This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-33880217
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Greece debt crisis: Varoufakis says bailout 'won't work' | Greece debt crisis: Varoufakis says bailout 'won't work' |
| (about 20 hours later) | |
| Former Greek finance minister Yanis Varoufakis has said the latest Greek bailout deal "is not going to work". | Former Greek finance minister Yanis Varoufakis has said the latest Greek bailout deal "is not going to work". |
| Mr Varoufakis, speaking on the BBC's World at One, said that other negotiators in Tuesday's agreement felt the same way. | |
| He said: "The Greek finance minister… says more or less the same thing." | |
| He added that he had seen the "finance minister of Germany go to the Bundestag and effectively confess this deal is not going to work". | He added that he had seen the "finance minister of Germany go to the Bundestag and effectively confess this deal is not going to work". |
| "The International Monetary Fund... is throwing up its hands collectively despairing at a programme that is simply founded on unsustainable debt... and yet this is a programme that everybody is working towards implementing." | "The International Monetary Fund... is throwing up its hands collectively despairing at a programme that is simply founded on unsustainable debt... and yet this is a programme that everybody is working towards implementing." |
| Mr Varoufakis was removed from the talks early last month and replaced by the present finance minister, Euclid Tsakolotos. | |
| He added: "Ask anyone who knows anything about Greece's finances and they will tell you this deal is not going to work," | He added: "Ask anyone who knows anything about Greece's finances and they will tell you this deal is not going to work," |
| Tsipras 'optimistic' | Tsipras 'optimistic' |
| But Greek Prime Minister Alexis Tsipras said on Wednesday that the deal would end the country's economic uncertainty. | But Greek Prime Minister Alexis Tsipras said on Wednesday that the deal would end the country's economic uncertainty. |
| Mr Tsipras is expected to call an emergency session of parliament on Thursday to ratify the bailout. | |
| He faces opposition from many hardliners in his radical left Syriza party who oppose the austerity measures included in the deal. | He faces opposition from many hardliners in his radical left Syriza party who oppose the austerity measures included in the deal. |
| Mr Tsipras said: "Despite the obstacles that some are trying to put into our path, I'm optimistic we will get to an agreement, loan support from the European mechanism, which will put a final end to economic uncertainty." | Mr Tsipras said: "Despite the obstacles that some are trying to put into our path, I'm optimistic we will get to an agreement, loan support from the European mechanism, which will put a final end to economic uncertainty." |
| Greece must repay some €3.4bn to the ECB by next Thursday. If the deal is not finalised by then, Athens may need more emergency funding. | |
| Eurozone finance ministers are expected to meet at the weekend to endorse the draft deal. | Eurozone finance ministers are expected to meet at the weekend to endorse the draft deal. |
| However, many member states believe more negotiating has to be done. On Tuesday, Finnish Finance Minister Alexander Stubb said: "There remains work to be done with details. Agreement is a big word." | However, many member states believe more negotiating has to be done. On Tuesday, Finnish Finance Minister Alexander Stubb said: "There remains work to be done with details. Agreement is a big word." |
| The German government has welcomed Tuesday's deal, calling it a "substantial result". | |
| But it said it must study the deal further before deciding whether it was ready for approval by the German parliament. | But it said it must study the deal further before deciding whether it was ready for approval by the German parliament. |