SGT Report – Bill Holter is back to discuss the impending ‘Global Margin Call’… and when it might begin. We recorded this call on Friday, July 3rd, so we weren’t privy to the outcome of the Greek referendum at the time of this call. So Sunday’s news that the PEOPLE of Greece have said a resounding NO to IMF Bankster servitude and endless austerity is most welcome news indeed. Although, from a global economic collapse perspective, from a derivatives bubble and credit default swaps and TBTF criminal international banks perspective, today’s vote may well ensure that a ‘Global Margin Call’ could commence at any moment.
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Finance Minister Yanis Varoufakis resigns after Greek referendum “No” Vote
Aljazeera – Greek Finance Minister Yanis Varoufakis has resigned after Greek voters delivered an overwhelming “No” vote in a referendum on whether to accept more austerity measures in return for new bailout cash.
In a statement published on his personal blog on Monday, Varoufakis said he was stepping down to allow Greek Prime Minister Alexis Tsipras to reach a new deal with European creditors.
“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,” Varoufakis wrote on his blog.
“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. And I shall wear the creditors’ loathing with pride.”
Al Jazeera’s John Psaropoulos, reporting from Athens, said the decision to step down was expected and not a surprise. “Many times since he took office in January he’s said that he’s not in it for the long haul, he said that he’s not a politician, he’s a technocrat, an academic,” Psaropoulos said.
EU leaders to meet
The announcement came as European Union leaders scrambled for a response on Monday, following the overwhelming “No” vote in Sunday’s referendum.
German Chancellor Angela Merkel and French President Francois Hollande were expected to meet in Paris on Monday, after calling for an emergency eurozone summit in a phone conversation after the result of the vote became apparent on Sunday.
EU President Donald Tusk said that the summit would be held on Tuesday, according to the AFP news agency.
European Commission President Jean-Claude Juncker – who had said a Greek “No” would be “no to Europe” was expected to speak to the European Central Bank (ECB) and eurozone finance ministers on Monday. – Continue reading . . .