tv Fast Money Halftime Report CNBC June 30, 2015 12:00pm-1:01pm EDT
nomination. simon, quick note on what to listen for at 1:00 p.m.? >> greeks got a new bailout offer on the table. will they take it or not. >> that does it for "squawk alley," let's send it over to the "halftime report" and scott wopner. joe tear novembe terranova n with jon and pete najarian and steve grasso, director of institutional sales at stewart franco. we are following three big stories at this hour. the president and brazil's
leader about to hold a joint news conference at the white house. we'll take you live to the east room once if a begins. our michelle caruso-cabrera is live in athens with the latest on the negotiations there and kate kelly is in puerto rico's capital as the commonwealth stocks trying to rebound following the worst day of stocks in a couple of years. the s&p 500 still tracking for its first down quarter in the last ten. so joe, a little bit of a bounce today. but you can feel the nervousness that remains in the market as a result of the issues that we laid out at the top of the show here. >> it's not just about nervousness, it's about speculators and risk managers selling any type of rebound they're getting in the market. that's what happened yesterday and what's happening today. that's going to be the pattern and the trend until we deepen into the weeks of july and get
some economic data as long as some earnings guidance. >> steve grasso, give us an idea of what you're thinking down there. you're on the 50 yard line of this action. and what sort of levels are you watching and should we have our eye on today? >> 200-day, that's the biggest level in the s&p cash. let's call it 2054. just as joe just said. guys are looking at this as an opportunity to sell. you've got greece, china, puerto rico. you've got a shortened holiday week. you have a lot of guys that are selling first, asking questions later. and that's what we're seeing down here. that's what i, that's what i think will continue to happen. this is just a very fragile market. i expect a lot more weakness, sell the pops now. >> we have this euro group conference call in less than an hour, 1:00 p.m. and because of that, i want to go right to athens and our chief international correspondent, michelle caruso-cabrera who has
been kocovering this story from the beginning, what's the latest? >> we're waiting to see what happens when those 19 finance ministers of the eurozone get together in a conference call. to look at what appears to be a two-page last-minute bailout desperation request from the greek government. politico appears to have gotten a copy. it's a very short letter, from the greek prime minister to the bailout fund of europe saying we'd like to do a two-year program to cover our financing needs it doesn't include the imf and it also is incredibly short on details so maybe something comes out of this conference call within an hour. but a couple of sources i've spoken with are extremely doubtful that it's going to be meaningful. we have gotten confirmation that greece has no plans to pay the imf today, we learned that from the finance minister who nearly every day is besieged as he arrives at the office, the ministry of finance which happens to be across the plaza
here. and always surrounded by reporters wherever he goes, he was asked specifically about paying the imf. he said no. he said are we going to stay in the euro? greek reporter, are we going to stay in the euro. he said we're going to stay in the euro, we're not sure europe wants us to stay in the euro. was his response if i can shorten it. from his usually more long-winded responses. we're waiting to see if we get anything more out of this conference call. the bailout expires today. it leads to some issues from greece and the banking system and the ecb. >> is there any chance that the prime minister would cancel this referendum if it meant negotiating more? >> you know, i would find it very hard to believe. but it's possible, logistically it's turning out to be incredibly difficult because it's such short notice. and we sturn that they're removing government workers from their normal posts to work specifically on getting the ballots ready, et cetera.
