The Masked Tulip Posted July 6, 2015 Share Posted July 6, 2015 The Greek finance guy - the bald one with the motorbike and the t-shirts - has resigned. Breaking news now from Reuters. Quote Link to comment Share on other sites More sharing options...
Fairyland Posted July 6, 2015 Share Posted July 6, 2015 The Greek finance guy - the bald one with the motorbike and the t-shirts - has resigned. Breaking news now from Reuters. Wonder why? I thought things were going his way. Quote Link to comment Share on other sites More sharing options...
LC1 Posted July 6, 2015 Share Posted July 6, 2015 Why has Varoufakis resigned?! Quote Link to comment Share on other sites More sharing options...
onlyme2 Posted July 6, 2015 Share Posted July 6, 2015 Wonder why? I thought things were going his way. For saying it like it is, forced out? . http://yanisvaroufakis.eu/2015/07/06/our-no-is-a-majestic-big-yes-to-a-democratic-rational-europe/ From the moment our election seemed likely, last December, the powers-that-be started a bank run and planned, eventually, to shut Greece’s banks down. Their purpose? To humiliate our government by forcing us to succumb to stringent austerity, and To drag us into an agreement that offers no firm commitment to a sensible, well-defined debt restructure. The ultimatum of 25th June was the means by which these aims would be achieved. The people of Greece today returned this ultimatum to its senders; despite the fear mongering that the domestic oligarchic media transmitted night and day into their homes. Today’s referendum delivered a resounding call for a mutually beneficial agreement between Greece and our European partners. We shall respond to the Greek voters’ call with a positive approach to: Quote Link to comment Share on other sites More sharing options...
onlyme2 Posted July 6, 2015 Share Posted July 6, 2015 http://rt.com/news/271849-varoufakis-resign-minister-greece/ After securing a 'no' vote at Greek referendum on bailout, Finance Minister Yanis Varoufakis resigned, saying it would help Prime Minister Alexis Tsipras negotiate a better deal with foreign creditors. "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," he said Monday in an online statement. Varoufakis added that he would "wear the creditors’ loathing with pride" and pledged his continued support to Tsipras and whoever he chooses as his new finance minister. Quote Link to comment Share on other sites More sharing options...
StainlessSteelCat Posted July 6, 2015 Share Posted July 6, 2015 (edited) He'll likely be back in post afterwards, advising behind the scenes, or otherwise rewarded. Somehow I doubt it'll be in the form of an ambassador to Germany. Edited July 6, 2015 by StainlessSteelCat Quote Link to comment Share on other sites More sharing options...
Isakndar Posted July 6, 2015 Share Posted July 6, 2015 Wonder why? I thought things were going his way. He has played a blinder in many ways, putting the Greeks in a strong position to negotiate, they had to demonstrate that the people felt they had nothing to lose. But he has upset his other members of the Eurogroup, they don't want to deal with him. Someone else now with this strong hand might get a better deal. I doubt we have seen the last of him. Quote Link to comment Share on other sites More sharing options...
spyguy Posted July 6, 2015 Share Posted July 6, 2015 Lagarde has allowed her personal ambitions re the French Presidency to distort IMF policy re Greece- she has behaved utterly disgracefully and should be sacked. +1 But Im not sure its just her personal ambition, there's a lot of French interests at play. After the whole Greece episode, you can see the IMF getting rightly gutted of European interests by its non-european members. Quote Link to comment Share on other sites More sharing options...
Starcrossed Posted July 6, 2015 Share Posted July 6, 2015 This is a very well written explanation of the Greek situation: http://www.interfluidity.common/v2/5965.html Really excellent article. It has changed my opinion on this whole mess. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted July 6, 2015 Share Posted July 6, 2015 His resignation is the Greeks saying "Hey, we got rid of the guy you loathe and you still won't help us!?". Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 6, 2015 Author Share Posted July 6, 2015 ALEX BRUMMER: What does the Greek bailout referendum result mean for YOU? Britain must be prepared for some very unsettling times ahead that could yet have a disastrous effect on the economy the Government has worked so hard to repair, writes ALEX BRUMMER. ALEX BRUMMER: What does the Greek bailout referendum result mean for YOU? Britain must be prepared for some very unsettling times ahead that could yet have a disastrous effect on the economy the Government has worked so hard to repair, writes ALEX BRUMMER. Hilarious Mail headline, the economy the UK govt has spent billions we haven't got propping it up. Quote Link to comment Share on other sites More sharing options...
campervanman Posted July 6, 2015 Share Posted July 6, 2015 Intereting times for the EU and the opportunity to demonstrate to people in other EU countries who believe that voting for populist parties who blame the EU for all their problems what could happen if they choose the Greek option. Quote Link to comment Share on other sites More sharing options...
