they have won the trust of the greek people. can they earn the trust of the greek people?creditors respond? the answer that all of greece wants. anna: how have you been react in? -- how have leaders been reacting? caroline: of course they all wanted the yes vote. the know what would make it complicated for greece. that tells you how difficult it will be tomorrow. the eu leaders will meet at 6 p.m. we are expecting a long night. this might even be the hardest summit that the european union and the eurozone have ever faced. the result of the greek referendum was regrettable but the recovery of the greek economy difficult measures will have to be decided upon -- difficult measures and reforms are inevitable. i/o druggie and the eu group -- mario draghi and the eu group -- it doesn't necessarily mean a better deal for the greeks. >> the greek people said no. 18 of the members of the eurozone agree of the proposes to wish the greek people said no. but democracy in greece a democratic government had another view, a different view. it is up to the greek government to make proposa

greek drama.s time on the programme the latest poll shows most greeks in a move to reject a financial package offered by greece's creditors. the government plans to let them vote. will the banks open monday morning. joining me now in washington is william cline, a senior fellow at the peterson institute for national economics, and george, a senior fellow and director of the center for monetary alternatives at the cato institute. given the way the table is set right now, you get a bunch of macro economists, money guys into the room, elected officials into the room, how do you make a settlement where the politics work and the economics work? >> i wish i knew how to do that. perhaps i could run for prime minister of greece if i knew. but what i - i know what you don't do. you don't shop the odds by holding a referendum where you recommend that people vote to leave the eurozone. if what you really are looking for is some accommodation in order to stay in the eurozone. that certainly is a bad way to go

and the french the greece -- the greeks do you think it's what the greeks have to swallow. angela merkel: i would never do make those comparisons and i never have. does the line with the programs we have agreed and talking about the programs and was nothing special the banks due to the preceding have been put in the worst position than before. this completely in line with what we had by way of a program. and the cyprus example as head of government i cannot preempt the provisions of them. we were informed. in the committee level our talk to the speaker and later to the representative of the proletariat group how we bring -- parliamentary group how we pursue. before we know that those in greece have the necessary decisions where it will be then and we will see. >> i would like to perhaps built on the question of my colleague on the greek ownership in this. it is not -- it does it exist? angela merkel: it does exist. the high financial requirement is there. it is also there because there is a compromise of not using the 50 billion euros exclusively but also for investment and

even this greek government says that first of all you have to blame the greeks and the greek politicians of the past for situation that greece is in right now. and solidarity because it is extremely difficult to sort out the situation and you need a full support from your partners if you want to go ahead. >> and coming do you think the matters seem to be slightly more strict if you like from angela merkel, she said the door remains open for conversation but she was pretty clear the time was running out here and also she described it as a very generous offer that they made to grease intogreece in the last round of talks. there is a bit of steel in there isn't there? >> i'm not surprised with that, and she absolutely right. the time is running against greece. 20 of july we have to pay another dose to the -- a very important dose, very big dose to european central bank so she's right. and i think we need to find the solution at least by the end of the week, if not by thursday. >> okay, isaac carapedes, thank you very much for your analysis there. and let's bring in jacky rowland who is live

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 --

nobody trusts the greek government. it is one of the biggest friends of the greek government. >> and the head of the eu commission,[talking over each other] >> they don't do it. melinda: there is no orderly process for any state to leave the eurozone. de facto, if we look at the situation on the ground, it is already looking pretty, pretty tight. the banks are running out of money and it's quite possible the greek government may soon have to begin paying pensions and other things. with ious. does that amount to a parallel currency? >> for the banks, if they had to cut our savings. and people still have money in the banks. although they took a lot of it in recent years. the atmosphere is so tense. the referendum is an ultimatum itself. government says it is just an agreement. you just give us more strength to represent you and gain more on your behalf. if you mention martin scholz, to my knowledge these people should not speak anymore. >> we are likely to see more troubling images like these. ♪ melinda: are these the kin