it feels like you know, he has pushed this idea of democracy so far and this idea that people should vote. i think it would be a real comedown for him politically to do that. but you know, anything is possible in this situation right now. all bets are off. >> michelle caruso-cabrera, live in athens, we watch, we wait. you heard some of the commentary thus far, you heard michelle's report as we see the markets try to bounce back from the worst day in a couple of years. >> so i think a couple of things, the first is today's an inside day, which is a little strange, had you this massive down open yesterday that continued down. and it ended up a little bit over 2% on the s&p. today you're kind of within the same range. nothing lower, nothing even approaching the high of yesterday which was below the high of the day before and you're right, scott, that's indicative of a lot of indecision and a lot of people saying i sold what i wanted to sell yesterday, let's see what
happens. two things i think are worth noting. the first is the 10-month moving average on the s&p has flattened. there is no uptrend any more. the second is we have 6% of s&p stocks above their ten-day moving average. historically that's been a great area for a short-term bounce. it wouldn't shock me to see the bulls get a little aggression going into the close. i just don't know how meaningful it would be without any kind of resolution from the stuff mcc was talking about. >> we've been given the two-month warning from the east room of the white house where the president and brazil's leader set to have a joint news conference, i would surprised if we didn't hear the president make some sort of comment in response to the question about either the situation developing in greece or in the commonwealth of puerto rico where they have their own debt crisis developing there so we're going to keep an eye on and go directly to the white house as we see those two leaders emerge from the door to your right there. but pete, as you watch the action today, there's certainly
a lot to think about whether this is a market to buy off of the big-time selling yesterday or if you use the bounces that we've seen to sell right into it. >> i didn't see the opportunities yesterday, i don't think they ever manifested the way we were looking for them. jp morgan, never got a chance, never got down there with the 350 selloff. you're looking for opportunities in the marketplace, support levels, s&p on the support level. look at the xlv when you're talking about the pharmaceutical biotech world continues to hold the 50-day as well. volatility, yesterday at noon, 17.5, to 19.5. holding at 19 that tells you a lot about what the sentiment is right now. nervousness is everywhere. china, greece, i look at puerto rico, the way it's trading and the way the financial insurers are trading. it tells me a lot. >> it's the final day of the quarter. the final day of the first half of this trading year.
s&p has not been up on the final trading day of a month since october. just one of the sort of fun facts that we've been thinking about as we look at the performance of the stock market over the first half of the year. so doc, put it into perspective. headlines could break out of the eurozone at any moment. there's a 1:00 call between the euro group and that's less than an hour from now. >> merkel has said don't expect anything else today. out of that. i don't expect anything else out of it because the finance minister said i'm not writing the check, it's not coming. forget about it. $1.7 billion gone this going to be something that's a catalyst for further volatility. i said yesterday don't sell them when it only got up to 16. we pushed up close to 20 today. that's at least one of the levels that i'd like to see us breach to get a little fear into the market as far as i'm not rooting for the market to do that. but as far as for me to take off
some of those hedges, i need to see that and i think a lot of the folks that don't have protection right now are scrambling for it to joe's point. that's why it went on any of those dips peach were scrambling to buy and they have run these volatility hedges right back up to where they were. even though we're slightly higher in trading sideways. >> you've been looking for things to get a little ugly by virtue of the moves you've made in your portfolio competition that we've been having here and also in the comments you've made on the desk. >> i'm just sitting back right now. i don't feel the need to do anything. i think this is a moment in time where you want to wait. you want to be very judicious, in terms of the decisions you're making, i think it's just not greece. i think there's other things right now that potentially as pete has highlighted. prooek and the slowdown in economic growth coming from the chinese economy, let's not forget the largest trading partner being the europeans. i think the moment is here, you have to be prude ent and the decisions allocating risk in the markets.
>> try to game how all of this is factors into what the fed could be thinking on a day when you get mixed bag economic news. consumer confidence goes up. the chicago pmi was below 50. >> below 50, which was expected to be north of 50 instead coming out 49.4 or something like that. but judge, what was interesting also was that china was down very hard last night. was down 5%, made an 11% rebound. on the lows it was down 26% from the highs, you got to think they're going to put more to work over in china as far as the rate cut that happened sunday night. they'll probably be more of that. and that's one of those other reasons why i don't know that our fed is going to be moving in september or december. >> want to show you another picture, live of the east room of the white house. >> any moment now, president obama and brazil's leader will hold a joint news conference.
