to find a solution? well maybe. and paradoxically, could that be a start, a new start, for europe? my guest today, first of all allen posner, british-born author who writes for the german newspaper. and allen says a new start in europe would mean scrapping the euro. unfortunately, the european elite have been addicted to it. and a correspondent from the ah thens news agency. she says the greek pace has proven that europe can achieve compromises. but it is not yet mature enough for self-criticism. and our third member of the panel is the well-known journal journalist and political writer. she describes the e.u.'s management of the euro crisis as muddling along at all costs. first of all, allen, i'd like to begin with you. faye is telling us that there was a compromise. well, it looked to me like unconditional surrender. what do you think? >> yes, i see that definitely it was. they basically hauled mr. tsipras across a log after he had gotten a no-vote for the last conditions and dictated the conditions to him again. then he had to say yes. this has been a -- this is the thing that'

rejecting the terms of the bailout deal on offer by europe. let's listen in to some supporters of no campaign in athens reacting to the preliminary results. >> translator: it's a great joy for the no campaign to win. we want no to prevail. it's not only hope for greece. whether there's 10,000 suicides and 3 million are below the poverty line, how can we expect just to win? >> translator: i want no to win in the end, but i hope there are no scuffles after the result so we can continue from that point on wards and have a clear view where the greek people want to go. >>> taking you straight to greece now where the finance minister is speaking live in the greek capital. let's listen in. >> translator: so they had it was an ultimatum returned to those senltmentes. they know that the greek people gave it to us and we know that the greek people said despite the fear of closed banks and the mass media chromed by the with this. we will ask or partners to work with us. we will ask them individually to come and negotiate with us. consider that the imf published a couple days ago a report saying

is a great honor to address the democratic forum in europe. it is an honor to be able to talk about key representatives of the people. at the official time my country and the european union as a whole. i find myself here only a few days after the verdict of the people. after we chose to give the floor directly to ask the greek people directly and let them be part of the negotiations. we have not gotten an answer to double the efforts in order to get economically sound for to greek problem without repeating the mistakes of the past that condemned the economy. for a period that was neverending and an impact of severity that hurt the economy in a vicious cycle. the creative response by the greek people at a time when there was such pressure with the bank closing, with the campaign and the media televising that meant an end to talks and an end to negotiations. [applause] >> we have to listen to what they said. this was a courageous choice by the greek people and this is not a decision of breaking off relations with europe. it is one of going back to a time when the founding principles o

tsipras says he is being blackmailed by europe. he says eu imposed austerity is destroying the greek economy and threatens the country's democracy. will they choose austerity? coming to you from berlin, quadriga the international debate. melinda: hello and welcome. debt drama. who is good and who is bad? she is the berlin correspondent for the newspaper. she says so many on all sides in the name of democracy and solidarity. she is one of germany's best-known economic journalists for many of the leading business publications. she says europe was built on compromise and race could put an end to that era. and we have the german british author and commentator. the ever closer union is dead and germany is to blame. it is time to rethink europe. it opened with the question, will the greek people choose austerity or alexis tsipras? what will happen? >> i'm not sure that's the question. public opinion is torn at the moment. i wouldn't make any predictions at this moment, but it is definitely a very strong debate going on in greece. my only fear is that the greek people will end up divi

hand, the poor corner of europe saying it is had enough with economic policies that shift the burden of this crisis, the cost of dealing with it, on to average people and off of the bankers and governments that are responsible. how it plays out will effect every country struggling with same issue including the united states. amy: the battle over austerity. as greek voters reject further budget cuts and tax hikes in exchange for a rescue package from european creditors, who is to blame for the debt crisis embroiling greece? is germany trying to crush greece to set an example? will greece leave the eurozone? what does this mean for the global economy? we will go to athens to speak with paul mason and in the united states economist richard wolff will join us in new york. he will also look at the rise of democratic socialist presidential candidate bernie sanders as he draws the largest crowds of the 2016 race democrat or republican. all that and more coming up. welcome to democracy now!, democracynow.org, the war and peace report. i'm amy goodman. greek prime minister alexis tsipras has

