tv Mornings With Maria Bartiromo FOX Business June 29, 2015 6:00am-9:01am EDT
york's down near 1.5% in monday. interest rate cuts by china's central bank with the shanghai composite closed in the bear market territory. 40 to 53, down 3.3%. but to me this hour, tony on fox business dagen mcdowell. lots to get to this morning. more of the greek banking crisis and what it looks like. bring in ashley webster standing by in athens right now with the very latest. good morning to you. what does it feel like on the ground today. reporter: good morning to you, maria. a relative calm here in athens. 1:00 in the afternoon running around this morning. all of the banks are closed and will be the next six days. the stock exchange today will likely be closed for the rest of the weekend right now there are
60 euros, the most you can take out of acm. if you're a tourist and you hold foreign bank was there are no limits. the problem and you mentioned earlier the atms are running out of cash. greek authorities put out a notice that they will be replenished. hopefully by mid-day at least 60% of the atms withhold had already run out of money. desperate times in desperate situations. this greece reach a last-minute deal. it really is a crisis right now. the debt payment of $1.8 billion. without help, greek simply won't make a payment. the question is will remain in the eurozone. a referendum scheduled for next weekend. should we accept the terms being offered by the european creditors or should we refuse to
vote tuesday in the eurozone are not. a lot of in certain tea, a lot of fear and right now if you live here in greece at 60 euros and $66. it doesn't give you manhattan in many places. >> take a $66 to date each time you go to the atm. reporter: at bay. it is per bankcard. more than one account would take a 120 euros. pretty strict capital controls. taking all of the money out and putting it under the mattress. >> stay with us because you mentioned that they will take it to the greek people and say do you want to stay in the eurozone. these are the ways to do it. will you expect some austerity. and we understand the implications of higher taxes and the pension system.
reporter: it is a question between horrible austerity were complete disaster as they fall out of the euro zone. even more unemployment that 26%. predictions are about go much higher if they go back to no buying power at all. the lesser of two evils. they live within their means but it's no easy task. >> the u.s. portfolio strategist managing a long ways dagen mcdowell. tony, good to see you. it's been interesting. nobody takes the job except anyone agrees that in fact they're getting pushed out of the euro. what is your take on this this morning? >> this reminds us that if the crisis in 1997 and the setup is the same for you had a strong
emerging market growth slow down and eventually even with the prospect of that, it seems kind of similar to that. this isn't going to be a fundamental situation for the u.s. the event risk brings the market down and gives you an opportunity in the u.s. your point is very well taken. last year and a usm year before and will see a resumption of the trend. >> you have to figure out where it goes. but if you're, where else would he put it other than the u.s. >> i'm also getting e-mails this morning that people send crisis on the show positive as a whole and think the asset price weakness in europe. certainly you see a rush to safety this morning, certainly a move with buying of treasuries.
how the greek people react to not being able to get all of their money or baked talks of their money into the banking system. how they act in the next week will dictate the referendum because a yes vote would keep greece in the euro. it won't prevent a default. you've got a tsipras campaign in a lot of people think if they say yes to next week to go have a coalition government, one that will come back to the table so you have a default. >> this could be the best thing. the precedent is you have to pay the debt to. you are not going to kick the can down the road. we hear people comment they they can't keep kicking the can down the road. they stopped kicking the can down the road and the precedent of that is more important also. can you imagine the government tells you a good chance we will
default on baghdad and have capital controls and you will wait until that day to take money out of the bank. but you are right, that is what happened here. the ecb said that his say. we are not increasing anymore by me. the bailout money are there and we are not going to expand what is in place. you have to wonder how they react knowing they could only have $66 a day out of their own account until these banks reopening. actually, how do you think the great people react in the next week? reporter: well, clearly they are very worried. many taken out a lot of money knowing this was coming. we should point out tourists are expand to the capital control, but tomorrow is pension payday and we are told that all pensions will be paid in full and pensioners will be able to access accounts within a capital
control. there are portions of the population that will be okay but they are sort of worried and concerned. they've been living with this for the last five years and today gives point, she's absolutely right. if there's a vote for yes, it will be hard for alexis tsipras to go because they've been campaigning so hard for people to vote no on the referendum. the referendum will cost 120 million just to put in place questions about the constitutionality because under greek law you have to have those ballots printed and ready to go five days prior to the actual vote. that would mean they have to be ready to go by tomorrow. they haven't even finalized the exact questionnaire. there could be challenges on the legal basis as well. it's all very confusing. >> we will see you in the next hour live from athens this morning. thanks very much.
you've got to believe the government is about to go in terms of athens. the top stories great shining down the banking system, asian stocks fall in its financial difficulties increase trickery worry about a possible broader harm to the global financial system. all in the break has central bank. chinese state television reporter tracey chang from beijing. the bank of china saw a need to actually intervene and lower interest rates to get the market out of china. reporter: that is right. it has the word pair black monday over here in china like he said. the ppa launches straight over the weekend failed to leave investors citizens. dropping nearly 70% below the 3900 level. still am in the day down more than 3.3%. also tracking hong kong markets lower. the hang seng down 2.6%.
moving to tokyo, japanese shares were weaker. the possibility that greece could default emily at the euro zone altogether in the nikkei down 2.9%. south korea the cost be split to one-month lows losing 1.4% with index heavyweights. all sheila tron extension 4% today. maria: tracey chang in beijing. most come in after the shanghai composite has been obviously on fire this year to get a multiyear high this month. would you buy china. >> i would not buy china. i'm not very good at buying markets being propelled by regulatory environment within china. they've opened to the public and of the public finds out what happens the other way. not a cure that with the greenspan quote and it didn't work so well. what the global financial market situation or investors find out is risk in the system and the
risk doesn't change because they decide to do something for my monetary basis. it wasn't the monetary crisis that created the stock market. the numbers in china and india and other emerging markets have been acting poorly for as long time and that is the problem. it is the difference between inventing fundamental development and that is where the problem is. >> financials and fundamentals never matched up with the move in shanghai stocks. this market has been soaring all year and you didn't see any growth change in china. you actually saw a china slowdown economically. dagen: it was clear evidence of euphoria. not to connect china with what it is fair but also doing you expect the ecb to ramp up the quantitative easing it has been doing to calm fears over in europe. >> they've got to be careful because money supply numbers are
going out. they never needed to do quantitative easing. in a game of chicken to come together. the problem with greece as the game of chicken is three players which means to have to crash because one veers away. so right now what we find out is that backs and that is greece and periphery to. that is the problem is got to find out is where did those pieces send out. ultimately it will mean the euro will weaken which is good for german economic activity. germany has been tied to a currency that has greece, italy, portugal and spain. they are going to keep them in. the problem is the imf doesn't care. >> the market will be down triple digits today. will you be a buyer or seller or when you you get to the sidelines? >> we've been in the correction camp for a better part of the year. as market progresses lawyer, we
absolutely want to be a buyer. i would say it in would say in the near point breakdown 5% to 10% as an institutional riser which is my job. you'd have to use the quiddity to take advantage of and within that the financials, information technology and consumer discretionary. maria: later on in the hour i will be talking with mohamed i'll worry and also speak with former aig ceo hank greenberg and the 8:00 a.m. eastern hour. join us for those interviews. meanwhile a tough morning. futures at this a lot this morning, even though this is off of the worst levels of the morning. quickly, your top story. david's right now in custody. the second escapee on the run from the maximum-security prison in upstate new york. adm of a talking with andrew cuomo about all of the happenings yesterday. what a day as they caught the
second escaped murderer. the only true democracy from the turmoil of the 2011 arab spring. tunisia has seen more young men during the islamic state than any other country. authorities expected more attacks like the one last friday that killed 38 people in indonesia on the beach. officials on both sides of the talks they dislike lee they will miss tuesday's deadline for brokering a deal that extension -- that date has been extended. iran's chief negotiator returning to talk with this leadership. u.s. officials not concerned by the move. spacek still looking into the cause of a rocket explosion yesterday from a supply mission for the international space station at the unmanned rocket, huge setback for nasa counting on private industry should transport cargo an astronaut to the space station. another look at futures as we expect a smart allow for the beginning of trading. busing busy monday morning. back in a moment.
maria: welcome back. following developments on the greek debt crisis. it programs to greece banks to close. greece people to get angry at europe are more likely than not to vote yes for a bailout. take a look at markets expecting a sharp selloff at the beginning of trading this morning. the market expected to be down 200-point. this is off the worst levels of the morning. dagen 10 year yield up to around 14%. we see a young guy back and not just in greece but across europe right now. trent were absolutely. the market reaction in the united states is pretty muted. i wonder if the days where bond, bart is dead in their research that they sent out yesterday that the latest client survey suggests markets have been complacent about great risk. majority of investors leave a
freak accident will be a small negative for markets. 20% expansion exit to happen the next three months. doesn't that make you worried that everybody everybody seems to think there isn't going to be a problem because there could be contagion somewhere. >> depends on that residence which you can never see. when russia defaulted on baghdad, that was showing up well ahead of the event. nothing showing up in the credit markets and the debris that is that tells you you will be in for one of those kind of the clients. it has been orderly, maria and i were saying a minute ago futures were down 40 points when it opened up at 6:00 last night. there's an orderly recovery. the euro has strengthened very well down a percent and a half overnight and now it is time for tenths of a percent. the question becomes, is this just an event or fundamental development. it looks to me unless something
crazy happened in the european zone diet that it is an event that is more than going to affect the region. it will affect global markets. maria: i think before they leave the euro, tsipras government is now. the truth is tsipras has been the one to push back aggressively on any austerity even though the people say they want to stay in the euro. they may not like the terms that they do want to stay in the euro. when you connect the dots, but it means is i suspect people will say we want to stay in the euro. they've managed to get new leadership in greece. dagen: good luck if you are great to do just that are euro denominated and you try to pay off those debts. the economy was growing again. it started growing after four years of a recession right before the government was the lack of it. they showed this country into the ground in six months.
