TweetTweet wrote:...For me, he didn't/doesn't have m(any) faults ....I respect your point of view so please elaborate if you have the time...
Kilkis wrote:He was totally the wrong person to send to negotiate in the Eurogroup.........
Kilkis wrote: Despite his many faults, everything Varoufakis said about the economics of the bailout programme was correct. The austerity regime drove Greece into a debt deflationary spiral from which it cannot recover on its own. At least the IMF has admitted it got its predictions wrong. The governments of the EU countries cannot admit to their voters that they won't get their money back so they pretend and extend. The ECB, and other central banks for that matter, cannot admit that quantitative easing doesn't work despite ample proof from Japan, where it has failed for over 20 years. Looking on the bright side, however, Greece's debt problems will fade into obscurity when major, multinational, private, corporate junk bonds start to default and the world discovers that they have been packaged into AAA rated Collateralised debt Obligations, CDOs, just like sub-prime mortgages were.
Warwick
Mackie wrote:...I have no doubt that the debts (or most of them) will be written off soon enough (despite what Schauble says)...
Kilkis wrote:Mackie wrote:...I have no doubt that the debts (or most of them) will be written off soon enough (despite what Schauble says)...
I wouldn't bank on that. There is not a finance minister in the Eurogroup that can go back to his constituents and tell them that he has loaned €X billion to Greece and they are not going to get it back.
Warwick
Kilkis wrote:Mackie wrote:...I have no doubt that the debts (or most of them) will be written off soon enough (despite what Schauble says)...
I wouldn't bank on that. There is not a finance minister in the Eurogroup that can go back to his constituents and tell them that he has loaned €X billion to Greece and they are not going to get it back.
Warwick
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