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Emotional Varoufakis moved by conservative german MP

submitted by Aard Vark

(oritteropo)
9 years 4 months 3 weeks ago

Varoufakis has resigned, and Greece has capitulated to the demands of their creditors, but his point here remains just as valid.

YouTube Description:

Varoufakis comments a previous intervention of a german MP.

This is what the german MP said :

"The guy is a conservative member of the German parliament. This is roughly what he said:
We have to understand that Greece will never be able to pay back her debts, because this would require an economic growth of more than ten percent per year - lasting for decades.
This is why in 2010 he voted against the bailout, because that was in breach of all Euro contracts, and other than Mme. Lagarde he was not able to be proud of breaching international contracts.
In addition to that he knew breaching contracts would cause disturbance between the member nations and actually Yanis won his electoral campaign by blaming Merkel, Schäuble, Brussels and Berlin for the situation of the Greek economy and tax authorities.
How should he explain to his voters (and taxpayers) that according to the proposals of the Greek government foreign public funds shall eternally and unboundedly bail out them. It is an impertinence towards foreign national finances.
He respects the results of free elections, every nation can decide their own future. (At this point he ironically addresses the unsettled audience: He had to listen for so long this evening and he didn't want to disturb the solemn mass-like atmosphere, but he thinks it would be important for Yanis to know that there still are some people in Germany with a more discerning opinion about his point of view.)
How can a nation who is proud of her history claim to be funded eternally?
Greece needs not to become like Germany, this would be a loss to the diversity of European nations which made this continent great and interesting, but Greece should abstain of sending the bill for their work-life-balance to others."

Excerpt from https://youtu.be/ex20y_p3Qv8

3 Comments

artician

says...

I can't tell if this is sincere or not.

elrondhubbard says...

FWIW, I think it is sincere. Varoufakis has two points. 1) Austerity is contractionary. Forcing Greece to raise taxes, cut pensions and run escalating fiscal surpluses makes it impossible for Greece ever to grow its economy sufficiently to pay off its debt. (The debt is likely unpayable in any case, but Greece is being subject to needless suffering and endless debt peonage because Schaeuble and the lenders refuse to cede any ground.) 2) It's not possible for every country to emulate Germany and run a trade surplus, because one country's surplus is another's deficit. If you expect other countries to buy more from you than you buy from them, the money has to come from somewhere. In other words, if it's your policy to run a trade surplus then you will have to finance your trade partners somehow.