Bulgarian economists on Greece: Collective suicide, exit from euro zone

The successor to Yanis Varoufakis, who resigned as Greece’s finance minister on July 6, should be a business person, Bulgarian economist Krassen Stanchev said.

Stanchev, speaking to Bulgarian National Radio, said that the “no” vote in Greece’s July 5 was like collective suicide. Within a week, a programme for humanitarian aid for Greece would be needed, he said.

It was obvious that Greece had no money, no means for paying for medicines and fuel imports and unless something was done, the country’s whole economy would come to a halt, he said.

Had the outcome of the referendum been “yes”, the previous agreement might have been revived in some form and there would have been loss of savings, say about 10 to 20 per cent of the money of Greek individuals and firms held in banks. With the “no” vote, this figure would probably reach 60 per cent.

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