The Modest Proposal in Toronto. Today, Monday 7th November, 16.00

7th November, University of Toronto: Invited to speak on The Euro and the European Crisis by the Munk School of Global Affairs at Toronto University.

The advertisement states: “As the eurozone crisis is unfolding, threatening in the process to infect the global economy, the debate currently raging in Europe (on how to tackle the cascading defaults and insolvencies) has become relevant worldwide. Varoufakis suggests that it is impossible to understand what is going on in Europe today without first grasping the state in which the global economy finds itself in the post-2008 era. Moreover, he wants to argue that the solution the Europeans are struggling to conjure up cannot be independent of the manner in which the world economy must be restructured.” For more click here.

NEXT EVENTS in the N. American Lecture Tour

8th November, Brecht Forum, New York: A double act with  Professor Rick Wolff on the subject of  Global Capitalism. Click here for more.

9th November, Columbia University, New York: The Global Minotaur: The Crash of 2008 and the Euro-Zone Crisis in Historical Perspective

“This talk on The Global Minotaur: The Crash of 2008 and the Euro-Zone Crisis in Historical Perspective will feature Yanis Varoufakis, Professor of Economics at the University of Athens, Alan Beattie, International Economy Editor at the Financial Times, and Justin Fox, Editorial Director of the Harvard Business Review Group. Mark Mazower, Director of the Heyman Center, will chair.” For more click here.

10th November, New School University, New York: The Dance of the Meta-Axioms – An account of economics’ most peculiar failure.

This will be a rather academic seminar in which I shall attempt to dissect the inherent indeterminacy which throws a spanner in the works of all attempts to understand capitalism via determinate mathematical models. More details to follow.


3rd and 4th November, University of Texas, Austin: A two day conference (entitled Crisis in the Eurozone) to debate our Modest Proposal for Overcoming the Euro Crisis, kindly organised by Professor James K. Galbraith

Here is an extract from the brochure:  “The Crisis in the Eurozone will take place Nov. 3 through 4 and is sponsored by the Center for European Studies, EU Center of Excellence, and the Lyndon B. Johnson School of Public Affairs at The University of Texas at Austin with the assistance of the Institute for Historical Studies, the Department of Government, and the France-UT Institute. This conference will provide an opportunity to assess the performance of Europe’s financial architecture and to learn about one of the most serious economic threats of our time. The event will focus on the “A Modest Proposal for Overcoming the Euro Crisis” by Yanis Varoufakis and Stuart Holland, which would combine the innovation of the Eurobond with a “New Deal” approach to European development.” For the complete program, the list of distinguished speakers and more click here.


    • Yes Yanis Occupy Wall Street (in NYC)!

      Do the one at Zuccotti Park (the original OWS site) and the protest closest to Wall Street! You can then, if you like, go visit the nearby site where the new St Nicholas Church (the Greek Orthodox church, and only house of worship that was destroyed during 9/11) will finally be rebuilt. That news came out earlier this month I believe.

      OWS. Definitely a great move; I agree with the others.

      PS Can someone please explain the Summit outcome today? Did anything actually happen? Thank you in advance.

  • Please speak at OWS, this is easy to arrange. Let me know if you are interested.

    • To the best of my understanding of the OWS style of anarchy, one must invite a speaker by emailing To: Occupy Training NYC
      with a request– and they are receiving many requests. Your friend Richard Wolffe spoke, and I assume that that was how it was arranged. I am communication now for Neni Panourgia, author of Dangerous Citizens, to speak

      For a flavor of the human mike, here is a video of Stiglitz:
      (Video on Wolffe’s website is edited of the echo.) To read the minutes of the General Assembly of OWS see
      The working groups referred are both for running of the encampment but also for working on other issues, see Alternative Banking, for instance.

