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Greek Debt Crisis Latest; Greek Foreign Minister Resigns; US Women Win World Cup; Pope Francis Visits Latin America; Terror Bombings in Nigeria; Turks Attack Chinese Tourists over Uyghur Treatment; Britain's Princess Charlotte Christened. Aired 3-4a ET

Aired July 06, 2015 - 03:00   ET

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

[03:00:00] (COMMERCIAL BREAK)

ZAIN ASHER, CNN ANCHOR: Hello everyone, I'm Zain Asher a warm welcome to our viewers in the United States and around the world.

MAX FOSTER: I'm Max Foster. Thank you for joining us on "CNN Newsroom."

ASHER: OK. We are following breaking news from Greece. The country is facing an uncertain financial future. With the resignation of its Finance Minister that just happened and an overwhelming rejection of the latest offer for bailout.

FOSTER: Greek-Australian, Yanis Varoufakis, he announced his decision to resign online a short time ago. In a blog post he said his departure could help the prime minister negotiate a way out of the country's debt crisis. He said he would wear the European creditors loathing with pride.

ASHER: Earlier, thousands of people celebrated in Athens central square, you see them here cheering, they are waving flags and setting off fire crackers as well. Now, the no vote is certainly unprecedented for a year in the country and it could send Greece on an exit path.

FOSTER: The Greek government is reacting to the Finance Minister's resignation. The spokesman said, Yanis Varoufakis played a key role or a leading role in the negotiations as the Finance Minister since the first day of the government. The Prime Minister feels a need to thank him for his unremitting efforts to promote the government's positions and interests to the Greek people and - under very difficult conditions. After the counsel of political leaders his replacement will be announced and that meeting is happening as we speak.

ASHER: Right. And Elinda Labropoulou joins us from Athens with the latest developments. So Elinda, I mean, we're, we're hopefully going to be hearing from Alexis Tsipras any moment now. He's apparently meeting - he's apparently meeting - he's probably going to come out and discuss a possible replacement for Yanis Varoufakis. Do we have any idea who that replacement might be?

ELINDA LABROPOULOU, JOURNALIST: Well, at the time being, what we do know is from the statement that was made on the Greek media where he says that the negotiating team is going to be a pro-European, more moderate team or at least that's what he seems to have indicated. There are a number of the current negotiators who could possibly be replacing Mr. Varoufakis. But it will all depend on what Mr. Tsipras decides to do. Will he choose a newcomer, somebody who is less known to the creditors or will be choose someone that he believes is on good terms with the creditors or better terms than Mr. Varoufakis has been.

I mean, Mr. Varoufakis has been a choice that has been drawing a lot of attention and his, his wording has been very strong, there's been very strong rhetoric from Greece against its creditors in many ways. And I think this is something that the prime minister is now going to try and tone down. But we will have the announcement of the name after this meeting that is currently underway. Another significant issue about this meeting is, we have to remember that the main opposition leader resigned last night.

So it, it seems to be the case that we're, we're going to have a lot of political new faces, new, new people coming in to the Greek political sphere possibly in the next 24 hours.

ASHER: And it's interesting because both Alexis Tsipras and Yanis Varoufakis both said that if it turned out to be a yes vote that one - that they would both resign but interestingly enough, they got a no vote and Yanis Varoufakis ended up having to resign anyway.

But I just want to talk about the week going forward because Alexis Tsipras has argued that a no vote would put him in a better negotiating position. Do we know if that's true yet?

LABROPOULOU: It's difficult to say at the moment. Because we're not quite sure how Europe really is going to react. We have an EU summit tomorrow. We have a Euro group tomorrow as well. The first indications for the vote for the no vote so far at least from the Euro group, Jeroen Dijsselbloem, he has not seen this as, as, as a step to making discussions with Greece any easier.

And I think what Greece is trying to do is by changing some of the key players to maybe be able to back down in its positions when of half the creditors listen in more closely again. But you know, while this is taking place we're looking at a country where the banks remain shut and without a very clear picture of when the banks are likely to reopen.

Just earlier today we spoke to Wolf Piccoli, he is the managing director of Teneo Intelligence. Let's listen to what he had to say about the banks.

[03:05:00] WOLF PICCOLI, MANAGING DIRECTOR, TENEO INTELLIGENCE: To provide more liquidity until the Euro, Euro summit as you mentioned takes place tomorrow depending on which kind of green light they get there. If they get one, they might be able to do something. But until now, tomorrow these banks will run out of money and we'll see on Wednesday where they can actually reopen.

