13 ms·

Yanis Varoufakis resigns despite referendum no vote

36 points by ivank 11y ago

gii2 11y ago
Well, he already did his job. Greece is rolling down the slope...
- kenOfYugen 11y ago
  Greece has been rolling down the slope for the past 5 years. Hating on a man for years of a country's peril does not offer constructive criticism. Maybe you should know the data before you blame a man. How about some charts and numbers from December 2014: http://www.telegraph.co.uk/finance/economics/11283931/Nine-charts-showing-why-Greece-has-to-leave-the-euro.html http://www.telegraph.co.uk/finance/economics/11283931/Nine-c...
wsc981 11y ago
It's sad that certain creditors didn't want to negotiate with Yanis anymore. To me, it seems he's a true hero of his nation, putting the needs of his people before the needs of the creditors. I wish politicians in my country (The Netherlands) would be more like him. Our politicians on the other hand seem to do anything the EU tells them, possibly in hope for a cozy, well-payed EU job in the future. Yanis will wear the creditors' loathing with pride: http://yanisvaroufakis.eu/2015/07/06/minister-no-more/ http://yanisvaroufakis.eu/2015/07/06/minister-no-more/
- bbv-if 11y ago
  Indeed, a true hero who wrecked his country and resigned.
  - gonvaled 11y ago
    You can see it like that. You can also see it like this: he gave voice to the people, and accepted to step aside when pressured by the powers-that-be, instead of stubbornly clinching to his post. He is no politician. We need more of those.
    - cxromos 11y ago
      you can't borrow, get 100 EU billions in haircuts few years ago, have monthly salaries in the administration and bureaucracy between 1.5-1.7 monthly, get 60 EU billions 5 years ago and not expect to default with 90 EU billions only in salaries in public sector. And those were only salaries expenses. Incompetent, malignant, and corrupt bureaucracy is Greek's heritage. No one will pay for that. When they borrow money in the eurozone they borrow money from middle class people who put that money into the bank. Then they call elections, and now are in recession, even though months before the elections they were on the upward line. They were already in the state that could service their own budget without borrowing and on top of that pay 3.4% interest to the creditors. The issue was that they didn't wanted to pay that 3.4%. All of this we see today is that 3.4%. And of course an insane idea that communism will rule the EU. Once more. He is an asshole, a person who calls the ordinary people who borrowed money to the Greeks for years terrorists and nazists. Good riddance.
      - wsc981 11y ago
        I can't fault the Greek government for lending what the creditors (banks from Germany and France) were willing to provide. I think the creditors made a huge mistake in their greed and thinking it was a sound investment since the credit would be backed by strong countries in the Eurozone anyway. And I also think ik was a huge mistake to include Greece in the Eurozone, since at the time the problems with the Greek economy were already well known. Now the Greeks have voted no, we finally have reached the moment we can right these wrongs. Greece should leave the Eurozone so they can achieve a better trade position. The Greek debts should be wroten off as losses to the creditors so the Greek economy can recover. And perhaps other weak countries in the Eurozone should follow suit, eventually. It's morally wrong to keep the Greek people in endless debts that they'll never be able to repay anyways.
    - cxromos 11y ago
      And you can't win elections by promising not to pay back your debts and accuse everyone else of trying to destroy the democracy. New government does not mean you can erase your debt. And the fact that you won the elections by telling fairytales does not mean that someone else will pay for the fairytale. That is borderline insanity. Democracy is responsibility of the successive government for the deeds of the previous one. May that be debt or a warcrime.
  - lectrick 11y ago
    Assumes the will of a single man would have been enough to rescue an entire economy based on what looks to outsiders like an ingrained culture of laziness
  - crdoconnor 11y ago
    So what should he have done? What's your brilliant plan?
- allendoerfer 11y ago
  > To me, it seems he's a true hero of his nation, putting the needs of his people before the needs of the creditors. If you are responsible for the finances of a whole state you have to find agreement with the other 18 elected leaders that try to represent their people as well, preferably before you are unable to pay for your countries loans and it collapses. The Euro group was already moving in his direction but they have to justify their actions in front of their own people. I am all for some fresh wind but if you go into politics you have to be able to make compromises. You cannot just want something thinking that you are the only intelligent person in the room and step back if you do not get it, especially when the future of your country is at stake.
  - vruiz 11y ago
    > you have to find agreement with the other 18 elected leaders that try to represent their people as well That right there might be the root of all EU problems.
    - coob 11y ago
