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EU Court defends the ECB’s right to cover up its illegal closure of Greece’s banks

, 12/03/2019

The European Union Court today delivered its verdict: European citizens cannot be allowed to find out whether the ECB acted legally in closing down Greece’s banks in June 2015. Why? In the wording of the three judges, because such disclosure would affect the ECB’s “space to think in 2015 and also after 2015”. If this sounds […]

CRASHED: Long version of my Observer review of Adam Tooze’s new book on the Crash of 2008

, 13/08/2018

Every so often humanity manages genuinely to surprise itself. Events to which we had previously assigned zero probability push us into what the ancient Greeks referred to as aporia: a state of intense bafflement urgently demanding a new model of the world we live in. The Crash of 2008 was such a moment. Suddenly, the […]

A letter to my daughter about the black magic of banking…

, 19/07/2018

As you grow up and experience more of the ups and downs of the economy, you will notice a piece of mindbending hypocrisy: during the good times, bankers, entrepreneurs—rich people in general—tend to be against government. They criticize it as a “brake on development,” a “parasite” feeding on the private sector through taxation, an “enemy […]

The Great Crash (2007/8) ten years on – talking on BBC Radio 4’s World At One special program

, 11/08/2017

  In this BBC World at One program dedicated to the Crash of 2007-8, I try, in the space of two and a half minutes, to explain why those momentous events, ten years ago, changed the world in a manner that it no longer makes sense in terms common prior to 2007. Of why I claim […]

Mr Draghi, what are you afraid of? Release #TheGreekFiles!

, 19/02/2017

  Join the campaign to demand that the ECB publish the legal opinion it commissioned on whether its closure of Greece’s banks in 2015 was… legal. CLICK HERE!

Reflections on the nature & causes of global financial uncertainty – Amsterdam 4th DEC 2016

, 07/12/2016

On 4th December 2016 I delivered the keynote at the RiskMinds International risk management conference in Amsterdam. A summary of my talk, compiled by the organisers, follows.

The Politics of Negative Interest Rates – Project Syndicate op-ed

, 23/08/2016

  ATHENS – Objects of desire come at a cost. Only bad things, like toxic waste, have a negative price, the equivalent of a fee payable to anyone willing to make them disappear. Does this mean that negative interest rates embody a new perspective on money – that it has gone “bad”? [To read on, click […]

Is Finance Fit To Purpose?

, 14/04/2016

Yanis Varoufakis speaking at John McDonnell’s Economic Lecture Series Event, City of London, 30th March 2016

The Greek Plan for Growth & Recovery: Two documents the Ministry of Finance tabled in May and June 2015

, 20/08/2015

Now that Greece’s Third Memorandum of Understanding has passed (see here for my annotated version), after the SYRIZA government surrendered on 12th July 2015, it is perhaps of interest to compare the ‘Reform Agenda’ in that agreement with the agenda the Ministry of Finance had presented to the institutions on two occasions, in May and June […]

Varoufakis and Tsakalotos on the Eurozone institutions and bank bailouts – INET-OECD April 9th 2015

, 13/04/2015

Two SYRIZA ministers for the price of one! Here you can find audio of our talks at the INET-OECD 9th April conference on the subject of ‘Eurozone institutions during the bank bailout negotiations’. Yanis Varoufakis’ talk below Euclid Tsakalotos talk below

Burst Greek Bubbles, Spooked Fund Managers: A cause for restrained celebration

, 07/12/2014

The international press is replete with reports of how London-based fund managers were spooked when they heard of SYRIZA’s views on the nature of Greece’s conundrum and on the party’s intention to work towards a debt restructure and a re-orientation of social and economic policies toward social cohesion and economic growth. Here is my reply…

Today’s Eurozone seen from an investor’s perspective – Keynote (audio)

, 01/11/2014

On 30th October I was invited to address a meeting of German, Austrian and Swiss pension fund managers on how they should make sense of the Eurozone’s current state of play. In this keynote (click below for the audio and the accompanying slides) I present an explanation of the causes underlying the impossible dilemmas pension fund […]

Discussing the ECB’s stress tests on ‘Boom Bust, RT tv

, 28/10/2014

For the tv interview click here or the photo above (and jump to 21′).  A related, analytical, article, can be found here.    

The ECB’s Stress Tests and our Banking Dis-Union: A case of gross institutional failure

, 27/10/2014

Last Sunday the ECB published its quality assurance results, its stress tests of our systemic banks. It was, from where I am standing, a sad day.

Another shady Greek banking deal: An exchange with Klaus Kastner on the Pireus-MIG deal

, 21/05/2014

The sordid relationship between the owners of the Bank of Pireus and MIG (a holding company that used to own one of the two failed Cypriot banks, as well as a swathe of Greek companies) is well documented. Recently we witnessed a new chapter in this saga, one that went almost unnoticed and which was quietly […]

Is Europe Reforming? At the Bellwether Economist Conference

, 19/05/2014

On 15th May, the Bellwether Economist Conference (see program) posed the broader question “Who will fill the funding gap?” and the narrower but crucial question “Is Europe Reforming?” In this post the reader can find/hear my contribution in lieu of an answer to the second question, as well as to questions on how the ECB should […]

How the Greek Banks Secured an Additional, Hidden €41 billion Bailout from European taxpayers

, 11/05/2014

In 2013 Greek taxpayers borrowed from the rest of Europe’s taxpayers €41 billion to pump into the Greek banks. This is well known. What is not known is that, also in 2013/4, the Greek banks received an additional, well hidden, €41 billion bailout loan from Greek and European citizens. This bailout was never authorised by any Parliament or […]

Europe’s slide into deflation, and what to do about it – Interviewed for Jornal de Negócios by Jorge N. Rodrigues

, 04/05/2014

Europe is in the clasps of the deflationary forces that resulted directly from its inane handling of the Eurozone crisis. In this interview, I discuss deflation and low-flation and suggest a particular form of quantitative easing that, unlike the Fed’s or the Bank of England’s QE, will not reinflate the bubbles of the financial sector but, instead, […]

EUROBANK: Another scandal re-packaged as part of the Greek Success Story

, 04/05/2014

Eurobank is an apt example of Greek ingenuity. Its name is a coup in itself.[1] Beyond semantics, however, and coming to recent developments, Eurobank is a wonderful example of the Greek establishment’s ingenious efforts to defraud Greek and European taxpayers, and then to proclaim a glorious Greek Success Story, weeks before the European Parliament elections. […]

‘European Progressive Policy Initiative’ endorses the Modest Proposal’s four main policies

, 01/05/2014

A group of noted international economists (including Joseph Stiglitz, Peter Bofinger and Stefanie Griffith-Jones), known as the European Progressive Policy Initiative (EPPI), has issued a policy paper that endorses the main planks of our Modest Proposal for Resolving the Euro Crisis 4.0. EPPI was assembled in 2013 by Europe’s social democratic alliance in the European […]

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