The most bullish on oil in the past eight months. The interview with the energy secretary. First, to the top stories we are following. U. S. Dots rebounded from the worst light in three weeks, and there is a rally underway in technology shares. The s p 500 index down it is of nearly a full percent at 2100. Dow jones industrial is up over 1 . The nasdaq composite index rising as well. It is up 1. 25 at 49. 92. It may be a sign of growing this ration agrees. The greek government has issued a decree that folk forces local governments to transfer all cash balances to the central bank. This could raise more than 2 million 2 billion that greece could use to pay bill. Meantime, friday deadline for greek to purported to report the finance package has been pushed off. They will not sign up until athens reforms approves the reform package. We want greece to return to the ability to grow. To recover stability that has lacked for years and years because greece has suffered a lot. There has then policies a lot. It needs to be proposed by the greek authorities. Mark the Prime Minister has balked at imposing tough measures such as cutting pensions and raising taxes. General electric is in talks to sell the biggest lending operation to wealth cargo. It is a 74 billion unit that provides loans to bid guys u. S. Businesses according to a dow jones report citing unidentified people familiar with the matter. A reporter said ge has had talks with a broad geographic term of hires including sovereign wealth funds and banks. Back when tesla was struggling to stay afloat in 2014, elon musk negotiated a deal to sell the electric carmaker to google according to a report by ashlee vance. Larry page agreed to an 11 billion deal that would let must run the company for eight years. Before there was a final agreement, tesla began selling thousands of cars and posting a profit. That is a look at the top stories we are following on this monday. A key player in the Iran Nuclear Negotiations is expressing confidence of final deal can be released by can be reached by july 1. And mia came m. I. T. Trained Nuclear Physics is does this book with peter cook. Peter cook joins me more with the interview. Does the secretary think negotiators can nail down a final agreement . He is optimistic about a final deal despite the hurdles that still need to be overcome and the criticism that he continues to face in the United States and iran as well. One reason, the secretary says a lot of the heavy lifting has already been done. The parameters he believes are so specific they do not leave a lot of room for disagreement. How quickly could the u. S. And partner start lifting sanctions . He says that will be up to the iranians. They have to get rid of 10,000 kilograms or get down to 300 kilograms from 10,000 of your of enriched uranium. They have to remove thousands of facilities. I would say six months or so looks to be about perhaps the minimum that will be required to execute all those steps. Peter six months at a minimum. The questions about using the timetable. He says he is on call between now and july 1 if his expertise is needed in finalizing the agreement. Mark there have been questions raised about the lee terry sites. Does he think that is still an issue . Does he think that is still an issue . Peter he says more needs to be done. Those sites predate the nuclear sites. Were talking about those beyond identified. He says if any is inspected is bound to engage in this. Then inspectors will be able to access those after going through a formal process. They have not been fair on the topic, and that could be one of the sticking points going forward. Clearly an area attention. Mark does the secretary think congress could still and in the way . Peter he and the rest think they can still achieve a deal in even if it passes the full congress. That legislation has not made the job easier. The boat process established will be difficult. He is optimistic he can get the deal done. Mark peter cook joining us. Thank you. Standard of poor greeks rating has been downgraded by standard and poor. He joins me in studio. Welcome. Pleasure to see you. The situation in greece has been so bad for so long. Why this downgrade now . We are getting to the endgame phase. The government is not really looking in all corners and all barrels to find the liquidity to make the payments coming due and a couple of weeks, so we are running out of time relatively quickly. Mark we have lower gas prices, a weak euro. Why has that not help the Greek Economy . The Greek Economy is suffering from a great confidence crisis. What were having here is uncertainty about the path of policy going forward. In particular, whether there will be an ingredient with fellow european nations which are giving loans and currently withholding disbursements. I think the markets clearly no without the disbursements, the money will run out very quickly. Mark today the greek Prime Minister ordered local governments to move the funds to the countrys central bank. Is this a sign of desperation and will this be enough to keep the country afloat . It is a clear signal the country is running out of options. If you look at the payments that are due, not only to the creditors or the imf but to the workforce, staff needs to be paid. Pensions need to be paid. So