we do have jon harwood standing by. >> i'm told the president is about to walk through the door. joint news conference between the president and the united states and the president of brazil. the president of brazil here to try to spur investment in her country. >> it's a great pleasure to welcome my partner and friend, president rousseff back to the white house. this is another opportunity for me to reciprocate some of the extraordinary hospitality that dilma and the people of brazil showed my family when we visited brazil. i want to go back. >> i didn't get a chance to experience carnivale, vice president biden got to go to the
world cup, not me. but the eyes of the world will be on brazil when it hosts the olympics. that will be another reminder of brazil's remarkable rise, both at home and on the world stage. as president i've pursued a new era of engaugement with latin america where our countries work together as equal partners based on mutual interests and mutual respect. as we saw at the recent summit of the americas, the united states is more deeply engaged in the region than we've been in decades. i believe that the relationship between the united states and latin america is as good as it's ever been. we're focused on the future. what we can accomplish together. and a cornerstone of our engagement with the region is a strong partnership with brazil. i believe our two nations are natural partners. in the americas and around the world. >> as two of the world's largest
dro democracies we understand the aspirations of citizens to live in freedom. dilma, the sacrifices you've made in your own life are a testament to that determination. as two multiracial, multiethnic societies, we know that countries are stronger when they uphold the rights of all people. a truth we reflected on yesterday when we visited the memorial do dr. martin luther king jr. >> as two of the world's largest economies, we understand that lasting prosperity and confronting the injustices of poverty and inequality can only come when we truly invest in our people. their education, their skills. their ability to work and live with dignity. these are enduring interests and values that bind us together. now no relationship between countries is without disagreements. the united states and brazil are no different. it's often tempting i suspect to focus on whatever challenges there may be in the moment.
but in steps that often don't make the headlines, the work of our nations has gone on. and over the years, president rousseff and i have deepened the ties between our countries. we partnered on global challenges from promoting open government to combatting human trafficking to advancing government in africa. we've boosted american experts to brazil by more than 50% and our bilateral trade has reached record levels, surpassing $100 billion a year. we've expanded collaborations in science and technology, and the ties between our people. especially our young people, as part of our 100,000 strong. more brazilian students come to the united states and more american students go 0 brazil and that's real concrete progress. that we've made together. of course, president rousseff and i believe given how closely our national interests and value ace line. there's much more that the united states and brazil can be doing together.
dilma, i want to thank you for your commitment to taking the partnership between our two countries to the next level. that's what we've done today across a range of areas. first we're announcing a series of new steps to boost trade and investment this creates jobs for our people. with brazil's recent announcement on infrastructure, american companies will have more opportunities to compete for projects to develop brazil's highways, airports, ports and railways. we'll make it easier and more affordable to hire workers, we'll do more to help small and medium-sized business and entrepreneurs connect and collaborate. and as leaders in science and technology, we've agreed to increase partnerships between our colleges and universities, to develop the next generation of scientists and researchers. second, as major economies, the united states and brazil will continue to lead in the fight against climate change. since 2005, our two nations have reduced carbon emissions more than any other countries in the
world. in brazil, this includes very impressive efforts over the past decade to combat deforestation including in the amazon. what's sometimes called the lungs of the planet. together our countries are leaders in clean energy. so today we're taking important new steps as we work toward a strong global climate agreement in paris, i thank our brazilian friends for previewing elements of their post 2020 targets, for reducing emissions, including substantial new goals to eliminate illegal deforestation and restore forests. both our nations are setting new goals on clean energy. beyond hydro power. the united states and brazil will aim to increase the share of electricity we generate from renewable energy to 20% by the year 2030. these are very ambitious goals, a near tripling for the you states and more than double brazil's current output. following progress during my
trips to china and india. this shows that the world's major economies can begin to transcend some of the ole divides and work together to confront the common challenge that we face something that we have to work on for future generations and i'm confident that this will lead to a strong outcome in paris. third, we're working to deepen our defense cooperation. under president rousseff's leadership two important agreements were approved by brazil's congress last week and are in effect. it will be easier for our two militaries to train together, share more information and technology and to cooperate during missions such as disaster response and peace-keeping. i want to thank you for making this progress. finally we're working together to uphold democracy and human rights across latin america. i appreciate president rousseff and brazil's strong support for our new opening toward cuba. i updated dilma on our progress, including our work to open
embassies in havana and washington, i believe that brazil's leadership in the region as well as its own journey to democracy and a market economy can make it an important partner as we work to create opportunities and prosperity for the cuban people. in short, i believe that this visit marks one more step in a new, more ambitious chapter in the relationship between our countries. we're focused on the future. dilma, thank you for your friendship, your partnership and the progress that we've achieved together. as we look ahead to the olympics next summer, we americans will be cheering proudly for team usa. we'll all be rooting for truly great games with brazil as our host. dilma did give me a -- very nice yellow and green sweatshirt. which says, brazil on the back. i can't wear that in public. because i have to root for the
usa. but at home at night, it's very comfortable. so who knows. i might slip it on. so president rousseff. thank you. >> translator: greetings to barack obama and greetings to all cabinet ministers, members of the two attending delegati s delegations, greetings to all members and persons attending this session, photographers, cameramen and women. i'd like to thank president barack obama as well as the u.s. people for the hospitality in which they've welcomed me. ever since i got here and came to the u.s. through new york. this morning and last evening president barack obama and i have had very fruitful productive meetings, during which we have celebrated an upward trajectory in our
relations, we have also established a robust bhi lateral agenda in areas such as trade, investments, climate change, energy, education. defense, science, technology. and innovation. we have reinforced our dialogue on topics of the international agenda, such as the environment and sustainable development. factors that are indeed key and essential for the world and for each of our countries. we also focused on economic governance, peace and security. the economic recovery of the united states is an extremely positive development for the world economy and certainly also for the brazilian economy. our bilateral trade is very substantial and is based on higher value-added products, we want to further expand and diversify our exchange. our challenge consists of doubling our trade current within one decade.