minister tsipras addressed the nation saying no doesn't mean leaving europe. >> whatever choice we make on sunday there will be nothing to divide us the following day. no one questions or presence in europe. n. to a non-viable solution doesn't mean a rupture with europe. it means a continuation of negotiation on better terms with the people. i call upon you to say no to the ultimatums, to the blackmail and this campaign of fear. i call upon you to say n. to the rupturing, n. to those who want to so panic and prevent you from making the decision with composure. i call upon you to decide for democracy and dignity. >> let's take you live to athens now and join al jazeera's john. those rallies are really building now. >> yes, it is. both are now well underway. strange support for both camps as you've seen in the television pictures you've show. the vote is still too close to call. today both camps opinion polls were given low 40s and both within the margin of error of each other of 3%, which means that even the opinion pollsters don't really think they can pull this referendum. the one thing o

on europe held a hearing today on the european union, its future and the u.s. relationship with eu members the greek financial crisis, and britain's referendum vote on the european membership in 2017 led to increased speculation on the future of the eu and how its troubles can impact the u.s. economy. this is about an hour and a half. >> i'm sure he will be joining us momentarily. i'm sure he won't mind if we get some of the formalities out of order. i call to thrd this afternoon's hearing on the future of the european union from a relatively modest idea in the early 1950s for six countries to form a common market for steel and coal production. the super national organization that we now know as the european union was created. five and a half decades on it has expanded to including 28 national governments is and represents over 500 million people. taken together, the gdp of the eu is over $18 trillion, one of the largest global economies. historical forces which promoted integration after world war ii helped to make that continent more peaceful and prosperous. the european union an

, economic growth and earnings growth in europe going forward. we retain an overweight to europe. pimm: so buy stocks in europe right now? paul: that is right. pimm: any specific industry groups? paul: we like specifically -- i would say not just europe, but we like the developed countries. generally speaking, we would include japan in that list. the sectors we like the most are those most closely tied to strengthening global economic activity. we think that is going to be the theme for the second half of this year, into 2016. brendan: for somebody not watching minute by minute developments out of muscles, what would you look or at the next deadline? paul: the important deadline right now is the greek parliament has to pass the required votes by wednesday. we think that will happen. after that, there is a series of bail-ins, or payments that have to be made to greece. the next thing that would be important to watch would be how soon the banks can open. that is just if you are watching greece and distress there. as long as they pass laws on wednesday, you will see investors lose their worri

countries seeking to make their way to europe. despite the risks, smuggler gangs have no trouble picking up custom. reporter: it is early morning and bilal kamara quickly downs a cup of coffee before continuing his journey. the sierra leone native is nervous. the organized people smugglers here in gao might give him trouble. gao is located in northern mali. it has become a major crossroads for migrants wanted to reach europe. human trafficking is a lucrative business. yehia and issa have years of experience in this dubious trade. two young men have just arrived from southern mali. yehia and issa advise them to beware of the criminal gangs. the gang members have no scruples and will steal all their valuables, possibly even cut their throats. karamu sibe: what can we do? all we can do is to pray that things go well. i know there are people who only want to rip us off and cheat us. reporter: the newcomers are reluctant to place their trust in yehia and issa. they choose instead to have a look around gao. the traffickers herd migrants into a so-called ghetto, a barracks-like building, where

greek government or not. it's not about the euro. it's not about europe. because greece is inside europe and this is something that cannot be changed by any referendum or by anybody's opinion. this is a fact and this is the history, so what we are about to vote is clearly if we agree with this proposal or not. >> whichever way the outcome is, one thing is certain. this will have repercussions right here in greece and far beyond its borders. lisa suarez cnn, athens greek. >>> we're join now by linda in athens. what's it looking like there? >> people are turning out to big numbers. this school has been turned into a polling station. we expect the turnout is going to be very high. the question of this referendum comes at such a critical time and although a lot of people appear to still be confused about the exact phrasing most of them seem to be voting for a no to aw -- austerity or a yes to europe. the prime minister said this vote symbolizes a vote for democracy. let's take a listen. >> translator: today, democracy wins over fear. our decisiveness cinched the win. the propaganda of

