Greek Referendum on IMF/Troika deal

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German SPD vice-Chancellor Sigmar Gabriel indicates Tsipras has “torn down the last bridges across which Europe and Greece could have moved toward a compromise” ...“By rejecting the rules of the game of the euro area, as expressed in the majority ‘No’ vote

The Germans are very angry. 

if there were any doubt left that the Eurozone is an antidemocratic project..

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Imagine if every time the an American state ended up in economic trouble, all 50 governors had to get together and hash out a solution. This is a farce.

the federal government here generally draws a line and refuses to function as a lender of last resort for municipalities.  if an entire state was facing bankruptcy, it's hard to say what Washington would do.

a good case study is the situation in New York City in ~1975.  the biggest City in the country was going under and Gerald Ford refused a federal bailout.  Eric Lichten documented this in his book Class, Power, and Austerity.

the NYC situation set the model for how neoliberalism would treat political entities with unsustainable debt.  bail out the creditors and punish the citizens.  nowadays some states even have laws that allow for a state takeover of an officially struggling municipality, school district, etc -- openly undercutting any pretense of democracy.

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German SPD vice-Chancellor Sigmar Gabriel indicates Tsipras has “torn down the last bridges across which Europe and Greece could have moved toward a compromise” ...“By rejecting the rules of the game of the euro area, as expressed in the majority ‘No’ vote

The Germans are very angry. 

if there were any doubt left that the Eurozone is an antidemocratic project..

Because Gabriel has an eye on the voters that elect him?

because he alleges "Tsipras has burned the last bridges" by letting his general population directly vote on a major policy event.

if your point is this fellow is just bullsh**tting for his own purposes, that's fine.

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They may not even have enough cash to much longer continue giving out the 60 euro a day, they are doing now.

eh, they would have lowered it to 20 Euros if they were in imminent danger of running out of cash.  it'll only be a couple more weeks now before final negotiations collapse, and the so called "IOUs" or New Drachma era begins.

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also, I don't buy Yanis' official reasoning for leaving his MiniFinance post.  does anyone?

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  I think he left on his own so he can keep his role of heroic martyr.  Now the hard painful part will begin for Greece where you will have to pay the piper one way or another.   Varoufakis figured he bail out right before that.  This way, weeks or months from now when Greece is in real difficult economic hardship people would say "if only Varoufakis stayed on ..."

I agree with this, except for the last part, I don't think anyone will be that dumb.  I suspect Yanis knows what a calamity Grexit will be and doesn't want his name associated with it.  if this is NOT the result of a personal break with Tsipras I can see him acting as a secret, "unofficial advisor.."