Surveillance: Economic Recovery with Greek PM

of anyone I know. My life was transformed in nine by the movie Z except I watched the movie The Prime Minister lived at It was a tumutuous time for his Greece and he and others of the modern age of great prosperity. Congratulations first to you and all within your politics and even the opposition in Greece to this most stunning recovery of Greece. What did you think at the low point of the Greek economic tobacco? What were you thinking about to make grease recover as it has alltime.

We took over in July two thousand nineteen with a very clear mandate to make the economy grow again. We were hit by the pandemic, but we still managed to implement very significant reforms, and I think we used the fiscal room that was available to us to support the real economy. We're very encouraged by the recent data. The economy grew sixteen point two percent in the second quarter of this year. We revised our forecast upwoard to five point nine percent, and this may be a pessimistic um

forecast for two thousand one. We see lots of interests for foreign direct investment by American companies European companies. We're making big progress in digitizing the state. We have a very ambitious green Transition plan, and overall, I think the mood in the country, in the country after ten years of crisis has a signal efficantly changed. I just want to point out to you the needle moved on a Greek g d P is everyone but John Faroe and I have the surveillance team have visited Greece in the

last six months. I just want to make there's an additional reason for you to come and see what's really happening. People talk climate change. The American forest fires are time zones away. You have a fire recently thirteen miles eighteen miles from Athens. You are living fires, you are living record of heat. What do you need from Europe? What do you need from world leaders to jump start the climate change debate? First of all, this is really happening

climate I'm not talking about climate change. I'm not talking about the real climate crisis and the energy that is that is hitting especially the Mediterranean, very very hard. Now, we've put in place a very ambitious plan to decompronize very quickly, and Europe is at the forefront of this effort. As you know, we have a commitment to be climate neutral as a continent by and to reduce our greenhouse gases by by thirty What are we doing in Greece.

First of all, we're shutting down all our coal fired electricity plants. We said we would do it by I think it will be possible to do it by So we are significantly contributing towards decarbonizing by changing our energy mix. Obviously we're adding renewables and in the interim we are going to be dependent on natural gas. We're retrofitting our

our buildings at are very rapid pace. We are putting in place a very ambitious plan to encourage people to purchase electric vehicles and all that is supported by European funds. As you know, we agreed last July UM to what we call the Next Generation EU Package. We're talking about thirty two billion euros of grants and loans available to Greece for the next UM six years. A significant amount of those will be directed towards green invests. A lot

of this is incredibly important, Prime Minister. However, there's also this very pressing and imminent conser learned about rising gas prices throughout the European region. What would you like to see some of your peers, some of your member states do with respect to countering some of the price pressures

It seemed to only be growing well. First of all, at LISTA, we have made a commitment to support um electricity users in Greece, and we're doing it by providing state funding but also encouraging our electricity producers to absorb a part of the cost increase, so we expect that we will see no significant increase in electricity bills for

the next three to six months. We have also tabled a proposal at the European level to find a European solution to what we considered is a short term phenomenon, but this is a real problem for for Europe and I think it needs a European response that will go beyond what member states are doing at their level. Prime Minister as Thomas Mentioning, I was one of the members supporting the read economy by going UH and visit over

the summer. It was fantastic. I also noticed that it closed down in terms of tourism in the open borders shortly thereafter as the number of cases increased. How much are you concerned about reviving a tourist industry where stores were closed down, A lot of the infrastructure was seriously hampered by this prolonged period without tourists. Well, first of all, Lisa, let me point out that we did support our tourism

sector UH and we managed to protect jobs. Not only that, if you look at unemployment numbers, we're doing better this year than we did last year. We had a very good tourism season, much better than we had anticipated. As you probably know, Greece was at the forefront this January January of this year in terms of introducing the Digital EU Certificate, which made travel much easier in Europe during the summer. UH and We're quite encouraged by the performance

of our tourism industry. I think we've managed, we're managing to move our product up market. So we had a higher spending per capita this year than we had last year, which is our intention. And of course we have a long term plan to make sure that we grow our tourist industry in a sustainable manner. We have particularly sensitive ecosystems, as you know in Greece, especially our islands. We need to protect them, we need to make them green um