once that work has been done in the greek parliament. have a euro group call probably on wednesday and that will be the trigger for the other national parliament to start their procedures. that could take place on wednesday, thursday, friday. i can't be very precise because national parliament are is off rep and decide on their own timetables and once the national parliament have dealt with what has been on the table, we will have a more formal decision by the euro group slash board of governors of the esm. thiswhich is the decision under argued 13.2 of the treaty, which allows then to start the formal negotiations. and the institutions will do those formal negotiations for us. and then, of course, once that is completed and it would also have to deal with the financing needs and depth sustainability, that will be, again a very important moment to come to a completion of the deal. but that is still weeks ahead because a lot of works will still have to be done. so the first couple of days, attention goes to the greek parliament, as soon a

reporter: the greek government maybe forced to decide between allowing a greek exit or granting easiererms. it could be a gamble that greece gets wrong. anchor: staying with trees, european ministers say they also will wait for the referendum to discuss for a request for a two-year loan. our reporter is live. jessica, angela merkel has reportedly be getting some support, not just from italy today but also other european ministers. jessica: yes, certainly the frustrations are felt by angela merkel and the german parliament towards the greek government. it is felt by these people. angela merkel, as you said, did meet this afternoon. there could be no negotiations with greece and with greece and germany head of the referendum and she repeated this after her lunch meeting with renzi and he extended his sympathy to the greek people, but he said there would be time for negotiation further down the line. angela merkel pointed out that the country itself suffered from economic words and had to put in place tough reforms. she said this more diplomatically than renzi had said. in the afternoon,

and the greek people. i think the biggest problems will arise in some of the up front actions particularly the overall of the a.t.. above and beyond what the greek parliament just passed -- >> we are going to jump in quickly and listen to france's president francois hollande. >> and everything be studied and everything be said by the goff of the eurozone, by greece. by those who were the most reticent and requesting guarantees and it was necessary to keep the german relationship between madam merkel and myself which is necessary in we wish to achieve a compromise. if there is not this solid solidity which, of course, can include differences, if there is not this cohesion to achieve an agreement and we spent a lot of time with madam merkel, with alexis tsipras and the our opinion authorities to achieve this result alexei tsipras the greek prime minister who had already had vote bead his parliament reforms so that he could express his expectations and he made a courageous choice at the time when other reform

we will continue digesting this greek story.with us. ♪ >> europe's leaders demand greases prime minister's initiate new reforms or leave the euro. alexis tsipras is faced with a new deadline of wednesday. the euro drops, but showing some resilience, trading 1.11 against the dollar. anna: 400 companies resume trading while the june exports beat estimates. and a nuclear accord on a ran could be announced -- on iran could be announced as soon as wednesday. >> welcome to "countdown." i am ryan chilcote in athens. anna: and i'm anna edwards in london. we have been on there for the last hour and we haven't seen that much move. it could be something of a relief for nervous investors. let's get straight to what's happening on the foreign exchange markets. i have a one-month chart to give you perspective -- we are still above 1.11. the euro is currently trading above levels we saw on the 29th of june when the greeks missed the payment. in the euro-yen, which typically does express some level of risk aversion when we see these diplomatic

i am a member of the greek parliament. but we must realize how tough this is for the greek people. call the prime minister alexis tsipras to say this is blackmail. i know he was blackmailed. the government of greece, he said i prefer to die than betray the people. the greek chairman, thank you. manus: let's give you a check on the equity markets. they are still holding onto their rally this morning. the dax is cracking. this is the seventh straight day you have seen a rally there. the longest winning streak since january. european car sales are up. have a look at the cureerency boards. bureau is down -- the euro is down 1.5%. we understand the greek central bank made a request for a raise of 1.5 billion euros. but they recommended was to keep it in place for now. we bring you that press conference here at 1:30 london time. ♪ >> the ecb is likely to keep the greek banks on hold. mario draghi's press conference is in athens. reiterating the u.s. central bank will hike its main interest rates this year the first in almost a decade. international margarets song netflix sore in its subs