      Occupy Oakland and Occupy Chicago are having problems with (early morning) police repression. Occupy Albany experienced a great victory. The District Attorney has refused to prosecute anyone arrested, the police chef then refused to order arrests. This means active, effect protest marches against fracking while the state legislature is in session later. The San Francisco city council (or is it their board of supervisors?) will be voting on a resolution that the city cooperate with Occupy San Francisco.

    • OWS = Occupy Wall Street!!!

      Elementary, Yannis!

      Do go and speak! Of course, you will have to accommodate your speech to the Human Microphone mode – first rowerers repeating/amplifying every phrase you say for the benefit of the further behind! Not like the “high-tech” (well, relatively…) sound systems made available to you and other speakers at Syntagma square (the Greek Indignados – I Aganaktismenoi) a few months ago!

  • OWS= Occupy Wall Street movement, you should give a speech there. Many economists have been there like Steve Keen, P. Krugman, Stiglitz, Sachs and many others. You are also a connection between “aganaktismenoi” and OWS, since you gave a speech in Syntagma.

  • Apologies to Greece!

    I just switched off the discussion in the german parliament, and just came here to apologize to the people of Greece for what was said about the Greek again in this German plenum.

    I am deeply ashamed for such statements, and I will not repeat them, they are not worth being quoted, but be assured, these politicos who represent banks and not the people, are not speaking for everyone, not by any stretch of the imagination.

    The ESFS, which will be signed off shortly with the help of the democratic socialists and the Greens, against the fraction of the left, is nothing but the continuation of failed policies that were applied in Ireland and Greece, but now on the entire european stage instead. The ESFS is the means to force losses onto every taxpayer in Europe, and it will not work.

    I am very sorry for the behavior of German politicians pointing their sticky fingers to Greece, it is a disgrace.


    • Georg, Just like I do not feel responsible for what George Papandreou is doing, and will never apologise for him, you should not feel apolgetic about German politicians. Yanis

    • I assume Germany & the Netherlands should send a trophy to Athens for the Greek politicians to honor their great management of the country, correct?

  • Yani:

    Do you mind explaining this technical point?

    If the PSI haircut of 50-60% is voluntary, what would prevent Greek banks and pension plans from not participating at all?

    How can a political decision force the private sector to participate in this and similar schemes?

    If the voluntary becomes mandatory then we have a credit event. But as long as it remains voluntary doesn’t it mean that a few or all of those affected could and probably would opt out?

    • For a credit event to be declared, the ISDA committee must declare it. For this to happen there are two prerequisites: First that at least one euro is docked or the payment is delayed by one day – or both. Secondly, that some instituional investor (member of the ISDA) takes the matter to the ISDA. What they are trying to achieve is that no pension fund or institution in general dates confront the political might of the EU by taking the matter to the ISDA.

  • Great to see that you are going global Yanis! i look forward to reading/ listening to more of what you got to say. A request: personally I would like to have the opportunity to listen to you talking a bit more in depth about the connection btw macro economic imbalances, the debt crisis in Europe and the Greek case. In your recent interview you touched on it but very briefly. I.e. you mentioned how Germany et al are no longer able at their convenience to export to the states (presumably because domestic consumption there is relatively depressed). but this has a direct link to German exporters not the state. So anyway, I look forward to listening to more on this just to help me really.
    All the best!

  • That sure is a great tour for you Mr. Varoufakis and your work (both in terms of distance and significance/experience). I hope we’ll have the chance to see some videos from your appearances.
    I’m particularly excited about you joining prof. Rick Wolff in one of his monthly updates on global capitalism in Brecht forum. I have seen all of them (available in his site) and the quality of his lecture and the Q&A session is excellent. In fact in his very 1st monthly update he describes what you call the Global Minotaur, the vacuum that sucked the capital from over the world to the Wall Street (check it here:, go to 20′)! Really looking forward to see the video from that “double act” as you call it :).

  • Have a good tour! Wish you could get those people in Brussels today to listen…

    Hope you get to speak with OWS

  • Yanis,

    Can you check your e-mail at the University of Athens?
    I left a message about a possibility in NY.