mr. varoufakis the finance minister late this afternoon and i asked him how long it would take to stem the outflow to reverse the tide. here is yianis varoufakis on great bank deposits. yianis: yesterday we had a flight back into the banking sector, 700 million. mark: 700 million euros -- yanis as a result of this bridge agreement. i checked the numbers today but i'm sure that will continue. erik: still down by billions. yanis: it is a question of direction. once you turn the tide you hope. erik: how long will this last and whether they make up the tens of millions that have flown out remains to be seen but this is a positive sign. mark: there is no new money in the bailout extension for greece. is that going to be a problem? erik: it could very well be a problem, because greece is running out of money and doesn't have enough money to pay its bills. it needs to pay government salaries and pensions and it needs to make a payment to the imf in march. i said it to mr. varoufakis aren't you at risk of running out of money? you aren't going to be in a position to ask the imac or eurozone partne

mr. varoufakis. t us know what game you think they are playing in greece. ♪ >> welcome back to "the pulse." >> bailout talks in brussels collapse and the greek finance minister, yanis varoufakis insisted he was not playing games. hans nichols called his bluff. quick search, if you are not playing game theory and you are not playing poker and not bluffing, was a game are you playing? what game can you ensure voters you are not playing? >> i've not played monopoly with fake money but genuine money. [laughter] let me answer your question. unfortunately, i've had a pass as an academic of studying game theory. one of the things i have written in a recent article that i have told my students is that game theory is based on unrealistic assumption that players are fixed and are all selfish. i do not believe that anyone's version is fixed and is selfish. i think we are perfectly capable of rising above our narrow perspective and rising above the perspective of your. what does a bluff amine? poker you have a se

mr. varoufakis had just spoken to mr. draghi and just before he was due to meet with german finance minister wolfgang schauble. it is very dangerous territory here politically, in terms of changing the rules of the game. let's face it, the greek finance minister has essentially said he wants to negotiate in good faith with eu leaders and its creditors. the rhetoric so far has been fairly -- been fairly calm and considered. this action by the ecb sort of shatters that consensus. it brings short-term borrowing up to levels near 20%. >> what sort of state are the greek banks in? are they just taking on the weak point of the economy with this action by the ecb? >> i think what mr. varoufakis said a couple days ago that greece is essentially insolvent is not far from the truth. greek banks are reliant on funding from the european central bank. i think the ecb is trying to focus minds. the problem is that is not the ecb's job. the ecb is there to keep the money flowing while politicians sort out the final the -- finer details o

mr. varoufakis. he got some support from the finance minister in france, also some nice words from mr. obama in the states. if they don't stick with the eu-imf a about, which ends at the end of february, they won't be able to access the ecb for funds beside that. they won't be able to pay back what they owed the imf, which is due next month. there are a lot of if's, a lot of conditionality's attached to the financing component of this. in terms of the larger restructuring, they did indicate a willingness to work with greece and find some common ground. >> france will make it easier. france will always dobe there to find a solution. we have this common believe that greece is in the euro and will stay in the euro. >> we could have a little good cop-bad cop going on, with varoufakis being the bad cop. they made some conciliatory comments. >> and even president obama getting involved. what has he been talking about? run us through what has been happening stateside. >> obama's comments are interesting. they are his first in length after the election. he is echoing what syriza was saying dur

mr. varoufakis compared greece's plight to that of germany. if you human late a proud nation for too long, and subject it to the worry of a debt deflation crisis, without light at the end of a tunnel then things come to the boil. well let's get a little more on reaction from our correspondent in berlin damon mcginniss. what reaction has there been? >> well what we can say, is that today's papers is all about mr. varoufakis because he has pretty much a cult following here in germany among left wing supporters and trade unions. what's very interesting about these particulars historical analogies he made on german television yesterday is there's been very little outrage as such. while there's a feeling here it's just not very wise on one hand germans have been used to much worse comments after all we've seen protesters in greece showing pictures holding up pictures of mrs. merkel as hitler, so germans have been used to much more than yesterday's comments on the other hand i think most people here or a lot commentate in today's papers think if mr.

