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> Economy

Varoufakis: No issue of … bail-in (that’s ‘haircut’ of bank deposits)

Of course, hours before cap controls were announced on Sunday, he said the Greek government opposed the "very concept"

Newsroom July 1 09:15

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Days after flatly rejecting reports of capital controls… Yanis Varoufakis on Tuesday said there was “no issue of a bail-in”, i.e. a “haircut” of deposits in Greek banks.

His now famous statement on Sunday afternoon, namely, precluding capital controls, came hours before such a measure was announced, and implemented a day later. Moreover, a bank holiday for Monday turned into a week-long closure of banks in the country.

yanis_cap_controls

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Returning to the limelight on Tuesday, he ruled out a bail-in, speaking to reporters after the conclusion of a Eurogroup teleconference.

 

In other matter, he said the main obstacle between Athens and its creditors is the issue of debt.

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