In discussion with Phillip Adams, on my favourite radio program (LNL), on my recent Frangy address/manifesto for a campaign to Democratise the Eurozone as well as, of course, on the forthcoming snal Greek election.
On Sunday 23th August, I joined forces with Arnaud Montembourg in Frangy-en-Bresse (or Frangy-en-Grece as it was renamed for the day!) to put forward to the people of France a simple message: There is no alternative but the democratisation of the Eurozone! For the full text of my speech click here. And for a translation in French by Monica M., click here.
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 2015. Continue reading
During the 25th June 2015 Eurogroup, the institutions presented me, in the form of an effective utlimatum, with a comprehensive staff level agreement and funding plan (which I considered financially non-viable). It was the deal that Prime Minister Tsipras decided, on the following day, to put to the Greek people in the form of the now infamous referendum. During that Eurogroup meeting, I posed a question to Christine Lagarde: “Is it the view of the IMF that Greece’s debt is sustainable under the proposed agreement?” Ms Lagarde, when her turn came to speak, tried to skrt the issue but, in the end, conceded that Greece’s public debt “had to be looked at again”. At that point, the Eurogroup President Dijsselbloem interrupted the proceedings and addressed me with the express threat that, if the Greek government insisted on discussing a debt restructure, there would be no deal. I shall have a lot more to say on this and related matters in due course. For now, here is how Landon Thomas Jr narrates this story in his recent NYT piece.
Further to this piece on my unlikely friendship with Lord Lamont, the BBC’s Radio 4 interviewed us, together. To hear the interview, on World At One, click on the play button below.
The Third Greek MoU is now enshrined in Greek Law. Written in troika-speak it is almost impossible to decypher by those not speaking this unappetising language. Click here for the complete MoU text annotated liberally by yours truly – in pdf form. It is best read in conjunction with my annotated version of the EuroSummit Agreement of 12th July.
In his Monday column on MarketWatch David Marsh entitled his opinion piece: “Varoufakis vidicated, while Lagarde emerges as a loser”. Of course the point is not whether I have, or have not, been vindicated. The crucial issue concerns the viability, or otherwise, of the latest Greek deal. From day 1 I have been arguing that Ms Christine Lagarde has an interest in a negotiating impasse (between Greece and its creditors) so that she does not have to confess to the simple fact that the IMF’s staff will rebel if she signs another unsustainable loan agreement with a country whose debt is as unpayable as they come. For David’s analysis, read on… Continue reading
Dr. Ludger Schuknecht, senior economist at the Germany Finance Ministry, explains his ministry’s viewpoint regarding Greece. This viewpoint essentially holds that Eurozone countries should live within their means; adjust to their debt burdens; and take their reform medicine as needed. If they do so, they will be successful, as illustrated by Ireland, Spain, and Portugal. Greece has only itself to blame, and indeed was on track to recover as of late 2014 if it had not deviated from its course. Continue reading
Plan would have eased Greece’s chronic liquidity shortage, writes Yanis Varoufakis in the Financial Times.
In a recently released recording of a teleconference between Yanis Varoufakis and a group of hedge fund managers, Mr Varoufakis spoke frankly about the contingency plans he had developed when he was the Finance Minister. Continue reading
Click on the image above for the LMD site. Or… Continue reading