to greece's no vote. germany says there are no grounds for a debt restructuring. greece's yanis varoufakis has resigned as finance minister saying he has been made aware of his presence could be hampering negotiations with the eurozone. pope francis has arrived in ecuador for the first leg of his south american trip. over one million people are expected to attend a mass given by the pontiff.

it was a definite and defiant "no." almost 62% of greek ballots cast against austerity. athens wants to renegotiate. to do so, the government has decided it might be better off without finance minister verify this, so he has resigned. reporter: the triumph and greek prime minister could not wait for the official results -- the triumphant greek prime minister could not wait for the official results. television networks interrupted their broadcasts as he gave his victory speech. tsipras: we have proven, even under the most difficult circumstances, democracy cannot be --

it is a mandate to strengthen our negotiation position, to seek a viable solution. reporter: his government had wagered everything on this referendum, including its own future. before his shock resignation yanis varoufakis assured the greek people that the greek government would not close the door on europe. verify this -- varoufakis: greece will begin to heal its wounds. tonight, "no" is a big "yes" toa a democratic europe. reporter: while the far left will be entering negotiations with its creditors this week, for opposition antonin samar is, it's the end of the road. -- samars, it's the end of the road. -- antonis samaras, it's the end

of the road. even the fountain bore the syriza party colors. anchor: eurogroup ministers expect new proposals from greece for tuesday's talks. meetings are already being held with french president francois hollande and german chancellor angela merkel quick to set out times to talk. reporter: as soon as the result was announced, principal on called angela merkel -- francois hollande called angela merkel. they will be meeting this monday in paris, at a working dinner, where greece's future in the eurozone will be top of the agenda. for now, they declared the greek vote must the respected, but differences remain between them -- must be respected but differences remain between them.

merkel is facing pressure at home to keep a firm line with greek officials. it's up to athens to act according to the german -- to act, according to the german foreign minister. >> what conclusions can be made? first and foremost, this is a decision for greece. therefore, the ball is now in athens' court. reporter: the german economy minister, sigmar gabriel, lashed out in an interview, saying athens had destroyed the last bridges across which europe and greece could have moved toward a compromise. the leader of eurozone finance ministers called the outcome of the vote very regrettable for the future of greece a point -- viewpoint shared by the president of the european parliament. >> we are in a difficult situation. the greek people said no, but 18 other members of the eurozone agree to the proposal to which

the greek people said no. it's now up to the greek government to make proposals which could convince the 18 other member states of the eurozone and the institutions in brussels. reporter: an emergency summit on greece's future has been called for tuesday in brussels. finance ministers and eurozone leaders will be in attendance. anchor: we can cross now to athens, where are your-- where our european affairs editor has been following the action for us. toxin greece between the president and prime minister said to have -- talks in greece between the president and prime minister are said to have broken down. what are you hearing? christophe: the mood -- it is now in alexis tsipras' hands to decide what comes next. we know he had a long and constructive conversation with the president of france last night, where the french president told him, basically,

we understand the results of the vote, we respect the results of the vote, but a majority of countries within the eurozone are now lobbying greece to leave the eurozone. france does not believe that is the best solution, but it's now up to alexis tsipras to show his partners that he has a plan for greece and that greece will -- will reform itself and that it is worth for europe to invest in the country. anchor: thank you. with us in studio is our business editor. let's look at the markets. they reacted pretty poorly today. stephen: we will start with the currency markets. the value of the euro is an important one to watch. it gives a global picture about how the strength of the eurozone is being perceived. the euro-dollar is down about 1/4 of 1%.

we saw the losses being pared when the announcement was made that young's first practice -- that yanis varoufakis was resigning. the stock market has seen sharp falls at the open across the board in europe. those losses have been reduced slightly as the trading day has gone on. a similar picture in madrid and malone. london -- and milan. london trading down just slightly. we had seen some of the italian banks start down around 4%, but those losses have been reduced as the day has gone on. anchor: we are being told how little is in the bank's -- banks' coffers. can they open? stephen: anyone in the banking system would say "no," simply because they do not have the cash available to do so. they have enclosed for weeks.

they have been reliant on the emergency liquidity assistance of the ecb and that is what we expect the ecb to be looking at again today. they will be deciding what to do about the aid. they could increase the cap and allow more money to go into the banking system. they could choose to go the other way and to curt it -- cut it or to demand more collateral from the banks in exchange for that assistance. in that case, that could have been a disaster for greek banks. we are not expecting them to make any decisions. yesterday, greece had 500 million euros left in their cash reserves. on an average day, they were taking out 300 million. the banks do not have much money left. the greek central met with some lenders yesterday.

