Varoufakis: The program has failed already

Tsipras does not believe in the program says Varoufakis

Former Greek Finance Minister, Yanis Varoufakis told the BBC that the reforms voted in by the Greek Parliament are going to fail.

Just as formal talks on a third bailout program amounting to 86bn euros in exchange for austerity measures are about to begin, Varoufakis said the program the Greek government is called on to implement “will go down in history as the greatest disaster of macroeconomic management ever”.

He stressed the program is going to fail no matter who tries to implement it. Replying on when he thought it would fall apart he said: “It has failed already”. He said the Greek PM Alexis Tsipras did not believe in the bailout, adding that the Greek government was given an option between ‘being executed’ and capitulating. “And he decided that capitulation was the optimal strategy”. Varoufakis claimed he was not fired but resigned himself.