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Quest Means Business

ECB Tightens Screws on Greek Banks; New Greek Finance Minister Sworn In; Greece to Present New Proposals Tuesday; Obama Updates ISIS Strategy at Pentagon

Aired July 06, 2015 - 16:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[16:00:00] (NEW YORK STOCK EXCHANGE CLOSING BELL)

RICHARD QUEST, HOST: Off the low point of the day, the Dow Jones Industrials, trading in New York coming to a close. The bell is ringing,

time for a gavel at the end of the trading day. And as the gavel is hit, it is Monday, it's July the 6th, with a firm gavel.

Tonight, the lockdown continues. The ECB piles on the pressure for Greek banks.

A changing of the guard. A brand-new finance minister takes up the Greek challenge.

And back to the drawing board. The French and German leaders say the new talks are urgent.

I'm Richard Quest, live in Athens, where yes, I mean business.

Good evening. Tonight, the unstoppable Greek government has run into its immovable creditors. Europe's scrambling to respond to the

overwhelming "no" vote from the Greek people, and that's very much the focus of our program tonight. The response from Europe.

And we heard about it from the ECB, which is tightening the screws on the country. The European Central Bank is writing down some of the

collateral put up by Greek banks, which makes it more expensive and certainly restricts the banks from getting help from the ECB. Greek banks

are said to open on Thursday. That's been pushed back two days.

European political leaders are walking that tightrope. On the one hand, they respect the Greek vote, while they point to 18 other eurozone

democracies that oppose the Greek position.

And from Greece, a small olive branch. Euclid Tsakalotos, the new finance minister, has been sworn in, replacing the controversial,

rambunctious Yanis Varoufakis, who said his departure would help negotiations.

The issue, of course, the difference between style and substance. Is there one between these two men? Well, yes, apparently. A point Mr.

Tsakalotos drove home today. He said his demand for a better deal now comes with the weight of the Greek people behind it.

(BEGIN VIDEO CLIP)

EUCLID TSAKALOTOS, NEW GREEK FINANCE MINISTER (through translator): I think we had after Sunday some good messages and some not-so-good messages.

But we need to -- we want to confront these things as well as possible, and we have the instruction -- authority from the Greek people to strive for

something better.

(END VIDEO CLIP)

QUEST: Joining me now, Gikas Hardouvelis, who was the Greek finance minister for the final six months of last year until Syriza took over.

What do you make of the change? Is it one of style, or is it one of substance?

GIKAS HARDOUVELIS, FORMER GREEK FINANCE MINISTER: I think it's one of substance, Richard. It was waited and waited for a long time, we waited

for this. The market expected it. I think the previous finance minister, he was a lock wind (ph). He appeared nice to talk to reporters, but I

think he ended up trapping the prime minister into a corner.

QUEST: The current -- the new finance minister, Mr. Tsakalotos, he is very much -- he's been at the table, so he's part architect of the existing

policies.

HARDOUVELIS: He is a much easier person to get along with. He's reasonable. I expect he will do a good job.

There was something else that happened today besides the change of guard in the Finance Ministry, which is very important, and it should be

said. For the first time, Mr. Tsipras met with the leaders of the opposition, and three leaders of the centrist parties, the center-left and

center-right, said they would support him if he cuts a deal with the lenders. That's very important.

(CROSSTALK)

QUEST: Is he --

HARDOUVELIS: Because remember --

QUEST: It's very important, but they have no choice, bearing in mind they had just been roundly defeated in the previous 24 hours. It would

have been hypocrisy of the worst order if they hadn't supported him.

HARDOUVELIS: They were realistic. It's nice to say --

QUEST: Pragmatic.

HARDOUVELIS: Yes, they were pragmatic. And now, Mr. Tsipras can actually do whatever he wants within his own party. Because remember, the

referendum was a way out because of the opposition of his party. Now, he's king in his party. He can do whatever he wants. And if they don't obey

him, he has the opposition to support him.

