vanis varoufakis.oke to bloomberg's guy johnson a short time ago. >> if we sign -- we are closer to insolvency. closer to a grexit. if you were asking me do i want to -- yes. it is a senseless question. the greeks want us to stay in the euro. do we achieve it by accepting another -- i don't think so. mark: i would rather cut my arm off than sign a deal that restructuring greece's debt. vanis varoufakis talking to our very own guy johnson earlier. that's when we spoke. a little movement in the euro dollar. rising today. there is euro stoxx 50. that is where the biggest move has been seen. the market is a little bit already. don't forget the jobs report. this is the most important sub come point of the jobs report. we are expecting 233,000 jobs to be added to the u.s. economy. economists expect an increase of 2.33%. but it is all about that interview and guy johnson. what a job. francine: thank you so much, mark. we also heard from the -- who said he cannot support a reform that they do not take seriousl

i mean are we expected to hear from him praising varoufakis or explain why varoufakis resigned? that alexis tsipras is going to be meeting all the other political leaders, the opposition leaders today in just a few minutes from now. so perhaps we'll get a statement right after that. we had a statement from the deputy finance minister who told greek television that basically what will be happening now is we'll be looking at a negotiating team with a more european direction orientation if you like that will submit specific proposals to put an end to uncertainty. it is suggested that mr. varoufakis was more of a hard-liner and greece is willing to follow a more diplomatic route to reach a fast agreement with his creditors. >> in his statement he says i wear the creditors loathing with pride. but the issue is for many people in greece he is seen as a hero because he is martyring himself on this issue. >> for people who wanted to see a more hard-line approach who wanted to tell the europeans, the creditors what many greeks think of them which is along the lines of what you describe f

tsipras is as much as black as varoufakis -- is as much to blame as varoufakis. manus: thank you. hans nichols, erik schatzker paul gordon, a quick look at how the markets are reacting. mark the options to protect yourself. mark: earlier, the big stocks rose to the highest in three years and has come down a little bit. the benchmark to see how it is faring. this the euro stoxx 50, the benchmark all 50 blue chips within the eurozone. down by 1.7%. earlier it fell as much as 2.4% free a week ago when the stoxx 50 opened, it open down. today, down to the lowest level since february. the stoxx 600 is down by 1.2%. last week it fell by 3.1%. european stocks last week had their largest weekly drop of the year. the ridge of 40 billion euros were wiped off of the value -- 340 billion euros were wiped off the value of the stock market. $14 billion wiped off of global stock markets as measured by the msci. this the euro-dollar intraday. interesting chart. earlier around 10:30 p.m. last night, get in close free it fell as much as 1.3%. since as then, it is still lower by 0.25%, since then it

>> the resignation of varoufakis is good news.lthough 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 yes to raise the facts in my business. you unde

the varoufakis call was one of three.ed the plan that he has which had been described as a plan b to exit from the euro. it was nothing of the sort. it was a plan actually to create liquidity within the banking system of greece. were greece not able to agree to a deal with the e.u. it was a plan to actually keep the economy going. that is basically what it was. the suggestion that heff planning secretly to leave the euro that is categorically not true. actually i put to him in the interview some people think he ought to have prepared for that and people said he couldn't. francine: i understand your point trying to address a possible liquidity problem. trying to turn tax interface into a payment system but his defense today said we knew about the plan b and at the same time in the conference call that we all listened to, he is clearly saying i will deny it if i'm asked about it. >> i don't quite know why he said that. the call was meant to be confidential. all but three calls. off the record briefing. that was all. but act

then again, so did 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 wing. that will produce problems with the germans and others. erik: clearly, we have much more to learn about mr. tsakalotos. he will be sworn in by the prime minister. matt campbell, thank you. weisenthal is in the field in athens. you have been trying to gauge the mood of the people the day after the 61% resounding no to austerity. what have you picked up? joe: it is funny. this was the scene of a extraordinary party like atlas here -- atmosphere. today, the is more calm. you would never know there was a scene like that. there are still people hanging out and with flags, but it does not resemble that at all. if you walk around central athens, i don't think you would feel you are in a country where the banking system is defunct. in this area, people are in the coffee shops. erik: i hear people behind you. there are people who