LABROPOULOU: Are Europeans likely to listen to Mr. Tsipras's request for debt relief? They haven't done so until now. We have seen some pressure from the IMF come in for this.

PICCOLI: Right.

LABROPOULOU: Is Europe likely to give way?

PICCOLI: They will start the negotiation. They will be talking about that. But debt relief comes as always in exchange for conditionality, for more reforms, for more spending caps and for more taxes. So it's part of a bigger deal here.

LABROPOULOU: And I guess what remains to be seen is whether this big deal will take place and when. Of course, the time is very much essence.

PICCOLI: Absolutely. Time is essence and it will take certainly weeks, not days as the government has indicated and suggested that to the, to the Voters until yesterday.

LABROPOULOU: So whether you're looking at weeks ahead you are looking at a very tough time for the Greek people who are already queuing at ATMs and have been doing so for a week and where the economy has been frozen for that amount of time. And may I say, this comes at the height of the tourism season, this is the many concerns about how the tourism industry will fare as a result of it.

ASHER: Yes. Absolutely, because there could be problems of course, with tourists taking money out from banks. But I want to ask you if we go back a bit before the referendum, EU leaders has actually said that a no vote would essentially be mean the Greek people basically rejecting the Euro. It would mean saying no to the Euro. Do we think now that the Troika was indeed bluffing?

LABROPOULOU: I can assure you that this is not the position that the Greek government has been taking. They are saying that this is nothing to do with the Euro, this is about specific proposal and specific bailout. And we also know that is not really possible for our country to just leave the Eurozone, it cannot get account of the Eurozone, a country we have to leave the European Union in order to leave the Eurozone as well. So it's not an easy thing to happen.

Obviously, if Greece runs out of money and it has to print a new currency or something, you know, like that which would take a little bit of time before we find out whether this is going to happen or not. Then Grexit would become more and more possible of - from the Greek side we have reassurances that this is not the case. But whether Greece's creditors see it that way. At the moment, most statistics seem to show that in fact, they do think, a Grexit is a lot more likely than before the referendum was held.

ASHER: All right. El - Elinda Labropoulou, all eyes are on the Greek banks to see if they open - reopen tomorrow, Tuesday. We'll see if that happens. Elinda Labropoulou live for us there in Athens where it is just 10:00 in the morning. Thank you so much.

Max? FOSTER: 8:00 in London and the European markets are opening and we're

going to get a first sense of any possible contagion. We have been warned it might happen on these European markets. We can have the - we can cause the - actually, Nina has got the markets behind her. Takes us through it, Nina.

NINA DOS SANTOS, CNN CORRESPONDENT: Yes. But of course, a sea of red. But mind you, I might put out these losses aren't quite as pronounced as some people might have feared. Just a couple of minutes ago, before we got the first settling figures of these markets, because I remember it only had been opened eight minutes and 20 seconds.

We did have both the key Eurozone markets in France and Germany down in excess of 2.5 percent. But as you can see here, they sort of settled only down around 1.6 to 1.8 percent. That is not as much as some people might have expected. Why? Well, it may be because of this decision by the Finance Minister, Yanis Varoufakis to step down as well as hope in some of these markets here that, that could help to alleviate some of the tensions. Because remember apparently he had also be the source of a lot of the very difficult rhetoric that had been marring the ongoing difficult negotiations have been taking place in Brussels.

And, but when you talk about contagion, Max, this kind of markets that we should be looking at in Southern Europe too I want to show you this chart, I want to point out the Ibex over there in Madrid is actually the number that we saw on Friday. Because it often takes a long time for that particular market days to feed. So that isn't today's numbers. You can see it fell on Friday. But the real reaction is coming from the...

FOSTER: I'm just going to interrupt for a moment. You know, we're going to come back to you. But Alexis Tsipras, the Prime Minister going into a key meeting right now where he will be discussing who will be the next finance minister. We'll wait to hear who that is going to be. There is obviously some names in the frame. But a big moment for him.

We see he had the referendum yesterday, he is without his finance minister, he was very much his wingman in getting into all these negotiations. And he is meeting with the council of ministers right now to try to decide what to do next. So they have really thrown the ball into the court of the Euro group and the European Central Bank in particular saying you know, what are they going to do about saving the Greek banks?

