[captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] sarah: greece's no vote sends shockwaves across europe. is this the man to review life into negotiations over the country's economic future? the new greek fine -- finance minister. we have coverage from athens to brussels. pope francis is in ecuador on the first leg of a tour in south america. celebrating mass in front of hundreds of thousands in the country's biggest city. the u.s. hammers defending champions japan to regain the

title they won 16 years ago. i'm sarah kelly, thank you for joining us. greece is facing tough days ahead as voters deliver a resounding no to the bailout terms on offer. germany says that conditions for new talks are not yet made. leaders hardly had time to register the referendums result without -- before being hit with another development. the shakeup in the greek cabinet. >> the greek government named and swore in a successor. he's already a seasoned negotiator with the eu. the former deputy foreign minister is expected to embrace a more conciliatory tone with international creditors than its predecessor.

he announced his resignation. greeks expressed mixed feelings about the efforts. >> one of the worst finance ministers that served our country. brought us such a difficult situation. i've heard he's a very good economist and so i want to believe he will be much better at negotiating. >> the fact that he has resigned as stressful for me because i think he was doing quite well as finance minister. now with the new finance minister, i do not know how things will go. >> despite the shakeup leaders say greece has to face the same problems as before.

>> reese must take difficult measures or the country won't make it. sarah: let's get the view from greece now. janus, so a new finance minister do people have the idea that he can get greece the deal they want? >> the new finance minister of greece. and tomorrow, he will attend the meeting of the eurogroup in brussels. he is a well-known economist

born in rotterdam. i am sorry you have missed this lady today. here she is. sarah: it seems that people there are very passionate about the cause. this is definitely a topic that has polarized many. i want to turn back to the issue at hand. this summit we have going on tomorrow. it you mentioned it. are we likely to see similar proposals tomorrow? >> the crucial question is, of course, what kind of proposals will the greek government present tomorrow? many say that more or less, it will be the same proposal that

prime minister alexis tsipras presented one week ago. today, we had the meeting with prime minister suppress -- alexis tsipras. and the leaders of six political parties. all of those politicians -- sarah: that is what is going on on the political front. meanwhile, [talking over each other] >> i want to speak. [foreign language] sarah: we will try to get back to you later in the show. we have more on the greek finance minister from the business desk later in the show. the country's landslide

rejection of bailout terms as european leaders scrambling for a response. angela merkel headed straight to paris for urgent talks with french president francois hollande. they're trying to reach out. it does not change the insistence that the greek government deliver a binding explanation of what will happen next. >> the door is still open to discussion. it now it is necessary for prime minister alexis tsipras to make serious proposals. >> time is of the essence. it is urgent that such proposals

are brought this week so we can resolve the current situation. both merkel and hollande are sticking to a firm principle that any new assistance for greece will only be provided. sarah: we saw that they were expressing the no vote. where they in a compromising mood? >> the greek government had to put precise proposals on the table. they also said the preconditions to negotiating the third bailout program were not met. what did this mean? it means that merkel is sticking to her guns.

it is the part that she says she respects the referendum and she is also willing to be a little more flexible. sarah: what are they expecting to hear from alexis tsipras? have they gave given any indication? >> i think they want some clarity. the question here they put that in doubt with the referendum. sarah: was there any discussion about the resignation today?

>> well-known finance ministers of the eurogroup were not willing to negotiate anymore. there was too much that blood. that is the silver line in brussels and in paris that that might change things. you still have the prime minister and the same positions there. the politicians in brussels unsure if it will really make a difference or not. sarah: was there a united front this evening? >> they are different, obviously. merkel is a conservative. but it is in both of their interest to get this thing through with a compromise. even if hollande is more to the left it is more dangerous for him politically if it goes complete be haywire.

they are on the same page, but you can tell that there are differences in the details. all the tough stances came from the german chancellor. sarah: thank you. we really appreciate it. a lot to be discussed with emergency meetings of eu leaders on wednesday. barbara, we saw both merkel and lond -- hollande saying that time is of the essence. will we be seeing something tomorrow? >> we have said time is of the essence about 20 times but looking at the figures for the next 10 days concerning greece, the sheer financial facts is that time is really running out. the ecb will consider the emergency loans for greek banks

this wednesday. if they don't get fresh money the banks will be closed through thursday and further on. on friday, 2 billion euros need to be rolled over. if greece craft -- can't do that, agencies will cry foul. we have another 1.5 billion in payments from the imf and further government bonds coming up. and we have the big black monday on july 20. $3.5 billion for the european central bank need to be paid. this is the staggering figure of 7 billion euros within 10 days. if they don't feel threatened, they must be very cool indeed. sarah: stakes are high. any of those events could send markets spiraling or greece spiraling out of the eurozone.

this finance minister that greece is relying on is a familiar face in brussels, isn't he? >> we have seen him for some weeks and months because he has been the chief negotiator. he is a much more quiet and modest man. he doesn't write a motorbike -- ride a motorbike. in the eurozone ministers deal with him at the table. they will feel more familiar. he comes from the left wing series of parties. we can be asking what is the message for brussels. it must be a political signal. probably that the eurozone

partners cannot expect a soft ride. >> look forward to seeing what develops for brussels. what do leaders and voters and the rest of europe think about the referendum result in greece? let's take a look at the mostly negative reactions here in germany. >> the greek no vote dominated the headlines in the german newspapers. it's not the outcome most germans have been open for and not welcome news for chancellor merkel. she lifted up to her spokesman to deliver the message. that the new no vote makes negotiating nearly impossible. >> the no vote does not provide the basis for unique negotiations. they know the fundamental principles of the programs that have been released so far. solidarity only comes if greece shows any effort.

