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The First Post-Referendum Head Rolls: "Toxic" "Martyr" Yanis Varoufakis Resigns
The Greek referendum landslide "No" vote came and went and just hours after its passage claimed its first head, which was - perhaps somewhat surprisingly - that of the Greek finance minister himself, Yanis Varoufakis, who many say orchestrated the referendum seen as a loud endorsement of the government's actions. As of this morning he is no more. Here is why in his own words.
The referendum of 5th July will stay in history as a unique moment when a small European nation rose up against debt-bondage.
Like all struggles for democratic rights, so too this historic rejection of the Eurogroup’s 25th June ultimatum comes with a large price tag attached. It is, therefore, essential that the great capital bestowed upon our government by the splendid NO vote be invested immediately into a YES to a proper resolution – to an agreement that involves debt restructuring, less austerity, redistribution in favour of the needy, and real reforms.
Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted ‘partners’, for my… ‘absence’ from its meetings; an idea that the Prime Minister judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the Ministry of Finance today.
I consider it my duty to help Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday’s referendum.
And I shall wear the creditors’ loathing with pride.
We of the Left know how to act collectively with no care for the privileges of office. I shall support fully Prime Minister Tsipras, the new Minister of Finance, and our government.
The superhuman effort to honour the brave people of Greece, and the famous OXI (NO) that they granted to democrats the world over, is just beginning.
Varoufakis' resignation which came early in the morning Greek time, may be seen by many as the crowning cap of his path to political martyrdom, but more importantly is seen by others as a catalyst to what may be a long overdue deal. As Standard Bank's Demetrios Efstathious says in an email to Bloomberg, "without Varoufakis, who’d become toxic and had to go, negotiations will prove somewhat easier" adding that "the slim hope of a last minute deal is indeed alive. "Varoufakis’s replacement increases chance of sensible negotiation, and positive outcome. If Tsakalotos or Dragasakis were to replace him would be positive news. Tsakalotos has been a key part of the negotiating team and is one of the most sensible/moderate figures in Syriza."
That view was dashed by German SPD lawmaker Carsten Schneider who said on German ZDF public television that the resignation won’t make talks between Greece and its creditors any easier. Varoufakis is "building his own legend" adding that Varoufakis’s promises aren’t backed up by any money. “He’s been promising more than he could keep and now he’s drawing the conclusions by making an escape."
Scrum of reporters outside Greece FinMin. For months they hung on Varoufakis' every word. Now wait for his successor pic.twitter.com/YSlLwtf9s8
— Henry Foy (@HenryJFoy) July 6, 2015
So "martyr" or "toxic legend builder", the historians will yet decide on Varoufakis' legacy but the main question is: now that Greece took this decisive step, will anyone at the Troika or Eurogroup follow in V-Fak's footsteps?
For now, however, the futures which were down as much as 33 points at the open have cut their losses by a third on yet another bout of hopes that even with Greece beyond the precipice, Varoufakis' exit stage left may be just the deus ex machina endgame catalyst this Greek tragicomedy has been waiting for all along.
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One country two currencies.
Currency swap - large amount of Drachma for Yuan or Rubles.
For christ's sake, he was fired so a deal can be reached as soon as possible, as greek banks run out of money this week.
Jesus, I really wonder about you people sometimes.
You're right about a deal with Brussels. But that is not the only big money deal they need to make quickly.
Wow, lead your team/country to a revolution against the criminal fuckers and then quit when the tough gets going? Some bankers threaten his life or something? Greece is left to battle now without their main leader. That's fucked up if you ask me.
The germans now have to make this as ugly as possible for Greece. The Germans cant cut the debt, or the precedent for the rest of Europe will be set. The path forward for Germany will be to take it as slow as possible and make it as painfull as possible for the Greeks. The Greek path forward is likely legal, and the through the European courts, probably starting with the ELA, and that Europe cant just cut it ofr, or throw the Greeks out.... I am surprised that there isnt more talk about Gerexit....
A job well done by Yanis. He put his principles on the line and got the referendum OXI vote that was needed to show the Eurocrats that Greece will not take it any more.
Shrewd move on his part to resign at this juncture; Tsipras will go to negotiations with plans arranged in quiet by Varoufakis. It's a gesture by Varoufakis and the Greeks - an olive branch - saying, "we've won, but we offer this sacrifice to you."
