NEWS

Greece must stop being ‘festering wound’ on eurozone

Greece’s finance minister Yanis Varoufakis said on Monday that he had agreed with British finance minister George Osborne that it was necessary to end the “pretense” that had led to Greece being a burden on the rest of Europe.

“(We have) a determination to put an end to the extended pretense cycle which has rendered Greece a festering wound on the side of the eurozone,” Varoufakis said in a television interview with Britain’s Channel 4 News.

“Even for Britain, which is not a member of the eurozone, (this) is a great concern because the deflationary crisis in Europe certainly doesn’t augur well for the British economy,” he said after meeting Osborne in London.

Varoufakis, who became finance minister on January 27 as part of Greece’s new left-wing government, said in Paris on Sunday that Greece needed to end its “addiction” to overseas borrowing and go “cold turkey.”

[Reuters]