      Eurozone problems, perhaps. I do not understand how you can attempt fiscal union without true political union.
      - vidarh 11y ago
        Almost everything in the EU can be explained by considering the interplay between a core of EU politicians that wants the EU to be a "United States of Europe", and those who want a looser association, and that the former group in general will grasp at whatever integration they can manage to get past parliaments and electorates at the moment, and hope it will hang together long enough to take the next step and/or that a crisis can be leverages to get support for the next step.
  - crdoconnor 11y ago
    >The Euro group was already moving in his direction That's a huge load of bullshit. They never showed any intention of budging from their position.
- Bootvis 11y ago
  He called the creditors 'terrorists' though. He didn't have to do that and I really can't blame the creditors for wanting someone else at the table.
  - MaysonL 11y ago
    Actually, a more accurate translation would be "fear-mongers"
    - Bootvis 11y ago
      Oh, I didn't know that. Still not very flattering and not the first incident. In my opinion the problem is that Varoufakis is more skilled at game theory than at diplomacy.
      - vidarh 11y ago
        Have you perhaps considered that his background in game theory might make it reasonable to consider whether he's taken on a role on purpose? It strikes me as odd that people are so quick to pile on criticism of his behaviour without asking why, given his background. Perhaps it really is just personality flaws or too much enthusiasm. Or perhaps it's part of an intentional strategy (if so, whether or not it's been a good strategy we'll first find out when we see the end-result).
        return0 11y ago
        Because people are not lab animals maybe?
        digi_owl 11y ago
        I think i has in the past referred to himself as an anti-game theorist. As in, most of this work revolves around showing where game theory fails (often in spectacular ways).
    - return0 11y ago
      He said that to a spanish paper: http://www.elmundo.es/economia/2015/07/04/5596f1b3ca47412d048b459e.html http://www.elmundo.es/economia/2015/07/04/5596f1b3ca47412d04... "Lo que están haciendo con Grecia tiene un nombre: terrorismo." I dont speak spanish, and i guess the interview was in english, but reading the ensuing dialog its clear he said terrorism.
- higherpurpose 11y ago
  > Our politicians on the other hand seem to do anything the EU tells them What the US tells them too, probably: https://blog.cyberwar.nl/2015/07/dutch-intelligence-bill-proposes-non-specific-bulk-interception-powers-for-any-form-of-telecom-or-data-transfer-incl-domestic/ https://blog.cyberwar.nl/2015/07/dutch-intelligence-bill-pro...
- vidarh 11y ago
  Personally I think that he was expecting this. That he took the "bad cop" role on purpose, and that it's now time for the "good cop" to come in and appear more reasonable while pointing to the referendum with a "what can I do?" shrug while asking for more (e.g. after the IMF report, debt relief is now back on the table; EDIT: where it should have been all the time).
  - james1071 11y ago
    Yes-I agree.
- mike_hearn 11y ago
  It's sad? The man called them terrorists. Why should they even give him the time of day, after an insult like that?
  - icebraining 11y ago
    As it has been pointed out, the (Greek) word he used doesn't have the same connotations as "terrorist" in English. https://www.reddit.com/r/europe/comments/3c3cj6/yanis_varoufakis_accuses_creditors_of_terrorism/ https://www.reddit.com/r/europe/comments/3c3cj6/yanis_varouf...
    - crdoconnor 11y ago
      Sad that people still fall for these blatant PR smear tricks.
- return0 11y ago
  Varoufakis did great damage to the country, as expected. This is typical 'martyr academic' behavior. My comment from 3 months ago: https://news.ycombinator.com/item?id=9364609 https://news.ycombinator.com/item?id=9364609
  - mslot 11y ago
    Did he? How? He inherited a bankrupt country which can't do anything without debt-relief. He knew only two things worked in Greece’s favour: 1. 90% of the Greek debt is held by the eurogroup governments, they are in a position to make a deal 2. The stakes are higher for the other eurogroup countries than they are for Greece, he can say no to any deal that doesn’t give at least some breathing room. In that position, you should play hard, which is what he did. He is a rare case of a finance minister who did his job. Most finance ministers in the eurogroup who decide on the fate of the second biggest monetary union are not economists, and don’t seem to listen to the advice of economists, most of whom are calling for an end to austerity. Since the current pro-austerity administration took office, the Netherlands has performed worse than its mostly ungoverned neighbour Belgium in almost every respect, including debt-to-GDP growth. Mind you that the Netherlands is one of the richest countries in the world with financial assets worth several times its debts, and those assets have much higher returns than what they pay in interest on their loans. Yet even in this most luxurious of positions, the Dutch finance minister who is also the eurogroup president, swears by austerity for his country and for others, and the Greeks must suffer through it.
