then european unionthen the european central bank will reopen, a lot to discuss going to john siropolous is in athens. john tell me about the resignation of the finance minister, is he a sacrificial lamb? >> he is very much the sacrificial lamb. we've known that an agreement with him in the euro group would be very difficult for months now. he was rounded up in latvia, on the 25th of april. in an accusation that greece hadn't put forward any serious proposals. he was secluded from a meeting mr. varoufakis have issued the following statement. he says soon after the announcement of the referendum results i was made aware of a preference by certain euro group partners of my absence from meetings. for this reason i am leaving the ministry of finance today. it is not entirely surprising. we have known that at some point mr. 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 no

john siropolous, from athens, how different is the deal on the table now to what the greeks rejected not that long ago? >> reporter: hello barbara. as we have been saying, this is deal the greeks rejected a week ago but now it's being put to parliament rather than to a popular vote. why is the prime minister able to do this? partly because he feels it's the only way to keep greece in the eurozone, but by a three year commitment he can get more money for greece's public financing needs. the $53 billion euros roughly that the international monetary fund that the european union minister think he will need, and a longer period of time over which greece will repay its customers, they haven't been sustainable because the accident can not be realistically be paid back within the time period foreseen by them. this of course is strongly owned by 800 number any and mr. schaeuble is going to have a different view than the greek one. the fact that greece needs a longer repayment period and of course mr. tsipras the prime minister here also wants to bring the $35 billion euro investment package b

live is with john siropolous. he is but one man in a much bigger game. >> reporter: well, it turns out he was also causing problems on the greek side. in the last hour we've heard that if mr. tsipras the prime minister hadn't accepted varoufakis resignation he would have had to accept the resignation of another minister, he will remain because mr. varoufakis is gone. clearly this departure facilitates departures not only on the greek side. the key is whether it is going to be received as a token of good faith on the greek side. that's because the banking system here in greece desperately needs more liquidity. it's because the atms even under capital controls are losing half a billion a day in banking system. even more is being lost through electronic transfers. payments to utilities payments to suppliers and there therefore the banks cannot balance their books at the end of the day. they are losing net amounts each day. the banking system is reaching breaking point. the head of the banking system had said it could

but john siropolous joins us from the greek capital. what's actually at stake here for greece? >> much is at stake for greece darren. the question whether they will be forced to dip into their depositor savings they don't know if the european central bank will continue to release liquidity into the system, or they'll have to rely on the deposits that are left. they don't know if the government will receive another financial aid package. in addition to the imf bond it didn't pay last week. and we don't know what the fate of the private sector will be, be the backbone of this economy enormous unemployment, high taxes, a lot of businesses are simply unable to continue. the market has been shrinking there has been a recession as people are unsirn of unis for five months. this is the ballot paper. everyone is called upon to sign. all it requests is is is the do you sex the is sustainability analysis that goes with it -- you accept the sustainability. they had are going are or the voting on the basis of their emotions and what they've been going you there. expression their broader ho

. >> john siropolous is joining us from athens. what is the mood in greece right now, what are people saying to you about what might happen? >> well, people are really governed by the insecurity of the times. at the moment you've got boast the no camps and the yes camps worried about what's going to happen the next day whether there's a yes or a no majority. i called up one accountant yesterday and asked her how her clients have been reacting to all this week of bank closures and how they have been reacting to the political uncertainty engendered by the week of negotiations before, you remember the week beginning june 22nd we had almost dam euro group meetings in brussels whether there was going to be a are survivable solution at the survivable solution at the end. other things greeks were doing interestingly enough was breaking up their deposits into several bank accounts. people have been worried that there may at one point a haircut on deposits in banks. something that is now openly being talked about. because if next week we do

john siropolous joins us live from athens. so john, a stuff night. war we expecting for today? >> well, we expect that eurogroup meeting to reconvene a year from now and it will be given roughly five hours to come up with some sort of recommendation to the european -- the eurozone government leader summit which follows about six hours from now and after that there would be a summit of all the european union government leaders together. right now it's looking as though greece is under pressure to implement more of what it has pledged itself to do. those measures that you talked about that were passed late on saturday still have to be legislated in detail and it may well turn out that the greek government is going to be forced to pledge itself to pass some of that legislation early next week particularly on vat and tensions which are respectably the biggest money makers and money losers in this package. >> john you're saying they are asking for more. can greece really do that? are these eurogroup ministers being realistic? >> i think what we've seen is a shift in the last go week

. >> john siropolous, this is a momentous day for europe. give us what's at stake here. >> reporter: what's at stake is the future of greece really really. we're talk going whether the banks will reopen, whether they'll be given further liquidity from the central banking system or whether they're going to have to zip into depositor savings and whether the greek government is going to be solvent this month. whether they'll receive another financial aid package whether they'll go into default in july or whether they'll even be able to pay the salaries and pensions from taxpayer revenue and whether this economy will finally stand on its own two feet. whether the combinations of policies essentially dictated by creditors can determine the right mixture to help stand up again and produce the revenues that the state so needs to pay those pensions and state salaries and of course serve the debt. so really everybody is at stake that is material. but there are also immaterial, virtually valuesvirtual values. within the european core. much of the coun

. >> another day of tough talks john siropolous. syriza is same germany is trying to humiliate greece. >> reporter: saying it is clear some countries who have nothing to so with the reforms or the program do not want an agreement. and this is in combination with the greek side again that members of the eurogroup do not seem to be favorably disposed to greece, the creditors are more favorably disposed, the greek side said they gave a positive recommendation to the eurogroup. even outlined a sort of time line and road map for the measures the greek parliament voted in, in principle early saturday would be implemented. but we have seen the early proposals like the one referred the by my colleague simon mcgregor wood for a greek five-year time out for which to set its house in order. >> john do you get the feeling now that the possibility of a grexit becomes more and more of a reality? >> well, i think that seems to be true because increasingly people are seeing not only that the greeks are becoming, the greek government that is, more a

pension reform and tax heights so lest go straight to john siropolous who is life in athens. any indication of what's been said in response to this proposal? >> well we've now heard from greece's creditors that they approve the fact that parliament has passed this. they consider what parliament last passed here in the last few hours a basis for negotiations. that's a positive sign. that means that they will welcome the discussion in brussels at a he walked out of a week ago. this is going to be a difficult negotiation because mr. tsipras is asking for two very difficult things. one is a restructuring of the greek debt and the other is an aid package that's three times as large as the cost of all the austerity measures he's just asked parliament to approve. he therefore is not sounding terribly optimistic. deliberately so. he wants to temper expectations. he says we have now reached after six months of war we have now reached the equator. from here on out, there is a mine field. and what that mine field is he described a little bit later on. we have a promise of a growth packa

john siropolous, bring us to the latest of where we are on this story. >> outside parliament is the no vote, the communist labor union that's demonstrating against austerity package not surprisingly because they've decided to pit themselves he goodness syriza now that syriza the left wing party has become the ruling party. the communist party has decided this is the chance they have to prevent themselves as the opposition party. therefore they won't be elected simply to turncoat and go to creditors seeking terms. that's what's going on outside. inside, we are -- we have been in committee discussion, over the package of austerity measures that essentially was rejected by greek voters in last sunday's referendum. this is now the package syriza has decided to back and say that it is palatable because it is going to be accompanied by sweeteners such as package from the european commission and hopefully an extension of the repayment of the debt by several decades. but that's going to be difficult to get. so mr. tsipras wants to go to brussels armed with preapproval from his parliament not o