mr. varoufakis.e seems to be an extremely winning person, somebody who i think will have the support of some of his counterparts. in the end, we have to state that he didn't have much success with mr. draghi. i suspect that mr. schaeuble will be very friendly with him and we won't get the press conference we had last friday. i think when it comes to the matter of things, the positions are clear. greece, any kind of aid will come with strings attached. if greece rejects the strings, we are going to look at some sort of abyss. guy: what do you think is in the germans' heads right now? if we give greece any wiggle room, if we allow them some advantage, how does that play with the rest of the peripheral countries? if they are praying -- playing the russia card, you are thinking, do i like some of this? do i like some of these bonds? this sounds like a good idea. is this something that germany is prepared to roll out across the rest of the eurozone? >> there is an election in hamburg on the 15th of februa

mr. varoufakis also said he was thinking about possibly applying for another debt write-down, something thateen repeatedly ruled out. there has been a lot of trust between berlin and athens. and we have one opponent of today's deal even asking fellow parliamentarians would you buy a used car from varoufakis and tsipras? it is a strange climate despite the fact that the german parliament voted for the package in the end. >> is berlin prepared for the possibility that greece might not pay back the loans that they will not do what they said they are going to do? how much money does greece actually owed germany? >> how much money precisely. the german loans are wrapped up in all these other international funds. greece's totaled that is about 320 -- total debt is about 320 billion euros, and the german share is about 60 billion euros. given the weakness of the greek economy, it seems likely the greeks will come back and apply for another loan. or they will ask for a debt write-down. don't forget, the greeks have already had more than 100 billion euros of their debts written off before. so we are

mr. yanis varoufakis. stewart, great to have you on the program. was going to start by saying look, we've been waiting for somebody to blink, and it does look like the greeks blinked first. but germany, once again, hot off the press, they're going to reject this proposal. >> the problem with german finance minister is that he's both arrogant and ignorant. because it's not up to germany alone to do this. there's a procedure known as enhanced cooperation, whereby some member states can actually support greece without that depending on germany. >> but won't some say, hey, germany senior the pay master of europe. it's the german taxpayer money that's gone in to bailing o out the greeks. that's what some will say. >> this is one of the great mistakes and delusions. it's not german taxpayer money, though chancellor thinks the it is. for example, the recovery of europe which is needed for the whole of europe and not just for greece to which yanis varoufakis has made a growth-related repayment schedule doesn't depend on germany. it can be funded by bonds,

mr. varoufakis a lot of work to be done here. >> absolutely, yes. this agreement was about getting us through a deadline by the end of the bailout. not being pushed forward until the end of june the real negotiation and hard work is full ahead, the differences that existed between greece and the creditors and other members and they still exist. it still a to be bridged. as you heard on the segment, greece responding. that's why have to be resolved quickly. >> let's talk about what happens in 4 months and let's say it goes swimmingly, i doubt it. at the end, a big ecb in july and august, where will greece be at that point? >> well, if everything goes swimmingly, we have some kind of successful program in place. we heard in an interview with varoufakis that really there needs to be a readjustment of the surplus for example, 5% of gdp. the question of the financing gap which the government acknowledges. everything going swimmingly we were needed to somehow figure out the means to finance greece beyond the current bailout. and of coarse for that to happ

mr. varoufakis does. >> let's head over to berlin. we moved straight from athens to berlin because this will need some approval at a domestic level in germany. >> that's why the specifics are so important. if it's just cosmetic and symbolic in terms of the asset when they are going to submit to their creditors tonight for a conference call on tuesday morning. there could be a real challenge here. here are some of the questions still out here. what is greece going to do on labor market reform? what are they going to do about the 12,000 public-sector workers. there has been -- they have been a little less audible. also, privatization. the greek a room and talked about halting privatization. they are supposed to start selling 67% of the port off. if this is all about tax collection, there is a report out that greece wanted to get another 800 million euros from cigarette tax collection. if this is all about tax collection mr. scheuble is going to have a hard time selling it to the party and we could have the deal collapsed. that's why the

mr. varoufakis. he had a deal. it did look pro-greece. that deal was yanked from him. then they gave him a return deal that said, you need to extend and stay in the program with some minor modifications. some flexibility, whistling which. those two words, "some flexibility" were far too nebulous to use, mr. varoufakis terms, for he missed and a program and now we are in a standoff, stare down, whatever you want to call it. >> what are the actual terms of this negotiation? we keep reading they want 30% flexibility 70% flex ability. what is actually at stake? is it possible they could reduce the need to run a primary surplus of 4.5%? >> the primary surplus issue would be for the longer-term negotiation the six months negotiation. they need to figure out what they're going to do for the next two weeks, how they're going to stay in the imf package, in the eu/ecb bailout program. maybe having some reductions on pensions. this is clearly what the germans one. they want them to be more in line with the rest of the european standards. greece is saying, we cannot have pensions

mr. varoufakis looks ready to fashion up the fashion world, as well. >> reporter: yanis varoufakis is a man and renegotiate the bailout deal. but it's not his plan nor his left wing rhetoric that's got tongues wagging in europe. ♪ >> reporter: it's his informal style. in london this week, he unveiled an edgy look. more biker than finish minister. enough to make many on social media fashion experts. >> he look so unprofessional arriving at downing street. uniron unironed untucked shirt and scruffy coat. how can he be taken seriously? >> reporter: thought it was refreshing. >> a big fan of his jacket. not enough "terminator" chic in politics. >> reporter: an image that also got him noticed in the catwalks of e.u.'s finance ministries, from athens to paris to london. jazzy swhirts different shades of greek blue have always been the color. with the look comes the swagger. even the handshake with the greek finance minister of awkward. clearly not a meeting of style or minds. but does what you wear matter? does casual dress make you less or more trustworthy? i've got two images here. one of georg

