Ian Traynor, John Hooper, Helena Smith: Greek referendum no vote signals huge challenge to eurozone leaders (Guardian)
Victory by Syriza party of 60% to 40% in polarising referendum presents nightmare for eurozone elites, particularly German chancellor Angela Merkel…
Five years of failed austerity policies in Greece and a total breakdown in trust between the leftwing Syriza alliance and the political leaders of its creditors climaxed in a national vote in which Greeks said no to the spending cuts and tax increases demanded by its lenders…
Tsipras said that Greece “has proved that democracy cannot be blackmailed; Greece has made a brave choice and one which will change the debate in Europe…
Germany’s vice chancellor and social democratic [sic!] leader, Sigmar Gabriel, said Tsipras had burned his bridges with the rest of the eurozone.
Yanis Varoufakis: Minister No More! (Yanis Varoufakis)
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.
Catarina Príncipe: Is Merkel Being Irrational? (Jacobin)
Accepting that a left-wing government is correct and that austerity was never a solution would open additional political space for left-wing movements across Europe. Taking even a small step back from the pro-austerity narrative would forever weaken the political position of German political elites. It might even their sacrifice their existence as such.
Nantina Vgontzas: What Comes After Oxi? (Jacobin)
Five possible scenarios after today’s referendum in Greece.
In a forceful interview with German newspaper Die Zeit, the star economist Thomas Piketty calls for a major conference on debt. Germany, in particular, should not withhold help from Greece.