This gives the Eurocrats a sort of consolation prize, because Varo is essentially an Austrian economist with a sprinking of other economic cultures and the rest of the EZ finmins - all Keynesians - could not stomach him nor negotiate with him because they, in their dark hearts, knew he was right for the people of not only Greece, but of Europe and the world.
Now negotiations will proceed in a somewhat "calmer" manner, but Varo remains in the wings, lending support and advice as needed. His legend intact, he will be a powerful force behind the scenes.
Who in their right mind - after witnessing the epic referendum - does not think this is not something Varo already had planned and gamed out well in advance?
He's a player and players keep playing, whether they're on the field or not.
Yep, Varoufakis is busy doing back room deals at this very moment.
"Varo(ufakis) is essentially an Austrian economist with a sprinking of other economic cultures and the rest of the EZ finmins - all Keynesians"
epic. well done. /S
so what have Varoufakis and Tsiprasactually achieved ?
apart from misleading the Greek people to vote on a bailout they walked out on ?
what have they actually achieved ?
so far the Greek banks are in a worse position than ever,
and who is fool enough to deal with a bankrupted state that is soon in default ?
this will be interesting.
I was wrong about the Greeks being too smart to fall for a NO vote....
At least now we know what they don't want.
WR;)
Do you really think the Germans will be so harsh on Greece that Russia visibly and notably has to come to Greece's rescue? Convoys of ships from Russia with food and medical supplies.
Not a chance.
just wait for the german "humanitarian" convoy to show up at the border
I was in Prague last week. There were lots of the cars on the road. I was intrigued by the natural gas filling stations. There was a good bit of reconstruction going on and there were tourists everywhere. What seemed to be fueling it all was the Koruna. It’s worth about four cents. The prices are very cheap by European standards making the Czech Republic a popular vacation spot.
Greece has some of the best scenery on the planet. The Greeks need their own currency.
.
.
HE WAS FIRED; he didn't "resign."
It was a condition Tspiras had to agree to if further negotiations were to take place.
On one hand, GOOD that the A§$H*LE is gone.
On the other, PITY that there might still be a deal.
Wow, they've lived out de Toqueville's critique of eternal democratic revoolution with a 'NO!... NOOOOOTTT!' joke.
https://www.youtube.com/watch?v=nltJZ0eYuuQ
Varoufakis is the best politician I've seen in my life, because he was anti-politician and a true fighter for democracy. Remember the cynics who said he would lose his principles and never make a difference. And remember how he made the EU oligarchy look like the idiots and anti-democratic bureaucrats they are. Never forget that.
Let's hope he continues to do so, because he's not out of the game yet :)
Are you Million Dollar Bonus?
That would be pretty clever with a sarc tag. Otherwise, quite the opposite.
John in Revelations knew that he was referring to the ancient symbol of Europa which predated Revelations, and so did those reading the semi cryptic last book of the Bible. He did not pretend to invent the concept.
There are vast differences between Moasaic Law, including 613 additonal commandments to the 10 basic commandments or "words." Before Hammurabi God promised punishment to killers as in after Cain killed Abel.
http://www.godandscience.org/apologetics/code_of_hammurabi.html
In any event you are honest enough "not remembering" some of which you speak.
EU questions legality of Greek referendum after Yanis Varoufakis resigns following No vote.....
The ECB illegally forced the Irish people to bail out the Irish banks
Now go shove it EURIP
something like 97% of all the previous "bail out" money.. went straight to loan shark bankster terrorists.
fuck EU. fuck bankster terrorists. fuck predatory vulture bond buyers and scum of the earth.
Long Live Varoufakis! fuckl all bankster terrorists in the ass for eternity. bring out the fucking guillotines!
Now for Germany's referendum where they say "Fuck these guys. No more."
Eventually, they're going to figure out that they're the ones being monkey-fucked by the EBC.
Only when the steaming pile of feces known as Deutsche Bank explodes under its €70 trillion of toxic derivative filth and Teutons are being insulted and tortured like their Greek "partners have been for more than 5 years.
A pretty unsympathetic lot on every side.
Here we have Varoufakis, who has told everyone within earshot, and beyond, that a deal could be made without any debt reduction.
