Yanis Varoufakis Resigns as Finance Minister of Greece After Vote

New York Times ^ | 07/06/2015 | By LIZ ALDERMAN and JACK EWING

[SeekAndFind]

ATHENS — Greece’s combative finance minister, Yanis Varoufakis, who took a strong stand in demanding that creditors write off some of his country’s debts, abruptly resigned on Monday morning.

Mr. Varoufakis had played a central role in rallying votes for a resounding no on a referendum on Sunday that asked Greeks whether they were willing to accept an arrangement with creditors that would require considerable further austerity, such as pension cuts. Mr. Varoufakis had threatened last week to resign in the event of a yes vote, and his decision to step down after he and his allies prevailed in the referendum was unexpected.

His resignation appeared to be the first move at conciliation toward Greece’s creditors by the government of Prime Minister Alexis Tsipras. Although Mr. Varoufakis’s central argument — that Greece more than anything desperately needed debt relief — was shared by economists, he quickly became a lightning rod among Greece’s creditors with his aggressive negotiating style.

[SeekAndFind]

Greece has no other choice but to emulate what they did in Detroit.

Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big.

What are the consequences you might ask?

For one -— Pensioners, bondholders, welfare recipients, government workers, the IMF, bond holders, all will have to settle for less — maybe a lot less. It’s tough love, but it’s the only way out.

More bailouts and debt extensions will only delay the crash of the socialist Greek economy.

I can’t see any other way out of this.

[jonose]

One option is to sell Crete to the euro Jews.
Soon they will need a safe place to live.

[bert]

voting riff raff that destroyed Athens are destroying Greece again

American riff raff are likewise destroying America

In America, the riff raff is not Greek but Black

[pepsionice]

They have one added problem....tax avoidance. At best....they are probably only getting half the amount of tax revenue that they should, and have limited desire to go after the folks on the illegal side of this.

I watched some hour-long discussion between some Germans and Greeks last night. The Greeks said over and over, for six years....they’ve suffered and it’s just not right. Forgiveness of a fair portion of the money borrowed is now required. The Germans came right back and noted that they’d worked hard for that money that was loaned to Greece and just didn’t see how forgiveness was in the cards. Behind all of that....you just couldn’t help but notice that Greece hasn’t changed much at all in six years, and hasn’t attempted to fix what was broke.

[AFreeBird]

He’s bugging out.

[Opinionated Blowhard]

This is re-arranging the deck chairs on the Titanic. Who cares who the finance minister is at this point? Who cares if he is combative or not? The best thing that could happen to Greece at this point is collapse. Anything else is painfully delaying the inevitable.

[spetznaz]

Sorry, but I have to call BS on that. The voting riff raff that’s causing chaos in America is not black. Blacks are a small portion of the overall population, and most of them are too bloody lazy to even go vote Oh, and I have no love for African-Americans ...most African immigrants to the US think less of African-Americans than your average KKK chapter does. The truth is that America’s woes stem from the Liberal voting masses, and the vast majority of Liberals are lilly-white voters. It is the white liberals that have pushed communism, gayism, immigration amnesty, etc. African-Americans just happen to be a small voting block that’s stupid enough (and I mean the silliest sort of folly ...they are sots) to support the Democrats, but the blame is purely in the white voters that make the voting core of the democrat party.

[Lazamataz]

Not only black, but other colors.

Plus, bkepley is an a-hole.

[Buckeye McFrog]

Greece has no other choice but to emulate what they did in Detroit.

Not their only choice. They could band together with Spain, Italy, Argentina, and other deadbeat countries to form a Debt Cartel and hold the world economy hostage for better terms. This is what I suspect will happen.

[Rummyfan]

Mr. Varoufakis had threatened last week to resign in the event of a yes vote, and his decision to step down after he and his allies prevailed in the referendum was unexpected.

If YES, I'll resign. If NO, I'll quit. He's probably making plans to leave Greece tout suite.

[Rummyfan]

Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big. What are the consequences you might ask? For one -— Pensioners, bondholders, welfare recipients, government workers, the IMF, bond holders, all will have to settle for less — maybe a lot less.

Cue the riots and civil unrest.