they were talking about reducing capital controls even further. they had a daily withdrawal limit of 60 euros. talk of bringing that down to as little as 20 euros a day. there is a knock on effect that will have on the economy. people withdrawing less money means they can spend less money. the economy has already lost 1/4 of its value in the last several years of austerity measures and bailouts. tightening the screws, as it we re, on greek banks. anchor: it comes as there is more pressure on athens, another deadline looming. stephen: reese is set to repay the european central bank 3.5 billion euros -- greece is set to repay the european central bank 3.5 billion euros. if it does not, they will have to cut off the emergency lifeline. that could provoke what's being

called the grexit in -- the grexident. they could have to leave the eurozone not by design or by political decision but because they simply have no money and no way to access money. anchor: all eyes will be on who will be the next finance minister of greece. nanosphere farkas has resigned. -- yanis varoufakis has resigned. we take a look back at the finance minister. reporter: greek finance minister yanis varoufakis is stepping down. he admitted the relationship with european leaders had become strained. varoufakis: i was made aware of a certain preference by some eurogroup participants and others for my absence from meetings, an idea that the prime minister judged to be potentially helpful. >>reporter: with a penchant for

designer scarves and his motorcycle, he annoyed many of his eurozone callings with his brash style. he raised eyebrows with his fondness for the camera. the former economics professor turned politician was vehemently opposed to an exit -- greek exit, but he categorically denied austerity, which he called "fiscal waterboarding." varoufakis: it's an attempt to pursue a legal agenda by inspiring fear in people. reporter: there was no love lost with his wolfgang -- his german counterpart, wolfgang schaeuble who said the pair had agreed to disagree. threw two style -- true to style, varoufakis was not of the same opinion. varoufakis: we didn't even agree

to disagree, from where i'm standing. reporter: he is expected to remain in the syriza party and is extremely popular at home. as tsipras' government and european leaders meet, both sides hope that there will be new impetus to the bailout talks. anchor: that quick look at the yanis varoufakis in greece, stepping down as finance minister. i believe we can cross to london now. stephen: we will speak to the director of sovereign risk at ihs. we were talking about greek banks and the risk they pose to the future of greece's economy. is that the thing we should be worried most about at this stage? >> absolutely. it is central, what the ecb does with its emergency assistance, how it treats greek government debt. it is urgent. they need support. stephen: give us an idea of how

close you think things are to pushing over a cliff. how close to you think we are to a greek exit from the eurozone at this stage? >> we've got to be precise in how we define exit. we are in limbo before that. they may well come back from the grexit door. past the door would be a montenegrin situation, where they use the euro without central-bank support from the ecb. they are moving closer to the grexit door. the backing system is key. they will probably need support -- they need a minimal agreement simply because of the humanitarian costs and the strategic problems of the banking system collapse. it could lead to a downward lurch in the economy.

stephen: what should we be worried about from the ecb? where will its priorities lie when making the decision on the banking funding? >> they cannot lend against insolvent banks. if greece cannot pay the ends -- ecb back on the -- on july 20, it will go into arrears. it will turn to the european leaders who on the bank -- who own the bank. there is a big question of consequences. stephen: do you feel at this stage there is any hope for a deal after a no vote? >> it's obviously more difficult. physicians have hardened on both sides -- positions have hardened on both sides. tsipras could re-offer the

letter he sent last week, which was basically ignored. he could reopen that letter. as it's the third bailout the talk of debt relief was more or less promised. talks will resume, but formal negotiations will take some time. merkel has said the application has to come from the greek government and has to be voted through the bundestag and that's before they actually vote on the package. stephen: quick debt relief will be one of the questions in those discussions. is it something we are likely to see angela merkel cave on? she has been very up against -- very against it till now. >> it was promised as part of the third bailout. the second one has expired. it was always promised, but only on the back of structural

reforms. the bottom line, as always, is greece needs a reformed economy to get back on its feet, to pay any kind of debt, whether relieved or not. that's the fundamental, important part. will they engage in structural reforms while keeping a grip on their finances? simple, really. very difficult to execute politically. stephen: thank you very much jan randolph. >> thank you. anchor: stephen we are hearing from the eurogroup chief that more reform will be necessary from greece, despite this no vote outlining his position that keeping greece in the eurozone is still be objective. we heard from the guest of the deadline for greece, july 20. we have more. reporter: closed banks and long

lines in front of cash machines, a daily scene for more than a week in greece, one which could be repeated in coming days. the resounding no in sunday's referendum has done little to call concerns over the greek banking crisis -- to calm concerns over the greek banking crisis. the banks are down to less than 50 euros per capita in reserves. greece's fate has fallen into the hands of the european central bank. ecb policymakers are set to meet monday. between july and december greece owed 10.3 billion euros to the ecb, the imf, and the european investment bank. athens is due to repay 3.5 billion euros to the ecb on july 20, a sum the greek treasury is simply unable to pay. and if the country defaults on the bond payment, pressure will

mount on the ecb to withdraw funding. greece will need to tap from all of its remaining cash reserves to pay out pensions and civil servants' salaries at the end of the month. the government could be forced to start paying its bills with iou's and even printing new currency, making a grexit all the more likely. anchor: we are going to move on briefly to some other news. pope francis is in ecuador on the first of a seven-day tour of three south american countries his second trip to south america since becoming pontiff. widely regarded as a champion of the poor, he has chosen to visit three of the continents' most -- continent's most impoverished nations. reporter: pontiff was welcomed by a blustery -- the pontiff was welcomed by a blustery arrival. the welcome committee of indigenous children and a traditional performance. the argentine pope was back on

his home continent. pope francis: i think god for having allowed me to return to south america and to be here with you today in this beautiful land of ecuador. i feel happiness and gratitude after seeing this very warm welcome. reporter: the people of quito were hoping to catch a glint of the pope. while in guayaquil, locals began to camp out at of mass on monday -- out ahead of mass on monday. thousands are expected to attend. >> for me, the pope and bodies humility -- the pope embodies humility. >> as a catholic family, we want to show our faith and gratitude for the blessings and health that god gives us. reporter: after ecuador, the pope will fly to bolivia, south america's worst country -- poorest country where he is

expected to defend the rights of indigenous people and visit a notorious prison. paraguay is his final stop. he will meet with the heads of state of all three countries plus argentina. pope francis will clock up 24,000 kilometers in his landmark trip on his home continent. anchor: targeting a crowded mosque and a restaurant, at least 44 people were killed in nigeria after two bombs exploded. the revised death toll coming from rescue teams. the finger of blame is being pointed at boko haram militants who have killed more than 200 people in the past week in the group's northeastern stronghold. that was a taste of other stories going on around the world. of course, greece taking over in large part on this monday. you can always log on to france24.com, where you will find our live blogging page bringing you every second of

detail and reactions to it around your. -- erurope. it's now time for our press review. with us now in studio is oliver farry. he has been scouring the french and international papers for us. let me guess greece taking up a lot of coverage. oliver: that's pretty much all there is. the french papers were spent on the political orientation whether they way in behind greece for the forces mounted against them -- greece or the forces mounted against them. this front page shows to clenched fists -- c=shows two clenched fists. the headline is "respect the greek people's no vote." it's a democratic lesson. a "brave, lucid and powerful

no" from the people standing on their feet. it's a no to negotiations, not to europe. it comes on the days of fear mongering. it is a magnificent lesson in democracy given to europe. anchor: some very happy coverage there. i remember there were also papers not quite so positive. oliver: mostly on the right of the political spectrum. a no means greece takes a big step towards exiting the euro. in the words of the german vice chancellor and economy minister, sigmar gabriel, "greece has burned its last bridges with europe." greece is still part of europe this morning. nothing has changed. "le figaro's" article is simply called "clarification."

the greeks decided to follow alexis tsipras in his mad adventure, it says. referendum or not, nobody has any intention of providing greek with a blank check -- greece with a blank check. the much-dreaded grexit is now a notion. anchor: it has also inspired a lot of cartoons. oliver: if one person says to another, if greece were a bank, they would have saved it without so much fuss. the other says, if greece were a bank, it would have been able to cook its books much better. this is being used by a lot of papers. it shows greece has the promethean's -- greece as prometheus. condemned to roll the boulder uphill only to have it roll

back down again. angela merkel, jean-claude juncker, mario draghi -- this cryptic caption "atheism." anchor: some people having a lot of fun with that. what do the greek papers say? oliver: it's a mixed bag. one is rejoicing. "61% no to consider any -- no to austerity." and tissipras claiming to be vindicated by the vote. the center-right says the greek people put their faith in the unknown. he does acknowledge it was a resounding vote of confidence for prime minister alexis tsipras. given the government hasn't really done anything to improve the economy yet, it's a vote of

confidence in the unknown. the paper asks whether the vote strengthens sippers -- tsipras' hands in negotiations. it doesn't really think so. anchor: a lot of unknowns on this monday morning. what are the german papers saying? oliver: they are not taking it very well. they are almost uniformly. where behind the german government and the truck up -- almost uniformly full-square behind the german government and the troika. the results of the referendum are not in the long-term interest of greece. country must -- the country must adjust to the fact that things are not going to get better in the near future. it also rolls out a strongly worded piece that says no longer

is there any basis for cooperation. the light of hope that shines in greece tonight is the light of dilution -- delusion. the moment has been reached where new negotiations and new deals would lead to a massive self-inflicted injury. anchor: thanks for that. you can catch it all once again if you want toúqúqúqúqúqúc1'

iting new television series; a unique inquiry into human consciousness itself. now you're about to see an extraordinary program, a studio conversation that you may never forget. so settle back, take a deep breath as we join our trusted guide and host phil cousineau on a most memorable episode of "global spirit," the first internal travel series.