pretty sure the debt was unpayable and the austerity which takes money out of the economy would make the situation even worse
but i will quote him as a refesher and its telling you are unwilling to quote him
yanis varoufakis is a legend
The Parental Rights in Education Bill is now Law.
- Thread starter Babagounj
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but i will quote him as a refesher and its telling you are unwilling to quote him
yanis varoufakis is a legend
Brancaccio: The austerity that we’ve reported so much about has not gone away if you go to Greece.
Varoufakis: It is actually getting deeper. But look, this is absolutely understandable because when you have a bankrupt state, bankrupt banks, bankrupt companies and bankrupt households, and everybody is pretending or we’re being forced to pretend that we can escape this bankruptcy through borrowing more, an 8 year old will tell you that our count won’t end well and this cycle — austerity leading to insolvency, insolvency creating more austerity and so on — this downward spiral cannot end on its own.
Former Greek finance minister Yanis Varoufakis explains how the debt crisis was a Greek tragedy - Marketplace
"When you treat one European people as expendable and as collateral damage in a kind of war, a dirty war...you're condemning Europe to constant fragmentation and disintegration at the economic, financial and moral level."
sounds like ukraine...
Brancaccio: Just so we know a piece of the story, what did the finance minister of Germany want to do but his chancellor wouldn’t let them do?
Varoufakis: Wolfgang Schaeuble, decades ago, was a committed federalist, but a combination of Angela Merkel — who usurped him and effectively stole, that’s in his view, the prime ministership, the chancellorship from him, as well as the French, did not want a proper federation.
They wanted all the benefits from a common currency, but without the obligations of a federal democratic political system. Schaeuble was against that. But over the years, he became a cynical man, using the finance ministry to do that which he would have wanted to do as the chancellor of Germany. And his No. 1 priority became to tame Paris. His argument was very simple: “They want our money.” That’s how he conceives the euro — as a Deutsche mark. “I will have to have control over the national budget. It’s very, very simple.” And Greece was collateral damage. He said this explicitly to me: “How can I let you off the hook? What will the French think?”
Brancaccio: To tame Paris, to tame the French — the other power center.
Varoufakis: That’s a point that you mentioned before — when you treat one European people as expendable and as collateral damage in a kind of war, a dirty war against another large country like France, effectively you’re condemning Europe to constant fragmentation and disintegration at the economic, financial and moral level.
DriveInDriveOut
Inordinately Right
Most Democrats haven't read the law.
The ones who have are lying about it.
i dont really get why its a big deal either way
america hasnt gone to
because of the gays, its gone to bc of big money and greed
UnionStrong
Sorry, but I don’t care anymore.
Pedophiles say that too..i dont really get why its a big deal either way
america hasnt gone to
its just identity politics....another rabbit hole
BigGuy2732
Well-Known Member
School should be teaching children that all who do not believe the Gospels will burn in hell.
He keeps saying they're treating one European people as expendable. Read what he is saying. The Greeks wanted to spend a lot of money on their people. They couldn't pay for it all so they borrowed money to pay for it. When they couldn't make the payments they wanted other European countries to just write off the debt rather than tightening their belts(austerity) and making the lower restructured payments on the debt that they incurred. It's everyone else's problem but theirs. You have repeatedly talked about how things are so wonderful in Europe. Nothing is free and if you can't pay for it you have to do without. If you can pay for it great. Just don't expect others to rescue you if it turns out you can't. The EU did rescue Greece. They restructured debt so that the payments can be made as long as the Greeks stop spending on things they can't afford and spend it on the debt they incurred. That's life. Things will get better for the Greeks after they pay off their debt as long as they live within their means. But the fantastic benefits they chose to offer their citizens won't ever happen again unless they develop an economy that can afford it. That's life and saying they can when they can't won't change anything.Brancaccio: The austerity that we’ve reported so much about has not gone away if you go to Greece.
Varoufakis: It is actually getting deeper. But look, this is absolutely understandable because when you have a bankrupt state, bankrupt banks, bankrupt companies and bankrupt households, and everybody is pretending or we’re being forced to pretend that we can escape this bankruptcy through borrowing more, an 8 year old will tell you that our count won’t end well and this cycle — austerity leading to insolvency, insolvency creating more austerity and so on — this downward spiral cannot end on its own.
Former Greek finance minister Yanis Varoufakis explains how the debt crisis was a Greek tragedy - Marketplace
"When you treat one European people as expendable and as collateral damage in a kind of war, a dirty war...you're condemning Europe to constant fragmentation and disintegration at the economic, financial and moral level."www.marketplace.org
sounds like ukraine...
Brancaccio: Just so we know a piece of the story, what did the finance minister of Germany want to do but his chancellor wouldn’t let them do?
