“Oxi!” - Greeks Defy EU As Varoufakis Resigns

“Oxi!” - Greeks Defy EU As Varoufakis Resigns To Ease Tensions With “Partners”

- Brave Greeks vote overwhelmingly against austerity
- Varoufakis resigns to clear air for next phase of negotiations
- We think a Greek debt deal is highly likely over the next few days
- EU elites had hoped “yes” vote would force the replacement of Syriza with unelected technocratic experts
- Syriza may nationalize banks to protect depositors from “bail-ins”
- UK slashes Deposit Insurance from £85,000 to £75,000
- Europe and the world now in uncharted waters, gold will protect

The Greek people have voted overwhelmingly against using austerity as a tool to somehow normalise their economy in a world where normality no longer applies, on any level, to economic policy.

Greek “No” Campaigners Waving Flags

Yanis Varoufakis, the Greek Finance Minister, has announced his shock resignation this morning. This, despite the vote of confidence that yesterday’s result is for Syriza’s policies.

It is believed that his absence from the next phase of negotiations will clear the air with Greece’s “partners”. He had managed to antagonise most of his European counterparts by speaking bluntly about the problems facing Greece - both internally and externally.

The “no” vote carried despite blanket coverage in the private media that such an outcome would be disastrous for Greece - which it may yet be.

However, the alternative would be to allow the EU continue to kick the can down the road until conditions for ordinary Greeks become so intolerable that they would be faced with the same option some time in the not too distant future.

Christine Lagarde has gone on record to say that Greece’s debts are unpayable. For Syriza - and the Greek people apparently - there is absolutely no advantage to be gained in taking on more austerity without some of their debt being written off. It offers no long-term solutions to their suffering.

It is highly unlikely that the EU elites are unaware of this. It would appear that the wave of scare-mongering prior to the referendum was designed to force the resignation of Tsipras and Varoufakis.

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Market Update

Today’s AM LBMA Gold Price was USD 1,164.25, EUR 1,053.43 and GBP 748.43 per ounce.
Friday’s AM LBMA Gold Price was USD 1,168.25, EUR 1,051.10 and GBP 747.44 per ounce.
Friday’s PM LBMA Gold Price was USD 1,167.95, EUR 1,052.21 and GBP 748.21 per ounce.

Important News

Gold Stymied as Greek Crisis Strengthens Dollar; Palladium Drops - Bloomberg
Gold gets safe-haven boost after Greeks reject bailout terms – Reuters
Europe thrown into crisis as Greece nears euro exit after shock referendum result - The Telegraph
Greek debt crisis: Markets dip after 'no' vote - BBC
China stocks rise as Beijing's emergency moves brings some relief - Reuters
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