mr. yanis varoufakis and his party got what he wanted from the vote why would he resign then? the party got what he wanted mr. yanis varoufakis was asked to resign to facilitate talks to continue and created this across the table with euro zone partners and there was a meeting in april the 24th when his partners rounded on him and criticized him heavily with not coming up, with more concrete proposals for a debt relief program to be able to be approved and that came to a head again at the euro group meeting last saturday in brussels when he was excluded from a second session of the euro group which decided not to extend the period of the greek bailout that he had requested. he was also rebuffed at the european central bank since february where he went forward with proposals that yanis varoufakis didn't accept for a debt swept that would have obviated negotiation that has gone on in the last several months and he has not been able to convince partners to accept greek positions. he has therefore been seen as an obstacle and in grease many people said to me privately any meeting

the finest mr., yanis varoufakis, mobbed yesterday because -- and the finance minister, yanis varoufakis, monti yesterday because he is no longer in the job. side to thesofter europeans. a lot of concern about his negotiating style so he stepped down. replacing him is a less combative hearse and. interesting to see this in terms of the finance minister post. -- replace it was a less competitive person. meantime angela merkel speaking sherance and list the way had to say. she is taking a hard line with the greece. time is running out. where emphasizing such proposals need to be made this week in order to resolve the situation as it is now. and as the french president said , as for us will a european principle. -- francois hollande said, a french principle. our last offer in the negotiations was a generous offer. in these kinds of challenges, the refugees, europe can only keep strong and sends together is every country assumes responsibility. ever the statesman, a diplomatic tone. behind the scenes, there is a lot a frustration about how things have turned out. the result of the referendum

mr. yanis varoufakis stepping down from his post. a shock move. erik schatzker is standing by.talk about options on the table for greece and we spoke friday about sentiment on the ground. has things changed? erik: well, yes, things changed, jon. the votes in favor of no was far more decisive than anybody thought. you probably saw the pictures in the square where hard-core supporters were partying and the beer was flowing freely. and so, this is the day that greece wakes up to find out what the results of the referenda will be beyond at the no vote. we have to consider the what if scenarios. it is true or possibly true as jpmorgan said a greater is the best case. a lot has to happen. count me in the group of people who said it is time to focus on the banking system. if the european central bank does not increase the liquidity assistance made available to the greek banks greece faces effectively three choices. we know from the chairwoman of the national bank of greece they're only 24 hours a deposits left before the system buchholz utterly and insolvent. if there's no liquidity,

mr. yanis varoufakis said he got from mr. tsipras. yanis varoufakis took that authorization. an old childhood friend. now columbia university comes up with the plan. greece is saying today there are no plans to have this sort of hacking take place. here is the issue -- you no longer need to hack in. the only reason you hack in was to hide the fact that you are trying to set up a parallel currency from creditors. that is no longer a secret. tom: it is way too inside baseball. where is madame lagarde and chancellor merkel? are they the players involved, or are they on a four-week vacation. hans: seven days, tom. i will not tell you what kind of swimsuit i wore, but you can use your imagination. madame lagarde is in washington. i cannot keep track of her schedule. brendan: tom refers to the audacity of taking five days off in a row as a sabbatical. vonnie: it is not just a laughing matter. the previous version of the troika had to be hidden. they were in a secret location. brendan: there was a time when you could not say the word "troika" at all. hans nichols, we will talk about

mr. yanis varoufakis. take it away. guy: thank you very much indeed. yanis are is with me now.nk you for your time this morning. let's talk a little bit about what is happening at the moment. the banking system front and center right now. will the greek banks open next tuesday as normal? mr. varoufakis: absolutely. there is a profound difference between what happened in cyprus and what is happening here. this is not a banking crisis. it is not that the banks are the problem. the banks were perfectly capitalized. what is happening is a political decision by the eurogroup to shut the banks down as a way of pushing us to accept a nonviable agreement at the political level. this is a political crisis. once the political crisis is over, the banks will open. guy: how will the banks open without a program? how will the ecb extend ela without a program? you are starting with a blank piece of paper. mr. varoufakis: you have to understand that europe, since the collapse of 2008, has been making up rules as it is going along. qe, everything all these are last-minute arrangements by which

