The Prime Minister has miscalculated her Brexit strategy, according to the former Greek finance minister who negotiated with the EU over Greece’s bailout deal.
Varoufakis said “nothing good” will come from the divorce talks unless May changes tack.
He said: “London’s greatest miscalculation would be to assume that the EU’s negotiators are committed to the bloc’s economic interests.
“Whilst negotiating Greece’s debt to the EU with them, I realised in horror that they cared very little about getting their money back and a great deal more about shoring up their relative positions…even if this sacrificed large economic gains.”
Varoufakis, who negotiated for Greece during 2015, recommended that Britain pursue a deal similar to Norway’s for the transition period after 2019.
Norway is in the European Economic Area and is a European Free Trade Association member. The agreement gives Norway access to the single market even though it is not a member of the EU.
He said: “Request a Norway-like agreement for an interim period – something that they cannot refuse – and empower the next UK parliament to design and pursue Britain’s long-term relationship with the EU.”
To read Varoufakis’ article click here.