Defiant Varoufakis Says He’ll Quit If Greeks Endorse Austerity

Bloomberg Business, By Matthew Campbell & Guy Johnson, July 2

Yanis Varoufakis said Greece won’t “extend and pretend” that it can pay its debts, vowing to quit as finance minister if voters don’t support him in Sunday’s referendum.

With banks shuttered and Greece’s economy hobbled by capital controls, Varoufakis said in a Bloomberg Television interview in Athens that he would “rather cut my arm off” than sign a deal that fails to restructure Greece’s debt. The 54-year-old economics professor said he “will not” continue in his post if Greece endorses austerity in the plebiscite.

The minister’s comments illustrate the gulf between Greece’s government, which swept into office on a wave of discontent about budget cuts, and the creditors who are threatening to push it out of the euro. European governments led by Germany have condemned last weekend’s decision by Prime Minister Alexis Tsipras to pull out of talks and call a snap referendum on the conditions for financial aid. Polls suggest it’s too close to call.

“Maybe we’ll change the configuration of the government”

“We desperately want to stay in the euro,” Varoufakis said. “We are going to win on Sunday.”

Short video interview with Varoufakis at the link.

Via Zero Hedge: Varoufakis Will Resign If Referendum Passes, Says Would Rather “Cut Off Arm” Than Sign

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