mr. varoufakis, did not snow that he was accepting the so-called memorandum of understanding, which was the one that gave all the austerity measures or showed all the austerity measures. and he didn't want to accept the austerity measures. that was very clear. it was an offense against what had been okayed on monday. and therefore, i mean it's logical that we can accept it. >> yes, but doctor this is an negotiation, isn't it? there's some give and some take and greece has backed down the middle of this. >> it's not give and take. we are talking about taxpayers' money, not only in german but also all over euro. the taxpayers don't have an understanding that the greek guys don't want to go to any austerity measures anymore and just want to take it easy. and europe has to pay. that's not acceptable anymore. and that's the reason we said very clearly, yes, all the contacts which have been fined prior to the agreement with the old government have to be fulfilled and then we will keep on financing greece. but, you know, they have to do something. >> and if they don't and greece is forced into a c

mr. varoufakis the greek finance minister he said this will not have any adverse impact on greece's financialtry. but really because correct me if i'm wrong, the greek banks are really under pressure already. how severe can this be for the banks? >> it could be very severe. there are fewer problems within the greek banks themselves that be there were a few years ago. but there is still reliance on the ecb funding and they're now withdrawing money from the greek banks, because they might leave the euro zone. >> just to end on this what next? what should we be keeping our eyes on? you know sort of the meetings who balks first? what do you think? >> i think to keep following these meetings and to see whether there's any sign that one side or the might be keeping. so far there's very little indication of that. maybe it's a game of chicken, or maybe there's no compromise that can be reached. >> the is agasaga continues. thank you very much, jennifer mckown. talking all things greece. now, according to a new study by the influential mckinzie global institute -- listen to some of these numbers. glob

mr. varoufakis has been negotiating out in public via the press for days and days now. we could hear someone saying, actually like to see the plan, we hear different things, every day from different members of the media. maybe he could talk to us directly and see what's on his mind. >> michele, thanks so much. bring in paul richards head of forexrates and credit distribution at ubs north america. to michele's point makes it a little bit more difficult to game so to speak how you think this all is going to play out. some of the parties are meeting for the first time. >> they are. i think what we're dealing with here scott is a prioritization issue in europe. at the end of the day who are you negotiating with? angela merckle. she's been to washington. i don't think she was talking about greece and washington. she was talking about the ukraine. i think greece's problem today is they can present whatever they want, no deal in the next 24 hours, because angela merkel to me is more focused on trying to get a resolution between russia and the ukraine. that is priority. which f

mr. varoufakis specializes in. we've been thinking about the games he might be playing. jim o'neill is here. he's a bloomberg columnist as well. former chief economist at goldman sachs. good morning. what do you make of all this? >> i don't know why i've got it in my head since the weekend that it is noise about nothing. a decision has been made that greece is starting a new, so one way or another, they are going to do a deal. >> germany? >> germany and brussels. >> they are ready to go, how far? we are talking about t-bills. at the same time, it is basically, stop austerity. they want to increase wages, higher more people and disregard budget rules. >> i see it going slightly different. i'm presuming that this idea about nominal gdp is the basis of some real deal. not least because it seems quite sensible to me. >> that means nothing. >> sensible and europe don't often go together, do they? but it has got some kind of implicit [indiscernible] -- [indiscernible] i don't really see how germany can be opposed to that. how can they pay back 175% with no growth? it is sort o

mr. varoufakis. i spoke with him coming out of the meeting, and he said look, we will find a way.e have progress moving toward the goal but no goal. he insisted markets will be positive and actually this morning, it is up a little bit. olivia: speaking of heaping praise, i thought that wolfgang schaeuble actually indicated -- reiterated his offer to send tax accountants to at hens pro bono. [laughter] this greek drama gives rolling on. what is the timetable here? how long do leaders have to make a deal? when do greeks just run out of money? hans: so it looks like on monday we will have the next big meeting to really discuss this. at the end of this month greece will leave its bailout program. they want to leave the bailout program. the language they stumbled upon in the communiquÉ last night with that greece was going to extend and conclude their imf bailout package. what the germans want to do is keep them in the package as long as possible, make those necessary reforms. tom: hans nichols, thank you so much, and brussels with this continuing story. joe weisenthal has just returne