at a very very fast pace. And at the end of the day, people who come to Greece want a unique experience and they do care about sustainable tourism. So I'm very encouraged by what we managed to achieve this summer, and I expect hopefully next year there won't be any any real COVID concerns. I expect to really be a bumper year for Greek tourism. We welcome all of you on Bloomberg Radio and Bloomberg Television. The Prime Minister of Greece, curiacosmis Attackers is with us right now. I am the

ugly American. I'm sorry to tell you this. My complete Greek knowledge comes from Marial Loyd in our acclaimed restaurant at fifty eight straight. And Maria always circles back to the need to go live a go be at, but also to the ancient tension with Turkey. Give us update, and now you and your government are dealing with the unique Turkish experiment of developed not a devaluation, but nevertheless a much weaker Turkish learra today and interest rate policy.

Give us an update and your relationship with Mr Arijuan, Well, it hasn't always been easy, as you can imagine. We had a lot of tension last year. Things are better this year. I've always um been very open and frank in terms of my relationship with Turkey. We have complicated issues, very difficult legal issues regarding the delimitation of our maritime zones. There is only one rule book, and that is adherence to international law. We had similar problems with Italy. We

had similar problems with Egypt. We signed the limitation agreements with both. I think we all made the necessary compromises. So we are indicating to Turkey that there is a way to resolve this without having to um use very bellicose rhetoric or unnecessary tension in the Gene and the Eastern Mediterranean UH, and of course we can also and we need to work with Turkey when it comes to migration.

I think what Europe will not tolerate is a repeat of what we saw in two thousand fifteen, uncontrolled migratory pressure that a risk from Afghanistan. I think it's less of a risk UH this UH this year than it was in two thousand fifteen. I have committed, and I've been very unapologetic that we will protect our borders. We're doing it in a very humane manner. We're saving people at see every day we're granting refugee um status to tens of thousands of people who make Greece the permanent home.

At the same time, we send a very clear signal to everyone we want to break down the smugglers networks in the Aegean. We have successfully done so if you look at the flows they are done by compared to thousands and and nineteen. And we do want to work with Turkey in addressing the migration issue and make sure that these people are kept closer to Afghanistan and don't move to Iran, to Turkey too and then to Europe.

Minister from your vantage point, do you think that President Biden is significantly different than President Trump when it comes to his actions with respect to the European Union, with respect to Afghanistan and Turkey, and how that all does trickle down to you well though, certain uh, you know, big policy issues where we're really looking to the US in terms of leadership, and of course climate change is

one of them. We will be meeting in Glasgow in five weeks from now, and I think it's it's probably time to move from the you know, the nice, flowery rhetoric that you always hear at the U N tow very concrete actions. We as Greece, where medium sized country, we're trying um to do our part, and of course we will also be looking to engage with the US

to strengthen the Transatlantic alliance. At the same time, I've always been a very proponent of strong proponent of the idea of europe strategic autonomy, because there are issues, especially in our region, in the Eastern Mediterranean, in the Middle East, in the in the Hell where Europe needs a presence, and if Europe gets stronger militarily, if we cooperate more, I think this is to the benefit of the alliance

and to the benefit of NATO. I say this with immense respect for your father in all of Greece, of another time and place. You're the only one I can say this too. What's it like to be a refugee? It's uh, you know, it is very difficult. And when we when we meet you know, the people um, especially children, unaccompanied miners, it's shocking when you hear those stories, and I can tell you you are one of those kids. Well, we left, but not in the same situation. Um. You know.

We we we had to flee the junta uh in uh and we we lived in Paris fall. But there's no comparison between the stories that we that we hear and what we really did very successfully, Tom was to address the issue of the unaccompany minors. When we came into power. It was a shocking reality. You had these these kids as teenagers in these camps um completely completely vulnerable. We've addressed this issue. There's not a single person in

a camp. They're all um uh in uh in places where they can feel safe and where they can thrive. And I can tell you, you know, there are times when I see and this is a country that has traditionally been open um to two refugees. Uh. And you know something, there is a great success story just took at the NBA. Um he's Greek from Nigeria. It's true,

it's true. He's he's he's totally, he's totally, he's totally Greek. Um, he's you know, he used to sell he's on the streets and he's a great example of he's he's vamptire. He just wanted to fit in some that the best basketball in the world right now is great now joining us. We are thrilled to bring you this week of the United Nations Ian Bremer of Eurasia Group. It's the United Nations World. It's also a j zero world. Thrilled Dr Bremer could join us. Dr Bremer. The Greece Modern experiment

