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Sunday, February 1, 2015

FM Yanis Varoufakis on February 18, 2012

Given developments, it is highly recommendable to re-read this article which the new Finance Minister Yanis Varoufakis published almost 3 years ago!

Greek default does NOT equal Grexit!


  1. Well, that very much seems to wrap up Syrizas plan for 2015. But as one commentator asked: "will the ECB provide liquidity to Greek banks"? And what about greek bonds of 6.6 BEUR held by the Eurosystem expiring in July and August? Even if the government muddles trough that far, what then?

  2. Although theoretically it is entirely correct that "Greek default is not equal to Grexit", I would think that practically it will have that consequence.

    I just can not imagine that

    a) The Euro member countries will tolerate that one of its members gets rid of it's obligation in such a way.

    b) The Greek economy after default can survive with Euro, therefore not having the possibility to make inflation.


    1. If Greece is forced to quit the eurozone, the lawyers have stated that it will have to quit the EU for legal reasons. If that happens, Russia will court an alliance, and maybe with Cyprus too.

      Do you really think that the USA will allow this? Germany will be very rapidly roasted, and will regret meddling with the structure of the post-war settlement. Tsipras has a very strong hand, and the Germans have fuck all. But, I regret to tell you, most Germans are too stupid to understand their own history and the geopolitics of Europe.

    2. Xenos, in this case no doubt that _the_ lawyers_ will make up their mind, because you are quite right that nobody wants Greece to leave EU.

      And I am still convinced that Greece needs an own currency for payments within the country.

      After Switzerland 'exiting' from Euro there also are plans to have two kind of Swiss franc.


    3. "most Germans are too stupid" ... I am not a German, but I would like to protest against such racist comments! Shame on you!

    4. @Seukel. I am speaking very bluntly about important issues. The comment is not racist: it is culturist, a comment on German cultural characteristics. Others here try to characterise Greeks in comparable terms (sometimes I do, too), but on this occasion my irritation is directed at the biggest obstacle to European peace over the last century or more.

    5. Xenos, it all depends on who makes that international statistics about stupidity. Your blunt comment is:
      1) Impolite
      2) Not funded by any facts
      3) Intolerable in a well educated blog we all all like.


      PS: I am swiss, in case you have any suspicion :O

    6. @Herr Trickler. Of course, I am not being polite. I think we are way beyond the usefulness of politeness in Europe; in this blog, it is up to Klaus to decide if his personal limits are different from those of Europe.

      On facts: sorry, but there are plenty! And I will not repeat to you the characterisations of the Swiss that my German stepmother makes continuously, but i can assure you that they are far worse than anything I have ever said about Germans or Greeks. For my part, I have nothing to say about the Swiss except that their banks need to be accountable to the world.

    7. Dear Xenos,

      I am Greek as you and i have enojoyed and agreed with many of your comment contributions to this blog. But your comment was impolite. You are an educated man and it is not your worth to allow yourself to be overcome by emotions.

      I myself on many occasions wanted to immediately blurt out impolitenes to ---Mr. Trickler---, but deep down i know provications on this blog are from "sometimes" enraged educated people is acceptable. But our fellow educated collaborators on this blog have proven their worth even though we all have a difference of opinion. It is the beauty of democracy.

      You know you must all know, that through my travels, readings and relationships one thing is for sure. The gerneral public of all areas of the world whether they be greek, german, turkish, chinese, america, russian, arabic etc. are good people with more or less good morals. The general public is pulling their weight and feel added weight when menipulated by the media politicians or forces of instability. It is up to you and people on this blog who are educated, that need to filter the garbage, open dialogue and spread your knowledge to other people of your local public/community. I can not tell you how many times i curse media who implicate GERMANS, as those who insist on various issues on Greece. It is not the German People who are insisting. It is the media and politicians and elite that turn us against each other. Remember the EURO was created to battle such possibilities.

      Mr. Kastner has created a wonderful platform to "tickle" our brains as to open discussion and exchange ideas. He is the owner of the blog but we are the users that must maintain a specific deminer and composure.

      Sincerely, And Enhance your calm and i wish you well... :-)


    8. Dear V: I am very proud that you think I am a Greek! However, the sad truth is that I am 100% British:-) Perhaps if I were Greek, I would feel more reserve about criticising Germany and its politicians. For the German population itself, all of my comments about ignorance of history and stupidity are equally applicable to the UK. This is really about how big business and politicians have manipulated people, ending up very much like the USA with a population that knows nothing of itself, let alone other countries.

      FYI: I have researched on the Greek economy since 1988 (Manchester and Athens universities), and lived mostly in Greece but also Italy and Vienna for the period 1997-2014.

      Best wishes from an Hellenophile in the UK.

    9. ".....sad truth is that i am 100% British..."

      Xenos, (Now i understand where the name came from)

      What's wrong with being British??? I have dozens of great friends all over Britain.