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Missing Link to Yanis Varoufakis
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Missing Link to Yanis Varoufakis

KenFM-Interview von Dirk Pohlmann

KenFM, 2015 más...

audio autogenerado
audio autogenerado

Editorial Rating

9

Qualities

  • Innovative

Recommendation

In this interview, former Greek finance minister Yanis Varoufakis launches a scathing attack on Europe’s economic institutions. He likens the Troika – the European Central Bank, the International Monetary Fund and the European Commission – to an unelected neocolonial dictatorship. Varoufakis eloquently articulates the causes of the Greek economic tragedy and suggests reforms. While always politically neutral, getAbstract believes Varoufakis’s arguments will trigger essential discourse among economists and Europeans concerned about the euro zone’s future.

Take-Aways

  • The Greek economic crisis unfurled for two reasons: First, Greece has a long history of debt crises. Second, when it joined the euro zone, Greece was the “weak link” and thus bore the brunt of the ensuing fallout.
  • When the bubble burst in 2008, Greece, as a member of the euro zone, was unable to devalue its currency. Instead, it had to devalue its labor by cutting wages and prices, which also reduced its debt-service capacity.
  • The Eurogroup of finance ministers is a “democracy-free zone.” Moreover, the leaders of the Troika – the European Central Bank, the IMF and the European Commission – which subjects sovereign states to its rulings, are not democratically elected.

About the Speaker

Economics professor Yanis Varoufakis held the office of Greek finance minister for seven months in 2015.


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