greece. >> there is a program by germany from commission and so europe and we cannot continue with these rules. >> i want to be in europe. >> okay. okay. >> it is a simple yes or no that has set greeks apart between those who fear losing what they've got and those who feel they have nothing left to give. >> os face of it, this is just a vote about the terms of the new bail-out for greece. yes, we are prepared to accept the terms or no, we think we should go and negotiating and try for a better deal. it hardly seems like a matter of life or death. >> yet for some it is a defining moment. this is our only chance to give an answer to europe to say no to the bail-out no to slavery, no country ever disappeared because of bankruptcy. so we are not afraid to vote no. no to everybody. no to germany. no to merkle. >> a decisive no is what prime minister alexis tsipras was hoping for when he called this referendum one week ago. he and his finance minister believe a greek no will strengthen their hands in demanding a new deal from the country's creditors, one that will ease the debt burden gr

you do not like europe, we love europe. and i hope you will be able to come up with a program, finally. thank you. >> clearly, this is a lively debate. we are aware of that. i don't think it is a bad thing. we are particularly pleased to be here today, but i now call the leader of the social democratic group. >> thank you, president schultz. >> europe, without grace, is something unthinkable. as a social democrat. greece is an essential part of europe and the euro zone. without greece in the euro zone, europe would no longer be itself. and that is why we have opposed and will oppose extremist political speculations to our zone, europe would no longer be calling for greece to leave europe. i could quote what mr. varoufakis would say. or i could reply to statements that have been made by our colleague, mr. weber. but i would prefer to undermine the sobriety, the seriousness, the constructiveness of the president. who has for all of these months work to find a solution. a positive solution. today is not the time for friends to apologize to each other. what is at stake is too seri

cleveland on july 10. back to you. anna: phil mattingly there. let's return to europe. while european politicians are fixated on greece and the possibility of a grexit, there is a long way to a referendum on the british referendum for a nexen. -- four and eight said. john moynahan is joining us now. thank you for coming. let's get your thoughts on the possibility of britain leaving europe. to have set out what you call the 10 commandments -- the reforms you want to see it in europe. have you made up your mind already? have you set the bar so high that you will not reform and therefore you are essentially calling for a brexit? john: right now, unfortunately, david cameron is quite low, and in his discussions with europe over the past couple weeks, it essentially says that he is going to lobby for us to stay within europe, whatever happens. we, on the other hand, do see a set of opportunities where we could stay in europe which essentially boils down to being the common market that we asked to join in on the political union, which we find we've now been pulled into. this book that is go

loathed by pretty much every-- in europe. they now have come through not with a 36% vote in the electoral process but with 61% from a referendum they've gotten rid of their minister of finance. they put more technocrats in. they've actually brought the opposition parties the establishment opposition parties together to say that they are going to together five parties bring a new proposal to the european states tomorrow. >> rose: will it be in your judgement a proposal more likely to be agreed to by the creditors? >> i think we've already heard from the french today that there is a greater willingness to accept a debt reduction as a debt forgiveness as part of this negotiation. are the greeks going to go farther now than they have in the past? i think they will in part because tsipras no longer has to worry that he's going to potentially lose his government and lose office at home. so part of the difficulty in negotiations between the greeks and germans that's still on the tablement but part it it has been tsipras's own difficulties at home and he has now decisively resolved that

and uncertain future in europe's common currency. greek drama - it's the "inside story". [ ♪ music ♪ ] >>> welcome to "inside story". i'm ray suarez, the greek prime minister elected when his country's economy was cratering, with a promise to reject austerity, now is ready to accept terms he once rejected. the change of heart and tone coming after his country missed a key debt payment, off the banks closed and lines the frightened citizens stretched down the sidewalks hoping to grab cash before the money ran out. john psaropoulos in athens. >> greeks have been caught in a 2-pronged strategy. at the end of tuesday they decided to capitulate, write to creditors and accept the deal on the table on saturday. the creditors said that deal is no longer available to them unless there's a referendum result giving a positive direction to the eurozone authorities in the sense that greeks want to remain within that eurozone. so by the end of wednesday, alexis tsipras, the greek prime minister, was forced to stick to his guns on the referendum, and continue to schedule it for next sunday, rat

