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Doorstep statement of the Greek Finance Minister Euclid Tsakalotos after the Eurogroup Meeting

After six months of very difficult negotiations with lots of ups and downs, we finally have an agreement. This agreement is one that many people have worked very hard for. I would like to thank from the bottom of my heart the people in Greece and the technical teams, the advisors that have worked for this deal, and also the institutions. Many Europeans have worked for this deal, whether representing their country or within the institutions themselves. And this deal is something we hope will take Greece forward. It takes Greece forward in the sense that the financial system should be much more stable from now on. There is a promise of recapitalization of the banks without any depositor having any bail in or anything to worry about. So, the process of reversing the negative effects of capital controls will start very quickly and will speedily return the banks to where they were before and hopefully on a far firmer footing.


Soon after the announcement of the referendum results, I was made aware of a certain ‘preference’ by some Eurogroup participants, and assorted ‘partners’, for my... ‘absence’ from its meetings; an idea that the Prime Minister judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the Ministry of Finance today.
I consider it my duty to help Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday’s referendum.

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

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.

Intervention in today’s ECOFIN by Greece’s Minister of Finance Yanis Varoufakis after the Eurogroup President briefed the meeting on the previous day’s Eurogroup discussion on Greece’s negotiations with its creditors

In yesterday’s Eurogroup the Greek authorities presented a wide-ranging, comprehensive and credible proposal that can be the foundation of an agreement that not only concludes the current program but also, importantly, addresses decisively, and permanently, Greece’s future funding needs. Regrettably, no discussion of our proposal took place within the Eurogroup. Even more regrettably, instead of that essential discussion, we observed pernicious ‘leaks’ to the press regarding Greece’s banking system.

Statement regarding confidentiality of Eurogroup discussions

Regarding the recent statement of the representative of the Eurogroup's President, the Greek Ministry of Finance welcomes the reminder of the Eurogroup discussions' confidentiality, which everyone is obliged to respect.
The statement by Michel Reijns, spokesman of Jeroen Dijsselbloem:
“Eurogroup meetings are confidential. We rely on each person present to respect that confidentiality”.

Statement by Minister of Finance Yanis Varoufakis in the Conference room entitled: «Assessing Risk: Business in Global Disorder» in Venice

«Eurogroup chairman Dijsselbloem has replied to my letter. The issue isn't the reforms because Greece wants them and wants them more. The task, therefore, is to agree on the process by which the reforms will be made more specific, implemented and evaluated so that they can be reviewed by the Eurogroup.
The elaboration and assessment of the Greek government's reform programme will be discussed by technical teams that will convene shortly in Brussels».