is a success. What does Greece do when there's another European crisis? How coalesced? Is Greece right as Europe rather? Right now? Well much more so, you know, Tom. In an environment where the Americans and Chinese aren't really talking to each other, the Europeans are taking the lead on on climate regulations. Um their rules and rags on privacy on data are the most advanced in the world and increasingly being taken up by other countries because they're out

in front. That's not to say that their economies are all performing incredibly well. But you know, the lessons taken from the near death experience of Brexit and from the disaster that was the Brexit negotiations and has had a much bigger impact on the UK than the EU. I think has helped to bring the EU together, and the Europeans ended up responding to COVID in a much more coherent and cohesive way, both in terms of the vaccines as well as economic restructuring and rebuilding. All of that

means they're in better position these days. You speak of a misjudgment of President Biden in America, whether it's China or Europe. What is the prison that they look through now when they observe this president. Um. I think they recognize that even though they like Biden much more. Certainly the Europeans, with the exception of Victor orbon and he is the exception that proves the rule from Hungary, they

all prefer Biden by a long mile. Um. And and yet um, they see that the United States now has two presidents in a row who are much more taken with domestic affairs than their interest in the continued strength of the Transatlantic Alliance. On top of that, there is an ongoing pivot towards Asia that the Europeans are generally not considered either very aligned for or much of a

priority for. And so I mean, frankly, even though Trump and Biden could not be more different as leaders, as individuals, the Europeans seemore continuity and and they don't like it. Um doesn't mean that they have good alternatives at this point because absent the UK, absent Angela Merkel in short order, and you know, with the French president facing his own difficult elections in the next six months, it's not like

the Europeans are replete with individual strong national leaders. Kiriakos Um and Draggy are probably two of the few you'd point to right now. And and when we look forward, particularly with respect this alliance to deal with China, how much is the European Union getting left out of an alliance that increasingly looks like the United States, Australia, the

United Kingdom. Well, you know, the United States has the quad UH, the United States has this new Aucus agreement which has been described to me privately as five eyes plus so intelligence sharing technology and some national security. Well, the fact is that when the United States looks at China, we see China principally as a government through a national security lens. With the sole exception of France, none of

the Europeans do. They are much more transactional. And part of the dust up between the United States and France around all of this is that on the one hand, the French of the third largest military exporters in the world after the US and Russia, so they're competing with the US and they lost out on the Australians ripping

up their contract. On the other the French have been trying to convince the Europeans to have more focus on security, more focused on building up European defense capacity, and more of a pro active indo pack strategy. Very few countries in Europe are interested in supporting that. So Macron is

kind of neither fish nor foul at this point. The law just to finish up here, if you're talking about evergrand all morning and the systemic risk, not necessarily financially, but with respect to a housing market in China that is cooling dramatically and and frankly, the fact the policymakers are going to allow this, how does that dovetail into the rising tensions between the China and the Western world

if at all? Um Well, as I said, the United States as the president to presidents now that have been much more focused on domestic policy America first and a u S foreign policy for the American middle class, Chinese are focused much more inward as well. Let's remember that, you know, belt and road investments have fallen off a

cliff over the last five years. China is much more focused on their own dual circulation policy, commit to the domestic economic, consumer and supply chain with ever grand I mean, of course, this is a really big financial crisis for the Chinese. And what was their announcement at the u N this week, We're not going to be building any more coal fired plants outside of China. Yeah, because they're not going to be building much more anything outside of

China going forward. That's the real shift. And when I talk to policymakers in Washington, they're still thinking about aggressive Cold war mentality with the China that is trying to take over the world. Increasingly, China's problems and domestic two. I'm not gonna mince wordsy and I'd love to get you and Robert D. Kappan on on the South China see here as we can in the coming months. As Dr Bremer, would you raise your group. This is a treat after what we observed yesterday in the most different

press conference. David blanche Flower joins at Dartboth College, a former Bank of England Monety Policy Committee member and of course definitive on America's past present in future wage curb. Danny blackch try, I want to talk to you about the new social FED. They are also sensitive about labor. Can that be codified or is that a one off for the moment. The idea that Powell and the Fed can manage a new wage curve to better equality, we we will see. I mean, it's I'm thankful that they're

actually really starting to try and understand the labor market. Um, not least because between two thousand and fifteen and two thousand and eighteen they clearly didn't and Kaw had to do a mere culpa. It's pretty hard to understand exactly what's going on in the labor market now, not least because wage wage growth just does not give you a good steer. So we're in and a adjustment mode. I mean,

