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ESM Regling: “Varoufakis cost Greece 100 billion euro”

Head of the European Stability Mechanism Klaus Regling said that the cost for Greece for having Yanis Varoufakis as Finance Minister was 100 billion euro. In an interview to private Skai TV, Regling said that he estimates the cost for Greece to be 100 billion euro, “although there was no real scientific tools to calculate the cost.”

“The Bank of Greece has estimated the cost at about 80 billion euro,” Regling explained and apparently arbitrarily added another 20 billion as a sign of let’s call it ” ESM’s generosity.”

Citing IMF’s growth projections from 2014 (2.5% for 2015 and 3.5% for 2016) , the ESM chief argued that cumulatively the cost for Greece amounted to 6% of the GDP, which is about 100 billion euros.

I suppose that Regling has never heard of any IMF official speaking of “wrong projections and wrong calculations and multipliers.Neither that the IMF sees no point in asking Primary Surpluses of 3.5% from Greece stressing Greek debt is unsustainable.

PS rounding up numbers and billions is always good …for the traders.

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8 comments

  1. Right wing propaganda and garbage from an incompetent crook. They are determined that no country, including Greece, should ever dare again to defy their power.

    • Typical left wing stupidity and ignorance. Greece was recovering before SYRIZA came now it will take time again, and as you know time is money so yes Greece lost a lot of cash due to the SYRIZA political mess.

      • The greek economy was NOT recovering, so cut the crap. It has been in a terrible state since the eurozone crisis started. All of your comments are pure ignorance and/or propaganda.

      • Giaourti Giaourtaki

        The outflow from banks started by Skounaras in November 2015, long before Syriza was set and if ND would have made a lefty (like Manolis Glezos) become president they’d still be in power but they decided against this political tradition.

  2. I wonder when his birthday is so I can offer him a shovel. The BS must be piling high in from of his office…

  3. Hector Belascoaran

    This is another incompetent ue representitive.
    When the ue will collapse (sooner or later but it will collapse), I hope in a new nuremberg for all of them.

  4. This from the idiots who predicted no more than 17% unemployment and 15% GDP contraction as a result of the first rounds of austerity. Sure, blame Varoufakis for everything that went wrong.

  5. history has shown that the gene of destruction resides in the German DNA. they destroy the others and themselves.
    they have done it in the past and they will repeat it again,unknowingly and unwillingly.