from europe's bailout fund. athens has to follow that request with a detailed plan by thursday of how the government plans to reform its economy if it is to get more money to stave off bankruptcy and a possible exit from the euro. reese has been told it has to have a deal in place i sunday, when the leaders -- greece has been told, effectively, it has to have a deal in place by sunday. it made an appeal to the european parliament, asking for it to rethink the way it has been dealing with the greek debt crisis.

the greek people voted overwhelmingly against the greek debt bailout. groups he has the mandate to ask for a more socially just and economically sustainable solution -- it prooves he has the mandate to ask for a more socially just and economically sustainable solution. >> to give the floor directly to ask the greek people directly for their views and to be an active part of the negotiations affecting their own future. a few days after this verdict we have now been given a mandate to redouble our efforts in order to get a socially just and economically sustainable solution to the greek problem. genie: with me is our international affairs editor. an impassioned speech from the greek prime minister. is that enough to change minds in brussels?

reporter: he was saying that five years of austerity have not worked. greeks are painfully up against the wall at an impasse. unless there is debt relief, they will continue into this vicious recessionary cycle again and again. he is appealing to europe to think more broadly, beyond economics, but to return to the spirit of europe and to respect the democratic will of the greek people. it's interesting. is it going to change opinion? take, for example, the debate that followed that address within the european parliament. it's right -- it split right down the line of what we've been seeing among high-level leaders. you've had the more liberal groups slamming alexis tsipras basically saying that he is blaming europe for all of

greece's ills. he is not taking into consideration that there are people going through hardship in all of the euro zone countries not just greece. on the other hand, you have a much friendlier reception from a lot of the socialists. a lot of them gave speeches. the president of -- socialists are the biggest group in the european parliament. the italian president of that group says he sees grexit, greek exit unimaginable. he got a lot of support from the ecology greens deputy, basically thinking citrus for his speech and saying that he is right -- basically banking citrus -- basically thanking tsipras for his speech and saying that he is right. you had a french socialist also saying that tsirppras has offered

europe a chance to return to its founding values, what it was about before all of these financial imperatives took over and it became all about money, creditors, paying people back. basically, she said that you need to honestly address -- politicians need to be honest in addressing the issue of debt relief. the battle lines in parliament were drawn. there were some very impassioned speeches. if it is any indicator of whether or not fundamentally minds have been changed, it seems the camps are very much dug into their world -- their worldview and their approach to the crisis. it will be much harder than just one speech to change people's minds on that. genie: what is france's point of view on all of this? how might a change its opinion it it were -- if it were to change?

douglas: much was made of the so-called franco german axis. it has become this prepackaged catchphrase. what does it really mean in the greek crisis? in essence, it has been very much a progrowth -- very much progrowth, but hollande has retreated to a more acquiescent position with regard to the german chancellor, who has been seen as calling the shots. she is a chancellor who believes in fiscal rectitude. she is a pragmatist, the essence of a pragmatist. you have to play by the rules, respect the rules. she doesn't want to see greece leave the eurozone, but the pragmatic part of her says, if it comes to that, it comes to that. a lot of people would like to see friends with hollande trying to put his -- to see francois

hollande trying to put his agenda back in front. genie: let's go now to athens, with natalie seborrheic this -- natalie savaricas. you were listening into what alexis tsipras had to say today. what do you think the greek prime minister could come up with to convince creditors he is serious? nathalie: the "no" vote, that's what we saw leaders rallying behind him. the entire country endorses sippers -- tsipras and his proposals. it is kind of reinforced.

we don't expect much to change. there is a big question mark how willing is the prime minister to push forward and crackdown a deal. how willing are the international creditors to concede and agree to certain objectives of the greek government? everyone is exasperated. i think it is well beyond policies. it has reached a personal dimension in this political negotiation. much remains to be seen. the grexit rhetoric is growing louder. it's our hearing it more and more -- greeks are hearing it more and more and getting scared. genie: talk to us more and more about what life is like in athens for the greek people.

