Economist Yiannis Varoufakis from the University of Athens appeared Tuesday on BBC News to comment on the Greek debt situation and the recent signing of the second bailout loan to the debt-ridden country by the EU and IMF.
The Greek analyst said that “Europe remains in denial over the state of the Greek economy and the general state of the Euro Zone”.
“Greece has now officially defaulted but Europe has found an euphemism for it by calling it the second bailout” commented Mr. Varoufakis.
Giving his opinion on the country’s debt situation, Mr. Varoufakis explained that any country in the place of Greece must depend on the simultaneous and in-sync working of two factors, i.e. the interest rate, by which it must pay back its debtors, and the growth rate, that should boost the domestic economy.
Greece has currently a -7 percent growth rate and a 3-4 percent of interest rate, according to the analyst.
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