- crdoconnor 11y ago
  >To me, it seems he's a true hero of his nation, putting the needs of his people before the needs of the creditors. Guess why they hate him so much.
- fla 11y ago
  Yes it's sad. IMO, Europe representatives are just bureacrats who think asking for a minister's head is a productive move. Europe's biggest problem right now is direct democracy. What happend when when people wish to change the rules? It seems Europe had totally forgotten about that. We have a similar-ish situation in Switzerland: we voted for a revision of the immigration system, and Europe doesn't know how to handle that because it's in contradiction with 'the rules'. The situation is completely stalled because cannot-change-the-rules so there can't be any middle ground. HCF please.
dang 11y ago
https://news.ycombinator.com/item?id=9836991 https://news.ycombinator.com/item?id=9836991
digital-rubber 11y ago
I wonder what the rest of Europe would have voted if the questions was 'do we keep greece in EU' via a Europe wide referendum. I think Greece should already start packing before such referendum would start. The rest of europe, the citizens, are PISSED off at greece. The amount of euros spend per citizen on greece is INSANE. Varoufakis should have stayed with his computer games; he considers these EU talks as a game too. The guy is incompetent.
deleted 11y ago
[deleted]
- maelito 11y ago
  Tsipras is the one who decided there would be a referendum, no ?
  - deleted 11y ago
    [deleted]
  - snowy 11y ago
    Yep. I got mixed up between Varoufakis and Tsipras making my whole argument wrong. Deleted!
robogimp 11y ago
I must go now...my planet needs me...
lesingerouge 11y ago
I have a bit of a science fiction scenario. Bear with me for a little bit. Let's suppose for a bit this approximate series of events was the actual goal of Mr. Varoufakis and company. Why would they want this and who would want to risk the fate of an entire country and their own reputation on a "gamble"? Because they started the negotiation game with a huge disadvantage and there was no way that they could bring something new to the table. So Tsipras and Varoufakis chose to "play the dumb communist" scenario that everyone was painting, stretch the canvas a bit and get new offers on the table and start with a different negotiating position. This hypothesis, which I will check the following days, proposes that the Tsipras government and Varoufakis knew and understood very well the nature of the political and economical forces that pushed on them from outside of Greece. Knowing those forces and playing on the predictions laid out by the other side (Germany was already unhappy after Syriza won, expecting to have a difficult time negotiating with them) they followed to the line the "predicted" course. Difficult negotiations, huge differences in views, big political declarations and discourse, etc. The goal in the end was simple enough: get a cleaner slate. Both the turbulent negotiations, with Varoufakis playing the evil marxist scapegoat, and the referendum, after a week of bank closures, were used as a ruse to lead the European leaders through to a "clean slate" phase. It was a very risky move, but I believe that the various contradictory signals that Tsipras sent just before the referendum confirm that it was a game. Like poker player that accidentally reveals his weakness just before he pulls a full house. The resignation of Varoufakis today is the next piece in their scenario: just take out the nasty opinionated communist and all the european parties will clearly feel more relaxed. I believe that this move was planned from the beginning and Varoufakis was used to "stir up" the pot a bit, while apparently being discarded as "peace offering" after a while. So what was gained by this daring gamble? First of all, the markets were calmed. The negotiations were so desperate from the start, given the position of the two parties that everybody was sure of the Greek default. Now, with the financial markets accepting the default event in itself, any new deals on the table will have to take this fact into consideration. It's not "looming" anymore, it is here and it is indisputable. Second, the situation now allows for a much needed debt haircut. Refinancing is all fine and dandy, but everybody agreed that the debt could not be sustainably repaid. So now everybody is suddenly ok with the debt reducing. Third, the Tsipras government kept its word with its electors. They "fought" valiantly for the good of the people. Actually with the cards they got dealt by the previous government, they played quite a good game until now. And their general appeal has definitely risen from 36.3% (plus affiliated parties) to a 61% (as shown by the referendum). Fourth, the european hard-liners were blind-sided and the rules for the negotiation were changed. The deal before this referendum was "behave or we will strangle you". Now, it's quite a useless threat given the actual default. So Tsipras most certainly will be able to have better terms. Sorry for the long post, had a bit of thoughts to get out. :D
anonbanker 11y ago
This is the same Yanis Varoufakis that left Valve Software so he could take on this role. Hopefully, gaben will allow him to return so he can work on something meaningful again.

