they plan to sell government owned property from airports and real estate but as diana magnay reports the hard part may be finding investors buying up pieces of a country already on the brink of financial ruin. >> reporter: greece is a country of timeless charm, but investing in its bloated and grossly inefficient public companies has very limited appeal. the state sector is heavily unionized, companies face tax hikes and there's still the real possibility that greece will default on its debts. the eu and imf are demanding privatization from ports to power to real estate, meant to raise as much as $70 billion though that may be optimistic and a fire sale would mean deeply discounted prices. >> it's going to be hard to find serious buyers. a lot of people expect greece to defult and maybe go back to the dragma so you have to take into effect devastating devaluation. >> reporter: two of the ports were released to dosco pacific of china and concession which brought in $5 billion for the greek state. now the state is looking to sell another 23% of the port despite a position from the unio

thank you very much indeed, diana magnay bringing us updates on the developments in greece. optimism in the stock markets they'll get the thumbs up in parliament has been reflected in trading. another look at the numbers, of course the other factor that's playing into this is this proposed rollover arrangement which french president nicolas sarkozy announced in paris sunday. we're looking at banks doing a lot better than they have, 0.75 for the london ftse and the dax up 0.4% and zurich up by 0.5%. the shanghai looked like it was headed for its first drop in six sessions but managed to push into positive territory, about 0.1% at the close. earlier loss on the figures of release of china's closing government debt, 0.25% gain for t nikkei and asian story now, diagdia diageo based in london has a shot at acquiring one of china's biggest liquor names following approval from chinese regulators, aand that approval isn't always forthcoming. if the bid is successful it will make it one of the first international non-chinese firms to acquire a majority stake in a household name chine

diana magnay joins me now from athens. thanks for being with us. agreement between france and germany to forge a bailout for greece. is this good news and what does it mean? >> reporter: it is good news. the fact that german and french leaders have quite different position on whether to involve private creditors in that bailout and the fact that they found some solution shows you the urgency of the situation. it means that from the euro zone side they are ready to give them funds that they need. we've seen political positioning on the greece side. we were hoping to push through austerity reforms that are needed in this country and are a condition of any euimf bailout. that didn't happen. so then the greek prime minister decided to reshuffle his cabinet. >> let me see if i understand this. we see the pictures of the rioting in the streets in athens. we know unemployment there is 16%. meanwhile, the president of france is saying he doesn't want his banks to take any pain. he doesn't want banks to take a hit on this. where's the bailout money coming f

diana magnay joins me now from athens. thanks for being with us. been an agreement between france and germany to forge a bailout for greece. is this good news and what does it mean? >> reporter: it is good news. the fact that german and french leaders have quite different position on whether to involve private creditors in that bailout and the fact that they found some solution shows you the urgency of the situation. it means that from the euro zone side they are ready to give them funds that they need. we've seen political positioning on the greece side. we were hoping to push through austerity reforms that are needed in this country and are a condition of any euimf bailout. that didn't happen. so then the greek prime minister decided to reshuffle his cabinet. >> let me see if i understand this. we see the pictures of the rioting in the streets in athens. we know unemployment there is 16%. meanwhile, the president of france is saying he doesn't want his banks to take any pain. he doesn't want banks to take a hit on this. where's the bailout money

. >> diana magnay. thank you. keep in mind it's germany who funded much of greece's bailout so far. that's why it's made life at home tough for chancellor angela merkel. we go live now in paris. thank you very much for beings with us. i guess to help the people around the world understand how deeply worrying this is, not just for greece but for countries and economies around the world are huge and people don't want to hear default and contagi contagion. yes, that is the main problem. this is today on the verge of collapse. there are lots of reasons to worry. the austerity proms have not been working so far, and i'm not so sure they would work in the future because there are two things. the other aspect is growth and so far, the whole aid packages to grease have been phased on it. it has happened only a few times in the past and they're very particular conditions that have not been met in greece. so i think we have a lot of reasons to worry about today. >> the imf is saying that they are standing by, willinging to help greece once greece gets its austerity measures in place and has i

cnn's diana magnay, live on the phone from athens. what's different from what we've seen in the last couple of weeks? >> well, there's a 48-hour general strike that started a few hours ago. and already, as you've seen in those pictures there are thousands of people on the streets, you can expect them to grow in number. the two main private and public-sector unions are out. the communist union also. tens of thousands of people who are complaining at these austerity measures that are a condition of the eu and the imf giving greece further loans. when you talk to these people, they say, we've suffered enough. we've had a year of this already, we've had our wages cut, we've had our pensions cut, we can't cope with higher taxes. we feel as though we're bankrupt already. but of course, there is a very real possibility, if greece doesn't get this money, if it does go bankrupt, as early as july, that the people will have to suffer even worse austerity than they've experienced already. ali? >> we've watched it closely with you and we'll check

diana magnay, thanks for the update. >>> the austerity measures are one part of the recovery for the country. the imf's acting managing director tells us the goal is to restore greece's economy and its competitiveness. >> the greek action is the bedrock of the adjustment program and it's just worth mentioning, it's often reported that this is an austerity program. it's in fact a program of structural reform, intended to restore the competitiveness of the greek economy within the euro zone and to allow the prospect of restored and sustainable growth in greece. the second part is the financing support that will be necessary to make that program possible. and that's what we're still discussing with our european partners. and we are making progress, as you know, in the last week, there was an agreement on the broad terms of private sector involvement in providing financing. we're still working out the details. >> lipsky is serving only as the fund's temporary leader. early in july, the french finance minister, christine lagarde will be taking over as the managing director of the internat

diana magnay, thank you for that report. >>> now richard quest.o effect could eclipse that of lehman brothers here in the u.s. how realistic is that? >> reporter: i think you've got to look at what ackerman was saying. he wasn't saying that greece in itself is so big or important that it would cause the effect. what he is suggesting if greece goes then the question becomes who is next? who else is weak? where is the counterpart you risk throughout the financial system? yes, we had a year to work out who has the greek debt. we know it's french banks. we know it's german banks. they issued paper in the u.s. market. so we've got a pretty good idea the depth and integrity of the greek debt. what we don't know are the derivatives, credit default swaps, what happens if portugal goes or ireland or spain. when lehman went, it was the shock and surprise that caused the damage. people were looking over their shoulder saying who is next and who is good on their debts? >> on the campaign trail here in the u.s., you hear candidates say greece is in trouble bec

. >> we will continue to follow the pictures and check in with you, diana magnay out of athens. >>> " a lot of history and now it wants to host a basketball game. we will talk to one of the coaches, tom izzo of the michigan state spartans right after the break. >>> tsa, a grandmother speaks out and her incredibly embarrassing airport screening. when an investment lacks discipline, it's never this obvious. introducing investment discipline etfs from russell. visit russelletfs.com r a prospectus, containing the investment objectives, risks, charges, expenses and other information. read and consider it carefully before investing. yoo-hoo. hello. it's water from the drinking fountain at the mall. [ male announcer ] great tasting tap water can now come from any faucet anywhere. introducing the brita bottle with the filter inside. but sometimes i wonder... what's left behind? [ female announcer ] new purifying facial cleanser from neutrogena naturals. removes 99% of dirt and toxins without dyes, parabens, or harsh sulfates. so skin feels pure and healthy. [ female announcer ] new from neutr