Varoufakis: Wolfgang Schaeuble, decades ago, was a committed federalist, but a combination of Angela Merkel — who usurped him and effectively stole, that’s in his view, the prime ministership, the chancellorship from him, as well as the French, did not want a proper federation.
They wanted all the benefits from a common currency, but without the obligations of a federal democratic political system. Schaeuble was against that. But over the years, he became a cynical man, using the finance ministry to do that which he would have wanted to do as the chancellor of Germany. And his No. 1 priority became to tame Paris. His argument was very simple: “They want our money.” That’s how he conceives the euro — as a Deutsche mark. “I will have to have control over the national budget. It’s very, very simple.” And Greece was collateral damage. He said this explicitly to me: “How can I let you off the hook? What will the French think?”
Brancaccio: To tame Paris, to tame the French — the other power center.
Varoufakis: That’s a point that you mentioned before — when you treat one European people as expendable and as collateral damage in a kind of war, a dirty war against another large country like France, effectively you’re condemning Europe to constant fragmentation and disintegration at the economic, financial and moral level.
'Tsipras’s capitulation on referendum night also saw the departure of Finance Minister Yanis Varoufakis. Throughout the first months of the Syriza government he had done battle with Greece’s creditors at the Eurogroup — the informal, indeed secretive meeting of eurozone finance ministers which exercises effective political control over the single currency. At thirteen Eurogroup meetings, Varoufakis insisted that Europe should plan debt relief rather than continue with eternal austerity in the name of a debt that could never be paid. Yet his appeals to abandon the strategy of “extend and pretend” were quickly shut down.
...
We are now in the tenth year of a massive crisis of Greek capitalism. The first phase saw wholesale panic among the establishment, reflecting the panic of Wall Street, the City, Deutsche Bank and so on. It was only worse here because the foundations of Greek capitalism are even flimsier and there was this panic to sign on the dotted line of gigantic loans, for the sake of arresting the oligarchy’s own collapse. This was the first Memorandum, the €110 billion loan from the Troika in May 2010.
The second phase was the second Memorandum, the purpose of which was, once the first bailout monies were used to make whole the French and German banks, to stabilize the Greek banking sector and bourgeoisie. They used up that second €110 billion loan to that purpose at the time when the middle classes were suffering just as much as the working class. The third phase came with the Syriza government which, after the summer of 2015 capitulation, signed two Memoranda: the Third Memorandum [accepted in July 2015, contrary to the referendum result] and then a “silent” Fourth one in August 2018, that bound Greece to Troika policies until 2060.
By that third phase, we have a very interesting new development. Up until then, everybody was losing, except the very few oligarchs who never lose. But some time between 2017 and summer 2018, a segment of the Greek upper middle class managed to latch on to rent-seeking activities from which they profit massively while the rest of society continues to sink into bankruptcy. That includes everyone connected to the hedge funds and vulture funds that purchase nonperforming loans from the banks. Buying up a mortgage whose face value is €100,000 for €4,000 or €8,000 it is very difficult to lose money — especially now that house prices are rising again.
Suddenly, a whole cabal of hedge funds, of advisors, of accountants, of parasites, are making the highest profit rates in global capitalism, here in Greece. It’s a bit like vultures feasting on the flesh of a dying corpse. It was Syriza’s government that oversaw this new phase. You can see that from how those who bought Greek public bonds in 2016, 2017, made the greatest returns in the bond market worldwide, even though the Greek state is bankrupt and the debt burden continues to get heavier every day.
New Democracy won last July and essentially promised to maximize the rents of that class. Being a coalition between quasi-fascists and neoliberals, New Democracy under Kyriakos Mitsotakis has to balance the total liberalization of the market for the little people’s liquefied private wealth, through the purchase of nonperforming loans, with the kinds of nationalism and organized misanthropy which the xenophobic, neofascist element of the party needs. The combination of the two brings about a new form of authoritarianism, because when you evict people from their homes you need a strong ruthless police force and a band of bailiffs to do it. But it’s the same police force you need to support the eviction of people from squats and the clash with anti-establishment forces.
So, this is not just a political choice. It’s part of Greece’s political economy. Syriza’s Fourth Memorandum created circumstances for a new parasitic oligarchy to rise up, profiting from the continued bankruptcy of the many, and created circumstances of increased authoritarianism and violence against Greek society.'
Yanis Varoufakis: “Syriza Was a Bigger Blow to the Left Than Thatcher” - JACOBIN - Yanis Varoufakis
Former Greek finance minister Yanis Varoufakis told Jacobin why he’s publishing his secret recordings of the critical Eurogroup meetings of 2015 — and why the Left around Europe is struggling to overcome Syriza’s disastrous legacy. Yanis Varoufakis during his speech in Hellenic Parliament...
www.yanisvaroufakis.eu
i dont think the Euro as as currency works.
