Varoufakis Not Confident Bailout Will Work

Former Greek finance minister Yanis Varoufakis has said the latest Greek bailout deal “is not going to work”.

Mr Varoufakis, speaking on the BBC’s World at One, said that others negotiators in Tuesday’s agreement felt the same way.

He said: “The Greek finance minister… says more or less the same thing.
He added that he had seen the “finance minister of Germany go to the Bundestag and effectively confess this deal is not going to work”.

“The International Monetary Fund… is throwing up its hands collectively despairing at a programme that is simply founded on unsustainable debt… and yet this is a programme that everybody is working towards implementing.”

Mr Varoufakis was removed from the talks early last month and replaced by the present finance minister Euclid Tsakolotos.

He added: “Ask anyone who knows anything about Greece’s finances and they will tell you this deal is not going to work,”

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza