News / Brèves Back to previous selection / Retour à la sélection précédente Varoufakis: BRICS and Europe Go Together 20 May 2015 EIRNS — In a marathon 2.5 hour interview on Greece’s Enikos online TV on May 18, Finance Minister Yanis Varoufakis discussed the question of Greece’s joining the BRICS New Development Bank, and also said he would rather that Greece default on debt to its creditors, than not pay wages and pensions. The interviewer asked for his comment on the "potential cooperation between Greece and this new ’bank,’ let’s say," to which Varoufakis replied: "Now, the BRICS concept. This development bank actually represents something very bright in a very gloomy atmosphere. It is very encouraging to have countries such as even Russia, despite its problems with its regime, and countries such as China and India that create a different source that will boost growth on a global level. Let us not forget that China alone finances in terms of investment funds much higher amounts than the World Bank itself. So, to my view this is a very positive effort. However, we cannot envisage that as being something competitive to the European Union or to Europe, because as I said, once you are in a monetary union you cannot go out, you ought not to be out. So what we should do is assist in order to transform this Economic and Monetary Union [EMU] into a real union. Concurrent to this, it is imperative also to have contacts with other different, let’s say, approaches and efforts, such as the BRICS effort that will further help us within the Eurozone." This rather equivocal answer is in keeping with Varoufakis’s own questionable idea of "improving" the Eurozone through even more federalization. Elsewhere he said, "Pensions and salaries are sacred ... an absolute priority" and that he "prefer[s] a default to the IMF rather than wages," according to a report in Enikos.gr. He also revealed that "it was not certain [Greece] could repay EU750 million to the IMF" on May 12, which it did in the end. He apparently confirmed weekend press reports, that Prime Minister Alexis Tsipras warned Greece’s creditors of the risk of non-payment, by sending them a letter shortly before the deadline of May 12. Even former sellout Finance Minister Yannis Stournara, who is now president of the Greek Central Bank, said that the government hopes it can both make debt payments and also pay wages and pensions in June, but if it has to choose, it will choose to pay wages and pensions. Dean Andromidas English voiceover of the two-part interview with Greece’s Finance Minister Yanis Varoufakis - Part One - Part Two