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Varoufakis, Giannis

Wirtschaftsprofessor,, Greece

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5 articles of this author have been cited in the European Press Review so far. - Greece | 08/12/2014

Panicking hedge funds give Greece hope

If some hedge fund representatives are panicking at the prospect of the left-wing alliance Syriza winning the elections in Greece this can only be good for the country, the web portal Protagon writes: "The hedge funds will leave the country no matter what government is elected. And the sooner they leave, the better. But don't we need their investments? Not necessarily! The hedge funds never make long-term investments, that's not their task. They want to buy a few cheap shares and hope that the price will rise so they can sell them at a profit. After that they will turn their attention to other countries and no longer be interested in what they have left behind. ... So let the hedge fund representatives panic. Their panic is our hope." - Greece | 23/10/2012

Greece better off without EU loans

The Greek Finance Minister Giannis Stournaras on Monday warned that many people would starve if the country didn't receive the next instalment of the bailout package soon. The economist Giannis Varoufakis argues on the website Protagon that on the contrary Greece and Europe would be much better off without the loans: "It would be a good thing if we didn't receive either this or the other instalments - and if they hadn't given us those we have already received. Because they can't throw us out of the Eurozone they would then be forced to really do something about the crisis - not just in Greece but in other countries of the Eurozone. If they deny us the instalments the European Central Bank would be forced to find a solution both for the bank systems and for financing the members of the Eurozone - one that goes beyond the logic of loans. The result would be an end to the crisis from Greece to Ireland and from Spain to eastern Germany." - Greece | 10/05/2012

Renegotiate austerity

Greece must remain in the Eurozone and reach a new agreement with its creditors, writes economist Giannis Varoufakis on web portal Protagon: "Whether we like it or not, Greece's fate is inextricably entwined with that of the rest of the Eurozone. If we act like we can get along on our own, without Europe's help, we will create a situation that destroys all hope that our voice against the austerity measures will lead to something good. This is the situation: on the one hand it is impossible to comply with the terms of the austerity package. … On the other it's just as impossible for us to finance the development and reform policy needed to get out of the crisis. So what can we do? There's just one solution and it is laden with difficulties: we must renegotiate the terms of the austerity agreement between Greece and its creditors - as a member of the Eurozone." - Greece | 13/01/2012

Greece needs euro bonds

Slow progress is being made regarding the involvement of the private sector in the restructuring of Greek debt decided last October, according to media reports. Economist Giannis Varoufakis says on web portal Protagon that it was a mistake from the start to count on the participation of private banks and investors: "Here in Greece, the country that has been harder hit than any other by the crisis, the participation of the private sector is still being hailed as a chief strategy for emerging from the crisis! ... But this strategy was a mistake right from the start. ... Since last July it has only led to the crisis intensifying. ... The question is: What is the alternative? If the European Central Bank issued euro bonds it would be a unique chance for Greece and the Eurozone to overcome the crisis together."

Zeit Online - Germany | 11/05/2011

Helpful false report over Euro exit

The German news portal Spiegel Online reported last Friday that Greece was considering leaving the Eurozone. The economist Yanis Varoufakis suspects in the liberal news portal Zeit Online that this was a signal to politics that the time has come for new solutions: "The key question is: why did Spiegel Online publish the story although the journalists must have know that large parts of it were incorrect? One possible answer: Spiegel, which has close ties to German politics, worked together with certain government circles - particularly the Ministry of Finance - to send a signal to the Chancellor's Office and the Greek Prime Minister. The message: the time has come to start a debate in Europe which has been successfully suppressed for a year. A debate on new solutions to the euro crisis, because the old ones are on their last legs. If this really was Spiegel Online's intention, the magazine has been at least partially successful."

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