I like to think of this, Thomas. You know, a hurricane hits an island and the price of plumbers rises for a while, and roofers and carpenters, then there will be an adjustment. So these economies are adjusting. I think the sense that I got out yesterday was that looking at the dot plots, it was as if the it was as if the members of the Fed and really

felt they knew what was coming. They have no history, We have no clue about how the virus and the and the vaccine will go, and especially long run changes in behavior, and these are all going to have very big impacts on living standards and on the labor market. We don't know what proportion of people have retired. We don't know how people are there new in terms of their remode working. So I think it was a lot of wishful thinking that I thought that you just said

it pretty well. I thought the slight move to being rather more hawkish was not really based on really evident Especially we're talking about about China today. We don't know how the that's spread, So I think this is a little bit of a world of you know, we know more than we really do. I mean, let's talk Ellen Blinder David blanche Flower here, and I'm going to suggest both of you are less Harkish than many. What textbook, what Bible are the Harkish crew preaching from? Well, they

are preaching from nine. I mean, remember, I guess with you guys, I've probably over the last ten years spent an awful long time trying to talk to people about whether inflation was coming. Um, I don't really know what what book they're reading from. This looks awfully temporary to me.

It looks that I mean, in the UK we've in two successive months we saw last month UM inflation fell from two point five to two, and then this month it rose to three point two, driven by all these base effects, and it looks awful like when you look at the data that in it, As far as I can see, within eighteen months or so, the evidence is that inflation is going to be below the target as this stuff drops out. So I don't really know where

they're really I'm back to your original question. The assumption is suddenly that workers are going to be able to push for huge wage increases but go back to my island analogy. You know, when the roots come off, the people who repair routs, their wages rise. But once the roots that have been repaired, their wages go back to what they were normally. So this is a this is a sort of disequilibrium shot. So I have no idea

where they're reading from. It makes no sense to me that he said it for a whole ten year period and none of that ever happened, So I think they're just in a in a dream world, Danny. I'm just looking at their inflation projections from the December twenty meeting. They were looking at twenty two at two percent, basically twenty three two percent basically likewise for twenty one, they missed this in a big way, Danny. And I'm looking at their projections for next year, but two point three

next year, two point two in twenty three. Go back to two thousand and eight. Back think about in July, wads markets were thinking of interest rates are going to be five percent the next three years. The expectation was, you know, interest rates we're going to remain where they were there and an inflation was going to remain at five and a half percent. So when you have a shock,

a shock comes. The other's are temporary rising things, But inflation is does it nothing more than twelve monthly changes? You drop one, you add one, and then as time goes on, if you have a big shock, that thing drops out. So the crucial question is are these temporary things and order the end? Do they? Secondly, do they permanently change your view about what's coming in eighteen months? Policymakers like me, I always just think, what's going to

happen to inflation in eighteen months? Is there anything here to tell me that inflation in eighteen months is going to be higher than two? And the answer is zero? So Danny, you and I can argue about whether the forecasts are right or not. I'm not sure how much value there is in that. Ultimately, I think it comes down to reaction function. They told us there an outcome base FED. Is there anything in the reaction function that

you disagree with? Well, I mean these are not normal times, John, So if if you're seeing a steady and regular rise in inflation and you respond to that, I think that would be one thing. I think we have such such such a complicated adjustment path that the sensible thing for a for a FED and for the Bank of England to do is sit and wait and watch um and and you know, an act then. But it's I think the way you should do it is to say, under scenario one will do this and the scenario too will

do this. How likely of each of the two scenarios, I don't really know, and I think that's really the way to go because we're not in normal times, Dannie, are we talking about rate hikes here? Are also with tapering? I mean, do you think that it's a mistake for the Federal Reserve to start tapering the billion dollars bond purchases in November? Well, based on the evidence, I think the answer is yes. I think they should be waiting and seeing. I mean, if they do it by a

little bit, well, okay, the the signal is there. The likelihood is that, you know, in six months time they might have to go in the other direction. I mean, the question is are they prepared to reverse themselves? That's the question. What's the evidence to say that you should do that? You've got this risk from China. We're looking today and we're going to talk about the Bank of England. I mean, what we see saw today is growth slowing.