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

varoufakis stays within his camp.aroufakis voted no on that first bailout package and yes on the second one. maybe an attempt to keep mr. varoufakis a little closer. francine: this also allows mr. tsipras to hang on to the rebels a little more. he's saying, i'm with you, we tried this. this is something i actually thought about. we decided not to do it. it kind of makes him a little more that gray area within the rebels. hans: we will see to what extent opposition lawmakers focus on the past and demand that mr. tsipras come clean on what he knew and when he knew it and how first he was in this plan. mr. varoufakis has indicated he wasn't. going forward, it looks like mr. tsipras does recognize that he's got a challenge within his party. he also has to stay within the center. he's going to need opposition votes. he's going to need other party support to get this passed through parliament. manus: hans, thank you very much. let's bring in manish singh. you are still with us. it is interesting here. tsipras reaching out t

varoufakis. we speak to the political leader in opposition to tsipras and varoufakis.ime minister of greece. mr. samara, good mourning for you and pop andrea were grimaced -- you and were pop and rail -- papandreou were roommate. antonis samaras: what we have to do is fight for the yes in the sunday referendum. monday will be another day. we are focusing on winning sunday. and i'm optimistic that we will all the europeans by monday. so i believe right now what tsipras is doing is this is his last ditch attempt to drag greece out of the eurozone. he is confusing people trying to persuade them to say no. reject a painful agreement which incredibly he himself has accepted. so in the fact he is trying to blow up all bridges with the rest of europe and that is because he is ideologically blinded, unrealistic and irresponsible. tom: what futrther sacrifices can the greek people due to give comfort to the rest of europe? antonis samaras: i will tie you why i said i'm optimistic because in terms of sacrifices we had huge sacrifices and we've proven that greece can make it. in

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 -- must be respected but differences remain between them. merkel is facing pressure at home to ke

many within the eurogroup say he is less jarring to deal with than varoufakis.ut even he has left on his plate then varoufakis did when he started in january. as it stands, greeks can route draw -- can withdraw just 60 euros per day and what little cash that is left in the country will run out. cyril: the iranian foreign minister is still in talks with six world powers to try to date -- two break a deadlock. the latest issue is over the current embargo on iran. iran wants it lifted, saying it has nothing to do with its nuclear capacity. there is talk of pushing it back a few days. the white house said about 30 minutes ago that there was a strong possibility that the deadline might slip. >> a final hurdle in iran's nuclear negotiations, a dispute over him -- over united nations sanctions on iran was in danger of stalling talks once again. the iranians say they want the sanctions lifted, but the united states and its allies are reluctant to fulfill such a risky wish. they fear iran is using its nuclear program as a cover to develop atomic weapons something iran ve

varoufakis to do? here is how mr.fakis described it. >> we were planning to create surreptitiously accounts. a tax to every text file number. a function under wraps. hans: the way they're going to do this is hack in to the finance ministry. they need to hack in, because the secretary held all the details was actually controlled by creditors. be sure to visit -- to be surreptitious, they need to go when without anyone knowing. mr. varoufakis suggested that his opponents would use this to try him for treason. there could be additional calls for him to explain just what he knew and what he knew -- and when you know it. -- and when he knew it. it is clear that some elements had a plan to take their country out of the euro. in some ways, they are like mr. schaeuble. jonathan: hans nichols in berlin. kit juckes still with us to weigh-in on the greek saga. kit, we have all listened to the tape. did anything standout that was a surprise? kit: not in the sense -- the surprise is not that there was a contingency plan. who thoug

