Varoufakis Says Greece Has Gone From Ponzi Borrowing To Ponzi Austerity

Greek Finance Minister Yanis Varoufakis on Thursday made an impassioned plea for a change in the term of the aid the country is receiving from international creditors, saying the country has gone from a Ponzi scheme of unsustainable borrowing to a scheme of Ponzi austerity. He said nothing would be easier than to sign on the dotted line of the existing memorandum of understanding, "except that it would be the wrong thing to do." Speaking at the Brookings Institution, Varoufakis said the reason other eurozone nations have recovered more quickly is because less severe austerity was imposed on them.

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