Varoufakis Slams Bailout #3 As "Greatest Macroeconomic Disaster In History"
http://www.zerohedge.com/news/2015-07-18/varoufakis-slams-bailout-3-greatest-macroeconomic-disaster-history-while-tsipras-doe
In an rare convergence of Greek and German viewpoints, overnight former Greek finance minister Yanis Varoufakis told the BBC that "economic reforms imposed on his country by creditors are "going to fail", ahead of talks on a huge bailout. At the same time, Germany's most noted Eurosceptic, Hans-Werner Sinn, in an interview with the newspaper "Passauer Neue Presse" also earlier today warned that any new aid would be "totally worthless" and "would never come back."
In what was practically a race who can find harsher terms to describe the Greek bailout, Varoufakis said that Greece was subject to a programme that will "go down in history as the greatest disaster of macroeconomic management ever".
As reported yesterday, the German parliament approved the opening of negotiations of Greece's third €86 billion bailout when it rushed to vote through a bridge loan to Greece so the insolvent nation had some funds to repay the ECB's Monday debt maturity, as well as repay the roughly €2 billion for Greece is in default to the IMF. Of note was the jump in German MPs who voted "no" to 119 from just 32 in the February vote to extend the Greek bailout.
In a damning assessment, Varoufakis told the BBC's Mark Lobel: "This programme is going to fail whoever undertakes its implementation."
Asked how long that would take, he replied: "It has failed already."
= new reply since forum marked as read