Greece's Former Finance Minister: ECB Stress Tests Are 'Fraudulent' - TheStreet

Greece's Former Finance Minister: ECB Stress Tests Are 'Fraudulent'

Greece's former finance minister Yanis Varoufakis views the European Central Bank's stress tests, which Greek banks just passed, as 'fraudulent.'
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Greece's former finance minister Yanis Varoufakis views the European Central Bank's stress tests, which Greek banks just passed, as "fraudulent."

"Greece's banks went bankrupt three times in the last seven years," he said. "Before each one of those bankruptcies there were stress tests and those tests showed that they passed with flying colors."

Varoufakis pointed to statistics showing how half of the Greek bank loan books account for non-performing loans. 

Varoufakis is author of the new book "Talking to My Daughter About the Economy."

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