[16:05:00] QUEST: So, he can get a deal through parliament if a deal can be reached. But the issue becomes twofold: the situation in Greece

has gotten worse.

HARDOUVELIS: Yes.

QUEST: A larger bailout is required.

HARDOUVELIS: Yes.

QUEST: And the conditionality will be stricter.

HARDOUVELIS: I don't mind the conditionality, I don't think anybody minds the conditionalities. If the conditionality is structural reforms,

let it be. It's for the benefit of the country and growth.

It's -- you know something, Richard? Structural reforms are socialistic policy because they fight monopolies, the fight oligopolies,

they open up closed professions, they give power to the people. And once Mr. Tsipras realizes that and he espouses reforms, then he can do a great

thing for this country.

QUEST: The Europeans tonight seem absolutely flummoxed, to use that well-known expression, as to what to do next. Angela Merkel talked about

Greece's responsibility, Francois Hollande talks about respect for the decision. They don't know, do they? They really don't know what to do.

HARDOUVELIS: Look. I can sympathize with their point of view. There's a lot of anger, there's a lot of acrimony. It's not nice to have a

deal almost sealed and then the Greek guy getting off the table and saying I'm calling for a referendum.

But they never understood what was going on inside Greece. They should -- I had expected, frankly, that they would give him something more

on the debt last week, and they didn't.

QUEST: And now --

HARDOUVELIS: He needed something to claim victory, and they hadn't given it. Now, they have to give it to him.

QUEST: Do they?

HARDOUVELIS: I think so. They have to. I know they are in a very strong position. I know Greece is on its back -- with its back on the

wall. I know the ECB is tightening up the screws. And as the days past, the economy is accelerating downwards and the Greeks have a tough time.

But they need to act European and realize what is going on.

QUEST: Right.

HARDOUVELIS: They need to have a stable Greek government.

QUEST: Thank you very much for joining us, sir. Thank you.

Now, the coming days are crucial for Greece. On Tuesday, Greece's new finance minister will present proposals to his peers in the eurogroup, and

Greek banks are due to open the doors for the first time in more than a week. On July the 20th, Greece's $4 billion payment due to the European

Central Bank, and if it doesn't pay, the ECB could cut off the lifeline.

Let's talk to the Luxembourg finance minister, now, Pierre Gramegna. Minister, what will -- what line will you be taking tomorrow in the

eurozone group?

PIERRE GRAMEGNA, LUXEMBOURG FINANCE MINISTER (via telephone): Well, tomorrow we will probably try to be as constructive as possible, because

Luxembourg has taken over the presidency of the European Union since July 1st, and we think that when you play that role, you have to listen to all

the parties.

So, I think we're going to be in the middle of the road, listening to the Greek requests, demands, and also to the plan they are expected to put

on the table on one hand, and try to see what the common ground is amongst the other 18 countries.

QUEST: There's no chance of an early agreement, though, is there? Because we're looking at a large bailout, a possibly multi-year, with tens

of billions of dollars -- euros.

GRAMEGNA: Yes, you're right in your analysis. I don't think it is reasonable to expect that we can have a deal in a couple of days, even if

the Greek prime minister has declared, though, that he was coming to Brussels to seal a deal very quickly.

We have, in fact, two types of issues. One is very short-term issues for the banks and for the government of Greece, as there is a lack of

liquidity, and that needs to be solved very short-term, that means in the next couple of days on the one hand.

And we have long-term issues which can only be tackled in a couple of weeks and months, and this is linked to the fact that Greece is in arrears

with the IMF, at risk of being in arrears with other institutions, but mainly its economy is in a stalemate. And whatever plan is going to be put

on the table, it's probably inevitable that there is a need for a new package.

QUEST: All right.

GRAMEGNA: Whatever that package is, it needs to make sure that the economy agrees it is back on track for growth.

[16:09:55] QUEST: Minister, I'll apologize now if I have to interrupt you during your next answer. We are expecting President Obama to

speak on the very serious issue of ISIS.