they know that the greek people gave it to us and we know that the greek people said despite the fear of closed banks and the mass media chromed by the with this. we will ask or partners to work with us. we will ask them individually to come and negotiate with us. consider that the imf published a couple days ago a report saying that the greek debt needs restructures. we will talk with the ecb that tried to wait a stance that shows our common agony to find a neutrally beneficial solution. we will ask the commission that we as the greek people want to play a positive role in healing the greek wound, which is a wound of europe as a whole. starting tomorrow europe, whose heart today beats in greece, will start healing it. today's no to the vision of the euro zone for its people, it's a yes to the vision of europe as a commonplace of welfare and prosperity. >> we've been listens to the greece finance minister speaking from athens and essentially confirming what we know. proclaiming this z a victory and saying they want to get back to the negotiating table and sit down with their european

smile of the child is funded by donations of greek.eraty that is untenable in the wake of rationing. >> families this supported us still to support us. we have a week of survival. but he is prepared to do what is takes to keep the east net intact. >> we'll fight for the children, going away, going to the state. doing everything we can. showing a need to survive. >> anunwavering commitment to family. as long as we stand up. we'll go out and o do what it takes to raise them. >> joining me from athens, is there any relief in site for pensioners like the people in your story? >> not with this deal. if anything, these people are staring down the barrel of more pension cuts and austerity, you have to question where will it leave them. this is a couple that has not been able to pay the utility bill for six months, because they are having to choose between food and necessity. then you have smile of the child, helping families in crisis, children in crisis, relying on donations. now, the ben factors have not been able to give them money. banks

the greek economy is totally different.important to say is that greece is actually small, but it is true that the problem is complex. socgenat was the ceo of talking to us last week. he was talking about how likely the impact the greece referendum would have on the eurozone. can the eurozone handle alexis tsipras, the greek leader emboldened by the referendum this weekend? percent voted for him, voted no, but when he spoke earlier on state television, he may be tried to downplay that victory. thee minister tsipras: result today does not have winners or losers. it is a great triumph on its own. altogether, we rode a shining episode into european history. we proved that even in the most difficult situations, europe cannot be threatened and democracy cannot be threatened. we proved that when a country eachailed, it can overcome one of the difficulties. i want to thank each and every one of you from the autumn of my heart. it is our obligation to do our best and to lift greece back on high. social unity and restoring social coh

with the greek state. and it means that some greek banks perhaps one maybe more, are even closer to collapse. fortunately, i have an expert with me to discuss all of this. i hope in some comprehensible language for our language. nicholas yorgi kokopolus. thank you for speaking with us. >> thank you for having me. we are living in a very interesting critical time, not only for the greek people but for the greek banking system. as you said before it is very important for the greek banks to first of all maintain their existing liquidity actually by people after the capital control you have in portion of the economy by 60 euros a day it's actually something that we can all say maintain. but let me tell you something. the greek banks at the moment they don't have more than 6 to 800 million euros left in their amounts. now, with the rhythm that the people are withdrawing moing fromfrom thegreek banking system, after that there are two ways to deal with this problem. as financial risk management i would do two th

the greeks fighting for the greeks. isn't that the problem? >> i can't see that, because i think that at least europe tried to stand together to get the problem solved. i'm not so -- i don't think that this is the right way to solve it. but -- >> but the austerity, chancellor, the austerity, of course, as allen was saying earlier, had the german media breathing down her neck, saying don't give into him, don't give a cent to the greeks! and she's going to face elections. even her own coalition partner were outdoing her in their demands for austerity. wasn't she also playing a local german political game? >> well, everybody has to play local games, because you need the yes of your parliaments, to get the package not only decided but to get it before the parliament and things like that. but i think that it is not fair to play the ball to europe, to the other euro countries and to say they have a second agenda and they are playing only for their own population. i think they won't -- if they would do -- if they did do that, they just had voted for

