Greece’s Yanis Varoufakis: We didn’t U-turn on reforms

Greece’s latest deal with its fellow euro zone countries to secure an extension of its bailout program doesn’t mean the country’s new government has bowed to pressure, the country’s finance minister told CNBC.

“We didn’t get elected in order to clash with our partners, we got elected to renegotiate Greece’s deal with our partners,” Yanis Varoufakis told CNBC in an interview in Athens.  “What is a negotiation? It’s an attempt to find a compromise. The fact that we compromised is not a u-turn.”

On Tuesday, euro zone finance ministers accepted a list of Greek proposals submitted at the 11th hour, but the country’s creditors warned that the reforms must be expanded in detail before new bailout funding would be released.

CNBC