This is a must-read article from the FT as Greece‘s new Finance Minister goes nuclear. Check it out!
via Greece will no longer deal with ‘troika’, Yanis Varoufakis says – FT.com.
The Finance Minister, Yanis Varoufakis is a career economist, without any previous political experience.
Apart from rejecting the ‘troika’ and Greece’s legal obligations, the new government has announced that they have abandoned proposals for reform.
I expect financial markets and the Euro to be under pressure from this enormous escalation. I fear that all sides have not done appropriate risk analysis and matched it to effective mitigation. The people of Greece have voted for a new government and to challenge the ‘troika’ but I hope they do not live to regret it.
Let’s hope that some cool, wise heads can facilitate proper dialogue between the various parties. Europe is already in depression and this new escalation will have widespread implications for all Eurozone countries and the World economy beyond.
Thoughts?
Dr Alf's Blog 
I watched this overconfident and duplicitous man being interviewed by Channel 4 television yesterday and in the course of that interview he did not answer a single question truthfully or at all.
Dr Alf talks about risk analysis yet what we already know about Greece is their record of not wanting to pay taxes,anarchic behaviour,corruption,laziness and a viewpoint that says that everyone else owes the country a living.
We know too about the skulduggery of certain leading Greek families who bled the country dry the last time.
Deal after deal,contract after contract to repay debt and reschedule it has been repudiated yet we are all expected to absolve the Greeks of all blame for their own actions,pay homage to this sorry excuse for a finance minister and pay up.
He says he isn’t going to deal with the Troika,I say let him have his wish and cut him and his benighted country loose out of the EU and out of the Euro.
However I would not “write off ” their debts.
I would seize and sequester their banks and major infrastructure until they had made orderly repayments to my satisfaction and if they made trouble I would seize their ships and planes when they docked at our ports whilst ensuring that they could not do the same in reverse.
Sadly our so called leaders will allow themselves to be conned and then saddle the rest of us with the bill for dealing with this group of bellicose ingrates.