A New Deal for Greece – a Project Syndicate Op-Ed

Yanis Varoufakis

Photo of Yanis VaroufakisFor the Project Syndicate page click here.

ATHENS – Three months of negotiations between the Greek government and our European and international partners have brought about much convergence on the steps needed to overcome years of economic crisis and to bring about sustained recovery in Greece. But they have not yet produced a deal. Why? What steps are needed to produce a viable, mutually agreed reform agenda?

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4 responses to “A New Deal for Greece – a Project Syndicate Op-Ed

  1. http://www.forbes.com/sites/greatspeculations/2015/04/03/what-to-buy-if-greece-exits-the-euro-zone/


    Currency unions such as the European Monetary Union can only work in the long-run if wealthier states directly subsidize poorer states with no strings attached.

    For example, U.S. states such as New Mexico and West Virginia have consistently received more funds from the federal government than they collected in taxes.

    These ‘state subsidies’ were supported by funds from New York and Delaware (Washington DC national (federal) government).

    Forbes – major international finance magazine


    …Our government is eager to rationalize the pension system (for example, by limiting early retirement)…

    Pension payouts come back to government. There are taxes paid by pensions direct and indirect.
    Pensioners buy from shops and create youth jobs.
    Pensioners buy medicine, disability aids, incontinence products, and employ carers.

    The EU, like the UK big parties, all blame the recession on people living beyond about 45 years of age (sic).

    Even with early retirement, and people going to work in another job.

    All that money comes back into the economy.

    It is taxation that flows out of the country in its entirety that is the problem in Greece.
    There has been no bail-out. The EU sent the money and took it straight back out, to make banks wealthy.

    One day the UK feudal archaic aristocratic mindset borne from a public school education, and the old mindset of empire from the previous centuries in the EU government, might just understand the basics of capitalism.


    proceed with partial privatization of public assets


  2. Forgive the intrusion of a non-Greek Australian. Yanis’ position sees so sensible to me, without betraying the Greek people going through every step, with goodwill, to pay the debts and remain in th EU is princpled common sense.

    This is something the European FN’s seem to entirely lack. What comes must be entirely in the hands of the EU, Greece does not force the events rather it stands firm on the high ground.

    Gregexit, if it comes, should not be by Greek choice but the result of EU hubris and stupidity, then the consequences, and they will come, are of the EU’s doing. In this way Greece is not split, and history unfolds as it must. The art of passive action, of winning without fighting, of intellectual and moral courage, may not be romatic postures, but when properly applied are most effective.

    Yanis, in fact the Government as a whole, seems to be the only adult in the EU.

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