In the news

What comes next?

According to Deutsche Bank (reported on Zero Hedge) these are the options:

N1 – Soft deal: The most unlikely scenario is that the euro-area partners offer a much softer programme to Greece.
N2 – Default-and-stay: Moderately less unlikely is a scenario where Greece defaults but stays in the euro thanks to a direct recapitalisation of Greek banks by the euro-area partners, with the Greek government using only domestic resources for the country’s fiscal needs.
N3 – New deal: The third scenario is one in which the rising economic and political cost of a closed banking system results in the Syriza government being replaced by a new government of national unity and a new deal with creditors being reached.
N4 – Grexit: In our view, Grexit and Scenario N3 are the most likely – with about equal probabilities.

Great typo in the Grauniad:

Greece’s prime minister, Alexis Tsipras, is addressing the nation now.

Today, he says, Greece has proved that democracy cannot be blackmailed; Greeks have made a brace choice

http://www.theguardian.com/business/live/2015/jul/05/greeces-eurozone-future-in-the-balance-as-referendum-gets-under-way--eu-euro-bailout-live

Tell me again why we are worried about a country that makes nice yogurt and sunny holidays when the biggest manufacturing country in the world is in shit creek?

China's stock Melt Down

Because holidays there

But Drachma will be cheap if they fall out of the Euro?

Oi oi!

Removed as they seem to be a 14/88 group... :(

Great quote from Varoufakis on his resignation - "I shall wear the creditors’ loathing with pride."

It's not clear to me why he's quitting. He got what he campaigned for didn't he?

Sending someone who doesn't have his... problematic history with whoever it is they have meetings with, but also has a clear democratic mandate to not accept the conditions, is certainly going to be more of a benefit than a hindrance. "Sorry guys, I'd love to cut pensions and raise taxes, but you know - that Varoufakis guy and his referendum. Grrr!"

Add on to that the fact that the creditors didn't really like him and wanted him out, it looks like a pretty good concession. Small victories.

Pretty well played overall, I think.

more credible source > reuters.com/article/2015/07/06/us-china-stocks-factbox

Yep, in the meantime I've been finding more sources, all of which explain things the same way as you did.
Got to say I am warming to the idea. Whatever you think of the yes/no options, it's pretty cool that a minister who has the people in his back steps down in order to ease the process ahead, rather than letting the support go to his head and turning into one of those larger than life characters.

I think Syriza has been pretty tactical since coming to power. Some real clever moves throughout. One indication of this has been the inability by a lot of Northern Europeans I'm friends/colleagues with to do much more than attack them/him (the most recent claim being he has shown that he cannot be trusted and therefore agreements can't be made with him - a pretty weak complaint, even in terms of ad homonyms). I really hope it works out for the Greeks (and Europe as a whole).

Yeah, I've come across that sentiment a lot in the past - even openly racist spiel about Greeks being lazy etc but Syriza have really played a good game and earned a shit tonne of respect across the continent.
They have a long road ahead with a lot of potential for disaster but there seem to be some good minds in power for once. Either way, Yanis is da man.

https://www.youtube.com/watch?v=ur5fGSBsfq8

My guess would be that Varoufakis was academically arrogant in meetings despite not holding as much power as those he spoke to. He may also not be the best negotiator. Either way, it's definitely the right time for him to step down--of his own volition and at a moment of perceived strength. (I'm saying 'perceived' as I don't have the faintest idea how things really stand, not being very knowledgeable about economics or politics.)

Sounds about right. Thanks for getting us through round one, now we need someone less arrogant...
Although its hard not to imagine all of them coming across as arrogant.
Specially Merkel. ;)

Why would anyone voluntarily relinquish a position of authority?

The EU are getting a bit Kim Jong-Un about Greece hairdos...

The case against gay marriage is definitely gathering momentum, as it also damages cattle exports.

http://www.standard.co.uk/news/world/australian-minister-barnaby-joyce-gay-marriage-could-damage-our-cattle-exports-10367811.html

It does make you wonder whether Australia, a largely arid country, might not benefit from at least some of the additional rain, inevitable floods and other divine punishment by means of weather phenomena unleashed by gay marriage would bring.

I have a feeling that it also causes volcanic activity, spacecraft crashing to Earth, and fatal epidemics brought by aliens, but have yet to see this confirmed by news stories.

It's a bit more hassle, but overall I have to say that my new 'not-produced-in-a-gay-country' diet is going great.

The tricky bit was figuring out which products from Uganda, Russia and Saudi Arabia you can actually buy here in the UK. But fuck it, what is a bit of malnutrition against the wholesome feeling of not having gay cooties in your food?

Sorry to break it to you but they sneak in through the back door when being shipped and put on shelves.

Just walked in the door from a ride to hear 10 seconds of Dickwad Osborne on the radio...

Apparently 'car tax' will now be used to pay for upkeep and repair of roads. My understanding was that this had always been disassociated to avoid twats in metal boxes being able to claim that they 'pay for the roads'...