>> austerity as well as bad. but you know spain is doing, ireland is doing after the financial crisis. at some point you have to step up and say we will fix the only underlying problem. what this does is force is that. the iran deadline with the end of the first half. it is down 4% for the second quarter. the first is still sees a negative situation. s&p capitalized earnings to come back for the fourth quarter. the earnings may very well disappoint. that could be another negative. pointing that out at the end of the first half tomorrow. be that that perception could add to the weakness. it is important to point out in a cycle there has not been a single quarter or when he started the earnings season two would be offended if they didn't have an upward revision of growth numbers. last quarter was down 2.8% and
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one of the companies rockets exploding two minutes after takeoff due to what early reports are calling overpressure event in one of its fuel tanks. that rocket was carrying two tons of equipment and food to the international space station but no one was injured. global markets reporting. take a look at all of the red on your screen. the dow jones industrials pushing lower in the futures market. banks in greece are closed with the country's central bank issuing capital controls to prevent a run on the banks. we saw that from ashley already. 50% of the amts already
emptied out. 60 euros per day, 66 bucks a day. could this happen in the u.s. thinking about it. it already did. we went through this banking crisis in this country and we survived. maria: it is different. we didn't have capital controls. this is a lot different with banks closed for several days right now. let's get a look from chicago. phil flynn from the price futures group in chicago, looking at commodities this morning, they are selling stocks aggressively today, good morning to you. >> good morning to you, maria and we're seeing a lot of risk aversion trading going on. not as much as you might think. take oil for example. you don't think about oil when it comes to crises. oil has been watching the greek crisis intimately over last couple weeks. oil prices down over 2%. 58.17. down 1.46. a lot is concerns that european demand that was improving last
couple weeks will dry up with the potential for credit freezes. we're seeing a rally in the gold market. the gold market is a double-edged sword. on one hand we buy gold in times of crisis. on the other hand if central banks are freezing up there may be possibility of selling gold into the markets to ease concerns. greece may have gold reserves. they may try to sell them. we don't know if they will. that is holding that market down. maria: we'll be watching, thank you very much. phil flynn in chicago. the good news there isn't that much exposure to the greek situation from the u.s.'s standpoint. we're seeing a lot of damage in terms of a reaction, knee-jerk reaction, down for stock prices, when you look at lending and exposure of u.s. banks it is quite limited. >> even the exposure of the european banks, three years ago europe couldn't have dealt with this. banks have reduced their exposure to greek debt. they're much better capitalized. the main holder of greek debt
now is governments. less exposure here in the u.s., paltry if any. there is tom you can go through this is now. maria: partly i feel like maybe this ends up being a buying opportunity for the u.s. >> that's right. maria: because it a limited exposure. but having said that let's not forget we have earnings coming out in next couple weeks. the quarter and half is up tomorrow. and, phil flynn, energy once again the problem for the second-quarter earnings. energy earnings expected to be down 64% for the second quarter, phil. >> that's been a big weight on the u.s. gdp and global gdp as well. that is one of the things really driving the economy in the previous quarter. so that is definitely weighing on those prices. lower energy prices also creates a problem for the federal reserve to get to that 2% inflation rate. it will make it much more difficult for the fed to raise rates in september because they will probably not see the
inflation rate. you add to that a greek crisis, you're looking at fed fund futures later today to see if the market believes the crisis pushes those interest rate increases off. that is something a lot of traders will be looking at today. >> to your earlier point about opportunities here in the u.s., we had a long time looking for exit of greece. whether you're looking european stocks and banks could be a buy because of markets lower or buy on the dips. you could make money truly. maria: u.s. banks have been on fire, trading up year-to-date. that will come down with the big selloff. >> relative performance of banks creating on better u.s. economic activity and process of bank rights rates, helping them in lending. you have to be careful not to get too negative what is going on in greece. maria: little bit of a trade, phil flynn, thank you very much. we'll follow this. keep it right here we'll have more of expert coverage you're
maria: welcome back. greece a country on the brink. the country's banks will remain closed six days. cash withdrawals 60 euros per account per day. that is $66 a day according to senior government official. global markets are in selloff mode. ashley webster on the ground with the very latest. ashley, good morning. >> yeah. good morning to you, maria. we were out early this morning. no lines of atms so to speak. we saw that over the weekend. anyone needed to get out already -- i tried a couple of atms this morning. there was no money here in central athens. the government says they will be replenishing the atms. for the most part greek people went out those that have work went to their jobs this morning. there is not exactly fear and
panic in the streets. perhaps more resignation of five years of this debt crisis that really has shaken the country to the very foundations. the question, what happens next? and to your point i think the eurozone as a whole is much better able to handle what is going on with greece than it was say three years ago. the eurozone economy is much stronger, more able to take a greek exit if it comes to that. but it could be politically damaging for other european leaders. angela merkel for one, who has stressed she wants to keep greece in the eurozone. it would perhaps, if greece drops out, speak to integration in europe as being a failure. and certainly there will be backlash from other anti-austerity groups in say spain and portugal. we could see uprisings there as well. so even though greece only contributes about 2% to the overall eurozone economy, the implications of its exit are much greater. maria: that is such an important
point ashley you just made because greece is accounting less than 2% overall output of eurozone. yet a exit of greece throws up into uncertainty whether others will follow. >> yes, absolutely. there are other groups, the party in spain doing well in local elections would be emboldened by what happens here. that greece takes anti-austerity stand it. could create some political problems for the eurozone. although as i say the economy overall has been improving and is much better able to handle a greek exit. i think president obama spoke with angela merkel yesterday by telephone, saying look, we don't want greece to exit. there is whole another part to this story, maria. greece is a nato member. if russia and mr. putin come in at the last second with money that could make things very interesting indeed. maria: ashley, thank you.
joining the conversation, nicole petallides. you're looking around the world and we're seeing impacts this morning. >> greek bonds 14 1/2%. right here at home we'll be watching for a strong u.s. dollar. we've seen u.s. stocks come up off the lows. overnight we were watching u.s. stock index futures down 1 1/2% for the dow in particular. that has come off the lows. 1.1% to the downside. when you talk to the trading desks for near term it is risk-off, right? we'll see a flight to quality here at home. that is a point you made earlier, maria. in the midterm of the big picture they're looking at everything from stocks being lower, sentiment worsening, credit spreads widening, watching that. and how, emerging markets. we can't leave that out and how that affects emerging markets. in the end what us did the fed do? the fed, we talked about september as being a possible rate hike. does the fed now take a step back and look at this? we had quotes from dudley this morning saying still on track
for a possible hike in september. those are some of the things traders are watching big picture. to your point, greece is only 2%. people of greece are saying it puts referendum much too late and tsipras is trying to put the blame on creditors instead of himself for maybe having botched these negotiations. maria: he has been doing that a lot lately. euro down 1.4%. seeing pressure on euro. currency and dollar up as you mentioned earlier. what do you want to do about currencies, tony. >> ithink there will be a flight to the dollar. very important to remember the last thing that germany wants for all these periphery companies leaving eurozone. that is -- maria: i don't think they will. spain will turn around ad say, oh, i will want to be greece using the drachma. >> you hit on it. all the european nations think about, what is next. this is in "the wall street journal" editorial page.
paraphrasing, if you appease greece, says to spain and portugal and others -- maria: that is the domino effect. >> you don't need to reform and we still rescue with you. if you take a hard-line with greece, you have spain and portugal are shaken up. know what their future looks like. maria: they don't want to go back to their own local currencies. >> no way. they have open money with the european central bank. maria: that is the domino effect i think happens what dagen is talking b they will basically say i don't want to be in that position. >> so they do the right thing. we always think of domino effects as a negative thing. what if it's a positive thing? maria: right. >> there are a lot of big investors who bet distressed assets. wilbur ross bet on ireland and cyprus. maria: he bet on a major bank in greece, wilbur ross. >> now there is game of chicken. investors can't believe greece would play this game to
jeopardize food, medicine, gasoline and salary. maria: you had to see somebody take a stand. yesterday it was the ecb. no more money. that's it. >> imf and then the ecb, both of them said no more money. maria: you had to take a stand. we'll keep talking about this. nicole, thank you. looking at impacts. keep it here all morning. i will talk to allianz chief economic advisor and speak with former aig hank greenburg on his victory over the government. futures, rough one at the open. take a look. dow industrials down expected 200 at the gate on weakness in europe and asia. here are some of the top stories. david sweat is now in custody. look at that shot. the second escapee on the run from the maximum security prison in new york state. they captured him 5:00 p.m. eastern. coming up i will talk with new york governor andrew cuomo. we'll find out all the details behind that capture and what
life looks like now for david sweat. it was only true democracy that came from the turmoil of 2011, arab spring, tunisia has seen more of its young men join the islamic state than any other countries. authorities say expect more attacks like what we saw last friday with killed 38 people on a beach in indonesia. people on both sides of iran nuclear talks, say they will likely miss the deadline for brokering a deal. they will stay in vienna. iran's nuclear negotiator returns to tehran to talk to the leadership team. u.s. officials are not concerned about the move. they are in place in vienna a couple days beyond the tuesday's deadline. spacex rocket explosion that too plaque yesterday. it was a supply mission for the international space station. the loss of umanned rocket is huge setback for nasa. they want private industry to transport cargo and eventually
maria: welcome back. a lot going on this monday morning. welcome back. we're expecting a triple-digit loss for stock prices. take a look at the damage as futures are indicating a very weak open. it started in europe. european markets are sharply lower as the greek financial crisis worsens. we have peter kaufman talking
about implications here. peter, good to have you on the program. welcome. >> nice to be here. maria: i want to get to puerto rico. headlines out of puerto rico as well equally as negative but first let's start on greece. your observation for latest happens? ecb, imf says something has to give, no more money. >> this is rapidly devolving of all these years of more than slowly devolving. they need, just like puerto rico, they need a workout, not a bailout. meaning it isn't enough to have the jack boot on their throat of austerity but it has to be in combination with doing something in the debt burden. in nobody's interest, not creditors, not greece's to have the way it is continued. puerto rico, same thing. puerto rico to me is getting its ducks in a row a lot better. they're calling for overall workout. not taking quote-unquote bailout money which is borrowing money to pay interest on debt they can't afford in the first place.
