Greece Watch...

3rdRock · Post by **3rdRock** » 06 Jul 2015, 07:37

Little John wrote:Varoufakis is the real deal. In other words, he has convictions (remember them?) and bases his thinking and actions on a perspective that extends beyond the past week of events and beyond his own personal political ambitions. This combination of personal attributes, in a world where politicians base their politics on little more than daily-driven market research and where to have convictions is considered a sign of weakness, is the reason why I am so tremendously sad he is going.

+1. A man of demonstrable integrity. I sincerely hope that Tsipras finds a role for him at some later date.

Tarrel · Post by **Tarrel** » 06 Jul 2015, 07:45

I'm sure he will continue to be very active in the background. I doubt it was even a particularly painful decision for him. Just another step necessary for the good of the country, as he sees it.

Maybe he'll become head of a newly nationalised Greek banking system?

Tarrel · Post by **Tarrel** » 06 Jul 2015, 08:32

Varoufakis: "I shall wear the creditors' loathing with pride."

Little John · Post by **Little John** » 06 Jul 2015, 08:36

his blog entry in full:

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.

johnhemming2 · Post by **johnhemming2** » 06 Jul 2015, 08:45

The Euro is slightly up compared to yesterday. The UK FTSE100 is slightly down 0.7%. Varoufakis has done something helpful (there's a novelty).

3rdRock · Post by **3rdRock** » 06 Jul 2015, 09:44

Little John wrote:
johnhemming2 wrote:The Euro is slightly up compared to yesterday. The UK FTSE100 is slightly down 0.7%. Varoufakis has done something helpful (there's a novelty).
What a predictably pathetic response

Well, he was a politician.

Little John · Post by **Little John** » 06 Jul 2015, 09:57

Tarrel · Post by **Tarrel** » 06 Jul 2015, 11:23

This from a reader on the BBC News website:

"I just wondered if the BBC could shed any light on what this means for tourists? We are off to Kefalonia on Saturday and we are very anxious. There are whispers that the hotels can’t feed their guests as they can’t pay suppliers and everyone is advising taking more money due to the bank situation. What does the ‘no’ vote and the volatile state of the economy in Greece mean for tourists travelling out their this week?"

I had the blues 'cos I had no shoes.

Until, in the street, I met a man who had no feet.

peaceful_life · Post by **peaceful_life** » 06 Jul 2015, 11:25

'Discussing Syriza’s stunning victory on the BBC'.....

http://www.debtdeflation.com/blogs/2015 ... n-the-bbc/

Tarrel · Post by **Tarrel** » 06 Jul 2015, 11:26

adam2 wrote:Greek finance minister "resigns"
http://www.bbc.co.uk/news/world-europe-33406001

Rather a surprise, as he had stated that he would resign in the event of a yes vote.

He said he did it in the light of comments over night from some folks in the Euro-group.

This from the BBC live feed:

Varoufakis 'insulted Europe'
Posted at 11:12
Michael Fuchs, a senior MP in German Chancellor Merkel's CDU party, says Yanis Varoufakis "insulted the whole of Europe last weekend telling us we are terrorists". He was speaking to the BBC World Service soon after Mr Varoufakis resigned as Greek finance minister.

"We spent more than 300bn euros on Greece and then telling them 'you are terrorists' - I'm sorry, this is not a way to talk to each other."

He said even with Mr Varoufakis's resignation, the Greek negotiating position was untenable and there couldn't be any further assistance without credible reforms.

Little John · Post by **Little John** » 06 Jul 2015, 11:40

Definition of Terrorism: the production of a state of fear and submission by terrorization

Upon learning of the Greek government's temerity to decide to put the Troika's ultimatum to the Greek people in a democratic referendum (referenda being anathema to most EU governments when it comes to anything relating to the EU), they had a veritable shit fit and deliberately forced the Greek government to shut their banking system down in advance of that referendum,. Meanwhile, in the days leading up to the referendum, the Germans and others, aided and abetted by a compliant MSM, went on a propaganda rampage designed to explicitly instil fear in the Greek people. In other words, to bully them into a "yes" vote. The fact that their strategy stupendously backfired is neither here nor there.

Varoufakis is right, They are terrorists

biffvernon · Post by **biffvernon** » 06 Jul 2015, 12:24

Greens have welcomed the outcome of the Greek referendum, which has shown around two thirds of voters have said ‘No’ to European Union and International Monetary Fund bailout proposals for more austerity in exchange for rescue loans.

Caroline Lucas MP said:

“The Greek people have made a decision which must now be respected. This referendum has seen EU states do their very best to undermine the democratic will of the Greek people but it’s time to draw a line under the past and move onwards.

“History shows us that countries can escape crippling debt in a just way. In 1953, at London Conference, Greece was among the European nations signing a deal which allowed for the cancellation of German debt, to enable the country to grow again after the destruction of the Second World War. Europe needs to come together to offer the Greeks a deal which allows their country to be rebuilt.”

Molly Scott Cato, Green MEP for the South West, said:

“This referendum has provided an opportunity for all EU states to reflect on the balance of power between finance markets and democratic governments. We now need to see an urgent conference to address the issue of Greece’s debt with restructuring and debt relief a clear outcome. There also needs to be clear support for rebuilding the economy, especially by investing in sustainable sectors of the economy.”

http://mollymep.org.uk/2015/07/05/green ... um-result/

Little John · Post by **Little John** » 06 Jul 2015, 12:42

peaceful_life wrote:'Discussing Syriza’s stunning victory on the BBC'.....

http://www.debtdeflation.com/blogs/2015 ... n-the-bbc/

Thanks for that PL.

oobers · Post by **oobers** » 06 Jul 2015, 12:44

John Hemming has chosen to debate this issue here and has added some interesting food for thought in his opposing views. I thank him for persisting. His posts have helped to provide me with some perspective on the issues. At times, I have thought there might be some validity in what he is saying. However, having considered the views of all posters and the linked articles, I have concluded that the Greek government are largely in the right and the Troika wrong. I think Greece should now try to negotiate in such a way that they can remain a co-operative partner in a union of European countries, a Europe that learns from all the misery of the Greek poor and seeks reform that benefits the people of Europe and not it's banks, corporations and outdated institutions

PS_RalphW · Post by **PS_RalphW** » 06 Jul 2015, 13:40

In the past I have be in favour of the EU and even of joining the Euro as a moderating influence against the rampant corporatism from across the pond. I thought the standardisation of employment rights, human rights, environmental and trading standards and the convenience of open travel and residence throughout the EU was a net plus to the UK.

Yes it was a gravy train for the insiders, which I personally benefited from for a while and might yet do so again if I write a good enough CV, but in times of plenty it allowed a fair degree of trickle down. True the Ag and Fish policies where an ecological disaster of vested interests, but still better than the US open warfare on the biosphere.

Now we are past the stage of global power blocs and time turn back to localism and resilience. The EU is now dominated by the German industrial elite, which maintains BAU and happy haus fraus by the 'sound economics of the solvent household'. All very well but in the time of limits to growth it is as divisive as the homeland politics of the 30s.

Germany will fight tooth and nail to sustain BAU industrialism just as Cameron is fighting to sustain BAU financialisation of the UK economy. Both will end in messy failure.