Yanis Varoufakis speaks on the toxic impact of the Eurogroup agreement of 9th April 2020 with CNN’s Richard Quest.
On April 9th 2020, Eurobonds were ‘put to bed forever’.
“Yesterday, with the Eurogroup decision — which by not making a decision on it, effectively missed the greatest and I think last opportunity we had in the Eurozone to have Eurobonds (…)”
“It’s not a question of philanthropy or even solidarity. The Netherlands and Germany benefit enormously from an exchange rate of the euro which is low because you’ve got deficit countries like Italy, Greece and Spain in them. Now at the same time, to the extent that they benefit enormously from that and from the negative interest rates that have been eating into the debt of both the Netherlands and Germany — those are the benefits for the Netherlands and Germany. If they want to keep those benefits, they will have to keep Italy in the Euro, and the only way to do that is by mutualizing debt.”
“Greece v. 2 already is Italy. Europe is on the verge of losing Italy; the hearts and minds of italians through a comedy of errors.”
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