We've seen the p m I is coming out this morning in England, in the UK and France, in Germany and the euro Area growth is not taken off. I mean in the UK, we we're seeing actions by fiscal authorities. They're cutting they're cutting benefits to people, they're taking off helped people have been furloughed, and they're and they're about to raise taxes. So remember that central banks have to

compensate for what fiscal authorities are doing. So the Bank of England sitting in a situation where fiscal policy is now tightening, so that's nothing relevant to their decisions. So a lot of it depends on the fiscal authority. Danny this to me, though, there is not a lot of evidence that frankly, the hundred and twenty billion dollars in bond purchases is materially helping the labor market is actually getting people higher wages. Do you see a clearer connection

than other economists who've come on the show. Well, the story is obviously, the question is what's the counter factual that you're comparing to. So people say, as you just said, oh, it's not clear that it's doing things well, it's pretty hard to measure that we're in an adjustment path, which is which is continuing from a virus that hit the economy. HiT's fast and it hit it deep. And so we're so we've we learned from two thousand and eight and if we look back, we did too little stimulus that

forced things on the central bank. So I think the answer is you have to allow an economy to adjust. And so if you look at wages, wage growth, and good example again in the UK today the National Office of National Statistics says wage growth is seven percent. I don't believe that. They come out this morning and there's estimates on what a wage settlements look like and that's too So what we're seeing is there's this issue of base effects, composition effects and people coming out of furlough.

We've never seen anything like this. The job of a central bank is to allow the economy to recover and try and get back to normal. All the errors are on the down side, and the errors that the FED made in two thousand and fifteen was to tighten too soon. The same error made by the ECB and the Bank of England tighten too soon and then had to reverse itself. So as long as they're prepared to reverse themselves, then fine.

But it looks to me like you should sit and wait and watch and allow the economy over the next six months or so to adjust and then see what. Dony gonna have you back. I'm gonna have you back up a dumbouth teach in person as well. Does that feel good teaching in person? It's great. I just said to you one of my one of the stories. I always think it's great to see all these smiling eyebrows again.

You know, everyone's masked, we all got vaccinations. But it's great to be back with the students, to see real life people, and it's great. Do you do you still throw a chalk at them when they're wrong? Like vaccinated shark? How's that work? We don't do chalk anymore. You know, we've got these We actually zoom the class as well in case people can't throw chalker. It's I'm too exhausted trying to speak for two hours of them on any remotely hawkish. Danny and I have the Danny blanch John

class works Tom. They're educating the dups of the future. Essential bank dumps. I've had is that the educated people to be right. Is that right, Danny, John, I've had the honor of lecturing with Professor blanch Flower. They're sitting in the aisles for the words of Danny blanch Danny, thank you, Danny blanch Flaback. The drama will be this weekend. It will be when the Arkansas Razorbacks move eighty eight miles from their big victory over Texas the other day

down to College Station, Texas. Texas A and M Razorbacks always a massive issue for seventy five thousand people assembled in Arkansas. John, you are up to speed on this watching Tots Arsenal. You're gonna be watching Art Razorbacks because you watched him with Texas the other day. I watched Loton Cohen's race and facts accoumpanaway Kensic out to Tom and it was phenomenal to see that path stadium. Phenomenal. And I'm happy to say the Republican Congressman French Hill

of Arkansas joint US right now. Congressman, you were there. Did you run onto the field at the end. I saw that little pitch invasion. I did not all my congressional salary. I didn't have the extra hundred thousand dollars to play the fine but it was a raucous, amazing victory over the Longhorns. And this weekend they go to Dallas to Jerry World and Dallas Cowboys Stadium to play the Texas Sieties and sort will be a two top twenty team game. Important game for both teams. I'm looking

forward to it, sir. That's the sport taken care of. Let's get to the sport. At this moment in this market, there's been a massive focus on a Chinese company called Evergrand this week's It's been building up over the last couple of months, and there isn't much transparency on what happens with these Chinese companies. A lot of them come

over to the United States. They list here. What I found really interesting is it's the Chinese authorities pulling back on their ability to list do and it hasn't been the US authorities that have got enough done. Congress. Why is that? Well, I think the Chinese are concerned about national security. They say every public company and every private company has an obligation to them the c c P, the Chinese state for intelligence coverage and for national security.