While we're waiting for the US president, let me just ask you, are you glad -- it's an undiplomatic question -- but are you glad to see the back

of the last finance minister, Mr. Varoufakis, and do you believe the new finance minister is a man you can do business with?

GRAMEGNA: Well, I think the idea of changing the minister of finance is probably a kind of gesture of the prime minister of Greece. Mr.

Varoufakis is --

(CROSSTALK)

QUEST: I need to interrupt you, sir. I need to interrupt you. The president of the United States.

[16:10:36] (PRESIDENT BARACK OBAMA PENTAGON NEWS CONFERENCE)

[16:27:31] QUEST: President Obama speaking at the Pentagon in Washington, providing an update on the American military's fight against

ISIS.

Joining me now from Washington is our chief US security correspondent Jim Sciutto. Jim, listening to the president there, he was very solemn,

obviously, the nature of the subject, very thoughtful, almost academic, and a very wide-ranging discussion or analysis on the fight against ISIS. Were

you surprised?

JIM SCIUTTO, CNN CHIEF US SECURITY CORRESPONDENT: Agreed. I think the other adjective I would add, Richard, is sober. It was a sober

assessment. The president starting off --

QUEST: Yes.

SCIUTTO: -- by acknowledging it's going to be a long fight -- he said this will not be quick -- and acknowledging setbacks, which, frankly, he

has to do, because there have been very visible setbacks in recent weeks.

You look at the fall of Ramadi, you look at the real, genuine troubles training up an Iraqi security force that can take ISIS on head-to-head.

That's one thing that struck me, that sort of sobriety, there, as to how long this fight's going to be.

But also, I noticed, Richard, the changing assessment of the ISIS threat. Because it was only a few months ago that the administration

categorized ISIS purely as -- well, you'll remember, a year ago, it was described as the JV team, which in American parlance means your second

team, your second sports team.

Then, the description was that this is a local and regional threat, it is not an international threat. The president making clear today in his

own words that this is a threat beyond the region, in fact, right up to the US homeland in that ISIS has proven very good, very skilled, at

radicalizing people around the world, certainly not just in the US, but in Europe and elsewhere.

So, it was sober in that he's laying out a long battle, but also a changing assessment, that this is a much bigger problem than the

administration acknowledged just a few months ago.

QUEST: And again and again, as I listened to what the president said, his continued reference to the need for other partners. Now, whether that

would be other countries that are part of a coalition or within the domestic United States -- Muslim clerics, schools, whatever.

This -- he keeps coming back to this again, this idea that it's not -- and which is interesting, that it's not a military solution when he's

standing there in the Pentagon with all the chief brass behind him.

[16:29:59] SCIUTTO: You're right. In terms of fighting the ideology, he said you can't fight that with guns, with weapons, you have to

fight it with words. And he needs those partners in the Muslim community, and that is part of his strategy, which is a strategy that extends beyond

the US.

You see that, as you know, Richard, in the UK, in other European countries, they've experimented this with this, sometimes with success,

sometimes without success.

Those efforts within the communities have -- and you'll hear this from Muslim communities -- have sometimes antagonized as well, that people feel

like they're being watched. It's a difficult balance rope to balance on, and we've seen this in a number of communities. So, they've got to fight

that battle again from the ideological standpoint.

And then, when you get to military terms, the president saying that you need partners on the ground and really reiterating that you're not

going to see large numbers of American troops, that it has to be Iraqi forces, local forces, Syrian forces, et cetera.

QUEST: Jim Sciutto, who is in Washington for us tonight. Thank you, Jim.

SCIUTTO: Thank you.

QUEST: This is "Quest Means Business." We're live in Athens.

(COMMERCIAL BREAK)

QUEST: Hello, I'm Richard Quest. There's more "Quest Means Business" in just a moment when I' going to be talking to the economist whose plan

for Greece was endorsed by the finance minister himself before he'd gone. And we're going to hear from the pensioners lining up day after day outside

the cash machines of Athens.

