Giani Varoufakis, meanwhile Greek finance minister, has already published a book on euro rescue shortly after the outbreak of the crisis in 2008. The text reveals a lot about the thinking of the Greeks. ABC Online is the most important passages.
With some “modest proposal” logs Greek Finance Minister Giani Varoufakis in Germany to speak. He has indeed been his idea paper briefly written after the collapse of the US financial sector in 2008 and has since been revised several times. But a German publisher sensed an opportunity and brings the 60-page strips now available on the German book market.
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The title is an allusion to the satire “A Modest Proposal” by Irish writer Jonathan Swift. The proposed in 1729 to alleviate the prevailing famine in which a man may eat babies. Varoufakis be it with his proposals, however, very serious, says the publisher James & James.
ABC Online documents the key points from the 4-point plan of the Greeks.
About the debt crisis from the perspective of the Greeks:
“having to save Under the pretext of Greece, high losses on the banks’ books were moved to the weak shoulders of the Greek taxpayers the full knowledge that the cost because the Greek shoulders were too weak for that to Germany, Slovakia, Finland, Portugal and so spill further would “
About the collapse of the euro.
“On the basis of the existing institutions and policies of the euro can not stand. (…) If the Euro is torn apart by the centrifugal forces that are at work today, the consequences of its collapse will be so severe and the rise of nationalism so threatening that it is an illusion to believe might of the EU remain more left as their initials “
About the crises of the euro zone:
” The euro zone is suffering – and faces – four crises:. the banking crisis, the crisis of sovereign debt, the decline in investment and a social crisis, such as has never been seen before “
About the problem of the euro zone:
” The faulty architecture of the euro zone with a) national governments without supporting Central Bank and b) a common Central Bank (ECB), without the countries the common monetary policy in the euro zone could help, because there was no common fiscal policy “
About the Bank Union:
“. The only way this deadly embrace of (between banks and state governments, note d. . Editor) to solve is a so-called banking union. This means the transfer of all banking systems of the euro zone into a common database system with common monitoring mechanisms, a common deposit insurance and a common recapitalization in the event of bankruptcy. “
The EU had indeed just created a banking union, but only the name by:. “She never Intending into practice”
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About the reasons of Greece’s bankruptcy:
“The debt was unsustainable,
a) because of the panic in the financial markets, which led to the collapse of liquidity,
b) because of the recession as a result of the global crash, which of course Greece detected (whereby the Greek tax revenue declined) , and
c) and because Greece is not money could borrow because of the lack of support of the ECB, together with other EU Member States “
to EU policy lending.
“As the EU made the mistake not to see the crisis as a systemic (instead, they insisted that they had to deal with different individual crises: the Greek crisis, the Irish crisis and so on), they fell Finally, the “solution” to lend to the terms of an unbearable saving dictation and drastic cuts for the countries with the largest deficits. “
About the consequences for Greece:
” When result, experienced the regions that would most urgently needed productive investment, the largest declines in investment because investors the deficit regions anyway dropped while the austerity of the demand for goods dealt the final blow. In this situation, the deficit countries could not devalue their currencies (which would have improved their competitiveness), and there was far and wide no political strategy to stimulate investment again “
About Germany:.
“As if it were not enough that wander the scarce resources of the periphery to Frankfurt as a result of the crisis (and thereby benefit the German banks and ensure that Germany is cheap can borrow money), the TARGET2 system Germany rewarded yet more by it draws interest rates by the central banks of the periphery to the Bundesbank that their “passes on again (once a year) profits” to the federal government. “
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