“Why is Varoufakis laughing” is the caption under the photograph of Greek FinMin Yanis Varoufakis, in an editorial by Bloomberg columnist Mark Whitehouse.
Before detailing the “odyssey” of the current leftist government’s negotiations, talks, deliberations with the “Institutions” since assuming power in late January, Whitehouse breakdowns the capital flight now taking place from the country’s banks.
“Data from the Greek central bank, which records each euro that leaves the country as a liability, suggest the capital flight has reached unprecedented proportions. Over the six months through March, about 62 billion euros ($67 billion) were taken out of Greece. That’s the equivalent of a quarter of the country’s gross domestic product.”
He ends with a plea for a “final deal” that would include debt relief.
“As Bloomberg View has argued, a better approach would be for Europe to focus on a final deal — including significant debt relief — that would quickly put Greece on a realistic trajectory toward solvency and economic recovery. The longer the bickering goes on, the more unnecessary damage will be done, eroding whatever benefits either side might hope to gain.”
