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Posts Tagged ‘Varoufakis;’

Greece Without Illusions

Posted by hkarner - 5. Oktober 2015

Again, although I am somewhat tired of this gentleman! (hfk)

Photo of Yanis Varoufakis

Yanis Varoufakis

Yanis Varoufakis, a former finance minister of Greece, is a member of parliament for Syriza and Professor of Economics at the University of Athens.

OCT 5, 2015, Project Syndicate

ATHENS – “The costliest minor government reshuffle in Greece’s history.” That is at least one way to describe the result of the Greek general election on September 20. Indeed, with few exceptions, the same ministers have returned to the same offices as part of an administration backed by the same odd pair of parties (the left-wing Syriza and the smaller right-wing Independent Greeks), which received only a slightly lower share of the vote than the previous administration.

But the appearance of continuity is misleading. While the percentage of voters backing the government is relatively unchanged, 1.6 million of the 6.1 million Greeks who voted in the July 5 referendum on continued “extend-and-pretend” loans with stringent austerity strings attached did not turn out. The loss of so many voters in little more than two months reflects the electorate’s dramatic change in mood – from passionate to glum. Den Rest des Beitrags lesen »

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Yanis Varoufakis‘ Plan for Greece’s Recovery & Growth

Posted by hkarner - 6. September 2015

Thursday, September 3, 2015, Observing GreeceKastner

Ever since I started this blog, I have been urging the need for a Long-Term Economic Development Plan for Greece and I have been criticizing the Greek leadership for not developing such a plan. Occasionally, I was asked what I meant by such a plan. In response, I always referred to McKinsey’s „Greece Ten Years Ahead“ proposal of mid-2011 which had received only very little attention. One may not like McKinsey and/or one may consider their proposal as being utterly neoliberal. That’s fair. But that does not free a leadership from its responsibility to develop its own plan.

Over a month after resigning as Finance Minister, Yanis Varoufakis took issue with the complaint that the SYRIZA/ANEL government never presented a plan. In a respective article in his blog, Varoufakis claimed that Greece had not only made one but, in fact, two separate proposals. They were titled:

A Policy Framework for Greece’s Fiscal Consolidation – 11th of May, 2015
Ending the Greek Crisis – 11th of June, 2015 Den Rest des Beitrags lesen »

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Varoufakis: I’m not backing Tsipras

Posted by hkarner - 5. September 2015

‘A 10-year-old knows the Greek bailout cannot end well.’

Varoufakis ccYanis Varoufakis, Greece’s controversial former finance minister, will not be backing his leftist former ally Alexis Tsipras in the upcoming Greek election, and said a child could see that the country’s last bailout was wrong.

Speaking to CNBC in London on Friday, Varoufakis said that he and his former boss Tsipras were still friends, but that he would not be endorsing the Syriza party ahead of the vote on September 20 — an election he described as “sad.” 

Asked if he wanted to see Syriza back in charge of the Greek parliament, Varoufakis said, “I want to see stability. But we need to end the extend-and-pretend nightmare of the last few years, constantly accumulating new debt, piling it up on already non-viable debt, pretending that we’ve solved the crisis, the debt deflationary spiral is enhanced, and the country becomes unreformable. That is something that the political system has not managed to address.”

He added, “The reason I called this the ‘sad election’ is because I don’t believe this parliament is going to be able to do it.”

Varouafkis stepped down as finance minister in early July in order, he said, to make it easier for Tsipras to forge a third bailout deal. But the deal that was struck did not make him happy. Den Rest des Beitrags lesen »

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Democratizing the Eurozone

Posted by hkarner - 1. September 2015

Yanis VaroufakisVaroufakis_giannis_0943

Yanis Varoufakis, a former finance minister of Greece, is a member of parliament for Syriza and Professor of Economics at the University of Athens.

SEP 1, 2015, Project Syndicate

ATHENS – Like Macbeth, policymakers tend to commit new sins to cover up their old misdemeanors. And political systems prove their worth by how quickly they put an end to their officials’ serial, mutually reinforcing, policy mistakes. Judged by this standard, the eurozone, comprising 19 established democracies, lags behind the largest non-democratic economy in the world.

Following the onset of the recession that followed the 2008 global financial crisis, China’s policymakers spent seven years replacing waning demand for their country’s net exports with a homegrown investment bubble, inflated by local governments’ aggressive land sales. And when the moment of reckoning came this summer, China’s leaders spent $200 billion of hard-earned foreign reserves to play King Canute trying to hold back the tide of a stock-market rout. Den Rest des Beitrags lesen »

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A New Approach to Eurozone Sovereign Debt

Posted by hkarner - 17. August 2015

AUG 17, 2015 8, Project Syndicate

ATHENS – Greece’s public debt has been put back on Europe’s agenda. Indeed, this was perhaps the Greek government’s main achievement during its agonizing five-month standoff with its creditors. After years of “extend and pretend,” today almost everyone agrees that debt restructuring is essential. Most important, this is true not just for Greece.

In February, I presented to the Eurogroup (which convenes the finance ministers of eurozone member states) a menu of options, including GDP-indexed bonds, which Charles Goodhart recently endorsed in the Financial Times, perpetual bonds to settle the legacy debt on the European Central Bank’s books, and so forth. One hopes that the ground is now better prepared for such proposals to take root, before Greece sinks further into the quicksand of insolvency.

