Critical decision on whether to raise emergency funding for banks. Raising the toolbox. Beijing steps in with unprecedented measures to stem volatility. Thus its another erratic market with stocks giving you have gains. And the rolls royce issues a profit sharing. A new style of management. Okay. Lets get straight to having a look at what markets are doing in reaction to this surprise result in the greek referendum as you can see. Predumb pant thatly red in the to the stoxx 600. The declines 1. 2 . Perhaps not quite as big as could have been expected given so few people predicted the results of the referendum. And we had a similar reaction to the markets exactly one week ago after the announcement of the referendum. I guess the markets learned from their experience last week. They saw this was a knee jerk reaction and will focus on the early talks. Meantime, Yanis Varoufakis has resigned as his position as finance minister. In a statement, it states his absence could help the government eventually reach an agreement. In true varoufakis style states he is wearing the credit tours loathing with pride. Now with the new finance minister in greece what do we know about him . Well hes one of the crucial favorites to become finance minister a couple of times actually in the last year very smart, very to the point. Economics very much a focus of what he talks about when he discusses the issue. But he is seen as one of the more stringent and focused. As far as what greece needs in the approach that they take. He is very different in terms of the drama 5 that varoufakis is guilty of it. He is alleged to be one of the ones to sign the deal and mr. Tsipras wouldnt let him. A question who is the hardliner here. The question is that mr. Varoufakis wasnt at the negotiations in recent years. So it looks like a shift change in the recent strategy change. Even believed with the blog that he wrote in regards to his resignation, theres what eye asuggestion by the creditors that this would facilitate some deal. But ill always come back to here, the numbers have to stack up. And of course, a they need to convince them that they will implemented, its not just about signing a deal. Its about implementation going forward. Guys back to you. Thank you so much for that julia. Greek finance minister Yanis Varoufakis, the quote, the problem is once youre in just like the eagles song. Hotel california you can check in anytime you like but you can never leaf. Now that varoufakis has checked out himself, were looking at all of his favorite hits on cnbc. Com. Let us now how it looks. As we look at the european markets, ftse 100 relatively outperforming down 1. 9 with the likes of germany france around about 1. 5 . And italy off 2. 6 now. Portugal off 2. 3 . Lets look at the Banking Sectorer that is making most of it. 2 . 3s and 4 percents across the board. Now, lets just bring in the last 30 days because i think this is very important to highlight. Yes, over the last ten days the dax has declined sharply, 5. 7 from this peak on the 24th. But dont forget this rally we had had about 2, 2 1 2 weeks ago, that was on greecerelated positivity. That means over 2 1 2 weeks the index is basically flat. Despite extraordinary improvement, markets havent really declined that much on a two or threeweek. And that is something to bear in mind as we consider whether the declines were seeing today are significant or not. A reminder the dax up 1. 4 now. This also highlights the same point, the euro overnight trading much more softly than it is doing now. Just hit a session high. Only off 1. 2 . 1. 109. The euro has been confusing the last few weeks but given that its up much more sharply in the last hour. A 0. 04 . A quick look at bonds. Likewise, a safe haven for the u. S. Compressed 2. 3 . Italy up 2. 4. And the greece ten year remains hugely out of rain. 17 . Were looking at 54. 05. The brent up 1. 04 . Lets get to julia for more on the unfolds greece situation. Julia. Thank you. Were very much focused on the no victory overnight but also a catastrophic failure for the yes campaign. And also what wasnt mentioned the resignation of antonio sammerat. Thank you for joining us. I want to ask you first about what happens now, do you believe that mr. Tsipras with the resignation of Yanis Varoufakis can get a deal with the coming days . The resignation of varoufakis is good news. Although im 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 im not sure what will happen. Lets say that they try and come to some kind of deal tomorrow as you put youre expecting it to be harder than what they might have got. Theres 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, its very difficult for him to backtrack. So im very worried. Banks are also backing into a corner here as well here. Hes 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. Ill have to say yes to raise the facts in my business. You understand the nature and behavior of society when they read this paper, because they know we try to explain to the people that the real problem is the euro this is not about the euro. And if you give me power, i will bring you powers. Reporter you also put other Prime Ministers on the television. Faces that people associate with austerity and memorandums. Its a face of austerity for these people. With Something Like this or Something Like that but new democracy, theyll have to find a way out and i think well see this in time. Reporter thank you so much for that. Moving on a blow for brussels. They scramble to put another an emergency summit for the capital on tuesday. But Francoise Hollande hoping for a new start. How will a negotiator impact the talks with greeces credit tours lets get out to brussels. Negotiators havent thrown in the towel yet . Reporter no absolutely. And i think, you know we were talking earlier on squawk box about