tv Countdown to the Closing Bell With Liz Claman FOX Business June 30, 2015 3:00pm-4:01pm EDT
no one wants to see increased defaults her but looks like no one wants them to be removed from the year rose of but it is a question as we continue to follow this story. liz: is there a glimmer of hope? u.s. markets seem to think so just three hours before a deadline to repay 1.8 billion dollars a deadline that greece has said it will not pay now comes so late breaking reports out of the european union's smallest country balts of less than one hour ago the prime minister said greece is willing to suspend the referendum if negotiations resume. this is as you see a huge crowd is gathering hearing
that this particular crowd wants a yes vote. they fear the repercussions of life without the route. and another proposal has been submitted for the debt restructuring program is that something germany's leader will expect? she said there will be no more negotiations and tell the people of greece vote on sunday and the prime minister said he will resign if they vote yes to stay with the euro the former prime minister is on the ground we are not too far from session highs. start the countdown.
breaking news just after 10:00 p.m. in athens as the rain comes down the last call for a deal to avoid default and breaking news that's dow jones industrial average is reporting the greeks have extended eight tidy all left branch with the prime minister greece has made new budget cuts with overhaul proposals suddenly did not like the fact money is running out of the atm if they lift the imf payments the first developed country to default on a repayment ever. breeze of course, would join a list of countries that they don't want to be put together with. sudan, bosnia and iraq afghanistan. but the latest news they might abandon the referendum
u.s. markets are moving higher. but the of prime minister has misread the desire to leave the eurozone. so how much longer will the prime minister tsipras remain in power? look at the vicks index. is down and has made a reversal. here is the latest year to date picture but earlier it did touched the highest level since february 2nd but now it is coming down because there is called -- it is calling coming to the market's. look on the ground. and we have an eye on the ground with ashley webster. >> it is interesting this time last night it was for those who did not want to
live under any more austerity to rally under the building but tonight was the valley -- rally of the yes vote calling for the tsipras resignation very loudly in our continuing right now for to the building. also chanting we want to stay in europe. that message is very clear. how can this be put together? listening to your summation it just says how complicated the process is. but the confessions of the greeks are they enough to appease companies -- countries like germany to allow creditors to say yes but in the meantime they're asking for extensions and delays is essentially to keep it spending.
as far as the referendum i am not sure if it all has been decided so the july 5th referendum is up in the air although german chancellor merkel says she will not look at anything until after the referendum so it is very confusing but this is coming down to the wire. all the last-minute negotiations are going on i am sure will continue in the morning. liz: you brought up an excellent point* of a referendum requires that the ballots are printed and the areas where people could vote throughout the country take the emotion out they have not figured out it takes time. what does the paper say? >> with that referendum with the constitution and it has to be ready to go back five
days before the referendum. i am sure that is not going to have been so that could be open to legal challenge the newspapers today based from last night says no to the referendum and this one says pay the pensioners but those senior citizens are on the state pensions have not been able to get their money because the banks are closed with no card to use the atm so those branches will be open to allow the senior citizens to get some cash but the most they can take out as 120 euros which is better than nothing. liz: an excellent point* that they need to be ready to have a vote within five-- here in united states it is a much bigger task but we can give you a little
primer of ps vs know the word yes sounds like no it would be meh and the no vote sounds like okay. but according to "the new york times" there is a poll on the ground that two out of three greeks would vote yes to stay in the eurozone. let's ask of greek who truly matters as the prime minister now stars to waffle if he will hold the referendum and now we bring in our former greek prime minister papandreou bleeding from 2009 through 2011. thank you for being with us. >> my pleasure. >> says tsipras ms. read
that case bin d you believe the referendum will happen and which side he's supporting? >> i am supporting the u.s. despite the fact we're not sure what we are voting at because what is offered to us was never signed and has been withdrawn from a the eurozone. second, in the past i called for a referendum. i think we should have had it there was a lot of reaction but it was after an agreement with our pardners it was the big hair cut and adjustments. second i was in favor of the guests to support this program and i would have given them at least one month but now these are not happening so it is a dangerous trauma which could
lead to anything with a peculiar if not dangerous out. >> though last half hour that the greeks have made new but it cuts am proposals is thousand there suddenly realizing we don't like how this starts to look if you run out of cash people are upset but suddenly may have a sea change. >> it is possible in 2010 i decided to ask for the bailout in greece to avoid what we are seeing today but i thought we avoided in 2010 and we rahn of path with the
total defense budget so we are very close to access the markets of the program so to renegotiate the terms i don't dismiss as a good campaign but we are five months into negotiations with real though new negotiations until the last few weeks we're in the end we did reach agreement of various sorts. liz: i am understand that as a socialist it may be flat bin to but eventually you run out of other people's money and greece sees that right now. you have children you don't reward behavior with more money or a car or candy or another bailout. so what is the answer?
