Yanis Varoufakis - The Origins of the Economic Crisis
Yanis Varoufakis:
"There is one crisis - the crisis of the Eurozone - and it takes many
different forms. So for instances here in Germany, where we are now
speaking, it takes a form of negative interest rates, so if you a
pensioner you're pension fund is in trouble because they cannot invest
your money and get interest in order to add to your capital for a rainy
day for when you retire. In places like Ireland, you have a dual
economy: You have the Irish who have managed to be
connected to Facebook and Google and they are doing reasonably well and
the others were not and they are doing very badly. You have a situation
where France has a debt that is unsustainable as we speak and a budget
deficit which cannot be contained without creating greater social
tensions and possibly giving rise to a Marine Le Pen presidency. All of
these are part of the same crisis and until and unless we look at it as
one crisis with a view to identifying the causes of this crisis and the
remedies for this crisis as a whole, we are going to be continuing along
the path of denial, the price of which is Europe being the sick of man
and woman of the global economy."
