Greeks in crisis

Greek Finance Minister resigns amid fallout from vote

David Brancaccio Jul 6, 2015
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Greeks in crisis

Greek Finance Minister resigns amid fallout from vote

David Brancaccio Jul 6, 2015
HTML EMBED:
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The fallout from Greece’s vote on Sunday has continued into Monday morning, with Greek Finance Minister Yanis Varoufakis stepping down from his position. Here’s an update on the situation in Greece:

  • On Sunday, Greeks took to the polls to vote on a bailout deal, deciding against European austerity. As the New York Times reports, although the results may mean an even tougher road ahead for negotiations, it certainly solidifies Greeks’ confidence in Prime Minister Alexis Tsipras.
  • Monday morning, Greek Finance Minister Yanis Varoufakis announced his resignation, citing reports that the Eurogroup had expressed they would prefer not to negotiate with him any longer. As the Wall Street Journal reports, Varoufakis became known for a confrontational style that did not win him many allies in negotiations.
  • Banks in Greece remain closed Monday. “The banks are the first fire that has to be put out. They’re absolutely depleted of cash. They do not have a source of liquidity,” says reporter John Psaropoulos of The New Athenian.
  • The BBC reports that eurozone leaders have called an emergency meeting for Tuesday.
  • TL;DR: Is Greece solvent yet? Nope.

Click the media player above to hear reporter John Psaropoulos’ update on the situation in Greece from Athens.

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