they are really learning looking at all corners to find the liquidity to keep the country in a position where they can pay their bills. This is a stopgap rusher. It will not last very long. We need a solution that allows both sides to agree so further disbursements can be made. Mark lets simplify this. It sounds like two steps forward, one step back. Is it gekko it is mostly sideways. I do not think we have advanced very much. It has in a series of misunderstandings. We are not very close to a deal from anything we can here. Mark do they see this lenders misunderstanding . There was a clear and date from the people the austerity measures were making a bad situation worse. And we just cannot handle this anymore and have to find a different way. It is clear there is a change of things. We need to keep in mind the electorates of the other countries have elected their own government on a different premise. This is a matter of negotiation. Politics is always the art of the feasible. You need to negotiate and compromise. The longer this has been going on, the more compromises. Mark s p said it will not downgrade greece to selected the full it the default on the Monetary Fund if there is the bond sale by private investors. What are the implications of the greek default for the imf . Clearly there is information in that. The imf or first tends to be the deferred creditor. And the difference here is the imf is officially credited with the much bigger chunk like 80 of the government that now. When the liquidity crisis comes to head to an extent that even the imf will not get paid there is some implication of the possibility of the primary private bond payment in the future. This would be a negative development by any interpretation. Mark greece does the full, good had been could headwinds find a way to the United States my assessment is the contagion is much more limited than what it would have been a couple of years ago partly because there is very little exposure to banks from greece and we have a much more robust rescue architecture. The ecb has engaged in queue we. A lot of accommodating features that did not exist back then. We think it would be calamity for greece and would have to leave the euro potentially although no one wants that. I think the rest of the eurozone, let alone the u. S. Would probably experience volatility but not an existential threat. Mark what were talking about here at the core is structural reform. Structural reform needs to be made for greece to get back on its feet, at least in the next generation. This is a nonvirtuous cycle and could keep going on for years perhaps decades. What are some of the key reforms greece needs to implement at this point echo . Government spending is not sustainable. What were talking about is pension reforms. Also, the labor market and also high unemployment. This undermines the nation. What happens after that you can only imagine. Mark Lawrence Cramer joining me in studio. Thank you for your time. Mortiz kramer. If you are looking to sell a home to the 30 plus something crowd, you may find a height hard to find a qualified buyer. Mark welcome back. Rescue crews continue to search for survivors and bodies from what could be the mediterraneans deadliest migrant tragedy ever. Reports of at least 700 debt are confirmed. The weekend shipwreck would bring the number of migrants who have died or disappeared in the past week to well over 1000. European Union Leaders said they would hold an emergency summit to address the crisis. In china the government has taken another step to jumpstart the economy. It has cut the amount of money lenders must set aside since the most to the most since the financial crisis. The move took effect today. Last week reporting the split was Economic Growth in six years. Chinese stocks were down after a delayed or slid cut leverage to trading. General motors opening up sales to china. Joint venture with chinese auto firm plans to invest six billion dollars over the next five years. The Company Called shanghai gm aiming for market share of more than 10 by 2020. Ford, till yada and bw are among the automakers expanding capacity in china. Ford, toyota and vw are those six anding. Fed policymakers have been split over whether to raise rates in june or later. Mr. Dudley said the economy is not where policymakers would like it. The Unemployment Rate is still too high. The inflation rate too low. Because the Economic Outlook is uncertain, i cannot tell you when normalization will occur. Timing is a dependent, so we wont see when the timing unfolds. Mark he also says there are some downside risks. Coming up on bloomberg television, education reporter Janet Lawrence has a Bleak Outlook for student loan repayments. At 2 30 analysis of president obamas meeting with the crown prince and war on terror. Highlights of my discussion with central bankers from peru and colombia. That in more when we returned. Mark welcome back. The new york fed is painting a Bleak Outlook for student loans. More borrowers failing to make their payments five years after graduating. Janet lawrence joins me with more on this board. Why does the student loan balances continue to increase . Good question. You see the number of loans continue to creep up because every year there is a new cohort of borrowers. Also