It is 9 00 a. M. In greece where Prime MinisterAlexis Tsipras says he will present a new bailout proposal by the end of the week. Mr. Tsipras met with european leaders in brussels tuesday, but he did not offer up any longterm plans. Greek banks are running low on money and remain closed except for minimal atm withdrawals. Jeanclaude juncker made it clear his patience with greek negotiators is wearing thin. Rejecting all these accusations which were thrown to the public during the Referendum Campaign that are not respecting the dignity of the greek people. That we are terrorists. I dont like. This who are they and who do they think i am. Im strongly in favor of keeping greece in the euro area. But now the greek government was not capable to do this tonight has to tell us where they are having at the last moment will be further more. Jeanclaude juncker there. And cnns isa soares is in athens this morning and joins us now live with the latest. Of course this was supposed to be a doordie moment for greece to show european leaders it is serious about coming up with a reform plan but failed to put a plan on the table. Why would they miss such an opportunity as the economy is crumbling . Reporter i think many people are scratching their heads this morning given what happened yesterday knowing pretty well that time is running out. And especially because the banks here you know they are running out of cash very very soon. They dont know how much money they have going left in them. So the concern now is what happens in the next couple of days. We saw yesterday the greek finance minister who was described as being a breath of fresh air he showed up with no proposals with just bullet points but gave a strong oral presentation. I think that infuriated many finance ministers there. Then we were told that the Prime MinisterAlexis Tsipras would present proposals at the eu summit meeting later on that night but also he didnt. He basically said what he wanted which was a bridging loan for this month as they try to deal with the banking crisis. Europe clearly very obviously saying youre not going to get any money for this month if you want a third bailout, your third in six years you have to come up with credible proposals and put them on the table long term not short term. I think now this is do or die. We heard from juncker. We have heard from merkel and many european leaders. They have until friday. So thursday night, really to put proposals on the table, credible and serious proposals on the table. If that does not happen and they are not serious about putting the economy into shape they will be out of the euro. You do have to wonder what on earth the greek negotiators are thinking. And of course as the politics plays out what is the scene on the streets of athens and what are they saying about their leaders and how they are dealing with the debt crisis . Reporter i think they are on difference pages. The greek Prime Minister went in there talking about what his people wanted what they have been calling for on sunday. But thats not exactly how the europeans are interpreting this. Its no longer about the referendum. Its about putting the proposals through. And i think thats why many people waking up this morning will be worried about the days ahead. Because people here reading politics every time i go to a coffee shop i hear them talking about the next couple days where this leaves greece but they are worried about exactly the cash running out. The European Central bank yesterday said that money will run out by the end of this weekend. And let me show you this two newspapers. In one here euro or drachma on sunday. This is obviously what it comes down to euro drachma. And French Coffee for a deal. And that is Alexis Tsipras giving coffee to chancellor merkel rosie. Unbelievable. We will watch this closely to see what happens. Another conversation is what does happen if greece does exit the eurozone. But well talk about that on another day. Hopefully we wont have to but well see what happens. Isa soares live from athens. The u. S. Planned to train thousands of Syrian Rebels a year to fight isis is getting off to a slow start and that is raising more questions about the effectiveness of washingtons strategy. Barbara starr has details of the u. S. Secretary report to members of congress. Reporter with isis still in control of many parts of syria a stunning revelation from the secondary of defense on just how slow u. S. Training of moderate syrians to fight isis is really going. As of july 3rd we are training about 60 fighters. This number is much smaller than we hoped for at this point. Reporter the u. S. Had wanted to train up to 5,000 per year. But a major problem, getting fighters willing to promise to only fight isis in syria, not syrian president Bashar Al Assads reseem. Senator john mccain furious at the pentagon for what he views as a failure to protect the syrians. I would like to have answers to the questions. Will we tell them that we will defend them against Bashar Al Assads barrel bombing . Will we tell them that . We have not told them that. Reporter the joint chief chairman leaving the door open for a small number of american troops working as Forward Air Controllers to call in u. S. Air strikes to help the forces. There are places where embedded soft forces would make them more capable. Reporter the Administration Says there are no plans for more u. S. Forces. In order for us to success long term in this fight against isil we have to develop local Security Forces that can sustain progress. Reporter but almost one year into the american involvement, questions about whether the u. S. Can afford patience. If youre suggesting that isils threat to the homeland could increase because of this patience i concede that risk but i would also suggest to