[03:10:00] We're going to find out about it later on from the European Central Bank what their language is going to be. Sure, they'll fire it back towards the Greeks as well but this is high politics in place right now and a key position in the Greek government sitting vacant today from the very charismatic incumbent who has stepped down announcing that he was going to do that on the Internet, on Twitter, no less.

ASHER: He has essentially saying that he has been forced out by the Troika and that the Troika didn't really want to -

FOSTER: Yes.

ASHER: - negotiate with him anymore. And also mentioning that the opposition leader in Greece also stepped down on Sunday as well.

FOSTER: There's a leadership issue at this point in Greece.

ASHER: Right.

FOSTER: So, Nina, as far as countries outside Greece are concerned in the markets, what other language are you looking for from the ECB today to reassure the markets?

DOS SANTOS: Well, we're are just going to have to wait and see here. But that is the big question that a lot of the people on these markets will have. At the moment as you both mentioned earlier on when you were speaking to Elinda in Athens, technically, those Greek banks are set to reopen tomorrow, reopen after more than a week long of being shuttered with people only being able to get out about 60 Euros a day. That's about $67 per person and then of course, we heard reports of this dirt of 20 Euro bank notes which means that they are only limited to smaller amounts because they can't get multiples of 20 Euros.

So the big question is for some of these Southern European markets that I was pointing out look at the first here on Milan already down by 2.5 of 1 percent is how can the ECB to limit the contagion. Because remember Greece is one of 19 members inside the single currency union and repeatedly what we've heard from Europe politicians is yes, the ECB is independent as any good and decent central bank should be but it shouldn't be going on in propping up in solvent countries forever.

And their banking systems if indeed Greek banks can't reopen this week yet again and that can't reopen after, the big fear is that when they do eventually open, is that people take so much money out of them that there won't be enough in the offers and the ECB will have to recalculate and that could in term precipitate a disorderly exit at this country from the Eurozone.

So the ECB radius is key to this but again, it has a to see that very fine line between politics, economics and to cherishing its independence for the safety of the other countries that use the euro as their single currency.

FOSTER: As we speak to you Nina, we've got these live pictures of the Tsipras meeting where he is going to be discussing you know, what to do next. But we prioritize is to get a new finance minister. There are few names in the frame in this but at least we see some sort of continuity. It doesn't - in terms of keeping the economy going, what does Tsipras need from the lenders to at least keep it going for the next few days?

DOS SANTOS: The big thing that we will hopefully see over the next few months or so according to this government is some plan to help Greece grow from here. Remember, this is a country that has been in a depression for the best part of eight years.

The most precipitous fall in living standards in many generation, not just across Greece but across whole of the European union is what we're talking about now. The stakes really couldn't be higher. And what the Greek government has been adamant to see and indeed the IMS is being in agreement with them about this is that, they just don't have a hope in paying back all the debt that this country is saddled with.

So the issue of so-called debt relief is something that this government will be lobbying for very, very harshly. But of course, a lot of people saying that those talks with creditors even if Mr. Tsipras reckons he has going to have a stronger negotiating hand after this resounding no vote referendum yesterday.

Max, a lot of people are saying it is going to be tougher getting to the negotiating table. Why? Because the Greek economy is now shrinking since before they came to power. It was growing before the elections that took place at the early parts of this year.

So we may well see more demands but upped austerity paradoxically rather than sort of an easing off of the conditions from the creditors which is exactly what he wants. But further down the line, the issue really will be debt relief, how to write down a portion of Greece's debt.

FOSTER: Just to reassure people outside Greece that there is not going to be too much contagion. I was reading report earlier suggesting that you know, the ECB does have quantitative easing at its disposal and if it needs it, it got a pile of money offers to do that. So if there does seem to be any sense of contagion it will be sort of chucking cash into the markets to help them out, wouldn't it?

DOS SANTOS: It will, but remember when the ECB did decide to eventually engage incomes of easing, long time that it had been coming, Max. It decided to exclude Greece from that particular proposal at the moment. And this is you know, another bone of contention here.

So the Greek banking system only has access to the emergency liquidity funding it doesn't have access to the normal liquidity at cheaper levels. And so Greece has for many a year, in fact since the start of this year since the government came to power and of course, we saw that very sort difficult rhetoric come to the fore, between this country and its creditors.