varoufakis has been. mr. varoufakis has been a choice that has been drawing a lot of attention and his wording has been very strong and strong rhetoric from greece against its creditors in many ways. and i think this is something that the prime minister is going to try and tone down. but we will have the announcement of the name after this meeting that is currently underway. another significant issue about this meeting is the main opposition leader resigned last night. it seems to be the case that we're going to have a lot of political new faces, no people coming in to the greek political sphere possibly in the next 24 hours. >> it's interesting. both alexis tsipras and yanis varoufakis both said if it turned out to be a yes vote they would both resign but it's they got a no vote and yanis varoufakis ended up having to resign anyway. but alexis tsipras has argued that a no vote would put him in a better negotiating position. do we know if that's true yet? >> reporter: it's difficult to say at the moment. beca

with varoufakis gone.t's not like there's any easy choices for greek public now. >> what does a solution in your estimation look line over the next few days? >> next few days there is no solution. what's happening right now is that the creditors are not doing anything. they're going to wait for proposals and the longer they wait the tougher it becomes for greece. the banks are starving. the banks are probably going to implode and at some point the greek government will have to issue ious because they can't pay pensions and government employees anymore. which means the ious will be traded at a discount to the euro which will mean they will have their own currency. there are a lots of things they can do in creating a business friendlilyfriendly environment. misled the greek population on what the chances are. varoufakis is very popular and charismatic but the greek population is the one that is suffering. >> let's assume the greek government isn't going to take any of the steps you just outlined at what poin

varoufakis will go. however the fact that he will go now, the day after the referendum is very important. because it peens that it means the mr. tsipras is signaling his willingness to negotiate with financiers. to get a better deal than what they're offering now. he is not send manage varoufakis, a person who has created enormous antipathy with the group. the current development minister george stefakis, who we did expect to be the more conventional or compromise candidate six months ago when the government first announced his cabinet lineup. >> john let's step away from the politics and talk about what's happening in grease today. i'd be more interested in seeing if the banks will open, whether people can take more than 60 euros out of the atms. >> we have heard from our financial sources in greece that banking cash reserves are extremely low. and we do know that even with capital controls the system cannot continue much longer without financial liquidity assistance from the european central bank. now

varoufakis as a sign of good faith to release a trickle of liquidity. to see that banks don't come to a complete closure. >> what about the variation itselfverificationitself of mr. varoufakis resignation. how do you think they will react? >> we will have to wait and see. i suspect we will have phone calls from mr. dijsselbloem, between him and the german finance minister, who has been key and the head of the poournl commission. european commission. if the three of them give the renewed authority in prime minister tsipras to than negotiation from here on out as he sees best they would hopefully issue a signal to the greeks that they are willing to sit down and talk anew even though greek financial assistance program has now come to an end since last tuesday. that is one i think result to be looking out for. but as i see the key thing to be looking out for today is any softening in the stance of the european central bank which for the last ten days has held, at a certain level the level of liquidity it is willing to present to greek banks. that will be a

yanis varoufakis resignation.ff we saw this morning did not take out last week's lows against the dollar or yen. we are seeing some up. some blue-chip stocks. so buying and rolls-royce choice after the profit warning this morning. investors are remaining fairly sanguine about the outlook going forward. jonathan: michael hewson see what. let's continue the conversation and bring in guy johnson. a global strategist kit juckes. guy, looking for leverage was a key part of the referendum. still not getting the leverage from the bond market. is that the missing link for the greek government? guy: i am not sure it is. i am not sure it will generate contagion. they have some leverage in now. i think it will be hard for them to turn around and go, we're in a position where we do not want to take more austerity and the deal offered. and we think as a result of which we need to renegotiate and find some kind of better package. i still struggle with what the purpose of the whole thing was. to understand all it will do is entr

