Varoufakis: Greek bailout doomed

“Former Greek Finance Minister Yanis Varoufakis has warned that the economic reforms from Greece’s debt holders are doomed to fail. The assessment comes as PM Alexis Tsipras has reshuffled his cabinet in efforts to secure a third bailout package. The EU is preparing to start talks with Athens on a third bailout which could reach €86 billion ($93 billion), but the reform program laid down by Brussels as a precondition for the bailout will 'go down in history as the greatest disaster of macroeconomic management ever,' Varoufakis told BBC.”

“Varoufakis stressed that in given conditions Prime Minister Alexis Tsipras, who himself does not believe in the bailout, had little option but to sign the agreement. 'We were given a choice between being executed and capitulating. And he decided that capitulation was the ultimate strategy,' Varoufakis said. On Saturday, new cabinet ministers were sworn in after Tsipras replaced hardliners in his government, following the agreement with the EU creditors. Energy Minister Panagiotis Lafazanis and his two deputies were sacked. Lafazanis has been replaced by Panos Skourletis, who initially appointed the Minister of Labour and Social Solidarity in January. The reshuffle marked 'an adjustment by the government to a new reality,' said Skourletis. Germany’s parliament approved the beginning of the talks on a third Greek bailout on Friday. In order to secure it, Greece will have to implement further unpopular austerity measures.”

“Katrougalos [appointed Labor Minister] said that by agreeing with Europe, the Greek government was not backtracking from its promises to the people and that the public referendum that rejected the EU’s tough conditions was necessary to show the European elites that there are alternatives to their economic policies. Another aim of the referendum was to 'protect our government from a soft coup d’etat that aimed to overthrow us,' Katrougalos told RT.”

http://www.rt.com/news/310182-greece-bailout-fail-varoufakis/

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