mr. varoufakis last week. he said, we only agree that we disagree.e have a full disagreement at the moment. what they have to do was the contentions the reasons why we gave them credit. there's no free life, there's no free lunch, and we have to work it out. >> michael, if there is no agreement, does greece leave? >> actually, it is up to the greek people. i don't want greece to leave the eu and and neither the eurozone. by the end of february, there is a final moment. there will be no fresh money coming to greece anymore. what they have to do is see whether they are capable to do it by themselves, or whatever other method they have. maybe they are able to collect more taxes. i cannot tell you. this is up to mr. tsipras and his team. if greece say the only way to get rid of the pressure is to step out of eurozone, it is up to them. we have prepared for this moment. >> ok. on that note, i'm going to leave it. great pleasure speaking with you. it is a very busy morning. michael fuchs joining us, a key advisor to angela merkel's christian democratic uni

mr. varoufakis. he was tweeting last night. a few moments ago, a government spokesperson was on television saying greece is looking for something mutually beneficial. if greece acted responsibly with the eurogroup on friday and expects the eurogroup to acting kind when it comes down to examinees these proposals. the devil is in the details. for the eurogroup and force a result -- for syriza, so far very little in the way of opposition. everyone knows that greece conceded a lot and gained very little on friday. given the fact that the devil is in the details, what greece comments to is going to be scrutinized very closely. we will not see until tomorrow how syrizqa response. francine: it is so difficult to reconcile the creditors' demands with their voting pledges, what they promised at the election. is there talk on the ground that this is a government that may go back on what they promised in the election? >> excellent point. it is pretty much impossible to reconcile election promises with what greece has to commit to what it

mr. varoufakis told "the telegraph" in the u.k. what we cannot accept is that the fiscal adjustment by the last government he carried through just because the rules say so. there is no macroeconomic argument i can be made. that is the negative side. there is some reason for optimism. german officials are saying that you could potentially use yesterday's letter as a starting point for negotiations and not require greece to submit an entirely new proposal. angela merkel and alexis tsipras are talking. they had a conversation last night which mr. tsipras described as positive. yet the leaders may be taking a more conciliatory tone and working towards agreement. very hard to actually figure out what is going on. francine: so what kind of measures is the ecb considering? hans: here's what we have some great reporting out of our colleagues in frankfurt. the ecb would likely intend -- would likely ask greece's banks not to accept, or at least reduce their reliance on greek debt. that's crucial for a couple reasons. they are the main buyer

mr. yanis varoufakis says the ecb should simply hand the money to the imf.roufakis: this is money that is our money. why not sadly have the two institutions make themselves find a way of transferring these funding? olivia: varoufakis also said they are showing confidence in the new proposals. he said almost $800 million returned to greek's bank accounts. hobbies a tens of millions of dollars have left. and it appears pro-russian rebels in ukraine are giving peace a chance. the government said there were no rebel attacks on its troops overnight. ukraine has accused separatist of constantly violating the cease-fire. meanwhile, the country has another problem -- the ukrainian currency has been in freefall, losing almost 50% against the dollar this year. the central bank imposed a ban on foreign currency training this week. brendan: prosecutors have charged three residents of new york city with supporting islamic state. two of the says eyes were planning to go to syria and join the terror group. the third suspect is accused of paying the others' airline fees. th

i'm interested what you think about yanis varoufakis. mr.want to be wary of where greece are going to go. i've spent a lot of time in new zealand. john key is a terrific prime minister. he is a guy full of ideas. running new zealand is not -- guy: challenging -- mr. roberts: w you just have to win the rugby world cup. guy: let's not talk about that. i watched the last game. why do you think we had the idea deficit? is the idea deficit being driven by the fact that we live in a world that is almost instant? .it is digitally driven is a cause and effect? is one influencing the other? is the digital world bad for ideas? mr. roberts: it is just weakness in leadership and the right people not taking the right time. the u.s. military strategist, if that is not an oxymoron, they say we live in a world that is volatile, uncertain complex and ambiguous. thought-out uncertain, complex and ambiguous. this has come as a revelation to the u.s. if you live in argentina or greece spain or scotland, it is a way of life. in yorkshire, perhaps not. in the civ

mr. alexis tsipras and yanis varoufakis have learned about dealing with europe besides perhaps wearing a tie? a lesson that brendan greeley has also picked up on. >> what have they learned about dealing with europe? they have almost no leverage. let's put it that way. greece is bound to the terms of the bailout. what yanis varoufakis and alexis tsipras wonder was some control over their own destiny and they won some of that. as i put it to our colleagues this morning, they still have to hack off one of their limbs. the situation before was the ecb, the imf, and european commission were telling greece which of their limbs had to be hacked off, and other greek government gets to decide is it going to be my left arm, my right leg? at the end of the day, it amounts pretty much to the same thing. >> erik schatzker, continuing coverage in athens. we have breaking news. this is out the door with the ceo and the force takes over taking over at dish network, mr. clayton is out this morning. >> he has been there for about four years. >> that shows the turmoil in the industry. dish used to be its o