guy: what are the greek people voting on?re are people out there saying that there is effectively no offer on the table, you are out of the program. mr. varoufakis: it is ingenious, isn't it? on the 25th of june, i was presented with a comprehensive proposal. it was more or less on a take it or leave it basis. i'm sure that any independent observer would agree. if we were to do that, we were extending the crisis. the banks would we open, but we would be the same as the last five months. what we are saying to the greek people is, no more extend and pretend. this has no specific funding proposal and no debt sustainability analysis. this is what we are saying no to. this kind of mentality, just sign, take a small trench of money to tide you over, then come back to the same crisis negotiations. guy: so if there's a yes, what will you be signing? what will you be prepared to sign if there is a yes vote? mr. varoufakis: do you have any doubt that if there is a yes the same proposal will be back on the table? it certainly will be. g

greek banks will stay closed until friday. the greek leader is backed by opposition in search of new aid deal to save greece from economic abyss. i'm lauren todayer. also coming up, an attack in central nigeria killed 40 people. boko haram is suspected. the iraqi military set off its offensive. and the pope will celebrate mass with thousands of people on its trip to south america. >> hello just a day after greece voted to reject the terms of an international bail out the country's bail out system looks close to lapse. now according to four banking source banks will remain closed until friday. there have been a flurry of activity since that no vote, and german chancellor angela merkel is now meeting with france's president franÇois hollande. following pressure from eurozone leaders, the main opposition and ruling parties have issued a support of attacks in a moment we'll go live but first reports from the greek capital in the aftermath of the referendum result. >> on this day there is one sentiment above others on the streets.

they have lost tens of thousands of young greek citizens who were educated at the expense of the greekonomy and are now taking what they have learned to go to other countries and work and be productive over there stop a country like greece, which is modeled begin with, can't keep hemorrhaging its best and brightest in people at the same time that everybody else's salary is collapsing. this is an economy or you have to look for a metaphor, go back to the depths of the depression of the 1930's when we had comparable kinds of situation of desperate people in recent poverty, they want out of that because, otherwise, they face an indefinite future of this kind -- amy: what happens to the rich people in greece and what about the issue of taxes? >> well, you know, that is the unspoken but real story behind all of this. because the more the europeans squeeze the greeks with a left-wing government that government, especially strengthened by the referendum now, has to sooner or later -- and paul referred to this -- go after the wealth that is they are in order to solve some of these problems. th

it's a big confuse for the greek public and this gets intensified as many foreign and greek media exertropaganda and don't give the entire image. >> very briefly either with a yes or with a no, how well would you rank mr. tsipras' chances as staying as prime minister and his government staying in office? >> it's hard to say. i think that it's highly likely that if we have a big yes tsipras will have to call for election. if we have a big no, i'm not certain that creditors will step back to the demands of the greek government. >> mr. tsipras has offered to make a deal with the creditors within 48 hours of the vote, whatever the results. he'll have to be going back to brussels. the document that was put forward to him a weekend ago which he said on tuesday night he would sech with a few changes, so after sunday, we shall see whether in fact he will do what he said. >> john live in athens, thanks very much indeed. those are pictures from the no ray, which is subtly growing and prime minister alexis tsipras is doing to address the crowds shortly. we'll thing r. bring that to you live. >> is

ordinary greek man and woman., in addition, starting in august of 2014, we have got to disburse a charge under the bailout which continues until the 30th -- continues until the 30th of june. and repayments of 7.2 billion. and it was not our government which was in power from august of 2014 until 2015 to 2015. the fact is that the program has not been implemented. the program was not implemented then not because at the time there was the ideological circumstance that we currently have. it was because the program then and the program now did not have social acceptance. it's not sufficient for it to be right it's got to be workable. it's got to have the public support. and acceptance. ladies and gentlemen state members over the same period greece has been involved in negotiations because of that 7.2 billion -- billion in disbursements, we also had the duty, we were under an obligation to repay to the same institutions which were providing the finance repayments of 17.5 billion euros. and that was money which was take

