination is germany. they expect 800,000 asylum-seekers this year. country's population. inside the eu they can move freely inside the border-free area. there you -- of the u.k. did not join that area, and they have a lower number of immigrants. >> we must distinguish between those genuinely fleeing areecution, and those who simply economic migrants, quite understandably seeking a better life and higher standards of livin

angela merkel visits a refugee center in eastern germany. that is where neo-nazi protesters recently clashed with police as they refused the arrival of more migrants. the german chancellor condemned the violence and called on europe to find a strategy to deal with the influx. the worst since world war ii. for the first time, german authorities about simplify the process or asylum-seekers. refugees were no longer -- will longer be sent back to the first eu port of entry. they will be able to apply in germany itself. reporter: these migrants crossed into europe but for most, their journey is not over. many are refugees fleeing conflicts in syria and yemen. their aim, to continue on to europe in search of work and more affluent countries such as germany and sweden. the eu policy previously made this journey difficult. under the dublin regulations, the first country and asylum seeker arrived in is required to process the claimant's application. they could be returned to that country of entry if they moved to another. in thesults in countries ext

angela merkel was commenting on the magnitude of the crisis, and she said, it's going to be a bigger challenge for our societies than the greek debt crisis. nevertheless, you will have people inhe way many germany have been complaining, angela merkel hasn't so far visited one center for asylum-seekers to show her presence. how grave is that a mission? erik: there is criticism of her for that. she hasn't made any clear comments, we welcome the refugees. she had the chance with an eight-year-old refugee, and she kind of botched that one. she didn't really show compassion. a lot of germans got upset that she saw this girl crying, and she couldn't find a suitable answer. it went viral. during this refugee crisis, i think the best of germany has been there, and the worst of germany. in the spring, when a lot of refugee centers were being burned, it was amazing. a lot of foreign journalists like myself were writing about this. it's sort of the ugly germany we felt we put behind us. in the summer, there's been this huge outpouring of ordinary germans going out of their way to help refugees,

merkel makes the case for the deal. welcome to "countdown." guy johnson. hyde. caroline asian currencies definitely under pressure. china's move last week really shocked the market. i think it continues to tell the story. saw. this big move we this is the move we are seeing here now. it is highlighting the extent of the move we are seeing it electrically show you.

sarah: angela merkel address this. are we going to see concrete action? >> this has nothing to do at the actual fight against smuggling. this is still to come. the possibilities are very restricted. and it is very difficult to find this. smuggling would no longer be a business model. sarah: we'll have more on the refugee crisis later.

still, chancellor angela merkel has previously offered banking -- has previously offered backing to him. stressed thats it would protect that chris -- provide protection. anart: it is worth estimated 25 million euros, painted back in 1906, and most important, by picasso. the head of a young woman has french customs officials over concerns it could be be permanently removed from spain. offices received the request for authorization to exported to switzerland. here is our correspondent. >> a painting worth 25 million euros, this piece is the head of the young woman, a costume masterpiece from 1906. it is estimated to be a national

a zero ngela merkel has tolerance approach. she was heckled today. it was here that a school set aside as a refuge for migrants was burned in a suspected arson attack. germany is taking in more migrants that any other european country. 800,000 are expected this year. well, that's fired up far-right groups and there's a wave of violence against them. >> treatment of every single person who comes to us is part of our basic understanding. this is what symbolizes germany. what happened here is shameful and disgusting. laura: earlier i spoke to one in berlin and he spoke about what was an uncomfortable visit. >> she is used to a more welcoming arrival and this time she was greeted by booing. she was greeted by racist slogans. she was called a traitor. and from what we understand, that was organized, protest organized by a neo nazi group. not all protesters from the weekend or who were there today are part of such neo-nazi groups. many of them are regular families which is what ms. merkel was shameful for the country and embarrassing because they brought c

angela merkel calling on european counterparts to take on a greater share of the refugee crisis. the u.k.france and have asked for an emergency gathering. germany expects 800,000 refugees to enter the country this year. japan's industrial production fell unexpectedly in july. 0.6%, missing by the bloomberg estimate of 0.1%. again, not a loss. aaron, what does this say about the economy and how much of this is down to china? the economyoks like limped into the third quarter. it is a big issue for japan right now. china has been slowing and weighing on their overall export growth.

. >> angela merkel puts investors at ease after she says the imf will be involved in the greek bailout. the german chancellor says further debt relief for athens is on the cards. >> translator: back in july with regards to extending the charities and with regards to interest rates. we may have to -- no, not may have. we do have room to maneuver. >> another notch back for abe nomics. consumers feel the tension. the market shakes off the action and the -- is closing higher. >>> good news for airbus as it confirms 270 planes to india. >>> and outlining poor working conditions, besoz says the claims do not represent the company he lead. >> some flashes coming from iran. ayatollah khomeini says the nuclear deal won't open iran to u.s. political economic influence. he says it's not clear if iran nuclear deal will be ratified in iran and the united states. those late flashes on this, so he's saying if the nuclear deal does happen, it won't open iran to u.s. political and economic influence. let's move on. the german parliament is to vote on a package for greece on wednesday with german chance

