Posted by: Doug Henwood | November 30, 2010

Yanis Varoufakis on austerity

Not only is he an economist, he’s now master of his own domain! Yanis Varoufakis on austerity: Cutting our noses to spite our faces.


  1. I really like Varoufakis. His head is screwed on right and he’s got a great accent. I like his reply to Wolfgang Munchau (“”) for its creativity and attention to practicality. It’s of course too sensible to be implemented by the powers that be, who know better than to do the right thing.

  2. I left the following questions on his website. For now, I agree with his opinion that some supranational credit entity is the best way out of the eurozone crisis. I’m hoping that he’ll further discuss the long-term strategy of core EMU policy makers. I assume more than just “madness” is being implemented.

    Prof. Varoufakis:

    What do you think of the ongoing brinkmanship being performed by policy makers from the core of the EMU? Is this “madness” a reflection of some larger strategy? If so, what is their goal? Could they be setting the stage for changes to the political structure of the EMU?

    From a financial point of view, the EMU sovereign bond market seems to be changing from a spread market to a credit market. Is this an accident or a deliberate strategy?

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