Yanis Varoufakis Votes Against the Greek Bailout Deal He Negotiated



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On Wednesday evening, former Greek Finance Minister and current SYRIZA MP Yanis Varoufakis voted against a bill that turned into law the austerity-filled terms of the new Greek bailout deal Greece and its international creditors had agreed to in Brussels.

The agreement was ratified by the parliament with 229 YES votes, 64 MPs voting NO while 6 abstained.

Varoufakis, who had been negotiating with Greece’s creditors for five months before resigning last week, was one of the 38 SYRIZA lawmakers who did not vote in favor of the deal.

While addressing the Greek Parliament earlier in the day, Varoufakis had stated that he will vote against the bailout deal.

“What we have before us is a new Versailles Treaty,” he had said.

The former finance minister argued that German Finance Minister Wolfgang Schaeuble and the Troika had intended to lead Greece into yet another memorandum. Varoufakis also believes that due to the International Monetay Fund’s refusal to participate in the bailout and the European Stability Mechanism’s unwillingness to move forward with the absence of the IMF, the agreement will not actually materialize.

Varoufakis left Wednesday evening’s voting session without making any comments.


22 COMMENTS

  1. “What we have before us is a new Versailles Treaty,” he had said”

    There is some truth to that. Unfortunately an irony that Varoufakis misses… there were two extremes that became popular in Germany after Versailles, fascists AND communists. During the short lived troubled Weimar Republic the KPD was the largest communist party in Europe.

    Varoufakis has also “forgotten” the treason committed by Marxist during the civil war when they not colluded with Skopians (at the time still Bulgarians) in trying to make us communist dictatorship but also tried to annex Macedonia to Vardar Yugoslavia. There would be no Greek people today if the Marxists had won.

    Aristotle taught about moderation but ethnic Marxists like Varoufakis seem to have no interest in the advice of ancient Greeks.

  2. Varoufakis has been criticized for being “abrasive”, and “arrogant”, but I don’t see it that way. He’s always made sense, and is intelligent. I hope he forms a new party, along with Lafazanis, Lapavitsas, and others, with the goal of liberating Greece via a negotiated exit from the euro zone (while staying in the EU, if possible).

  3. How is this the deal he negotiated? Who negotiated? As far as I can see the EU set terms and now stand to privatise more Greek assets, as Greece will not be able to make the repayments targets anyway (per the IMF). For all his faults and brash behaviour explain to me where his economics are wrong?

  4. There are no great options here, but what one is faced with is the choice between orderly adjustment and chaotic default. It is clear that if the first option is considered to be a bad deal, by most accounts the latter is most certainly viewed to be a very bad deal. By voting no (and through his various other actions), Varoufakis is indicating his distinct preference for the latter. As an economist, he above all should understand that Greece has absolutely no appetite nor space to consider very bad deals.

  5. Okay, how about the facts he’s a liar and imposter ? Varoufakis claims he was a professor at the U.S. University of Texas. He’s a liar, he does not have the academic credentials to meet the requirements to be a U.S. university professor. He was only an editor of a student newspaper at the Lyndon B. Johnson campus, which is a BRANCH of the University of Texas. He’s a fake.

    His only U.S. private sector job was he was employed by a video game company. So Greece had a former video game employee as a finance minister. Which explains his incompetence.

    Varoufakis has repeatedly lied to the Greek people. He is a pathological liar. His incompetence, has now bankrupted Greece.

    Varoufakis is intelligent ? LOL, not even close.

  6. Greece will take any deal if it means some euros thrown at them today. Who cares for tomorrow !

  7. By voting NO, Yanis made clear this is a bad agreement and better terms should be sought, which is not impossible, because the way deals are implemented is renegociated every day; Tsipras can use the 64 No votes, as an argument for it. And, the same way that Yanis resigned showing respect for collective work, I believe Dr Schaüble should resign, he stands for the harshest of views inside CDU and is making things more difficult with his attitude. It’s a shame that Yanis had to resign and Dr Schaüble is still there.

  8. seriously where do you get your information? same place where you claimed America was in Greece when Germany was retreating?

    He claimed he was a visiting professor at the University of Texas and this is true. There is no such thing as the “Lyndon B. Johnson campus” the correct term is “Lyndon B. Johnson School of Public Affairs” which is the name of that school withing the university of Texas

    The University of Texas states: ” In November 2011, Varoufakis first came to Austin to keynote a conference on the Crisis in the Eurozone, presented by the LBJ School, UT’s Center for European Studies and EU Center for Excellence……Since joining the LBJ School in January 2013, Varoufakis has taught courses in microeconomics and economic policy.”