how to read the greek prime minister. alexis tsipras appeals to voters to say no and sunday's referendum on a new bailout. just hours after telling the eurozone he wants the deal. europe is sweating in a heat wave. even the mother of tennis star andy murray is handing out cold drinks at wimbledon. i'm brent goff, it's good to have you with us. a door slammed shut 50 years ago is about to be reopened. at the white house, barack obama today announced that the u.s. and cuba are normalizing relations. in this is fast-track policy change. in the season washington and havana are scheduled to reopen this month. >> a historic moment and havana as the diplomat handed over a letter from president barack obama to his cuban counterpart. the letter made it official that diplomatic relations will be restored after 54 years. obama later spoke about the long road that led to this moment. in part, he blamed decades of u.s. policy saying that it had isolated cuba. obama: the progress is another demonstration we do not have to be imprisoned

and greek people. dangerous for europe. we have never been in this situation, we don't know what will happen and the market will open tomorrow and we'll have a big surprise one way or another. having said that i think the market reacts well and the greek government is not acting perfectly rational . i'm hopeful the react won't be too bad tomorrow, but i think we come to the end of the line in terms of what is possible. what will happen i think, the greek government will collapse we'll have new elections or the economy will collapse. >> i want to discuss some scenarios in a bit more detail. for now, thank you very much. there's more to come on the al jazeera newshour. a crucial and controversial contest. we are speaking to people in burundi ahead of the election. also we look at some of the latest sites awarded world heritage status and has the pournt tournament brought economy to women's football. we'll be live in vancouver. >>> the other big story we are following in europe negotiators trying to iron

he now has the backing of the greek people.issent is disappearing and it does put them in a stronger position. whether itn is entrenches the current positions with greece on one side feeling confident and the creditors on the other side saying you aren't making the commitments that we want you to make. how does that get resolved? it is difficult to see at this stage how that one ends. it is difficult to see angela merkel giving massive concessions to the greek people because they have turned around and said they don't want austerity. rishaad: thank you so much. a late night he is having their. -- there. something like 4:35 in the morning. here is the vomit the latest from social media. -- yvonne with the latest from social media. yvonne: some say it may take months before we know, but greek leaders are being very outspoken in the last couple hours. in response to this referendum, particularly the prime minister alexis tsipras, laying it out on twitter and saying that at this stage, the country needs unity, cohesion, togethernes

faye: that is the greek way. melinda: not only the greek way. there are other countries in agreement. faye: true. merkel is looking for a win-win. she wants greek to stay in the eurozone, she does not want a grexit, but she once a solution where she will be able to take it to the germans, also the germans in the parliament, and say, this is a good solution. we are binding the greeks with straight terms and we are turning them into germans. you can rest assured that we are doing our jobs and not gambling with your money. i'm not sure that this win-win scenario is still feasible. melinda: to see how this drama might play out, let us take a quick look at some of these key protagonists. we thought it might be interesting to peek into their heads and see if we can read their thoughts, starting with the chancellor. >> i don't believe it. the greeks have actually voted no to our austerity package. so what do we do? throw them out of the eurozone? we will have to make concessions, give them the haircut they want. how do i tell my voters? the finance min

so i'm very happy that the greek proposal of 35 billion of support to the real greek economy has been accepted by the european council. thank you. >> jeroen dijsselbloem president of the euro group. >> thank you. we spent before spending 17 hours i think it was in the summit we spent 14 hours in the euro group going through all the issues that were on the table and as my colleagues have already said trust was a very key issue but also we worked very hard on a lot of issues regarding the reforms of fiscal situation, the debt problems financing needs, et cetera and we were able to agree on a lot of these issues putting in an extra effort on all sides to get greece back on track. we prepared a report with some big, open issues and brought that to the summit and over the course of tonight and this morning we reached agreement on those issues. you will find in the agreement some of the issues have been brought forward. so the greek parliament will very quickly legislate on a number of issues and we will work to bring back trust in the whole process and between the member states. also there