has merkel's full consent. terry: still to come, the rubbish in rio. the international olympic committee says it is confident the city can tackle its pollution problem before water sport competitions next year, but others are not so sure. more news in just a minute. they with us. -- stay with us. terry: welcome back. our top stories -- malaysia says it believes airplane wreckage found a week ago on reunion is from missing malaysia airlines flight mh370. french authorities urge caution but said there was a very high probability that the debris came from the vanished boeing 777. a massive operation is under way in the mediterranean after a boat carrying up to 700 migrants capsized off the coast of libya. the italian coast guard says 25 bodies have been recovered so far. business news now and then is going to tell us that the darling of the dow has disappointed traders. ben: it's a set story isn't it? shares in walt disney slumped. the entertainment giant's stock held by 9%. the story starts off bright and cheery

has merkel's full consent. terry: still to come, the rubbish in rio. the international olympic committee says it is confident the city can tackle its pollution problem before water sport competitions next year, but others are not so sure. more news in just a minute. they with us. -- stay with us. terry: welcome back. our top stories -- malaysia says it believes airplane wreckage found a week ago on reunion is from missing malaysia airlines flight mh370. french authorities urge caution but said there was a very high probability that the debris came from the vanished boeing 777. a massive operation is under way in the mediterranean after a boat carrying up to 700 migrants capsized off the coast of libya. the italian coast guard says 25 bodies have been recovered so far. business news now and then is going to tell us that the darling of the dow has disappointed traders. ben: it's a set story isn't it? shares in walt disney slumped. the entertainment giant's stock held by 9%. the story starts off bright and cheery

angela merkel seems to be in the same place. tom: hans nichols, thanks so much. oil is the lead story this morning, but first, the international monetary fund changing their tune late last week, within the troika and with tsipras. that is the most interesting story. dr. weinberg is with the high frequency economics. you have been so right about what they need to do. why are we waiting? dr. weinberg: the german view is that german taxpayer money should not go to give greek pensioners better deals than german workers get. that is the obstacle. it would be like me saying i am in new york and i pay taxes, and it is helping people in arkansas. that is the spirit of it. that is where the german head is right now, and the imf the say you cannot do that.

. >> angela merkel will meet with other eu leaders to discuss the refugee crisis. today she called on germany to take a stance against intolerance of immigrants. she visited a refugee center, and this weekend a mob hurt bombs and tear gas. >> treatment with humanity and the dignity of every single person who comes to us is part of our basic understanding. this is what symbolizes germany. what happened here is shameful and disgusting. that's what the mayor and the prime minister as everybody else i met here today made clear. together we will show that germany helps where help is needed and help is what's needed in reality now. >> germfully expects the number of refugees going to germany this year could reach 800,000.

don't know within the ranks of angela merkel's conservative party, saying this is the last time she can come to the aid of athens. they just said that no vote is required, and the netherlands approve the bailout. funds should now be released in time for greece to make a repayment due on thursday. >>> now, a russian court has sensed an estonian policeman for 15 years in prison for spying. arrested last september when he said i was caught in russia territory with a gun, cash, and hidden recording device. but estonia said that he was abducted at gunpoint at a border crossing. the eurean union said that the detention is illegal. >>> russian authorities have been accused of covering up the scale of an oil spill in siberia in june. environmentalists say that the government is vastly has under reported how much oil leaked as the oil companies have accused

participation, albeit an important one, angela merkel, the german chancellor was here, and she was talking very strongly about the need for solidarity for quotas that european union countries would adhere to. but the mow cuss was relations with countries in the western bakkens. it was overshadowed by the migration crisis which has been building up for weeks, and then it was given an added urgency by the awful news that came through in the middle of the day here in vienna, that has truck has been discovered on the motorway to the south of the austrian capitol, leading from hungary, abandoned. at first they thought they were just ininvestigating the scene of an accident. but as they came close to the truck they noticed -- i'm sorry to give you gruesome details -- they noticed that blood was seeping out of the back and that there was a

as rob was mentioning germany the chancellor angela merkel has been speak going the crisis and she's criticized how other countries have treated refugees. >> translator: we have a humanitarian responsibility. we need to establish registration centers and talk to african nations, talk to countries that are in civil war and ensure there are there is a fair distribution of refugees across europe. not what is like currently happening across serbia macedonia and hungary. >> the united kingdom is one of the most desired destinations. the prime minister has visited calais where people are waiting to transfer from france to england. the european union has given france an extra $5.5 million to help a camp known as the jungle. jacky rowland last posted a

german chanceler angling merkel says it shows they must deal with the migrant crisis. reporter: inside dozens of dead bodies believed to be migrants. police made the grizzly discovery near parndorf. the car was believed to have been parked there since wednesday. >> given these deaths occurred a while ago as they were in advanced state of decomp significance, it's not possible for us to -- decomposition, it's not possible for us to give the cause of death. we think these are refugees. reporter: early indication suggests the victims died of affixiation. austria's interior minister called it a dark day and they need to deal with people that profit from trafficking. >> we know smugglers that deal in human trafficking are criminals and those who think they are kind people who assist people in escaping can't see reasoning. reporter: they crossed over the border from hungary shortly before it stopped. the spokesman for the hungarian prime minister said the vehicle was registered in the country. >> the truck's license plate, which i mentioned earlier, was registered by a roman

