BUSINESS

Regling: Varoufakis' FinMin tenure cost Greece 100 bln euros

TAGS: Economy

The cost of Yanis Varoufakis’s tenure as Greece’s Finance Minister during the January-August 2015 period was estimated at around 100 billion euros, Klaus Regling, head of the European Financial Stability Facility (EFSF) and first managing director of the European Stability Mechanism, told Skai TV.

In the interview that aired on Wednesday, Regling noted that  during the Varoufakis era, relations between Greece and its lenders were not good, that reforms were halted and that the overall situation at the time did not serve the interests of the Greek economy.

Regling also urged the current Greek government to stick to agreed reforms and noted that the next two months would see negotiations between Greece and its creditors regarding changes in the country's labor laws, among others, before a second review of the country's bailout program in September.

Regling also argued that some members of the coalition administration did not seem committed to the bailout program, particularly with regard to privatizations and the privatization fund.

On the subject of debt relief for Greece, Regling noted that the institutions had agreed on principle, but disagreed over the time frame.
 

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