, there is many mysteries in this greek story but one of them is that the greeks apparently think that the reason they hadn't gotten better term from the creditors before was that they lacked some kind of democratic mandate or something. they thought that if they had this referendum, that its government could get better terms. the real problem and the reason why greece is not getting better terms is ger pan politics, to the greek politicsment if you had a referendum in germannee saying should we give pore money to those greeks i guarantee you that the germans want want to. >> rose: we conclude with the women's world cup finals and the extraordinary victory by the united states over japanment joining me briana scurry tommy smyth and jere longman. >> the women's game is groaning in leaps and bounds and this victory here i mean the only thing that could have been better charlie, was that if the u.s. had beaten england on july 4th. that would have been the best. >> rose: the greek referendum and the world cup final when we continue. >> rose: funding for "charlie rose" has been provided by:

it reduces the latitude for greeks. this can happen and no one is bombing out italy and spain then europeans will think we can let the greeks go. matt: we appreciate you getting up early this morning for us. erik we will see you again. he will continue to report from athens. hans humes i called him late last night to come in. stephanie: and we appreciate it. we want to talk more about the modest market reaction. i cannot believe we are still doing our top five. number one was really everything. number two is market reaction. funny, we thought we would see so much. funny go that is perhaps -- vonnie: we are waiting for the european response. a 3% move at the open overnight in the euro. it bounced back over one dollar 10. we are at a dollar 1005 now. even if we get an all and response from the ecb, the most positive we could get, it may not be. that would mean a balance sheet expansion. a lot of people are waiting. matt: thank you. we want to get more commentary on greece from a famed economist. he called out germany sayi

she is greek. should have had you on the greek segment. something about what bush said. anyone who discounts six 1/2 million people part-time work seeking work full time hasn't listened to working americans. that seemed to be a cheap shot was trying to say he is accusing americans of being lazy. that is not what he was saying, is it? >> not at all. it is opposite, that obama policies like obamacare actually forced americans, record numbers of them, david into what we call forced part-time work. what jeb bush is talking about, agree with every single sentence he said there, david as an economist, he is exactly right. we can't have 4% growth. we do need dramatically increase the labor force participation rate and need to get workers to work more hours. if you work number of hours worked in this recovery, they have actually been very low relative to other recoveries. so more work and more productive work and more business investment will lead to 4% growth. david: the point about hillary clinton, by the way, she has to take some responsibility

we'll check into greek etfs? why greek? why not? let's bring in cnbc contributor ron insana right now. you've been saying for quite some time forget greece. it is important but not as important as what is happening in china. >> just to put this in perspective, the market cap losses in china are ten times the size of greece's gdp. so -- and ten times the size of the outstanding greek debt. not that that would be very easy for europe to write off or absorb. greece is clearly a problem but china having fallen now 30%, what worries me more is the lack of response last night to what as eunice yoon described, bring region out guns blazing to support the market then not having it work. >> if they. haven't run out of bullets, but the bullets aren't working. >> they may have run out of the most important bullets they would have had. infrastructure spending. they spent 6 trillion inn in the past several years on uneconomic projects. what can you do to stim lapt the economy economy i think the markets are reacting more to china than greece. >>

and the pressur on a greek banking system alre greek banks will stay

we wait half an hour to see how the greek market reacts. we are seeing greek debt selloff on prices falling in the yield rising 2.6%. we are at 17.25 percentage points. money out of italy and spain. the fear is contagion. 2.37%. we are up 11 basis points and a bit of a selloff. back in 2011, 7 .5% here. contagion under wraps by the ecb. the fact quantitative easing will be there. florida to the safe havens of the united states and german. -- flowing into the safe havens of the united states and german. yanis varoufakis, the finance minister leaves him his greek exit out of politics. we saw the euro spike ever so slightly higher. generally down. that is where we trade. very quickly, a look at some of the stuff we could be keeping an eye on. some of the periphery. down by 4%. one of the most exposed to the italian sovereign debt market. that will hurt. bcp as well. the portuguese lender is down 5%. an eye on rolls-royce. the engine maker said that are cutting a profit guidance, four-year might be 75 million pounds last. jennifer: thank you. p

