Varoufakis Attacks Greece’s New Bailout Agreement

baroufakisFormer finance minister Yanis Varoufakis said in parliament that the new bailout agreement proposed to Greece is doomed to fail, calling it ” Versailles Treaty,” and stated he will vote against it.

Varoufakis accused German Finance Minister Wolfgang Schaeuble of working hard to bring back harsh memoranda because the Greek people voted “no” in the referendum.

“The troika, in cooperation with Schaeuble, was waiting to drag Greece back into the catastrophic clarity of the memoranda,” Varoufakis said.

“We suggested an honest deal – a bridge deal jointly drafted with the Chancellery of Germany to prevent Dr. Schaeuble,” he said, “But the troika with the institutions and Dr. Schaeuble worked hard to restore the hard and toxic memoranda.”

The former minister cited economist John Maynard Keynes in his speech. He argued that powerful European countries demanded terms they were not entitled to claim. “What we have before us is a new Versailles Treaty,” he said, adding that with this agreement Greece will remain a debt colony.

Varoufakis also expressed the opinion that the agreement will not materialize because the International Monetary Fund “refuses to participate.” Also, because the European Stability Mechanism will refuse to proceed without the involvement of the IMF.

“Unfortunately, once again, we are dragged to debt restructuring after the failure of the program…  Everything will depend on the restructuring of the debt,” he said.


  • Asbjørn Lauvstad

    “Varoufakis also expressed the opinion that the agreement will not materialize because the International Monetary Fund “refuses to participate.” Also, because the European Stability Mechanism will refuse to proceed without the involvement of the IMF.”
    Strictly speaking, the IMP is hardly entitled to participate because it thinks that the debt is so high that it cannot be repaid. It wants the debt to be reduced. But I have a suspicion that that Institutions will not act in a logical way. The Greeks are not very logical either when they recommend voting against hard terms and then accept even harsher terms. The logical thing would have to accepted a Grexit, which would have meant a lot of problems short-term but might have been a better alternative long-term.

  • Aggressor Viper Driver

    The imposter professor Varoufakis, whose only experience at a real job was working for a video game company, and this clown was a Finance Minister ? LOL, LOL, LOL.

    Greece sure knows how to pick them. LOL, LOL, LOL. If Greeks were not getting hurt by this incompetent moron, it would be hilarious.

    Economist are jokes. Economists are only charts, and graph geeks. They have no hands on management skills, business experience, or anything. Anyone can call themselves an “economist”. It was a term created by Wall Street. You can be a high school dropout and be an economist. LOL, LOL, LOL.

  • Marisya

    I wonder what an “honest deal” means, i supose it has in Greece another meaning then in the other 18 countries.

  • chris

    it means one that will lead to an end of the crisis and not push it down the road, while the Greek people suffer in meantime. That pretty much sums it up I think but I wouldn’t want to plant “radical” ideas in anyone’s head.

  • George

    If your version of an ‘honest deal’ is keeping Greece on minimal life support while northern european corporations harvest her remaining vital organs…then your argument has some merit.

    However, if you believe that ANY of these austerity bailouts have worked in the least, then I suppose your argument has zero merit.

  • George

    This is why Varoufakis resigned his position. He knew that Tsipras was gonna fold, and he didn’t want to be associated with that. It’s very clear now that there was a schism in the ranks, post-referendum; with Varoufakis wanting to go for the EU jugular, while Tsipras was preparing to offer way too much, content to be dealing most of the Greek hand away.

  • button

    Yes, Greece will remain a debt colony but it’s better than the chaos that would follow with the drachma. Mr. Varoufakis, go give a lecture to some wide-eyed college students, and let Greece save itself from complete catastrophe.

  • averagebritain

    I have spent my life in business (typically therefore considered Right of Centre), as an SME owner and I have never heard such common practical sense coming from an economist, before. I believe Mr. Varoufakis is one of Greece’s biggest assets and rubbishing his views, makes you look very stupid – at least from a British perspective.

  • Marisya

    In my version Greece pays his debt and should never have lent and spend that much ..but he, thats oldfashioned of course…

  • Marisya

    a Grexit is the best for us all what can happen, i still have hope.

  • Thinktank

    How do you know that Varoufakis ideas would have worked better? You don’t because economy is not a science. The Greek society is very sick and in the long run it won’t be possible to throw money at this corrupt society. Face it, Greece needs serious reforms with or without bailout deals.

  • Thinktank

    Varoufakis is a coward who doesn’t want do to the hard work needed to get Greece on track.What has he accomplished during the 6 months in office apart from putting demands on other countries? Nothing.

  • Thinktank

    “Mr. Varoufakis is one of Greece’s biggest asset” . Sure thing. I suggest Greece trade him in for some billions of Euros in hard cash.

  • Thinktank

    It is nice to see that the awful self-confident smirking of Varoufakis seems to be gone.

  • samurai

    I agree with Yanis, the terms of the agreement are really harsh, lots of public assets will be on fire sale, and many Greeks will later regret to have lost the control of such resources. People that voted for ND and the bubble economy probably expects it to come back, but it won’t. They should better start growing organic vegetables in the garden (or in public grounds), and prepare for the “degrowth” economy.

  • knowitall

    Janis loves his country…..the scumbag creditors don’t even wait for the outcome of the vote in parliament. I wonder who is gonna buy the Greek assets, we have to keep an eye on that and trace the money. Greece should exit the Eurozone. I can’t believe what Tsipras is doing. First he calls a referendum, than he shakes hands with the creditors and than he says to the public he doesn’t agree what he signed.
    Something is not right here. I believe he has been threatend by some entity, or some entity is gonna give him a nice exit (bribery). Something is not right!
    Varoufakis is the only man who can save Greece. He knows what the Creditors are up to. The only thing he asked for was debt relieve, and not default.
    Are you people really seeing what is happening?? Bye bye Democraty. This is unbelieveable. They are already selling Greece’s assets for peanuts. I will remember this they as Black wednesday. The day the world kissed goodbye to Democraty!!!

