CNBC’s Julia Chatterley reports the Greek prime minister office says reforms agreed to were those requested by the Troika. Insight on what this austerity deal means for Greece’s economy going forward, with Ron Baron, Baron Capital; Peter Fisher, Global Head of Fixed Income, BlackRock; Byron Wien, Blackstone Advisory Partners.

box. julia chatterley joins us live from athens. julia we’re seeing our futures here in the u.s. come off of the highs of the morning, perhaps nothing gold can stay but we don’t have details of what will be announced yet, so what are you hearing? well it’s a lot of speculation here, too, but the prime minister’s office has apparently confirmed to local reporters that we have a deal. the new democrat party leader is also going to hold a press conference. this is a guy that could end up leading this country after the elections if the polls are to be believed. the pension cuts that were holding up this deal as of this morning are apparently going to go ahead, but not as large as initially asked for by the troika. some protrgs of that $300 million euros aparentally going to be offset to defense cuts, but of course this is all speculation. also, 22% cuts to the minimum wage as we thought and equivalent or a cost cut to unemployment rates here and also the entire wage structure set to lower as per this minimum wage. of course the helenic government statistics office stated unemployment rate here of 21%, so you can imagine people are shocked that we’re talking about talking to this about in the last few minutes, and of course the two largest unions here have agreed to go on strike as of tomorrow. so it will be interesting what happens in the next 24 and the 48 hours that they’re on strike to see how people here really react to this announcement. guys, it’s back to you. julia, thank you. i want to recap the last 42 minutes that’s happened. we saw a strengthening in the s&ps, and we saw a fixed income come off, and we saw the euro strengthen on the news that there was this deal. in just the past several minutes, mario draghi, the ecb president, has suggested that there’s more downside risk in the economy, inflation will go up before — and then it will start coming down, which has led markets to think that another rate cut is in the cards at the european central bank, which has caused all the things i just said to reverse themselves, and so now we’re in a situation where the s&ps are off of their recent even with yesterday. right. and the euro has come off. i’ll turn to smarter people than myself, peter fisher and byron wien, make sense of this. byron put the two things together. the ecb will cut and we’ve had this joining at the hip of the euro and u.s. stocks, so which way are you going to lean on this trade this morning? i think the important thing that’s happening is they’re moving closer to a resolution of the european sovereign debt crisis. if you achieve that, you take europe as a key risk for the world markets off the table. that’s what you need to do, so ultimately it doesn’t get me off my bullish stance on u.s. i’m going to hazard a guess one of the other reasons why we’re not seeing elation in the markets in response to this is that there’s big concerns of implementation. you have agreement on reforms, who is actually going to implement them. would you agree with that? absolutely. it’s very hard to impose austerity in greece. the work rule characteristics of that country are very inflexible. so i’m apprehensive about how much austerity they can endure but i’m on the positive side of that. if they have too much austerity the chance of them growing their way out of it or not having a severe recession is very high. so therefore, i want to see minimum austerity, because greece is not that important in the overall scheme. peter, is that your sense of things you put together what the ecb is doing, probably cutting rates and a greek deal that might provide the financing, avoid default all of this together is a bullish move? i think so, if they cut rates, i certainly hope the ecb will be cutting rates over the coming months, they’re tsunamthg that now. they need to cut. excuse me peter u el interrupt you, draghi headline the greek prime minister informed me that an agreement was reached and endorsed by the party, so that is further confirmation that the president of the ecb confirming there’s a deal. steve let me ask byron a question, if i’m watching the program today, program today, i listen to ron baron and listened to you, i haven’t been investing in equities, i’ve been concerned, haven’t listened to larry fink. the s&p is off 20% off of the recent lows, you’re seeing people like long-term bears like rubini start to get more optimistic. what do you mean? he converted totally. i was trying to be politically correct here. so should one, and i think andrew was asking, you were asking this question off camera, what do you do if you’ve been frozen now? how do you try to think about you’re listening to the news, maybe you think tonight, okay, there’s been some resolution in greece, what do you do? you start to buy stocks. you don’t put all your money to work, but you put money into the market. and you’re not worried we’re not going to have a hiccup in this train ride a little bit? ? i’m not worried about hiccups. i’m worried about digestion. people always jump on the train right at the worst time. then you don’t put — i’m not telling you all your money in it. byron, can you give us some historical perspective? does this remind you of any period where we’ve had, you know, the market is always cyclical. does this remind you of anything in terms of historical periods where we had investors not properly invest in terms of asset allocation? sure, it reminds me of every period like that, 1970, 1987, 1990. you know, whenever the market starts a major move, it always seems at the beginning that it moved too far, too fast, and maybe it will correct. probably it will correct, but that doesn’t mean you should keep all your money on the sidelines, if you’re out, you should get partially in. let’s bring ron in. ron, if you were to put us in an inning on this very subject, what inning are we in, in terms of equities right now? less than the first inning, no outs. we don’t even have one out? where are you really? that’s where i am. the stock market has been up 20%, 30%, as i said before, for ten years. it’s the worst decade, the worst decade in the history of

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