In a shocking interview with ABC’s Lateline on Friday night the former Finance Minister of Greece, Yanis Varoufakis, opened up about his controversial resignation and the outrageous referendum that plunged financial markets into chaos.

The outspoken former minister defended his use of derogatory terms describing the troika of creditors. Mr Varoufakis spoke of them as like ‘terrorists’ using ‘fiscal waterboarding’ to exact their payments.

“I would probably use exactly the same language,” he told Lateline interviewers, “but amplify my words more, and maybe even have them cast in neon lights all over Greece,” he said unapologetically.

“You bring them (the debtors) to the point of suffocation and then you give them a bit of oxygen. This is what the troika has been doing to previous governments, not just to ours, for five, six years now.

“They bring you to the point where you can’t pay salaries, you can’t pay civil servants’ pensions, and then, at the last moment, they put you in a situation where either you have to introduce unsustainable new policies, like increases in VAT, or your banks will be closed down or your economy’s going to become completely bankrupt in a kind of visible way as well.”

Mr Varoufakis also defended his support for a nationwide referendum on the offered bailout packages.

“On June 25th in a Eurogroup meeting, when I was still Finance minister, I was presented with a comprehensive loan package as well as reform package for the Greek economy.

“We studied it very carefully and I asked myself and my colleagues a very simple technical question: Is this manageable? Is this viable?

“And I asked my partners in Europe: Do you think this is viable? If we agree to this are we going to turn the corner? Are we going to be able to repay the new debt that we are piling up on the existing debt?

“And the answer we all gave, including the institutions, including the International Monetary Fund in all truth and honesty was ‘No’.”

The Greek people agreed and voted against accepting the bailout packages in their current form.

Despite this, Prime Minister Alexis Tsipras agreed to the creditors demands and pushed through parliament the ratification of the acceptance.

Mr Varoufakis resigned in disgust.

“The night of the referendum when I discovered that my prime minister and my government were going to move in the direction that you’ve mentioned, I resigned my post.

“That was the reason why I resigned, not because anybody else demanded it.”

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