The Minister
of Finances Yanis Varoufakis argued that the Athens “wants to stop
imitating Sisyphus” in an interview published in Le Monde. Mr.
Varoufakis noted that the correct strategy for Sisyphus is to stop
pushing his boulder, rather than trying to get up the hill, in
reference to the payment of the Greek public debt. He explains that
Greece was given huge loans to pay off its debts while expected to
reduce its expenses.
The Finance
Minister assured that the government is determined to cooperate with
its partners, avoiding unilateral decisions, but argued that a
“reboot” of the program is necessary as it was based on a flawed
logic. Mr. Varoufakis conceded that the two major faults of previous
governments were constantly taking out loans without any
consideration for the future and the lack of reforms.
When pressed
to answer how the Greek government intends to cover treasury bills
that will soon mature, Mr. Varoufakis was vague in his response and
stated that he intends to negotiate a sustainable plan for lending.
The implementation of such a plan for a few months is possible, so
that the government can prepare its reform proposals and enter
meaningful discussion with its partners to put an end to the crisis.
Regarding
the new government’s decision to halt privatizations, the Finance
Minster stated that it is not smart to sell off the family jewels
during a deflation crisis and stressed that it is wiser to develop
and take advantage of the State’s assets, in order to further
support the economy. He noted though that it is not wise to repeal
privatizations that have been carried out, such as COSCO’s
involvement in Piraeus.
Mr.
Varoufakis added that the new Greek government considers foreign
investments, particularly from China, to be a major source for the
improvement of existing structures and to support Greece’s
competitiveness. The Minister also repeated the government’s
assurances that foreign investors considering Greece will find an
“open mind”.
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