who knew what and when. Because a lot of good conspiracy theory. Perhaps the fact that some of the statements that we got in the wake of the referendum result from european officials suggest that maybe there was always changes to come within the greek finance minuteistry. So it is clear that mr. Varoufakis has been within the last couple of months with the negotiations and personalities do matter when you get people around the table at this level. So perhaps with a new group and someone fresh in that seat we may have the grounds for optimism that there can be some progress going forward. I just wanted to pick out a point youre make an Angela Merkel going to paris here. Because if you look at the way the negotiations progressed before they broke down it was very clear that the french were in the camp that said a deal must be done. And they hoped that there would be some room for easing the terms for the greeks. Now the germans, as you know have taken a much tougher line on the fiscal side of the equation equation. And i think its very significant that Angela America is making that trip to paris so they can try and find a common position with which to deal with any new approach. And it has to be the greeks that bring the new approach i think, everybody has been stay inging the fall is very much in the greek court at this stage. Jeff im interested in this particular reason as you say, its just two of them they might be able to iron out a few of the creases before all of the finance ministers come together. How much do you think Angela Merkel is at home on her side why isnt she just a crucial back stop to the currency . Reporter no i absolutely agree with you wilfred. Its appoint that ive been making that i think Angela Merkel doesnt want to go down as the german chancellor who effectively sunk the eurozone as its currently configured. And i think even as youve had prominent cdu members coming out and making aggressive statements and we know mr. Mr. Mr. Mr. Mr. Mr. Mr. Schobler has played good cop to ms. Merkels good cop, i think its for her to try to keep the greeks at the table. As we look is talking to whom we know last night, very quickly after that result came through, mr. Tsipras was on the phone was to paris. So he talked to mr. Holland. And i think they will all be bending over backwards to try to find a way to move forward here. I think the key question will be if there are grounds to rare row the differences over tax for the islands, pensions and so on and so forth, theres just this one rye maining issue. I seriously would like to see some progress on debt can the europeans come up with something that is imaginative in this area . Look, theyve said it in the past past, special purpose vehicles some corporal of special refundlerefund le ing, maybe sure can come up with a way thats imaginative that would lead to a meeting of minds. Still coming up on the show america 2350e78 mail soccer Team Continues the fireworks into the fourth of july clinching the world cup from former winners japan. Forget fringer prints. Mastercard has an ad. Will it take off . Plus they say its all about the timing find out why the return to the big screen failed to get moviegoers excited. Hasta la vista, baby. Are you moving forward fast enough . Everywhere you look, it strategy is now business strategy. And a partnership with hp can help you accelerate down a path created by people, technology and ideas. To move your company from what it is now. To what it needs to become. Chinese market volatility continues despite beijing stepping in for emergency measures. The peoples bank of the china is one of liquidatety to security finance. This after regulators announce they had would also limit the number of ipos, as you can see the market has ended in positive territory, plus 2. 42 . Lets go live to beijing. Reporter thanks so much wilfred. Well, the Chinese State media was putting a very positive citizen on the chinese stock markets today, with one editorial saying that the rainbow always appears after the rains. And this is after today, we saw some signs of stabilizing in the stock markets after a weeks long correction. And this of course comes after the weekend discussions by the leaders here. To come up with some dramatic moves to shore up Investor Confidence. We heard that the pboc for one agreed to provide some assistance to a governmentbacked manageren financed agency in order to try to put more money in the hands of investors so they could into a some shares. A stock Stabilization Fund was set up that involving 21 brokerages who are going to commit 19 billion. And also the state regulators has agreed to spend ipos. So all of these efforts are really made to shore up Investor Confidence and get people back into the markets, wilfred. Thank you very much for that. We want to hear from our viewers on this topic. What say bigger threat to Global Markets, china or a grexit . Join us worldwide for a conversation here at cnbc. Com. I have to say the true question is Global Global markets . Its china, isnt it but then why hasnt any from the Chinese Markets to the asian markets, why hasnt there been been any contagion to the european markets . Weve seen it going none the ging ging on in the last three or four weeks that it doesnt impact the resteven if china is more important, why isnt there any . I think very much at the moment were focused on the asian market the shanghai market not hong kong. The reason for me that china is clearly the elephant in the room, i think its not just an issue for Global Markets as opposed to saying european markets, i also think its for the global economy. And yes, so far, its been focused on a marginal number of investors. When that starts happening that will affect global economies not just the Global Markets. And that seems to be the point. I would say on the whole greece issue, we actually havent even seen european markets sell off that much around greece. 