>> they have urged the government and the eu to search for common ground. talks should be held as soon as possible. >> we need to reschedule debt and take reforms that do not worsen the social situation. we need to improve investments and we have to stabilize the banking sector. >> it feels like a slap in the face. >> a difficult conversation and i think that they should leave the euro now. the effects of the exit would not be for germany. i just don't know if more financial aid really helps the greek people. >> it does not seem to have resolved anything.

sarah: we have to take a short break. be sure to keep it here. back in a minute.

sarah: welcome back. our top stories at this hour. the greek government has named one of its top bailout negotiators as its new finance minister. i imagine there's only one topic today. greece. >> it is all about greece, as you know.

we will revisit the issue we have just heard on wednesday. the financial collapse of the greek banking system and the economy is hanging in the balance. >> after a clear-cut referendum they hoped for relaxation of the financial rules. they work at its next move. they maintain 90 billion euros.

it is monitoring the situation and financial markets with an eye on any implication for its policy stances. >> they will reach a deal. it will be without money and machines. it is not clear if they will reopen on wednesday at this point. it will take weeks to reach a deal. >> the future is anything but clear. many more banking customers will return home with an almost empty wallet. >> the greek crisis has reverberations around the world. what about traders and investors in the u.s.?

>> the bottom line is as dramatic. what they see right now, it poses a systemic risk to their global capital markets. for now, it seems to be none. we do not see a chain reaction as we have seen it with the bankruptcy of lehman brothers. that is the main take here. we have seen the action has been rather moot. >> and unexpected drop. what was that all about? >> it is a nice way to put that.

it is quite bitter. it greece might be a small factor because it is -- if the dollar should continue to trade higher, it could put pressure on commodity prices. and overall, what is going on in china. the big question is the selloff in the marketplace. on top of it, there's talk about loosening the sanctions. there could be a flood of oil out of iran. they saw this big selloff in oil prices. >> we heard the flamboyant and controversial greek finance minister was replaced.

the new man in charge of getting greece a bailout deal everybody is asking, who is that man. he is described as the brain behind the far left economic policies. in oxford university educated economist. he was greece's lead negotiator. it was regarded as the strongest signal that the greek prime minister wants compromise to keep greece inside the eurozone. it is not a party outside and has been a member for nearly a decade. he is a member of the executive committee. and he is a marxist economist. he comes from that school of marxism that has learned to compromise with realities. here's more.

>> rather inconspicuous. previously deputy foreign minister and member of the executive committee. he is the man behind the economic ideas. he is known to be rather quiet and to the point. when it comes to policy, not much comes between him and his left-wing predecessor. the economic downfall of greece it is not due to too little but too much free market capitalism. the privatization of public sector enterprises. they think a powerful government is crucial for the country's economic success. if there's one thing he agrees on it is the importance of the fight against corruption and tax evasion as all of the fact that greece is much better off with the euro than without. his european counterparts have met and consider him likable.

that won't make for easy negotiations. a strong defender of his ideas those are mostly close to the concept held by the rest of the group. >> there may be confusion and frustration but greece remains very popular with german tourists. up to 250,000 germans are currently on holiday in the country. this makes greece one of the most popular tourist destinations for german travelers despite the headlines about the financial crisis. they have not seen many cancellations. bookings are up. tourism is vital for the economy. that is it from me for today. we will continue to keep you updated with the latest business news and developments in greece. for now, it's back to sarah. sarah: silver lining, we always

like that. the u.s. is celebrating after winning a record third world cup final. a seven goal thriller including a wonder strike, the americans beat japan 5-2. they saved the best soccer for the end of the tournament and wasted no time. >> converting the first point at three minutes and with team usa having an early lead. it is not the last time either. just two minutes later, it is 2-0. >> it is legendary. we are part of it. i don't think people understand how hard it is to win a world cup. >> it did not work that hard. -- look that hard.

and the japanese keeper out too far forward. and a 15 minute hat for the captain. >> she is a beast and unbelievable. just so happy for her. >> miss lloyd always does this to us. today, she has three goals. a bit embarrassed, but she's next to that player and i really respect her. congratulations to her. rally in japan just before the break. julie johnson puts the ball in her own net to raise japanese hopes. but he makes it 5-2 and usa lifter record third world cup. sarah: hundreds of thousands have turned out to celebrate

mass with pope francis. a weeklong tour of south america. he is visiting poor countries and getting an emotional reception. >> pope francis in ecuador's port city. people reached out to the pontiff as he made his way through the crowd at the airport. he will celebrate mass in the city with the congregation of it at least a million people. one of the poorest nations in south america. they discuss the key topic for his visit, helping those in need. francis says the call of victims of a throwaway culture of modern society and that he wants to bring care to the people. he wants to raise awareness of environental issues during his visit. it comes as the government faces

criticism for pushing ahead with oil drilling and mining operations. as part of his eight-day trip people suffer heavily from poverty. sarah: don't forget, you can get the latest news and information on the clock.

y8xy damien: hello and a very warm welcome to focus on europe -- with some of the very best personal stories behind the headlines, giving you an insight into the lives of europeans from all over the continent.

i'm damien mcguinness. thanks very much for joining us. on today's program -- in france -- surviving the trauma of the "charlie hebdo" terror attack. in russia -- surviving a growing economic crisis. and in germany -- back to school for man's best friend. france is still trying to come to terms with what happened on january 7th, when islamist extremist gunmen stormed into the offices of the satirical magazine "charlie hebdo," and