varoufakis negotiating in brussels. yes is something which would change the economic outlook for greece. all these calculations, how much growth could they have next year, would look much better. the financing need would be much smaller. as a result, europe could offer better terms. francine: if it is a yes vote. because the problem, have the governments done on a false things? if you listen to mr. tsipras or mr. varoufakis, they say it will take two seconds to reopen the banks. holger: they just don't have euros. you can open the doors of the banks. they have a little euros, which will last them depending on demand a couple days. francine: are they solvent? holger: with a yes, they are. with a no, they are not. this is a matter of confidence. with a yes, money would flow back into the banks. you would not have to increase the ela after the first increase initially. a boost the confidence would change the economic outlook for greece. it would make it much easier. the no would make it much harder. manus: let's talk about

varoufakis is not. he came from the center.just basically, people know who have been on the left for some time, for decades it tends to build a level of patience in you . you can do things and accept things moving slowly. varoufakis, mentally, i think wanted to win and he wanted to win big time. and a win now. they're not going to win now. summit is going to have to sign a deal that is a compromise. maybe they win or maybe they advance when they have short of behind the main greek society little bit more support for the things they want to do because although 60% of people voted no, you don't see 60% of people on the streets out there protesting in favor of syriza or 60% of people out there self organizing and doing the soup kitchens and the voluntary pharmacies. activists will tell you that is the hard part. so for the strategist of tsakalotos and tsakalotos is a strategist of the syriza party this is one step of taking greek society down the route of a left-wing project. and maybe varoufakis will be leading from the sidelines

varoufakis described it.anis varoufakis: 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. varo

varoufakis.that the banks will open this weekend a deal can be done in 48 hours? chris: i cannot see how. the key players are the european central banks because the greek banks have no money. they will not be able to give money to depositors so there will be no point to open tomorrow. it ecb decides to supply them with the liquidity that they need that maybe they can do business -- than maybe they can do business but are they going to decide that? there are no assets that they can accept from greece. and of course there are questions that even if they do the side -- do the side -- to s -- decide. they will want to take out the euro. anna: stay with us professor christopher from the london school of economics stays with us live a longer. the reaction will start to come from creditors and we will get more of a gauge as to how far apart they remain. stay with "countdown." 45 minutes until european equities open up. we will have analysis ♪. ♪ anna: here are the stories you need to know this morning.

after varoufakis resigned we saw the yen moving lower. in south korea, the kospi didn't escape to sell off either. index down 2.4%. back to you, sandra. sandra: tracey chan, thank you. the shanghai composite you've got to put in is up nearly 14% this year but extremely volatile to passable trading sessions we have seen there. up 5% one day, down 5% the next. >> that's right. they're trying to preserve life and stability. they are trying to make sure that they can maintain stability, especially as the eurozone crisis continues with greece. we are watching china really closely in particular. you have a lot of retail investors in the stock market. this is in the institutional dominated market. u.s. have to take that into account when looking at the chinese market. >> you absolutely do. 80% of investors in china are still investors and the minute they get nervous the government is doing something, they will start failing now. keep in mind the government is doing everything they can destabilize because they want to provide capital for the ente

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 restructure the debt for need now and c

varoufakis: we were creating something with every tax number just about aces them that can function underps. alix: well, that was not what we wanted to talk about, but he was talking about house all of this was. -- how secret this whole thing was. joe: the idea is if you're going to have a good land, if you announce it, it is not going to work. and then perhaps even more important is this idea that he claims that wolfgang schaeuble told him he wanted to crush greece, get them out as a message to france, create fiscal integration, and according to varoufakis -- it is credibly important. alix: and he pointed out that wolfgang shauble wanted at grexit. he clearly said that, and it's sort of goes the french flexibility way or the german hardliner way. like the latter. joe: nowhere was it put together as cyclically as he just did. alix: we were excited pretty much all weekend about it. it was good stuff. coming up, black gold is not so golden. oil has hit a bear market. joe: here is a question for you. the answer, when we come back. ♪ alix: i am alix steel. joe: and i am joe weisenthal. what d