the ultimate objective consists of building the conditions to insure an ambitious trade relationship between brazil and the united states. to that end, in the short-term we should remove the nontariff obstacles that are in place for industrial goods and agricultural goods. we should slash down bureaucracy and red tape and do away with the very complicated permits, restrictions and we would like of coue the high-quality of production processes in brazil, be duly acknowledged. in the short-term, our priority agenda will focus on two topics as we wish. number one, regulatory standards convergence and harmonization of technical standards. number two, trade facilitation through a single window system, streamline simplify the timeframes involved in customs procedures, we would also like
to cooperate with the u.s. patent offices. although it is a malter that involves intellectual property there are positive impacts by means of investments as we expand the degree of technology incorporated into brazilian products. the u.s. is the main investor, foreign investor in braz until 2013. the total aggregate direct investments from the u.s. in brazil came to $116 billion usds. brazilian investments in the u.s. have grown in 2013 the total or aggregate amount of brazilian investments came to $15.7 billion. these figures do not truly represent the order of magnitude of these investments. and it is important to indicate that between 2007-2012, the growth of foreign direct investments by brazil in the u.s. came to $221% in terms of
the actual increase between 2007 and 2012. we want to further expand these flows. investments and trade flows and we want them to be higher. given the actual potentialities available in our two economies tharks one of the objectives of the efforts we have engaged in, to further strengthen our macroeconomic policies, thus reducing risks for both brazilian investments and foreign investments in brazil. we have also developed the microeconomic agenda. therefore reducing or lessening regulatory risk, expanding the transparency or accountability of processes and the governance of relation tweens kwps and the gocht. we're expanding the investment opportunities in one area where coordination by the government is absolutely key in terms of setting the right expectations, i'm talking about the infrastructure. we have launched an ambitious logistics infrastructure
program. and we hope and we thank president obama for his commitment in insuring a greater presence of u.s. investors in that process. the logistics development program. i would also like to say that we have enjoyed a fruitful relationship between our two governments and the bus communities. the recent bilateral ceo form provided us with suggestions, establishment or setting up of an infrastructure, information center to identify coordinate and promote investment projects. as well as the suggestion of development of developing financial tools and guarantees for investments in the long-term, with a view to stimulating private sector involvement. we also have a wide array of several other opportunities and achievements. in areas such as the defense
arena, we welcome the two agreements recently passed by congress. the defense cooperation groemt which will allow a very fruitful cooperation between the brazilian ministry of defense as well as the u.s. counterpart ministry of defense. the military information agreement on military information which will allow exchange of information in that area. in the field of technology, biotechnology. air and space technology. i'd like to highlight one point that president obama and i discussed and one on which we have come to a decision which i view as very important. i'm talking about climate change. climate change is one of the central challenges of the 21st
century. >> and we have one important objective, which is number one, to insure that the image of our two countries will have a substantial share of renewables, versus energy. the decision has a great deal to do with the current outlook and our involvement as part of the global emissions reductions agreement. so that we are indeed in a position to materialize that agreement. during the upcoming cup conference, cup 21 to be held in paris, the second area is very much related to the first one. which is the joint decision by our two countries to establish a 20% goal in terms of expanding the renewable share of sources of energy except for the hydro sources.