you can't get blood from a stone. in corporate america financial markets like it when borrowers clean up the act operationally and -- ought be to same thing on grander scale. maria: greece exactly what we're seeing, tony. you're seeing capital controls in place. people are unable to take out more than $66 per day out of their atm and we're going to see a referendum where cyprus asked the people, you tell us, are you willing to leave the euro at this point. what do you think happens. >> i don't they leave the euro. i don't think it is in anybody's interest that peter says this devolves into absolute financial chaos. what this 66 will do, will accelerate the information of the individual. they will go to the referendum. this is not working out so good. how do we fix it. in the government you d anybody willing to fix it. whereas in puerto rico that is the opposite. you have a strong desire to work
it out because they will need continued funding. they will need continued favored relations. that is really a difference. maria: bonds are selling off and interest rates skyrocketing across europe, dagen. >> i wonder about our bond market and what puerto rico needs in terms of a work out, what are the knock-on effects in united states. we say over and over is the u.s. greece, is the u.s. greece? puerto rico is pretty close. what happens in the muni market? do we need to worry about contagion over here? >> i think they're under control in some large respect. in puerto rico, most borrowing municipal in terms of capital in america, eight times the face amount what detroit had, this is a big deal. they owe $72 billion. >> right. >> i think there is a workable solution here. puerto rico is not able to file for insolvency proceedings. that is hammer municipalities
have, like detroit or private companies. that is the template how these things get done. lacking a hammer it will be white challenging because there are numerous creditors and municipal borrowers in puerto rico. i think there is a way to impose order on that chaos. i think it is very important. there has to be sharing of the pain. folks who own a debt. a lot bought at deep discounts. they're expecting things might not be incredible rosy. they need an overall solution. you can't keep the debt propped up. there has to be recognition what puerto rico can afford to do. >> how is that trading here? how is the puerto rican municipal debt traded last couple months since this has come to the forefront? >> i think it has been choppy. none of this, what is happening in greece is not a surprise. what is happening in puerto rico is not a surprise. like we woke up all of sudden this thing blew up. >> yet the governor says his administration will probably seek significant concessions from creditors on the
72 billion-dollar debt load. when do you do if you're a investor in puerto rico right now. >> that is workout as opposed to bailout. there has to be equitable workout of the pain. here the shareholders are functional aly the commonwealth of puerto rico. there has to be common sharing of the pain. creditors have to participate. interest rates may go up somewhat. borrowing costs should go up somewhat. i don't think as general matter i don't think that is the case. here is fun fact, you can no longer with impunity loan money and expect everything will be rosy. you have to look what is happening around this country and you need to be more careful. >> stop picking your muni debt with a dartboard. >> correct. maria: peter, thank you very much for your insights. we appreciate it. peter kaufman there. major developments with greece topping headlines. cheryl casone with the very latest. >> maria, we continue to follow the latest developments in
greece. those banks have been shut down. banks ordered to stay closed for six days in the effort to keep money from fleeing the debt-riddled country. this after the european central bank decided not to expand emergency loans to keep the gangs running. european markets and euro tumbling in reaction. we follow all the headlines coming out of greece. look at this, spacex rocket exploded shortly after launch yesterday. it was on its way to resupply the international space station. tough blow for elon musk. this is the third resupply mission to fail in recent months. spacex said it is investigating. finally another shark attack in north carolina. it is the sixth in the last two weeks. an 18-year-old man was bitten off the outer banks. he nearly died. doctors say he has improved and updated his condition to serious, maria. back to you. maria: the global market selloff and what it means for your money today.
maria: welcome back. we have a lot going on this morning. i'm with tony dwyer, dagen mcdowell. those headed to work, want to get your quick thoughts with we're seeing. a global market selloff. greece, banks are closed until july 6th. we'll see a referendum there. people will decide, do you want to exit the euro because the ecb and the imf said there will be no more expansion of the bailout money. >> credit has been opening up in the u.s. in other words the u.s. economic activity is improving. the net effect of this entire process so far that u.s. interest rates are down pretty meaningfully today. for people watching the show,
the most important thing at times like this, for me is to sit back okay, does this change the fundamental backdrop for what i'm investing in, which is generally u.s. economic activity? the answer is no. if anything this should be stimulative for u.s. economic activity because we're already in a positive trend and you're lowering interest rates which creates cheaper credit for those looking to buy a house with the prospect of the fed beginning to raise rates. maria: former president of france nicolas sarkozy making comments about the greek leadership. you have to hear this, dagen. greece chose the government with all advantages, but no responsibility. greeks chose a government they could not keep. this is such irresponsibility. there is no democracy without rules. the greek prime minister lied to his own people, that from nicolas sarkozy. >> i know. he has driven greece into the ground in a matter of six months. to other people, particularly americans, look what is going on over there and consider yourself lucky that our politicians
aren't as awful as alexis tsipras is. even on the left in europe, places like france they have been very patient with tsipras and what is going on in greece. even the patience there has run out. maria: let's not forget. we have a u.s. issue we'll talk about in next couple days, that is the second quarter. quarter and first half over tomorrow. earnings expected to be down for the s&p 500 by 4.3%. i'm wondering given the record moves we've seen in the stock market will that weigh into things? that we'll see a sharp sell-off tomorrow as well? >> maria, last quarter, excluding energy, earnings was up 10%. earnings are down in energy. 64% drop in energy. i don't like to exclude anything, that is not fair. if it were in financials, consumer discretionary, information technology, that would be negative. it is energy. that helps other areas. maria: jobs number out this week will be important as well. wednesday the jobs number comes out.
maria: good morning. breaking developments all day here. banks there are closed this morning if the government orders flanders to stay closed or six days in greece. the greek central bank issuing controls to revamp money from flooding out of the country after all this coming european central bank yesterday basically putting a limit on the money it will increase. the meeting was an emergency session. financially to not to extend the lifetime of financial funding that has been sustaining great banks. reports that atms are emptied as nervous depositors pull money out. there is a look at why these
people are forming to try and take money out of great things but there are capital controls and place. you are only allowed to take 66 euros saturday appeared that is $66 a day. here is a look at this morning markets globally. future setting us up for a very weak session. dow futures in the triple digits. european markets under pressure today. take a look at european markets where we see heavy selling air. in paris down 3.5% and the st and the u.k. down 2%. asian markets across the board. make it down for%, china 3%, hong kong down 3%. the nikkei average down 3% as the chinese central bank lowered interest rates. the shanghai composite closing market territory down 3.3%. the market was 5166 on june 12.
that is china appeared with me this hour, tony dwyer of fox business dagen mcdowell and "fbn:am" host, sanders says. what is your take away from what you've been reporting this morning that global markets? dagen: the take away so far as the common u.s. market. in china they tried to lower interest rates to the lowest they've ever been to sow losses there. major selloff in europe with markets in europe down more than 3%. france and germany and here at home we been down to 60 in the dow overnight not down less than 200 points. based in stabilization and wide anticipation a deal will get done. >> totally agree with you. the columnist global selloff. greece is a country on the brink that the banks will remain closed for 60 days. cash withdraws to senior
government official and global markets markets and selloff mode. ashley webster on the ground right now with the latest. good morning. reporter: good morning to you, maria. here it is. 60 euros is all you can take out. also, you can transfer money to an account overseas. they just want to basically keep the money within greece. money is running out of the atms. we've been hearing reports of that. banks will be closed through july 6, the day after the referendum is scheduled for next sunday, july 5th in which voters will be yes yes or no to accept conditions be asked for by european creditors in order for reese to get the next round of bailout money. essentially asking for another bailout to pay out for payback the first bailout. it is really a never-ending cycle for the greek economy of the last five years as it struggled to gain an infraction.
leaders say the european authorities are allowing them to grow because of the strain on austerity measures. however, creditors say you have to get the financial house in order and here we are on the very brink of a group c. the imf to a payment tomorrow $1.8 billion. as it stands right now they don't have the money could make the payment. >> will check back with you at the beginning of the hour. "the wall street journal" chief economic correspondent administrator john brown. thank you very much for weighing in. john houghton wrath, kick us out. how do you see things taking place this morning increase in the pet globally? >> i think he i think you got hit it saturday. looks like so far is fairly stable selloff. european stock markets are down, but they were way off last week with some kind of deal.
