Greece, Eurozone Narrowly Avoid Crisis; Tsipras Must Sell Debt Deal to Country; Debt Deal Faces Opposition in Greece; Greeks React to Debt Deal; International Reaction to Greek Deal; Greek Banks Closed Until Thursday; Markets Rally After Greek Deal News; Deal Still Minefield
RICHARD QUEST, HOST: Michael Douglas is ringing the closing bell at the New York Stock Exchange.</s>QUEST: Now, that's what you call a real gavel at the end of the trading day. Well done, Mr. Douglas, sir, from "Ant-Man" and Marvel. It's Monday, it's July the 30th (sic). A strong gavel and the deal is done. Now the hard work begins as Greece rushes to push difficult reforms through its parliament. Athens in uproar. Hundreds are protesting, fearing more economic pain. And the markets are rallying with relief after the longest-ever EU summit. Back in London, I'm Richard Quest, and of course, I mean business. Good evening, and a warm welcome to our program tonight. They were marathon negotiations, there was flaring tempers, and the talks neared collapse. European leaders are dealing with the aftermath of a defining weekend in modern European financial history. Greece and its partners have to execute the plan, which was so painful to put together. The Greek prime minister, Alexis Tsipras, is heading back to Athens hoping to convince the country and the parliament to accept the new deal. The Greek financial system is still closed, and even with the new agreement, the ECB has refused to increase emergency liquidity. It all means the cash in the Greek banks will start to be running short. And the tough negotiations over the weekend have left eurozone relations frayed. "The Financial Times" reports the European Council president, Donald Tusk, had to stop Mr. Tsipras and the German chancellor, Angela Merkel, from walking out at one point. The French finance minister praised the Greek government's resolve.</s>MICHEL SAPIN, FRENCH FINANCE MINISTER (through translator): I pay tribute to the courage, especially the political courage, of a government which faced up to the difficulties, including the legitimate political debate -- and serious and difficult political debate -- to put in place, finally, solid reforms, which will allow Greece to get out of the situation it finds itself in.</s>QUEST: Now, Alexis Tsipras must now persuade his country and his parliament to accept a deal which many say is worse than the one that was rejected in the referendum. Here are the details.</s>QUEST: The new agreement sees $55 billion in Greek assets that will be moved to this new fund. The scope of structural reforms has been massively expanded. And all economic legislation needs approval from the creditors before going to the Greek parliament, as well as there'll be -- the rollbacks will need to be rolled back themselves. The agreement specifically rules out any haircuts or cuts on Greece's debts, but it does offer the possibility of debt restructuring in the future. If the Sunday and Monday were busy, well, on Monday, once again, eurozone finance ministers had to go to work to discuss the 7 billion at least in bridge financing required by the 20th of July. The money will be used by Greece to pay debts to the ECB, the IMF, and the Bank of Greece. I spoke to the Finnish finance minister, Alex Stubb, and asked him how he and his colleagues were dealing with such an unprecedented crisis and finding the money.</s>ALEX STUBBS, FINNISH FINANCE MINISTER: The big thing here is that yesterday there was a road, and then that road went in two directions. One direction was Grexit, and the other direction was a deal, and we found that deal. Now, bridge financing is a short-term measure, approximately 7 billion euros that will be needed by the 20th of July. I'm sure some kind of a solution will be found, and we're working on it. But people also have to understand that for us, the finance ministers, it's very difficult to start to give bridge money, which is basically free money, without any conditionality. So, we'll have to find some kind of another solution.</s>QUEST: Is it difficult to look at somebody like Euclid Tsakalotos, the finance minister, and although you're not talking personally about him per se, but looking at him and saying to his face, "We don't trust you"?</s>STUBBS: No, we don't do that, and we don't say that. What we do say is that, listen, here we have a package, approximately 82 to 86 billion euros, which tops up the already 370, 380 billion euros that we have helped you out with. We need conditionality. You need to do what you promised to do. And we say three steps of trust. Number one, as a government, go and sell this package at home. Show faith that you have backing for the deal. Number two, vote it in your parliament. And then number three, we can start, perhaps, the negotiations on the new package. So, we just needed these locks in order to be able to move forward, and I think we got them.</s>QUEST: The Greek prime minister is championing the agreement as a victory. Alexis Tsipras says his government has brought about a major change and created a new legacy for Europe. He also said the new agreement will help restore investor confidence in Greece. Mr. Tsipras did admit the bailout terms will lead to economic pain for Greeks.</s>ALEXIS TSIPRAS, PRIME MINISTER OF GREECE (through translator): Today's agreement keeps Greece in a state of financial stability. It gives the possibilities for a recovery. It will, however, be an agreement whose implementation will be difficult. The measures included are the ones passed in parliament. They will unavoidably cause recessionary effects.</s>QUEST: Alexis Tsipras still faces major hurdles at home. Senior members of his own party are now saying they will refuse to back the new plan. I'm joined by Rania Antonopoulos, and she's Greece's deputy labor minister. So, we can be clear on where you stand, how will you be voting on these various measures?</s>RANIA ANTONOPOULOS, GREEK DEPUTY LABOR MINISTER: I am in full support of my government and of the prime minister. At this juncture, we had to literally save the country by accepting a host of measures that run against the grain of what this government --</s>QUEST: Right.