slawek Posted July 6, 2015 Share Posted July 6, 2015 His resignation is the Greeks saying "Hey, we got rid of the guy you loathe and you still won't help us!?". I don't think that will help much. Creditors didn't like the Greek negotiation position and articulate this with derogatory remarks about V as a way to allocate blame. Equivalent of a nursery "your mum is fat". The problem is how German politicians are going to explain they lost tens of billions after they blame "lazy Greeks" for all of this. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 6, 2015 Author Share Posted July 6, 2015 There was a Greek economist interviwee on BBC earlier tonight saying that a quick devaluation of a new currency etc would only work in an economy that had goods to export and a strong manufacturing base already functioning at a good capacity neither of which Greece have after 5 years of recession and austerity. They are screwed every way it'll just come down to the ECB / IMF gifting them money to stay afloat and prevent social breakdown / rioting. This is why they wanted to link repayment to growth. Quote Link to comment Share on other sites More sharing options...
onlyme2 Posted July 6, 2015 Share Posted July 6, 2015 The problem is how German politicians are going to explain they lost tens of billions after they blame "lazy Greeks" for all of this. They don't want to have to explain how they bailed out the private banks again with public money. More qe. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 6, 2015 Author Share Posted July 6, 2015 Some reports Greece is planning to issue IOUs as currency. When official money runs out this is what happens, I wonder if there will be any haircut on accepting IOUs or if they will be taken at face value. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted July 6, 2015 Share Posted July 6, 2015 Apart from the stock markets falling a few percentage what is the financial impications of the Greek vote? There seems to be an absence of panic about banks in the EZ collapsing as Greek debt is not paid back. Quote Link to comment Share on other sites More sharing options...
R K Posted July 6, 2015 Share Posted July 6, 2015 Minister No More! Posted on July 6, 2015by yanisv 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. Yanis Varoufakis @yanisvaroufakis 2h2 hours ago Minister No More! http://yanisvaroufakis.eu/2015/07/06/minister-no-more/ … Shame, hes the only finance minister in EU who knows whats going on. Jesus knows what garbage theyll cook up without him. Quote Link to comment Share on other sites More sharing options...
stormymonday_2011 Posted July 6, 2015 Share Posted July 6, 2015 (edited) Really excellent article. It has changed my opinion on this whole mess. Really excellent article. It has changed my opinion on this whole mess.Agreed.Greece was always about bailing the big German and French banks. The wheeze was sneak it past their own people by stiffing the Greeks with the bill. Now the Greeks won't play ball and the bill has landed on the European taxpayers mat the next phase will be to blame the Greeks politically. We will be getting a lot of this crisis which started in Greece b*llocks over the next few weeks and months. Edited July 6, 2015 by stormymonday_2011 Quote Link to comment Share on other sites More sharing options...
Damik Posted July 6, 2015 Share Posted July 6, 2015 Greece out of EU ??? Slovak finance minister, Peter Kazimir, who tweeted: "The nightmare of the "euro-architects" that a country could leave the club seems like a realistic scenario after Greece voted No today." Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted July 6, 2015 Share Posted July 6, 2015 Britain must be prepared for some very unsettling times ahead that could yet have a disastrous effect on the economy the Government has worked so hard to repair, writes ALEX BRUMMER. So predictable. Osborne will lap this up. Greece is to blame for Osborne's poor decision-making over the last 5 years. On July 8th, Greece is the word... Quote Link to comment Share on other sites More sharing options...
papag Posted July 6, 2015 Share Posted July 6, 2015 Apart from the stock markets falling a few percentage what is the financial impications of the Greek vote? There seems to be an absence of panic about banks in the EZ collapsing as Greek debt is not paid back. I said yesterday that the Stock market wouldnt fall much today , my view is some sort of stagnation around today's levels as all markets seem to be now a barometer of all is well with the world and intervention squads would have been ready for action today.If this had happened say 5/8 years ago would have expected a major crash. Quote Link to comment Share on other sites More sharing options...
Nationalist Posted July 6, 2015 Share Posted July 6, 2015 So the Greek government is now constitutionally unable to accept Germany's demands, and Germany is unwilling to write-off the €360bn they and others are owed. In fact the IMF is probably incapable of writing off what it is owed - all 188 member states would have to agree. There is no way to send the bailiffs into a whole country so "talks" are the only way forward. I sense all parties are lining themselves up for another big kick at the can. Quote Link to comment Share on other sites More sharing options...
geezer466 Posted July 6, 2015 Share Posted July 6, 2015 Market corrections won't come till it really is game over and the Grexit occurs (if it does) there will be some volatility and Spanish and Italian bonds will spike up (and fall back again) but we must wait for the main event. Quote Link to comment Share on other sites More sharing options...
Nationalist Posted July 6, 2015 Share Posted July 6, 2015 Greece out of EU ??? Slovak finance minister, Peter Kazimir, who tweeted: "The nightmare of the "euro-architects" that a country could leave the club seems like a realistic scenario after Greece voted No today." I think he means out of the EZ. Out of the EU would be TEOTWAWKI for eurocrats. Quote Link to comment Share on other sites More sharing options...
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