capital controls are still in place, limiting the withdrawals from atm machines. are people starting to feel the pinch? nathalie: it's extremely disturbing, annoying frustrating,. the lines outside the atm are still extremely long. we have seen scenes of anger and protest for smaller issues than not being able to access your life savings. people have been comment collected -- been calm and collected. this -- the supermarkets and pharmacies are well-stocked. media say there are shortages but that is not the case. it's a regular phenomena in greece, mainly due for other reasons. capital controls exacerbate the problem, but it's not the main reason for that. it's just the new reality that greeks are getting accustomed

to. they have been patient. they have been quite unpredictable in the past asked how long they will tolerate this -- past as to how long they will tolerate this. genie: we are going to go to where alexis tsipras is speaking again. tsipras: we need to reform our commitments for fiscal adaptation so that we can have a surplus rather than deficit. it goes to say -- goes without saying that we are committed to that. i'm sure most of you would agree on that. ladies and gentlemen the question was asked as to whether we have some sort of hidden plan to take greece out of the eurozone. i can be very honest.

all of last week, the vast majority of statements by european politicians and officials said, a no on the referendum would automatically mean leaving the eurozone. politicians -- people knew that when they were called on to vote but nonetheless, some people were surprised. if i had the aim of taking greece out of the euro, i would immediately have made the statements i made when the ballot box closed to understand the outcome not as amended to break with -- as a mandate to break with europe, but a mandate to achieve a better, fairer, and more sustainable agreement. that's our objective. i have no other hidden plan.

i have put our cards on the table i saying this -- table by saying this. i've heard from many of you particularly those who are most highly rhetorical -- they were talking about our inability to address the solidarity from european partners. well, lending is certainly a form of austerity. there is no doubt about that. but we want a sustainable program, because we want to be in a position to repay the loans we eventually take. and when we asked to reduce the debt, we are asking for that, because we want to be able to pay this back. we don't want to be forced, time and again, to accept the new loans to pay off the old ones. the strongest moment of solidarity in modern european history was in 1953, when your

country came out of two world wars and the people of europe showed at the london conference in 1953 the greatest possible solidarity. 60% of germany's that was written off at that time -- germany's debt was written off at that time. i heard from my friend -- well we were candidates for the president of the commission together, and we had a good relationship. he was asking how -- what reforms are you going to do. if you are not proposing reforms, what have you done? let me answer that.

over the past five months, it is true we've spent more time negotiating then we have governing -- than we have governing. we were in a fiscal stranglehold and we were thinking more about how we were going to keep the greek economy alive, rather than on the other side. we have to -- we, after five years, well -- after three years, we opened up the famous lagardere -- lagarde list, where previous ministers just shoved it in a drawer. it was us who brought to justice many of those people who have been responsible for tax evasion. previous governments did not do that. we were the ones who came to an agreement with switzerland so that greeks who have taken their money abroad had to pay taxes. it's us who have passed legislation to limit these

triangular exchanges. it's us who asked from the media to pay their taxes. no other government had done that. we were the ones who supported custom checks so that we could clamp down on smuggling and piracy. we've done all of this. we haven't managed to do more than that, but i want your support in order to change greece. it's our common responsibility to change greece. by that, we will be judged. to conclude, i would like to say that we all understand that this debate is not exclusively about one country. it's about the future of our common construction, the eurozone and europe. and conflicting strategies

about european union vacation come face-to-face -- unification come face-to-face here. i want to make this clear. we have ideological differences. we are divided on issues, but this is a crucial time for us to be able to prove our forces. all of the political forces in greece came around -- their leaders came around the same table and we came up with a framework on the basis of which we are going to come up with some very specific proposals for a fair and sustainable solution, which will bring about fair reforms as well. to conclude, i would like to make the following -- a lot of people were talking about "greek tragedy." well, i respect the laws which

govern the european union and the eurozone. we cannot proceed without laws. but you were talking about "greek tragedy go -- tragedy," one of the most important ones was sophocles, who wrote "antigone." there was a time when the greatest law of all human laws is justice for human beings, and i think that is something we have to remember. [applause] genie: that was the greek prime minister, alexis tsipras speaking at the european parliament in strasbourg, given his rebuttal to many of the comments that were made in the wake of his speech about three hours ago. douglas herbert was listening

into that with me -- listening in to that with me. douglas: another impassioned defense of an already impassioned defense. we talked about the lashing he got from some of the members of the parliament, and he wanted to respond to that, trying to draw on historical antecedents going back to the famous london agreement in 1953, reminding the deputies of a very calm and -- poignant -- a very moment in history, in which creditor nations sat down around the table and forgive germany for half of its postwar debt, not just from world war ii but debts that went all the way back to world war i itself. and among the creditor nations the big guys around the table were u.k., the u.s., france, but greece was among the creditor nations, among some other