5. 7 decline on the dax over the last ten days. Thats quite a lot. But over the last 2 1 2 weeks its flat. But, yes, i think china is a bigger issue for markets, but on the short term i think the european markets have a bigger issue. Maybe, maybe not. It all depends on whether the ecb will step in not just in terms of the greek issue, and about whether they round out purchases of eurozone debt whether they give us any new methods, any new ammunition. Because they still have some left in their tool clip you would think. So i think it depends on the policymakers. I think absolutely weve had this vote and this clear referendum ahead of the vote. Theres no clear result of how we get to a grexit. Who would make that. I think theres a Holding Pattern until july 20th until when the big ecb payment is due. You know what i question the july 20th deadline because greece also has other obligations at the end of the this week. Lets get back to julia in athens. Julia. Reporter thanks very much, guys. I just want to introduce you to my next guest a former wells bank economist, pretty wellknown in greece as the prospective imf negotiator. A whole host of the issues and also an adviser to the finance minister here. What are your thoughts with regards to the resignation of Yanis Varoufakis and the replacement. Is this going to make a difference in the negotiations . It will be a matter of a few hours to see. I hope that we will be able to have a deal very fast because its very highly needed for us to be able to move on. Reporter the perspective candidates it suggests that mr. Tsoufakis is very much interested in a deal. Do you think its a better choice to get a deal going here. Frankly, these are loaded questions, and they require a lot of meetings governments and negotiations internally within the minister council. And the Prime Minister himself. I do hope he will have the best result. Reporter your experience in having what an institution is like, with the bank and the approach theyve taken in the negotiations, do you think the credit creditors are going to suffer as a result of what we saw last night . I think there to be detente. So both sides have to engage really strongly. We have engaged a lot from the side of greece. If anything the lenders should recognize the fact that yesterday night, mr. Tsipras is no longer just the president , hes the Prime Minister of a full nation. We didnt have one dot on the map that was suggesting differently. And im expecting this to also be completely with the party and by the all the greek parties. This is not a party issue. This is a national issue. This is a survival issue of a whole country. Thats such an important point for negotiating here. And then trying to pass it through parliament. I guess what youre trying to say there, he can bring his own party into line here. He can make sure that the independent greeks are on board to ever deal with necessary country on board. The whole country is on board. Now, so he should be seen as the representative of a country, not as a representative of a simple election, which im not reducing by calling it simple, but its an election. Yesterday, it was identified that he is backed by the whole country. Now, this is a political. A political statement, the topical statement should not be mixed with politics. But it should be coming it should be aligned, if you like and not go opposite to it. So the greeks yesterday voted for europe. They voted for the euro. Yet, they vote and they also said please understand that we can be both but we cannot anymore provide any additional savings, because we dont have anymore. Reporter great to talk to you. Anna panaritis. Julia, thanks for that. We check in on the front pages as greeks react. Well be back in two. European markets pare losses after a negative open with banks leading the declines. The euro also steadying after Yanis Varoufakis resigns as finance minister offering a glimmer of hope between athens and its creditors. Fans say the ball is now in your court. The two are restarting talks. Meanwhile, the ecb raises concerns. Raiding the toolbox. Shanghai closes in the green after beijing steps with one precedented measures to stem volatility. Rolls royce chief warn weres it makes its mark of a seal after sending the stocks tumbling. Offering a new style of management. A quick look at European Equity markets and we are off the session lows. The ftse 100 is off by. 75 . The dax off by 1. 25. And the cac off by 1 . A resounding no vote in greece yesterday, european stocks fell more or less 3 last week. That was the worst week in about two months wilf. Some of the biggest individual mover, carolyn, rolls royce, the aircraft engine maker up 9 . Citing weak demands the Engineering Group also announced the suspension of its bond buying program. And issuing a call for action stating we need to move quick to please impatient investors. He said the findings of a Strategic Review which was launched, thats off 1. 7 . In line with banking stocks declining after the greek vote. Investors failing to get excited by fresenius plans. The and the ceo told german media the Hospital Business still has plenty of room to grow. Lets get back to greece. A critical meeting for greece is due to be held by ecb today. The central bank will decide whether to increase cash to the nations banks through its ela mechanism. Reports suggest that policymakers will not raise the liquidity ceiling keeping further pressure on the finance system. Lets go to frankford. Why would the ecb do anything that could cause a potential grexit because it is not a Political Institution . Reporter no, its not a Political Institution, but it is a rule bound by the rules and as much, they could not lift the emergency liquid at this time a