36 points by ivank 11y ago

gii2 11y ago

Well, he already did his job. Greece is rolling down the slope...

kenOfYugen 11y ago
Greece has been rolling down the slope for the past 5 years. Hating on a man for years of a country's peril does not offer constructive criticism. Maybe you should know the data before you blame a man. How about some charts and numbers from December 2014: http://www.telegraph.co.uk/finance/economics/11283931/Nine-charts-showing-why-Greece-has-to-leave-the-euro.html http://www.telegraph.co.uk/finance/economics/11283931/Nine-c...

wsc981 11y ago

It's sad that certain creditors didn't want to negotiate with Yanis anymore. To me, it seems he's a true hero of his nation, putting the needs of his people before the needs of the creditors. I wish politicians in my country (The Netherlands) would be more like him. Our politicians on the other hand seem to do anything the EU tells them, possibly in hope for a cozy, well-payed EU job in the future. Yanis will wear the creditors' loathing with pride: http://yanisvaroufakis.eu/2015/07/06/minister-no-more/ http://yanisvaroufakis.eu/2015/07/06/minister-no-more/

bbv-if 11y ago
Indeed, a true hero who wrecked his country and resigned.
- gonvaled 11y ago
  You can see it like that. You can also see it like this: he gave voice to the people, and accepted to step aside when pressured by the powers-that-be, instead of stubbornly clinching to his post. He is no politician. We need more of those.
  - cxromos 11y ago
    you can't borrow, get 100 EU billions in haircuts few years ago, have monthly salaries in the administration and bureaucracy between 1.5-1.7 monthly, get 60 EU billions 5 years ago and not expect to default with 90 EU billions only in salaries in public sector. And those were only salaries expenses. Incompetent, malignant, and corrupt bureaucracy is Greek's heritage. No one will pay for that. When they borrow money in the eurozone they borrow money from middle class people who put that money into the bank. Then they call elections, and now are in recession, even though months before the elections they were on the upward line. They were already in the state that could service their own budget without borrowing and on top of that pay 3.4% interest to the creditors. The issue was that they didn't wanted to pay that 3.4%. All of this we see today is that 3.4%. And of course an insane idea that communism will rule the EU. Once more. He is an asshole, a person who calls the ordinary people who borrowed money to the Greeks for years terrorists and nazists. Good riddance.
    - wsc981 11y ago
      I can't fault the Greek government for lending what the creditors (banks from Germany and France) were willing to provide. I think the creditors made a huge mistake in their greed and thinking it was a sound investment since the credit would be backed by strong countries in the Eurozone anyway. And I also think ik was a huge mistake to include Greece in the Eurozone, since at the time the problems with the Greek economy were already well known. Now the Greeks have voted no, we finally have reached the moment we can right these wrongs. Greece should leave the Eurozone so they can achieve a better trade position. The Greek debts should be wroten off as losses to the creditors so the Greek economy can recover. And perhaps other weak countries in the Eurozone should follow suit, eventually. It's morally wrong to keep the Greek people in endless debts that they'll never be able to repay anyways.
  - cxromos 11y ago
    And you can't win elections by promising not to pay back your debts and accuse everyone else of trying to destroy the democracy. New government does not mean you can erase your debt. And the fact that you won the elections by telling fairytales does not mean that someone else will pay for the fairytale. That is borderline insanity. Democracy is responsibility of the successive government for the deeds of the previous one. May that be debt or a warcrime.
- lectrick 11y ago
  Assumes the will of a single man would have been enough to rescue an entire economy based on what looks to outsiders like an ingrained culture of laziness
- crdoconnor 11y ago
  So what should he have done? What's your brilliant plan?
allendoerfer 11y ago
> To me, it seems he's a true hero of his nation, putting the needs of his people before the needs of the creditors. If you are responsible for the finances of a whole state you have to find agreement with the other 18 elected leaders that try to represent their people as well, preferably before you are unable to pay for your countries loans and it collapses. The Euro group was already moving in his direction but they have to justify their actions in front of their own people. I am all for some fresh wind but if you go into politics you have to be able to make compromises. You cannot just want something thinking that you are the only intelligent person in the room and step back if you do not get it, especially when the future of your country is at stake.
- vruiz 11y ago
  > you have to find agreement with the other 18 elected leaders that try to represent their people as well That right there might be the root of all EU problems.
  - coob 11y ago
    Eurozone problems, perhaps. I do not understand how you can attempt fiscal union without true political union.
    - vidarh 11y ago
      Almost everything in the EU can be explained by considering the interplay between a core of EU politicians that wants the EU to be a "United States of Europe", and those who want a looser association, and that the former group in general will grasp at whatever integration they can manage to get past parliaments and electorates at the moment, and hope it will hang together long enough to take the next step and/or that a crisis can be leverages to get support for the next step.
