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The Euro-Summit 'Agreement' on Greece -- annotated

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The Euro Summit statement (or Terms of Greece's Surrender - as it will go down in history) follows, annotated by ex-Finance Minister Yanis Varoufakis.

Now that he's not in a cabinet position, Varoufakis is a lot less restrained. He voted against the sellout deal just passed in the Greek Parliament.  Here's why.

The question remaining is why he didn't support a complementary Sovereign Currency for Greece. His explanations that it would be too hard to do in too short a time are belied by his current insistence that the Troika never bargained with any realistic position in any of the 5.5 months he was FM. He had plenty of warning it would come to this. He had already written about an alternate currency before becoming FM. So why didn't he do it when he had the chance?

We talked about sovereign money when I co-interviewed him before he became FM and I proposed such a plan here: Will Greece or the EU blink first? and alerted him to it as well.

The Troika means to break Greece, and always has.  There is no realistic alternative to Sovereign Money, at least for domestic use.

Read the rest of the story HERE:



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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:

Scott is a former President of Common Ground-NYC (, a Geoist/Georgist activist group. He has written dozens of articles for (more...)

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