Of tens of thousands to acknowledge the chilling of tens of thousands. I brent goff, good to have you with us. It went to the wire, but after a frantic day, greek Prime MinisterAlexis Tsipras be a midnight deadline to submit a list of Economic Reforms to european creditors. At home, the background volume has been getting louder and louder in support for staying in the eurozone. Our coverage begins in athens. We are staying in europe. That is the motto of thousands of people. They Reach Agreement with creditors. Politicians rushing in for talks. Athens waiting to sign off on the offer. It wont be easy. The far left wing of his body party rejects it. We want an agreement that respects the dignity of the people and which opens a way out of the crisis. Details are not yet known. They come to an agreement with creditors. They have become a symbol of the crisis. A scene repeated every day across the country. They often have to queue several times while people wait. They wonder and fear what may come next. It cant get any worse. Im afraid what will happen if we dont hit an agreement. I cant imagine we will be isolated from the rest of europe. It will be tragic. I hope all parties reach an agreement to we have a brighter future. Enough is enough. The greek media present it could result in cuts. Brent good evening to you. Greek state television reporting that separates has just turned in Alexis Tsipras has just turned in those reform plans. What do we know . This is apparently the case. The greek proposal has been adopted today by the cabinet. It is supposed to have been submitted just minutes ago to brussels. Apparently, according to what were hearing, or are Alexis Tsipras has a lastminute surprise for his peers in the party and in the parliament. He will bring the proposal tonight. Perhaps one or two hours before the greek parliament. Tomorrow he will discuss this proposal in his own parliamentarian faction. He will discuss the same proposal asking for authorization to negotiate on this basis in brussels. This is what we are hearing so far. Brent do we know what the surprise is . There are no official statements on that. It is the fact that the proposal has been adopted in the cabinet. There are new austerity measures that the proposal provides for the greek government to impose austerity measures of perhaps 12 Million Euros or 13 Million Euros. We talking about pension cuts. Things that will certainly upset the left wing radical faction. For example, the Energy Minister and head of the left party. Hardliners have strongly criticized the perspective of reaching a deal with international lenders. Brent there have been thousands rallying in athens and said for staying in the eurozone. Can we say with certainty that the Prime Minister, he has heard their cries . Certainly, he did. I have to say there were perhaps not more than that with a maximum temperature of about 37 degrees in athens. He proeuropean demonstrators wont have the final word. There will be another rally by the camp that voted for no at sundays referendum. They will gather again in at the parliament. In front of the parliament. Brent in athens, thank you. We will talk to you later. Greece is struggling for its financial survival. They are packing on economic muscle. Our business anchor gerhardt is here. A few years ago economist predicted that the greek countries brazil, russia, india, china, they were close to overtake economies like the u. S. But slumping Raw Materials prices and infrastructure problems have put dampers on these hopes. But still it represents 20 of the global economy. There is a wide range of deals on the summit. The most important one is the launch of their own development tank brings targets to economic problems and make them less dependent on western institutions. Here is more. There are striving to be the economic powerhouses of the future. Delegates from the five countries signed a referendum on the development tank. The money will be used to finance infrastructure projects. We are concerned by high volatility of oil and Commodity Prices and accumulating. Trade between the countries has doubled since 2009. They are looking to promote financial stability. International monetary rules need constant updating to reflect changes in Global Growth patterns. The new bank will start issuing loans next year. The u. S. Currently dominates regulations. They try to fund growth away from western influence. I spoke to our correspondent and see what they want to achieve at this summit. They promised to work for closer ties. There is a lot of bilateral talks talking between the brick leaders here at this summit. Russia is pushing hard to send Nuclear Technology to brazil. They want to build new Nuclear Power plants and russia is eager in the summit declaration. Leaders urged the europeans to eventually solve the greek crisis. They fear that a greek exit my harm the whole world economy. Why have these meetings been particular . Russia is a key political player in all world affairs. They hailed these summits already as historic and called them a major breakthrough to evade from political isolation. What does this mean for the leaders . They are much more cautious and reluctance when it comes to do writing the brakes. The competitors as counterparts to the nato, eu, and other international organizations. It is just another form of business and politics. They say there is not enough common ground. There is no competition for nato . Just if it comes to they want to see these. We will get the wall street view on things. Brent lets get you uptodate on the stories around the world. It john kerry has threatened to walk away ahead of fridays deadline for a deal. He said progress had been made but stressed the talks were not openended. The veto powers are trying to reach an accord that would curb the countrys Nuclear Activities in exchange for sanctions relief. Britain has told its citizens to leave tunisia after new warnings of a terrorist attack. An attack is highly likely. They advised against traveling if at all possible. A ceasefire in yemen is due to take effect on ride a. The u. N. Says it should last until the end of from it on eight days from now. Groups will use this to develop emergency humanitarian resistance between hutu militias and supporters of the president. They want to move 40,000 new arrivals they it from the coast of italy. Thousands of refugees continue to reach the shores of greece and italy. Coastal countries are overwhelmed with the unseasoned flow of migrants. Greece says they are unable to cope with the numbers. The Refugee Agency is sounding the alarm. It is the minimum assistance that Human Dignity requires. They want to be more evenly distributed about the eu. Germany is ready to take in a large number of migrants hes as. That includes refugees in need of section. As your up continues as her up continues, they demand this what