Varoufakis: The memorandum is the cause of Greece’s ongoing recession

Greek debt is unsustainable, Finance Minister Yanis Varoufakis said Friday, voicing optimism that the SYRIZA-led government will reach a compromise with the country’s European partners.

“The memorandum is the [cause of] ongoing recession and a debt which is unbearable and unsustainable,” Varoufakis said outside the finance ministry ahead of a meeting with US Treasury officials.

Asked by journalists about how Greece plans to overcome resistance from foreign lenders, Varoufakis said: “Through reason, which is a European idea.”