assured the greek people that the greek government would not close the door on europe. 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

later today here on c-span 3, the house foreign affairs subcommittee on europe with a hearing on the future of the european union and its relationship with the united states. that starts at 2:00 eastern. we'll have it live here on c-span 3. >> when congress is in session, c-span 3 brings you more of the best access to congress with live coverage of hearings, news conferences and key public affairs events. and every weekend, it's american history tv traveling to historic sites discussions with authors and historians. and eyewitness accounts of events that define the nation. c-span 3, coverage of congress, and american history tv. >> i guess representative mike pompeio. good morning to you. >> good morning. >> when it comes to this deal you put out a tweet which essentially or basically says the iran deal was a historic mistake, it's time for congress to step up. why is it a mistake? >> this is a surrender. this isn't foreign policy. while we don't know the exact details of what is in the deal, we know that the iranians will be allowed to continue to enrich uranium. we know that the re

america as well as in europe. he was the first real global hero and by that i mean he existed in print and in images. everyone knew what he looked like. women adored garibaldi. they adopted the garibaldi fashion with large red blouses and sometimes military jackets and imitate thing garibaldi style. for americans garibaldi was an important figure, and they wanted him on the south -- both the confederate and the union side companies regiments were named after garibaldi. the south dropped theirs. it was one in louisiana after this news that garibaldi was going to join the union and it was a rumor and echoed through the international press and across america through the summer of 1861. and i later found out that the rumor began back with garibaldi back in this little island, as his lieutenants his advisers, were kind of salting the press with these stories. that if invited he might come and raise his sword for america. and so it happened immediately after the battle of bull run as it turned out with lincoln's approval the secretary of state, invited this soldier of freedom to come and fig

to be in europe. >> ok, ok. >> it is a simple yes or no that has set greeks apart between those who fear losing what they've got and those who feel they have nothing left to give. >> on the face, it is just a vote on the terms of the new bailout for greece, yes we're prepared to accept the terms or no, we think we should go on negotiating trying for a better deal. it hardly seems like a matter of life or death. >> yet for some, it is a defining moment. >> this is our only chance to give an out to europe, to say no to the bailouts, no to slavery. no country disappeared because of bankruptcy. we're not afraid to vote no, to germany and no to merkel. >> a decisive no is what prime minister alexis tsipras was hoping for when he called this referendum just one week ago. he and his finance minster believe a greek no will strengthen their hand in demanding a new deal from the creditors to ease the debt burden greece cannot afford to bear. >> the greek people send a strong message of dignity and decisiveness, the message that it has a choice in its hands. >> what is the choice? in brussels,

greece and europe. dignity as well. europe is confronted by this responsibility. it is not just an economic, financial and monetary construction. europe is an ensemble which is founded on principles. fundamental principles, a conception not only of europe but of the world on freedom openness but also respect. in this europe, there is room for solidarity, solidarity is everywhere in europe. there is also responsibility, this balance between responsibility and sol dater solidarity must be the lightning rod of our behavior today and tomorrow. >> al jazeera, jacky rowland has been following those talks in paris and sent us this update. >> the focus very much is on two key meetings that will take place in brussels on tuesday. first a meeting of finance ministers of the euro zone and then afterwards a meeting of leaders of the euro zone countries. they will be look to greece to come forward with new proposals for how to resolve this crisis. they've said that there is still a channel of communication open but those proposals must indicate that greece is serious about remaining within the

from europe's bailout fund. athens has to follow that request with a detailed plan by thursday of how the government plans to reform its economy if it is to get more money to stave off bankruptcy and a possible exit from the euro. reese has been told it has to have a deal in place i sunday, when the leaders -- greece has been told, effectively, it has to have a deal in place by sunday. it made an appeal to the european parliament, asking for it to rethink the way it has been dealing with the greek debt crisis. the greek people voted overwhelmingly against the greek debt bailout. groups he has the mandate to ask for a more socially just and economically sustainable solution -- it prooves he has the mandate to ask for a more socially just and economically sustainable solution. >> to give the floor directly to ask the greek people directly for their views and to be an active part of the negotiations affecting their own future. a few days after this verdict we have now been given a mandate to redouble our efforts in order to get a socially just and economically sustainable solution to

