Yes or no to math: understanding the Greek referendum

Six hellish months at the center of the European debt mess, bestowed with a seemingly antithetical mandate to keep Greece in the EU while demanding that its lenders write off bad loans, Finance Minister Varoufakis says this Sunday’s referendum will decide whether he continues or resigns. Varoufakis understands math better than most and he knows impossible terms when he sees them. So far, he has refused to pretend and extend despite intense pressure from many sides to do so. Politicians who resign rather than sell out and break their word to those they represent are rare. If Varoufakis quits, Greece will be left to self-serving wolves once more.

Finance Minister Yanis Varoufakis said he’ll quit if Greece votes to accept creditors’ bailout proposals in Sunday’s referendum. He said he would “rather cut my arm off” than sign a new accord that doesn’t restructure Greece’s outstanding debt. Varoufakis expects Greeks to follow the government’s recommendation to reject the bailout proposals, which would require further tax increases and spending cuts in exchange for continued aid.  Here is a direct video link.

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