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Difficult not to love how he discusses everything with a very different language from traditional politans (or I would say, professional polititians). He sounds
by xae 11y ago
Difficult not to love how he discusses everything with a very different language from traditional politans (or I would say, professional polititians). He sounds true and honest, and by no means a radical inciendary that wants to destroy the EU and the Euro. His political career has been cut short by massive pressure from all sides but he has gained sympathy for Syriza's cause worldwide in a very short time and nonetheless make progress in negotiations despite having everyone against his ideas in economic institutuions.
I'm sure we'll miss Varoufakis and I hope his style - be like a common mortal - permeates politics everywhere.
- showkhill 11y agoHear, hear. While Greece have lost this battle, he has shone a light into the murky workings of European politics that I believe will be invaluable and inspiring to future reformers, not to mention the citizens of the EU member states.
- vixen99 11y agoI'm just wondering what the heck Greece has done with the some half trillion Euros it's sucked in over the years and which hard-pressed taxpayers across Europe, many with standards of living below that of the average Greek, will now be helping to offset?
- pfg 11y ago> Less than 10% of the bailout money was left to be used by the government for reforming its economy and safeguarding weaker members of society. http://www.theguardian.com/world/2015/jun/29/where-did-the-greek-bailout-money-go http://www.theguardian.com/world/2015/jun/29/where-did-the-g...
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- bobcostas55 11y agoThat's completely meaningless nonsense, money is fungible.
- yrro 11y agoDoesn't change the fact that the previous bailout was in practice a bailout of French and German banks and other private bondholders. Another case of profits being privatized and losses being socialized.
- mattlutze 11y ago> Only a small fraction of the €240bn (£170bn) total bailout money Greece received in 2010 and 2012 found its way into the government’s coffers to soften the blow of the 2008 financial crash and fund reform programmes. > Most of the money went to the banks that lent Greece funds before the crash. They money from the bailouts went to pay debts that Greece owed on pre-2008 loans, and was not available to the Greek government to be used for social or economic restructuring. I'm not certain at all what your basis for your comment is.
- danieltillett 11y ago500 000 million spread over 10 million people for 20 years is only 2500 euros per person per year. Assuming a large chunk of this amount was interest then it makes a lot more sense where all the money went.
- venomsnake 11y agoWell the ECB could just print couple of trillion euro and hang them out divided to each country. We will have a little inflation and that's it. Greece will be debt free and there will be no burdens on the taxpayers.
- danieltillett 11y agoActually Greece has a printing press for Euros (apparently you can tell which euro notes are printed in Greece by the serial number). I have been half expecting Greece to solve all its problems by just printing.
- vamur 11y agoThey need authorization from ECB and the printer prints only 10 euros. https://www.theguardian.com/world/2015/jul/06/return-drachma-greece-print-own-euros https://www.theguardian.com/world/2015/jul/06/return-drachma...
- danieltillett 11y agoI think if you are going to run the biggest heist in history you are not going to ask permission :)
- CrLf 11y agoThe Euro notes has codes for both the issuing central bank and the printer facility. http://www.eurotracer.net/information/notes.php http://www.eurotracer.net/information/notes.php
- danieltillett 11y agoMe thinks even the Greeks would not have too much problem putting the German code on their new notes. Of course this would be interpreted as a declaration of war by the eu so it would not be wise.
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- chrisbennet 11y agoAlmost all of it was used for dept payments I believe. Alas, this sort of thing (protect the interests of capital) is pretty normal. In the US, bankers got a bailout and homeowners lost their homes for example.
- lucozade 11y agoOf the bailout money, yes. But bear in mind that the bailout money (at least the initial tranche) was to take on debt that had already been spent. It most definitely is not that case that that money was spent on debt re-payments. It's fair to say that a lot of subsequent additional money was primarily used to cover debt re-payments but that's because the original debt was so large (relative to the Greek economy).
- chappi42 11y agoGreece has lost the war. Fortunately the resistance was strong enough against his completely exagerated expectations. Such parties are not normally at the helm neither in US nor Europe. Care to elaborate murky workings?
- showkhill 11y agoHear, hear. While Greece have lost this battle, he has shone a light into the murky workings of European politics that I believe will be invaluable and inspiring to future reformers, not to mention the citizens of the EU member states.
- vixen99 11y agoRadical incendiaries? I wonder what epithets you'd employ to describe people who have voted against EU treaties (to be told to vote again until they get it right)?
- roel_v 11y ago"True and honest"? Are we reading the same article? He sounds like a bitter extremist who doesn't know how to control himself in order to reach a certain goal, but instead like either a petulant child or an autistic person (depending on the day of the week, it seems) can only repeat 'the Greeks voted for no extra cuts yet stay in the Euro so we should get it' (no shit? and I'd like a pony) and 'my economics paper says xyz, I want you to reply to each point I made'. Uh no buddy, that's not how the world works.
- andy_ppp 11y agoYou sound pretty bitter yourself. I find it strangely Kafkaesque the way each country has their own vested interests in destroying Greece. We know absolutely that they will not pay this money back (and as a price Europe is destroying their country and seizing assets, a coup of kinds). I think they should go bankrupt - and the banks will be falling over themselves to lend them money again! It's amazing that 90% of the Greek bailout money went to the Banks and that they are no longer exposed to the risks that they made, instead tax payers are. It really feels as if the banks should be made to pay for making such unstable, non repayable depts? Just a thought.
- roel_v 11y agoWell, if the Greeks would agree with your idea, they'd do it, don't you think? And if they'd really think they'd be better off leaving the Euro, they would, no? Instead, they are willing to accept drastic measures, and even Varoufakis has all eyes set on staying in the Euro zone, even if only in a farcical way (his 'we'll issue Euro-denominated bonds ourselves even if the ECB cuts us out' fantasy). The way I see it, they want to stay in the Euro no matter what. Everybody saying 'leave the Euro' seems to know better for them than they do?
- Mikeb85 11y agoThe problem is that while Greece is better off leaving the Euro, individual Greeks that already have savings would be worse off if their savings were converted to drachmas. Seeing as how Syriza was elected by a populist movement, they could just as easily be deposed by the same populism, and a lot of people (especially those who are already retired or nearing retirement age) would be upset if they lost a large chunk of their savings. But yes, economically, the drachma is better for Greece. Especially for younger Greeks who have little to no savings, and wouldn't be hurt by a devaluing currency, but would stand to gain from increased employment.
- lucozade 11y agoWith my interested bystander hat on, I agree with you. As someone who has a family interest in Greece being a pleasant place to live and work, it would have been nice if he had been even a tad effective along with it.