- crdoconnor 11y ago
  >The Euro group was already moving in his direction That's a huge load of bullshit. They never showed any intention of budging from their position.
Bootvis 11y ago
He called the creditors 'terrorists' though. He didn't have to do that and I really can't blame the creditors for wanting someone else at the table.
- MaysonL 11y ago
  Actually, a more accurate translation would be "fear-mongers"
  - Bootvis 11y ago
    Oh, I didn't know that. Still not very flattering and not the first incident. In my opinion the problem is that Varoufakis is more skilled at game theory than at diplomacy.
    - vidarh 11y ago
      Have you perhaps considered that his background in game theory might make it reasonable to consider whether he's taken on a role on purpose? It strikes me as odd that people are so quick to pile on criticism of his behaviour without asking why, given his background. Perhaps it really is just personality flaws or too much enthusiasm. Or perhaps it's part of an intentional strategy (if so, whether or not it's been a good strategy we'll first find out when we see the end-result).
      - return0 11y ago
        Because people are not lab animals maybe?
      - digi_owl 11y ago
        I think i has in the past referred to himself as an anti-game theorist. As in, most of this work revolves around showing where game theory fails (often in spectacular ways).
  - return0 11y ago
    He said that to a spanish paper: http://www.elmundo.es/economia/2015/07/04/5596f1b3ca47412d048b459e.html http://www.elmundo.es/economia/2015/07/04/5596f1b3ca47412d04... "Lo que están haciendo con Grecia tiene un nombre: terrorismo." I dont speak spanish, and i guess the interview was in english, but reading the ensuing dialog its clear he said terrorism.
higherpurpose 11y ago
> Our politicians on the other hand seem to do anything the EU tells them What the US tells them too, probably: https://blog.cyberwar.nl/2015/07/dutch-intelligence-bill-proposes-non-specific-bulk-interception-powers-for-any-form-of-telecom-or-data-transfer-incl-domestic/ https://blog.cyberwar.nl/2015/07/dutch-intelligence-bill-pro...
vidarh 11y ago
Personally I think that he was expecting this. That he took the "bad cop" role on purpose, and that it's now time for the "good cop" to come in and appear more reasonable while pointing to the referendum with a "what can I do?" shrug while asking for more (e.g. after the IMF report, debt relief is now back on the table; EDIT: where it should have been all the time).
- james1071 11y ago
  Yes-I agree.
mike_hearn 11y ago
It's sad? The man called them terrorists. Why should they even give him the time of day, after an insult like that?
- icebraining 11y ago
  As it has been pointed out, the (Greek) word he used doesn't have the same connotations as "terrorist" in English. https://www.reddit.com/r/europe/comments/3c3cj6/yanis_varoufakis_accuses_creditors_of_terrorism/ https://www.reddit.com/r/europe/comments/3c3cj6/yanis_varouf...
  - crdoconnor 11y ago
    Sad that people still fall for these blatant PR smear tricks.
return0 11y ago
Varoufakis did great damage to the country, as expected. This is typical 'martyr academic' behavior. My comment from 3 months ago: https://news.ycombinator.com/item?id=9364609 https://news.ycombinator.com/item?id=9364609
- mslot 11y ago
  Did he? How? He inherited a bankrupt country which can't do anything without debt-relief. He knew only two things worked in Greece’s favour: 1. 90% of the Greek debt is held by the eurogroup governments, they are in a position to make a deal 2. The stakes are higher for the other eurogroup countries than they are for Greece, he can say no to any deal that doesn’t give at least some breathing room. In that position, you should play hard, which is what he did. He is a rare case of a finance minister who did his job. Most finance ministers in the eurogroup who decide on the fate of the second biggest monetary union are not economists, and don’t seem to listen to the advice of economists, most of whom are calling for an end to austerity. Since the current pro-austerity administration took office, the Netherlands has performed worse than its mostly ungoverned neighbour Belgium in almost every respect, including debt-to-GDP growth. Mind you that the Netherlands is one of the richest countries in the world with financial assets worth several times its debts, and those assets have much higher returns than what they pay in interest on their loans. Yet even in this most luxurious of positions, the Dutch finance minister who is also the eurogroup president, swears by austerity for his country and for others, and the Greeks must suffer through it.
crdoconnor 11y ago
>To me, it seems he's a true hero of his nation, putting the needs of his people before the needs of the creditors. Guess why they hate him so much.
fla 11y ago
Yes it's sad. IMO, Europe representatives are just bureacrats who think asking for a minister's head is a productive move. Europe's biggest problem right now is direct democracy. What happend when when people wish to change the rules? It seems Europe had totally forgotten about that. We have a similar-ish situation in Switzerland: we voted for a revision of the immigration system, and Europe doesn't know how to handle that because it's in contradiction with 'the rules'. The situation is completely stalled because cannot-change-the-rules so there can't be any middle ground. HCF please.