But the more interesting question is what all of this means for the eurozone as a whole. The prescient calls from Joseph Stigltiz, Jeffrey Sachs, and many others for a different approach to sovereign debt in general need to be modified to fit the particular characteristics of the eurozone’s crisis.

The eurozone is unique among currency areas: Its central bank lacks a state to support its decisions, while its member states lack a central bank to support them in difficult times. Europe’s leaders have tried to fill this institutional lacuna with complex, non-credible rules that often fail to bind, and that, despite this failure, end up suffocating member states in need. Den Rest des Beitrags lesen »

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The Greek Warrior

Posted by hkarner - 9. August 2015

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Varoufakis entlastet: Keine Spuren von Hacker-Angriff im griechischen Steuersystem

Posted by hkarner - 8. August 2015


Die griechische Polizei hat keine Anzeichen dafür gefunden, dass Steuernummern der Griechen in den vergangenen Monaten gehackt wurden. Hintergrund ist ein vermeintlicher Plan des ehemaligen Finanzministers Gianis Varoufakis für einen Euro-Austritt Griechenlands. Teil des Plans soll auch das Hacken von privaten Steuernummern gewesen sein.

yanis-varoufakis-200x200Hat Yanis Varoufakis womöglich gar keinen Hacker-Angriff geplant?

Fünf IT-Spezialisten der Polizei hätten nach mehrtägigen Kontrollen keine Hinweise auf einen Hacker-Angriff gefunden, berichtete die Zeitung «Kathimerini» unter Berufung auf Kreise der Staatsanwaltschaft von Athen und der Polizei.

Ende Juli war bekannt geworden, dass die griechische Staatsanwaltschaft eine Ermittlung gegen den früheren Finanzminister Yanis Varoufakis und einige seiner Mitarbeiter wegen des Verdachts des Hochverrats prüft. Staatsanwältin Efterpi Koutzamani hatte eine entsprechende Anzeige des Bürgermeisters von Stylida, Apostolos Gletsos von er Teleia -Partei, an das Parlament in Athen weitergeleitet. Das berichtete die griechische Zeitung Kathimerini. Den Rest des Beitrags lesen »

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Yanis Varoufakis may face criminal charges over Greek currency plan

Posted by hkarner - 1. August 2015

Supreme court prosecutor, Efterpi Koutzamani, has ordered parliament to examine an array of complaints against former finance minister

Varoufakis dijsselbloem
Former Greek finance minister Yanis Varoufakis, 

The scene has been set for possible criminal charges to be brought against Greece’s former finance minister, Yanis Varoufakis, following revelations of his secret plan to establish an alternative currency in the event of the country leaving the eurozone.

The nation’s most senior state prosecutor, Efterpi Koutzamani, ordered the Greek parliament to examine an array of complaints brought by private citizens against Varoufakis. The supreme court prosecutor, who played a leading role in putting the far right Golden Dawn party on trial, also asked a magistrate to investigate whether criminal charges should be brought against non-political figures who allegedly hacked taxpayers’ accounts to set up the parallel payment system.

“I would not want to be in Varoufakis’s shoes,” the conservative MP and shadow finance minister Anna Asimakopoulou said. “I think that it is highly likely he will end up in a courtroom.” Den Rest des Beitrags lesen »

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Tsipras nimmt Varoufakis in Schutz

Posted by hkarner - 31. Juli 2015

31. Juli 2015, 11:42, derstandard.at

Premier: Sie können ihn nicht anklagen, dass er ein Gauner ist

Athen – Griechenland hatte nach den Worten von Regierungschef Alexis Tsipras nie einen Plan für einen Austritt aus der Eurozone. Sie habe sich aber auf alle Fälle vorbereitet, sagte Tsipras am Freitag im griechischen Parlament. Der frühere Finanzminister Yanis Varoufakis wurde zuletzt verschärft kritisiert, weil er an einem Plan für einen Euro-Austritt Griechenlands gearbeitet haben soll.

Tsipras nahm seinen Ex-Minister in Schutz. „Suchen Sie nicht nach Skandalen bei Varoufakis“, sagte Tsipras. Varoufakis habe wohl Fehler gemacht. „Sie können ihn aber nicht anklagen, dass er ein Gauner ist. Sie können ihn nicht anklagen, dass er das Geld des Volkes geklaut hat. Er hat kein Geld ins Ausland gebracht“, sagte Tsipras. Den Rest des Beitrags lesen »

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In Defense of Varoufakis

Posted by hkarner - 29. Juli 2015

JUL 29, 2015 3, Project Syndicate

LONDON – From blaming him for the renewed collapse of the Greek economy to accusing him of illegally plotting Greece’s exit from the eurozone, it has become fashionable to disparage Yanis Varoufakis, the country’s former finance minister. While I have never met or spoken to him, I believe that he is getting a bad rap (and increasingly so). In the process, attention is being diverted away from the issues that are central to Greece’s ability to recover and prosper – whether it stays in the eurozone or decides to leave.

That is why it is important to take note of the ideas that Varoufakis continues to espouse. Greeks and others may fault him for pursuing his agenda with too little politesse while in office. But the essence of that agenda was – and remains – largely correct. Den Rest des Beitrags lesen »

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