solution. As europe continues they demand a swift solution. Brent well see how traders are responding to chinas efforts. And a nasty fall. We will have more pictures for you straight ahead after the break. Stay with us. Brent this is dw news live in berlin. Our top stories. Prime minister Alexis Tsipras is trying to keep greece inside the eurozone. Plans announced to launch a currency pool and their own development bank. The bricks group say that efforts are needed to combat global instability. More about the stock market. The chinese stock market almost crashed. We can call it a major correction. You can call it that. We have seen dramatic developments over the last few days. First, the Shanghai Stock Exchange rallied. It has lost around one third of its value since june. They worry about the health of the chinese economy overall and there are fears that cyst amick problems in the market are behind that route. Is the chinese bubble bursting . Heres more. All investors can do is watch. Those holding more than 5 of the companys toxic shares are stuck with them for the next six months. Despite assurances, beijing directly intervened in an attempt to stop its fall. Investors hardly have any more leeway. Around half of companies have halted shares altogether. And that is frustrating small investors that abet their savings on chinas markets. To be honest, i think the government is picking the pockets of ordinary people right now. It will depend in the long term if the markets will gradually rise from the current. But only for fun. This appears to have had an effect. The shanghai composite tracking the Largest Companies in shanghai jumped around 6 on wednesday. The recovery may be the result of investors going after cheap stocks. The ripples of the chinese stock crash and its effect on the chinese economy have investors as well as the government worried. Following the drop in chinese shares even while the Chinese Government sought measures to contain the market. And while there is a lack of progress in the debt crisis in greece. Traders in hong kong used the opportunity to buy up bargain stocks. They gained 4 of the afternoon recovering from the biggest oneday drop since 2008. The tremors from china have they been felt on the other side of the atlantic in new york . There certainly felt over here and felt worldwide. Especially if you look at Commodity Prices, it is one of the big consumers of energy and commodities overall. The big question, resolving the the turmoil is on the chinese market. What will that mean for the secondbiggest economy in the world . I was a on wall street, traders are even more nervous about was going on in china than what is going on in greece. The interventions of the Chinese Government, how are they viewed . The shanghai index was up the most in about six years. That is not healthy. It is pretty extreme with the Chinese Government is doing here. The big investors are not allowed to sell stocks for the next x months. It is pretty extreme. Short sellers might face criminal charges. Meaning traders and investors betting on falling stock prices it is pretty extreme and shows that the chinese stock market is not free market at this point at all. In an hour from now, we will take over the business tax desk. In the meantime, i will leave you in the safe hands of brent goff. Brent germany has refused to use the word genocide to refer to the deaths of tens of thousands of africans in one of its former colonies. Doing so could lead to reparation and compensation claims. Now the president of the German Parliament has used the word genocide for the first time. In late 2011, hundreds took to the tarmac at the airport to receive the remains of their ancestors. These skulls belonged to the indigenous who rebelled against german colonizers and were brutally killed a century ago. Back then, the imperialist called the land german southwest africa. It in 1904, the germans captured thousands of ethnic people in the battle and forced them into the desert and sealed it off. The prisoners died of hunger and thirst, an estimated 100,000 killed fighting the germans. 100 years later, a representative traveled to deliver the First Official apology. I ask you to forgive us our trespasses many say it is too early to celebrate. No reparations have been made or approved. The term was not legally defined until 1948. The German Parliament said the killing of 1. 5 million armenians was a genocide. The president says the suppression of the rebellion was genocide too. That will increase the pre take greater responsibility for its colonial past. Brent russia might have the tilde u. N. Attempts to label the massacre a genocide but it has not stopped Germanys Angela Merkel from meeting relatives of those killed. The german chancellor heard firsthand accounts as they murdered 8000 from the bloodiest episode since world war ii. Those that lived through the massacre. She met with women relatives. Serbian soldiers killed more than 8000 bosnian men and employees during the civil war. Serbia and russia have blocked the war crime being designated a genocide. They spoke firmly against them. I am here at a time that marks it. I believe it is the utmost importance. And we continue to deal with it. They encouraged economic development. Many people are pinning a lot of their hopes on germany and angela merkel. Brent to the Tour De France now. Another bruising day for the Yellow Jersey your fabian withdrew while leading the race on tuesday. It was tony martin who became the hallowed garments latest victim. They were inside and clipped the wheel. Germanys tony martin looked to set to hang on to the yellow. I hope it is more pain than a serious injury but im not us a surely optimistic. Not especially optimistic. s fears were later confirmed. A broken collarbone. The man who emerged from the chaos was his teammate. He powered up a steep hill at the end. Europe brent europe has received bailout proposals from greece. A Alexis Tsipras be a midnight deadline to submit reform plans as protesters took to the streets of athens. The worlds leading emerging economies have launched plans to launch a currency pool and their own development bank. Brazil russia, india, and china, the brix group. And after the end of germanys colonial rule, the african country is calling on berlin to formally acknowledge the killing of hundreds of thousands of its people as a genocide. You are watching the w news live from berlin. I will be back at the top of the hour with more news. I hope youll join us. This week on wealthtrack, are index funds raging out of control . Are these funds a threat to retirement saving snz winter green funds noted Value Investor david winter sounds the alarm next on convictsuela mack wealthtrack. New york life along with mutual funds offers investment and Retirement Solutions so you can help your clients keep good going. Additional funding provided by