Greece. They did not explicitly ask for it. That is a real change from before, but there is no movement from the imf, from jack lew, and from donald tusk at the eu at the commission asking for a change of actual right now. Tom we will have a special focus in the 7 00 hour with alan ruskin of Deutsche Bank. Lets get you to top headlines. He is unpracticed on this. And in greeley. Brendan it appears greece blinked. Alexis tsipras has proposed a bunch of spending cuts, tax hikes. In return he wants a 59 billion bailout, wants longterm debt to be made more manageable. Francois hollande calls the new plan credible and serious. That is the most important word there serious. Voters rejected a similar proposal in the referendum on sunday. A few hours from now, the Confederate Flag will no longer fly on the grounds of the state capital in South Carolina. The legislature voted to take it down in the wake of the murder of nine black Church Members in charleston. Nikki haley, the governor signed it yesterday afternoon. I saw passions get high, i saw passions get low, but i saw commitment neverending. What we saw was another action, and that action is that the Confederate Flag is coming off the grounds of the South Carolina state house. Brendan the flag will be taken down in a ceremony at 10 00 a. M. Eastern time and will be housed in a multimillion dollar shrine. In china stocks bounced back from a multitrillion dollar selloff. The index, the shanghai comp, head hit a low this week. Staterun companies were ordered to buy stocks. The new report says Oil Prices May fall further before markets tighten next year. The International Energy agency says the world remains massively oversupplied with oil. It is predicted next year production outside opec will grind to a halt. Tom lets go over to tennis right now and the drama we are seeing in the united kingdom. Serena williams is one win away from her 21st grand slam title. She reached tomorrows final by beating share up over by beating sharapova. Tomorrow she will face a player from spain. Lets move to something pronounceable like murray and federer. Brendan should we just have me read all the headlines . Tom seriously, murray beating federer in the semifinals is a huge deal in the united kingdom. Brendan Williams Federer . All of a sudden it is 2005. I am 30 again. Tom equities, bonds, currencies commodities, flat out risk on across all sectors, probably even the housing sector. Futures at 23. The euro goes one point 1164. Goes one1. 1164. Rick barnes are now 34 in the twoyear space. Right over to the bloomberg professional service. Here is that disinflation deflation migration, down near 0 on the 10 year yield. This is where bill gross lets call it the gross rally. Price lower, yields higher coming year is 1 area. Brendan i think we will learn some things on monday about what german debt will look like in the future. We have not been able to back out of the grease prices. Once we do, we can assess what is happening in europe. Tom the Parliament Votes today in athens. Other parliaments have to vote at some point. Brendan here is the problem. For the last two weeks this has been a new agreement. The old bailout that was five years old, then three years old ran out. Now they have to go back to every parliament in the eurozone. The most Important Parliament is the bundestag. They have to reconvene in order to sign this agreement. Tom the only thing we will see on this is the possibility that hans nichols will remain employed another month. Hans nichols is pumped for an aggressive friday and into the weekend as well. With all of your abilities, can you envision that all of the parliaments will pass whatever they are supposed to pass . Hans no, but they do not have to. Only six of them have to. I hate to correct brennan on this. Only six of the parliaments have to pass it appeared what we will get from athens today is a green light to mr. Tsipras to continue negotiating. Specifics still need to be passed by athens and of course the bundestag. Tom is the market in front of the jubilation . You are sitting there with a backdrop of berlin behind you. Is the market out front of the debate . Hans no the market is right, and i will tell you why. What you see on the front page of build, the british royals. That means build is not building up popular sentiment. Here is the case for why the market is out front. Sure blooshauble has to read the document. This little fraud, that is greece. 12. 5 . I did not get much sleep last night. The frogs are pots in boiling water. If you believe build, we are closer to a deal. I will not go inside build as always, because when you do there is a danger of showing the city, and we do not want to do that. Tom this is what happens when you go to the London School of economics. You take courses on how to in frogs legs. That is how we got to this point. Brendan i have a question for you, serious as a heart attack. Debt relief. There has been some momentum toward it. You have jack lew of the imf saying this will have to happen as part of this deal. Is there a sense it might happen or is this just people talking from the outside . Hans shauble left the door open to some kind of debt restructuring. We are talking about the extending of the maturity of the bonds. Every german speaker says that is not allowed by eu rules. A traditional haircut cannot happen. Is it a haircut if you tease bonds out for 200 years . Technically no, practically yes. One thing on this we have heard from a number of members of parliament. Right now they are saying there is no trust in greece. Let me read one quote to you. This is from a Eu Parliament member. The government is either cheating their own people or us again herein. It gets to the core of what german