between now and 2020, i very much welcome that decision, because it will prove extremely important in reducing greenhouse gas emissions and also it speaks to our clear-cut commitment of insuring that the environment and also efforts to make sure the global temperature will not go up beyond two degrees as agreed. as countrieses are as vast as continents, we have this very important greenhouse gas emissions target. we attach a great deal of importance to reduce not only deforestation, in brazil we have the commitment to come to a zero deforest ration or zero illegal deforestation rate between now and 2030 and we wish to turn the page and engage in a clear-cut
reforestation policy. that is extremely important point for brazil and it also reflects the commitment. we ourselves have undertaken as part of the forest code in effect. >> so the environmental agenda in my view is absolutely key and essential for our two countries. cooperation in energy efficiency. we are committed to putting in place smart grids, we also committed to minimum consumption levels, energy consumption levels. we committed to establishing efficient equipment and buildings, president obama and i also discussed education extensively in our meetings. we believe that education in brazil will provide us with two gains. social inclusion to make sure that the social gains become permanent gains and number two, the qualitative leap forward as regards to our competitiveness
towards the knowledge economy. that's why we're most pleased to see our agreement on cooperation and technical vocational education on the brazilian education ministry. we're most pleased about that agreement. we wish to establish partnerships between the government research institutes in each of our two countries with a view to achieving scientific technological improvement as well as innovation. i would also like to stress the importance of using education technologies as a means to move towards higher quality, more inclusive education in that regard, without a shadow of a doubt. the high quality as well as the ability of the united states to develop scientific and technological research in that
arena has proved very important. may i also state for the record that we attach a great deal of importance to cooperation as part of the science without borders program. as part of that program, the science without borders program, an important highlight is the fact that the u.s. has received the biggest number of brazilian students. the u.s. has become the main destination of brazilian students are beneficiaries of the science without borders program. may i think president obama for having welcomed such a substantial wave of brazilian grantees. i have often said time and again to president obama that it is our ambition to change our cooperation in innovation into one of our central topics on our agenda. >> we also want to make progress in our energy cooperation.
the linkages between the argan national laboratory and the research bril bra stillian center. tomorrow i will be in california and while there, i intend to hold a very instigating meeting with information technology, biotechnology and air and space companies. i would also like to thank president obama because we have come to a decision to facilitate entry of frequent travelers from brazil in the united states as part of the global entry program. we've signed a very important agreement for the brazilian population living and working in the united states. talking about a social security agreement that will allow the
brazilians working in the u.s. to be equally covered. under the social security agreement. we also addressed a wide array of different initiatives, i'd like to essentially highlight the following initiatives. the decision by brazil to join the global health security initiati initiative, ghsi. i think it is also very important to underscore we have a wide array of joint initiatives that can be developed and put in place in third-party countries particularly for the purpose of fuel production. in conclusion may i refer to the importance for latin america, of
the recent decision made by president obama and by president raoul castro even with a partnership with pope francis, to the effect of opening up relations with resuming relations with cuba. a very decisive milestone and point in time and the u.s. relations with latin america. it is about putting an end to the lingering vestiges of the cold war. and it ultimately elevates the level of the relations between the u.s. and the entire region. may i acknowledge the importance of that gesture to all of latin america and those two world peace at large. it is an important example. in relations to be followed. >> in conclusion, may i reiterate my invitation my invitation for president obama to come to brazil for the 2016 olympics. i count on you, the invitation
is extensive to the vice president but i understand both of them are not able to be at the same time, at the same time abroad. but nevertheless president obama has a standing invitation to come to the olympics in brazil. while there he'll be able to wear his green and yellow jersey which says brazil and obama on the chest. i'm sure you will be applauded if you do so i also believe -- this trip to the states stands as a relaunch of our bilateral relations. may i thank president obama and the u.s. people for the warm reception, for the welcome and may i say we have indeed taken one step ahead in our bilateral relations, thank you very much. we're going to take a few questions.