It can't. Greece can't pay the money back. 'Austerity' simply means giving up on the idea of getting something-for-nothing. It does not make people able to reimburse those who loaned money to thieves in the past.
There we have the Troika:
The Bankers - The original "Something-For-Nothing" (by means of stealing either depositor's deposits or the value of the deposits through inflation).
The Eurocrats - Pure, unadulterated authoritarians, elected by no one, yet deciding the fate of all.
The Germans - Who insist the Greeks repay money, that the banks ought never to have loaned, that the Greeks CANNOT repay, shortly who prefer unprinicipled bankers over normal Greeks.
The attempts to make heroes or legends of any of them are humorous.
There's not a moral man in sight.
I'm sure the ECB doesn't give a fried feathered fuck about what the Greeks did at the polls. They'll likely confiscate the deposits anyway and kick more shit their way.
The Wall Street Journal reports:
Prime Minister Alexis Tsipras reacted "after Mr. Varoufakis told a U.K. newspaper late Sunday that Greece might introduce a parallel currency and electronic IOUs similar to those issued previously in California . Mr. Varoufakis quickly backtracked on his comments to The Daily Telegraph but his prime minister had had enough, say the people familiar with the matter.
Time to run before the starving and pain. Back to his cushy "teaching" job where he can now claim he saved Greece. Oh how the under grads will swoon.
Bait & switch.
Flush the filthy €uro toilet paper already!
My assessment is that the Greeks were quite happy to sit in the wagon while others pulled. For some time now, it has required other countries to help it pull itself along. But of course it isn't Greece's fault. They are the victims. They didn't know that if you fail to reduce spending or raise taxes then you will need to borrow to maintain current spending (whether the currency is fiat or gold). They couldn't just expand the Greek central bank balance sheet themselves like the U.S does with the FED. They didn't know that there is no such thing as a free lunch.
Therefore, it is Germany's fault that Greeks like to avoid paying taxes. It is Spain's fault for Greece going bananas on the Athens 2004 Olympics. It is the IMF's fault that the public sector were retiring early. It is the ECB's fault that they were in trouble before they joined the Euro (hence why they needed the dodgy Goldman Sachs to 'cook the books'). It can't be Greece's fault. IT CAN'T BE GREECE'S FAULT. They are the protagonists, and the Troika are the antagonists. Varoufakis told me so. It's David vs Goliath. The 'poor' Greeks vs the 'evil' bankers.
It was all fraud you say. Fractional reserve banking and fraudulently induced loans. So, why did they borrow this toxic credit then? Riddle me that. Because the Euro enabled them to feel rich for a while. That sweet euro debt crack rushing through the blood. The oligarchs got what they wanted, and the peasantry were proud. Soon they would be hosting the Olympics.
OK. If part of the debt was fraudulently placed on Greece's balance sheet, then obviously that debt needs to be repudiated. Greece over-borrowed, the ECB, IMF, Germany etc, over-lent. Therefore, some form of restructuring of debt is in order. That would make sense. But the creditors are merciless, and the debtors are hopeless. Regardless of Greece fraudulently entering the Eurozone with the help of Goldman Sachs (which only put some eye drops in Greece's eyes, shaved its beard, gave it a shower, gave it some new clothes to wear), Greece was and still is an addict.
So I ask the question. What the fuck is Greece doing? If they can't find favorable terms with their creditors, pull the fuck out and go it alone. Rebuild from the ashes. But baby still needs its debt crack, right? Leave. You are an absurd appendage to the Eurozone. Set the precedent for the others that will be following you into the quagmire of debt. It's time to get rid of central banking, let the god damn market set the rate of interest. Banking isn't evil. Capital isn't evil. Being a retard isn't evil, but it doesn't help your economy.
And that's what I'd say to the people of Greece if I was their leader. Yeah right, I'd be hung from the nearest lampost, while the oligarchs looked on in laughter from their mansions.
Did he resign his pension too?
one thing about a resignations, you're guaranteed msm air time, and can change your reasons , for which ever way the wind is blowing.
he was seemingly gs approved before so that's where he'll end up.
The "deus ex machina" is sitting in Moscow, not Athens. Putin can act only after Greece leaves the Euro Zone, because it would be hard to lift the Russian counter-sanctions just for Greece and not the rest of Europe.
EU bans political financial propaganda video clips featuring cats
<no film at eleven >