this is early. you never went to declare if it do read the day after something like this happens. it looks so fiery lake a fairly stable set of developments. i am watching european bonds in spain and italy and they have risen a little bit, but they're still below 3% which at least at this moment it looks like a fairly contained event. maria: john brown, how do you see it? >> i agree with john who has just spoken because the over riding big to manage behind all of these negotiations is the fact that greece is a member of nato, a member of the european union and also a member of the hero. the fact is russia and china are breathing down the necks of the european union negotiators, germany and everybody else seemed okay, if you don't finance greece, we are willing to walk in and do it, particular
china. can you imagine if either had a foothold with tomato, within the european union. it is a force measure ratio behind the negotiators. i fear i'm not simple c. for poor angela merkel because she has to try and satisfy voters who are absolutely fed up with financing breaks retiring at 41 and late in the sun and they are working hard. at the same time, germany wants to keep the european union noted nasa's financial and tired and have russia and china walking in with a footprint on european soil from the native soil would be totally unacceptable and therefore i personally feel that despite disparaging situations at the moment there will be a deal and the european citizens will be made to finance this. as far as the money fighting now, most of the capital has
saturday left according to my sources in greece. most of the business assets authority (-left-paren bulgaria and india. >> obviously this is no surprise. when we get to this point we've got to referendum and whether or not they are willing to accept the standards. that is higher taxes and lower pensions. dagen: if they vote yes, it looks like tsipras is out in one way shape or form. you have a coalition government did was type in is not better for greece. >> they went in and got a lack did. they went in a battle ready. we will finance the same thing. the greek people will now see what happens when you go with the far left. it is too much pain for them it should be ultimately the
resolution and angela merkel gets credit for battling. >> can i throw at two points? one is a lot of people are talking this morning about what does this mean for the fed. the fed is possibly looking at interest rates as early as september and environment for the global economy looks like such a mess. they are going to be watching market reaction today. their inclination is going to be to stay the course. if they don't see spillovers into the financial system or u.s. economic data, they try to look through this. the other point and i think this is the learning moment for what we think of bank ls. big ballots have gotten a bad name in the last few years. we see people lining up outside his base to pull money out of atms in greece.
this is why banks get built out in a crisis because that is where people's money is. it is not like a giveaway would be escaped without necessarily necessarily to the ceos to keep things stable because people don't want to get their money pulled from under them and that is what is putting pressure on greece for some kind of bailout. maria: very soon into it this week will start focusing on what the u.s. looks like and whether or not this is going to be a flight to quality. that is the u.s. a job somewhere in yours in the end of the first half tomorrow in second-quarter earnings out in the next couple of weeks. the s&p down 4%. what is your assessment of the u.s.? do you believe at some point markets will build the uss the place to put the money they take out of europe. >> right now when you look at
for instance the 10 year bond yields that there isn't a very big as they are. we see them come down a little bit to do this in a huge to quality. when we see that data this week, the u.s. economy getting back on its feet after a bad first quarter going into the greek moment. that gives them confidence and then they've got to look. we had a good second quarter but then they have to look at the spillovers and that is how they spend their time right now. they are sizing up the spillovers from the senate will take a little time for that to play out. maria: did you want to make a quick comment? >> guesstimate the euro is -- at this event will benefit the dollar enormously. secondly, the imf has tried to persuade the fed to raise interest rates until well into 2016. this is one of the reasons. maria: new york fed president
william dudley said a september rate hike is in the cards. even though christine bogarde pushes back at this rate until 2016. john brown saying this is why she said it. dagen: thinking back to the strength of the u.s. economy, "the wall street journal" today, morgan stanley rent enough that dignity and fixed income trading. you have to be confident about the fixed income in the country and a pro-business type today to think about who may not. >> they were cutting back on fixed income. >> you do want the additional liquidity in the fixed income market. >> we've been here before. 1997 was beginning to dislocate and the fed raised rates in march of 1997. i've gone back and they were looking at a similar stage it could have an impact.
we have to do are two mandates. inflationary pressures that employment. both of those stranded in the way that suggests a fed rate qaeda. >> thank you very much. i'll be talking with chief economic adviser shortly. in the 8:00 hour, former aig ceo freight greensburg's for the government takeover. futures indicated a sharply lower opening. we are in selloff mode. a few other top stories this morning. covering the latest out of new york. david swiped now in custody. he was the second escapee from a maximum-security prison. in her 8:00 a.m. hour of talking with andrew cuomo about this. he will take us through all the headlines as lawmakers and troopers did a great job capturing the second escapee. the only true democracy that
came from the 20th of an arab spring by the way. tunisia has seen more joined the islamic state than any other nation. authorities say to expect more attacks like the one we saw friday that killed 38 people on an indignation beach. officials on both sides say it is likely they will miss tuesday's deadline for broker the deal. all of the powers that be will stay their past tuesday. iran's chief negotiator of returning to tehran to check with his leadership. u.s. officials not concerned. they will stay in bnf for another couple of days. spacek's looking into the cause of an explosion yesterday. the last that the unmanned rocket is a huge setback for nasa accounting of private industry transport cargo in astronauts to the space station. futures sign-up this morning with a weak opening for the broader averages to the tune of 200 points. we have a selloff in europe and overnight in asia as well.
maria: welcome back. time never seen including oil. the beijing commodities in reaction to the great leaders -- >> concerns about oil demand, what they'll do on a global scale and concerned about contagion. the biggest move right now is the longer end of the year on trade and yield curve. treasury bonds up three basis points. the tenures are pretty dramatically and it seems the bond is this safe haven play. we keep talking about whether or not the fed will raise interest rates are now. futures have reduced the size. still pricing a 51% chance that an interest rate rise in september but those thoughts are down from where they were friday. we see some movement there as well. since the last hour we were on
aircraft of moreover $5 right now. when you buy gold in this crisis there's a lot of concern of greece will react. if they actually have to leave the eurozone or will they use it for collateral with advice and appears right now. big moves in the foreign currency. the swiss franc was a lot higher before the swiss government hold down the safe haven. i'll let the buyer and it was first the british. a lot of movement and even in the last hour we still see the mark of labor back and forth across the entire commodity complex this morning. maria: hundreds of great protest austerity measures after the debt stricken country announces banks will remain closed the entire week. we talked to retired general anthony said he. keep your rights are the fox business network. taking a look at the arab and deadline coming and going.
maria: welcome back. a confusing story this morning in greece. situation raises security questions about the eurozone. general anthony zinni, head of u.s. central command. thank you for joining us. >> good morning, maria. maria: of course i want to talk about the band deadline coming and going. let's start with greece in this fluid situation of people trying to get their money out of banks and security being questioned. what is your take on the implication of the greece debt crisis? >> well, i think it is another factor that might be destabilizing in the southern
tier of europe with the flood of refugees coming across north africa, with the situation with a safe stepping up some of the attacks. this stability has to worry us in terms of nato, european union and obviously creates opportunities for russia and china. so it is another factor of instability that we have to worry about with european allies. maria: let me ask you about the russia element because that is important. tsipras is trying to woo vladimir putin as greeks rushed for their savings. what is the implication in brescia is now trying to back the greek government? >> i think pruden is up to two things, two goals he has in mind. one is to obviously test the strength of american leadership in europe in the nato context in other ways.
the is european cohesion especially in nato. if he sees an opportunity to bring away the countries nations had become a sponsor for a nation like greece and maybe others end up with economic problems down the road, he sees that as destabilization and breaking of cohesion. i think he sees this as an opportunity. train to the prime minister of greece has attacked what he is calling the delusions of europe. painting this country will find a safe port in brescia. they look afresh at as a at as they say for definite that the eurozone versus greece out of the euro. what is your take on the security right now? we see lines of people trying to get their money out of atms. they are only allowed to take 60 euros per day. that is $66. >> way.
obviously, if the situation becomes untenable, you will get chaos in the streets that will be tough for the current made to hold power. i don't know what the alternative is and whether the referenda will produce may be of move back towards a government that may be more able to comply with what the european demand side. that is all up in the air. this is decided in the streets unfortunately. train to a chair race. general zinni, let him move on to iran. the deadline is tomorrow for a nuclear deal between the six superpowers and i've read that the deadline is now fluid. officials say we will stay in vienna while the iranian officials have gone back to tehran to talk to us government. what is your take on a potential iran deal? >> i think the key is we cannot compromise on the verification regime. our allies in the region,
israel, both allies and others are watching us like a hawk. we are in a position where it is not going to harm us as much as i read it this thing stretches out. the situation as it stands now stays in place. that hurts iran in the long run. but we can't do is want this to more than iran or anybody else in compromise on our ability to have access to all the powers that produce the kinds of material that would lead to the weapon of mass destruction. that is everybody's biggest concern right now insert lately with all all hope that our negotiators will not budge removed from that position. treated to at this point we know iran is a supporter of terrorism. we know they are the reason middle east. why are we pushing so aggressively to get a deal done when they know they are the bad during the group.
should they be pushing harder to make sure they agree to all of the demands of the six superpowers are asking? >> yeah, what we have here is rightly or wrongly the administration working on the nuclear deal first. but that is just one step. you bring up a great point. their activities, their hegemonic designs, what they do in yemen and iraq, what their stretch and reaches into syria with hamas and hezbollah, that i'll have to come whether it is after great deal on the weapons of mass destruction, but eventually it will have to be dealt with. it is not just enough for them to stop programs on weapons of mass destruction. there are other destabilizing things they are doing and continue to do. our strategy in iraq is inviting them to stretch even further into the gulf region.