>> i understand announced his retirement today. jim you're kind of young to retire. >> while you're ahead. we're going 0 miss you, but you're going to be here for a couple of weeks, right? congratulations. appreciate it. >> sir you're on the cusp of entering into a nuclear agreement with iran. but there's still a number of unresolved issues. in particular the fates of americans like jason -- [ inaudible ] you and your administration say you're continuing to raise the imprisonment and disappearance of these individuals. these americans. but still, you will sign likely, an agreement with tehran and those issues will remain unresolved. what do you say dot familiar list, about how you will deal with their loved ones. i guess the bottom line, do you
find the iranian leadership trustworthy. and madam president, welcome to the u.s. you canceled a previous trip to the united states following the snowden revelations of -- do you need a translation? of nsa spying. >> a little louder. >> certainly. you canceled a previous trip to the united states following the revelations of by edward snowden of nsa spying. are you still troubled by those revelations? and have you received assurances and are you satisfied with the answers you have received from the administration? thank you. >> well first of all, jim, with respect to u.s. citizens, u.s. persons who were held in iran, this is something that we continue to push hard on
irrespective of the nuclear deal. it's a top priority for us to make sure that people are treated fairly. and on the face of it. in the case of these individuals who have been held, they have not been. and they are not being afforded the basic due process and legal rights that we afford visitors to our country. so we're deeply concerned about it. we spend a lot of time pushing on it and we will continue to do so. and there's no lessening of the sense of urgency. >> when i talk to the families, we remind them of the fact that that is a mission that will continue and has been worked on consistently. >> throughout their captivity. >> with respect to the larger issue of whether i trust the
iranian regime. as i said before, there are deep-seated disagreements. and divisions between the united states and iran. those aren't going to go away overnight. the goal of the nuclear negotiations is not to to rely on trust. but to set up a verifiable mechanism where we are cutting off the pathways for iran to obtain a nuclear weapon. and john kerry right now is there, along with secretary of energy monis who is one of the top nuclear physicistsed in world. they are deeply engaged in negotiations, my hope is they can achieve an agreement. but my instructions to them have been extremely clear.
the framework agreement that was established at lausanne is one that if implemented effectively and codified properly, would in fact achieve my goal. which is iran not obtaining a nuclear weapon. there has been a lot of talk on the other side from the iranian negotiators about whether in fact they can abide by some of the terms that came up in lausanne. if they cannot, that's going to be a problem. i said from the start, i will walk away from the negotiations if in fact it's a bad deal. if we can't provide assurances that the pathways for iran obtaining a nuclear weapon are closed and if we can't verify that, if the inspections verification regime is
inadequate, then we're not going to get a deal. we've been very clear to the iranian government about that the good news is is that our p p5+1 partners feel exactly the same way. there's still hard negotiations to take place. but ultimately it's going to be up to the iranians to determine whether or not they meet the requirements that the international community has set forth. to be able to fairly and accurately and consistently assess whether or not they have foreclosed the possibility of obtaining a nuclear weapon and given past behavior on the part of iran, that can't simply be a declaration by iran and a few inspectors wandering around every once in a while. that's going to have to be a
serious rigorous verification mechanism. that i think is going to be the test as to whether we get a deal or not. >> translator: yes, it is true. yes, it is true. i did cancel my previous trip to the u.s. at that point in time. since then some things have changed. the change is particularly due to the fact that president obama and the u.s. government have stated on several occasions that they would no longer engage in intrusive acts of spying. i believe president obama. and furthermore, he has told me that you know if he needed, should he ever need nonpublic information about brazil, he would just pick up the phone and
call me. so yes, i am certain that the conditions today have become very different. >> at this point, at this point i would like to call upon journalist were the global news network. >> if brazil is playing somebody else then maybe i'll, playing the united states, i'm sorry. >> not against the united states. >> mr. president, you're talking about a new relationship on based on trust. and president dilma just mentioned when brazil canceled this trip because a matter of trust. and brazil also is in the middle of very deep political and economic crisis.
can you trust whether or not in this moment to build this new chapter? >> translator: madam president, brazil view it isself as a global player and leader in the world scene and the u.s. sees brazil as a regional player. how do you reconcile or strike a balance between those two visions? >> well i'm actually going to answer in part the question you just asked the president. we view brazil not as a regional power, but as a global power. if you think about the preeminent economic forum for coordinating between major economies, the g-20. brazil is a major voice in that. the negotiations that are going to be taking place in paris, around climate change, can only succeed with brazil as a key leader and the announcements that have been made on their
goals of renewable energy is indicative of brazil's leadership. brazil is a major global player. i told president dilma last night that the united states, as powerful as we are and as interested in as we are in solving a whole range of international issues, recognizes we can't do it alone. on issues like global health, we're not going to succeed. unless we're working with brazil and other major countries, so that we can identify where there might be the outbreak of a disease, how we prevent it from turning into a pandemic. if we want to be successful on climate change, on countering terrorism, on making sure that we are reducing extreme poverty around the world, all the major countries have to be involved in that process.