you that we would contribute mightily to isils message as a movement were we to confront them directly on the ground in iraq and syria. Reporter behind the scenes many u. S. Commanders will tell you one of the issues is to get iraqi fighters and moderate Syrian Rebels capable of fighting well enough to take territory and hold on to it. Barbara starr, cnn, the pentagon. Cnn military analyst colonel Rick Francona joins us now. We find out tuesday that the u. S. Has trained only about 60 syrian rebel fighters instead of the 5,000 they planned to train. How is this even possible and how could it go so terrible wrong . It just boggles the mind with how this program, both in iraq and syria has failed. Its just a series of disappointments. Only 60 fighters trained. Congress allocated 500 million and now the real number is 60 fighters. The hold up is some of the vetting but these numbers are abysmal. We cant do anything on the ground in syria with this kind of training. But the administration is Going Forward with the plan they are talking about 7,000 people have to be vetting. This is part of the problem, the vetting process. Its understandable they need to work through that. But if thats what theyre Going Forward with what has happened here . Are they not getting the message when you only train 60 out of 5,000 . You wonder. I think thats really the key here. Because as you know and the president announced this at the ge 7 summit he was waiting for a final plan from the pentagon. Talking to my contacts at the pentagon im hearing that the pentagon isnt developing a plan and sending it to the white house its the other way around. The white house is basically telling the pentagon this is how were going to do this and this is how were going to continue. Its just throwing good money after bad. And critics predicted this would happen. Here it is. We see increasing concerns relating to the effectiveness of a program that trains a local fighting force to combat isis in syria and as you mentioned in iraq if this isnt working, what is the answer . What is the plan thats going to be the answer to the problems here . Well theres got to be somebodys boots on the ground. Lets talk iraq forward. In iraq the boots on the ground were supposed to be the iraqi army. That failed. The iraqi army has proved itself incapable of operating in the field. The only effective force in iraq are the kurds. And we are shortchanging the kurds by not sending them weapons directly. We send everything to baghdad and most of it stays in the iraqi army and never gets to the peshmerga. We are seeing the same thing in syria. We dont know who the boots on the ground are going to be. Its not the fsa 65 fighters. There is an effective Kurdish Group up there but as soon as we support them we get a lot of push back from the turks. But the boots on the ground portion of this isnt working. Lets combine that with what is going on in the air. The u. S. Led air campaign is anemic at best. 09 sorties is nothing. But the pentagon claims we are taking the fight to isis. Thats not true. The Training Numbers have shocked people. They dont know what the answers are but they are certainly realizing at this point that the plan currently in force is not working. Colonel Rick Francona thank you for talking with us. Well watch this to see if there is a change in direction. Appreciate it. Good to be with you. Pakistans government has hosted a meeting to facilitate peace talks between the Afghan Government and the taliban. The talks were held in a hill top resort near islamabad. The white house says that the meeting was an important step for advancing prospects for peace in the region. The participants agreed to meet again after ramadan ends on july 17th. We have new information about the San Francisco pier shooting. A source close to the investigation says the gun that killed 32yearold kate steinle belonged to a u. S. Federal agent. Meanwhile, suspect Juan Francisco lopezsanchez answered weapons and murder charges in a San Francisco courtroom. Reporter a source tells me that the gun used in this case to kill kate steinle was traced back to a federal agent. We dont know what agency but we do know from the source that they ended up finding the gun and that they were able to trace it. That is the latest revelation in this case but its this all happened on the same day that the suspect made his first appearance in court. Juan francis coy lopezsanchez was in court today and asked if he was guilty or not guilty in the murder of kate steinle. He didnt seem to understand very simple directions from the judge and simple questions from the judge, answering many times with im not guilty when he was asked about things like the next court date he is supposed to appear in. This has been a bit of an interesting case today. We heard from his Defense Attorneys after the Court Appearance saying that he has a secondgrade education not more than that but he understood the charges against him. They say this was all a terrible mistake, he has not have a violent past. He said this is more about a gun control story than an immigration story but that is being argued in the political arena. All in all we know the next court date is july 20th and we also know he is being held on a 5 million bond. U. S. Republican president ial candidate donald trump is standing behind his comments on mexican immigrants in the United States. He described some as, quote, killers and rapists. On monday he says he intends to keep speaking out against illegal immigration. We have to stop illegal immigration into this country. Its killing our country. It is a bad subject in this country and people dont have the guts to address it. Still to come here on cnn, democratic president ial candidate Hillary Clinton responds to Donald Trumps comments and offers