[03:15:00] Greek hasn't actually had access to all of the machinery of the ECB that other Eurozone countries have had and that is a bone of contention. So not only do we have that key meeting taking place where the ECB will be revising the ELA, the Emergency Liquidity Assistance to the Greek banks yet again today digesting the outcome of the vote. We should also remember that the next deadline, Max, does involves the ECB.

On the 20th of July Greece is the country that has to repay around $6.5 billion to the ECB. Forget the fact they already defaulted on the IMF debt last week of about 1.5 billion they have got much, much more to pay back to the European central bank. And who knows that the banks shuttered and if they don't get a deal on the table whether they are going to be able to find some common ground with the ECB because the ECB has been coming under increasing pressure as before to not to continue supporting an insolvent country.

FOSTER: Lots of pressure. Thank you very much indeed, Nina. We'll be back with Nina checking on the European markets later this hour to see if they are going to go down. They are look for that information, that leadership really from politicians -

ASHER: Right. Right.

FOSTER: - and policy markets to reassure the markets outside Greece that they are going to be OK.

ASHER: Yes. The big question is who is Alexis Tsipras going to pick?

Meantime the pope is in South America and the excitement has been steadily building.

Up next, how the faithful are showing their love and why this trip could be crucial to the Catholic church.

FOSTER: That's the Pope Mobil.

Plus, a record-breaking women's world cup final. Highlights from the exciting match-up between team U.S.A. and Japan straight ahead.

[03:20:00] (COMMERCIAL BREAK)

FOSTER: What a moment.

ASHER: They are so excited.

FOSTER: It's amazing. Well deserved. Fantastic. So many people watching around the world. The 2015 women's world cup coming to a thrilling close with team USA taking home the gold trophy. The U.S. battled Japan beating defending champions 5-2 in. And what was the highest scoring women's world cup final ever.

ASHER: Go USA The Sunday's game was actually a rematch between the two teams who met on the pitch in the 2011 world cup as well. The U.S. is actually now the first country to win three world cup titles.

With a hat trick in Sunday's match-up it was midfield and team captain Carli Lloyd, she is the star right now who led USA to world cup victory. Well forth, Kate Riley has more.

KATE RILEY, CNN WORLD SPORT: The United States have won their third world cup crown. This, their third title in 16 years. Japan has a perfect tournament going into this match although they found themselves 4-0 down after 16 minutes. Carli Lloyd scoring the first ever hat trick at a women's world cup final.

CARLI LLOYD, 2015 GOLDEN BALL WINNER: I've dedicated my entire life to this game, to this moment. Everything has come second in my life, my fiance, MY friends, my family. This is it for me. And if you are going to do something and you want to be the best that you can be you have to sacrifice so much. And for me, I wouldn't trade it for anything in the world.

LAUREN HOLIDAY, USA MIDFIELDER: I always describe her as a winner. Because she is going to work her tail off. She is going to fight for you. She is a great teammate. She wants to win and you want a player like her on your team.

ALI KRIEGER, USA DEFENDNER: I always say good players need good players in big games. And she is our engine of the team. And she keeps the team going and she comes up big when we need her. And I think that is just so important to have somebody on your team like that who is going to take the refinance and take control and get the job done.

RILEY: This was the highest scoring match at a women's world cup final. The final score, 5-2. The Japanese return empty handed. However the Americans can now celebrate in style. They have been invited to the White House and the president told the team not to forget their trophy. Kate Riley, CNN at the women's world cup final in Vancouver.

FOSTER: Miss it with Japan, but it's a great win. You know, it was a great win.

ASHER: I know. But I love how Carli Lloyd said she dedicated her entire life, every single waiting moment to that win.

FOSTER: Paid off.

ASHER: Exactly it is.

FOSTER: Pope Francis is in Ecuador right now on a mission for the poor and the planet. He arrived on Sunday kicking off a week-long visit to South America. Later today he plans to lead a mass in the town of (Guakil). Then he'll meet with Ecuador's President.

ASHER: And in a few days he'll head to Bolivia and then after that he'll be going to Paraguay. The pope also has more than 20 speeches plan - 22 speeches to be exact which will be delivered in his native Spanish. He said that he is excited to be back in South America.

POPE FRANCIS: Allowed me to return to Latin America and to here with you today in this beautiful land of Ecuador. I feel happy and gratitude after seeing it's very warm welcome, it is just one more demonstration of a welcoming character that defines the people of this noble nation.

FOSTER: Well, the pope's trip has a lot of people excited and not just in Ecuador. Rosa Flores looks at how people are being preparing for the papal visit and why this trip is so important.

