ESM: Back on track but Varoufakis ‘cost Greece billions’

Posted by Christian J. Hadjipateras 05/07/2018 0 Comment(s) Economia Blog,

Greece is on course to economic recovery after reaching the end of its third bailout in eight years next month, but SYRIZA’s first term in power with then finance minister Yanis Varoufakis cost the country “billions,” European Stability Mechanism (ESM) chief Klaus Regling recent said.


“Since 2016, the country whose deficit stood at 15 percent of economic output in 2009, is consistently at a black zero,” Regling said.


When SYRIZA came to power at the start of 2015, its sheer arrogance, led by Varoufakis, brought the country to the brink of financial collapse. It was only at the eleventh hour when prime minister Alexis Tsipras was forced to ask for help from the EU. Varoufakis resigned as a result.

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