The Eurozone crisis is threatening to return as the bloc discusses extending Greece’s bailout extension. Meanwhile, Greek Financial Minister Yanis Varoufrakis blames Eurozone Chief Jeroen Dijsselbloem. Varoufrakis said that the chief withdrew its initial decision for a draft that stopped all the progress made by officials to resolve the issue.
Varoufrakis said the chief only gave some “nebulous words” and false promises of “some flexibility.”
However, Varoufrakis stressed that Greece will remain in the Eurozone whatever the cost. He also denied that Dijsselbloem’s act is not a provocation for Greece to leave the Eurozone, but rather a misunderstanding between Greece and Europe. He said that Greece’s new government is committed to changing a program that has failed in the eyes of anybody “without a vested interest.”
In 2012, Greece’s financial troubles began. Back in 2004, Greece’s economic troubles began when the Athens Olympics had it huge debts. Tax evasion and unequal spending and income management has led to Greece’s fiscal downfall within the Euro.
Meanwhile, the Eurogroup of Eurozone finance ministers gave Athens until Friday to agree to a new bailout plan proposed by the European Union, ECB and the IMF.
Varoufrakis initially refused the draft stating that prolonging the bailout for more than six months without reducing austerities is Greece’s stand.