>> iran on a program to change greece and it came from under a conservative government so i had to make the cuts and to take the difficult measures from the wages and benefits to make sure that my a country is more viable because the deficit was of a symptom of bureaucracies so i a man favor of a well-run state that serves its people. liz: as we get to read deadline we will not see up pavement back but will we see a vote at all?
>> you are right to question in the practical elements of the referendum and only a few days with those preparations will be a huge task so we could see a very disorganized situation and to make things peculiar but even with that last minute agreement we could postpone the referendum that that is not in the making right now. i hope as people move away from the emotional response response, i am understand after five years of austerity and after troika to send a message that we don't want this but on the other hand, we have to see why we had to take these measures and the no vote would make it much worse
worse, more cuts and an austerity and the adjustment is very abrupt. liz: indeed. no one who has their head together once to see that thank you so much we appreciate this. we will call you again because this is ongoing and we will be on top of all of the of developments. charles payne has the bank of the interview as the deadline goes down it hits during his show and he has the famous billionaire wilbur ross investor who was very invested in the greek banks he goes in and everybody runs out is the in or out? charles payne has him live just as the deadline hits.
liz: 43 minutes away from the closing bell. if you thought -- bought the national bank of greece this morning it is up 9% it is a silver lining with six pennies it is $0.66 that we are still watching nonetheless. markets are moving higher. now we get to the deadline for a nuclear deal in vienna. it was the deadline that was not. those that agreed to extend the deadline through july july 7th but it will allow for further discussion will a nuclear deal be made in the next few days that we
should embrace or reject? former director of central intelligence and current chairman of defense democracies. it has been extended. what do you think? will we get it by mid july? >> i hope not. i chance to get a deal to reduce iran opportunity to move to nuclear weapons is a land to zero we're on some type of day path but this seems they want to keep that negotiation process going and congress will get to vote the you have any idea what it looks like at this point? >> it turns sour a year and a half ago we went into this with a solid perspective to keep iran from becoming a
nuclear power, and this is the crucial part, not with the domestic infrastructure to gingrich uranium. we change that a year and a half ago to cave in to the principal demand that they be permitted to move to a capability. now it is just a question of time even if they were signed, alamo's suit is 10 years but more likely one or two may be less. a nuclear iran for a whole set is a nightmare. >>. liz: the associated press have not released it but they have released of a document that the united
states and companies based here from north the grumman to ge would be ready as part of the deal we could list the companies that would benefit to give the nuclear equipment to iran that does not turn the plutonium into a process but that has disturbed a lot of people so why do we give them the equipment? >> we should not. it is crazy once they have the industrial infrastructure they will be very close to have a weapon and. the weapon assembly for a relatively simple but bin is not a long-term operation the problem is the enriched uranium or plutonium. liz: can i interrupt and ask if they have smart enough
engineers to tweak something into heavy? >> they would have to enrich the perineum -- iridium and there is the different process with the attorney and. the ones they have the people and the knowledge and the reactors, they move quite far along to have nuclear power plants but the country roles than oil and gas and the fact that they the nuclear power plants is ridiculous. >> id has supported terrorism this that -- depending on what side it back. >> number one supporter of terrorist. liz: the former director of cia in chairman for if the defense of democracy is. 38 minutes away from the closing bell.