oxford educated euclid be be tsakalotos replaces yanis varoufakis. not widely liked by the european creditors. >> they will be negotiating with wolfgang schaeuble poafer boy poster boy as the architecture of pain of the greeks sucking their blood for the past five years. that's hardly the basis for getting along now something i put to a greek minister. >> i won't predict whether it will be tomorrow or day after tomorrow there's no reason why today or tomorrow we can't exit not only for greece but for europe. what will that take? it will take mutual compromises and putting at the heart of the negotiations the good of the people of europe and of the european union the stability of the european union above other kinds of priorities and interests that prevail now. >> reporter: meanwhile the drip drip drip of cash from the banks, making the recovery harder by the minute. >> that can only be achieved as part of europe. >> i wouldn't say i'm really positive. i hope they find the solution because i'm really terrified and i don't know what's going to happen t

alix: a professor worked closely with varoufakis.hey did the contingency planning for the government. >> these two finance ministers had a good personal relationship. i traveled to berlin and met with them. i think that what yannis was saying was what he had told him. the reason that they cannot give greece latitude in the economic program was not that he felt that the program was a good economic program, but that if you make concessions to one country that he would lose control of the direction of economic policy that was his concern. >> but the idea of imposing a greek exit was influenced by france. what is the idea there? >> you would have to get it from them. it was clear that the issues between germany and france over structural questions of the french economy, so there is tension between those two countries. alix: professor, varoufakis has gotten some heat over a phone call from this. what do they have to do? >> they are separate things. one of them is the question of using the existing system to facilitate payments from the go

and a new minister is be replacing yanis varoufakis. jointly declaration in support of talks aimed at at an aid deem. let's have the latest from jonah hull. >> on this day there is one sentiment above others on the street. >> i'm proud of my people. i feel proud for my people. but also confused. because we say no to the proposal of europe. we want better proposal. >> reporter: but pride in greece's defiance of its international lenders isn't enough to avoid the fall. the banks are still shut and without more emergency assistance from the european central bank they'll likely remain so. the 60 euro per person per day limit may have to be reduced as cash reserves dwindle. bank assistance will likely only come if there are signs that a wider deal can be done. to that end the greek finance minister yanis varoufakis, who so antagonized the ministers in brussels resigned. it is no guarantee his head will be enough to secure a deal. tough because of the ill feeling that is still stuck between greece and its creditors if recent months. they will

varoufakis, i cannot imagine at this moment that another minister of finance would have assumed to on the 27th of january when the government was sworn in he could help accomplish so that now whole of europe speaks about this viable solution for whole planet, there's something that takes place in this country. that what we ask of this country cannot take place. and i think all of us not just syriza people are not just the government or the collective government but the whole greek people should say thank you to varoufakis. i hope that i will be able to continue this work, i'm certain that he will cause by my side and will give me advice that i would -- might need. i don't hide to you that i have some ang any some angst and agony, i don't be take this office the easiest plot of great history. mr. kanapola told me one story once you are small you have friends, fellow actor actress ask why are you so afraid, why you have this angst? she says it comes with this talent those who have no fear who have no talent have this angst and i hope i have talent to accomplish the difficult work. i thi

amy: yanis varoufakis resigned today. said that the country can now ask for a fair deal from international partners. >> we will invite them one by one to find common ground. we will seek the fact that the international monetary fund -- we see that the international monetary fund published a report that confirms that our debt needs restructuring. amy: that was the finance minister yanis varoufakis. he re-signed -- he surprised many by resigning. he was made aware that the absence -- his absence from the meetings could be potentially helpful. what about this? costas: there had been some talk about yanis varoufakis. he used to be the head of the negotiating team and he had been replaced from that role a few months ago because he was insistent on a deal that is viable. he is not a long-term politician. he did not want to just receive an agreement that would last a few months and would continue this pattern of agreements that have to be reconsidered and revisited a few months later. that made him very unpopular with his partne

