Mr Stournaras’ New Deal: Too late, too cynical

Screen Shot 2016-06-14 at 07.41.11.pngScreen Shot 2016-06-14 at 07.41.00.pngIn April 2015 I was vilified for refusing to bow to the troika’s demands for a ridiculously high 3.5% primary surplus and for countering the creditors’ failed ‘program’ with a growth plan dubbed A New Deal for Greece. Not only was I vilified by the troika but I had to deal with a Governor of the Bank of Greece who was fully in cahoots with the troika, backing the creditors rejection of my New Deal proposals and even claiming that my insistence on A New Deal cost Greece 85 billion euros! Yesterday, the good Governor wrote in the FT that Greece needs a… New Deal, effectively regurgitating my proposals from last year. As for the technical details of the two proposals, I let the reader decide which was superior: our technical proposals (worked out jointly with Jeff Sachs and Lazard) or those coming out now from the Bank of Greece?

Some will say better late than never. Others may think that the manner in which this poacher is so shamelessly turning gamekeeper is an important reason why Europeans are turning their backs to a European Union so badly served by its functionaries.

Six economists on Brexit – interviews by Vikas Shah

Screen Shot 2016-06-13 at 10.39.44.pngBy: Professor Vikas S. Shah, Thought Economics
June 11th, 2016 – Download this paper as a PDF here , or click here for the original site at

On June 23, 2016 the people of the United Kingdom will be asked the single most important political question in modern history, “Should the United Kingdom remain a member of the European Union?” The ‘European Question’ is not a simple one.  The population is being asked to distil hundreds of years of geopolitics, economics, culture, conflict, treaties and more into a simple ‘yes or no’ decision against a backdrop of exaggerated arguments, scare-tactics and misinformation (on both sides).  The decision we (as citizens) make will not only impact many future generations of our own, but in this hyper-connected global world; it will have repercussions wider than we could possibly predict. Continue reading

The ECB’s Illusory Independence – Project Syndicate op-ed

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 Screen Shot 2016-06-06 at 12.31.15.pngATHENS – 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 central bank: No single government stands behind it, and it is expressly prohibited from standing behind any of the national governments whose central bank it is. And yet the ECB is the least independent central bank in the developed world —- To continue reading click here

GREECE’S ENDLESS LOOP OF DOOM – full version of New York Times op-ed

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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 here.)
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Athens — After last summer, when the clash between Greece’s recently elected Syriza government and the insolvent state’s creditors ended, the world’s media moved on. The brief rebellion against the austerity measures imposed on Greece was snuffed out in July 2015 when Prime Minister Alexis Tsipras folded. Continue reading

Brexit is an empire-era trick. Only the radical case for Europe makes sense – in The Guardian

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‘Sovereignty is dear to our hearts. We reject the notion that Britain must settle for diminished sovereignty as the price of global influence.’ 

Referendums can throw up some odd bedfellows. But there is nothing odd about the company descending on London today to present the radical case for keeping Britain in the EU.

Continue reading

On Reuters with Rob Cox, global editor of Breakingviews

Screen Shot 2016-05-10 at 10.12.26.pngYanis Varoufakis joins Rob Cox, global editor of Breakingviews, to talk about his new book, ”And the Weak Suffer What They Must?”, the state of the EU, and the implications of a potential Brexit and Trump presidency.

To watch the video click the image above – or just here. For audio only click below

DiEM25’s Vienna Assembly on Europe’s Duty to Refugees, on Europe’s duty to itself

On 5th May 2016, DiEm25 went to Vienna, the scene where the scandalous decisions regarding border closures motivated by a ‘moral panic’ over the refugees, were taken. The people of Vienna embraced our event with splendid warmth, generosity and enthusiasm. You can watch the event in two parts (click above) and you can catch glimpses of the atmosphere backstage and during our parallel meetings here.

In conversation with Noam Chomsky, at the New York Public Library

Screen Shot 2016-05-03 at 10.55.26 On 26th April 2015, I had the immense privilege of appearing at the New York Public Library with Noam Chomsky. Amongst other topics, we discussed Bernie Sanders, Greece, Europe, capitalism, the state of economic doctrine and, of course, DiEM25, the Democracy in Europe Movement that Noam recently joined. My deepest gratitude to the good people at New York Public Library for the generosity and hospitality.