ROSA FLORES, CNN CORRESPONDENT: Where he goes so do the masses, the pope of the poor and the vulnerable expected to attract millions in Ecuador, Bolivia and Paraguay, all countries with large indigenous populations, high poverty levels and ongoing environmental degradation.

MICHAEL LEE, THEOLOGIAN, FORDHAM UNIVERSITY: These visits signal the way that Francis wants the church to be in this world, protecting the poor, protecting the earth.

FLORES: His first stop, Ecuador where faithful's are taking to social media to welcome him in song. In Bolivia he'll tour a dangerous prison where an inmate on inmate brawl two years ago ended with the prison up in flames and dozens dead, including a toddler.

[03:25:00] And in Paraguay, American Idol type auditions are taking place to choose the pope's choir. He will also visit sick children and an LGBT activist group. Diplomacy also on the agenda for Vatican City's head of state.

LEE: Francis has been underrated as a diplomat. He is very shrewd. And he knows. He has a feel for the arguments, for the long histories here.

FLORES: Do you think he could surprise us with his diplomacy?

LEE: Well, if Cuba is any example I think this visit could produce surprises that nobody can even foresee. He just has that skill of bringing people who seem, who seem opposed together into some sort of constructive conversation.

FLORES: Here's what followers are foreseeing a break in protocol that delivers a special message just like the pope's spontaneous prayer at the wall that separates Palestine and Israel during his trip to the Holyland.

LEE: He is bringing together the kind of transcendent nature of Christianity but in this world with this world's problems which are so pressing and that's why he is a symbol of hope.

FLORES: Pope Francis is resting for the night. On Monday he heads to (Wayakim) a city Southwest of the Quito capital. Now, there, he is expected to celebrate mass, a mass that is expected to attract hundreds of thousands of people. Rosa Flores, CNN Quito, Ecuador.

FOSTER: Chicago's gun violence has been making headlines for several years now. And in a few days, has been particularly brutal, a 7-year- old boy is one of seven people killed over the long holiday weekend. At least 40 people were shot in numerous incidents.

ASHER: Chicago's top cop stood in front of a long table filled, you see it what filled with confiscated illegal guns and he spoke passionately about what he calls a broken system.

GARY MCCARTHY, CHICAGO POLICE SUPERINTENDENT: I'm angry. I'm frustrated and I'm frustrated and angry that we're here again talking about another senseless murder. Pick out the names. (Ide Pendleton), (Genie Watkins), the list goes on and on. This has got to stop. We can put another 10,000 police officers on the street. And what would happen? Maybe we'll arrest Mr. Brown 90 times and nothing will happen. Maybe we'll take another 10,000 guns off the street and another 10,000 will fill up the illegal market the next day. I'm incredibly proud of the men and women of this department who in spite of what I'm talking about go out every single day and do what they do. We need some help here, folks we have to fix this broken system.

ASHER: Gary McCarthy, also went on to say that way too many violent prisoners are being released only to return, go back on to the streets to a life of crime.

FOSTER: Saying he is minister no more, the Greek finance minister resigned. Just hours after the country rejected the latest bailout terms. He was meant to stay on, wasn't he? He has got a lot of that statement.

ASHER: Yes. He is a maverick minister. We'll be back right after this break.

[03:30:00] (COMMERCIAL BREAK)

ZAIN ASHER, CNN ANCHOR: Welcome back to our viewers here in the United States and around the world. I'm Zain Asher.

MAX FOSTER, CNN ANCHOR: I'm Max Foster. Let's get you back to that breaking news this hour.

ASHER: Greece's financial landscape is rapidly changing. Prime Minister Alexis Tsipras is meeting with opposition leaders following resignation of the country's finance minister.

Yanis Varoufakis had said he would resign if Greeks voted in favor of the latest bailout offer, that is if they voted yes 8n the referendum but instead they voted to reject it and he is resigning it anyway.

FOSTER: And the bailout rejection and Yanis Varoufakis' resignation are impacting the European markets but it's not as bad as you might have expected. The markets are only down very slightly as you can see. And the FTSE is down 2/3 of 1 percent.

For more perspective on the markets we actually got David Stubbs, joins us from London. He's a Global Market Strategist, from J.P. Morgan Chase & Co. Thank you so much for joining us. So just explain what the thought processes here. What's the market in London at least?

