Greek finance minister quits after voters reject bailout terms



By Renee Maltezou and John O’Donnell

By Renee Maltezou and John O’Donnell

ATHENS/FRANKFURT (NEWS.GNOM.ES) – Greece’s outspoken finance minister resigned on Monday, removing a major obstacle to any last-minute deal to keep Athens in the euro zone after Greeks voted resoundingly to reject the austerity terms of a bailout.

Yanis Varoufakis, a self-proclaimed “erratic Marxist” economist who infuriated euro zone partners with his unconventional style and hectoring lectures, had campaigned for Sunday’s sweeping ‘No’ vote, accusing Greece’ creditors of “terrorism”.

“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,” Varoufakis said in a statement.

His sacrifice, after promising Greeks he would win a better deal within a day of their overwhelming referendum vote, suggested leftist Prime Minister Alexis Tsipras is determined to try to reach a last-ditch compromise with European leaders.

With banks shuttered, cash machines running out of banknotes and sympathy for Athens among EU governments close to exhausted, Greece’s fate is largely in the hands of the European Central Bank and of German Chancellor Angela Merkel.

Greek Finance Minister Yanis Varoufakis addresses a news conference after a Euro zone finance minist …

The ECB’s policymaking governing council was holding a conference call on Monday to decide how long to go on keeping Greek banks afloat after the overwhelming rejection of bailout terms the central bank had helped to shape.

Merkel, under mounting pressure in Germany to cut Greece loose from the euro zone, meets French President Francois Hollande in Paris later in the day to seek a joint response ahead of an emergency summit of euro zone leaders in Brussels on Tuesday.

Public opinion in Europe’s biggest economy is fast turning against any further aid to Greece, and Merkel’s vice-chancellor, Social Democrat Sigmar Gabriel, said on Sunday that Tsipras had torn down the last bridges of compromise with the euro zone.

After five years of economic crisis and mass unemployment, Greek electors voted 61.3 percent ‘No’ to the bailout conditions rejected this month by their radical leftist government, casting Greece into the unknown.

“You made a very brave choice,” Tsipras said in a televised address as jubilant supporters thronged Athens’ central Syntagma Square to celebrate the act of defiance of Europe’s political and financial establishment.

“No” supporters celebrate in Athens, Greece July 5, 2015. NEWS.GNOM.ES/Dimitris Michalakis

“The mandate you gave me is not the mandate of a rupture with Europe, but a mandate to strengthen our negotiating position to seek a viable solution.”

ECB SEEN TIGHTENING NOOSE

The ECB’s policymaking governing council was meeting to decide whether maintain, increase or reduce a lifeline for Greek banks, which have been shuttered for a week with cash withdrawals rationed and money fast running out.

Several people familiar with ECB policy said the central bank would reject a Greek government request to raise the cap on emergency liquidity assistance provided by the Greek central bank and leave the limit unchanged, slowly tightening the noose on the banks but giving them a few more days’ air.

The euro tumbled against the dollar on Asian markets after the setback for Europe’s monetary union and European shares and bonds were expected to take a hit when markets opened after the weekend.

“No” supporters carry a burned EU flag in Thessaloniki, Greece July 5, 2015. NEWS.GNOM.ES/Alexa …

In early bond trading, investors rushed into safe-haven German bonds while yields on Italian government debt rose sharply.

Asian stocks suffered the biggest daily fall in two years, partly because of fears over China’s economy, but Varoufakis’ departure may soften the impact in Europe, maintaining a slender prospect of a last minute deal to keep Greece in the euro and avoid a catastrophic bankruptcy.

“The first message to Athens is that no one ever wants to see Varoufakis again after he called us terrorists,” an official who attends Eurogroup meetings said.

It was not clear whether Hollande or top EU policymakers had conveyed that message to Tsipras in telephone calls on Sunday evening after the referendum result became clear.

In a parting blog post celebrating the Greek ‘Oxi’ (‘No’) vote, Varoufakis said Greeks had taught Europe a lesson in democracy and should now demand better financial rescue terms.

“No” supporters celebrate referendum results on a street in central in Athens, Greece July …

“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 favor of the needy, and real reforms.”

EU officials said it would be hard to give Greece easier terms, not least because its economy has plunged back into recession since Tsipras’ Syriza party won power in January, leaving public finances in a worse position than when the rejected bailout deal was put together.

Analysts with several major banks including Citi, Barclay’s and J.P. Morgan said a “Grexit” from the euro zone was now their base case, or most likely scenario.

Analyst Kathleen Brooks of GAIN Capital, a foreign exchange firm, branded Greeks “Oxi-morons” and said the likelihood of Athens leaving the euro zone was now 80 percent, although it would take years of negotiation.

But on the streets of Athens, citizens were unrepentant at their defiant vote.

“I voted ‘No’ to austerity; I want this torture to end,” said 42-year-old Katerina Sarri, a mother of two manning a Kiosk in Athens.

