Euro falls against major currencies

January 31st, 2015

David Schulberg

According to Press TV, the Friday plunge of the euro came as financially-troubled Greece declined to meet with its international creditors and refused to accept new loans while the eurozone demonstrated a weaker inflation.

Greece’s new Finance Minister Yanis Varoufakis announced that, despite the warnings that the country would imminently run out of cash, his anti-austerity government would rather carry on without the instant new funds, and instead renegotiate the entire bailout package.

Referring to the budget cuts and the financial reforms demanded by Athens’s top international creditors, namely the European Union (EU), the European Central Bank and the International Monetary Fund (IMF), Varoufakis said “This government was elected on the basis of analytically questioning the very logic of the program now being applied.”

This is while the three creditors have pledged to offer Greece an additional 7.2 billion euros in funds if Athens completed the reforms required by its lenders by February 28.

The Greek finance minister added “Our first act as government will not be to reject the logic of questioning this program by requesting to extend it.”

Meanwhile, at a tense press briefing with Eurogroup President Jeroen Dijsselbloem, Varoufakis further emphasized that Athens was ready to negotiate with its top lenders but not with their auditors, who he described as a “committee built on rotten foundations.”

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