the mayor of athens earlier this week, today guy johnson interviewing the finance minister yanis varoufakis. mrsaying if people vote yes in this referendum coming up this weekend, he will resign. that seems to be the call from some in greece that if the government does not get its way, it has been encouraging the prime and mr. tsipras -- mr. tsipras has been encouraging people to vote no. will the tsipras government resigned? will the be snap elections? olivia: is hard to see how alexis tsipras holds on. the whole question of whether or not the referendum in and of itself has legitimacy is another topic in a curious one. the last time greece actually held a referendum, i believe was in the 1940's when the greek people were asked, do you want a king or republic? that is a pretty clear-cut question of which probably people had established positions on. people don't know what they're voting on. spoke to people, they said they're voting to stay in the euro. that is not been on the table. greek eagle really understand what they will be voting on sunday? it seems a lot of them don't. they're are good

mr. varoufakis described it. yanisaroufakis: we were planning to create surreptitiously, reserve accounts for every tax file number, just to have the system function under wraps. hans: the reason for hacking into his own ministry -- they didn't actually control the software, they didn't control the numbers. that was being controlled by the troika, by his creditors, so we had to do it surreptitiously so as not to alert them that they had been planning to have a separate contingency plan a separate currency in place. mr. varoufakis put out a statement saying that he excepted, acknowledged that he had the plan. he said it was authorized by mr. tsipras, and said it would have been remiss had he not have a contingency plan. what he did is he asked a childhood friend, who then went on to be a professor at columbia university/ . they led a team of 5 -- if it had been implemented, it would have needed a thousand workers to put it into place. there was an economist at the university of texas, a close associate of mr. varoufakis

mr. schaeuble with the euro. >> yanis varoufakis, was the loser. >> in the game of poker you may lose dimes or dollars or euros but in europe you might lose more than that. >> reporter: a healthy doas of dose of pessimism. >> did they just agree to disagree? nothing is finished yet. >> reporter: it's become little more than a numbers game. here outside parliament there is a sense of spase a greek word, that means stagnation. people here feel stuck tied to forces wholly out of their control. life seeming more dependent than the luck of the draw than ever before. model jamjun, al jazeera athens. >> the banks have been closed. what's happening with the banks now? >> well, no change there. i think some greeks might have secretly hoped that had they agreed with this deal there would be some flexibility some easing of the pressure on the bank system.no chance of that. we have an official announcement that the banks will be closed at least through wednesday so 60 euros remains the limit there. then threr there are payments that the greeks must pay. 3.3 billion euros back to the central bank and th

yanis varoufakis. if you like, it was a bone that mr. tsipras threw the creditors this morning trying to create better mood music. but lauren we shouldn't read too much into this because it goes without saying that the real differences between greece and its creditors are matters of substance, and matters of hard cash to the tune of hundreds of billions of euros. and just because you're getting along better with the people in the room with whom you're trying to resolve your differences that's seernl start certainly a start butter doesn't make those differences bridgeable if you go along with me. >> being caught up in this mess you started to talk about the banks and how they're staying closed until wednesday. tell us about pensioners, people who don't even have bank cards. how are they surviving? >> they're in a really difficult situation because what happened last week was the banks opened one day. with a special provision for pensioners without cards. but they were only given 120 euros on that day. and i've spoken to pensioners on that

yanis varoufakis. thank you for talking to us. as a friend of mr. varoufakis, how is he feeling today? >> he's feeling quill, thank you. he said goodbye to his staff was a very, you know, as you might expect warm and emotional occasion. >> does he feel that he's managed to achieve something? does he feel he's achieved his objective in terms of getting greece a more positive position from which to begin the next round of negotiations? >> after that, they've become to form the politics of europe. yanis himself played an important role for achieving that. what lies ahead is the debt restructuring that he has advocated and designed, which will now have to be on the agenda if there is going to be a successful resolution. >> is that something that you would credit to mr. varoufakis introducing the notion of restructuring of the greek debt, something of course which the i.m.f. wrote a report about within the last couple of days. that seems now to be definitely on the table. >> the report was there for sometime before it was released, but yes varoufakis has been talking about the need to restr

mr. tsipras with the resignation of yanis varoufakis can get a deal with the coming days?> the resignation of varoufakis is good news. although i'm not quite newer shoo who is going to be next. i presume tomorrow it seems our economy has been much worse, i think the proposal will be. and i'm not sure what will happen. >> let's say that they try and come to some kind of deal tomorrow as you put you're expecting it to be harder than what they might have got. there's two strong people now? >> this would let him say that this people so i have to find a way out. but since he made a tremendous victory, now, it's very difficult for him to backtrack. so i'm very worried. >> banks are also backing into a corner here as well here. he's not got time on his side. something needs to give here. >> around 2:00 in the morning the people in the banks were more than the week before thousands of people after the result went down to the bank. so we said before the yes campaign. you take what happened and you take a paper and read but you have to say yes to stronger measures. i'll have to say