and brazil, we consider to be an absolutely indispensable partner in these efforts. with respect to trust i will say that president rousseff and i have had an excellent relationship since she took office. i trust her completely. she's always been very candid and frank with me. the interests of the brazilian people. and how we can work together. she's delivered on what she's promised. when we met in panama, we discussed for example the defense cooperation agreements that were just mentioned. she got those through congress, as somebody who knows something about congresss, that i know that's never easy. so for her to use political capital in order to get that done. i think is indicative of the kind of reliable partner that
she is. and so we believe that, this meeting that we've had this week. builds on a series of steps, that have continue to deepen cooperation between our two countries there will still be differences occasionally. but that's true with every one of our close friends and allies. no country is going to have identical interests. there will always be some frictions. our common values, the strong people relations we have, the fact that we are, the largest countries in the hemisphere. with similar histories. i think all that means that we should be very strong partners for years to come. >> we will take you back to the east room of the white house in
a moment. but there is breaking news developing out of the eurozone. for that i want to go back to athens and our michelle caruso-cabrera. the news has moved the u.s. stock market. michelle? >> yeah, the leader of germany, angela merkel, has come out to make statements which appears to be affecting the stock market. she seems to be squashing any hopes that there's going to be a deal today between the greek government and its creditors, we're 15 minutes away from conference call that was supposed to happen between the finance ministers of europe to consider a letter from the greek government even before that conference call happens, angela merkel comes 0-and says before the planned greek referendum happening on sunday we will not negotiate on anything new. she says that also applies if quote offers which cannot be classified in more detail are made today. a leaked copy of the offer made by the greek government today is very short on detail. that seems to be what she's suggesting and she's also says
that greece has made the decision that the aid package expires tonight. in other words, saying it's greece's fault that they're sitting here on the 30th of june, the day that their bailout expires sand as a result face issues with for example the ecb, which says they cannot accept the sovereign bonds of greece, as collateral, because it not investment-grade rated, unless the country is in a programth and as of tonight it's not going to be in a program. what does that mean for greece and the ecb banking system which has been brought to its knees. angela merkel coming out and appearing to squash any hopes that last-ditch efforts in the last 24 hours are going to come to anything when the euro group finance ministers get on a conference call in 15 minutes. >> perhaps also prodding the greeks in some sense do maybe deliver more detail on the proposal that you laid out at the very top of the hour. >> that's quite possible.
she also may be prodding all the people in the square behind me to vote yes. this is a vote yes rally that's just started in the last half an hour or so. they are very different than the crowd we saw last time. than the vote no raly. the leaders of europe have been trying to send a message to the people of greece as well about the bailout. >> live in athens, should let you know that i've noticed s&p has cut ratings on several greek banks within the last hour. we're going to monitor the story. i want to go back to the east room of the white house and pick up on the joint nmpbs conference between the president of the united states and the president of brazil. >> i want to ask is a financial cries nis greece capable of bringing down the global economic? and separately, sir, i want to ask you about what some people are calling your best week ever last week. you had two supreme court decisions supportive of the
affordable care act and of gay rights. you also delivered a speech down in charleston that was pretty warmly received. it seems that you capital for remaining months of your presidency. i'm curious how you want to use it? what things do you want to tackle and president rousseff, i understand you extended an invitation to the president to attend the olympics in rio. the terrorist group isis has shown out willingness and capacity to carry out terrorist attacks throughout the world what. preparations are you making to make sure olympic games are safe and had a are you concerned about that happening in rio? thank you very much, madam president. >> on greece. this is a situation that we've been monitoring throughout the year. as i think most people are aware there has been an inongoing crisis in greece dating back to
2009, 2010, and it's something that i've been deeply involved with periodically, working with our european partners. it is an issue of substantial concern. it is an issue primarily of concern to europe. essentially what you have here is a country that is -- has gone through some very difficult economic times, needs to find a path towards growth and a path to stay in the eurozone, and what we've been encouraging both the greek government and our european partners to do is to continue to negotiate and find a pathway towards a resolution.