people are not paying down the balances. They may be deferring because they are struggling or going into incomedriven payments. The Education Department has in publicizing more because you can make a small payment and not be in default or delinquency, but at the same time, the overall balance will continue to grow. Mark the median balance 14,440. It does not sound like a lot. You can see that in the chart. Those that are growing to graduate those going to graduate school are borrowing more. The interesting thing about that the full numbers when you look at a number of like that and can see a lot of people are dropping out. Maybe they borrow for a year or two years and did not finish the degree. Mark why are so few bringing that balance down . Again, they are just that making regular payments. When you have these income driven plans, you are making small, monthly payments. You can see the data on the chart. The overall amount you are taking out is growing. It is stretched out over time. In the shortterm it is good because you are making a small payment of longterm you will pay more. Mark the new york fed says far worse who left school in 2005 have a 25 death rate. Borrowers who left in 2009 to fall thing at a similar rate. Paint a picture of what this means. Beekeeping to buy the labor market in 2005. It was pretty strong. The chart has a 25 default rate. The labor market in 2009 was the worst year to finish college or graduate school. If you have a similar default rate when you model it over time, it is not looking so great. The fed plane painted a very bleak picture. The date of the Education Department gives us for default is a threeyear look back. It looks at how people are doing with repayment three years after finishing or dropping out of a program. The picture looks a lot rosier if you look at it three years after graduation. What the fed did was they looked at this over nine years. It said 25 were defaulting. Again those who finished in 2005 left college or graduate school in a much stronger labor market. What does that say about the class of 2009 . It is not looking so great. Mark can you give us a picture of just how bad it was during the Great Recession . Young people who left school essentially to get jobs. They are armed with degrees in burdened by Student Loan Debt but there were no jobs. That meant they defaulted. The Credit Ratings took a hit as well. They could have been deferring or in forbearance so you would not see this showing up. They also may have been delinquent. We know people who finished college or graduate school in bad labor markets never really catch up. Mark it is not a Young Persons problem is it . A lot of them are in 30s and 40s, so it is very interesting. Mark what is the effect on the economy, people who are burdened bys judith loan debt and Credit Ratings are below the National Average what does this mean for them for buying a home, a car, doing whatever it is they want to do for the rest of their lives . Is very that is a very good question. If you see of our work has a lot of debt in student loans, it will be harder for those people to qualify for a mortgage. While that may not have a impact on most people if you are trying to sell your first home, you need people to sell it to and you need people wanting to start a family and put money down in a home in may not be able to do it. Mark Gina Lauren Janet lauren, thank you very much. Coming up, a look at what was on the agenda when president obama met with the crown prince of all the jolly at the white house. Stay with us. Mark welcome back to the second half hour of bottom line. I am mark crumpton. Getting you the top headlines. Starting with the price of crude oil. New york crude of 1. 1 trading at 56. 40. We have news developing at this hour. U. S. Navy officials saying the Aircraft Carrier the adore roles about roosevelt is steaming towards the water soft yemen. It will join other ships prepared to intercept any iranian weapons carrying weapons to those fighting in yemen. The u. S. Navy has been beefing up presence in the southern arabian sea after reports of a convoy of ships they beheaded to the area. That is a look at the top stories we are following up this hour. President obama met with ground prince at the white house. On the agenda, efforts to counter the Islamic State deal. The senior fellow for middle east security of the Atlantic Council center on International Security joins me now from washington. Welcome. Thank you so much for your time today. We have a lot to talk about. Lets get into it and getting with america and the antiterror strategy. How would you describe it . It is not the most coherent strategy this administration has come up with. You pretty much started the segment with the american effort to block any iranian vessel that would transport arms to the rebels. In another geography not too far from yemen United States is involved in a major operation against isis. I am afraid there is not much coherence in the strategy itself. The priority is a lisbon to make sure groups like isis would not be an imminent threat to the u. S. Itself. Mark how could the alliance be stronger, particularly in the middle east and arab world . Always smart to rely on your friends. I have specifically mentioning the arab Gulf Partners. As you know there is an