If you play you pay. Greece by itself nearly broke the international banking system. Other countries flirted with doing so. Greece wouldn't be in its predicament if it had been responsible with its spending. If other countries, i.e. their taxpayers, bailed Greece and every other irresponsible government out sooner or later the whole system would crash. We're close to that now in the States. You want to hang onto this idea of utopia but nothing is free and we must be responsible.
'Tsipras’s capitulation on referendum night also saw the departure of Finance Minister Yanis Varoufakis. Throughout the first months of the Syriza government he had done battle with Greece’s creditors at the Eurogroup — the informal, indeed secretive meeting of eurozone finance ministers which exercises effective political control over the single currency. At thirteen Eurogroup meetings, Varoufakis insisted that Europe should plan debt relief rather than continue with eternal austerity in the name of a debt that could never be paid. Yet his appeals to abandon the strategy of “extend and pretend” were quickly shut down.
...
We are now in the tenth year of a massive crisis of Greek capitalism. The first phase saw wholesale panic among the establishment, reflecting the panic of Wall Street, the City, Deutsche Bank and so on. It was only worse here because the foundations of Greek capitalism are even flimsier and there was this panic to sign on the dotted line of gigantic loans, for the sake of arresting the oligarchy’s own collapse. This was the first Memorandum, the €110 billion loan from the Troika in May 2010.
The second phase was the second Memorandum, the purpose of which was, once the first bailout monies were used to make whole the French and German banks, to stabilize the Greek banking sector and bourgeoisie. They used up that second €110 billion loan to that purpose at the time when the middle classes were suffering just as much as the working class. The third phase came with the Syriza government which, after the summer of 2015 capitulation, signed two Memoranda: the Third Memorandum [accepted in July 2015, contrary to the referendum result] and then a “silent” Fourth one in August 2018, that bound Greece to Troika policies until 2060.
By that third phase, we have a very interesting new development. Up until then, everybody was losing, except the very few oligarchs who never lose. But some time between 2017 and summer 2018, a segment of the Greek upper middle class managed to latch on to rent-seeking activities from which they profit massively while the rest of society continues to sink into bankruptcy. That includes everyone connected to the hedge funds and vulture funds that purchase nonperforming loans from the banks. Buying up a mortgage whose face value is €100,000 for €4,000 or €8,000 it is very difficult to lose money — especially now that house prices are rising again.
Suddenly, a whole cabal of hedge funds, of advisors, of accountants, of parasites, are making the highest profit rates in global capitalism, here in Greece. It’s a bit like vultures feasting on the flesh of a dying corpse. It was Syriza’s government that oversaw this new phase. You can see that from how those who bought Greek public bonds in 2016, 2017, made the greatest returns in the bond market worldwide, even though the Greek state is bankrupt and the debt burden continues to get heavier every day.
New Democracy won last July and essentially promised to maximize the rents of that class. Being a coalition between quasi-fascists and neoliberals, New Democracy under Kyriakos Mitsotakis has to balance the total liberalization of the market for the little people’s liquefied private wealth, through the purchase of nonperforming loans, with the kinds of nationalism and organized misanthropy which the xenophobic, neofascist element of the party needs. The combination of the two brings about a new form of authoritarianism, because when you evict people from their homes you need a strong ruthless police force and a band of bailiffs to do it. But it’s the same police force you need to support the eviction of people from squats and the clash with anti-establishment forces.
So, this is not just a political choice. It’s part of Greece’s political economy. Syriza’s Fourth Memorandum created circumstances for a new parasitic oligarchy to rise up, profiting from the continued bankruptcy of the many, and created circumstances of increased authoritarianism and violence against Greek society.'
Yanis Varoufakis: “Syriza Was a Bigger Blow to the Left Than Thatcher” - JACOBIN - Yanis Varoufakis
Former Greek finance minister Yanis Varoufakis told Jacobin why he’s publishing his secret recordings of the critical Eurogroup meetings of 2015 — and why the Left around Europe is struggling to overcome Syriza’s disastrous legacy. Yanis Varoufakis during his speech in Hellenic Parliament...
i dont think the Euro as as currency works.
UnionStrong
Sorry, but I don’t care anymore.
Portugal, Italy and Greece. P.I.G.’s
UnionStrong
Sorry, but I don’t care anymore.
You’re not persuading anyone to your side….just sayin’.
ive got a splinter in my mind driving me mad
pretty sure wall street wrecked the international banking system. it migrated
UnionStrong
Sorry, but I don’t care anymore.
Hey, knock yourself out. It’s your right to do so.
And Spain. P.I.G.S.
Of course you think that.
What does DeSantis have to do with Greece?
bottomups
Bad Moon Risen'
Bible humpers convert their children into incest by indoctrinating them with their ideology.