it is also important for us to make sure that we plan for any contingency and that we work with the european central bank and other international institutions to make sure that some of the bumps that may occur in the financial markets that have already occurred are smoothed out. in layman's terms for the american people this is not something that we believe will have a major shock to the system, but obviously it's very painful for the greek people, and it can have a significant effect on growth rates in
europe, and if europe is not growing the way it needs to grow, this has an impact on us. it has an impact on brazil. those are major export markets, and that can have a dampening effect on the entire world economy. so it's something that we are monitoring. it's something that we spend a lot of time on. jack lew has been on the phone fairly consistently over the last several months. i've spoken to my european counterparts encouraging them to find a path towards resolution. so it's something that we take seriously, but it's not something that i think should prompt overreactions. and so far i think the markets have properly factored in the risks involved. in terms of my best week -- now my best week i will tell you was
marrying michelle, that was a really good week. malia and sasha being born excellent weeks. >> good thing you remembered those. >> yeah. there's a game where i scored 27 points. that was a pretty good week. i've had some good weeks in my life, i will tell you, and i'm blessed to have had those. i think last week was gratifying because, number one, we were able to get a pack age of trade legislation that i believe will serve the american people, american workers and businesses well going into future. it gives us the opportunity to negotiate high standards agreements that have enforcible labor and environmental
provisions. it was a tough fight because, you know, there were a lot of folks in my own party who viewed this as accelerating some of the damaging or frightening trends around globalization that have taken place over the last several decades. my argument to them has consistently been that we're not going to stop globalization. we have to shape it in a way that helps people and that these are tools that are going to help us do that. but being able to get that done was very important. the affordable care act, as i said before, the results i think speak for themselves. we have the lowest uninsured rate that we have than we've
been keeping records. it's worked better, cost less than even supporters anticipated, and if we can get some governors that have been holding out and resisting expanding medicaid, primarily for political reasons to think about what they can do for their citizens who don't have health insurance but could get it very easily, if state governments acted, then we could see even more improvement over time. and my remarks in charleston were heartfelt. it wasn't a celebration. it was i think a reflection on the consistent challenge of race in this country and how we can
find a path towards a better way, and i was gratified to see not only the incredible response of the families who had been affected by this tragedy but by the response of people like governor haley and how they viewed the issue of the confederate flag. as i said on friday, i think it doesn't solve all our problems but what it does is signifies a sense of empathy and recognition that i think is always the start of progress. so in many ways last week was simply a culmination ave lot of work that we've been doing since i came into office. how am i going to spend whatever political capital that i've built up? you know, the list is long and my instructions to may team and my instructions to myself have been that we'll squeeze every
last ounce of of progress that we can make when i have the privilege -- as long as i have the privilege of holding this office. we announced overtime rules that i'm going to be talking about more this week. that's going to give a raise to 5 million people potentially in this country who really deserve it. i wanted to see if we can get bipartisan work done with congress around rebuilding our infrastructure. brazil just talked about their rebuilding of highways and roads and bridges and ports. we've got the same work to do, and we've got to put people back to work there. i am really interested in the possibility, the prospect of bipartisan legislation around the criminal justice system, something that i think directly speaks to some of the themes i mentioned on friday, and we've seen some really interesting leadership from some unlike ly
republican legislators very sincerely concerned about making progress there. i want to keep on making progress on job training and making sure that the idea of two years of free community college starts taking root. and the list is long, and what we're going to do is just keep on hammering our way at all the issues that i think are going to have an impact on the american people. some of them will be left undone. but we're going to try to make progress on every single one of them, and i've always said, you know, one of the things i've learned in this presidency is that there are going to be ups and there are going to be downs, but as long as my focus and my team's focus is on what is going
to make a difference in the lives of ordinary americans, are we going to give them more opportunity so that if they work hard they can get ahead, are we going to make this a more inclusive economy, a more inclusive society, a more fair just society? if that's our north star and we keep on tacking in that direction, we're going to make progress, and i feel -- i feel pretty excited about it. so i -- i might see if we can make next week even better. >> another press conference. i love press conferences. it's my press team that's always holding me back. i want to talk to you guys every day. sorry, josh.