upcoming summit, which is pretty a store in camp david. They will have the opportunity to just test concerns and the ways they can bolster the partnership they have and some of the mechanisms that it can use to further cooperate on a host of terror threats emanating from the region. Mark lets talk about economies of scale if we might. These battle groups whether it be isis or someone else what is this doing to regional economies in the middle east . I am sure it is a heavy strain on the economies. And that of internal issues massive allocation of resources are going to the fight against terrorists. I would suppose whenever the antiterrorist campaign relaxes a lot of the resources would go to more civil developments and things that the countries in the middle east need imminently and massively. Some more than others. Mark some have told me the United States is losing the pr fight against extremists and the battle for the hearts and minds of the young and disenfranchised is being lost. Is that accurate . I think that is accurate. Unfortunate but accurate. At the and of the day they will always have the advantage when it comes to the psychological or fair. Despite the large bureaucracies and complex these are not complexities are not well disposed to win such campaign, not to mention massive con not to mention massive complex and turmoil. Mark we mentioned at the top of the broadcast the u. S. Energy secretary expressed confidence a new Year Agreement with iran can be reached. But with that mean for the fight against terrorism, considering the u. S. Considers iran to be a sponsor terrorist groups caps off rex . I think the number one benefit of such an agreement will be the reduction of the threat of the proliferation of weapons of mass destruction. That is great. A nice priority for not just the united is but International Community as a whole. My concern, and not just mine but a concern of the Gulf Partners that will be coming here on may 14 is that kind of agreement does not address specifically the threats that are wrong iran poses to the region of greater a concern. We need to address those simultaneously. Not just the threat but the instability in the region. A lot of good from the agreement. The concern is the risk is not being addressed by this administration at all. Mark can i ask your thoughts on the news we received last week that the russian president Vladimir Putin had okayed the sale of surface to air missile to a ron and concerns in washington and allies that that type of weaponry could be used to support some kind of attack thrawt some type of attack gekko . Ck . Russia is a sovereign country. Before there was a concern about the type of weapons used. Is an early Defense System at the end of the day, not offense at. My concern is much reduced. There is concern that they were thinking of supplying the iranians and have now revisited actually. It is a weapons system that nato has an answer for. Not something that would be a major determinants for whatever potential military operation would be in the event it collapses or an option by the United States and nato to launch the military against iran. Considerable weapon systems but not exactly a magic bullet that would be a major deterrent against any major military. I think it has been exaggerated. Mark resident senior fellow for middle east security. International center for security joining me from washington. Thank you for your expertise. We appreciate it. Mark coming up, the head of the central bank of peru and colombia addressed the state of their economies. The report is next. Mark welcome back. Time for todays latin america report. And the last decade peru had the lowest inflation rate in latin america and had the second fact that Economic Growth in the region after panama second fastest Economic Growth in the region after panama. Earlier today i spoke with the president of peru central bank. I began by asking him to grade the state of perus economy. We are doing ok. Potential growth has come down because of the fall of commodity prices. We are expected to grow slightly above 4 this year. Mark how much do geopolitical factors way into the strategy in decisionmaking gekko . [indiscernible] i would say we are stable now in peru. Mark that extreme weather pattern, the omalley the el nino, how does that affect inflation targets . We are expected to be strong. I expect it to be week to moderate. Mark the current cycle right now in peru of monetary easing. Has that run its course ge . [indiscernible] we have removed that word. We are going to see how we are rise to the measure. We are on the upper end of our target. Mark will you be looking at rate cuts opportunistically . Inflation is below the target , the lower part of the target. Mark what does the jobs picture look like right now . Lex unemployment is pretty low. Employment has been growing at the rate of 2. 6 this year. I would say this is been increasing in nominal terms. 