Yanis Varoufakis: ‘Europe is too important to be left to its clueless rulers’

Yanis Varoufakis: ‘Europe is too important to be left to its clueless rulers’, by Mick Brown.

It is eight months since Varoufakis resigned as Greece’s finance minister, in the wake of the historic referendum when the Greek people voted to reject the demands of the country’s creditors, the so-called ‘troika’ of the European Union, the European Central Bank and the International Monetary Fund. It was the result that Varoufakis and the Greek prime minster Alexis Tsipras had been campaigning for. But within 24 hours Tsipras had performed a volte-face, accepting the troika’s terms. Varoufakis resigned.

A politician without office, Varoufakis now spends his time writing, giving speeches and campaigning to reform Europe from the grass roots up. In February he launched Diem25, a pan-European umbrella group, aiming to pull together left-wing parties, protest movements and ‘rebel regions’ from across the continent, with the object, as he puts it, to ‘shake Europe – gently, compassionately, but firmly’, and bring ‘democracy back to EU decision making.’

Greek Finance minister Dr. Yanis Varoufakis, 2015 Berlin

He has published a new book, And the Weak  Suffer What They Must? – a detailed historical ana­lysis of the origins of Europe’s financial crisis. Its basic thesis is that the eurozone is not the route to shared prosperity it was intended to be but ‘a pyramid scheme of debt with countries such as Greece, Ireland, Portugal and Spain at its bottom’. Its conclusion, put bluntly, is that Europe ‘is too important to be left to its clueless rulers’, and that the eurozone must be ‘fully recalibrated’ if Europe is to avoid a ‘postmodern’ repetition of the 1930s, with financial chaos, the rise of fascism, and the spectre of conflict.

He’s correct.

hat-tip Stephen Neil