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FinMin Yanis Varoufakis resigns, background

Finance Minister Yanis Varoufakis submitted his resignation on Monday morning after Greeks rejected creditors’ proposal with 61.31%. Below is what the “star” FinMin wrote in his blog.

11:25 am

The name of the new Finance Minister is to be announced after the Political Leaders Council currently conveying under President Pavlopoulos.

11:30 am

Dragasakis, Stathakis, Tsakalotos are the top runners for FinMin

IMHO: a deal with creditors has more chances to be secured with Dragasakis…

11:44 am

Of course, Varoufakis was forced to resign…

11:50 pm

Three mistakes by Varoufakis on Referendum Sunday:

1. He made a statement – addressed Greeks before the Prime Minister: it was interpreted by the Prime Ministry as a move to set the frame for the new negotiations with creditors.

2. In his statement Varoufakis attacked creditors: it was understood as an effort to undermine Referendum’s ‘next time’ .

3. Varoufakis statement about ‘parallel currency’, the IOUS, caused PM’s discomfort as it could be understood abroad as an effort by the Greek government to ‘exit the Euro and return to Drachma.”

4. I can add Varoufakis’ statement on BBC4 Sunday noon, June 28th, that the government was planning bank holiday and capital controls.

11:57 am

Creditors’ had been asking Varoufakis’ removal since February. But, of course, it was politically impossible for PM Tsipras to have him resigned on creditors’ demand.

12:00 pm

a reminder: Referendum Final Results: NO 61.31% – YES 38.69% – Invalid/White: 5.8%

KTG’s prediction Sunday noon was : NO 55%-62%

12:28 pm

Athens Stock Exchange remains closed since Friday, 05:19 pm June 26th 2015

12:37 pm

German government does not comment on Varoufakis’ resignation.

“Varoufakis was never an interlocutor for Chancellor Angela Merkel,” her spokesman Steffen Seibert said at a live press conference.

Germany on Debt Relief:

“Depending on Greece’s proposal/request, we will look into the issue of debt sustianability.”

“Door is open for negotiations. Referendum message is clear. we will wait for PM’s Tsipras proposal.”

To make Seibert’s presser short:

“Majority of Greeks accepted the government’s negative stance, we now have to wait and see GR gov’t’s new proposals.”

He also said something about “treaties & EU solidarity that Greece has to respect.”

13:05 pm

Political Leaders Council continues – had a short break so that Tsipras could have a phone call with Hollande.

13:43 pm

there could be a “pause” solution for Greece and an agreement later. Something like  Greece in negotiations status”

 13:44 pm

Spain‘s Rajoy may have lost a friend (Samaras) but Germany‘s Schaeuble has certainly lost an enemy (Varoufakis)

13:45 pm

Varoufakis may have been “red cape” primarily for FinMin Schaeuble and for many of his Eurogorup colleagues but he has a lot of supporters among economists and common people around the world.

The following Tweet by Professor of International Economics at Politecnico di Milano, Fabio Sdogati, ins been RT & FAV like crazy:

: Dear Colleague your work for Greece and the European people has been exemplary. Thank you.

13: 50 pm

PM Tsipras had a phone talk with ECB’s Draghi

Russia’s Putin has reportedly request a phone conversation with Tsipras.

14:00 pm

Banks have opened Monday for those pensioners who were unable to withdraw €120 maximum from their pensions.

Law on bank holiday expires Monday midnight. The government has to issue a new decision – expected late on Monday.

Greece’s government awaits for the ECB decision on ELA. ECB’s board is to meet and decide on Monday.

The ECB most likely will keep its “ELA freezing” position until after EU Leaders Summit scheduled for 6 pm Brussels time  tomorrow Tuesday.

14:11 pm

Eurogroup meeting on Tuesday, July 7th at 1 pm

Statement by Consillium Europe :

“The Eurogroup will discuss the situation following the referendum in Greece that was held on 5 July 2015. Ministers expect new proposals from the Greek authorities.