6 per year. Mark i also spoke to the Vice President of columbia. I began by asking him if his countrys growth rate is sustainable . Columbia grew around 5 but in the past 10 years. There has been a rate of growth of four percent among the highest in the region. This will mean this year and next year we will grow around 1 from the previous year. Mark last year the imf said latin american economies will grow the weakest pace since two thousand nine but policymakers should avoid the temptation of being overly aggressive with monetary stimulus measures. You agree with that assessment . I agree with that. It is important to take into account when you take out latin america, that is very much influenced by brazil. Brazil is going to have a harder road. The countries like columbia are growing. We will grow less this year than the previous year, but we will continue growing. And we will adjust to the Lower Oil Prices which means we have to extend the euro growth expenditure. Mark if there is a peace deal with the rebels in colombia, what impact will that have on the economy . It will have a positive impact in many ways. In terms of growth it will have higher growth. In terms of how much to quantify the impact. Mark how concerned should latin america Central Banks the about what the u. S. Federal reserve bank does . It is important, but i think we have to take into account the conditions of the high Interest Rate in the u. S. And condition of the economies. The increasing rate by the fed is coming up in another way. We are its acted to combat in another way. The u. S. Economy is strengthening. I think we have the condition to handle that. We have a good level of international reserves. We have very low policy matches. We have a sound fiscal policy. We have a Monetary Policy with very strong liquidity. That is good to handle that type of deal. Mark that is your latin america report for this monday. Coming up, David Einhorn hedge funds takes new positions in general motors, engineering and Construction Company chicago brave. That story and more when we return. Mark welcome back. David einhorn said today green light capitals taking new positions. For the details, we go to scarlet fu. Fax that is right that is the right according to a letter bloomberg upturned. General motors and air cap. When it comes to general motors, Greenlight Capital bought shares at 34 dollars 60 two cents in the First Quarter after selling a stake in early 2013. Gm closer to breaking even in europe and low gas prices should boost demand for suvs and light trucks. On the flipside, greenlight exited against Companies Involved in mergers and acquisitions of the First Quarter. This is all according to the letter obtained by bloomberg. Mark scarlet fu joining us from the breaking news do new stuff. More details coming up on street smart at the top of the hour. Scarlet will be back with me for another edition on of off the charts on the other side of the break. We will look at the beloved new york rangers who are tied 11 in the first round of the nhl stanley cup playoffs. Stay with us. We continue right after this break. Mark welcome back. It is late april. Temperatures are rising but you would not know here in new york. If you are hockey fan like me and scarlet fu, time to hunker down for the nfl playoffs. Our chief fan joins us to examine ticket prices for the first round of the nhl postseason. Basically i have the base the seat in my own house. Scarlet yes, but if you want to go for the light it. , get ready to pony up. The rangers finish the regular season on top. They have homefield advantage. Games 14 on the first round of the playoffs. 314. The only Canadian Company to show up in the top five. The wild and the blackhawks 217. New York Islanders fetching just below 190. Mark the new York Islanders last go at the coliseum. Rangers played great game three against the penguins and pittsburgh. How much will you have to pony up . Scarlet if money is more important than time, you can always go over. In three and four on average cost not even 100 but 97. That is a discount of 217 which average 314. Connor greg wire said 22 of the tickets purchased for game three and four were from new york and new jersey which means a lot of people were headed over to pittsburgh to do just that. You want to stay in new york working five because that is where the rangers could potential he clinch. 356 on average for that. Mark the rangers leave the nfl when it comes to nhl when it comes to prices. Talk about where they stand with overall price value. Toronto maple leafs comments first. Three teams with a valuation of at least 1 billion. Toronto, and the Toronto Maple Leafs have been on top for two weeks. They booked 217 Million Dollars in revenue last season. 14 more than toronto. Teen percent more than montreal. Mark i am looking at 84. 4 million. Yes. That is a drop in the bucket compared to the other home Team Favorite that played at madison team square garden. With the playoff run all the way to the stanley cup finals last year according to richard truffaut they added 47 million to the top of the line from ticket and concession. They did not make the playoffs for two straight years. They just narrowly avoided ending in last place for the regular season. They would have added 70 million to the conference. The percent more than what the rangers contributed. Mark i feel for his the vendors. By the way, lets go rangers. Mark thanks. That is it for your monday. Street smart is next. Stocks rallying meeting the broader indexes higher. We got down to earnings from ibm. I will be joined by the banker to the world, bill rhodes of William Rhodes mobile advisors. Street