is crew in iran and the team, i'm greeks continue to queue for cash as europe gives athens a final deadline to make a deal with it's creditors. ♪ ♪ >>> in doha with the world news from al jazerra coming enough the next half hour, financial fears in china. share prices plunge on the country's stock market. a year after a brutal conflict the children in gaza still struggling to cope with the trauma of war. >>> and from bee keepers to doctors, how immigrants in australia are taking up jobs that can't be filled by locals. >>> european leaders say sunday is the final deadline for greece to secure a deal over its debt and save its economy from collapse. an emergency summit in belgium ended with no agreement late on tuesday, the european central bank says it will keep banks afloat in the sunday deadline. jacky rowland reports now from brussels. >> reporter: after many hours of meetings and the customary working dinner, eurozone leaders finally gave their verdict. greece had not told them what they wanted to hear. >> translator: we had a long and intensity discussion and in assume are

. jonathan: overweight equities, where? >> japan and europe. jonathan: coming up, we will speak to paul after a four quarter trading update. then brussels, greek officials will come up with a plan. how could the greek crisis affect tank of england policy? we will discuss the snooze-fest of england decision. ♪ jonathan: good morning, and welcome back. let's bring you up to speed with some of the top stories. the greek of government has extended the nation's capital control through monday. alexis tsipras and his government rush to pull together an economic plan for the deadline. the proposal may be their last chance to remain in the currency. officials all the u.s. economy moving towards conditions that would support an interest rate increase. they also expressed concerns about a risk coming from china and greece. the bank of england will announce its latest interest rate decision at 12:00 u.k. time. all economics -- all >> almost -- members of the committee will have to assess the economic and can -- impact of the budget. that is the top news, let's check out equity markets. it is a da

tomorrow we will open the path for all the people of europe. a route of returning the founding principles of democracy and solidarity in europe. >> reporter: that was the prime minister alexis tsipras who has been urging people to vote no in the referendum. there seem to be two opposing sides with different messages effect tix. the people who are voting no saying they are voting no to austerity, no to european bail-outs that would only make things worse for the greeks and they are asking for debt relief at the same time. those who are voting yes believe that greece's position is in euro. that if they do not vote yes, that greece's position in europe could be in trouble and they seem to be the people who believe that even a bad deal for greece is better than a no deal for greece and this is really how most greeks seem to be looking at this referendum. they seem to think by now the financial situation is so bad that there are no good solutions. there are only bad solutions and even worse ones. it's kind of hard to see things differently being in athens where the banks have now been closed f

% gain in europe and the united states. we are seeing earnings in the u.s., that is keeping up the smiles on investors faces. in europe, the m&a wave has gotten their attention and driven some optimism. china is still volatile. cap 40 up .5%. let's have a look at your commodity space. this is where the route has really been. we see copper driving higher spending much of that fear about tiny slowdowns. maybe just the time we've seen enough of a selloff now. time to get back into commodities. up we go in terms of copper. oil continuing on its downward trajectory. this is of course, in a bear market. all are downward will that play into the u.s.'s decision later today? you have china continuing to slow its -- show its slowdown. shakes it off, and you look at total. it is the second biggest oil player in eour -- europe manages to keep pretty flat. why? how is ths tock dr -- this stock at driving higher? that has gotten far more profitable. they are bringing more oil out of the ground. therefore t they are weathering that storm. copper has been on a downward straight. off by .25%. first

money and they would have gone bankrupt if merkel did not step in. in europe, they have taken the place of the bank. merkel saved the banks. the cost of the whole electorate of europe, as you said, and especially of germany, greece's creditors. the taxpayers. now she can't back down because she can't explain to the german pack tears -- german taxpayers that they are throwing their money away for these lazy greeks. that made for a political problem. somewhere down the line we need to to have a nation go into insolvency and solve its problems on its own terms. this is what the talk of greek national dignity is about. it is time for the greeks to let them sort these things out themselves. ursula: if you go back to 2010 in the situation, the world economy has been there. the answer to greece, solving your problems alone, would have caused enormous trouble in the financial markets. it would have put europe in the hole. alan: what if we guarantee the banks -- what if merkel said, you take the hit eubanks, and we will tell the financial markets that we will support the banks? the way oba

