Yanis Varoufakis considers Mário Centeno's performance in the Eurogroup “shameful”

The former Greek finance minister says that the European 500 billion package to combat the crisis is the beginning of the end of the euro and that "there will be auterity".

Yves Herman / Reuters

Yanis Varoufakis describes Mário Centeno's performance as president of the Eurogroup as “shameful”. In an interview with the radio “TSF”This Friday, April 17, the former Greek Finance Minister believes that the 500 billion package to combat the crisis caused by the Covid-19 pandemic, marks the beginning of the end of the euro.

Questioned by Portuguese radio to classify Centeno's performance in the Eurogroup, Varoufakis claims to be “shameful” and that the Portuguese Finance Minister “should be bowed with shame for having arranged this non-agreement”, because Mário Centeno “comes from a country that knows the pain of austerity, that knows that the eurozone never dealt rationally with the huge crisis of 2010 and 2011 "and as such" had a moral and political duty towards the Portuguese and European peoples not to repeat Mr's performances . Juncker and mr. Dijsselbloem when they were presidents of the Eurogroup ”.

Regarding the approval of the € 500 billion package, Yanis Varoufakis considers that “by rejecting eurobonds, having loans from the European Stability Mechanism or the markets instead, countries like Greece or Portugal will be so indebted next year that , even without European budget restrictions, there will be a worse austerity level than in 2011 ”.

The former Greek finance minister also believes that this crisis could be the beginning of the end of the eurozone. "I have no doubt that yes, if we continue on this path", looking at Italy as the 'domino piece' that will make all countries fall. “Italy is going to have to borrow huge amounts of money. There will be a 10% collapse in GDP. The debt-to-GDP ratio will rapidly increase to 180% or more. The deficit is going to be huge: 15%, maybe 20%. Any government that has to implement such a program takes to the streets quickly. Matteo Salvini will ride to power and I guarantee that the first thing he will do is a plan for Italy to exit the euro. And if Italy leaves, we all leave, ”he explains.


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