Greece debt crisis: Varoufakis says bailout 'won't work

[webfact]

Greece debt crisis: Varoufakis says bailout 'won't work

LONDON: -- Former Greek finance minister Yanis Varoufakis has said the latest Greek bailout deal "is not going to work".

Mr Varoufakis, speaking on the BBC's World at One, said that others negotiators in Tuesday's agreement felt the same way.

He said: "The Greek finance minister… says more or less the same thing.

He added that he had seen the "finance minister of Germany go to the Bundestag and effectively confess this deal is not going to work".

"The International Monetary Fund... is throwing up its hands collectively despairing at a programme that is simply founded on unsustainable debt... and yet this is a programme that everybody is working towards implementing."

Full story: http://www.bbc.com/news/business-33880217


-- BBC 2015-08-13

[little mary sunshine]

Enough already!! Bail Them out or Throw Them out. ,!!

[yougivemebaby]

Nobody has the balls to make a decision. They need a real leader.

[smedly]

I wonder if this man wanted a bank loan would he get it

[Ulic]

The EU should have cut the Greeks loose and taken there lumps. Another 80 billion Euro

down the drain and they will not get a Euro back that they did not give to the Greeks

to make its payments.

[laocowboy2]

Nobody has the balls to make a decision. They need a real leader.

In fact a Fuhrer?

[shaurene]

Greece would do much better in the future if they bite the bullet now and leave the EU and go back to their old days, will take a few years but they would get there.

[OKF]

Nobody has the balls to make a decision. They need a real leader.

In fact a Fuhrer?

What an unreasonable and stupid remark

Edited August 13, 2015 by OKF

[Monkeyrobot]

They are not even intending to pay back there debt, they will just take and take then go back to there Dracma.

[smedly]

Greece would do much better in the future if they bite the bullet now and leave the EU and go back to their old days, will take a few years but they would get there.

not as simple as that, since the single currency was formed any EU country on their own currency (example UK) that didn't have a self sustainable economy (example Greece) would very quickly find themselves being left behind and exposed, The Greek currency and economy would effectively become worthless against the Euro, what in effect would have happened is that they would have adopted the Euro anyway, there are a few countries around the world that are currently using US dollars jointly along side their own currency - Cambodia being a fine example

Before Greece joined the EU and adopted the Euro they were still borrowing huge amounts and were reaching breaking point, a deal in joining the Euro provided new finance opportunities (with conditions) effectively bailing them out, the problem being from that time they did not make any attempt to reform and never met the "conditions" therefore needing more money and the cycle continued, ultimately Greece is not fit to govern themselves or cannot be trusted to do so - hence the new conditions attached to the latest bailout effectively handing certain fiscal responsibilities to central EU governance - the rest is history

[AlexRRR]

Oh the bail out will work eventually because thats what the Germans and French want but the Greeks won't ever pay it back...ever, there will come a time that most of the dept will have to be written off as with a lot of other places, what should have happened is that any of these nations falling on there knees should have been left to fall over, until they hit the floor they won't make much of an attempt to get there house in order, still the Greeks feel there being hard done by the loss or reduction of there privileges when in reality they should be lynching former politicians for the carless rule.

[sammygood]

they dragging the euro currency down...How can you otherwise explain 20% down in value in a year ?