down. greeks could only take out 60 euros a day. if they were to do that for an extended period of time, the banking system would absolutely literally run out of cash. they have a deepening economic crisis, 20% unemployment rate. the youth unemployment rate there is 52%. without fresh funds they collapse and probably leave the eurozone and abandon the your roe as a currency being forced to go back to the old currency the drachma. what does that mean? does greece stay in the eurozone eurozone, what does it mean? it s both political and economic. if they leave the eurozone without any fresh cash it s bad enough that the greek economy has already collapsed by 26%. it would go into free fall. that would be horrible for the greek people. if the they exit the your pro-zone for which there is no legal mechanism in europe it would call into question the integrity of the single currency, the currency union in europe and whether or not
for the business the euro or much weaker drachma. the consequences could be huge for an industry that relies on european supplies. bottles are imported direct. paper for labels and cart ynons is all imported. as well as machinery, filter paper, yeast, all expecting to be more expensive if this country runs out of pureeuros. these grapes ripening in the sun are still months from harvest. they will be turned it wine and harvested well after greece is set on course. a nation stug struggling alone with the greatest crisis of its history.ruggling alone with the greatest crisis of its history. george was just saying a beautiful place facing such
they have to start over, go back to the drachma and start over, otherwise they ll bleed you dead. the greek prime minister meeting with cabinet members today. they were scheduled to hand in the details of their final proposal this afternoon. they re prompt missing tax and pension reforms in return for bailout money. people across the great country lining up at atms where some have apparently run out of cash. the stock market and banks have shut down and there s word stores have reported people panic buying, stocking up on appliances and refrigerator yates and hopefully save the value. there s a store of jewelry store executive who told the new york times he turned down a customer who wanted to buy more than a million dollars worth of jewels. take my euros. the juror felt safeer keeping the money in jewels. reporter: we have just heard that the greek bailout proposal
to figure out what they re going to do and it s do or die for the greeks at this point here. irchds sunday euro or drachma, the old currency before the euro in greece. there s concern about leaving the european union, so it s pins and needing ingings here. a lot to watch there. turning to the breaking news now. and overseas joins us is when you hear about this a computer glitch so far 3500 flights are affected, how does something like that happen?
hearing from alexis tsipras speaking and he says he wants socially just and economically sustain solution for greek proposals and said his country has to give you an idea what is at stake here is the front page. euro or drachma. this sun it comes down to this. the china the markets are in free-fall. many stocks there share the maximum allowed in a day, 10%. trill trillion of dollars wiped out. they describe a mood of panic and irrational dumping of shares. andrew you cannot overstate how dramatic this move has been. in three weeks you ve had something like 30% shaved off the value of the stock market. reporter: and on top of that you ve had a lot of effort being made by the central authorities in beijing to stop this,