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BUSINESS
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TUESDAY, JULY 7, 2015
Finance minister
quits in Greece
ATHENS
Unexpected resignation
appears aimed at
appeasing creditors
BY LIZ ALDERMAN
CHRIS RATCLIFFE/BLOOMBERG NEWS
People viewing Athens news coverage of the referendum Monday. Greece may only have days, if not hours, to wring some kind of deal from creditors before economic collapse sets in.
In Vietnam, veterans lead reconciliation
DA NANG, VIETNAM
BY THOMAS FULLER
The American and Vietnamese war veterans, former enemies, sat together at
wooden picnic tables eating hamburgers
and chili while Creedence Clearwater
Revival played in the background.
Do Hung Luan, a former Vietcong
fighter who was imprisoned and tor-
tured for nine years by America’s South
Vietnamese allies, ate a burger and
chicken wings with chopsticks.
Next to him was Nguyen Tien, whose
wooden leg replaces the one he lost to
American artillery during the war.
‘‘I can feel the friendship,’’ a smiling
Mr. Tien said, surrounded by American
veterans who seemed three times his
size. ‘‘We have closed the door on the
past.’’
‘‘Everybody is so friendly. It’s
almost mind-boggling how
much they accept Americans.’’
The Fourth of July party, steps away
from what American soldiers used to
call China Beach, was organized by
Larry Vetter, a Texan and retired Marine who moved here three years ago to
live among some of the people he was
once supposed to kill.
‘‘Everybody is so friendly,’’ Mr. Vetter
said. ‘‘It’s almost mind-boggling how
much they accept Americans.’’
Over the past several years, Vietnam
and the United States have come together so quickly that even the architects of
the reconciliation call it breathtaking.
That will be highlighted on Tuesday
VIETNAM, PAGE 8
Museum attests to ‘new values’ for a Mafia stronghold
CASAL DI PRINCIPE, ITALY
BY ELISABETTA POVOLEDO
If the Uffizi Gallery in Florence is on any
must-see list of Italy, then this town,
known as one of Italy’s most notorious
organized crime hubs, is the sort of
place most tourists normally avoid.
So it was with no small dose of ambition, and with a point to be made, that
the authorities decided to convert a garish villa confiscated from a local mob
boss into a temporary museum — in a
town that has never had one.
Perhaps more exceptional, the Uffizi,
along with the Capodimonte Museum in
Naples, has supported the effort. Together, they have lent nearly 20 paintings for an exhibition intended to help
break the ‘‘military oppression of this
land,’’ as Casal di Principe’s mayor,
Renato Natale, called the mafia’s longINSIDE TO DAY ’S PA P E R
standing control over the region.
Antonio Natali, the director of the Uffizi, a state-run museum, was equally
emphatic about the exhibition’s significance. ‘‘It was a strong gesture, lending
works from museums like the Uffizi and
Capodimonte,’’ he said. ‘‘That is how
the state shows it is present.’’
The exhibition itself is layered with
deliberate symbolism. The paintings
are mostly by the followers of the
Baroque artist Caravaggio, who had ties
to Naples, about 24 miles south in the
Campania region, long a stronghold of
the organized crime group known as the
Camorra.
Initially, there was some surprise that
the Uffizi would lend nine priceless
paintings to a town that not long ago
was making headlines as the home base
of one of the most powerful groups within the Camorra, the Casalesi clan. But,
ITALY, PAGE 4
ATHENS
BY ANEMONA HARTOCOLLIS
ALESSANDRO PENSO FOR THE NEW YORK TIMES
Workers hanging ‘‘The Death of Absalom,’’ a 17th-century painting provided by the
Capodimonte Museum in Naples for an exhibition in Casal di Principe, Italy.
Clear path for nonprofits in ’16 vote
United States regulators will not try to
stop nonprofits from making political
contributions until after the 2016
election. nytimes.com/politics
Plan reduces teenage pregnancies
Sell-off spreads to Hong Kong
A Colorado program offering long-acting
birth control has helped reduce teenage
pregnancies by 40 percent and abortions
by 42 percent. nytimes.com/science
Effect of insurance mergers
The cellphone provider T-Mobile
promised to replace a broken device, but
instead handed out a mess of frustration
— and another user’s private
information. nytimes.com/yourmoney
As Beijing tried to prop up its markets,
shares of large companies rose, but
smaller companies continued to retreat
and Hong Kong indexes fell. BUSINESS, 16
WORRIES IN EUROPE AND ASIA MARKETS
Market indexes in Europe and Asia fell
on Monday, as investors showed muted
dismay after the Greek vote. PAGE 16
As news spread of the surprisingly
strong victory for the no side in the referendum on the terms of a European
bailout offer, Greeks poured into Syntagma Square, which has been the site of
many historic political demonstrations.
In a festive mood, they streamed in
from the subways on Sunday, which
have been free since the banks closed
last week, by foot and by car, whistling,
tooting horns and banging drums. As if
by mass telepathy, they knew that Syntagma Square — Constitution Square —
was the place to go. It was almost required of them, they said.