    “I’m aware that we will suffer for years but I’m still hopeful. I need to know that there is light at the end of tunnel, that the lives of my children will be better,” she said.

(Writing by Paul Taylor; editing by Anna Willard)

  • Currency
  • Yanis Varoufakis
  • Alexis Tsipras

Singapore-bound Serena becomes earliest Finals qualifier

Serena Williams of the U.S.A. Continue reading

CustomerMatrix fait l’acquisition du moteur sémantique pour entreprise de la société Noopsis

PARIS , 6 juillet 2015 /NEWS.GNOM.ES/ — CustomerMatrix annonce l’acquisition de Noopsis, l’un des principaux fournisseurs d’analyse sémantique, pour incorporer en permanence les capacités uniques de son moteur sémantique avancé dans la plate-forme Cognitive Computing de CustomerMatrix. Le moteur Noopsis automatise l’analyse de l’information de l’entreprise en extrayant la signification des textes au sein d’un large volume de données non structurées provenant du Web, des réseaux sociaux, des courriers électroniques, des documents internes, etc. La technologie Noopsis effectue le traitement rapide et précis des données par l’entremise de la plate-forme Cognitive Computing de CustomerMatrix. Continue reading

Research Instruments Ltd Announces First European Patent for RI Witness™ System

FALMOUTH, England , July 6, 2015 /NEWS.GNOM.ES/ — Research Instruments Ltd, a company that develops cutting edge technology and biomedical equipment for use in the Assisted Reproduction (AR) sector, today announced the company has been awarded a European patent for their RI Witness™ system. Continue reading

VimpelCom’s brands listed among world’s most valuable and WIND Italy named Telecommunications Operator of the Year for 2015

AMSTERDAM , July 6, 2015 /NEWS.GNOM.ES/ —  “VimpelCom Ltd.” (“VimpelCom”, “Company” or “Group”) (NASDAQ: VIP ), a leading global provider of telecommunications services headquartered in Amsterdam and serving over 218 million customers, today announces that five of its brands have been identified among the world’s 250 most valuable telecoms brands in 2015, according to the ‘ Brand Finance Telecoms 500 2015 ‘ report produced by Brand Finance *, a leading consultancy specializing in brand valuation. VimpelCom’s Djezzy ( Algeria ), Mobilink ( Pakistan ), Beeline ( Russia ), WIND ( Italy ) and Kyivstar ( Ukraine ) brands all featured among the top 250 telecoms brands across the globe (out of the 900 assessed). Continue reading

ICL Haifa (F&C) Licenses Technology for Wastewater Treatment from MIGAL Galilee Research Institute

TEL AVIV, Israel , July 6, 2015 /NEWS.GNOM.ES/ — ICL (NYSE and TASE: ICL ), a global manufacturer of products that fulfill essential needs in the agriculture, processed food and engineered materials markets, today announced that its ICL Haifa subsidiary (“signed a license agreement with MIGAL Galilee Research Institute (“MIGAL”) for the use of proprietary technology related to wastewater treatment. Under the terms of the agreement ICL HAIFA will have the right to develop, manufacture and sell reagents developed by MIGAL to treat wastewater. Continue reading

China Nepstar Chain Drugstore Ltd. Announces Receipt of "Going Private" Proposal

SHENZHEN, China , July 6, 2015 /NEWS.GNOM.ES/ — China Nepstar Chain Drugstore Ltd. Continue reading

The Euro is the Loser From Greece

LONDON , July 6, 2015 /NEWS.GNOM.ES/ — There have been more deadlines than hot moussakas in the saga that is Greece , but the imminent collapse of the banking system means that there’s probably 48 hours at most to keep Greece within the Eurozone, should that be what Europe wants (we’ll probably know more on this before the European open). There are two reasons to suspect that this chance that a deal is cut is greater than would have been the case a week ago on such a result Continue reading

Frost & Sullivan Applauds Bozankaya’s Rise to the Top in the Rail and Tram-bus Production

LONDON , July 6, 2015 /NEWS.GNOM.ES/ — Based on its recent analysis of the market for railcar and tram-bus production in public transportation, Frost & Sullivan recognises Bozankaya A.Ş with the 2015 European Frost & Sullivan Company of the Year Award for addressing unmet needs in both rail and road transportation sectors. Its experience and ability to supply end products right from the design phase has helped it expand across the world Continue reading

Venuefinder.com to Showcase Mobile App Update on a GiantiTab at The Meetings Show

LONDON , July 6, 2015 /NEWS.GNOM.ES/ — Venuefinder.com will be showcasing the latest update for its free venue sourcing mobile app at The Meetings Show. The update will allow users to search by venue collections and provide venue advertisers an enhanced mobile listing. Venuefinder.com Collections showcases paid-for content and images on 4 and 5 star Hotels in London , Academic Venues, Castles and Historic Houses, Christmas Party Venues, Conference Centres in London , plus Unusual Venues in London Continue reading