A Man of Principle: Varoufakis Resigns, Despite Greek NO Vote!

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from The Wealth Watchman:


The People Had Their Say

July is turning out to be simply stunning! Let’s see, in a short space of time: Syriza called a referendum, Greece defaulted on a 1.7 billion Euro payment to the IMF, and now the Greek people, in an overwhelming statement to their creditors have said, “OXI!”…and just think, all this occurred in little more than a week!

Brothers, do you miss the “good ole days”, when you could get through a full 24 hours, without some derivative-detonating headline?  Well, get used to this…because it’s the new normal.

What’s most amazing, is that, even after Europe shuttered Greek banks(to intimidate Greek voters)…it only worked against them!  Despite the immense suffering the bank closures caused, the people still told the ECB where to stick it, in a margin of nearly 2 to 1! To say that most of Europe is “stunned” at the result, would be a gross understatement. Now, hot on the heels of all that Hellenic action, came this stunning announcement this morning…

Greek vote 6

“Greek finance minister Yanis Varoufakis resigns despite referendum no vote”

Unreal!  At the tip of the top, in Yanis’s and Syriza’s finest hour….the man bows out!  His reasons are very telling, and must be read to be understood.  Here are a few snippets from his brief announcement, via his blog:

“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.”

My brothers, one thing you must say for Varoufakis, is that he is a principled man.  You may not agree with major principles or portions of his worldview, but in the hour of his people’s need, he stepped up….outgunned, out-maneuvered, and out-witted Europe’s banksters, and then, in a final act of defiance….

Bid farewell.  

Amazing.  What politician do you know on this side of the pond, who’d have done likewise?

Can you honestly name one?  I’m hard pressed to name one, too!

Perhaps Ron Paul would’ve done so, but he never got the chance to have such a victory in all his career.  Rest assured, this is another carefully-planned move to give Tsipras and Syriza extra political capital, and the “high ground” in the negotiations.  Varoufakis will still, unofficially, remain a key adviser to Tsipras….in his “retirement”, make no mistake about that.

The real question though, is now that the ugly “telegraph” of the Troika, has been thunderously sent back, marked, “Return to Sender!”…what on earth happens now?  Interestingly, a clue seems to have been left in Varoufakis’s “going away” statement…

The Way Forward

If there’s one thing I’ve learned of Varoufakis, it’s that the man leaves clues.  His clue about their plan to “detonate” a real default within the Eurozone was honestly given to an audience member several years ago.  Syriza has done exactly what he said they should do.

So, now, what happens?  What is Syriza’s next likely move?

Well, it seems in his own words, that Syriza, now seeing itself with a doubly-strong mandate from their people….now has the leverage and the power to dictate more favorable payment options of Brussels.

Think about it: 2 weeks ago, the Troika tried to paint Tsipras and Varoufakis as lone gunmen, holding the entire EU hostage.  That simply wasn’t true: they were simply fulfilling their election promise, and mandate.

This new vote(from a truly stupendous majority) tells the entire world that it is the Greeks who reject the obstinance of Brussels, not simply their elected leadership.  

That is key. That changes everything.

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