Further support. A final deadline of sunday to prepare a new package of reforms as the block is prepared for a grexit. Microsoft is taking an ax to its work force again. The fresh layoffs will impact the hardware and smartphone business it acquired from nokia last year. In a surprise move barclays announced the departure of Anthony Jenkins. The search for a new ceo takes place. He said we are leaving value on the table and a new approach is required. He added that independent executives had concerned about jenkins leadership style for sometime. Shares under his tenure out performed all over u. K. Banks climbing 51 during that period. In the early years stock gains were boosted by the decision to side step government have since declined. Heres a few reasons why. In may 2014 a result of a Strategic Review lead to the bank cutting 9,000 job. In june 2014 the new York Attorney general opened a dark pools probe and in 2014 they were fined 2. 4 million for forex rigging. The change at the top is probably create a little bit of volatility in the shortterm. And i wasnt expecting it and its the situation before and then it could be very positive given the sense that we could probably see a more severe one. Were seeing more comments on the wire. According to reuters the chairman is not in a massive rush to appoint jenkins successor. He adds that he spoke to him last week about his future and the Board Meeting took place last night. One final comment, an independent executive, they have had concern about his style of leadership for sometime. Its really interesting that many of them including jeffreys for example, they actually saw this coming. They just didnt expect the timing of this to be so soon right after mcfarland has been appointed. We know that he is extremely demanding. He wants to see much faster cost cutting. He has been engaged in two rounds of restructuring. Weve seen thousands of job cuts under him. That simply wasnt fast enough. Despite outperforming other u. K. Banks, the actual performance of barclays this morning, the Investment Banking profits have been dropping under his leadership. He is desperately tried to accelerate change and revamp the reputation but it hasnt been enough. The board is speaking out saying they need a new set of skills at the top of barclays. I wonder what exactly that means. Then i wonder is anyone good enough. You said about the disappointment and i have been look through past analyst notes and it seems to me that the analysts themselves werent that disappointed. Yes shares under performed the Banking Sector a little bit but barclay shares up by 11 . Morgan stanley at the end of june said we have an overweight rating for the stock. New analysis says there is potential for noncore run down. It was also a top pick not long ago. They say we would not be surprised that if the plans were revisited before the end of the year. However, management are clearly highly focused on delivering and improved returns. So they had trust in the management. The board sees some type of change snead at the top. Weve seen a lot recently so this is a trend we have been seeing in the Banking Sector. Strong words used in the press release. He reflected long and hard on Group Leadership and new set of skills was required at the head of the group versus saying its time we get a new person to lead barclays. So the statements made being scrutinized over the past one hour. Lets step away from the barclays story for a little bit. Were still dealing with a greek issue and the Eu Council President is currently speaking. He says we only have four days left to find an alternate agreement. Of course the new deadline is now sunday and he also says that greece could go bankrupt if the deal bails and it remains to be seen whether bankruptcy automatically means grexit. All right. Lets move on. Speaking of barclays, we will be having a first on cnbc interview with the executive chairman of barclays at 11 30 cet. Steve is heading down to have that conversation so make sure that you stay tuned for that. The big question is why now . Why does he need to resign now . Absolutely. Chinese stocks munged for a second day despite another round of measures to stem volatility. It comes after the countrys Securities Regulator said there was a move of panic in the market accuseing investors of irrationally selling shares. Lets get out to sri for the whole extent of the sell off. Whats concerning now is that the china stock market collapse is spreading. Were seeing real signs of contagion. Especially in regional currencies but particularly in the hong kong market. This is concerning because hong kong had been in the volatility in the mainland equities but what a session it was in the afternoon. About an hour ago just before the market wrapped up we were down by over 8 . We saw the worst points drop ever in the history of the hang seng and we saw the biggest percentage decline since the financial crisis back in 2008. In fact we did drop below that 23,000 marker. So whats happening here is that its really being lead by the hong kong brokerages. A lot of them were down by well over 10 . Remember its the brokerages if china that are effectively doing National Service for beijing. Theyre the ones that have been mandated by the government to pledge and buy a lot of these shares back to support the market to a tune of 120 billion. Let me just throw up the board some of those brokerages if we do have it and i can give you a sense of the damage report here. Not as bad as they were intrasession but still deeply negative so the story here is that the brokerages that pledged 120 billion to sure up the market. Its going to damage their earnings. Thats what the market is worried about. Hence these very deep losses. Lets give you the regional picture once again and the scope of this contagion because the japanese markets were hit hard. This is the damage report for the china markets. Lets give you the broader regional view if we could. In terms of this contagion effect they ended 3. 