Varoufakis Blogs a ‘Big Majestic Yes to Europe’ after Big NO Vote in Greek Referendum

Yanis VaroufakisGreece’s finance minister Yanis Varoufakis says that the Greek NO vote landslide win on the July 5 Greek referendum is actually “a majestic, big YES to a democratic, rational Europe!”

After a deadlock in bailout negotiations, Varoufakis and the SYRIZA government asked Greek citizens to vote YES/NO on a take-it-or-leave-it deal offered by Greece’s creditors.

The referendum resulted in a landslide victory of the NO camp, rejecting the bailout proposal offered by the Greece’s creditors (composed by the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Commission).

After the announcement of the results Yanis Varoufakis made the following statement on his blog:

On the 25th of January, dignity was restored to the people of Greece.

In the five months that intervened since then, we became the first government that dared raise its voice, speaking on behalf of the people, saying NO to the damaging irrationality of our extend-and-pretend ‘Bailout Program’.


  • spread the word that the Greek ‘bailouts’ were exercises whose purpose was intentionally to transfer private losses onto the shoulders of the weakest Greeks, before being transferred to other European taxpayers
  • articulated, for the first time in the Eurogroup, an economic argument to which there was no credible response
  • put forward moderate, technically feasible proposals that would remove the need for further ‘bailouts’
  • confined the troika to its Brussels’ lair
  • internationalised Greece’s humanitarian crisis and its roots in intentionally recessionary policies
  • spread hope beyond Greece’s borders that democracy can breathe within a monetary union hitherto dominated by fear.

Ending interminable, self-defeating, austerity and restructuring Greece’s public debt were our two targets. But these two were also our creditors’ targets. From the moment our election seemed likely, last December, the powers-that-be started a bank run and planned, eventually, to shut Greece’s banks down. Their purpose?

  • To humiliate our government by forcing us to succumb to stringent austerity, and
  • To drag us into an agreement that offers no firm commitment to a sensible, well-defined debt restructure.

The ultimatum of 25th June was the means by which these aims would be achieved. The people of Greece today returned this ultimatum to its senders; despite the fear mongering that the domestic oligarchic media transmitted night and day into their homes.

Today’s referendum delivered a resounding call for a mutually beneficial agreement between Greece and our European partners. We shall respond to the Greek voters’ call with a positive approach to:

  • The IMF, which only recently released a helpful report confirming that Greek public debt was unsustainable
  • The ECB, the Governing Council of which, over the past week, refused to countenance some of the more aggressive voices within
  • The European Commission, whose leadership kept throwing bridges over the chasm separating Greece from some of our partners.

Our NO is a majestic, big YES to a democratic Europe.

It is a NO to the dystopic vision of a Eurozone that functions like an iron cage for its peoples.

It is a loud YES to the vision of a Eurozone offering the prospect of social justice with shared prosperity for all Europeans.



  1. Our deluded Marxists want to have their proverbial cake and eat it to. Smooth talking Varoufakis fails to remember democracy in Europe isn’t only about the desires of the 6 million Greeks that supported communists and fascists. Although the Greeks that support fascists and communists outnumber the rest of the Greek population, there are hundreds of millions more Europeans that also have a say in how their tax dollars are spent. The Greeks that voted no won’t like how the rest of Europe votes.

  2. A man of principles who even at the point of landslide win for NO is prepared to resign if it will help Greece achieve a beneficial outcome, it is a shame we did not have politicians like this in the last 50 years

  3. I see absolutely nothing courageous about wielding a pen and crossing a box on a piece of paper. All I see is the gargantuan irresponsibility of the politicians who failed to explain the consequences to their people. The result of the referendum is neither a vote for democracy nor for the EU, it is just the wishful thinking of economic illiterates who have just condemned themselves to a much lower GDP per capita, in line with their neighbours in Albania, Bulgaria and Macedonia. Greek GDP will not now recover for generations.

  4. It’s time for the “suits” to renegotiate…. NO MORE “CASUAL FRIDAYS!” 😉