Varoufakis: Cutting ELA would be a failure of the


Greek finance minister gave an interview to BBC4 and provided his view of the situation. He reacted strongly to the prospects of the ECB cutting off the emergency ELA funding. Here are highlights from the interview made earlier today.

Update: ECB maintains Greek ELA at €89.4 billion – opts for middle ground

Below you can see his press conference briefing from yesterday, just after he left the Eurogroup which rejected the extension of the bailout.

More from Varoufakis ,which gives an interview to BBC4:

  • Regarding capital controls, we will try to minimize the damage.
  • A monetary union cannot continue like this.
  • If the ECB cuts the ELA, Europe has failed with maintaining a monetary union and a democratic process.
  • We do not have a chance to ask the people about the situation.
  • It is a dark hour for Greece
  • We have bent over backwards to meet the creditors, but they haven’t done anything
  • We look at the situation with great sorrow.
  • The June 25th proposals were unviable
  • We decided to put it to the Greek people.
  • Europe disparaged us from proceeding with the democratic process.
  • Reminds that there are no provisions for leaving the euro.
  • Why should we consider leaving the euro?
  • The euro was never designed to solve problems of insolvency.
  • There has been a comedy of errors.
  • The crisis has an impact on other countries as well.
  • Lagarde’s statement that there is no proposal on the table will be judged harshly by history.
  • The ECB owes Greece 1.9 billion and is still withheld. This could be used to pay the IMF
  • We are not playing chicken. We do not agree to sign a bad deal.
  • The Greek people have suffered for 5 years and I receive support from the people.
  • Dignity has no price.

From yesterday’s post-Eurogroup meeting:

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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