her own take on immigration. We have that exclusive interview. Stay with us. Verizon say neversettle. Tmobile agrees. Never settle for verizons overpriced gimmicks. Try the uncarrier riskfree for 14 days youll love it, or well pay for you to go back. The goodness that goes into making a power kale chicken caesar salad is rivaled only, by the goodness felt while eating one. Panera. Food as it should be. Look at that Beautiful Hotel on tripadvisor. Wait. Why leave the site . Dont you know the tripadvisor youve always trusted for reviews, book now checks over 200 websites to find the best price . Book. Book. Book over 200 sites checked to find the best price. So dont just visit tripadvisor. Book at tripadvisor. We live in a pick and choose world. Choose choose choose. But at bedtime . Why settle for this . Enter sleep number dont miss the final days of the lowest prices of the season. Sleepiq technology tells you how well you slept and what adjustments you can make. You like the bed soft. Hes more hardcore. So your sleep goes from good to great to wow only at a sleep number store. Dont miss the final days of the lowest prices of the season. Save 300 to 700 on selected mattress sets. Ends sunday know better sleep with sleep number. Welcome back everyone chinas security regulator is issuing an ominous warning that there is a mood of panic in the markets. Thats despite government measures aimed at reassuring investors. Take a look at the numbers. The shanghai composite down 6 . And the shenzhen down 2. 5 . Andrew stevens joins us from hong kong with perspective. How bad is this and how much worse might it get . Reporter it seems to be getting worse by the minute particularly considering that the government has taken strong measures to try to put a floor under this. And obviously it is failing at the moment. A very volatile day in the Chinese Markets. At one stage of the open down 8 and came back to 3 down and at the end of the trading session, back down again towards 6 . Its not just china, too. There is a contagion effect across asia. Hong kong getting close to a 5 fall. That is a very big fall for hong kong. Japan down 3 . Australia down 2 . Greece is playing into this as well. But very much at the moment its the concerns about what is going on in china and when will this all end . At the moment though there doesnt seem to be any clear indication that is it going to end. Consider this is just three weeks old, this stock market rout they have already lost 30 , more than 3 trillion wiped out and no end, really in sight at the moment. The big question of course is this going to spill over into the broader chinese economy . This is the second biggest economy in the world. What is the impact going to be there . Im joined by fred newman. Good to have you on the show. First of all, what is the damage going to be for the broader chinese economy . There is going to be some damage but the chinese stock market is not as big or important as the u. S. Stock markets for the u. S. Economy. Its not that every chinese has a stock account. The number has been rising but still only about 12 of Household Wealth is in the stock market. So a fall in the stock market has some impact but nowhere near as large as in the uk or u. S. The broader economic workings of china. The Global Investors shouldnt be too worried at this stage . We are in a volatile phase. We were worried about where is the market going to be and what is the impact on banks and corporations trying to issue equities. But bottom line is the stock market in china isnt as big as people make it out to be. A fantastic rally, very impressive but overall in terms of Economic Significance not as big as in other countries. Perhaps of greater significance is the role of the Chinese Government in trying to stem this fall. And obviously failing. They brought in some big measures a lot has been done. They are basically pumping money into the market and ordering institutions to put a floor in this. What does it say about the credibility of beijing . That is why there is so much uncertainty in the region. People are look at the Chinese Government actions and they are not getting much traction at the moment. What does this mean for future policy in china but we have to keep the two separate. 80 of investors in the Chinese Market are Retail Investors who are now trying to get out and there are few governmentbacked institutional investors. Only 27 are trying to buy the market. But beijing leads very much from the front. There is this sort of contract, if you like that we know what were doing and we will provide wealth and make sure everything is okay. Its failing at the moment. Isnt that going to rebound on how china views its own leadership . It might hurt the credibility on the stock market. But china has so many levers with which to manage the economy overall. The banks are owned by the Chinese Government. They can fine tune the economy through bank lending. They control the currency. They have vast government resources. It shouldnt undermine the underlying ability to control growth. And they could nationalize the market. They could buy the market could they . They could, but they havent done yet. They have not gone nuclear as some people claim. Something left in the war chest. Fred thanks for coming in. And as fred was saying at this stage, the impact on the broader economy, perhaps not significant as yet, rosemary. But as this continue and as the panic continues, how long does this last and when do the measures kick in if at all. There are a huge number of big, Big Questions hanging over the market at the moment. Watching it closely. Interesting point that it is a different market to u. S. Or european markets. But we will watch this nonetheless. These plunges are incredible. Many thanks Andrew Stevens joining u