Yanis Varoufakis
© Reuters / Francois Lenoir
No details offered, and a bit cagey in how it's delivered by Yanis, but this is big news if it's true:

Yanis Says Europe Has Offered A Deal "We Would Sign On The Dotted Line"
Greek finance minister Yanis Varoufakis says the European governments with whom he is negotiating have offered him a deal he is willing to sign, according to an interview on Channel 4.

There is a condition, however. Greece must first vote "no" in the referendum on accepting Europe's bailout conditions, on Sunday. It is not clear what the terms of the deal are, and Channel 4's video ends before Varoufakis describes them.

A transcript of that interview reads like this:

Varoufakis: Let me tell you something which is probably unknown. Ever since we declared a referendum and incensed our European partners we had the most, er, interesting proposals coming from Brussels. Perhaps this referendum and the impasse that it represents concentrated several minds in Brussels and we've had some really good proposals. Proposals that we would sign on the dotted line for.

Channel 4's Paul Mason: You have a proposal you would sign on the dotted line for?

Varoufakis: Yes we do.

Paul Mason: Where is it?

Varoufakis: I'm not going to tell you. It's somewhere in this building. But the of course crucial part of the story is that before this proposal becomes a genuine negotiating document which we can sign off on Monday, the Greek people have to empower us with a "no."

The background here is that after Greece defaulted on a 1.5 billion euro repayment to the IMF, the IMF then admitted that Greece's debts are so large they need to be restructured. This gave a huge boost to Varoufakis's left-leaning Syriza government in Greece, which wants voters to vote "no" to Europe's bailout conditions. The EU and the IMF want Greeks to vote "yes" and accept the bailout conditions. Those conditions require Greece to repay its debts in full by reforming its economy, cutting public spending, and increasing the level of tax collection.
Perhaps this is another step in the gamesmanship strategy of Yanis - convince the people of Greece to vote No - as the Syriza party seeks bargaining power and leverage.

But if it's real, and Brussels has knuckled under after looking into the future and seeing nothing but market instability and further political gains by anti-euro coalitions in other southern member countries, then it's a big deal and its going to move markets positively on Monday.

This is what Brussels is fearing:

[Italy's] Renzi threatened by political contagion from Greece
Beppe Grillo, the comedian and leader of Italy's populist Five Star Movement, was so gleeful at Alexis Tsipras's decision to call a bailout referendum last weekend that he quickly hatched plans to travel to Greece for the occasion.

"Power to the people, not the banks," Mr Grillo wrote on his blog as he announced he would be in Athens' Syntagma Square on Sunday to cheer on the embattled Greek prime minister.

Mr Grillo's enthusiasm points to one of the biggest dangers the Greek stand-off poses for Italy and the government of Matteo Renzi: it could embolden the growing caste of anti-euro political parties in the country and undermine the young and reformist prime minister's political strength and agenda.

"From the economic and financial point of view, the situation is manageable," said Sandro Gozi, a top aide to Mr Renzi on European affairs. "But the point is political. At a time when we want to strengthen the European Union and go towards greater economic unity, to lose pieces along the way is something that worries us a lot."

Enrico Letta, Italy's former prime minister, told Avvenire, a Catholic newspaper, that the Greek crisis could potentially "pave a motorway for the affirmation of populism" in the eurozone's third-largest economy — particularly if Greece's travails spread and quash Italy's tentative recovery.

Vincenzo Scarpetta, an analyst at the Open Europe think-tank, agreed. "Italy is possibly the eurozone country where political contagion would be the most significant," he said. "If Greece leaves the eurozone, then eurozone membership is not irreversible," he warned.

Mr Grillo's party is already Italy's second strongest, representing nearly a quarter of voters, according to the latest opinion polls, and is particularly excited by the Greek vote because it, too, has long argued for an Italian referendum on euro membership.
Actually, what's feared most is that people will figure out that banks are not real...they represent an idea of power and control more than actual power and control. Money is made out of thin air with a loan. The world does not end if the loan is simply 'vanished.'

Bankers are desperately afraid of this idea ever seeing the light of day, as much as airline companies would fear if people suddenly gained the ability to fly.