So it's very difficult for them to ever agree to comply with p C a o B accounting auditing standards. So that's problem. One problem too is China wants to create their own parallel capital market, and so I think they're becoming ambivalent about listing in London and New York for some reason. I find that concerning. Thirdly, transparency, They're not transparent as a creditor in the country, the world's largest creditor in the world. They're not transparent about that.

And they're not transparent with their statistics in China, and that's why I'm concerned about the systemic risk of bad economic data and company data out of China. Curse Hill. You got a legit life experience in this with banking in Little Rock, and I want to translate this right

over to New York City. The may your banks that we speak to every day on Bloomberg Surveillance, are they aware of this lack of transparency and are they hindering your demand for more openness or do they aggressively agree with you that we need to see more Chinese transparency. I think they agree for more Chinese transparency. On the debt side, global debt side, China needs to be a member of the Paris Club, China needs to come out and come out cleanly on the lending terms and conditions

they're putting on. I don't mean to interrupt, but this is so important your thought here. Would you suggest we demand that they become part of a Paris Club structure. I have demanded that. I've urged Janet Yelling to demand it. I asked the G seven to do that before they agreed to do the six hundred and fifty billion dollar issuance of special drawing rights. They didn't. I think that

was a mistake by the G seven finance ministers. Talking about Janet Yellen, you're gonna be speaking with her as well as FED Chared J. Powell next week and in a series of testimonies where they discuss their plans going forward.

What do you think is going to be the hottest topic at a time when FED chair J. Powell may not be up for renomination according to some Well, I think their assessment of inflation, in the impact of that thief on working families and how they can justify saying that it's transitory, looking at the statistics that we're seeing, looking at the plans of corporate America for employment and wages looking out into the next year. That's a key

point I think they'll talk about. And secondly, for Janet Yellen, while there's been a failure by the Biden administration to properly get this eviction rental assistance money out across the country, it's a crisis in many, many markets, particularly up in the northeast. Congressmen, were you satisfied with a Fed chair J. Powell whose tone actually indicated that he was concerned about some of the inflationary pressures that you mentioned. I'm glad.

I think he's hearing from his regional bank presidence. I think he's looked at the data. I've been talking about this since last February, so I'm glad to see the chairman taking it seriously. The key has been for J. Pale is it transitory or not? Because he knows perniciously how bad it would be if it's not transitory. So I think that was a key part of their meeting yesterday.

A congressman, that issue and final issue, if we can get that the debt seating debate, let me ask a Delica question, does they start to get a bit embarrassing for this country? Well, since nineteen seventeen, we've had this dead ceiling. We always turns into this political football. But here's the bottom line. Now Democrats control the Presidency, the House,

and Senate. They've put forward these budget ideas, and so they ought to be able to put forward the plan for a continuing resolution and a debt ceiling proposal that can continue to allow bipartisan negotiations on spending. For Congressman and No, this is so important, Johnny when I need a quick answer. Congressman, you're a bank guy, are you trading bonds in your account? I mean, we've got this issue with the feed of two presidents trading in their account.

Is French show on the phone moving E T F s around? Uh? No time, my my. Uh. I'd say my financial position has been pretty sound and the stame way it's been for about seven years, So no material differences there. It's really just the way it was when I came into Congress, and it's grown accordingly. But but I'm not active out there doing that. I think j Pal addressed that yesterday, and I think, look, people have

to have a balance and a transparency. We have strict rules about that reporting in the US House of Representatives and John, what's great as French show walked into Congress with two hundred thousand shares of Apple, so he's feeling great. It wasn't trading them something. And the news conference yesterday it seems Congressman, thank you, thank you very much, said the Republican congressman that French Hill of on Konsil. This

is the Bloomberg Surveillance Podcast. Thanks for listening. Join us live weekdays from seven to ten AMI Eastern on Bloomberg Radio and on Bloomberg Television each day from six to nine a m. For insight from the best in economics, finance, investment, and international relations. And subscribe to the Surveillance podcast on Apple podcast, SoundCloud, Bloomberg dot com, and of course on the terminal. I'm Tom keene In. This is Bloomberg