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Varoufakis: “Anything better than confining us to an austerity hole, where we shrink every day”

In an interview to Irish Times,  Finance Minister Yanis Varoufakis spoke about the agreement Greece reached at the Eurogroup meeting last week and the ways the indebted-country has to come out of austerity.

Below some excerpts:

“The deal managed to separate Greece’s loan agreement with its creditors from the memorandum of understanding and its conditions, as implemented by the troika.

Had his government accepted both the loan agreement and the memorandum, democracy would have been annulled. Had both been rejected, Greece would have been left with no banking system.

The mandate from our party, our government and my prime minister was very straightforward. To get a deal done. So, compromise.

We need to restructure Greek debt. My proposal for GDP-linked bonds has one purpose: to increase the amount of money we give back to your partners by encouraging them to allow us to grow.

“Anything is better than confining us to an austerity hole where we shrink every day,” he says. (Full interview in Irish Times)

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One comment

  1. Russia would have been glad to assist
    Even Max Keiser said
    “Hey – they can ask Russia they will lend them the money”
    It all depends on what social set you wnt to run with.
    Russia may not be as classy