Greek Finance Minister Yanis Varoufakis said that his country desperately needs some of its debt written off if it is ever to pay anything back. “Only [with debt cuts] can we guarantee the repayment of as much of our debt as possible and actually deliver,” Varoufakis told German tabloid Bild on Monday. He claimed that he would immediately agree to further financial aid from the country’s creditors – which he and Prime Minister Alexis Tsipras have until now resisted due to the harsh conditions attached to it – if some of Greece’s debt could be slashed. The International Monetary Fund (IMF), one of Greece’s creditors, agreed that the country’s debt should be restructured, Varoufakis said. He was backed up by IMF chief economist Olivier Blanchard, who wrote in a blog post on Sunday that while Greece should agree to reform its VAT and pensions, the EU needs to be prepared to compromise. Varoufakis’ statements came a day after talks between Greek and European Commission negotiators broke down on Sunday over what leaders on both sides called deep differences. (source: DPA)
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