DAVID STUBBS, GLOBAL MARKET STRATEGIST, JP MORGAN CHASE & CO: Well, certainly, from a market perspective, the fallout here from Greece should be very limited. We have seen, we have seen as we have said many times before that the linkages into the Greece economy are now very low. The amount of debt held by private sector investors is very small. The amount of bank loans from banks in other parts of Europe into Greece is also, is also very low. And that's why you are seeing a calm reaction in markets. Really, the exposure here is not the public sector, it's the governments of the Eurozone that are on the hook for Greece if there is a default in the debts. Not for prior to get investors. FOSTER: Yes. If they lose their money doesn't that somehow have an

impact on the likes of Germany which will have an impact on the likes of the U.K?

STUBBS: Certainly there is a concern in terms of you know, the impact on the budgets of, of, of those, of those countries. But I think it's important to be clear tough, it's quite a while before we know the full scale of any impact here. First we don't know if Greece is going to default on every different type of debt it has. It is in arrears to the IMF but at the moment, you know, still not the quiet and obviously European central bank. Of course, there is collateral that is posted against a lot of those loans as well that can be used to mitigate the losses but it's an actually a concern for the finance ministers of Europe.

FOSTER: In terms of what might happen next obviously the finance minister going is a benefit for the euro group side. They found him difficult to deal with. So there will be some sort of -

STUBBS: Sure.

FOSTER: - negotiation now. And particularly, they feel as things moved on as well as a result of that sacrificial lamb as some people are calling him even though he is a hero, to many people in Greece. But in terms of the conversation that happens now, do you think it is looking towards a gradual withdraw of Greece from the Euro system. And now, we are really looking at how to make that manageable.

STUBBS: I certainly think that we have entered a realm now where Greece's exit from the Euro is more likely than not, absolutely and the partners within the Euro group are looking at containment and what will happen you know in, you know, in that situation. It just seems that to, to restart your help for Greece requires so much compromise on both sides now from such entrenched positions. It is very unlikely to see that.

[03:35:00] It's quite clear why the Greeks want to talk about debt relief. Only at the end of last week, the IMF released analysis saying that their debt is clearly unsustainable. And yet, you can see why the creditors on the European side are so against that. Firstly, because of the tactics of the Greek government. Secondly, because the other you know, countries in, in Europe which have gone through similar programs would want to the same kind of debt relief. And thirdly, of course because you know, it might encourage far left parties in their own countries have political success there.

So it seems the two sides are so entrenched right now, it is hard to find a compromise which will keep Greece in the Euro. And of course, the ground is shifting underneath the economy in the banking system anyway. They, they've got a banking freeze right now that is harming the economy, it's making the collateral on the back of the Greek banking system worse and is causing a liquidity crisis to go into insolvency crisis. Really, the economy is being strangled with - at this moment. And that again, pushes Greece towards the exit.

FOSTER: How do they contain it? The ECB, it does at least need to keep the cash flowing into the Greek economy for now, doesn't it? Because the worst case scenario is suddenly pulling the plug and watching the economy completely collapse, the technical back in innovation space of time.

STUBBS: Well, the ECB is kind of caught between doing more which it doesn't want to do. It is freezing the emergency liquidity assistance you know, how it's giving to Greece and of course, you know, it doesn't want to pull the plug by reducing that.

Now, the ECB keeps on saying it's a rules-based organization and the emergency liquidity assistance money was given by you know, with collateral from the Greeks Banks. Given what's going on, given the fact that Greece is in - has defaulted or is in arrears to the IMF. Given the fact that the loan books of the great banks are deteriorating because the economy is suffering from the current conditions. The ECB very soon is going to have to you know, deal with the fact that the collateral is no longer worth what it was.

Therefore, it cannot support the amount of liquidity assistance that has already given and it's going to - frankly, going to ask for the money back and Greece has got it. The Greek banks haven't got it. And this - and that is the ECB is going to have its hand forced here.

So even though it absolutely doesn't want to play the role of the assassin of the Greek banks it is a rules-based organization. And it can only so long could it ignore the deterioration of the collateral it has already posted for so long.

FOSTER: We're waiting any statements from the ECB. Dave, thank you very much for joining us in the Newsroom.

ASHER: And a recap for our viewers, our breaking news is that Yanis Varoufakis, the Finance Minister of Greece has just resigned. Elinda Labropoulou is in Athens to discuss this. So Elinda we know that the prime minister, Alexis Tsipras is meeting with opposition leaders right now as I speak. He is certainly in search of a new finance minister. Do we have specifics of what is being discussed in this meeting?

