Huge bailout

FORMER Greek Finance Minister Yanis Varoufakis has told the BBC that economic reforms imposed on his country by creditors are “going to fail”, ahead of talks on a huge bailout.

Mr Varoufakis said Greece was subject to a program that would “go down in history as the greatest disaster of macroeconomic management ever”.

The German Parliament approved the opening of negotiations on Friday.

The bailout could total euro 86billion ($F199b) in exchange for austerity measures. In a damning assessment, Mr Varoufakis told the BBC’s Mark Lobel: “This program is going to fail whoever undertakes its implementation.”

Asked how long that would take, he replied: “It has failed already.”

Mr Varoufakis resigned earlier this month, in what was widely seen as a conciliatory gesture towards the eurozone finance ministers with whom he had clashed frequently.

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