Before that, this is CNN an on this network you can be assured the news always comes first.

Greek banks will stay shut until Thursday at the earliest as the European Central Bank puts more pressure on the country's financial system.

The ECB announced new rules which make it tougher for Greek banks to get hold of emergency cash.

It all follows Sunday's vote that rejected the European bailout plans. Greece's defense ministers, the government's united and the government in

Greece is determined to get a deal.

(BEGIN VIDEOCLIP)

PANOS KAMMENOS, GREEK DEFENSE MINISTER VIA INTERPRETER: The entirety of the Democratic parties have given the power to the prime minister to go

tomorrow to Brussels and negotiate on behalf of the whole of the Greek people and with the huge majority of the parties seeding in the Greek

Parliament.

From now on, it is in the hands of Europe to realize that the solution - which is the wish of the whole of the Greek people and of political

parties - must be reached immediately so that Greece gets back on the path to growth and prosperity.

(END VIDEOCLIP)

QUEST: The head of the Eurogroup says Greece needs tough reforms if the country is to survive. Jeroen Dijsselbloem says that the outcome of

Sunday's vote does not change his belief that difficult measures are necessary.

[16:35:27] Tomorrow at 6 o'clock the Euro Summit will take place in Brussels. Greece is expected to bring new proposals to put before Eurozone

partners.

Guy Verhofstadt is the president of the Liberal and Democratic Alliance of the European Union, also the former Belgian prime minister and

he joins me now live from Strausberg.

Sir, what do you think the response from Europe needs to be to the Greek proposals - more just even to the Greek prime minister.

GUY VERHOFSTADT, FORMER BELGIAN PRIME MINISTER AND PRESIDENT OF THE LIBERAL AND DEMOCRATIC ALLIANCE EUROPEAN PARLIAMENT: : Well first of all

we need to see the new proposals of Mr. Tsipras because until now we didn't have seen any fundamental reform in Greece. And what Greece needs is not

cuts in the wages of the people - in the pensions of the people - but Greece needs is to end the clientelistic system that exists in the country.

To end the corruption, to downsize the public sector or to open a number of markets who are not open.

That is what we need and I have my doubts. If Mr. Tsipras that was in fact the leader of a leftist government is capable to come forward with

such in-depth reforms we desperately need.

QUEST: Do you think though the Europeans have to be more sympathetic on the question of debt relief at this early stage, bearing in mind a 61

percent "no" vote. Whichever way you look at it, has changed, if you like, the equilibrium.

VERHOFSTADT: Yes. In any way it's necessary to talk about a debt relief, a structural solution for the debt of Greece. But we can only do

that if at the same time the Greeks and the Greek government is coming forward with an in-depth reform program, what has not been the case the

last months.

And I'm very much in favor of such a reform package and I think also that the big majority of the Greeks want that this government is coming

forward with proposals, with measures to end the clientelistic system and the corruption in the country become - that's the only way to solve that

problem.

That said, Richard, --

QUEST: Right.

VERHOFSTADT: We are talking here about a depth of 300 billion of euros, and you know that the GDP - the gross domestic product - of the

Eurozone is. It's 15 trillion. So it's in fact a problem that we can manage as everybody wants to do so.

QUEST: If Greece comes with an attitude of `we've got a mandate, you must listen,' I guess you'll give them short shrift?

VERHOFSTADT: We going to listen on one condition, that is that we are sure that we can end the actual system that occurs in Greece. And it has

nothing to do with Mr. Tsipras in power or Mr. Someroff's (ph) in power or whatever political party in power.

We have to change that system, a system that only produce economic wealth which an exporter rates your rate of 29 percent of the GDP - that is

not sustainable.

And a system where you have to pay to go to a doctor and give some money under the table, or if you want to have a place for your children in

school and you have also to pay the politician, that is not a sustainable system. That is not a democratic system. That is not the rule of law.

And that is the revolution we need, the fastest as possible in Greece.