ELINDA LABROPOULOU, CNN CORRESPONDENT: Well, for the timing report, but what we expect Mr. Tsipras to do is to try and get the other political leaders to, to back him. Now that he has this resounding support from the Greek people through the referendum to carry on with negotiations and to follow a hard line in terms of what Greece wants to push forward and that's mainly the idea of debt relief before he can sign any kind of agreement.

He is expected as we understand to ask the other leaders to support him in this decision. And at the moment, it's quite difficult to see how the political scene will develop as well because of Mr. Varoufakis, we also had that leader of the main opposition party stepping down yesterday. So we expect some big developments there as well. So we're not quite sure if we're going to see the opposition maybe all aligning in a certain way, possibly against Mr. Tsipras or in support of what he's doing. But certainly, we expect that he will be pressuring them to back him in his negotiations tactics in Europe. ASHER: And Elinda, do we have any idea in terms of who Mr. Tsipras

might choose to replace Mr. Varoufakis?

LABROPOULOU: It's hard to tell at this point. It's likely to be someone who has already been in the negotiating team. But, at this point, it really depends on what the prime minister will decide to do. Because it's also a possibility that he will bring a newcomer into the game, someone that the Europeans may be less familiar with and in that way, you know, by bringing someone new, refreshing the talks as well, by you know, bringing a different tone to the talks. It all depends on how he will decide to move next.

ASHER: And of course the big question is will those banks in Greece reopen on Tuesday as Mr. Tsipras has been promising? We'll keep an eye on it. Elinda Labropoulou thank you so much for your analysis. We appreciate that.

FOSTER: Also keeping an eye on the markets throughout day. Because that's where we get a sense of whether or not this crisis is being contained.

ASHER: Right.

[03:40:00] FOSTER: Look at who might replace that Greek finance minister as well. He got a safe menu with it.

ASHER: Exactly. He didn't last very long there. The rising - the death toll is rising after a week of violence that has killed 200 people in Nigeria. The latest attacks twin explosions in Jos where according to officials 23 people were killed and over 60 were wounded.

FOSTER: One blast happened at a mosque during Ramadan prayers and another at a Muslim neighborhood at sunset as people were breaking their fast. There are no claims of responsibility at it.

ASHER: CNN's producer Hassain John is in Jos and joins us by phone. So Hassain, thank you so much for being with us. Today, we saw separate attacks both in Logos states and in Jos as well. Can you explain to our viewers why these two areas are consistently targeted by Boko Haram?

HASSAIN JOHN, CNN PRODUCER, JOS, NIGERIA: Well, Zain it looks like Boko Haram has these areas as what is generally called a soft target because consistently, these areas have become a hot spot to, particularly I've been to the mix and put up the statement to the federal government that Boko Haram can still bark and bite despite the president's attempt to see the insurgencies.

ASHER: And Hassan, we know that the new president Muhammad Buhari, he said that he is going to be moving the army base to the Maiduguri in the north away from (Jos). Do we know what impact that will have in terms of squashing Boko Haram?

JOHN: As of now, it doesn't seem to be making much impact even though local communities have reported the movement of troops to Nigeria and this work with the neighboring countries to cull the insurgency but it is not making much impact at least as of now because of the attacks over the weekend and some other various communities that are not even reported yet. Boko Haram seem to be rising and challenging the military push towards the north of the state.

ASHER: And Hassan, you know, Muhammad Buhari, he's only been in power for a couple of months I guess but he promised a lot. How do the Nigerian people, what do they think of Muhammad Buhari's approach? How do they think it will differ from that of his predecessor when it comes to fighting Boko Haram.

JOHN: I think quite a number of people do believe that and he should be able to get to the root of the problem quickly. However the expectations are much even higher. Because the Nigerians believe that by now, going by what he has said during his campaign promise that within three to six months they expect to see a decrease in the insurgency but at this stage it is not happening.

ASHER: All right. Hassain John, CNN producer, updating us on the - between blast in Jos and the attack in other state in Northern Nigeria. Hassan John, thank you so much. We appreciate that.

FOSTER: Tensions between China and Turkey erupt after protests against the Chinese government turns violent. We'll have an update coming up from Beijing.

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ASHER: Welcome back, everyone. China is warning citizens traveling in Turkey to be careful and some tourists were attacked during Anti- Chinese protests in Istanbul.

