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CCTV Script 06/07/15

– This is the script of CNBC's news report for China's CCTV on July 6, Monday.

Welcome to CNBC Busines Daily, I'm Qian Chen.

The majority of Greek voters have rejected the reform proposals from the country's creditors, in a crucial referendum that could set the path for Greece leaving the euro zone.

After 12 hours of voting on Sunday and with over 90 percent of the votes in, the country's Interior Ministry said 61 percent of the ballots cast had backed the "no" campaign.

[Moritz Kraemer, Chief Rating Officer Sovereign Ratings, S&P] "What we will be watching also in assessing the likelihood of a Grexit is whether the Greek government comes back with sort of... in a way that allows the partners to sign off, rather than being carried away by maybe what is a remarkable victory for Syriza, and trying to impose the will of the Greek voters on the creditors."

And here's a guide to the next big turning points in the rapidly unfolding crisis in Greece.

JULY 6-7

The Bank of Greece is holding a conference call with the Greek banks to discuss their dire liquidity situation, caused by Greeks pulling their money out of the banks. Financial institutions had been helped out by the European Central Bank (ECB) via an emergency liquidity fund known as the ELA. However, after Greece went into arrears on its repayments to the International Monetary Fund (IMF), this was capped.

The ECB will meet to decide what to do with the ELA funding for Greece. If they suspend it, it would mean that Greek banks suddenly have to repay their ELA liquidity, which could mean that Greece crashes out of the euro zone.

Latest: Greeks reject bailout, choose uncertain future. The central bank is expected to hold fire and keep the current level of ELA funding, while it waits for the political class to sort out a new deal. This would be enough to keep the pressure on the Greek government to secure a deal, without risking a potentially disastrous exit from the 12-nation currency bloc.

JULY 14

As politicians in Brussels battle to salvage the Greek crisis, the most severe test of national resolve could come from Tokyo and the impending fate of a 20-year-old samurai bond.

Analysts say, a default of the samurai bond would resonate powerfully, as Greece's first default on a commercially traded debt instrument. The Y20bn note, paying a fixed coupon of 5.8 per cent, was sold by the Greek government in 1995 and matures on July 14.

[Moritz Kraemer, Chief Rating Officer Sovereign Ratings, S&P] "but remember this is a government which is sort of a certain political position and has a big stake in that. And it's going to be difficult for them to explain why these hold-out investors holding the samurai bond would be paid in full whereas Greek citizens can only withdraw only 60 euros a day per person. So we think a default would be quite possible."

And the big day after that...

JULY 20

This is the next big repayment deadline, when Greece is due to repay 3.5 billion euros to the ECB. If this payment is missed, the central bank may feel obliged to cut off the Greek banks' remaining lifeline of the ELA, potentially letting them run out of money.

Greece's banks are now in serious danger of running out of cash in ATMs, if the ceiling for the ELA is not raised further-and this could also mean that there is not enough money to pay for key imported goods like medicines.

CNBC's Qian Chen, reporting from Singapore.

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