And if the Greek political system can change, if Mr. Tsipras can deliver, then we from the European side are ready to help them and to have

a new debt relief and a U.A. package.

QUEST: Guy Verhofstadt, as always it's a treat and a pleasure to have you on the program for a strong view that you brought to us this

evening. Thank you, sir.

VERHOFSTADT: Thank you.

QUEST: Now the debate rages on in the aftermath of Sunday's referendum. And you'll remember, some of the world's top economic minds

shared their support for the "no" vote. We had the Nobel Prize winning economist Joseph Stiglitz who described a creditor's deal as abysmal and

maintained a "no" vote could, at the very least, give Greece control over its own destiny.

Fellow Nobel Laureate Paul Krugman said Sunday's result wasn't just a win for the Greek government, a win for Europe.

[16:40:01] And the star French economist Thomas Piketty also advocated a "no" vote, declaring Greece's creditors were offering a bad deal.

And so to Columbia University's Jeffrey Sachs. He said a "no" vote was Greece's only option if the country wished to escape its debt crisis.

Now Professor Sach's exit strategy resonated with policymakers. His plan was retreated by the former finance minister Yanis Varoufakis.

Jeffrey Sachs joins me now in New York. Jeffrey, so you've got your wish, you've got your "no" vote, but now Greece and Europe has to make sure that

"no: vote doesn't turn into Grexit.

JEFFREY SACHS, DIRECTOR, THE EARTH INSTITUTE, COLUMBIA UNIVERSITY: Absolutely, yes. And Grexit is not of course what Prime Minister Tsipras

wants, it's not what he called for, it's not what he campaigned on. He campaigned to stay within Europe.

Ironically, Grexit has been the polity of German Finance Minister Wolfgang Schauble who has wanted to goad Greece out of the Euro. It's been

bizarre, but in fact it's been the German finance minister who has said we're not giving an inch on the debt, we're not even discussing the debt -

just contrary to what you heard a couple of minutes ago - the door hasn't been opened to a package.

We need a package -

QUEST: Right.

SACH: -- that combines reform and debt relief and so far that hasn't been on offer. That's been the key to the whole story that what Germany

was pushing for was reform with no debt relief. It made no sense.

QUEST: But, Jeffrey, you could not have known and none of us could that that vote was going to be so overwhelming. But how does the Greek

prime minister - let's look at it from the other point of view. Forget what Europe has to do. How does Mr. Tsipras go to Brussels tomorrow with his

package that the Europeans will find palatable?

SACH: They were not far from an agreement on many, many issues. In fact it was down to - down to the edge except that the Greek side kept

saying `but we're buried in debt, we need to have debt on the agenda. And the Germans said no.

So I think that they weren't so far from many, many issues but now the debt either is or isn't on the agenda. If it isn't, I think the whole

thing unravels. And what has changed, Richard, of course in the last week, is that the banking system has completely collapsed. The Economy doesn't

function at all this past week because there are no payments.

It's a tragedy, it's a disaster, it is because of this kind of going to the limit -

QUEST: Right.

SACH: -- I think it was Minister Schauble's provocations in my view just to say get out. And now we have to see is there a way for Greece to

stay in, to have the banking system restored to liquidity and to have the debt reduction -

QUEST: Right, but -

SACH: -- alongside the reforms.

QUEST: But, Jeffrey, if we look at the situation, the sums involved now - yes, they're small (bearers) Verhofstadt then in terms of the total

E.U. GDP. But another 50 to 60 billion is going to be required. In a multi-year bailout that's going to be - have to be - put together.

The Europeans are going to say show us the reforms before we give you any more money, otherwise the reforms don't happen.