dang 11y ago

https://news.ycombinator.com/item?id=9836991 https://news.ycombinator.com/item?id=9836991

digital-rubber 11y ago

I wonder what the rest of Europe would have voted if the questions was 'do we keep greece in EU' via a Europe wide referendum. I think Greece should already start packing before such referendum would start. The rest of europe, the citizens, are PISSED off at greece. The amount of euros spend per citizen on greece is INSANE. Varoufakis should have stayed with his computer games; he considers these EU talks as a game too. The guy is incompetent.

deleted 11y ago

[deleted]

maelito 11y ago
Tsipras is the one who decided there would be a referendum, no ?
- deleted 11y ago
  [deleted]
- snowy 11y ago
  Yep. I got mixed up between Varoufakis and Tsipras making my whole argument wrong. Deleted!

robogimp 11y ago

I must go now...my planet needs me...

lesingerouge 11y ago

I have a bit of a science fiction scenario. Bear with me for a little bit. Let's suppose for a bit this approximate series of events was the actual goal of Mr. Varoufakis and company. Why would they want this and who would want to risk the fate of an entire country and their own reputation on a "gamble"? Because they started the negotiation game with a huge disadvantage and there was no way that they could bring something new to the table. So Tsipras and Varoufakis chose to "play the dumb communist" scenario that everyone was painting, stretch the canvas a bit and get new offers on the table and start with a different negotiating position. This hypothesis, which I will check the following days, proposes that the Tsipras government and Varoufakis knew and understood very well the nature of the political and economical forces that pushed on them from outside of Greece. Knowing those forces and playing on the predictions laid out by the other side (Germany was already unhappy after Syriza won, expecting to have a difficult time negotiating with them) they followed to the line the "predicted" course. Difficult negotiations, huge differences in views, big political declarations and discourse, etc. The goal in the end was simple enough: get a cleaner slate. Both the turbulent negotiations, with Varoufakis playing the evil marxist scapegoat, and the referendum, after a week of bank closures, were used as a ruse to lead the European leaders through to a "clean slate" phase. It was a very risky move, but I believe that the various contradictory signals that Tsipras sent just before the referendum confirm that it was a game. Like poker player that accidentally reveals his weakness just before he pulls a full house. The resignation of Varoufakis today is the next piece in their scenario: just take out the nasty opinionated communist and all the european parties will clearly feel more relaxed. I believe that this move was planned from the beginning and Varoufakis was used to "stir up" the pot a bit, while apparently being discarded as "peace offering" after a while. So what was gained by this daring gamble? First of all, the markets were calmed. The negotiations were so desperate from the start, given the position of the two parties that everybody was sure of the Greek default. Now, with the financial markets accepting the default event in itself, any new deals on the table will have to take this fact into consideration. It's not "looming" anymore, it is here and it is indisputable. Second, the situation now allows for a much needed debt haircut. Refinancing is all fine and dandy, but everybody agreed that the debt could not be sustainably repaid. So now everybody is suddenly ok with the debt reducing. Third, the Tsipras government kept its word with its electors. They "fought" valiantly for the good of the people. Actually with the cards they got dealt by the previous government, they played quite a good game until now. And their general appeal has definitely risen from 36.3% (plus affiliated parties) to a 61% (as shown by the referendum). Fourth, the european hard-liners were blind-sided and the rules for the negotiation were changed. The deal before this referendum was "behave or we will strangle you". Now, it's quite a useless threat given the actual default. So Tsipras most certainly will be able to have better terms. Sorry for the long post, had a bit of thoughts to get out. :D

anonbanker 11y ago

This is the same Yanis Varoufakis that left Valve Software so he could take on this role. Hopefully, gaben will allow him to return so he can work on something meaningful again.