</s>ANTONOPOULOS: -- stands for. But stability of the financial sector and renegotiating the debt, leaving some opening, some room for that, is a key priority.</s>QUEST: Whichever way you look at this, the deal that you now have is worse than the deal that was on offer two to three weeks ago when Mr. Tsipras walked out. So, a simple question: now we know the worst of this deal. Was that a mistake to have walked out and thrown away the deal that you previously had?</s>ANTONOPOULOS: I think this agreement has definitely some very harsh measures. But I also think that there is room for us to say that this is not a horrible, horrifying outcome. The investment package, of course, is a key priority of the government, has been a key priority of the government, so that road can restart in our country.</s>QUEST: Right.</s>ANTONOPOULOS: But also, please recall that many of the structural changes proposed were part of the agenda and, in fact, opening up the economy and making it more competitive, less -- relying less to oligopolistic structures that have been haunting the Greek economy, have been key priorities of this government. So, I would say that definitely there are measures that will be terribly painful for our people --</s>QUEST: All right.</s>ANTONOPOULOS: -- but at the same time, we need to treat this as a period that we will roll up our sleeves and work hard and get through so that we can --</s>QUEST:  OK -- ANTONOPOULOS: -- really focus on what is needed, which is investment --</s>QUEST: Right, but let --</s>ANTONOPOULOS: -- in this country.</s>QUEST: Right, but let me jump in here. The vote will get through parliament because the opposition -- all the opposition parties are pretty much going to go along with it. But how hobbled is the government if it can't carry a mandate of its own MPs going forward after this?</s>ANTONOPOULOS: We will need to weigh very carefully the developments tomorrow and the day after tomorrow. There is a lot of disgruntlement within the party, as you very well know. What the outcome of these discussions will be tomorrow and day after remains to be seen.</s>QUEST: Is it likely that the prime minister will have to refashion the coalition? And if necessary, could -- and I'm not as familiar, obviously, with Greek politics -- but could he end up having to go to the country again?</s>ANTONOPOULOS: I most certainly hope that that will not be the case. I think that having a political stable environment, one that does not invite another period of elections and whatever comes with it, is extremely important. I hope my colleagues in the parliament and in the government will recognize that this was a (inaudible). There is no alternative moment that we were facing. I hope they will also recognize --</s>QUEST: Right.</s>ANTONOPOULOS: -- that Mr. Tsipras and this government has the best chance to lead the country out of the mess that the last five, six years have gotten us into. And that at the end of the day --</s>QUEST: All right.</s>ANTONOPOULOS: -- very calmly, we will be able to move on to the next stage.</s>QUEST: And we hope to talk to you about these moves as the Greek vote continues. Thank you for joining us, Minister. Now, we've heard how the politicians have reacted to Monday's announcement. It's the ordinary Greeks who will be the most affected by the decisions in Brussels, of course. CNN's Isa Soares has been looking at how the news of the deal, worse or better, depending on your point of view, but how that deal has been received at home.</s>ISA SOARES, CNN INTERNATIONAL CORRESPONDENT (voice-over): Dazed and confused, Greeks woke up to a new reality with even more austerity and tougher reforms.</s>UNIDENTIFIED MALE: These are not good. This is left system for the people nothing.</s>SOARES: It's a stark contrast to the celebrations in Athens more than a week ago after a national referendum. Greeks voted no to an EU deal with even less austerity than today's agreement, an even harder pill to swallow for many who had hoped for a different outcome.</s>UNIDENTIFIED MALE: We tried the medicine two -- the same medicine two times before, and it failed spectacularly.</s>SOARES: Even before a deal was finally reached in Brussels, there was indignation in Athens and anger towards Germany's hard line. Blaring headlines, "Monster bailout, Greece in Auschwitz." For some, the latest deal was just too much.</s>UNIDENTIFIED MALE: All these reforms could happen five years ago, when people had some more money. Now, we're dry.</s>SOARES: As the details of the deadline trickled in, the mood went from shock to outrage.</s>UNIDENTIFIED MALE: The people of Greece had already lost a lot of their rights, all the years have passed. Now, they lose everything.</s>SOARES: Some Athenians we spoke to are just resigned to it.</s>UNIDENTIFIED MALE: I think this deal was necessary in order to avoid chaos in Greece and disorder throughout the eurozone. It was almost the best possible and the (inaudible).</s>SOARES: Now, its leader is racing against time. Alexis Tsipras has only 48 hours to convince parliament to push these measures through or the banks will run out of cash.</s>TSIPRAS (through translator): I have the feeling, the confidence, and the hope that the 35 billion euro development package, which we managed, along with the debt restructuring and secure financing for the next three years, will create the feeling among markets and investors that a Grexit is a thing of the past.</s>SOARES: No Grexit, but banks are still closed at least through Wednesday. And no sign of capital controls being lifted.</s>SOARES (on camera): All this is adding pressure on the Greek people, who are emotionally and financially drained by this crisis. They may not like the terms of this deal, as the rally behind me shows, but even Alexis Tsipras, the Greek prime minister who has fought every step of the way, acknowledges that this is the best possible outcome. Isa Soares, CNN, Athens, Greece.</s>QUEST: No relief yet for the Greek banks. Up next, why they're still mired in crisis as the shutdown stretches into a third week.