carla terriens mean what german parliamentarians mean. Tom greece and china have been your headlines this week, but the 2015 message is simple. These are good if not great economies. Simon kennedy has a terrific article on bloomberg today with the word accelerating in it. Michelle meyer is with bank of America Merrill lynch. They have seen accelerating growth in the United States and we are trying to drag ourselves away from greece for a bit at this point. Michelle co understand michelle understandably, that is where a lot of the risk is. Tom it is pretty darn good out there, according to Simon Kennedy. What is the update on how janet yellen will adapt to it is pretty darned good out there . Michelle we think we are at a point in the economy where we can very slowly adjust Interest Rates. I think we have to focus on what is the progress of the labor market . We are at a 5. 3 unemployment rate, adding 220,000 jobs. Even if you are in the camp that it is lower, that is the thing. It is kind of an abstract concept. But even if it is lower, you are making such significant progress that there is not that much more you can fall. Tom 4. 9 is dramatically different for 1600 pennsylvania avenue than 5. 0 . Brendan we are waiting on wages and we have started to see some movement. Major employers are making changes in their wage policy. Michelle what janet yellen and the fed have said is that wages are not a precondition for rate hikes, but they are an important symptom of inflation. That is important as well. We are starting to see some evidence of it. Brendan when we moved september, december, is that going to be a bump of adjustment . Who does not know this is going to happen . Who will be surprised and unprepared for this . Michelle Market Participants are still pricing in a rate hike before the end of the year. There could be some surprise. There is only a one in 20 chance or so that it will be september. If janet yellen and the flc are gearing up for a september lift off, they will make it quite clear and transparent in communication that when it comes to implementing it, it should not be a surprise. Tom we have a special guest for you in our next section. Jonathan fendi is worth staying around for. With fabulous original synthesis over what is going on in china. Jonathan fenby on a wild week for china. Also, our twitter question of the day. Will we have a great deal come monday . That was my Jimmy Buffett moment. Come monday it will be all right come monday we will be up all night tom good morning, everyone. Futures up 23, dow futures up 1. 68. Risk on across the screen. With headlines, here is brendan greeley. Brendan the hack attack targeting federal employees as much anger than originally thought is much bigger than originally thought. Cyber thieves broke into the office of the Personnel Management cost network. U. S. Blames the Chinese Government. Tesla will help tesla turn its brand into a premium lifestyle experience. Record labels are harmonizing to fight piracy. It is a change for music fans who are accustomed to browsing for new titles on tuesday. Record companies will slow illegal downloading. Those are top headlines. Tom it has some interest to me. It is away from greece and china and all that the analysis of apple music over the week. My amateur take is that they will kill radio. They will kill music radio. I am loving it. It is phenomenal. Brendan toms market research. The demise of radio has long been forecast. We have been talking about how it is going to die any year now for about 30 years i have a hard time buying that. We will move to china now. Fidelity says the index is a buy. Jonathan fenby joins us on the phone from london. Jonathan, Problem Solved . Are we find out . Jonathan i dont think Problem Solved. The problem is contained. The authorities have thrown the kitchen sink at the problem and have achieved a stabilization but there is still nervousness around the market. Brendan we have been reading about a lot of backandforth among banks on whether or not what we have learned about the Chinese Government and its attitude toward equities leads us to believe that china will be included in the msci next year. Is it a modern, and lightened equities market . Jonathan know what you have is a government, a communist party in china that wants to use the markets more. It wants corporates to raise money more among bank loans. It wants to make it stronger, wants to make it long more transparent, but it also wants to keep control over that process. We have seen in the last couple of weeks what happens when you do that, and that is not something that the chinese authorities like. We have a growing market, but within a framework, within parameters set by officials. That will distort the market. Tom jon, you have written very much about china in the 21st century. The china that Jonathan Spence wrote about is a china of beijing and everybody else. What is the linkage right now of beijing as a federal system to those regional big city governments . Has he changed over the last week and over the last few years . Jonathan it is changing at the moment. Xi jinping the chinese president , but more importantly, head of the Chinese Communist party, is trying to set authority on beijing. He is trying to get things done as he wants them done, and he is centralizing, using the Anticorruption Campaign to exercise more Authority Sectors of state owned industries and the provincial government. It is like some of the powerful emperors. Tom is it all clear for the equity markets, or do we still have our radar up . Jonathan i would still watch this carefully because, as you said in the beginning, there are an awful lot of companies which have suspended their shares. So you are looking at an