angela merkel is expected to meet with them. german cy is the biggest recipient of those seeking asylum. migrants are making their way across the balkans on an exhaustive journey to find a home in europe. more than 2,000 crossed the border on monday from serbia, the highest ever daily total. many are fleeing the war in syria. you can see how far they have traveled crossing through turkey and on to greece. eventually making their way to serbia and hungary. reaching hungary is actually critical. it's part of the european unions passport free zone giving migrants easier access to europe's wealthier nations. many of those fleeing violence are passing through the serbian capital belgrade, a city that knows war all too well. >> he strums an old kurdish song. his wife and 3-month-old in a park in central belgrade, turned weigh station for refugees. it was his voice she first fell in love. we wanted to settle in turkey. i was working weddings there she says, but tensions have started to rise. and if they kick anyone out, it will be us.

sarah: angela merkel address this. are we going to see concrete action? >> this has nothing to do at the actual fight against smuggling. this is still to come. the possibilities are very restricted. and it is very difficult to find this. smuggling would no longer be a business model. sarah: we'll have more on the refugee crisis later. >> a murderer's conflict in the east of the country and alarming economic contraction and moving default. the agreements reached now includes a write off on investors holdings. ukraine fought hard to reach a deal. the remainder will be restructured, though that will involve slightly higher interest rate. >> this is what we call a win-win situation. the creditors have met our demands. we will receive substantial financial relief and will be able to get back to the stable economic life faster. >> the conflict has weighed heavily on ukraine's economy. moscow insists on full debt repayment. ukraine's prime minister remains firm. >> under no circumstances will russia receive that are conditions than other creditors. it is their d

german chancellor angela merkel had to fight to keep it. we'll talk to michael sherman. the greek story becomes not just a europe story, but a story for individual countries in europe. why has this been such a battle for german chancellor angela merkel to keep her own party in line? >> first reason is that germany is the main contributor to the greek bailout, the third one. second reason is that german parliamentary procedure forces her into this kind of contest, contest of will, and third, this is terribly important in the mind of the people, because people have the feeling that ultimately, the money will not come back. it will be taken out of their pact and they have to foot the bill. >> is it a sign of weakness for angela merkel there? i want to stay with the politics before we talk more about the people. is this a problem for her going forward if there have to be more talks or anything further on the euro dramas? >> well, it is certainly not a triumph for her, what has happened. it was clear that about 60 of her 320 members of the parliament, which are in coalition w

barack obama, angela merkel, david cameron, vladimir putin. where will the world's leaders holiday in august? francois hollande will be beginning his vacation this week, soaking up the sun for nine days. the french president is staying tightlipped about where he will be. >> in france? hollande: i will be on holiday in france. >> there is little chance that -- ill -- he was >> it raised questions about how presidential he looks, so today there is a tendency to be more discreet when it comes to presidential vacations. near thede may holiday elysees palace this year. he was reported to be at that site 30 minutes from paris. from barack obama, it is far less discreet. the u.s. president has left the white house with his family from our visit in your, even posing for the cameras during a round of golf. he is expected to stay there for 17 days. angela merkel and her husband are expected to go to the mountains of italy, as they have done for the last eight years. portugal is a holiday destination for every cameron and his wife. vladimir putin has not

angela merkel has said europe must agree on a common policy to a deal with asylum requests. the issue is to be discussed at the european commission in the coming days. aurore: if you are trying to save your pennies, some of you may have carpooled. what about private jet cooling? an increasing number of pilots can now get in touch with passengers online, and in some cases it could be cheaper than getting the train. the privately lounge -- the private lounge -- no need to check bags or waste precious time going through security. >> is there anything else i can get you? >> will you be staying in london? doug: they are not rich but they are flying by private jet. this plane was going to be on its way to england, en route to pick up a wealthy client. but if you can get a chartered flight to pay both ways, everybody is happy. london to paris for 214 euros economy'sks to the newest phenomenon. while this is a commercial flight, the trend also extends to amateur endeavors. >> we will do a tour of the cathedral. in the end, we will arrive in serbia. >> one wants to indulge his passio

the question is how many defections angela merkel will have. at -- she could have up to 120 defections this time. she will get her majority, it is just a question of how bruised she will be when she comes out. even some of her key deputies are saying that they will not vote with her. he says he has not made a decision yet. that is his way of saying that he probably has made a decision and is not want to announce it yet on bloomberg television. --ndan: i am sort of shocked was friday the least dramatic finance ministers meeting we have had in two years? hans: probably, but there has been a dramatic reaction. one person said there was no bailout for creditors. there is a lot of comedy, but there is some market react on the debt side today. nichols in berlin. how changes in china's labor market may have been the final straw in the government's decision 2-d value the you want. we will discuss today's single best chart. this is "bloomberg surveillance ." good morning. ♪ tom: good morning, everyone. " hasmberg surveillance gotten through 38 minutes