Some wrapped themselves in Greek
flags, while others sang traditional
Greek protest songs — peaceful, happy
and proud of their courage in sending a
message to the rest of Europe that endless austerity would be a dead end.
There may be almost as many reasons
that Greeks voted no as there are Greeks.
But if there was a consistent theme
among those celebrating, it was that they
had taken as much suffering and humiliation as they could stand. Rejecting the
endless demands of their European overlords for tax hikes and pension cuts, they
said, became a matter of national dignity.
For Anthi Panagiotidou, who eagerly
joined the mass of humanity with her
daughter, Chrysa, voting no was a
simple decision: After five years of austerity, she could not endure any more.
REFERENDUM, PAGE 5
NOVEMBER 17–18, 2015
Twins who are a study in contrasts
Roger Cohen
The European Union should give Alexis
Tsipras what he wants. It’s the only way
to make the Greek prime minister face
up to his responsibilities. OPINION, 7
VERSAILLES
The cellphone with a past life
As America’s insurers grow larger, the
effect on consumers depends largely on
how successfully other companies can
compete. BUSINESS, 19
BRYAN R. SMITH FOR THE NEW YORK TIMES
FEELING GRATEFUL Fans at Soldier Field in Chicago during the Grateful Dead’s fifth and final
‘‘Fare Thee Well’’ concert on Sunday night. At the close of the concert, the drummer Mickey
Hart told the crowd: ‘‘I’ll leave you with this: Please, be kind.’’ nytimes.com/artsbeat
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ANDREAS SOLARO/AGENCE FRANCE-PRESSE
Yanis Varoufakis on Monday. He had
become a lightning rod among creditors.
ONLINE AT INY T. COM
A manifesto linked to the suspect in the
church killings in Charleston, S.C., has
refocused attention on a movement
that has become more sophisticated in
the Internet age. WORLD NEWS, 3
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GREECE, PAGE 5
Emphatic ‘no’ prompts
Greek pride and revelry
White supremacists extend reach
(852) 2922 1171
Greece’s combative finance minister,
Yanis Varoufakis, abruptly resigned
Monday morning in what appeared to
be the first move at conciliation by
Prime Minister Alexis Tsipras toward
the country’s creditors after Greek
voters’ rejection on Sunday of a bailout
linked to austerity.
Mr. Varoufakis’s announcement came
as leaders around Europe sent conflicting signals about whether they would
continue to support Greece, and whether a compromise could still be possible
on a new bailout program or on debt relief — a question with implications not
only for Athens but for the broader euro
currency union.
In Germany, the eurozone country to
which Greece owes the most money and
the one that has tended to take the hardest line in the debt talks, a spokesman
for the Finance Ministry said Berlin saw
no new basis for negotiations with
Athens at this point. The spokesman for
Angela Merkel, Germany’s chancellor,
said that while Greece was still in the
eurozone, it was up to Athens to determine whether the country would stay.
The Greek government said Monday
afternoon that Mr. Tsipras and Ms.
Merkel had spoken by telephone and
had agreed that he would present new
debt proposals on Tuesday, when eurozone leaders are to meet in Brussels.
At a news conference in Brussels on
Monday, the European Commission’s
vice president for euro affairs, Valdis
Dombrovskis, said the no vote in Greece
would ‘‘dramatically weaken’’ the country’s negotiating stand with creditors
and had made things ‘‘more complicated.’’
‘‘At the end of the day, it will produce
very few or possibly no winners whatsoever,’’ Mr. Dombrovskis said.
But he added that now was the time to
seek a way forward, and he held the
door open to a possible compromise between Greece and its creditors. ‘‘If all
sides are working seriously, it’s possible
to find a solution, even in this very complicated situation,’’ Mr. Dombrovskis
said.
The French finance minister, Michel
Sapin, said on French radio on Monday
that while Greece’s no vote ‘‘resolves
nothing,’’ France could support debt relief for Greece should Mr. Tsipras come
forward with a proposal containing ‘‘serious’’ terms for a new bailout package.
Mr. Sapin’s remarks came ahead of a
meeting set for Monday evening in Paris between President François Hollande
of France and Ms. Merkel to discuss
how now to deal with Greece.
Mr. Tsipras may recognize that
Greece has only days, if not hours, to
wring some kind of deal from its creditors before full-scale economic collapse
sets in. The country’s banks are on the
verge of running out of euros, and
Greeks could soon begin to suffer shortages of fuel and other imported goods.
‘‘By the end of the week, we may see
most A.T.M.s out of cash, massive pressure on the payment of upcoming public
sector wages, tourism issues and wider
economic damage,’’ analysts at
Deutsche Bank said on Monday in a
note to clients.
Mr. Tsipras was expected to announce a more extensive cabinet shake-
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IN THIS ISSUE
No. 41,153
Books 13
Business 16
Crossword 15
Culture 12
Opinion 6
Sports 14
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New York basketball fans who are used
to the quiet demeanor of the Nets’ Brook
Lopez may be surprised by the outgoing
nature of his twin Robin Lopez, who is
joining the Knicks. nytimes.com/basketball
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