Greece Debt Deal Attacked By Yanis Varoufakis
Former Greek Finance Minister says only in alternative universe are things getting better.
Ministers in Athens have struck another deal with their international creditors to be able to get their hands on the next installment from a $94 billion bailout programme.
The deal involves more cuts to pensions and fewer breaks for taxpayers. It may be a hard pill to swallow for the Greek people who already have had to endure years of austerity. Unemployment is close to 25% and the economy has shrunk by a fifth since the global financial crisis.
The Greek government needs the funds urgently though - it has to repay just over $8 billion in debt in July.
The International Monetary Fund thinks Greek debt is unsustainable without some being written off. But that's controversial with the likes of Germany.
Yanis Varoufakis the former Greek finance minister that once described the European Central Bank and the IMF as a committee built on rotten foundations has been vocal about his views on what should be done about his country's debt. Vishala Sri Pathma asked him what he thought about the current situation.
Duration:
This clip is from
More clips from World Business Report
-
Gen Z candidates gaining ground in 2024 US elections
Duration: 04:30
-
Could a deepfake be used to steal your identity?
Duration: 07:39
-
K-Pop choreographers join the Korean Wave
Duration: 04:31