Yanis Varoufakis: Why we recommend a NO in the referendum – in 6 short bullet points


Greek Finance Minister shared via his Twitter page, six short bulletpoints why his government is encouraging a “no” vote in Sunday’s referendum.

1.Negotiations have stalled because Greece’s creditors (a) refused to reduce our un-payable public debt and (b) insisted that it should be repaid ‘parametrically’ by the weakest members of our society, their children and their grandchildren
2.The IMF, the United States’ government, many other governments around the globe, and most independent economists believe — along with us — that the debt must be restructured.

3.The Eurogroup had previously (November 2012) conceded that the debt ought to be restructured but is refusing to commit to a debt restructure

4.Since the announcement of the referendum, official Europe has sent signals that they are ready to discuss debt restructuring. These signals show that official Europe too would vote NO on its own ‘final’ offer.

5.Greece will stay in the euro. Deposits in Greece’s banks are safe. Creditors have chosen the strategy of blackmail based on bank closures. The current impasse is due to this choice by the creditors and not by the Greek government discontinuing the negotiations or any Greek thoughts of Grexit and devaluation. Greece’s place in the Eurozone and in the European Union is non-negotiable.

6.The future demands a proud Greece within the Eurozone and at the heart of Europe. This future demands that Greeks say a big NO on Sunday, that we stay in the Euro Area, and that, with the power vested upon us by that NO, we renegotiate Greece’s public debt as well as the distribution of burdens between the haves and the have nots.



  1. Steven Kalabokes on

    I fully agree with Mr Varoufakis. I think creditors should start with lowering the ungodly interest rates of 12-13%. That would help a lot.

    • And at what rate would you lend your money to Greece?

      With the cavalier way Syriza and their ilk talk about their views of the debts (illegitimate) and creditors (criminals) – it would have to be way north of 25% for me to even think of it.

      12-13% is a huge discount for this risk.

  2. Paraskevi Oppio on

    I don’t believe MR. Varoufakis. I live in Greece, and know the situation. I don’t believe Mr. Tsipras. I think they are the worse government ever, and in 5 months they’ve done nothing at all.
    They do not have a plan for a NO answer, at least none that has been put forward to the Greek people. How can I vote NO when I don’t know what NO means? At least with a YES vote, I know I can work with the EU and know most of what will happen. With a NO answer, nobody has told me what will happen, what’s the plan, etc.
    The referendum is invalid. We don’t have a clear explanation of both choices.

    • The Greek Govt. goes on about the democratic process & Sunday’s Referendum. Greece has a population of 11 million . What if Germany,with a population of 80 million held a referendum on whether the Greek debt should be restructured?!

    • Parasevi, The results of the “YES” vote have been going on for the last 6 years. Not sure why thats so difficult to understand.

  3. So if you vote “yes’…..what does that mean……your wages and your pensions will be halved,and greece will be in edzactly the same situation it is in now. Greece should ask all the previous greek governments to “please explain’ what happened to all the money that doesnt exist. Simitis,Papandreou,Karamanli,Samaras.

    What does the “no’ vote mean…….it means “NOT THE EXTRA AUSTERITY MEASURES THAT EUROPE WANTS”
    Your choice Greece……the same like you have…..or a change for the better.

  4. Sally Tournas on

    Go Yani Go!! Put an end to the blackmail and give Greece an opportunity for growth, rather than continuing along the path of a very certain long and painful death!

Leave A Reply