, thank you very much. that is the early mood in europe. let's head over to hong kong. david ingles standing by. you, morning, i say to another chopping session in shanghai. talk to me. absolutely, jon. this story keeps giving. it is down of further 5.8%. we are just about closing up shop for the week. let's do a damage report. we basically put together the in somethingeeks like 22-23 years. as these levels right now, 3686, close to 30% from just three weeks ago. the damage, i think we are roughly at about 2.8, maybe 2.9 trillion u.s. dollars, roughly the size of the economy of britain. that is the market impact that has been wiped out. stocks in this index, 900 are down at least 5%. it just gives you an idea of the scale of decline. this also shows that the chinese authorities, regulators, have put up several steps this week. tuesday, a new one. wednesday, a new one as well. they haven't quite gotten this right. they are still calibrating what they do with this. they've managed to create a situation where margin debt can go north of 300 billion. unwind, theys to try and smooth out

of europe aware of the desperation within the nation of greece? carl: good morning i think the leaders are aware of the urgency of the situation, the name of their game right now is to avoid default which is the same thing as bringing stabilization to greece. they have to be focused on a 4- point agenda. by tomorrow's summit, the have to cut with a plan to save the banks and if necessary direct the ecb to keep the ela open. the heads of state have to get the finance ministers back to the table, talking about what happens next. they have to get a negotiator in there to help them as a mediator and move forward. the most important thing on the agenda is restructure the bond due on july 20 that one bond the ecb has to begin in a green light to accept other paper in exchange so we don't get default. tom: dr. weinberg did not mention the emf. are they part of the discussion? brendan: if the greek government issues and iou to pay pensioners, does that automatically mean new currency out of europe? carl: it's a long way to get out of the euro to issue script. they did it in california

positive picture so far. mma in europe talks yesterday help as well. let's move to the question the morning on twitter, what's could threaten the m&a wave? you could find me on twitter. let's talk about what is happening in the asian session. over to china now, as the country's equity index swings. our market reporter from hong kong joins us for the latest. juliet: it has been a fluctuating market. asian markets followed in general, that positive look that the u.s. experienced. you can see the strong gain coming through in australia, led by a curtail in the falling commodity prices. the s&p up, as well as oil and gas players. a different story on the shanghai composite it had that 8.5% plunge on monday, security regulators now looking into that volatility we actually saw the shanghai composite open higher by more than 1%. it is now down by .3%. a little bit of weakness coming through in japan, the nikkei is down. air china has come back online after it slump -- it's slump. shares falling the most in seven years. the age shares lifted -- listed in hong kong down by 7%. banks did well

every into lock order they had in europe. they have come through with 61% from a referendum. they have gotten rid of their minister in finance, they actually brought the establishment opposition parties together to say they will together, five parties, bring a new proposal to the european states tomorrow. charlie: it will be a proposal more likely to be agreed to by the creditors? ian: we have already heard from the french today there is a greater willingness to accept reduction debt forgiveness as a part of this negotiation. will they go farther than they have in the past? i think they will impart because he does not have to worry he will potentially lose his government and office at home. part of the new gift -- the difficulty with the germans, that is his own differences at home and he has decisively resolved that. this imf report last week 60 billion euros in a transition those things have legitimized sippers and allowed him to play a stronger hand with the europeans. charlie: sebastian, i was listening to something on the radio. a story that the finance minister is a game theorist

