Varoufakis: “A 10 year old could see that the bailout was wrong”


“Alexis Tsipras considers the third bailout to be unreliable, as does the IMF” he estimated.

The former Minister of Finances Yanis Varoufakis argued that even a ten-year-old child with basic math skills could see that the third Greek bailout is “cannot end well”, in an interview for CNBC.

A 10 year old with some basic mathematics skill would know that if you have an unsustainable debt and you try to solve it by pretending that it is a problem of liquidity and piling up on it the largest loan in history on conditions of stringent austerity” he argued. Furthermore, Mr. Varoufakis estimated that neither Alexis Tsipras nor the International Monetary Fund consider the third Greek bailout program to be reliable.

Mr. Varoufakis further notes that Mr. Tsipras is still a personal friend and “excellent politician”. When asked why he will not run in September’s snap election, the former Finance Minister responded that he “cannot look my electors in the eye and say to them that our party is capable now of stabilizing the economy”.

Regarding his tenure as Finance Minister, Varoufakis admits that he was “not a very good politician” but was proud of his party’s actions when it rose to power, since “we gave Greeks their dignity back because we stood up and said we don’t want more loans until we stabilize the economy”.