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Varoufakis: «My campaign proposals do not need negotiation with Greece's creditors»
Ο Γιάνης Βαρουφάκης (copyright: Eurokinissi)

Varoufakis: «My campaign proposals do not need negotiation with Greece's creditors»

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"If we continue to apply Syriza's fourth memorandum there will be no young people left in our country"

MeRA25 party leader Yanis Varoufakis on Wednesday said that ruling SYRIZA's and main opposition New Democracy's (ND) programs cannot be implemented "without a rift with Greece's creditors," speaking at a party press conference held at the Athens Daily Newspaper Journalists' Union (ESIEA) in Athens.

Varoufakis, once Greece's finance minister and current professor of Economics at the University of Athens, presented the seven key points of his party's program, which he said would be applied without negotiation with Greece's creditors.

- Reduction of the public debt with an embedded growth clause: the higher the national income, the more creditors will receive, and the reverse. Varoufakis said that this will force lenders to become partners in the recovery of Greece.

- Ending austerity by a drastic reduction of surpluses. Varoufakis said that Syriza and ND have pledged to return to the lenders the equivalent of at least 7,000 euros per capita each year from the so-called primary state surpluses. MeRA25 will unilaterally reduce these surpluses by 60-100 pct, depending on the recovery rate, he added.

- Abolition of obligatory prepayment of 100% of taxes, and capping the VAT rate at 18% for cash purchases, 15% for using a credit card. Reduction of corporate tax: e.g. from current 29 pct, to 26 pct for large businesses, 20 pct for medium-sized ones and 15 pct for small businesses; capping profits on SMEs at 50 pct tax (currently at 75 pct).

- Public extra-bank reliant payment system allowing free digital transactions among citizens, businesses and the state, benefitting all: e.g. by mutual debt cancellation, tax deductions, funding of anti-poverty programs, reducting the hold of private banks and the European Central Bank on citizens and state alike.

- Establishment of a public management company of private debt, so that non-performing loans (NPLs) are transferred from banks to this organisation, in exchange for government guarantees not counted towards public debt. In addition, a ban on loan sales, foreclosure auctions, especially of primary residences and small businesses.

- Inclusion under the Foundation of Social Insurance (IKA) of all freelancers who work more than 8 hours a week for the same employer. Incentives towards start-up entrepreneurs with a 5-year exemption from taxes and insurance contributions.

- Conversion of the Hellenic Republic Asset Development Fund to a Development Bank, abolition of all privatizations, and use of public property as collateral to create investment flows in the public sector; the new bank's shares will be owned by insurance funds, boosting their capitalization.

Yanis Varoufakis insisted that these measures would be implemented without negotiation with Greece's lenders and financial institutions, and underlined that the creditors might react by bringing back GRexit scenarios. In this case, which he ruled out, "it will cost them 1 trillion euros."

"If we continue to apply Syriza's fourth memorandum there will be no young people left in our country," concluded Varoufakis, who also reiterated that his party will not give a vote of confidence to either Syriza or New Democracy, but will nevertheless support any bill it considers fair.

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