UNIDENTIFIED MALE: Hundreds marching protesting against the Chinese government's treatment of Uyghurs, a Muslim ethnic group in western China. They are forcedly banned from worshipping and fasting during the holy month of Ramadan.

ASHER: With the latest, we want to go to now to our Senior International Correspondent Ivan Watson who is in Beijing on the story. So Ivan, what measures are in place to ensure the safety I guess of Chinese tourists going forward in Turkey?

IVAN WATSON, CNN SENIOR INTERNATIONAL CORRESPONDENT: Well, the Chinese government is advising Chinese tourists in Turkey to, quote, avoid going out alone. That's one of the precautionary measures in this safety warning that has gone out after the Chinese government says some of its tourists were attacked and harassed in these Anti- Chinese protests. Relatively small ones that did get a little bit violent in some locations over the course of the weekend.

In one of these cases that journalist documented you had what appeared to be some ultra-nationalists pursuing east Asians in one of the main tourist attractions areas in Istanbul. It appears riot police intervened to try to protect them. And then you got this one revealing moment where one of the tourists spoke to television cameras. Take a listen to what she had to say.

UNIDENTIFIED FEMALE: I'm not Chinese. I'm not Chinese. I'm Korean.

WATSON: So there you have somebody saying I'm Korean. I'm not even Chinese and yet being pursued by an angry mob. This is, again, after a round of anti- Chinese protests erupted. Some of them were, were much more peaceful. And it is over Turkish objections to perceived persecution of Chinese Ethnic Uyghur minority which also happens to be Muslim and amid reports that there are at least some local bans against the observance of, of, of Muslim fasting during the Muslim, Muslim holy month of Ramadan in Chinese western province. Accusations that China denies.

Zain.

ASHER: And Turkey is actually offering some kind of safe haven. Well, see if see an influx into Turkey. OK. Ivan Watson, live for us in Beijing, thank you so much.

Now, when we come back, hundreds gathered in the English countryside to honor the newest royal on her big day. Max, you'll appreciate this one, won't you? We'll have details on the event coming up.

FOSTER: Look at that.

ASHER: Gorgeous.

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ASHER: The newest addition to the British royal family, Princess Charlotte was christened Sunday at a royal estate.

FOSTER: The private ceremony was just that, it was private only close family and friends attending inside at least. However, hundreds of well-wishers waited outside the church to catch a glimpse of the royal family. CNN Correspondent Erin McLaughlin, has the details. Joining us from London, George Stealing the show a little bit, didn't he?

ERIN MCLAUGHLIN, CNN CORRESPONDENT: Yes, he may just have, Max. There was a lovely moment when he appeared with - holding Prince William's hand dressed in a very similar outfit to the outfit that Prince William wore when he was a little boy at the hospital meeting Prince Harry for the very first time. It was a really touching moment. The family looked absolutely beautiful. It was postcard perfect.

Now, that estate is that where it actually very special to the royal family as you know, Max it's where they celebrate Christmas every year and the Queen actually going on this very same walk. Kate and William looking so proud of their family. Kate looking absolutely beautiful in an Alexander McQueen coat and a James Taylor hat pushing a pram from the 1950s, it was the same pram used by Prince Andrew and Prince Edward.

[03:55:00] Now, as for the ceremony itself, I'm told it lasted around 45 minutes and there were historic touches throughout these. The same baptismal funds used in royal Christening hat. This particular fund is called the Lilly font incredibly ornate normally housed in the tower of alongside the queen's jewels. It went through a lot of efforts to get the font all the way to and sundering him the first time told that it was brought outside of London.

And Princess Charlotte was christened with water - holy water from the river Jordan. The festivities tapped off with tea and cake. And sundering him a state and I'm told that Mario Testino was brought as celebrity photographer for the royal portrait.

Max?

FOSTER: We'll be waiting to see those pictures. So Erin, thank you very much for joining us outside Buckingham palace.

ASHER: All right. Thank you so much for joining "CNN Newsroom," everyone, I'm Zain Asher. And Max Foster is going to be with me all week.

FOSTER: All good. Lovely to be here.

ASHER: He is a little bit jet lagged.

FOSTER: Slightly crazy at this point. We'll have more next hour with breaking news out of Greece. Where the finance minister has just stepped down.

ASHER: Yes. For those in the United States, "Early Start" is next. You're watching CNN.

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