  • Tom Magnetic

    More DEBT on top of bad debt.

  • Tom Magnetic

    Varoufakis is the only one that seriously considered moving to the Drachma.
    There needs to be a coalition of politicians who will commit to a Drachma currency and balanced budgets for Greece.

  • Pet007

    Varoufakis is the only politician offering any solutions at the moment ..Pasok nor New Democracy has offered anything better…unfortunately…
    It would be nice if all 3 parties got together and worked for the benefit of Greece…
    I know wishful thinking…

  • Justin Smith

    Schauble instructed the Greeks that no negotiations could go ahead unless he was replaced… Its as simple as that! Varoufakis progressive views blew holes into the oligarchic system prevailing in the EU…

  • Justin Smith

    Don’t waste your breathe! AVP is a slanderous moron whose hate for the Greek people far outstrips any understanding or intelligence on economic matters.

  • Justin Smith

    Professor Varoufakis certainly put the EU oligarchs in their place while he was in office. Obviously, these same offended oligarchs deeply fear individuals who see through their failures of the past five years!

  • averagebritain

    He has opened the eyes of many millions of Europeans, Thinktank. He has opened their eyes to the fact that Greece is simply being used as a money laundering device, for profligate international banks – and those politicians who have been complicit in the crime. That is one of his accomplishments and I believe history will judge him as one of Greece’s biggest assets. It may also judge him as one of Europe’s greatest assets, for his standpoint might reverse the march of the gangsters, who would surely make us all serfs.

  • averagebritain

    You must trace the money.. Greek assets will be bought – at knockdown price – by exactly the same failed institutions that are profiting from your bail outs – international institutions outside Greece, like DeutscheBank.

    Incidentally, the whole of European Citizenry is watching what is happening to Greece and they are collectively beginning to understand the giant ‘bank robbery in reverse’. Let’s hope, for Greece’s sake and for Europe’s.

  • button

    Now if only people would stop talking about him altogether, we be set lol.

  • Aggressor Viper Driver

    Why because he received his inferior education in the U.K. ? First, a PHD degree in the U.K. is a 5 to 7 year program, depending on the field of study.

    A PHD degree in the U.S., is an 8 to 10 year program, depending on the field of study.

    A U.S. graduate degree program in the U.S. is 6 to 8 years, depending on the field of study.

    Varoufakis, did not possess the academic credentials to be a U.S. university professor as it requires a U.S. PHD qualification to get a teaching license. He was an editor of a student newspaper, at a small campus branch of the U. of Texas. Varoufakis was also employed by a U.S. business that develops video games. So he lied about being a U.S. professor, and a video game employee will not gain any experience in the world of business.

    Second, I have 40 years experience as an owner, and CEO of U.S. international corporations. Two of them are world renowned. I employed over 12,000 people. I still have a manufacturing business in China that manufactures for Luxottica. Ever hear of them ?

    I have two graduate degrees from the University of Miami. One degree in aerospace/ aeronautical engineering (rocket science), and the second degree in architecture. I graduated with honors. My education far exceeds Varoufakis’s, and I have no doubts he could not qualify from an intelligence standpoint, to be admitted to classes in such fields of study. Frankly, he’s too stupid,and lacks common sense in my opinion.

    Economics is a very easy major. College coaches in the U.S. enroll their not so smart athletes in the easiest majors, so they can stay academically eligible to compete in sports. Those three majors are : economics, psychology, and recreational management.

    Do you even know what an economist is ? There are no license requirements, no educational requirements, to call yourself an economist. The title was created for the Wall Street talking heads. You can be a high school drop out in the U.S., and call yourself and economist. Try calling yourself an engineer, or an architect, and you go to jail if you don’t have the educational requirements, or a certification license to back it up.

    Economists, are charts and graphs guys. They gather data, make up charts, and graphs, then formulate a theory which is usually wrong. They have no experience in management, logistics, marketing, implementation, business regulation, or practices.

    Personally, I never had the need for one, as i don’t consider them useful . I knew my businesses from the ground up,and knew every job function in that business. However, people with degrees in economics did seek out employment with my corporations.

    The U.S. wrote the book on modern business, and finance. As a former employer, I can say with all certainty Varoufakis is an incompetent idiot, which recent history has confirmed. If you feel you need an economist in your business, then you must be a very poor businessman. If you are impressed with Varoufakis’s ability, I would say there is a huge void in your education, experience, professional abilities, and your intelligence. All those facts considered, makes you look stupid. Sorry.

  • Phil

    Samaras did offer better. Unfortunately many of our leftists refuse to learn. They just keep moving the bar further and further into the leftwing extremist camp.

  • Phil

    Many of our leftists continue to repeat the same mistakes as before. Now they blame Tsipiras like they did Papadreou.

    The chief problem Greece has isn’t that we don’t have some competent politicians. The problem is the millions of morons that keep voting for incompetent ones. Their flawed ratonale is they can vote their way out of cuts when the purse strings aren’t in Greece’s hands and won’t be in Greek hands until/if we have a strong private sector. Unfortunately by supporting further and further left politicians they are destroying our private sector’s chance of recovery (see North Korea and Cuba)

  • Tom Magnetic

    Viper Driver, You pretend that you Know about business however what you advocate does not add up.
    Would you lend money to someone beyond what you know the could not repay and then would you lend them more money so that they could pay you interest on the first money you lent them.
    You would be smarter to not make unwise comment.