maria: we know that iss is controlling 50% of syria and large parts of iraq as well. what is your take on the strategy in place by the u.s. right now? >> well, there are certain parts of the strategy them make no sense. first of all, but strategy is based on attrition over time. that makes the assumption time is on our side. it's been a year and they haven't lost any significant territory or terrain. it is also reliant on some mythical ground force that is supposed to appear either a raster active iraqi military which doesn't seem to be happening. those that will fight like the kurds we refuse to arm in any substantial way. the iranian backed shia militias seem to be the only viable force that creates great problems. the idea you can find a long-term solution without an iraqi government that is inclusive and capable and can
hold together the different parts, sunni, shia, kurd, other minorities. there's so many flaws in the strategy and risks in the way we do it and we've yet to administer a decisive defeat in any way. maria: you're the former commander of the middle east operations during the iraq war. bottom line, do you expect a deal with iran any time soon? >> i don't think it will be soon. my concern is we don't compromise on the inspection regime if we get a straight and hard inspection regime, that is the only way i can see a deal with the viable accepted by our allies in congress. maria: good to have you on the program. thank you for your insight. next we'll go live to greece for reaction for the biggest part of the day. the entire week will not reopen until july 6th. stay with us. back in a moment.
casone. . . maria: welcome back happy monday morning we have developing situation this more than aing, a global he sell-off gregg fiercely of a greece contagion stronger dollar to send oil prices tumbling stocks lower across the board, energy names especially drillers exploration and production, companies down sharply, stocks broadly speaking lower in premarket down 200 points on dow jones industrial average ashley in athens with the very latest, ashley give us a situation as you see it. reporter: yeah good morning to i nara all is very quiet the greek parliament building by me right now but there is certainly an air of desperation perhaps resignation among the population of greece banks are closed will remain closed six days they can only take out 60 euros or 66 u.s. dollars, per day. and the stock exchange closed will likely remain closed for
the rest of the week, all of this cautioning hinges on when greece itself could reach an agreement with european creditors a painful frustrating tortuous process going on for five months now, and still no resolution, frustrating the yooun creditors meanwhile, the leader of the greek policy party, that runs the country right now alexis tspiras calling the negotiating tactics of creditors shame full saying holding greek people hostage should not have to face the type of austerity yourself measures all of that goes to vote on as you know, we know july 5, being seen as yes or no vote is for staying in europe although greeshg leaders say that is not issue it is when greece can accept the austerity members put forward by you european creditors, what complications could arise out of greek mess
business owners in america joining me susan, the founder of the bbg ventures early stage investment fund for women led technology start-ups great to see. >> you thanks for joining us. >> headlines off the greece, looks all but set to fault, on a that payment tomorrow, 1.8 billion to the imf, of course, there are capital controls, what kind of implications does that become for you investing in businesses? well we are really looking at companies not a lot of impact for the companies we invest in, they are primarily u.s. companies, i think that the area that is clearly going to be impacted here is the travel area, because that is a huge destination for tourists this is high tourist season lots of people going over for honeymoons or family evacuations no question, that that area is going to be impacted.
>> what about this idea of a globally sell-off a market that is expected to be down 200 at the the start of trading chinese stocks crashed the most in 19 years overnight, of course, europe is in sell-off mode. >> for technology companies in general this is going to have an impact, i think in tventure category a lot of money in start-ups the last couple years i don't think there is an immediate impact there. but there may be more caution we will see. >> obviously a tragedy situation for the greek people unemployment levels is of the day disaster russ reluctant to take on austerity measures voted on a leader promises them would not curb spending in that country we are talking about u.s. based businesses. you specifically deal with them we've seen in this can
you please can reluckancy to curb our spending sends a message to united states if we continue on this path that we could face a similar circumstance many, many years down the road? >> i think it really depends on what sector you are in, and when you look at the technology sector right now, and particularly early stage technology companies, what they are looking at, is creating markets, they are not looking at -- at how we sustain or grow old markets, and so it is the one area that i think is almost lease impacted by this our live young people, who are transforming some part of life saying we can make it more fetch less expensive we can make it more interesting. >> i love that it is girls, i mean your firm aol cede fund is focused on next generation consumer internet prulths. >> exactly. >> by girls, we're seeing a lot of woman, and young --
entrepreneurs. >> absolutely. >> the really interesting thing i think there is a generation of young women coming out of colleges, out of school are not going to work life companies think we can build something i am build something new unique we have seen, 500 companies, since we launched, less than a year ago, and very interesting, companies, very interesting areas, very diverse a lot of them built on this, right, everybody has a computer in their bag right now, so we're seeing a lot of companies that are building new services on top of the phone. >> you still hasilicon valley a old boys network or young boys network do you see change in the attitude toward woim starting technology companies? or who are rising up through the ranks at technology companies, because women still get traded like -- you are a chick you can't be good at
math and science are a computer science. >> look this is one of the reasons we started the fund, because women get 7% of all venture investment which is ridiculous since we are 50% of the population and we are we know the end consumer best there is no question woman dominate on line as well as off-line but i think that it is starting to change at least being talked about. and that is usually the -- the beginning of change. >> what is your average investment in some of these businesses. >> 100 to 250,000 dollars. so we get in very early, when companies are starting up, and there's a really interesting community not only here, but also out in san francisco, of women who are creating change. maria: love it. i am going to bill, thanks so much for being with us a busy day for the global market for sure susan joins us bbg ve
ventures president, we are off worst levels of the morning expecting a 200-point selloff because of what is going on in greece and capital controls banks shot entire week in new york david sweat is now in custody, he was the second escapee on the run the from a maximum security prison in upstate new york, coming up in 8:00 a.m. earn a hour are we talking about new york governor andrew cuomo about this the headlines behind that capture yesterday then the only true democracy that came from at your moyle of 2011 arab spring, tunisia has seen more young men joining islamic state than any other country authorities are saying to expect more attacks we saw last frye killed 38 people on indonesian beach. >> officials say librarying will miss tuesday deadline for
brokering a detail the chief negotiator returning to iran u.s. officials are not concerned about that spacex looking into cause of a rocket explosion yesterday a sflie mission for the international space station the loss of unmanned rocket is a hijack setback for nasa, continuing on private industry to transport cargo eventual astronauts to space station, take a look at futures as we take a planing expecting a felloff on heels of selling in europe after agrees announced that there will be no additional money coming from the imf and ecb, and that the banks are closed for a week. forcing consumers to try to take money out of their accounts in greece, there only allowed to take 60 euros 66 dollars out per day back in a minute. .
>> welcome back following the breaking news out of greece this morning, banks in greece, are closed, issue in order for the government to contain things, they are trying to contain the outflow of money in that country, the greek stocks exchange will will not trade today, and it is -- looks like greece is set to faulty on money it owes imf due tomorrow joining me on the cell phone is hedge iceo keith mccullo to weigh in we miss you good to talk with you thanks for joining us, what is going on in greece and group grouper. on the phone: alleging in
europe. >> you are not on vacation greece is falling out of bed vacation over. >> blinds me of one friend smooifs great vote from california you can check out any time but you can never leave. and, that is that is really what i think is the realization, here you have a communist calling forereferendum the greek constitution for bids that is a gong show within sideshow the sideshow is really just a ma mask greeks have no leverage nu nust. >> leverage i think the bigger issue here is that we can talk be levels, european stock market u.s. stock market, those are important but the bigger problem here is liquidity, and news flash, there is none. maria: yeah, that is an important point, because we
are looking at yields across europe, rising this morning, although one safe heaven seems to be debt in germany what is your take on what happens next in terms of interest rates and does the lack of liquidity create a much bigger disaster than you are expecting. >> for sure, i mean i think most people that trade in fixed income markets have come to the very basic realization that liquidity can when the day comes is the problem. that everybody understands the reality if you look liquidity greek debt less than 15% every greek debt is held by private investors not like on the laps of guy at home can't get monday out of machine in greece this is in hands of the germs imf, cbandu, this is ongoing i think the tail wagging the dog if looking for a solution is really economic growth, and that is something that is the secular problem
they don't have a solution. dagen: in terms of those of economic growth, we get asmara has been pointing you the end of the second quarter a jobs' report a federal reserve that is ready to move is that one of the reasons you are not seeing a bigger sell-off here because our economy if you look at the evident are of the world, looks pretty doggone good. >> yeah like -- kind of like you look at what is happened in the u.s. stock market just one gigantic exercise of chart chasing. i mean at this point if you are cat list could be u.s. died at gong show we are late cycle i said multiple times one bad jobs' report away from federal reserve acknowledging globally economic gravity u.s. noonldz u.s. unemployment report we are light about cycle that is again, the taying wagged the dog you can't create growth from a
central planning perspective you can't create it out of thin air when you have prices you can't bented gravitabend gr create this. >> i follow you on twitter ins and outs 5:00 hour one tweet went out, you are looking at commodities markets looking at oil and gold prices this morning, gold not moving much, but oil prices seeing the significant sell-off downside a lot of energy stocks are expected to sell off in the u.s. trading today, why energy taking such a hit in the wake of this greek news. >> that is a great all day sandra if you look for what it is that is the epicenter of the deflation driven by strong dollar if you get euro down the do already up oil down, to your point oil is down, a lot certainly relative to the commodities gold up a bit this is a lot of what has been again, i use this maybe just
because i am on vacation but tail wagdz the dog called deflation is the risk whether you are a big debtor or are o long inflation expectation priced to dollars people's oil or energy stocks a big problem what market expected for a long, long time, again i think we are going through what are we would call a stage transition these expectations of perpetual debt going up, up and away oil, too, is just starting to come under significant pressure. >> is we will leave there it quick do you think at some point u.s. stocks become a safe heaven. >> yeah, but i buy kind of stocks that look like bonds, i wouldn't buy the ones that are like, you know, nasdaq, by the way, maria down 4 of last 5 weeks starting to sensitive sniff something doesn't smell good. >> maybe biotechs we will see you soon ceo, world marketsing reactsing negatively to news out of greece very latest
. >> i don't think there could be right for me to blame the weak government no but i was -- disappointed, and from a political level, and in -- how could i say it? as human being. i tried everything. >> that was head of the european commission criticizing the government of greece, and, of course, nicholas sarkozy from president of france doing the same this morning, saying the government has been irresponsible and they are lying to their people. sandra dagen this morning, you
have to believe some point, this situation in greece becomes the catalyst to push tsipras out. >> if in eurozone. >> if a yes vote on referenced in week's time his government will likely be out or some coalition zbost formed in acceptance of the offer from these institutions. >> you got to look at markets and feel like it is a little bit of a victory though because we are well off the lows of the morning, germ bundy and treasury 10 year looked at as the flight to safety. >> but as he keith appointed out more action in the bond market than stock market, even with the sell-off in the stock market you are not seeing a lot of volume you are not seeing a lot of liquidity not there, but if you look in the bond market you are seeing flight to quality happening, you've got interest rates coming down 10 year yield on 10 year coming down, i can't wait i are having mohammed on top of next hour maria saying
there is only a 15% chance that greece stays in the euro her that is going to be a fascinating talk with him, but i mean, right now i am anticipating the opening of the u.s. stock market see what happens because there is a calm here. >> it is going to be a big o sell-off no doubt about it but it is off lows for sure as we have been reporting government issues capital controls in greece, the banks are closed for a week. week stock exchange will not trade next hour new york governor andrew cuomo will join us with a look how manhunt for two s escaped killers came to conclusion as sandra told us chief economic advisor will react to the news out of greece back in one minute's time. [dad]i wear a dozen different hats
doing small gigs,side gigs...gig gigs. quickbooks self-employed helps me get ready for tax time. to separate expenses,i just swipe. it's one hat i don't mind wearing. [passenger] i work for me. and so does quickbooks. it estimates my taxes,so i know how much stays in my pocket. and that's how i own it. [announcer]stay in the flow with quickbooks self-employed. start your free,thirty-day trial today at join-self-employed-dot-com. destabilize. . . maria: welcome back developments over the world today breaking news out of greece, causing sell-off globally banks in greece closed this morning and for the week as government orders lenders to stay closed for 6 days capital controls in place, greek congressional
bank issuing controls to perpetuator more than from flooding out of the country, after the european central bank yesterday put a lid on any more funding, the meeting yesterday was emergency session, and you european's financial leaders decided not to expand a lifeline of emergency funds, that has been sustaining greek banks we are getting reports now, that atms being emptied as nervous did he positivestors pull money out there is a limit, to what you can take out, in greece, 60 euros day is limit that is 66 dollars a day. for the greek people, to be able to take money out of their own accounts, take a look what it meant for u.s. markets this morning futures setting up for a sharply lower day, but we should point out, as sandra mentioned this has been the calmest sell-off we have seen in a long time, in fact, the markets are down sharply expected to open lower but we are seeing very much an organized calm selling that is taking place. nonetheless in triple digits starts in european take a look
at european markets as we see sharp he sell-offs there as well sundown 3 1/2% in paris, down more than 3%, in germany, and ft in london down about 1 1/2%, issue he asian markets down sharply chinese stocks sold off most in 19 years, china can congressional bank lowered interest rates shanghai composite closing in bear market territory, the level in shanghai right now 4053 a few days ago was 5100 joining me this hour fox business dagen mcdowell and host sandra smith what a morning, ladies in terms of selling going on, this is the main story of the day. sandra: i am watching the banks in open i mentioned also watching energy stocks, keeping as pointing out the sell-off in oil prices off more than 2% here as we see move in currency strength in u.s. dollar weakeninging glob currencies resulting in a pretty decent move crude oil prices, now well below 60
dollars a barrel. maria: yeah, you mentioned the banks because banks stock has been rallying all year joining us right now on telephone to crisis in ceos muhammad el-arian chief economic advisor thanks so much calling if your takeaways to this morning in greece. on the phone: good morning thanks for having me, first and foremost a massive tragedy for the greek people going through what is called a southland stop in economics, the xi is now in intifk of intensive care going to grind to a halt the result is going to be deeper depression to first issue is what happens to greece itself, and there is a chance that the politicians may no loaninger be able to control the debt of the country, economic destiny given things are changing quickly on the ground. maria: do you expect greece to leave the euro muhammad. >> yeah i think very difficult not an issue of willingness an issue of ability once economy
grows through sudden slump it is very difficult to come out with orderly conduct greece will come out of this but it will be a smaller economy and i am pretty sure going to look very different in institution for the rest of europe. >> you said 85% chance greek exits is that what you believe. >> yes think of it as an accident, that has occurred. and one of the consequences of the accident is that it is very difficult for greece to stay in the eurozone, why? because we are going do have not just the banking system closed, we are going to have cascading failure, there are going to be supply credit going to be inability to interact international credits when it comes down government has to issue ious, and those ious are going to start becoming a parallel currencies we have seen this before, just
we've never seen in more than european country. maria: this is sandra smith it is did i, on one hand we do see this as a tragedy for the greek people on the other hand, we see it the greek people that elected politicians that promised that they were going to continue the way of life that they had for quite sometime that puts them in this position. what -- will there be a shake-up as far as leadership in greece is concerned if indeed they do leave the euro? >> there are social political and very political consequences. socially poverty is going to spike unemployment rate .6% will go higher. maria: wow. >> as unemployment -- politically there is going to be a very heated debate to the just within greece, but between greece, and europe, with massive blame game you've been reporting on that this morning, then there is a political angle don't forget greece is right there in the middle in the west and russia
this adds many dimensions that go beyond just economic dama damage. dagen: what about financial talk about that looking at markets today, seemsly -- there is some calm out there, but what risk or risks are investors missing to other nations? to other markets? on the phone: the good news in in terms of those of heaven is greece is small, when 2013s economic impact on rest of europe is limited financial impact is limited so what you are seeing today is what we call technical contagion it is a reduction in risk exposure because of this shock what happens next depends on the legal issue more than anything else this as i expect greece will be focused out of the eurozone they are going do have the redeno more inmate that is going to raise issues there is uncertainty there but to be clear, this is not -- only this is something
different, and european central bank has the tools, to be able to limit the contagion the u.s. is pretty well placed, in terms of being able to outperform the rest of the world. because it is even less he exposed to contagion. maria: a great point as a final question here, as people take their money out of europe, do you think they find a home in the u.s.? what becomes, the safe haech you've got to put money somewhere right. >> yeah if valuations weren't so high to begin with i will tell you a perfect opportunity to buy on dip. the problem we are starting with prices that have been boosted up by i stand congressional bank liquidity, but what makes me a little bit nervous here is that we are starting off from high levels, another issue which is the market doesn't have as much liquidity as market participants believe so when you get a shock you may have
an outside move simply because there is not you liquidity in the market that is something people have to keep that in mind as they go forward. >> thanks so much for calling in we appreciate your time this morning muhammad. >> thanks for having me. >> muhammad el-arian joining us at a major story this morning, after a massive maphunt for david sweat escaped murderer is now back in custody, sweat was an hebed by new york state trooper less than 48 hours after his gunned down in a new york town south of the canadian boarder sweat shot twice recovering at albany medical center before he heads back to prison. joining me right now is new york governor andrew cuomo, who led this manhunt is joining us live, governor good to see you thanks so much for joining us. >> thanks good to see. >> you congratulations, governor, this is a module thing i saw your press conference yesterday, and you
were congratulating all the state troopers explain the effort that it was. >> well it was a huge thing you know from a states point of view governor's point of view the prisons are always the possible nightmare situation. we had in this state attica under governor rockefeller my father you are to young to remember, sing sing up the river to sing sing bucky phillips escape three troopers died, so they see are dangerous places, obviously, and bad things happen. these two men were really dangerous dangerous killers they had -- matt killed two, sweat david sweat had killed a ef sheriff's deputies hundred him over with a car optimist him 17 times ran him over again a really dangerous guys bizarre say it dannemora state