index that is not completely reflecting. There are distortions. Tom jonathan fenby, thank you so much. His book, will china dominate the 21st century . Is a beautiful short mustread on the politics of the nation. Allen west and will join us for the entire 7 00 hour. The good news that alan ruskin will join us for the entire 7 00 hour. Stay with us. Brendan greeley and tom keene on a friday. Bloomberg surveillance. Tom good morning, everyone. Bloomberg surveillance. Good friday morning to you. Now we go to the gentleman well, his hair is better than Donald Trumps. Wait, anybodys here. Brendan marginally. Jeremy shapiro up bookings of brookings recent polls have generated tom i was speaking to l mayors come and he noted that brett there will be doing that. Can you envision donald trump up there with jeb bush and the others yet i cannot get there. Brendan he is going to turn jeb bush into an equivocating, quibbling i think it is fascinating. I like this read. What people want more than anything is some display of strength. We can look at these plans and we can say i think objectively that many of them are absurd. The solution for iraq is to encircle it and take the oil. It does not sound plausible. That does not matter. Plausibility is irrelevant. He wants strength. Tom lets go to Michelle Meyer. I understand that your leadership will fire you directly on this so we are being careful up here. Within the research of does politics matter to the markets i have gone back and forth for decades on this. Where is Michelle Meyer . Michelle when it comes down to the substance, he he is talking about trade agreements, for example. Tom you think that does affect the market . Michelle i think it does. If you are in and out of trades you probably will not be trading off of policy. But if youre talking you love something that can fundamentally influence trade flows, it will impact maybe a fiveyear call around it. Tom that is part of the improved optimism. Expert business does better. Michelle i think so. What we have seen in politics over the past few years is very little shock around washington. Tom with a Government Shutdown this fall that the gop made is there talk about it . Brendan listen, we talked about trump and we all emerged without dignity intact. Coming up we will talk about the Housing Market with Michelle Meyer. This is bloomberg surveillance. Good morning. Tom good friday morning, everyone. Bloomberg surveillance. We welcome you. Within the tumult of much better markets, here is rented really with top headlines. Brendan greeces Prime Minister with a proposal that is much closer to demands now. Because the tax hikes for tax hikes and spending cuts. In return, he wants a 59 billion bailout. French president Francois Hollande calls the proposal serious and credible. The plan gets its first test in Greek Parliament today. Last sunday, voters rejected austerity measures that were similar. Negotiators are trying to reach a deal on Iran Nuclear Program but will miss another deadline. An agreement after today would be subject to two months of scrutiny. Secretary of state john kerry warns that the talks cannot be openended. Secretary kerry we are here because we believe we are making Real Progress toward a comprehensive deal. But as i have said many times and as i discussed with president obama last night, we are not going to sit at the negotiating table forever. Brendan the latest disagreement is over the u. N. Arms embargo on iran. Russia wants it removed. George bush and bill clinton get together for a good cause and a chat and only one subject was offlimits bush and clinton. The former president s spoke yesterday in dallas. There was no talk of bushs brother running for president against clintons wife. Both said it is a drag to get old. Find people, who inspire hope. Clinton and i are getting a little long in the tooth these days. [laughter] there is one month of the year when he is older than me. Brendan the Leadership Scholars Program is sponsored by the centers of bush, clinton, and lyndon johnson. The wall street journal says the sports media giant is tightening its belt. More than 3 Million People dropped espn in the last year. Yesterday it was announced they would be parting ways with anchor keith olbermann. Espn has been forced to pay more to win rights to broadcast sports. Tom and lebron james did not stay a free agent for too long. He will be returning to cleveland. They signed a twoyear deal for 47 million. Next summer he is expected to opt out of the second year. He could negotiate when the new tv contract kicks in and salary caps could rise. That is when they will speak with sharapova. Brendan i am going to let you dangle in the wind. Tom i got a memo from our executive dear tom, friday afternoon you will be attempting the Mark Crumpton pronunciation cap. Mark runs a camp for announcers. Because he is so good at it. He is the best in the business at it. We will be attending that. Looking forward to seeing Mark Crumpton this afternoon. Brendan please return, vonnie and read headlines for us. Tom i can pronounce this. Donalds is struggling. The rules are changing on how the under generation needs. Looking deeper into this generally general on this generational change in housing. For those of you worldwide queens is to the east of manhattan about 4000 miles. The real estate there is up 10 . A starter condo is 700,000. Are we all going to rent . Michelle not indefinitely, but we have certainly seen a big shift in terms of how we are living. The homeownership rate is down to back is down back to where we were in the late 1980s, early 1990s. It is particularly acute for the Younger Generation. That could be partly cyclical. I think it is more than that. I think it is also a secular s