BREAKING NEWS: Yanis Varoufakis resigns

The message seems to be that the negotiating partners in the Troika have indivated they would not negotiate with Varoufakis - and, given his brilliance, I can quite see why.

Varoufakis announces resignation as Greek finance minister

RT,

6 July, 2015

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.

On Sunday more than 61 percent of Greek voters said no to a bailout plan proposed by foreign creditors, supporting their government's opposition to the plan. The result was praised by the Greek government but lamented elsewhere in the EU, with German Economy Minister, Sigmar Gabriel, saying that it had “torn down the last bridges on which Greece and Europe could have moved toward a compromise.”

This is the message on Yanis Varoufakis’ blog

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.

http://yanisvaroufakis.eu/2015/07/06/minister-no-more/#more-8433



This interview is from yesterday

Yanis Varoufakis: 'We've made hope return to Europe'

Tsipras: Negotiations With Creditors to Resume

Telesur,

5 July, 2015

As Sunday’s referendum comes to close, the Greek Prime Minister says Greece will be in a better position to negotiate. 

In a televised announcement, Tsipras called Europeans to address the economic crisis that is engulfing the whole region. Greek Prime Minister Alexis Tsipras thanked on Sunday not only the Greek citizens but all Europeans for the support provided to his government's policies, as Greeks overwhelming voted “No” in today’s referendum, rejecting more austerity measures. 

 “Our country decided to give continuity to a strong and participative democracy,” he said. 

The Greek people made a historic and brave choice. Their response will alter the existing dialogue in Europe. #Greece #Greferendum — Alexis Tsipras (@tsipras_eu) July 5, 2015 

Greeks have rejected the austerity measures imposed by the troika (European Commission, European Central Bank and International Monetary Fund). 

“Tomorrow, Greece will enter in a better position to negotiate economic conditions,” stated Syriza's leader. “I want to remind you that today at this very moment the people has answered the correct way and changed the dialogue with Europe.” 

A short time before the post announcing his resignation, Varoufakisposted a much more jubilant note about the referendum decision:

On the 25th of January, dignity was restored to the people of Greece.

In the five months that intervened since then, we became the first government that dared raise its voice, speaking on behalf of the people, saying NO to the damaging irrationality of our extend-and-pretend ‘Bailout Program’.

We

• spread the word that the Greek ‘bailouts’ were exercises whose purpose was intentionally to transfer private losses onto the shoulders of the weakest Greeks, before being transferred to other European taxpayers
• articulated, for the first time in the Eurogroup, an economic argument to which there was no credible response
• put forward moderate, technically feasible proposals that would remove the need for further ‘bailouts’
• confined the troika to its Brussels’ lair
• internationalised Greece’s humanitarian crisis and its roots in intentionally recessionary policies
• spread hope beyond Greece’s borders that democracy can breathe within a monetary union hitherto dominated by fear.

Ending interminable, self-defeating, austerity and restructuring Greece’s public debt were our two targets. But these two were also our creditors’ targets. 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?

http://www.theguardian.com/world/live/2015/jul/06/greek-referendum-eu-leaders-call-crisis-meeting-as-bailout-rejected-live-updates 

Greek crisis: more than $30bn wiped off Australian stock market after no vote

Greece’s defiant rejection of austerity is the main factor behind the dramatic slump in the market but lower commodity prices also to blame, analysts say

5m ago07:15

Summary

I’m handing over our continuing coverage of events in Greece and across Europe to my colleague Nick Fletcher. Here’s a short summary of how events stand at the moment:

• The Greek finance minister Yanis Varoufakis has resigned, despite a no vote in the referendum. In a blog post on his website Varoufakis flagged that his decision was prompted in part by “some European participants” expressing a desire for his role to end in any further negotiations.

• Alexis Trsipras has called for a key political meeting to take place in Greece on Monday morning at 10:00am to discuss the outcome of the referendum.

• Greeks voted overwhelmingly for a no vote in the referendum, with over 60% casting a no vote in the groundbreaking political decision.

• Financial arkets around the world have reacted with concern at the decision, in anticipated of a potential exit by Greece from the Eurozone.