Greece’s new Finance Minister Yannis Varoufakis presents a new version of its comprehensive reform plan for the European Monetary Union. The reported the news magazine Der Spiegel, citing the manuscript of a book which will be published under the title “A Modest Proposal to solve the euro crisis,” the end of February in Germany.
This Varoufakis formulated together with two Anglo-Saxon economists a four-point plan to reform the monetary union in need in his opinion, no contract change and on German reservations is considerate. (Read the whole story in the new MIRROR.)He proposes that the future ESM bailout fund to acquire a direct stake in ailing banks when topping up their equity. A key role is played in the reflections and the European Central Bank (ECB) and the national central banks. The ECB should take over parts of the liabilities of highly indebted countries. In addition, they could spend bonds with their means an investment program to taling eight percent of economic output is to be funded in the euro zone.
Finally, Varoufakis proposes to launch a euro zone-wide social program. The money will provide the national central banks. Varoufakis will make them to that they distribute its interest income from loans to each other
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