varoufakis. jonathan: let's bring hans into the conversation. i'll bring the imf into the conversation as well. it is going to be difficult for greece to get around the table with creditors. talk to me about the report released by the imf yesterday and how that impacts the current division between creditors themselves. hans: what the imf has done is stripped away this myth that you cannot have a third bailout package without some sort of debt restructuring. look for syriza in the next 24-48 hours, to say even the imf says we need a lot more money, but we need to restructure our debt. the imf is talking about 60 billion over the next three years. 36 billion would have to come from eu member states. then you have to have maturities change from 20 years to 40 years. here's the issue. the last offer from the eu, that 15 billion, that is no longer viable. every finance minister and eu official has said that is off the table. in part because, you need to reconfigure everything in terms of how bad the greek economy is and how much more they need. the i

phil will replace varoufakis -- who will replace varoufakis?is the right way to frame it. this was not a decision by mr. varoufakis regardless of what he says. he was shown the door by alexis tsipras. whether has to do with politics or the european creditors is something we are waiting to determine. there are three front runners to succeed. one who he replaced in april. stathakis, the deputy prime ministers. and dragasakis, the economic minister. all of him speak english and were educated mostly in the u.k. seen as qualified to sit down with the europeans. tom: now we have to move onto the action. brendan: in berlin with hans nichols. you've been following the eurogroup for the last six months. does varoufakis' make negotiations easier in the future? hans: it does not make it more difficult. it is a marginal change they antagonized creditors. i know you are going to be interviewing the vice-chairman of the european council later. he says that the debt relief deal in the 2012 offer is off the table. they are not even talking about debt relief. c

varoufakis says they have not come close enough.e lies that deficit could be overcome -- greece it said no to the lies that the deficit could be overcome with the blood, sweat, and tears of their children and grandchildren. we negotiated for four months in order that our logical position new cuts and not have that only support those who support instruction. the end of austerity and the restructuring of public debt were the two negotiating position of our government and our creditors would not negotiate on this point. on the outset, they planned to close our banks to humble us, and at the point of punishing us, offering for the first time in the eurogroup a scientific justification for which there is no rebuttal. reason for the ultimatum of the 25th of june, which the greek people have returned to sender. have endowed on us the power. we will extend the hand of cooperation to our partners. we shall invite them one by one to establish common ground. we shall consider positively that the imf, to its credit, had issued a report on the n

varoufakis says the banks will open, the ecb will find a way.rik: with that, we will send it back to new york city from athens. olivia: that is probably the man i would like to hear from most this hour, mario draghi. everyone wants to know if the ecb is going to give more of an ela lifeline to the banks. thank you to erik schatzker and guy johnson, live in athens. pimm: it is time to meet mr. grexit. he is a citigroup economist and he joins us now. olivia: abraham, you here we have a new term. what do you think the outcome of this referendum will be? >> at this point, we would all love to know. previous reports, i think the momentum is on the side of the as slowed so we would expect a yes outcome. i think the other conclusion is that even a yes vote does not get us back to where we were before. banks tohe prospect of open and function normally is fairly far-fetched, even if we end up with a yes vote. pimm: i wonder if you could describe, let's say one to 10, 10 being best, the competency of the current government of greece. >> i think that is no

a good friend with yanis varoufakis.ood to have you here on the balcony. >> my pleasure. >> you can give us any insight into why the greek finance minister resigned? >> i think the primary reason was to help facilitate a rapid deal with the creditors. it was clear that he was an obstacle. he feld that it would be better if he stepped aside. >> reporter: he has said repeatedly if they got the no vote that they could get a deal in 24 to 48 hours? >> it depends on the creditors but the elements of a reasonable deal there are. it was spelled not a letter from the prime minister to the european partners. it include a restructure of bet. and receipt opening of the banks which would require the support of the european central bank which should never have closed in the first place. >> you really think that based on all the rules that the ecb follows they shouldn't have cut off liquidity when the bank runs down in the middle of the night? >> it's largely related to intrabank loans. it was a self-induced bank run. and it was part