    And from the Utexas curriculum

    Teaching two Graduate Courses per semester to classes of fifteen PhD students:
    Semester 1
    (1) The European Crisis in its Global Context
    (2) Value, Growth and Development
    Semester 2
    (1) An Anatomy of Economic Liberalism
    (2) Strategic Behaviour

    Lastly, Vale Corporation, the company where varoufakis was chief economist, is a $3-4 billion company

    so please check your sources

  9. Varoufakis was correct about everything. (see his posting from April 4, 2014)

    Unfortunately he had 2 fatal flaws

    1) the first rule of game theory is you don’t talk about game theory
    2) If you are going to use the threat of GREXIT as a negotiating tool, you should actually have been prepared for a GREXIT. It is astoundingly stupid that he had not started preparing for an alternative currency and everything else required to function outside of the Euro back in January. That should have been the first thing he focused on

    lastly, this was not the deal he negotiated

  10. Do you still have any of your Roman statues left in Yugislavia? I’m thinking of bringing one to Kent for the local footy team…

  11. What is certainly the issue here is that Professor Varoufakis spotted numerous loop holes in the past EU bailouts, infuriating and offending the EU creditors of their failure to curb the crisis… Schauble knew that had he remained in the Greek negotiating team the creditors would be faced with more humiliating details of their past practices.

  12. Varoufakis, was not correct on anything. He talked about reforms, but as usual it was just talk. He stated no plan to resolve the unemployment problem in Greece, which is the heart of the problem.

    The reason he didn’t state a plan for Greece’s main problems, is he didn’t have any idea on how to create, and implement such a plan. Why ? Because Varoufakis has no education, management skills, or experience, to do so.

  13. You are WRONG, on all your false claims. Your only sources you use, are you, and you only. The University of Texas, has NEVER published, or stated what you falsely claim, what you are trying to claim, is not truthful.

    1. There are two interviews on the internet where Varoufakis makes the false claim, he was a University of Texas Professor in the U.S.. He didn’t say he was only a “visiting professor” in the U.S.. He has been quoted in the media making the same false claim, he was a U.S. professor. For the record, a “visiting professor” is a meaningless title in academics, in the U.S..

    2. Varoufakis was educated in the U.K., Not the U.S.. Academic requirements, and standards are much higher in the U.S., than the U.K.. The classroom study in the U.S. is superior, and far more extensive, especially in technology, than any other university education in the world. The U.S. sets the standard for higher education.

    3. A U.K. undergraduate (Bachelor) degree is only 3 to 4 years.

    A U.K. graduate (Master) degree is only 4 to 5 years.

    A U.K. PHD (Doctorate) degree is only 5 to 7 years.

    Whereas in the U.S., where the academic requirements are much higher :

    A U.S. undergraduate (Bachelor) degree is 4 to 6 years.

    A U.S. graduate (Master) degree is 6 to 8 years.

    A U.S. PHD (Doctorate) degree is 8 to 10 years.

    The above time periods for each degree ONLY VARIES due to the field of study. Varoufakis’s field of study in the U.K. was economics, which only requires a 5.5 year course curriculum to complete his PHD. His U.K. PHD would NOT even qualify, as a graduate degree in the U.S.. Simply put, Varoufakis did not have the academic credentials to be a U.S tenured professor at any U.S. university. To qualify as a tenured professor in the U.S. a person must obtain a U.S. PHD, coupled with a U.S. teacher certification certificate. None of which Varoufakis has.

    A “visiting professor” is NOT a U.S. tenured university professor. Varoufakis, lectured ONLY. He did NOT teach, because he did not qualify by U.S. law. The subject matter Varoufakis lectured, was NOT an accredited college course. The course matter he lectured, was a NON-ACCREDITED course topic. Any course for a degree, MUST BE an ACCREDITED course study. NON-ACCREDITED courses do not count.

    Wrong again, “campus” is the correct term. Campus means a building, or facility, located on the grounds of a university in the English language. The campus Varoufakis was located in was the Lyndon B. Johnson campus, which was a BRANCH
    of the University of Texas. The department he was located in at that branch is not where ACCREDITED courses are taught.

    You are wrong again. It is a matter of record, that Varoufakis was only the editor of a student newspaper. So you conveniently left that fact out in your bogus comment.

    In addition, you were not truthful regarding the annual income of VALVE CORPORATION, Varoufakis’s former employer. First, you have the name wrong. IT’s Valve corporation, NOT Vale Corporation as you stated in your comment.

    Valve Corporation’s annual income is 1.5 billion, not 3 to 4 billion as you claimed. 1.5 billion is not a great amount for an international corporation, by the way. So you are wrong on that issue. Just a side note. There is a pending class action lawsuit against Valve Corporation. If it loses, there will be no assets. Class action lawsuits involve huge judgements.

    Finally, Valve Corporation IS a VIDEO GAME MANUFACTURER. Hardly the type business one needs to gain experience, to become a country’s finance minister.

    The bottom line ? You were not truthful about Varoufakis’s qualifications. Like I stated earlier, the University of Texas NEVER made the statements you claim………..it was a total misrepresentation on your part.

  14. unemployment can’t be fixed if there is no investment in Greece and no one with real money will invest in Greece as long as the debt/gdp ratio is 180% and rising

    he was correct on how it all played out (again read his post from april 2014) and the IMF and ECB have both confirmed the thing he has been arguing for the entire time that is debt relief.

    other than that i don’t necessarily disagree with you . he should have had a solid plan to implement

  15. Unemployment, Greece’s debt, Greece’s GDP, investment. None of those can be fixed until Greece has an infrastructure PERIOD.

    If a country does not have infrastructure, you don’t get investment, you don’t get the debt problem solved, you don’t employ people, and there is no GDP.

    I have been saying this same thing for the past 2 years, since I’ve been in Greece. It’s NOT rocket science.

  16. google is your firnd

    news.utexas.DOTedu/2015/01/28/yanis-varoufakis (text below)

    his own resume says that he is a VISITING professor

    https://varoufakis.files.wordpressDOTcom/2013/10/yvs-english-cv-2013.pdf

    “January 2013 to date
    Visiting Professor, Lyndon B. Johnson School of Public Affairs, University of Texas,
    Austin, USA”

    Texas own website calls it the LYNDON B JOHNSON SCHOOL OF PUBLIC AFFAIRS https://www.utexasDOTedu/lbj/ this is an ACCREDITED school as it is part of the UNIVERSITY OF TEXAS

    no masters degrees are 6-8 years in the US. Even an MBA is at max 3 years full time. Bachelor degree in the US is 4 years, maybe 5 with an advance double degree, but not 6. PHD programs in the US are not that long either. again check your sources

    you need to get out of your US bubble. There are many excellent universities in the world and ESPECIALLY in the UK

    I said the VALUE of the company is 3-4 billion. value is different from revenue. learn how to read and understand the difference

    companies get class action law suits against them all the time. it doesn’t mean anything. nearly every single corporation in the US has a class action law suit against them

    FROM THE UNIVERSITY OF TEXAS DIRECTLY:

    “Dr. Yanis Varoufakis, a visiting professor at UT Austin’s Lyndon B. Johnson School of Public Affairs, has been named finance minister of Greece as part of the cabinet of newly-elected Prime Minister Alexis Tsipras, and was sworn in on Jan. 27. Varoufakis was elected to the Greek Parliament on Sunday, Jan. 25 as the leading vote-getter in Athens’ 2d constituency, which is one of the largest in Greece.

    A distinguished economist, game theorist and analytic philosopher, Varoufakis has been a leading voice of opposition to the policies conducted since the start of the financial crisis in Greece and throughout Europe by the European Union and its allied institutions, including the International Monetary Fund and the European Central Bank.

    The program of SYRIZA, the party of Prime Minister Tsipras and now the governing party in Greece, calls for a write-down of the Greek debt and an end to the policies of cuts, privatizations and tax increases that have been imposed on Greece as conditions for extending and easing the terms of the debt. But Varoufakis also sees a broader mission:

    “As the next finance minister, I can assure you that I shall not go into the eurogroup seeking a solution that is good for the Greek taxpayer and bad for the Irish, Slovak, German, French and Italian taxpayer,” said Varoufakis.

    In November 2011, Varoufakis first came to Austin to keynote a conference on the Crisis in the Eurozone, presented by the LBJ School, UT’s Center for European Studies and EU Center for Excellence. (Tsipras was a featured speaker at the follow-up conference in November 2013, Can The Eurozone be Saved?) Since joining the LBJ School in January 2013, Varoufakis has taught courses in microeconomics and economic policy.

    Varoufakis is the co-author, with Stuart Holland of the University of Coimbra and James Galbraith of the LBJ School, of the Modest Proposal to Resolve the Crisis of the Eurozone, a four-part proposal to address debt, banking, investment and human needs in the crisis countries of Europe, all within the current framework of European treaties and charters.

    Previously, Varoufakis was a professor of economics at the University of Essex, the University of Sydney and the University of Athens where he continues to hold the oldest chair in political economy in the world. He is the co-author of Modern Political Economics: Making sense of the post-2008 world, and in 2014 the author of Economic Indeterminacy, A personal encounter with the economists’ peculiar nemesis. He is an expert on electronic currencies and the monetary instability of artificial worlds.”

    who’s the one not being truthful now?

  17. and how does one get infrastructure? with investment and that will never come until there is a reduction in debt/gdp