SACH: I think, Richard, the idea of looking at it as how much debt has to come in is not exactly what's needed. I think a better way to say

it would be to ease what has to be paid out. Greece doesn't actually get any money of course. It pays out more than it takes in. If there was a

restructuring of the debt so that there wasn't this constant churning but rather a true debt relief over the longer term, Greece wouldn't need more

money, it would just be paying out less money. And that's really what the bargain should be about. There's a mistake to say Greece is getting, oh,

all of this much money. It doesn't get any of it, it just turns it back to pay off the old debt. And what we need to do is restructure the debt,

reduce the debt service burden so that Greece can breathe again and have a chance to start growing.

QUEST: Jeffrey Sachs, good to have you with us, sir.

SACH: Always a pleasure.

QUEST: I know that obviously you've been at the heart of the debate and we'll talk more about it when I'm back in New York -

SACH: Wonderful.

QUEST: -- and we're face-to-face on this one. Jeffrey, thank you. Now, as Europe prepares for a diplomatic showdown, France and Germany have

given Greece one last chance to remain in the Euro and it all starts tomorrow.

(COMMERCIAL BREAK)

[16:47:04] QUEST: Arguably, Brussels is about to give Greece last chance to salvage its place in the Euro. As the leaders are awaiting new

reform (past) proposals which will be brought by Alexis Tsipras to the meeting tomorrow, the Chancellor Angela Merkel says it is now up to Athens

to save itself. It's a joint statement with Hollande. Ms. Merkel said both France and Germany respect the will of the Greek people. She added

leaders must consider what's best for the entire Eurozone.

(BEGIN VIDEOCLIP)

ANGELA MERKEL, GERMAN CHANCELLOR VIA TRANSLATOR: With respect to -for - the decisions taken by the Greek people, we need to take into account the

views of the other 18 countries involved. That's also democratic.

FRANCOIS HOLLAND, FRENCH PRESIDENT VIA INTERPRETER: There's not much time left. It's urgent - for Greece and for Europe. It's also a matter of

visibility, credibility and even I would say dignity.

(END VIDEOCLIP)

QUEST: To understand the reaction of Greece's creditors, who is owed what money? That's where we need to begin. Look at the three quarters of

the outstanding debt is in the form of international bailout - the institutions, the ECB and the IMF.

Now they have around 52 billion euros between them. Then you look at the bilateral stuff - the Germany to France to Italy, to Finland and other

Eurozone countries. They hold more than half of Greece's debt. And many of those countries are highly reluctant for a debt restructuring because

their own taxpayers, their own citizens will bear the brunt.

Joining me from London is Paul Kazarian, the founder, chairman and chief exec of Japonica Partners. If we look at this debt question and we

know, Paul, that debt relief is a crucial part of the Athens government's proposals, who has to give most?

PAUL KAZARIAN, FOUNDER, CHAIRMAN AND CEO, Well I think the first position for both to answer your question very directly is that they

accurately measure the debt number. I mean, you've had Jeffrey speak a little sooner - I just heard him talk about it. You've had senior

politicians address this issue and they - none, none - have frankly said how do you most accurately manage the debt?

They're using a face number that makes absolutely no sense. The real debt number for Greece is about 18 percent of GDP - it's one-quarter of

Spain, Italy, Ireland and Portugal. That really needs to be the discussion. They've already had the debt relief. Most of the debt looks

like a gift -

QUEST: But - so to jump in there, so to follow your logic, don't offer anymore.

KAZARIAN: What they need to do is they need to adapt to national accounting standards which are called accountability standards which is a

very substantial reform. It is a reform that only the U.K., the Swiss, the Austria has adopted.

[16:50:00] It's the most highest transparency reform. It's a very rigorous reform, one that Germany has not done, and that allows them to

properly show the accurate debt number.

And that really is where the beginning should start here - with the accurate number measured properly. That's where it has to start.

QUEST: Right. Now your company is a holder of Greek bonds and obviously you're doing so hoping to make money in the long run. But if the

economy is looking like it's well and truly back in recession, you're looking at a banking collapse which Jeffrey says that is what is happening

here at the moment.

It is difficult to see a way out other than a wholesale bailout, more money from the center.