someone can say that we have an a-greek-minute a-greek- a-greek- a-greek- a-greek-ment. >> the deal is done. >>> leaders say the grexit issue has been put to bed while italian prime minister matteo renzi tells cnbc europe needs a new vision? >> this is important, you have to -- if we save greece my real challenge, our real challenge today is to save europe and the business economy. >> european equities trading higher as details of the agreement leading the banks with the gains. but the euro sheds over 0.5% versus the u.s. dollar. >>> u.s.-listed greek assets open sharply higher. peripheral bond deals, meanwhile, fall across the board. >>> and if you're just tuning in thanks so much for joining us here on wx wgs."worldwide exchange." it has been a very busy premarket trade. a volatile session, we should point out, the dow traveling 3,000 points from high to low. but at the end of a week with little change. but monday we could be set up for a rally here. dow up 117 point it's. european market outperforming applauding comments from european leaders on a tentative agreement being reached w

we're greek, or we're not greek. -what are we? -woman: greek!onis: if we don't make it, our margins aren't gonna be good enough. mushrooms, chicken tenders, tater tots. we're gonna donate this food. i don't want it around here anymore. all right, let's head downtown. mike: all right. lemonis: the next thing i want to do is take kathleen and mike to meet with all the franchisees. when i first met a couple of them, it was very obvious to me that mike and kathleen were way out of touch. my investment wasn't into a single business. it was into a system. i don't want five restaurants. i want 50 or 500. and i want to fix the relationship between mike, kathleen, and the franchisees. i wanted to get you guys together today to give you an update on what's transpired, but, more importantly, to start the process of having good and open lines of communication. and what i thought i was coming to help was a very healthy franchise organization that wanted to grow. instead, what i found was a very unhealthy franchise organization whose franchisee/franchisor rel

the greek debt is unsustainable.onorable thing for the berlin government would be to admit their responsibility and agree to a restructuring of greek debt along the lines of what the imf suggested last week . we have robert hormats with a question. robert: the imf has says the greek debt is unsustainable. it seems that restructuring it is the beginning of the negotiation to recognize that fact. the credibility of the greek government is different from california as you said. how much can the greek government due to take reforms that are even minimal but a serious nature to take their part of the burden? tom: will we see those reforms this week? >> i wish we could but i have to tell you that i am not very i mentioned about the responsibility of berlin. unfortunately, angela merkel's government has refused to take responsibility. at the same time in athens there is a government that has proven that they are irresponsible. we talk about democracy and how democracy comes from the ancient greeks. there is no other word th

what is your three-to-five year plan for the greeks?t do you say to the greek pensioners and civil servants that are going to be down to eight to nine cents of dollar where they would be in the euro? >> yeah, yeah. >> go ahead. >> this shows, this shows a misunderstanding what the devaluation is. when a currency devalues against the dollar and against the euro, that does not mean that your pension in greece falls by the same amount because the cost of everything else in greece goes down as well. look, is greece staying in euro? >> you understand importing and exporting say something like that. >> i do. i understand. hang on. hang on. i understand cost-push inflation. we saw it in iceland. in 2008, had an 80% devaluation of their currency. but they're now back in good steady growth. greece should never have joined euro. she was after flicked with the wrong interest rates. she has now the wrong currency. she needs a major devaluation. without it, without it, she will become a third world country. liz: we will if simos is correct whether w

it is absolutely conditional by the decision of the greek government and the greek parliament. the issue today will be bridge financing and i for see those negotiations being very difficult because i don't see many countries having a mandate to give money without recommendations. >> they're optimistic a breakthrough has been achieved that will force the greek government to take action. >> they have demonstrated political courage. it the government aces a tough and areas debate. >> 17 hours of difficult talks ended this morning as they approved and 86 billion euro financial aid program covering the next three years. the eu leadership says the deal is a big step forward. >> the decision gives greece a chance to get back on track with the support of european parliament. it is also a social, economic, and political opposition that this outcome will have. the progress and the constructive position of greece helps bring back trust among eurozone partners. >> as brussels brings a sigh of relief, the attention turns to athens. alexis tsipras is under enormous pressure to push reforms t

