Jul 062015
 July 6, 2015  Posted by at 9:02 am Finance Tagged with: , , , , , , , ,

Dorothea Lange ‘A season’s work in the beans’, Marion County, Oregon 1939

Now that Yanis Varoufakis has resigned, in the kind of unique fashion and timing that shows us who the real men are, it’s time to clear the other side of the table as well. The new finance minister, Euclid Tsakalotos, should not have to face the same faces that led to Europe’s painful defeat in yesterday’s Greek referendum.

That would be an utter disgrace, and the EU would not survive it. So we now call for Juncker, Lagarde, Schäuble, Dijsselbloem, Draghi, Merkel and Schulz to move over.

It’s time for the Troika to seek out some real men too. It cannot be that the winner leaves and all the losers get to stay.

The attempts to suppress the IMF debt sustainability analysis were a shameful attempt to mislead the people of Greece, and of Europe as a whole. And don’t forget the US: Lagarde operates out of Washington.

It cannot be that after this mockery of democracy, these same people can just remain where they are.

It’s time for Europe to show the same democratic heart that Varoufakis has shown this morning. And if that doesn’t happen, all Europeans should make sure to leave the European Union as quickly as they can.

Because that would prove once and for all that the EU is no more than a cheap facade, a thin veil behind which something pretty awful tries to hide its ugly face.

Here is Yanis’ explanation behind his resignation:

Minister No More! (Yanis Varoufakis)

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.

Here’s to a real man!

Time to get scared, time to change plan
Don’t know how to treat a lady
Don’t know how to be a man
Time to admit, what you call defeat
Cause there’s women running past you now
And you just drag your feet

Man makes a gun, man goes to war
Man can kill and man can drink
And man can take a whore
Kill all the blacks, kill all the reds
And if there’s war between the sexes
Then there’ll be no people left

And so it goes, go round again
But now and then we wonder who the real men are

– Joe Jackson

Home Forums With Yanis Gone, Now Troika Heads Must Roll

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    Dorothea Lange ‘A season’s work in the beans’, Marion County, Oregon 1939 Now that Yanis Varoufakis has resigned, in the kind of unique fashion and ti
    [See the full post at: With Yanis Gone, Now Troika Heads Must Roll]


    Seems like a hollow victory if Yanis was forced to fall on his own sword. Apparently Syriza is not prepared to go it alone. Too bad.


    The real victory will be how the rest of the EU peoples (not leaders) view their situation after watching all of this unfold.

    V. Arnold

    Hot Damn!!!
    Ilargi, this is one of your absofuckinglutely best ever threads. Hammer to nail; or splitting maul to firewood may be closer!
    I’d like to think of this as a beginning, which I think it is.
    The sheer integrity of Tsipras and Varoufakis is just stunning; long time since the world has been witness to brilliance in governance…


    @ Arnold

    Absolutely AMEN !!!

    Men of integrity are standing…..shall we all get to our feet?

    V. Arnold

    @ VisionHawk
    Men of integrity are standing…..shall we all get to our feet?

    Already have, yes.

    Dr. Diablo

    Interesting. Do you think he’s really off to do deeper negotiations with Russia and the BRICS?


    Thank you Raúl Ilargi Meijer ,

    I never write any one but you actually brought tears to the eyes of this old misanthrope cynic; I didn’t think I had any left, felt a lot better when I gave up hope, must be that dam empathy.

    Thanks again to you and Yanis …..Raze a glass to the real men!


    maybe Yanis Varoufakis is needed elsewhere as Dr. Diablo says. Anyway, the sheer class of the man is evident. He’s quit while he is ahead so as to hand over to others because dealing with the ninnies at the EU and ECB will be more fruitful without him now that they have egg on their faces. He’s a team player, a star player who will pass the ball.

    I’m a bit surprised the markets weren’t more temperamental this morning.


    From what I gather, see AEP and Helena Smith in today’s Debt Rattle, there has been friction about parallel currencies and what Yanis told AEP earlier this week about that.


    Great Job Raul for the past few days. Here in outer Wyoming we were really whooping it up in the Greek’s epic battle against the Euromonsters. We also whooped it up during the Arab Spring and when Mubarak bit the dust and you know how that all worked out. We can only hope that Greece continues to generate real leadership . I am envious of their leaders especially when viewing the pond scum that passes for leadership and political candidates here in the ailing, failing empire.

    John Day

    Hero Archetypes: Varoufakis and Tsipras.
    Tyrant Archetypes: the rest.
    Heroes are quick and unpredictable to tyrants, aren’t they?


    Carbon – “I’m a bit surprised the markets weren’t more temperamental this morning.” The market is fully aware that if things start to turn, the Plunge Protection Team will be there to correct the “free market” with all its might, to steer the free market to where it could, should, would, ought to be.


    “Back in June 2012, the ECB, whose head was the recently crowned Mario Draghi who had less than a decade ago worked at none other than Goldman Sachs, was sued by Bloomberg’s legendary Mark Pittman under Freedom of Information rules demanding access to two internal papers drafted for the central bank’s six-member Executive Board. They show how Greece used swaps to hide its borrowings… […]

    Because something tells us the reason why Mario Draghi personally blocked Bloomberg’s FOIA into the circumstances surrounding Goldman’s structuring, and hiding, of Greek debt that allowed not only Goldman to receive a substantial fee on the transaction, but permitted Greece to enter the Eurozone when it should never have been allowed there in the first place, is that the person who oversaw and personally endorsed the perpetuation of the Greek lie is none other than Goldman’s Vice Chairman and Managing Director at Goldman Sachs International from 2002 to 2005. The man who is also now in charge of the ECB.

    Mario Draghi.”


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