stephen gallo, head of fx strategy at bmo.e really dumbfounded confusion in terms of financial commentary in greece. a lot of people not understanding what has been taking place. you have completely changed your base case and what happens with the euro. >> 60% no on a legislative grexit in the not-too-distant future, which basically means the difference on debt sustainability, the gap between creditors and greece, is too wide to bridge. even though they are close on reform, debt sustainability is an issue. negotiations had nowhere. the ecb does not provide additional support. some script begins to circulate alongside the euro. we are inching towards grexit. anna: you do not think we see a change of heart from creditors as a result? >> at the moment, we think there is a 30% 35% probability that happens, that they get somewhere on debt sustainability. debt sustainability for creditors is in our view, a leap of faith at this stage. we will put this on the table some form of restructuring or debt forgiveness. that is basically whe

francine: now, let's bring in stephen gallo. to talk a little bit of china. so, we mentioned euro-dollar. what happens to the yuan? china we understand will allow a wider broad trading. stephen: you have to look at the changes that the regulators are making to the exchange rate and context of the overall reformist approach they're taking. it is a small step. it is a very small stuff. i think when you are looking at the economic data and balancing that with the volatility we have seen and mainland equities over the last three months or so, you have to consider cina is -- china is not south africa, it is not turkey. it is not as dependent on foreign capital as those countries. so weakness domestically does not automatically translate into a sharp weakening of the ren membi. manus: they have confederate -- they have defended the yuan. selling reserves. are we about to see them change direction on that and is that have consequences within fx? stephen: i personally do not have proof they have sold reserves to support the currency. earlier this year, there was evide