liz: it is pouring rain right now and outside parliament the crowd is thinning just a bit the latest headlines that the prime minister tsipras may have completely misjudged how badly his residence want to stay in the eurozone especially when they cannot get their money out of the bank for the we are watching closely but investors are waiting here in the united states for a collapse but there one that may commons sooner and more dangerous threat. you have heard puerto rico the territory that says it
cannot pay back the $70 billion of debt. what does this mean for your money? with director of credit analysis, the man who understands puerto rico debt better than anybody joins us for prospective. >> this is different than the increase with the impacts individual investors own puerto rico it dash it is known by individuals who watched this show is in their mutual fund so 1/2 an impact i just wanted to throw that out there. day may have. >> it looks like you have lost some weight. [laughter] >> all love this default stuff but it makes the payment today where they
don't have the money for that. >> that is my guess. i've read the governor's speech this morning translated into english the only thing he specifically says they're looking for investors to give more time. they're looking for a time and they need sound but i want to agree about individual investors being the majority holders but particularly and though prices many of the investors have already taken the beating. >> the lots is owned by hedge funds. they are betting they will not default. >> i don't know what price they have the bond but trading at $0.58 on the dollar but with the hedge fund is $0.50 on the dollar
but if day except the defaulted to $0.70 they make a profit of 40 percent. item number hedge funds are there for the long haul. >> will the government bailed them out? that is bouncing around. >> absolutely not. however there is a possibility with a precedent of no additional fund but perhaps the government works out of a deal to guarantee puerto rico that that happened in new york city 1975 after president carter said drop dead quietly day helped them to buy some time liz: so for people who think and have new exposure could that affect americans and
the stock market today? with 70 billion of defaults. >> we're looking at 3. $5 trillion municipal bond market. it is a drop dead in the bucket considering all bonds out there but this is causing people to panic but it is pretty muted. liz: and dick clark and senior vp director of credit analysis and charlie gasparino. 29 minutes away as the dow pulled off, is trustee with the of race for the white house what makes him different? the 2016 political panel
will break it down. watching developments increase as the crowds continue. that is the yes but -- vote they are continuing to hang on as the deadline approaches quickly and we know that greece will defaults. we will be right back. and why stop what you're doing to find a bathroom? with cialis for daily use, you don't have to plan around either. it's the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach,
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of this state fighting for opportunity that fought -- fight has made me stronger i am now ready to fight for the people of the united states of america. liz: do the people want him? the poll shows only 2% want him to be the republican candidate. can he make up the gap? senior advisor touche george w. bush with the democratic strategist and fox contributor. get it out there. >> we have now reached the full potential of presidential candidates i think things will shakeouts well into the fall as we
approach the first primary then that is when it matters right now he has announced announced, only one way to go is up an important voice a sitting governor of the purple state. liz: people call him refreshing because he is a street talk curve or there are numerous clips to reading -- be reading people who disagree so how does that sit besides new jersey and new york? >> i am from new york i am not always sure how that translates up the river but i think his road is hard he is getting in late the numbers are low and i think part of the danger to the republican party the three candidates trump bush and christie all have high
negatives even with republican voters. this has a long way to go christie is a long shot right now. >> he gave a very impassioned speech today and i thought it was fascinating and stopped when i was doing every time a candidate and now says he gave a speech about how his father was accepted to colombia but could not go because his father, his grandfather died and they cannot afford it he had to go to night school for six years and i think there resonates. however as a resident of new jersey has a terrible record it is one of the worst to do business, consistently ranks at the bottom with new york and california. nine times and has been downgraded for credit and
