Garbatellamike

It is just Varoufakis' strange way of saying they can't print drachma's quickly - as usual he failed to get the point across but then like many sociopaths he finds normal human interaction difficult - spewing bile at people comes more naturally though......

Charismatic

FT quoted an inside source saying Greek unsecured depositors with over 8k would become involuntary retail bank bondholders with 30% of their funds in a similar arrangement to Cyprus without ECB backing.

It isn't clear to me how Greece can vote "No" and remain in the Euro. However I think the Eurozone will continue to bend over backwards to allow Greece to stay. There are a couple of ways they could have done six months (or so) ago with a dual currency or similar but it seems too late to start issuing a new currency...particularly one that no one cares for and would likely plunge into crippling inflation.

My thought is that if Greece voted "No" and defaulted to the Eurozone banks will not be reopening again soon and their economy will continue to grind to a halt. Eventually the deadlock would be broken of course but I think the EZ will sit it out and see what happens.

InVinoVeritas

Maybe from Varoufakis himself in a radio interview on 2nd July with the Australian public radio network ABC.

Why not use your Google finger, Eric?

Garbatellamike

I see in his latest interview Varoufakis said that he would indeed resign if they lose the vote but would also "stay on" in the Ministry to help my successor" - what a surprise!!

I think the mess Syriza have made of the economy and their turning a poor domestic situation into a real humanitarian crisis will put them under pressure whilst the creditors, as alluded to above, can now play the time-wasting games of Varoufakis against him.

Lagard had it spot on. Do it in 2 stages first Greece reforms then reschedule some debt. You would have to be an imbecile to give debt relief unconditionally to these muppets without there being reform legislation first. I don't think there has ever been a more untrustworthy and dishonest government in Europe.

Red Eric

What you quoted was 6 words from that interview. You then said
Note the "we" in his admission. He does not say when they were destroyed, presumably quite recently. The man is a lunatic and doing this as FinMin he should probably be locked up.

Can you now see how that might have been a little bit misleading when taken in the context of the rest of what he said? My "where do you get this from" was asking where you read the headline but nothing else, by the way.

Red Eric

Oh, please!!! That was what he said in the original interview, if I remember correctly. Certainly words to that effect - he mentioned something about a spirit of cooperation even in the event of a Yes vote. But he said categorically that he would no longer be Finance Minister in that case.

Red Eric

It's clear to me when taken in the context of what the referendum question is actually about ie Do we accept the creditors' offer of 25th June or not?


In order to instil fear into the Greek population and get the result they want, the heavies throughout Europe have twisted this into "You're voting Yes to stay in the EZ and the EU and No to exit both", which is not the case.

InVinoVeritas

No-one to my knowledge has ever suggested Greece would need to leave the EU, though no doubt some voters may have gotten confused about this.

InVinoVeritas

So how can this be misleading? He said it quite clearly, in public and he didn't blame anybody else for the situation, which he normally does. So it's fair to assume he accepts responsibility for smashing up the printing presses.

Of course he could have been lying.

iano

Wot, no exit polls ????

Garbatellamike

he said categorically he would "stay on" but I agree that categorically from him means nothing as he is a serial liar.....

Garbatellamike

agreed it is irrelevant as they are not voting to stay in nor are they voting for an offer as there isn't one: therefore, anyone know what they are voting for?

InVinoVeritas

They are voting to stay in the Euro but without more austerity. They just can't work out if that would be a Yes or a No.

Garbatellamike

Exit polls are saying they have voted no to something....

Hopefully we will soon find out what they were voting for,,,,,

Charismatic

Can't imagine there is any reason for the EU to rush a deal at this point. Can't see the ECB wanting to resume their intervention either, the debt for cash program was nearly over anyway so it seems likely it'll be up to the Greek government to provide capital to banks (capital they've not got) or tell unsecured depositors they are bondholders (the Cyprus solution).