number one prison they -- threatened the rest of the system if bad go to dannemora 100-year-old prison never had escape before this, a bizarre combination of factors you had a prison worker thought she was in love with both of tconvis thenned hymn they were going to kill her husband three would live happily ever after a fairytale that i never quite heard, you had correction officer acted improperly two escaped prisoners in rural part of the staadirondacks one f the most ruler parts literally of this country, and 22 days 1,000 men searching swamp and brush, and we got them, in any got hurt, now law enforcement got hurt no one else was hurt. and the escapees brought to
justice, so it ends as well as it could have ended. maria: look forward for us governor we know that jean palmer the correction officer and joyce mitchell the other taylor show up officer, helped these guys how much help did they get from the inside and what are you expecting to change in terms of of the governance of the prisons to ensure this doesn't happen again? >> well we have two investigations that are ongoing, first on the individuals maria, we're going to fully prosecute mitchell and palmer i don't care if you think you are in love you are not allowed it is illegal, to conaspire with prisoners to help escape she did put the hacksaw in the ground beef, different kind of of recipe, and so she was clearly helping them getting them equipment, et cetera, so she is going to be fully prosecuted, and the
correction officer, if you break the rules, they see prisons, run on rules and systems if you break the rule and do you not follow the system, there is going go by he consequences and there will be consequences, and i want the entire system to understand that. -- the investigation will be about what systems. maria: please continue. >> we don't have any more than those two. we don't have any more than those two people involved. if sweat survives we will question sweat and see if anybody else was involved. but right now we just have those two. second investigation will be on the systems in the prison. were there systems after change an honorer block if you got to the honorer block they gave you certain benefits. i understand the concept which is you want to incentive good behavior if inmates biography well easier on guards, et
cetera, but i am dubiousous about this honorer block concept, and civilian clothes and giving people hot plates. so we have a full investigation going on but i want to review all those systems. because we got lucky here, there is no doubt. 22 days, those people broke in the escapees broke into a number of cabins we could have had a tragedy, and i want to make sure we do everything we can to make sure this doesn't happen again. >> do we know what are sweat's condition is right now you said if he survives, there is a chance then that he could die from shots governor? >> he is what they call stable, and critical. which is not a -- terms i have heard together before but critical, but stable. and right now they are saying he would survive if he survives would it be very helpful, because we can get more information on the
investigation. >> what is his life look like going forward governor? i mean, obviously you are going to change the rules in terms of allowing him on the -- what you call the honorer roll, so how does his life change if he survives? >> his life looks lonely is the word i would use maria. i don't think he is going to have another love affair, with that kind of intimacy for the remainder of his prison term i think that is that is safe to say. that the romance between him and mrs. mitchell is over, and i don't expect there is going to be another relationship like that for him in the future. maria: we spoke last time you said i can't wait to return that note they left have a nice day. pretty braisen. >> that was it is chutzpah award they gave us remember that braise en, left their post it on the last pipe that
had little smiley face that said have a nice day. well now -- mr. sweat is going to have a nice day. maria: governor good to have you on the show thanks for weighing in on all that congratulations for you and state troopers we will see you soon, governor. >> thank you and it is over and ended well good to speak with you maria. maria: you too. we'll be right back
welcome back several major stories right for you in addition to the breaking news from greece. >> good morning, everyone a wildfire about 120 miles east of seattle, has burned through a disease builds forcing hundreds to flee homes hundreds firefighters around washington state working to put out those flames. three days, after legalization same-sex marriage, the are supreme court is expected to release decisions in three more critical cases. one of them is on whether epa went too far in limiting emission from those coal and oil-fired pour plants as of
the reporting global markets are rattled still after greece shut down its banks over the weekend the move comes after the european a traditional bank declined to extended emergency loans had been keeping banks this business 6 day shutdown to keep flown from flying, of course, out of greek banks we will keep you posted. maria: thank you cheryl coming up more on at your moyle in greece what what it means for your money stay with us, back in a moment. those.
crisis weighing on global markets take a look at futures dow set to open lower about 200 points, as you can see there, europe also, sharply lower and stocks in china fell the most in 19 years, joining us right now on the phone is jeff mcintyre brands yie wine global portfolio manager thanks very much for calling in as an investor in this market what do you do with 00 point sell-off at the open. on the phone: we don't want to be reactive we want to be proactive you want high quality duration treshgs in asset allocation a risk environment of course said that i think when dust settles i'm sure when that exactly is going to be, you are going to see capital go back into risk assets i don't think greece is going to derail, alibi favorable backdrop for a global monetary policy. maria: feels like me to a calm sell-off right now. sandra: referencing a about about about favorable backdrop
to assume u.s. stock market what is it you see cat lives to continue in a case continue concerns about the environment. >> we are getting key data out of the u.s. today the -- this week, with the employment report most important i think if we can get the markets focus being back on growth in the u.s., probably most important is to see growth out of china, you know, that is going to happen down the road because they are going to do more and more stimulus europe away from greece was showing some signs of improvement so i just think that combining with more and monetary policy fed measure but away more and more traditional banks are cutting rates will be viewed favorably ultimately should be good i am not going to say going to happen today, but at some point little loaninger term
orientation dealing with this pullback a more. >> mohammed el-arian said markets would be more traffic if evaluations were not so high what looks really on priced. >> i am global oriented more in em space we have had a backdrop china has been slowing, you know, this was going on in greece, it is going to derail that other postpone some of that people are going to put money in em bonds, equities, today. but, again, i think with growth in the u.s. china, increasing their monetary surplus fiscal stimulus em probably best place. >> china pulled off mort in 19 years where in emerging markets. >> from bond standpoint brazil south africa we don't else in include mexico in em i still
think that looks very about attractive. >> are you a seller in u.s. stocks. >> no i wouldn't be a seller of u.s. stocks i would be patient, but i don't see greece as catalyst for getting out. >> globally portfolio manager brandywine global. >> in aggregatens banks ordered to close an entire week then former iig cevidentlio hank greenberg on recent victory against u.s. government right back with that keep can it right here on the fox business network.
ashley webster is on the ground there now. $66 you're allowed to take out of your account, ashley. ashley: that's it. all you can access each and every day. you'd think there would be long lines at atm's because there aren't because many of the atm's ran out of cash. and many of the long lines were over the weekend when they knew this was going to happen the controls. i heard you play a sound bite from the european union commissioner who says, i feel betrayed by what he calls the egotism of greece. and referring to the surprise referendum, he burned a lot of bridges by doing that and of course, that means we'll have to wait until july 5th to see whether the greek people will indeed approve the austerity measures set out for european
creditors. before that, let us not forget, tomorrow greece owes the international monetary fund a payment of $1.8 billion and they simply don't have the money to do it so there's going to be a lot of headlines, a lot of statement. but talk is cheap unless you're greece and you're about to fall out of the euro zone, back to you. maria: ashley, this will be the first time any developed country has ever defaulted on a payment to the international monetary fund. ashley: yes. maria: thank you. we'll come to you throughout the day in athens. joining me is the former chairman and ceo of aig. hank greenberg, thank you for joining us. you have investments around the world, before i get to the story and your victory. what about greece this morning? >> that's disturbing. i would hate to see greece leave the euro, i hope there's
a last minute save, but it doesn't look like it. maria: you have some investments in europe. do you think we'll see an impact to the euro zone if greece in fact exits? >> i think there will be many, many companies that are invested there. we're not and so, no impact on us. maria: with an about china? we saw a big selloff there, hank, and i know you're back and forth to china all the time. the stock market in china sold off the most in 19 years overnight with the shanghai index down sharply? >> yeah. maria: what's your take? >> they're having some problems economically in the slowdown. it's a little more exaggerated there than it should be. i know they're working on it. in fact, i'm going to china later this week. i'll have a better feel when i get there, but, you know, i'm concerned by it. maria: let me move onto this to the ruling of judge wheeler. you representing 275,000
shareholders sued the government. you won, judge wheeler ruling that the government it in fact overstep its bounds and act illegally when it acquired 70 plus of aig. how do you feel about the decision and the shareholders you're representing? >> the shareholders are delighted we had the courage to go forward with the lawsuit and we did. as you say, we did that on behalf of not only our own company, but 275,000 odd working employees that lost a big part of their net worth. you know, i think that there's no question that the fed did not have authority under the law to take equity in the company. they lent money to virtually everybody, for example, goldman sachs, morgan stanley-- morgan stanley got far more money than aig did from the government at 2 1/2 to 3%. foreign banks got money from the fed. aig was used as a back door
bailout, that's clear. so, of course, we feel good about the fact that the -- that judge wheeler recognized the federal government overstepped its bounds and came down with those decisions. i don't believe that those who violated law made on the sale of aig stock. i mean, something wrong with that picture. maria: exactly. i mean, the bailout, the initial $85 billion rescue package ultimately grew to nearly $185 billion fully repaid by the end of 2012. along with that roughly 23 billion dollar profit. you have said you will appeal this decision because no one's getting any damages of their $40 billion you were seeking. what does that appeal look like going forward? >> it's hard to say, but, look, i think we have a very good case and we're doing this on only on our own behalf, but
275,000 shareholders who lost almost everything. i feel pretty good about the appeal. maria: now, one of the reasons that u.s. court of federal claims judge thomas wheeler said he was ruling against damages was because he rejected that aig's alternative to the government was viable. he said that it was either accept the government bailout money or go bankrupt? >> well, first of all, aig had about 80 billion dollars of net worth when he made that statement. how can you be bankrupt with $80 billion of net worth, number one. there was a liquidity prem problem not a solvency problem that aig had. how do you know what the bankruptcy court would have done, how can you tell what would have happened in bankruptcy. that's not the only option at aig, they had other options, but didn't take advantage of it. maria: so you've already put the appeal in. and david boies joined us on
friday. how do you think this is going to take place? >> it's going to take six to nine months in that range. maria: okay. and in terms of, you know, this taste empowering other cases, we've already seen metlife push back. they don't want to be deemed systematically important. and ge they don't want to be deemed systematically important. tell us what it means to the rest of financial services and how it's causing and empowering companies to push back on governments? >> i think it says a lot. the government oversteps its bounds and you have to call them up on that. you can't just sit quietly by and complain and do nothing about it. this is a constitutional issue and if we don't protect against violating the constitutional amendments, where are we going? and so you have to have at that balance and i hope this causes
some change in that. maria: do you think given what we've witnessed and been through, the 2008 financial crisis, that the pendulum has swung too far in terms of regulation? >> absolutely. dodd frank is a good example. much, i mean, try to read through dodd frank. you fall asleep halfway through it. i mean, it's enormous and the pendulum is going much too far. it has to come back to the center. maria: i want to talk about that. we'll talk more with hank greenberg on a day we're expecting a triple-digit selloff on stock prices. stay with us. >> hey, everybody, welcome to another court report. a special wimbledon presentation for fox business network from tennis channel. winning wimbledon guarantees a player a place in history, but for serena williams, she's chasing something even bigger. the world number one captured the first two majors of the year and a win at wimbledon
would keep alive her chance for the calendar year grand slam. for the men, novac djokovic is the defending champion and top seed. he has his work cut out for him though. he faces 2012 quarter finalist schreiber. number two seed roger federer is coming off a win and he'll be chasing his 8th career wimbledon title. be sure to tune into the ten channel prime time where we will have the news and highlights and matches from the all england lawn and tennis club.