these will be used against him even the republican party. >> he had no lots of tough love after democrats ruled the jersey for so long to reduce government and balance the budget held the line with property-tax relief and sometimes great leaders are not appreciated in their time but after there is a cause and effect to truly appreciate. don't judge him in the moment and a lot of what has affected new jersey has affected the rest of the country with as obama found the last seven years of the administration governor christie has delivered the tough love that is not fully appreciated i think his policies are sound he will be judged fairly by what he has had to deliver. >> we keep putting up a
graphic and the pitchers get smaller because more are jumping and. does he have a point? >> we were talking earlier and i am beginning to think someone who has spent her democratic primaries i think donald trump's entry with the and media attention is not good for the rest of the republican field to get that media attention and to raise money to build the campaign and on balance tromps the virgin says a serious candidate is polling high it is an unfortunate occurrence and i am sure they are worried. liz: john k. six still has not jumped into his record is better. but wonderful to have you
speaking of donald trump maria bartiromo has him the 2016 candidates is still and. 7:00 a.m. eastern in the wake of being dumped by nbc and univision for his beauty contest. 88 minutes away and less than two and a half hours away from greece defaulting to not pay back the imf loan but it could be off to the have time to print ballots? maybe not is that a glimmer of hope? former imf top official is live next you're driving along,
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liz: with 48 minutes to go if you see the market's moving slightly higher we do have breaking news there will be another teleconference between greece and the euro group members the imf ec beef and set eu have 5:30 a.m. eastern time. please remember fox business is live at 5:00 a.m. a friedman dash everyday -- fox business everyday it should be the first thing that you looked at when you turn on your screen every morning so watch that tomorrow. now the dow was climbing so there is the glimmer of hope and tell the imf to says you
are an arrears they have intel's 6:00 p.m. eastern to transfer 1.8 billion dollars to the imf. they don't have it they said they want but that is why the market starts to move higher let's bring and robert kahn also held senior of evil on daschle positions that he is us senior fellow at the council of foreign relations. what is your "best guess"? there may not be a referendum you heard that tsipras said maybe i will cancel it it looks like a lot of confusion. >> i agree it is chaos and likely to get worse. what we saw was of
last-ditch effort to keep the talks going to create a sense to have a deal to pull together the initial reaction was pretty pour although they have the call i am skeptical we're making much progress. the most likely outcome is we will have to see where we are to have a referendum and help afterwards we can get things going again but they have the very small window because of the chaos of the ground and the banking system. liz: you are absolutely right i think they were slapped in the face with a dose of reality talk about the trojan horse it is the huge issue people think
socking it to the imf. that fear has come full circle during anticipate they could have that referendum on sunday? >> i think they can or they have to. as you have been reporting there seems to be some strong support for the yes side you could hope that my age braying that government back to the table with a stronger mandate to reach a deal. creditors last week had a set of proposals our comprehensive, and they looked pretty strong and might to do the job but it crossed those redlines ad was rejected and that is why i don't think there's any
alternative for the government other than to combat to say we will take these terms to move forward. liz: we appreciate you speaking to less than the rent is paid more chaos former imf official thank you for joining us. we are nine minutes away we are moving higher so in seven minutes we went up 33 on dow jones industrial average now 61. the volatility index is coming down fere is out of the market is seen as their watching this closely does that cancel out said june to position themselves in the months ahead? the experts will tell you what they're doing.
liz: as our markets climb higher today with just a few minutes left before the closing bell rings, it is called the june swoon. the swoon it did in june. dow down nine of the last 11 junes over the years. here we go. will we see that? does what is happening in greece and puerto rico completely kneeing gait what traders an investors normally would do? how are traders positioning themselves, setting themselves up for month of july? how is this different? traders at new york stock exchange, cme group and nymex. i know you're a smartfy. we need to talk about fundamentals. malta, eurozone tiniest member, thousand saying that greece in a statement is telling the negotiators it would be willing to suspend the referendum if negotiations were reopened.