, because without growth the debt can't be stoppable ever. and it was also important to show europe's solidarity to greece. since they weren't taking their responsibilities. well at one point in time ladies and gentlemen, we might have feared that the eurozone would lose one country greece. this question has been raised months ago, or even years ago. but to deprive ourselves of greece, it's not only depriving ourselves of a country with its gdp, its people but also deprive ourselves of a country which is at the very heart of our civilization. it does not only belong to our history, but also to our culture, our way of living. greece is country, a friend of europe who -- which wished to enter into europe after years of dictatorship. so there might have been discussions as to its capability of making this transition possible this entry into the eurozone possible. but all the democratic parties stated that they wanted to stay within the eurozone. they might have made another choice but they wanted to remain within the eurozone. duty was to enable them to stay within the eurozone but also

. >> reporter: a part of europe? >> no. >> reporter: a part of the eurozone? >> no. why? >> reporter: after five years of spending cuts - tax hikes, job losses, pain and humiliation, those that voted no roared back "enough." most do want to remain at the heart of europe and the euro but don't want to feel as if they are being punished any more >>> well in the wake of the referendum greece's conservative opposition samar as resigned. the leader of the new democracy party and prime minister made the announcement in a televised address. his party campaigned for a yes in this vote. >> reporter: i want to talk to barnaby phillips following rehabilitation on the streets of athens and joins us live. we heard from a defiant alexis tsipras, wasting no time claiming victory in the election. we have seen scenes of celebration, but doubt about were there lease greece's future in the -- leaves greece's future in the euro. >> yes, there's euphoria on the streets, in the syriza camp and alexis tsipras's immediate circle. i think that euphoria will wear off quickly, greece is in a dangerous position make no mis

mo that's just a nuisance. europe i would say the same. >> the biggest opportunity is where, do you think? >> i still think in the u.s. market but i am a u.s. equity manager. there are opportunities overseas in europe in particular but i like being here at home. there are plenty of stocks that are up 20% and down 20% on the year and that's indicative of the opportunities to be a stock picker. there's a lot going on. there are signs of a recovery in the rest of europe. there's china with a stock market that may or may not be crashing and may or may not be held up by government interaction but underneath that there's a chinese economy. there's other things to pay attention to, maybe an iran deal. it looks like they're going to push something through come hell or high water. >> greece is still dominating the headlines. new developments today. let's get over to athens and our michelle caruso-cabrera. michelle? >> reporter: and in just the last few minutes, scott, the greek bank association said the banks here if greece will remain closed both tomorrow and wednesday. there was a decree s

capitalization. big deal for greece. it has huge political ramifications for the rest of europe. this is one of these issues were the markets focus on it's very intensity at the moment. in a few weeks time, there will be people on wall street saying where is greece? manus: it is interesting how the ballot test if this morning. we will spend time on china later in the show -- it is interesting to see how the balance has shifted this morning. if you look at investing everybody was moderately overweight euro. are you holding on to that position? i'm all in. trevor: i'm overweight japan and europe most of all. there has a lot of confidence around greece but you look at the money supply and they are exceptionally strong. spain and ireland are strong. there is a possibility to confidence gets affected. i would not rule that out. second half of the year, europe is a strong economy and the mark is looking pretty good. manus: so you are holding firm with that. you'll stay with me. here's a look at what else is on our radar this wednesday morning. barclays has announced the surprise departure of c

referendum that may determine the country's future in europe's single currency. tens of thousands of greeks demonstrated in athens on friday. here you say prime minister alexis tsipras attending one of the rallies. he is encouraging people to vote no in the referendum which would essentially mean that greece does not accept the austerity-driven terms of a bailout plan offered by european lead leaders. >> translator: on sunday wed are all sending a message of democracy and dignity to europe and all of the world. we are resending a message of hope to the people because on sunday we do not simply decide to stay in europe we decide to live with dignity in europe. >> and a short walk away from that rally was this. a huge crowd of demonstrated to support a yes vote. a yes vote endorses the expired bailout terms. mr. tsipras came to offer promising to end harsh austerity measures. but many people say he has put greece's future in jeopardy. >> we will vote yes. we have seen what the government has done to us. in these five months they have taken us back ten years at least. >> one poll shows a razor