The referendum was held after the Greek government unilaterally withdrew from ongoing negotiations with the institutions (the European Commission, the European Central Bank and the International Monetary Fund) on Greece’s comprehensive reform plan, foreseen under the agreement of February 2015.”

14:15 pm

let’s make one thing clear as to why Greece “left negotiations” on June 26th.

EC Juncker said that they had mostly agreed on certain point but that there was a “difference of €60 million in austerity measures.”

So Greece left Brussels for the 60-million difference? No. Greece left because there was no strong commitment from the side of creditors on Greek Debt Relief. Without this small but of huge importance note, Tsipras could not have pushed the agreement through the Greek Parliament, through his own lawmakers.

So simple.

15:03 pm

Political Leaders Council is still ON under President Pavlospoulos since 10 am. Leaders have occasional breaks so that PM Tispras can talks with EU Leaders.

After Varoufakis, also Chouliarakis form Greek negotiation team submitted resignation.


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Below is what the “star” FinMin Yanis Varoufakis wrote in his blog on Monday morning::

Minister No More!

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.

source: varoufakis blog


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  1. It is a shame that her resigned.
    A backflip would have been enough.
    And an upper cut for the EU.
    Sometimes life gives you the ball,
    So you messed up in the first around ?
    Can you make it rght ?
    Then go for it man !

  2. To be honest, I don’t think this is such a bad thing for Greece. I’ve always said that Varoufakis would be much better employed in the area of reform than in finance. He should, from day one, hve been put in charge of reforms and left use his obvious considerable intelligence to develop and implement innovative, new ways of doing things instead of been thrown at the financial wolves. He did a good job, but, in my opinion, remains a much under-used assest to this country.

  3. For those on the outside, it is far too early to say what is all truly at play here, under various conditions it is wise to divide one’s troops. Furthermore avoidance of the personality cult may prove a wise move at this point in time. But with much disappointment comes this news of Yanis’ resignation… It has been a roller coaster of emotion these past 24 hrs and many have waited a long, long time for this moment to come. Yanis’s contribution has been not only remarkable but honorable, and as he clearly stated this morning, unending. For that, and much more, many not only in Greece but throughout the world are grateful.
    As for those particular Finance Ministers who will go unnamed, their childish, schoolboy antics, grown men unable to face their opponents at time of defeat, only shows ever more clearly their total lack of character.

  4. This is the attitude of a man of honor. Some politicians see millions of their compatriots protesting against them on the streets and they do no resign. Varoufakis saw his people celebrating victory against humiliation and he, defending the interests of his country, resignes. It is awesome, only someone who really loves both country and people, i.e., a patriot , could do it.
    The more I know about Varoufakis, the more I admire him.

  5. I think he knows where his ideas will bring Greece. After telling everyone what direction to sail for, he is leaving the ship and enjoys the state pension. His assets are probably somewhere else already, so not much to loose here besides his reputation.

  6. Yellow marxist

  7. Dear Mr Varoufakis

    IMMENSE CONGRATULATIONS to you and the other truth-based moral fighters.

    Whilst it was initially sad at first to see how you were being ‘forced out’ by the ‘big’ and bullying banksters and their pathetically ‘small’ morally bankrupt sycophantic Euro politicians (and you were absolutely right to quit … for a ‘strategically appropriate’ period of course – playing to the perspective of their desperation to have ‘form’), it was thoroughly reassuring to see you say that you will be there in the interim to lend to the cause your critically important strategic thinking and planning ‘from behind’ (this being of course in alignment with the perspective of the force of ‘substance’). And we know of course that in the end, always SUBSTANCE leaves FORM for dead. And increasingly in this internet age, the people are beginning to see and understand this more and more. The NO vote is a clear confirmation.

    Stay safe and stay fighting as you do … for TRUTH-BASED democracy and social justice.