Just days after accusing the Troika of engaging in financial terrorism, Greek Finance Minister Yanis Varoufakis has resigned, writing on his blog that he will “wear the creditors’ loathing with pride.”
The day before the country’s crucial referendum, Varoufakis told Spain’s El Mundo newspaper that the Troika forced Greece to close its banks for a week in order to “instil fear” and force a ‘yes’ vote – a move that ultimately failed.
“Why did they force us to close the banks? To instil fear in people. And spreading fear is called terrorism,” said Varoufakis.
The man who describes himself as a “libertarian Marxist” announced his surprise resignation in the aftermath of a landslide victory for the ‘no’ camp.
“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,” wrote Varoufakis.
But he had one last parting shot for the Troika, asserting, “I shall wear the creditors’ loathing with pride.”
As we reported last week, Varoufakis has been vocal in his condemnation of the European Union as a fundamentally undemocratic institution, noting how the very idea that Greeks would get to have a say in the future of their country was met by the Troika with “incomprehension and often with disdain bordering on contempt.”
Varoufakis said yesterday’s result “will stay in history as a unique moment when a small European nation rose up against debt-bondage.”
Meanwhile, in a report sent out to clients after Sunday’s referendum, JPMorgan said that Greece’s exit from the euro now appeared “more likely than not” and that it could come “under chaotic circumstances.”