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 day by day and he criticized the question in the referendum on the economic reform questions proposals put forward during the last bailout plan that expired tuesday. he says that means

and in no small part thanks to tsipras' finance minister, yanis varoufakis, a combative politician wholights as greece's voldemort. [ laughter ] varoufakis said, "of the other eu finance ministers, they're unanimous in their hatred of me and i welcome their hatred." [ light laughter ] this friendly negotiating tactic led to german finance minister, wolfgang schÄuble, apparently saying to varoufakis about the deal on the table, "this is a horse and either you get on it or it is dead." [ laughter ] which makes me want to ask, "how do horses work in germany?" [ laughter ] because here if you don't get on it, they don't die. they're still horses. they run around on their own. [ light laughter ] is this how you get german kids on ponies at the carnival? "get on him, he will die." things got so contentious with varoufakis that the tsipras replaced him last week with euclid tsakalotos, who immediately won everyone's confidence when it was revealed that in 2010 he wrote a paper on the greek economic crisis in the font comic sans. [ laughter ] so faced against this dream team, greece's creditor

varoufakis announced his resignation on his title progress. entitled minister no more! in it he wrote soon after the announcements of the referendum result i was made aware of a certain percentage of some euro group participants. >>> democracy has won. the nation has given my government the strength to negotiate sustainable support measures with the eu. >> the final referendum was a 61% no against the nearly 39% who voted yes. >> this is the poll for tomorrow. >> we should somehow find a common feed of understanding. okay. we should know our strengths up one side and the other. because greece is a great place in the world. >> tsip pras is expected to call for more aid. european leaders were more varied if their response with athens at the referendum. german chancellor angela merkel and french president hol lande will discuss the situation on monday. a summit meeting has been called for tuesday. the european commission said in a statement that it respects the referendum results, but euro group chief says measures and reforms are needed for recovery of the greek economy.

there was a woman, who is a troll,own provocateur, even harasses yanis varoufakis and others, and she was able to jump in the shot. not really reflective of what the scene was like. does not feel like it's an unsafe area. follow: of course, you that up with a selfie with her on twitter, in the spirit of international cooperation. i have to ask you -- >> as soon as the cameras were off. to ask you about this change in leadership, finance ministers. what does this bring to it continued negotiations between greece and its creditors? obviously, varoufakis had become a lightning rod in terms of how he was perceived internationally, by creditors, and even internally. goeskes sense, as tsipras for one/shot to get a deal, varoufakis stepping out of the way may make it easier. but the government has said it wants a debt reduction. this is not that. the new finance minister is still very left wing, and there is a long way to go despite the change. mark: joe weisenthal, thank you. scarlet: for more perspective, we are now joined by clive crook from washington. you have spent over 30 years thinki

whatever greece does next, it will happen without yanis varoufakis. he has quit. he says there is a certain preference among european asp among european creditors that he no longer be involved in negotiations. alexis tsipras that the no campaign which received 61% of the vote. he called it a courageous choice . >> today, we celebrate the victory of democracy. from tomorrow, we continue and will complete our national effort on exiting the crisis. the greek people's believe in our own strength and justification we are right. matt: germany and france meet up today said decide a common response. greek banks may run out of cash in hours unless the ecb extends another lifeline. stephanie: john kerry's temporary expectations that a nuclear deal with iran is imminent. he said negotiators are not where they should be on the most difficult issue. talks have gone on a record nine straight days. the u.s. says it will only agree to a deal that restricts iran's ability to get nuclear weapons. president obama makes a rare trip to the pentagon today. he wants an update on the fig

