Varoufakis Tells Tsipras to Dump Greece's Creditors

Αssociated Press

FILE - Greece's former Finance Minister Yanis Varoufakis. (AP Photo/Petros Giannakouris)

ATHENS - Former finance minister Yanis Varoufakis said Prime Minister Alexis Tsipras should walk away from the country's international creditors.

Varoufakis, forced out after the lenders said they couldn't deal with his anti-austerity hardline stance, said Greece should adopt a parallel payment system he designed in 2015 and should unilaterally restructure the European Central Bank loans it holds.

“This two-pronged preparation is the only way to prevent another excruciating retreat by the prime minister in the short term and (German Finance Minister Wolfgang) Schaeuble’s plan in the long term,” Varoufakis wrote in an op-ed in Efimerida ton Syntakton on Saturday.

Varoufakis suggested that Schaeuble’s strategy is to lead Greeks to the point of exhaustion so they ask to leave the euro themselves.

Tsipras has fallen precipitously in the polls after reneging on promises not to deal with the European Union, International Monetary Fund, European Central Bank and European Stability Mechanism.