Former Greek finance minister Yanis Varoufakis has officially launched his new political party, MeRA 25.
Launched on Monday in a theatre hall in Athens, the 57-year-old said the grassroots party will seek to “bring realistic hope” to Greece, with the aim of releasing the debt-ridden country from “debt bondage”.
“We will not mince our words,” Varoufakis said during a press conference.
“[Our alliance] will be people of the left and liberalism, greens and feminists.”
The party is an extension of the DiEM25 (Democracy in Europe Movement 2025) co-founded by Varoufakis in February 2016 and present in seven European countries.
With Greece having the highest debt to GDP ratio in the eurozone at 180 per cent of GDP, MeRA 25’s first proposal is to drastically restructure the debt.
While the government is currently promoting the idea of a clean exit from the bailout program at the end of the summer, Varoufakis is adamant that this will never happen.
An economist, Varoufakis was the Greek finance minister when the Alexis Tsipras-led Syriza party first assumed power at the height of the financial crisis between January and June 2015.
While he is blamed by many in Europe for his handling of negotiations with the EU for the severe austerity measures Greece and its people have had to pay with their bailout loan, it is thought his party may appeal to those citizens dissatisfied with the current prime minister.