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The u. K. Chancellors at the detailed plans to cut 12 billion pounds off of welfare spending as he delivers the first fully conservative budget in nearly 20 years. Caroline i am caroline hyde. Ryan i am ryan chilcote. It is 1 00 p. M. In hong kong. Caroline chinas benchmark index has seen its biggest intraday fall in years, plunging 1. 8 . Thats amid a continuing route, leaving only 43 of the entire stock market frozen. This is a day after hong kong and chinese shares entered a bear market. Ryan shares on the shanghai composite have plunged by ron 30 this year since the peak about a month ago. David english is in hong kong where the hang seng index has also plummeted. David . David a very good morning to you guys. It was a very eventful morning session, and right now its 1 00 p. M. In hong kong, and we are just getting underway. Just to recap what has happened. About our before the Chinese Market opened, you had this flurry of hea ....
You are very welcome to the pulse. European leaders are speaking openly about the possibility of a grexit and say they now have a detailed plan in place in case black scenario happens. They have said sunday is the deadline for greece to accept a rescue or risk in booted out of the euro. For mroore we are joined by guy johnson in athens and hans nichols in berlin. Hes i nn brussels, excuse me,. Lets talk to guy. Guy, obviously, these banks are still close. Whats it like in greece at the moment . Guy well, people are beginning to wonder when they are going to open. What is interesting is youve got money pooling in certain areas of the economy and we need the Banking System to restart in order for this money to start moving around the system in the way this meant to do. The question is come next week what kind of money are we talking about . There is deadline come sunday. People are talking openly about a grexit. It is not going to b ....
Brendan the Chinese Government seems to be in full panic trying to throw things at this to see what they can fix. Tom we mentioned barclays news. Jenkins is out at barclays. Here is vonnie quinn. Vonnie another round of Government Support measures the benchmark shanghai composite index is down more than 30 since june 12 through investors have suffered more than 3 trillion loss on paper. The Chinese Government has taken steps to prop up more cap stocks. At one point participants were locked out of 71 of the market. Foreign investors continue to sell holdings at a record pace. European leaders have given greece a new deadline. Expect a rescue plan by sunday or face being kicked out of the euro. The greek government is told to come up with new proposals. Angela merkel says she is not optimistic. This morning at ....