yanis varoufakis. i want you to tell me more about mr. tsakalotos.oing to be different from varoufakis who was perhaps a lightning rod for europeans? what we probably have from euclid tsakalotos is more of a change in style than of substance. he is a very buttoned-down, low-key guy in his personality. varoufakis did not get down with european partners. in terms of his politics and ideology, tsakalotos is cut from the same cloth. he is a stalwart member of the left-wing ruling party in greece. this is a change in tone rather than a change in the substance behind it. erik: does the fact he is an oxford man count for anything with european creditors? matt: it is ironic he has pre-much the same educational biography of george osborne, who is someone he probably agrees with little. yes, he has plenty in common with some of the people he will deal with. then again, so did varoufakis. varoufakis is an australian citizen employed by the university of texas. there is a degree of cultural overlap. at the end of the day, syriza and its leaders are very left win

those are the top headlines, and greece's yanis varoufakis was working on a plan b to save his country in a contentious which ration, and the former finance mrunded off on a parallel currency and the eurogroup more broadly. joe: the finance minister admitted to hacking into the greek tax department. fakis: we decided to hack in, just copying the code , thee system website computer in his office. joe: this is literally the best story ever. it does not get any better. hilarious, a it is finance minister going on a conference call with hedge funds a couple of days after the his post, but this id that they had this their petitions program to basically greet a parallel -- that they had this idea. spreadsheet, and the idea is if we cannot pay each other, why don't we copy and paste the entire banking system onto another thing that are associated with our tax numbers as opposed to our account numbers, and then we do the same transactions. theoretically, when the banks open, then all of the go.ractions -- transactions presumably, because there would be some skepticism that those iou's may not be worth as much at aros, they would trade discount, but,

mr. tsipras. manus: the prime minister of greece says he has given the order to yanis varoufakis, the emergency plan which we made such a big deal of yesterday setting up a plan b if greece was bounced out of the euro. francine: the varoufakis plan was shed the light, or the light was shed on it when he was explaining it to hedge fund managers on the phone. what he was trying to do was tap into a parallel currency by tapping into -- manus: it was the tax system for greece. francine: and through that, trying to get money back if they were to exit the euro. we now understand that mr. tsipras gave the order to varoufakis. manus: many people have said it would have been surreal. had they not been working on some kind of a plan b. a little more clarity day by day. francine: it is the stuff hollywood writes about. up next, bg group hit by falling energy prices. ♪ manus: welcome back to "the pulse." we are live on bloomberg tv and radio. we've had a little breaking news. this is the greek prime minister, alexis tsipras speaking to lawmakers in athens. he says the greek government had prepared contingency p

yanis varoufakis also did. who will be the next finance minister? >> that is mr. tsipras's responsibility.rik: who even would do a good job? >> i will not judge his people. he will have to. it is his responsibility to bring a deal home, like he promised the greek people and keep us safe. he should choose a finance minister who will do that and keep us in the eurozone. i do not care what his name is, i care if he will do that. erik: thank you. back to you from athens a perspective from the political opposition, invaluable at this questionable time. stephanie: what is invited to me is erik schatzker's greek pronunciation. on point. matt: some interesting things have rolled across my bloomberg terminal, including the fact that a greek government official who does not want to be named says that tsipras spoke with angela merkel on the phone and agreed to present the greek government's plan at the tuesday summit. in keeping with his promise to the greek people, he will deliver a plan within 48 hours. the question is will a germany and the eu agree with this. wall street analysts are split almost

me a sense yanis varoufakis and former finance minister decided to vote for this bill last night in parliament. have you spoken to anyone -- has he had a moment? >> it was a strange moment. mrvaroufakis when mr. tsipras asked the authority to make a negotiation he did not vote at all. in the second voting for the program last wednesday, he voted note. -- he voted no. then he explained why he did not believe in the program. yesterday [indiscernible] then he voted yes. so it is likely you cannot understand what he is doing. manus: you think it will help heal some of the division. do you think this will be a sign i am changing my tune because i think that needs to be done to stay in the euro? adonis: mr. varoufakis just came -- just became very popular. he doesn't influence one mp. manus: the roadmap for a new negotiation is now set. the prerequisites are done. with greece be better served if tsipras reached out and created a unity government? to be in a stronger position to negotiate? adonis: mr. tsipras has to decide that he wants to implement the program. even yesterday, he said he doesn't have the ownership of the program. it is very strange to me because the program says