KAZARIAN: If you look at both issues and you look at the ECB issue with the banks and you look at the IMF issue with reform, they're both

driven by a fake debt number. I mean, the ECB's liquidity policy quantitative easing and the different principles for the solvency versus

liquidity here are all driven by a fake debt number.

You hear it repeated constantly - 175, 175 percent - it's not. And that's driven this banking issue, it's driven the liquidity issue, and it's

driven very, very -

QUEST: Right.

KAZARIAN: -- IMF policies in their recent debt sustainability analysis. The number's just wrong.

QUEST: Sir, thank you for joining us. We'll talk more about it in the future. Thank you, sir.

KAZARIAN: All right. Have a nice day.

QUEST: The referendum's over - thank you - the referendum is over, the lines to take out the cash are back and many of the world's top banks

are forecasting a Grexit. What do the Greek people now see as their future after the vote? It's "Quest Means Business" (INAUDIBLE).

(COMMERCIAL BREAK)

QUEST: When I was standing on this balcony this time yesterday, the immediate referendum reaction - that was obvious.

(BEGIN VIDEOCLIP)

(LIVELY CHATTER FROM CROWD]

(END VIDEOCLIP)

QUEST: For thousands of people in the streets are around me. Now 24 hours later, and the economic reality for the Greek people is as bleak as

it was last week. In many ways perhaps it's even worse as the ECB tightens the screw. Here's CNN's Phil Black.

PHIL BLACK, CNN INTERNATIONAL CORRESPONDENT: The overwhelming "no" vote hasn't changed this new, grinding reality for the Greek people. The

regular slow shuffle towards and ATM to withdraw just 60 euros a day.

Some are losing patience. These men are arguing about who was next in line. The cash shortage is a serious frustration for everyone involved in

small business. Andreas (ph) says business here at the fish market has plummeted since capital controls were introduced.

(BEGIN VIDEOCLIP)

ANDREAS, WORKER AT FISH MARKET: The market is frozen and people don't by fish one week now. And we have big problem.

BLACK: And he knows it could get a lot worse if a new deal with the Eurozone isn't secured quickly and banks not reopened.

ANDREAS (ph): We're going to lose all our money and we've got to start from the beginning and outside of Europe. It's not good for us.

BLACK: In Greece today optimists are rare.

[16:55:00] Male, INTERPRETED BY BLACK: "In two years we could be like Syria," this man says. Athenian taxi drivers are also gloomy. Their cars

sit idle and empty. Driver Christofs Tulufs (ph) got what he wanted - a win for the "no" vote, but it hasn't changed his mood.

The day after the referendum, after that decisive "no" vote, how are you feeling?

CHRISTOFS TULUFS (PH), DRIVER: The day after tomorrow a suit of black. A suit of black. I don't see the sun's got me very easily.

BLACK: This is a country potentially on the brink of economic ruin. But so far, there's no outward appearance of panic. Greeks are approaching

these next crucial few days with a steady, stoic calm.

Why is everyone so calm?

Male: I think because they are afraid to lose anything more because of the way that we lost a lot.

BLACK: It's crisis fatigue. After enduring years of near bankruptcy and deep austerity, some here are just glad their country's economic future

looks set to be decided, one way or another. Phil Black, CNN Athens.

(END VIDEOCLIP)

QUEST: We'll have a "Profitable Moment" after the break.

(COMMERCIAL BREAK)

QUEST: Tonight's "Profitable Moment." The voting is over and now of course Alexis Tsipras goes to Brussels. Both sides have a job to do. Mr.

Tsipras has to bring realistic proposals that recognize a worsening situation but also a certain anger in Europe.

The Europeans have to recognize a strong vote in favor of the government in Greece. He goes there with a true mandate. Can they bridge

that gap? That is what they're paid to do. Now just get on with it. And that's "Quest Means Business" for tonight. I'm Richard Quest in Athens.

Whatever you're up to in the hours ahead, I hope it's profitable. I'll see you tomorrow.

END