1 lower out of the money. Thats the sharpest percentage loss since march 2014. So the big question is beijing is pulling out all the stops but to no avail. The regulators are saying investors are panicking. Others are saying perhaps its the authorities in beijing itself that are panicking. That doesnt take control of the markts. Where does this bottom out. Its a level of 2100 which is where valuations become a bit more normal but that does suggest some deep further losses to come in this very volatile market which we continue to see. Thank you so much. The shanghai composite wiped out in less than a month. Despite this two Global Investment banks are still bullish. The Market Impact could be less than feared. The chief economists said stocks represent less than 15 of Household Financial assets we inquirities accounting less than 5 of total accounting. Most dont rely on it as a source of financing. Chinas csi 300 index closed down almost 7 today as you can see on the screen. Yet Goldman Sachs expects it to rally by 25 in the next 12 months. Interesting to see the contrast in opinion on where chinese stocks are headed. Now european markets. Were not looking too badly. The stoxx europe 600, one hour into the trading session is just modestly higher by 0. 2 . Were still waiting for the fed minutes today and well be in a wait and see mode ahead of the deadline for greece on sunday. We saw the big sell off in yesterdays trading session to the tune of 1. 2 for the stoxx 600 and today maybe a little bit of bargain hunting and optimism surrounding the greek talks and the Chinese Market sell off doesnt seem to have a huge impact. We saw the big reversal in u. S. Stocks. Similar increases for the ftse 100 but that is lifted by the banking share with barclays rallying by more than 3 . Minors falling hard on the back of china. Up by 1. 6 . Greek Prime MinisterAlexis Tsipras speaking at the eu parliament. Lets listen in. To a period of never ending and impassive austerity which trapped our economy in a recession nary vicious circle. The courageous response by the greek people at the time when they were at tatters with the banks closing and the campaign and the media terrorizing them into feeling that no meant an end to talks with europe. An end to negotiations with europe. The votes were counted. This was a voice of democracy and we have to listen to what they said. As i was saying. This was a courageous choice by the greek and is not a decision of breaking off negotiations with europe. It is one of going back. To the founding principles of unification. It is a Crystal Clear message. This is a Crystal Clear message that europe our common european edifice will either be democratic or we mens difficulties. And these are negotiations between the greek government and its partners to reconfirm europe and look at the grand rules of the European Union and full respect for the democratic choice of our peoples. My government i, myself personally and our government 5. 5 months ago. However the bailout programs the programs have been in force for the past 5. 5 years. And i fully assume this responsibility for what happened in the past five or six months. We recognize that the basic responsibility for the impasse which the Greek Economy finds themselves in and the impasse which overall europe finds itself in with the choices that have been made dont just extend the past 5. 5 months. They also extend back 5 years and implementing programs that have not helped europe get out of the crisis it faces. And let me assure the house that from the crisis we have a reform undertaking but lets not forget that for the past five years the greek people made a tremendous effort for adjustment. A very harsh and difficult process of adjustment but this exhausted the patience of the greek people and this is not just confined to greece. We respect the sacrifices and efforts other countries have made. The difficult decisions the governments have taken in other countries as well. In many European Countries austerity programs have been put into effect. However nowhere have the programs been so harsh and long lasting as in the greece and its no exaggeration to say my country has been turned into an experiment. However this has not been a success. Over these five years we have seen a skyrocketing of poverty unemployment has soared as has if the public debt which is 180 of gdp and today the majority of the greek people this is the simple fact which we have to face and accept. The majority of the greek people feels that they have no other choice. Other than to demand that they be given a way out of this impasse and this dead end. They have expressed this in the most direct democratic way possible and we have to implemented that decision and we demand an agreement with our neighbors but one that gives us a sign that we are existing from the crisis which will demonstrate to us that there is light at the end of the tunnel. An agreement which will bring about the credible and necessary reforms. That is clearly necessary but we have to recognize that over the past 5. 5 years reforms have been put into a place which have been a burden on the what pensioner ins can take. What employers can put up with what they can stand and ordinary citizens. We need policies of redistribution are necessary for the middle class for the working class and we must have a basis to succeed. The proposals we made to our partners are ones that involve credible reforms without recession nary effects with it. We need to ensure the medium term funding of our country with development and Growth Program because we have to put on the table an agenda for growth because otherwise, there is no way were going to exit from this crisis and our prime objective must be to combat unemployment and to encourage entrepreneurship and clearly our proposal also contains the demand for an immediate undertaking that we will see genuine dialogue and negotiation in order to get it. We must be able to look reality in the face and find solutions in the face and find out how difficult those may be in practice. Our proposal