>> welcome back. we are back now with former aig chief and chairman and ceo of hank greenberg appealing the judge's decision to award him and 275 shareholders no damages in the aig case. even though the judge ruled that the bailout was in fact illegal. greenberg's star attorney david boies was with us on friday and told us how it will forever change the government's role in american business. >> it was great to have the court accept there are limits on executive branch power. this was not just a case about aig and bailout, it was whether or not the executive branch can take the right to seize and take over private corporations without authorization. maria: and that's at the end of the day what it's about, wasn't it, hank? the government clearly
overreached? >> no question about it, they took powers they didn't have. maria: let me ask you a question. judge wheeler said the reason he wasn't ruling any damages for the 275,000 shareholders because the company would have gone bankrupt. i don't know, a lot of people know you and have known you over the years to be a tough leader who has his hands in everything. i feel like aig would have been different had you still been in charge. >> there's no question about it. i was forced out. maria: thank you, eliot spitzer. >> exactly right. maria: should eliot spitzer have any culpablility of all of the life savings for all of those people? >> that's another matter, but he certainly forced me out. he frightened the board and the board collapsed. sandra: hank, i wanted to bring this up-- so great to have you here, thanks so much for that. i mean, as we watch this situation play out in greece, i'd be remiss if i didn't ask you about another situation,
puerto rico, 72 billion dollar debt obligation. is there too much debt everywhere? have things run out of control? >> there's too much debt by many countries. there's no question about it. there's no question about it. debt is growing by the day. and that's a problem. maria: how do they get out of it? when you look at what's going on in puerto rico and greece, do you see a way out? >> well, countries have to tell their people, the population, you can't borrow beyond your means. you know? how are you going to enforce that? how do you enforce that? connell: . >> how do you enforce that when you have governments to run the one like in greece saying don't worry, i'm not going to change a thing. we're going to keep spending the way we have been. >> we've got that problem growing here. dagen: hank, what about growth opportunity as maria asked you
during the break, cuba. you've been to cuba and made a visit. what about investments there? now, five months from now? a few years from now? >> i can't tell you the months. first of all, we haven't exchanged ambassadors yet because we haven't worked out details. that's imminent, i believe that's imminent. and then each side has got a laundry list of claims and that's going to take years to resolve. in between that once you're permitted to invest and we've got rules against that now. we're just letting tourists go in and tourism is going to grow rapidly. so they need more hotels and better hotels. they need things that people want, golf courses, tennis courts, all of that. maria: and flights. >> flights. maria: the airline is going to be important. >> china's going to have a once a week flight from beijing to
cuba. i assume we'll have some flights going in soon. maria: i remember when china started a flight from beijing to macao. it was a game changer for macao. what is your thought of the global markets? we're expecting a-- >> the macao is a gambling thing. maria: and cuba? >> not now, but that's a major issue. maria: what's your sense of the global market today and sort of investing, i think-- at this moment in time, are we going to see a big selloff today as a result of what's going on in greece? >> look, i think the u.s. is the best market in the world now to investment and a flight of funds coming over here, no question about that. maria: even if you're seeing a
changed regulatory environment, you talked about dodd-frank earlier. what's most onerous, they're dictating balance sheets. ge selling ge capital and some others pushing back on too big to fail. what's most onerous from your standpoint? >> the regulatory environment keeps you doing things you'd like to do and everything you do you have to clear with different regulators, they're all over you all the time. so it's a very hostile environment to run a business. i'm glad we're private, i have to tell you. maria: what are you doing, building another aig? >> we're building another company. that's a hard one to follow up on. maria: well, sure. taking the company through a billion dollars in market value was obviously no easy feat. great to have you on the show. congratulations on the victory
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>> welcome back. global markets are in selloff mode as the crisis deepens in greece. we go to nicole petallides. nicole: what's interesting, some of the traders i've been speaking with, they're all willing to take a chance this morning and they seem to say they want to buy the dip. even though they're nervous doing so and think about the long-term worries about sentiment and stocks, but that's what they're saying, they say they're going to be ready to buy the dips and i heard it from many people so far. futures are looking down 181 points. we have movers and we'll see pressure and energy and financials looking lower. we have been looking at
citigroup down over 2%. peabody energy down over 2%. we took our cue from europe where the banks are to the down side. gold is up about 9 bucks and when we talk about worry abroad, looking for them in the safe haven of gold and u.s. dollar and the like and the flight to quality in the states. back to you. >> thank you so much. for more on breaking news out of greece. merck investment president and chief investment officer. thanks for joining us. what would be your proclivity this morning with the global markets selling off. as an investor, what do you want to do in the face of this? >> good morning. first of all, i think the markets have been ready for a selloff. i don't know whether it's the chinese stock market plunge can be blamed. the important thing is what is the rest of europe is holding together. it's whether you have some real problems in italy or spain.
offing seems to be as expected. we have margin calls and so forth and even in your program we have it. we're in a market that's are expensive. risky assets. i've been out of equities for some time and a reminder that things are risky. as far as the euro is concerned, association, and buyers have come in, ultimately greece isn't that relevant as much as it makes the headline and that's by our own execution and we'll ultimately move on. sandra: that's the question that investors are struggling with, they don't know what their portfolio is to the greek debt crisis or the situation in puerto rico and all of this outstanding debt. how exposed to the u.s. investor, the average mom and pop retail investor?
how at risk are they to these countries that are saddled in debt and facing default? >> well, they're not exposed to greece, but they're all exposed to assets that are reflecting complacency. for years now we've covered what central banks have been doing. people have been buying everything and not caring about the underlying risk and we live in a risky world. this is a reminder that the world is risky and it's not to greece, i'm losing money anyway, you have an equity bond portfolio and this is the glass is suddenly half empty and it's been half full way too long. what contagion is is not a correction, it's a financial meltdown. this is not a lehman moment. what this is, a reminder that asset prices are expensive. we're getting adjustment and take precautions, but it's not like you have to put the cash under your mattress and hide because we have a meltdown
coming. dagen: what looks reasonably valued or even cheap? >> we like gold. we like the currency markets and the reason we like them is because they provide investors an opportunity to have something that has a low correlation to whatever else they're doing. and when you have days like today, you want to be in something or consider something in your portfolio that doesn't move in tandem with everything else. today is a day where you look around and play the role. we like the currency markets because they like the opportunities. it's a tad more complex. if you do it in stocks and equities, guess what-- >> how about the worst in 19 years in china. thank you so much. we're 30 minutes away from the opening bell. futures are falling as greece edges toward default. keep is here on mornings with maria. we'll be right back.
>> welcome back. we're 30 minutes away from "opening bell." i'm with dagen and sandra. it's going to be a tough day no doubt about it. sandra: no doubt. i'm going to be watching the banks and energy sector as well. with the selloff in oil and gas exploration stocks are going to be in focus amid the selloff ahead of the market open. not as bad as we saw overnight. so it's somewhat of a calm and still, a pretty, you know, weak open. maria: the banks are certainly one to watch because they've been running up so much year to date and tomorrow is the end of the quarter and a half and everyone is focused are the earnings going to be there to justify the huge moves. dagen: watch the bond yields and stronger term treasures, we've soon buying, but
certainly not panic buying. also what the backhand yields are doing in spain and italy and bond yields john hilsenrath said they were relatively stable. maria: i would not be surprised to see the market come back by the close because you're taking money out of europe, where are you going to put it. sandra: could be the case. dagen: s&p did analysis looking at market moving events including the cuban missile crisis, the average loss 1.2% and made them back on 14 days on average. maria: we'll see you tomorrow. don't miss our all-star lineup tomorrow. former joint chiefs of staff chairman general richard myers will join us in an exclusive on the war on isis and the critical iran nuclear deal.
the powers that be are sticking around. and valuations are going up everywhere, not just the stock market, but real estate as well. have a good day, everybody, on a day we're expecting a triple digit loss for stock prices. thanks for being with us today. charles payne in for stuart today, have a good show. >> good morning, i'm charles payne in for stuart varney. lots of big stories. we start with the biggest of the day. the greek crisis and drama. banks are closed, tourists are stranded and the country on verge of total panic and make no mistake about it, the money matters to you. other headlines, it will concern another supreme court ruling at 10 a.m. eastern about the obama administration's war on fossil fuels, as well coal. we'll take you there live as it happens. remember, massive