i don't even know if that is going to happen but what is the market telling us now as it continues to climb higher, mark? >> i don't think the market selling it us anything about that in particular. merkel and everybody already came out and said, look, nothing is going to happen. so it is difficult to see this being a bigger deal. greece has population of about 11 million people. size of metropolitan new york city. only 14 billion owed to u.s. banks. if anything it has more potential to be problematic for europe than puerto rico, being that it has seven times the debt. of course we know puerto rico could be bigger a deal to the u.s. because it trades on u.s. muni market. the bottom line, i don't think anything will come of this. i think greece stays in the eurozone. i think all of this washes over. if anything, tsipras goes either way but the people will be conditioned to vote yes because they have had enough of his games of chicken and really nothing has come of this. cheryl: i can tell you -- liz: i can tell you yesterday on
the show, mike holland said alexis tsipras will be out in couple weeks. he anticipates this guy is in serious -- let me get to the cme. todd horowitz, doesn't look like a flight to quality here in u.s. treasurys. as the market moves higher looks like there is a little bit of short-covering from people who doubted the markets could hold. >> if you saw it sunday night the treasurys opened up limit and sold off a little bit. liz: point. >> i think there will be no greece. i think greece will be gone from the eurozone. liz: two total opposites. you disagree with mark newton. let me have the tiebreaker, peter. tell me what you think will happen. live picture, folks. we need to turn attention to the screen. we still have a pretty significant crowd during this final couple of minutes. peter, what happens? >> as far as crude oil goes today it seems as if the news really settled into the market. we came back pretty strong. this is a political situation where nobody really has an edge. so i think what you're going to
see a lot of people sitting on their hands. liz: a lot of people sitting on their hands. if you learned anything from the commodities markets. oil is moving higher. i don't think we can interpret anything from that appreciate all three of you are here. not sure if there is june swoon. sit tight. if you have good investments for the long-term traders say hold on them. that will do it for us on "countdown to the closing bell." so many headlines. we're not doing anything differently. we shift it over to adam shapiro and cheryl casone. >> thanks very much, liz. cheryl: now greek officials we're just getting breaking news headlines, they're looking for a last minute deal. still the eurozone response is, not interested. greek people rethinking their feelings about prime minister tsipras. adam: what about peter schiff? he says crisis in our own backyard is a greater tragedy than greece. puerto rico, a tiny island with a huge debt owes more than one
billion dollars to u.s. investors tomorrow but making no promises to pay. cheryl: exactly. there are now 10 spots in the upcoming gop debate. there are 14 candidates. chris christie officially in the race today but may be over before it begins if he doesn't work new jersey magic in new hampshire. adam: millions of americans celebrate the nation's independence this july 4th but law enforcement will be working overtime. the fbi especially to try to prevent a terrorist attack. a new warning from the fbi all about it. let's look where the major averages are going to end the day with less than 40 seconds in the trading session. there is breaking news coming out of greece perhaps this referendum actually may not take place. we have watched the dow up and down all day. then in the last hour starting to make another rally to go higher. dow up 45 points. s&p up seven points. nasdaq up 33 points. year-to-date russell is still in positive territory. cheryl: what you mentioned,
adam, a little more context here. dow jones headline that greece would consider canceling the referendum if some deal were still on the table. [closing bell ringing] liz mentioned we see movement to the upside as the bells move on wall street. we're halfway through the trading year and the markets, the dow down 1% for the year of the nasdaq up 5%. halfway through the year. s&p up .23%. let's bring in ira epstein standing by in the pits of cme. ira, stocks climbing. as we get last words, last dow jones headlines crossings european conference call is tomorrow 5:30 a.m. eastern time, the last headline that we just got potentially the greeks would consider delaying the referendum does this help you put more confidence in u.s. markets? >> no. cheryl: okay. >> what it really does, if greece goes away, we have iran. if iran goes away, we have something else. it is al