has been submitted as one that meets those requirements and has been put to the euro group at the summit we had yesterday of the euro zone and today were working with the support arrangements in the next two or three days. We have taken concrete proposals in detail and theyre confident in the next few days well be able to meet the obligations of this crucial time in the best interest of greece and also for the euro zone and can i say this is not just the economic its also in the best interest politically of the European Union. Let me be Crystal Clear, the proposals by the greek government for the funding of its obligations and restructuring of its debt are not steineddesigned to provide an extra burden for the european taxpayers. It never trickles down to the greek people. This is money which was given in order to save the greek and european banks but never trickle down to the ordinary greek man and woman. And in addition starting in august of 2014 we have got to disperse disperse repayments of 7. 2 billion and was not our government in power from august of 2014 to 2015. The fact is that the program has not been implemented. The program was not implemented there. Not because at the time the ideological circumstances that we have, thats because the program then and the program now did not have social acceptance. And sufficient for it to be right it has to be workable. Its got to have the public support and acceptance. Greece has been involved in negotiations and we also are under an obligation to repay to the same institution which is provided the finance. Repayments of 17. 5 billion euros and that money was taken from the resources of the greek people. Despite all of that i have said im not one of those politicians who claim that those responsible for the wars of greece are the wicked foreigners. Greece has got to the verge of bankruptcy because for many years the governments of greece have been creating a government and strengthened at the hands of corruption. They have created and nurtured a nexis between political and economic power. They have allowed tax evasion to run riot and its not right. In accordance with a survey 10 of greeks currently have 56 of the National Wealth and 10 in a time of austerity they have not shared they have not bore their share of the pressure. This is major injustice and the programs the bailout programs have not made things better. On the contrary they have made things worse. They were supposed to bring about reforms but they have not improved the mechanisms that collapsed under the enlightened and indeed terrified national officials. None of the reforms has helped when it comes to the nexus between the political establishment, the banks in that three sided ring. None of the reforms have improved the functioning and the efficiency of the mechanisms of state which has now become working in the vested interest instead of the common interest and common good. Our proposals are based on genuine reforms whose purpose is to change the face of greece. These are reforms which previous governments and their political regime did not want to put in place. They did not want these changes to take place in greece. That was not the purpose of the bailouts. Effectively tackling the cartel of a vested interest. And the National Finances and unemployment and labor market are covered. We must be able to implemented the priorities of our government and get traction on those difficulties and this is those parties are ones we are going to look at with our partners. Today we come with a strong mandate from the greek people and were determined to tackle the establishment in our country and change the mind set which have taken us and taken the euro zone down. Ladies and gentlemen europe finds itself at a crucial crossroads. What we now call the greek crisis is only a manifestation of the euro zones inability and this is not exclusively a greek problem. This is a european problem and european problems require european solutions. European history is a history of conflict but conflict leading to compromise and its also a history of convergence and enlargements. It is a history of unity and not divisions. And this is why we talk about united europe and let us not allow it to become a divided europe. And its a compromise which will avoid a break up in negotiations and this is in line with the traditions of the European Union. I bloef together we can rise to this historical challenge. Comments seem to be well received by the European Parliament. You can see a moment of applause. It doesnt mean breaking up with europe and our proposal contains demand for genuine dialogue on the sustainability of public debt. Lets get out to jeff who is live in brussels. Jeff the big question is does this give us clarity as to what proposals greece could unveil ahead of sundays meeting. Not really. Im not sure if the comments will have been well received. That was just courteous applause. European politicians generally if nothing else tend to be courteous to each other. I think that was a thinly vailed critique of the whole program of physical austerity. Since the crisis unfolded in 20072008 but if you listen to what he had to say there, fwrees has been in austerity laboratory. The program has been harsh and long lasting in greece and europe is where it is and greece is where it is because of the programs. I think what weve heard from mr. Tsipras is once again an argument in favor of giving more money to greece and relaxing the pressure on spending that many countries are currently experiencing particularly those in the south of europe. I dont think his comments will go down particularly well with the germans and others who were in that leaders meeting yesterday and felt a sense of frustration that the government hasnt really come through with anything new so far in terms of how they are going to raise taxes and make sure that more people pay their taxes. Reduce the tax evasion. How are they going to put public spending at the moment. Mr. Tsipras didnt sound like a man inclined to reduce public spen