and know it's all subject to being checked. >> greece and europe are preparing for a referendum that could have huge impacts on the continent. on the terms of an international bailout now, several polls show the vote to be very close. rallies took place as greece's highest administrative court ruled that the referendum is constitutional. here's more now from athens. >>reporter: it means no the no campaign gathered in front of parliament backed by the government wants a future in europe but with a better deal for greece. we're all here to show that we want to be european citizens and that if possible return to dracma. that would be a total disaster. >> of democracy. >> the left wing prime minister believes a no vote will strengthen the national mandate to demand more for less. >> what strikes me about these two sides is not just the strength with which they're willing to defend their positions but the way in which they illustrate a real division in greek society. one that's being driven much deeper this week. to sign this country up for more austerity levels and to defend what they've

the euro. countless surplus, europe now house a current account surplus. germany's is 7% of gdp. we are seeing the undervaluation of the euro, very significant action. frankly, europe is up for sale at the moment. asian and american buyers are coming in. anna: some of the u.s. banks seem to be doing well as a result. if the u.s. is going to increase interest rates, we saw big moves in a quantity currencies overnight as result of the canadians cutting rates. asking if other quantity countries are going to cut rates, as well. will we see a stimulus wave coming through them. the ecb is still in qe. it says the fed increasingly at odds with the world. robert: probably the bank of england at well. as the fed moves, the bank of england will raise rates. the pace will be very slow. anna: are we the only allies? robert: japan qe continues well into the second half of 2016. the ecb policy i think will stay intact probably until september 2016. the commodity currencies you mentioned there, obviously under pressure at the moment. but with oil prices post the iranian deal, under further pressur

europe after all means democracy. we have also heard the message of all the democratic greek parties who met this morning and who affirmed their will that the country should remain in the euro zone. we are open to discussions. and it is now up to the government of mr. tsipras to put forward, submit proposals as the least we can say. so that they can remain in the euro. with a program which is sustainable. because greece needs sustainability. and stability within the euro. we have thus before us a suvment tomorrow and it is up to the heads of state and government to define a position on the basis of the presentations by greece. this is an emergency for greece and owrp, a europe. this is a question of dignity as well. urine is confronted by this responsibility. it is not just an economic financial monetary construction. europe is an ensell enbl ensemble of the world. on freedom openness but also respect. in this europe, there is room for solidarity, solidarity's everywhere in europe and we need more of it even. there is also responsibility. this balance between responsibility and solid

financial help from europe. tens of thousands of greeks have taken to the streets on both sides of the vote as the country slips closer to the edge of collapse. so far we're seeing early results leaning toward the no side but again it is still very early. what do we understand is happening right now? who do i have there in athens? >> reporter: can you hear me? >> yes, i can. tell me what's happening. >> reporter: good evening to you. >> i know the polls have closed. it was expected that two hours after the polls closing there may be some early results and that's what we're starting to see a bit of right? >> reporter: correct. correct. what we've got now is 20% of votes being counted. we have looking like 60% going to the no. this is early stages at the moment. normally in the previous election at the beginning of the year for the prime minister all you needed was 10% of the vote to get a sense of which way it's going to go. at the moment we're 20% of the votes being counted. 60% with no. i can tell you -- i've been here to greece many many times throughout this year and i have a been here t

europe. >> calling the genocide a lie ahead of the 20th anniversary of the slaughter. >> the iraq army prepares a new offensive. >> chile win south america's top prize. a penalty shot to argentina giving them their first ever major title. >> it's a crucial day for greeks voting either yes or no in a wrench did you to decide their economic future. alexis tsipras and his finance minister urge a no vote. what's the vote actually about? now, it will be decide whether or not greeks accept international creditors tough proposals for more austerity measures in exchange for much needed rescue loans to pay off its huge debt and avoid a banking collapse. >> the european commission, the creditors along with the international mop tear fund wants taxes raised and spending slashed to meet debt obligation. that debt stands at 340 billion euros. the creditors were accused of fear mongering. it was described as a form of terrorism. e.u. leaders warned greeks that a no vote could mean crashing out of the euro zone altogether. voters are divided. let's hear from our correspondent, jonah hall up athe