Publication

This paper addresses the position of Greece's Finance Minister, Yanis Varoufakis, in his country's negotiations with its eurozone creditors in February 2015 over the extent of primary surplus of GDP his country would need to secure a deal with these creditors. In particular, Mr Varoufakis argued that his country should not be expected to show a primary surplus of 4% of GDP in 2015 as part of any deal with its creditors, due to the special nature of the depressed state of the Greek economy.