it is absolutely conditional by the decision of the greek government and the greek parliament. the issue today will be bridge financing and i for see those negotiations being very difficult because i don't see many countries having a mandate to give money without recommendations. >> they're optimistic a breakthrough has been achieved that will force the greek government to take action. >> they have demonstrated political courage. it the government aces a tough and areas debate. >> 17 hours of difficult talks ended this morning as they approved and 86 billion euro financial aid program covering the next three years. the eu leadership says the deal is a big step forward. >> the decision gives greece a chance to get back on track with the support of european parliament. it is also a social, economic, and political opposition that this outcome will have. the progress and the constructive position of greece helps bring back trust among eurozone partners. >> as brussels brings a sigh of relief, the attention turns to athens. alexis tsipras is under enormous pressure to push reforms t

the greeks and ecb said no to that. whether the position has been strengthened, it's very much open to question. let's remember also that as things stand the greek government has to repay 3.46 billion euros to the ecb on july 20th or it will be again, in arears. rather than in the manner it is with the imf when it failed to pay back 1.6 million on june 30th. so very much a sense of uncertainty in the euro zone following what would appear to be this resounding no vote in greece. >> as reaction continues toe come in to this vote dominic, one senior german lawmaker said greece might be better off outside the euro. might those calls go louder in the coming days? >> one thing we know for certain. the german government is very wary indeed of making more bailout commitments without consulting the german parliament parliament. they said to the euro zone finance ministers at a meeting last week he couldn't guarantee being able to get support for another series of bailouts. there have been opinion polls in german newspapers which

lisa suarez has a copy of the question and the responses from greeks. >> the greek people are preparing to have their say and what is a referendum that will really shape the future of their country, but do they understand the question that is being put to them? i have it here in english and i'm going to read it out to you. it reads the greek people are asked to decide with their vote whether to accept the outline of the agreement submitted by the european union, the european central bank, and the international monetary fund at the euro group of 25-06-15 and is made up of two parts which couldn't city tut their unified proposals. the first document is attached entitled reforms for the completion of the current program and beyond. the second document reads the preliminary debt sustainable analysis. which has the question. whichever citizens reject the proposal by the three institutions vote not approved no. whichever citizens agree with the proposal by the three institutions vote yes. but do agentenians understand what is being asked of them. agentensian nem there is a clear clack of clar

the greeks have bad loan ratios. one third of their loans is unprofitable or needs to be restructured. they need more capital. we still estimate that bondholders and have to take a loss to help banks with 25,000,000,008. another concern is to consolidate them to smaller numbers. there is a potential loss. is the deal sustainable long-term for greece? manus: as you say, the longevity of this deal, that comes down probably to how much the debt is extended and the level of austerity. the biggest risk in the next 72 hours, what is the biggest risk? alberto: the execution, the approval of the deal. the greek parliament has to approve these measures. they have until wednesday to approve the reforms. we know that the proposal from greece that was presented before the weekend was approved with a majority. now, the left wing of syriza may fall further. some allies may require more concessions. all this points to potentially new elections in greece. manus: stay with me one second. we are going to switch out to my colleague, ha

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

how to read the greek prime minister. alexis tsipras appeals to voters to say no and sunday's referendum on a new bailout. just hours after telling the eurozone he wants the deal. europe is sweating in a heat wave. even the mother of tennis star andy murray is handing out cold drinks at wimbledon. i'm brent goff, it's good to have you with us. a door slammed shut 50 years ago is about to be reopened. at the white house, barack obama today announced that the u.s. and cuba are normalizing relations. in this is fast-track policy change. in the season washington and havana are scheduled to reopen this month. >> a historic moment and havana as the diplomat handed over a letter from president barack obama to his cuban counterpart. the letter made it official that diplomatic relations will be restored after 54 years. obama later spoke about the long road that led to this moment. in part, he blamed decades of u.s. policy saying that it had isolated cuba. obama: the progress is another demonstration we do not have to be imprisoned