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 […]
ATHENS – Politics in the advanced economies of the West is in the throes of a political shakeup unseen since the 1930s. The Great Deflation now gripping both sides of the Atlantic is reviving political forces that had lain dormant since the end of World War II. Passion is returning to politics, but not in […]
For the German language version, as published in Die Zeit on 18 July 2016, click here. For the English version (as I wrote it originally)…
Podemos suffered in the Spanish elections because it lacked a defining European agenda. BY YANIS VAROUFAKIS ON 7/8/16 AT 4:19 PM – click here for the Newsweek site or…
Lecciones desde Grecia y España Yanis Varoufakis Economista y exministro de Finanzas de Grecia La experiencia de Syriza pesa en la conciencia colectiva de la izquierda europea. Es importante que aprendamos de esta experiencia y resurjamos más unidos, progresistas y eficaces en la tan apremiante como necesaria consecución de una agenda paneuropea humanista.
ATHENS – The United Kingdom’s referendum on whether to leave the European Union created odd bedfellows – and some odder adversaries. As Tory turned mercilessly against Tory, the schism in the Conservative establishment received much attention. But a parallel (thankfully more civilized) split afflicted my side: the left. Having campaigned against “Leave” for several months […]
Bringing democrats together across borders is needed now to prevent a slide into a xenophobic, 1930s-like abyss Click here for The Guardian site or… Yanis Varoufakis
ATHENS – A commitment to the independence of central banks is a vital part of the creed that “serious” policymakers are expected to uphold (privatization, labor-market “flexibility,” and so on). But what are central banks meant to be independent of? The answer seems obvious: governments. In this sense, the European Central Bank is the quintessentially independent […]
On 31st May 2016 the New York Times published the op-ed below (under a title that is unfortunate and not my choice). (For the NYT site, click here.) The version below is the original and contained graphs and data that could not be fitted in the printed version. (You can also download a pdf of the full article […]
Click here for the Newsweek site. Or…
The financial meltdown of 2008 prompted calls for a global financial system that curtails trade imbalances, moderates speculative capital flows, and prevents systemic contagion. That, of course, was the goal of the original Bretton Woods system. But such a system today would be both untenable and undesirable. So, what might an alternative look like?
For the Der Spiegel site click here. Otherwise… The feud between the International Monetary Fund (IMF) and the European side of Greece’s troika of creditors is old news. However, Wikileaks’ publication of a dialogue between key IMF players suggests that we are approaching something of a hazardous endgame.
5th April 2016. For The Guardian site, click here. Otherwise…
ATHENS – “Greece has at last returned to economic growth.” That was the official European Union storyline at the end of 2014. Alas, Greek voters, unimpressed by this rejoicing, ousted the incumbent government and, in January 2015, voted for a new administration in which I served as finance minister. Last week, similarly celebratory reports emanated […]