lesser-known's, like pakistan and egypt. greece was among the nations that, at a crucial moment in history, forgive germany its debt, a move that is seen as enabling or paving the way for the reconstruction of germany. it enabled the postwar economic miracle, but germany also had the industrial base that europe direly needed for its own good. greece is seen by a lot of europeans as less important today than germany back then. that's a debate. you could #out for hours -- you could hash that out for hours. tsipras making an impassioned plea for helping greece do right by it, and, by extension, it would do right for europe as well. calling on a sense of european solidarity and responsibility -- all themes he has touched on before themes those who

sympathize with greece's cause have alluded to, including some members of the european parliament who spoke earlier talking about the founding principles and values, not just economics, but what is europe really about in the end. that very dramatic ending, alluding to the fact that many people have been blithely calling this a greek tragedy. quoting sophocles' "antigone," "perhaps the greatest law of all is the human law of justice," putting people first, not putting banks first or creditors first, you could read into that. how do you help the people of europe? that's his base appeal, find a way to help greece get back on a growth track, because asperity

-- austerity is not working. it was a plea over the heads of the creditors, right to the european deputies. genie: thank you. we will come up with very specific proposals on thursday. i'm sure we will all be curious to hear what those might be. a quick look at our headlines. the greek minister making that pleased to the european parliament to keep his country's that -- debt sustainable. the decision has to be made by sunday. and talks toward a historic nuclear deal in iran go into overtime. they have until friday to give -- to solve what one diplomat called "very tough issues." time now for business. we will stay with our top story out of greece with stephen carroll.

greece has formally applied for this third new bailout. tell us about that. stephen: it is that european stability mechanism, the eurozone's permanent bailout fund, in place since 2012. it has 500 billion euros it can spend to preserve the unity of the eurozone. the board of governors of the eurozone -- so much involved in the talks for those economic reforms in greece. the process is, once he receives a request, it goes to the european commission and the european central banks who decide what risk it poses to the eurozone, how much money is needed, and how sustainable the debt is. it won't be just the eurogroup discussing it. it will be the technical group in brussels, the people who have been going back and forth, discussing whether the economic

reforms that greece wants to carry out -- that group will validate the principle of the request, so that the eurogroup will decide whether they want to give greece and other bailout. then that goes back to the european commission, the european central bank, and the imf and they come up with a concrete memorandum which forms the basis for the bailout. all of that has to be done before the various parties can sign on the dotted line. there is a strict process in place. that's already underway, but it will take time. genie: have the markets been reacting? stephen: we've seen the markets trying to turn to positive territory. this is a technical step to get that process underway. this is a picture of the european markets couple minutes ago. and the budget will be presented in a few minutes. the london ftse 100 is trading up ahead of that, being helped by a rise in shares at barclays bank after the departure of the

chief executive. the market in china -- shanghai opened down. it closed under 6% down. there was a big spillover effect across the asian markets. all trading significantly down. all those markets worried about what has happened. the chinese market has lost some 30% of its value since mid-june, $3 trillion. kate moody has been looking into what happened. kate: from boom to gloom. after doubling in the first half of the year, chinese shares have lost 30% of their value since peaking on june 12. regulators changed the rules about using borrowed money to invest in the market. in an effort to avoid the

turmoil, almost half the companies listed in mainland china have taken the dramatic step of suspending their shares from trading in the past week. alarmed by the sudden slide, the government took action. >> over the weekend, the government has announced several policies including organizing a number of brokerage firms to establish a fund investing in and directly operated by the state bank. the scale of the fund is approximately $16 billion. kate: they haven't greased -- have announced lands to increase -- they have announced plans to cut interest rates and increase liquidity. china's securities regulator has warned panic would lead to a surge in irrational selling. the longer the selloff continues, the greater it will impact china's already slow

economy and spread across the global financial system. genie: in the united kingdom, the recently reelected government is set to unveil its new budget. stephen: it's going to be the first budget presented by an all conservative government for the first time in 20 years in britain. george osborne beginning in just a few minutes. people expect budget cuts to the tune of around 17 billion euros over the next two years. reports on tuesday suggest those may stretch out over an extra year in order to ease the pain of the austerity for the british public. genie: it was launched with much fanfare, but it seems people have gone off the ball -- the apple watch? stephen: when it was launched there were sales of $1.5 million the first week but new research says that those figures have fallen by more than 90% since then. average daily sales are now

between $10,000 -- 10,000 and 20,000 apple watches. people aren't willing to invest in the more -- invest in the more expensive models. this will impact the1