prime minister plans his next move and regarding the bailout and banks are in big trouble and yanis varoufakisesigned and said he may have been getting in the way of a new agreement. ♪ hello again from doha and this is the world news from al jazeera, dozens of people have been killed in bombings at a shopping center and mosque in nigeria, the latest suspected attacks from boko haram. and back on his home continent pope francis begins a tour of latin america. ♪ so the referendum win for greece's government has actually done little to ease defensive crisis over the state of its economy. there is still serious concern of greek parentings which are supposed to reopen on tuesday and the prime minister has been meeting with other political parties as he prepares to return to negotiations with international lenders and he wants a credible solution to his country's debt crisis but before that he has to pick a finance minister to replace yanis varoufakis and said the bailout talks have not been exactly welcome. resignation said after there was no to bailout terms by the creditors and once that want cut

pleating with the french president in paris. >> euclid tsakalotos will replace yanis varoufakis. as greek finance minister. >>> 200 killed and over 67 wounded in a double bomb attack in central nigeria. mosque in the city of jos. attack on the mosque might be targeting a leading cleric who is known to be critical of the armed group boko haram. >>> at least six people were killed at a bomb attack in potiscam. yvonne ndege has more from the capital abuja. one of the attacks was a popular cleric who had denounced the attack by boko haram and preached peaceful co-existence between christians and muslims in the area, which is a flash point for many in the area. it is not clear whether he was killed or injured in that area, the restaurant was frequented by local politicians and well to do businessmen. now it is unclear what this all means for the authorities and how they will handle this latest violence. it comes at the end of days of violence in the region which has seen more than 200 people killed by boko haram. when the new president muhammadu buhari away sworn in, he moved the mili

i think fact that the greek finance minister yanis varoufakis is gone. that is definitely an effort on the part of greek prime minister to try to lower the temperature a bit. now we're seeing a more conciliatory language out of ministers after that meeting in paris. they talked about the fact that there is still a channel open for communication. they're inviting the greek government to come forward with new proposals but they underline those proposals have to be ones that indicate that greece is still serious to stay within the euro and they indicate that those proams would proposals would have to be held within clearly defined parameters. angela merkel talked about solidarity. that the leaders would show other european countries would show solidarity with greece but then she went on to say that she felt the previous proposals the ones rejected in that referendum in greece on sunday had in themselves been very generous. so on the one hand she's indicated that greece will stand -- that the rest of europe will not abandon grease, will notgreece willnot lea

finance minister varoufakis is telling us he things greece will vote no.gn if they vote yes. he said greece desperately wants to stay in the euro. by the smallness today in your pin stock markets, relative to early this week. a measure of expected stock volatility. the high hits on tuesday. the three big movers in europe today. look at that, electrolux home by 10%. falling asleept with really dollar takeover of ge's points unit into that. -- appliance unit into that. putting a record honest $19 million fine to settle traits by the u.s. and five states along the gulf of mexico, bp, related to the oil spill in 2010. and the biggest rise since january 2014, the biggest power producer. the governing coalition agree to that have a coal levy been discussed for months. investors are sitting on her hands. olivia: thank you. overnight, another wild ride and choppy session for chinese stocks. the shanghai composite dropping to a three month low. david ingles has that story. david: the shanghai composite fell further 3.5% wednesday, now taking the loss from mid-june,

not just the bombastic yanis varoufakis and his antics, but just a complete lack of trust.greece will not implement structural reform. that gives justifications for the creditor countries to continue to provide financial assistance. they have to see where the reforms are starting to pay off and ironically, they were paying off a year ago under the former government. we saw primary budget surplus the beginning of growth. it has not only dramatically ended, but now they are back into recession hit the ordinary damage that has been done the last six months, it will be hard to repair that. katty: if we are on the brink of the greece leaving the euro zone wouldn't you have expected the financial markets to be more panicked than they were? heather: we saw last monday when the u.s. stock market dropped rather dramatically, but you can barely see a budget in the stock market. katty: why? heather: i think there is fatigue in the markets. we have been up-and-down the past five years, so many emergency summits. there is no deadline, it keeps on moving. i think maybe they just feel as