Tuesday, January 2, 2018

"Don't be fooled, the crisis is still there: the Euro is in danger"

[Photo: Barcelona, 9 Nov. 2017, 

Today in El País - Yanis Varoufakis, co-founder of DiEM25...

"The current situation reminds me of 2001: we came from twenty years of stringing bubbles, the dotcom broke out, and even so we managed to stay the same and provoked an even more serious crisis with an even larger bubble that burst in 2008. 

We run the risk of going back to the old ways. In Spain, total debt is rising. In Italy there is capital flight, a banking crisis in the making, an explosive political situation. 

What we have in Greece cannot be called recovery, and the debt is unpayable. 

The examples are inexhaustible. 

Throughout the periphery we exchanged full-time jobs for precarious jobs, thereby endangering future pensions and the foundations of the European economy. 

The financial and macroeconomic imbalances not only have not been reduced, but are even greater: I am afraid that we are not in a position to celebrate...The euro, as it is today, is unsustainable." 

Full interview in Castilian Spanish here: http://bit.ly/2CbhiST

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