I heard Varoufakis on the radio this morning. Then put on this TED talk of his and sat watching it with my daughter. “When someone is insolvent will you give them a huge loan” he asks. This is exactly what EU did to Greece with the collusion of the Greek’s politicians. He then goes on to ask – if you are saddled with a loan that is huge and that you cannot hope to pay it off -what is the solution? The people giving you the loan write off half the loan (Germany post war) or you tie the repayment to the growth of the GDP (Australian student loans). He is brilliant and I nominate him as a person to follow, listen to and read-up on.
“One of the great ironies of the eurogroup is that there is no macroeconomic discussion. It’s all rules-based, as if the rules are God-given and as if the rules can go against the rules of macroeconomics.
“I insisted on talking macroeconomics.”
Then if you like the Voldemort allusions – if you are of such a persuasion.
Anyone else think #YannisVaroufakis could make a living as Voldemort’s double, if the finance minister gig goes phut?