our business editor stephen carroll has been following that closely. what is everyone saying? stephen: because there are no longer talks taking place, this is a debate that has been playing out on the airwaves. we had yanis varoufakis say he would resign if there is a yes vote. he said he would rather cut his arm off than sign a deal with creditors that will not see some form of debt release. the argument has been that the size of the debt is unsustainable and i need help to make that affordable. he said if there is a yes vote his government will sign the economic reform proposal given by the creditors, but he reiterates that this is not a referendum on the euro, but on the economic reform proposals and he says they will have to negotiate no matter what the result of the referendum is. we have been hearing from the finance group who says a yes vote would give greece a much better chance for resuming talks with international creditors. he said if greece voted no, europe and greece would find themselves in a difficult position. he said the december -- situation is deteriorating d

time to take a look at the day's business news with stephen carroll. we are going to start off with apple, a disappointing day for them. stephen: that's right, and some $66 billion has wiped off -- has been wiped off apple, despite an increase of profits by 40% for the three months at the end of june. the disappointment centers on sales of the iphone, which has driven apple profits for some time, coming in lower than expected at 47.5 million units sold over three months. nicholas rushworth has details. >> the apple share price has sagged over lower-than-expected fourth-quarter revenue forecast. the question being asked is has iphone fever peaked? >> they shipped a few less phones and everyone thought, just under 48 million. people thought it would be at least 50 million. but there is still a huge revenue number closing in on $50 billion on a quarterly basis which is phenomenal. >> apple had a record third quarter. china is red hot with sales almost doubling from last year. that market remains a challenge with stiff competition. apple is seeking to gain

stephen carroll with a look at disney -- at business news. it is time for our press review. we are taking a look at what weekly magazines have been saying. greek is getting a lot of focus. >> a german magazine has a controversial front page. our greeks approaching a strange people? they are dancing with a stereo typical looking german, the socks and sandals is a dead giveaway. you can see the greek man holding onto his wallet for dear life. in the introduction, the case of greece has brought the romantic ideal of europe to an end. germans were wrong about the image we have about greece. essentially, we try to turn this image of greece into something more beautiful than it is and how high did we fall. and drew a lot of criticism and outrage. the satirical french magazine has been very critical of germany and the way it has dealt with the greek crisis. you can see greece is doing better. essentially, greece has sent itself into the dump by itself. >> it is focusing on a migrant crisis. >> it is very much ongoing. they are fleeing war poverty. should we change the rules change

to tell us more about what is in that, we have our business editor, stephen carroll, with us. what are the details of this new offer? stephen: earlier on tuesday, we had a letter from alexis tsipras sent to the head of the eurogroup of finance ministers in the eurozone, in which he talked about wanting an extension to the bailout. later on tuesday, he sent this letter to the head of the international monetary fund, the head of the european commission, and the head of the european central bank. the details of what he was agreeing to -- he agreed to the document that they had come up with on economic reforms, with some conditions. those had centered on two main issues, disagreements between the two sides. one had to do with attacks -- with a tax on goods and services. the exception of maintaining a 30% discount on -- the other discussion was pensions. in this letter he accepts the raising of the retirement age to 65, although he wants that to start it in october of this year at not immediately, as had been the previous position. on the issue of top-up pension payment, he has agre

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

time now for the days business news with stephen carroll. starting of course with greece.espite the potential for an agreement, the economy is still in desperate need for help. >> we have been talking about what has been going on in brussels and who is talking to me just a reminder of how bad things are, you figure unemployment in april was over 25% with more than 53% under 25 out of work. that is down from nearly 60% two previously years previously. genie: how has the european market been reacting to hopes of a deal in greece? stephen: there is general optimism on the markets today for a number of reasons and one of them is what has to do with what is going on in greece. there is general optimism on the markets today for a number ofover 1% gains across london paris, in frankfurt. athens has been closed and they will remain so. genie: letter to china were we have seen a huge fall in the markets in recent weeks but it seems that things could be turning around. stephen: the roller coaster ride continuing this thursday. it opened down 3.8% but closed up almost 6%. a similar p

stephen carroll, thank you very much, on "france 24."et's look at some magazines. ♪ it is time for in the weeklies here on "france 24," and bell of e is with us. what has cut your eye belle? belle: let's start with the kingdom of two faces on "jeune afrique." it says that recent events have shown up the widening chasm between the conservatives and the modernist that you can see. the article looks at some of events, so we talking about things like expulsion of two activists who embraced and show other -- each other topless. j. lo's concert, which was too risquÉ by some, and the lynching of a website by what was called a hysterical mob. the debate in all of this is playing out in social media. this is be normal in an open society, but when social networks become the voice of the people, based essentially on the number of likes you are getting things become dangerous, so it reminds us in this article that facebook and twitter were heralded as tools of change during the arab spring, but they are also being used as a springboard for very cons