“Here is our offer: Accept a 50% haircut on your Greek bonds. If you choose not to consent, and it is your prerogative not to, we shall give the green light to Greece to declare a 100% default.” This was in essence the deal that Mr Dallara accepted in the wee hours of the morning on […]
In my recent ABC TV interview I suggested that the latest euro agreement (announced on 27th October 2011) was a triumph of Orwellian double-speak. They created discord and they called it agreement. In this post I want to unpick a crucial repercussion of this latest piece of euro-fraud.
The ABC’s Lateline (Australia’s flagship news and current affairs evening tv program) afforded me the opportunity to delve into the details (or lack thereof) of the latest European effort to combat the euro crisis. For the transcript and video (kindly provided by the Australian Broadcasting Corporation)…
With the din of the debate on what the new EU anti-Crisis ‘agreement’ means in our ears, and after a long night of anxious observation of our leaders’ deliberations, it is terribly easy to lose sight of the only truth about this new twist in the euro crisis saga: There has been no agreement to […]
In simple arithmetic terms, European leaders have been struggling to patch up a €4 trillion gap (€1 trillion of potential bank re-capitalisations plus €3 trillion of stressed sovereign debt) by stretching a €250 billion patch (the EFSF’s remaining funds). In algebraic terms, they are bamboozled by the task of solving a system of two equations […]
Click here to download the mp3.
Click here for the ABC’s site, where you can find the video or just read the ABC’s own transcript below:
With the eyes of a stunned world trained, yet again on Greece, the international media have returned to Athens. I keep suggesting to them that they are wasting their time. That the real game is happening elsewhere – in the corridors of the French and German banks, in the meetings between German officials and the […]
George Soros has been saying much that is right about Europe for at least the past year. (I have had the opportunity to comment on his musing, mostly approvingly, on a number of different occasions – see for example here and here). His latest piece in the FT (A route-map through the eurozone minefield) is […]
Interview (Part 4) that I gave a few weeks ago to the Scottish branch of Unite – the union. A big thank you to Peter Welsh and Andrew Brady. Below I copy their description of this interview: “Unite Scotland’s fourth and final instalment in the Varoufakis series puts focus on the failings of social democratic […]
How Greece is being beaten into a pulp to force Europe’s banks to accept capital while keeping Italy et al in awe.
Video courtesy of Koen Aarts. Taped just after my University of Groningen presentation on 6th October 2011/
This afternoon (Athens time) I shall be appearing at the TEDx Academy (Athens) to deliver my fifteen minutes worth of ideas about how to transform Europe. Here is what I plan to say: