Interview with greek finance minister giannis varoufakis – spiegel online euro and pound exchange rate


Graphic: Returns on 10-year sovereign bonds. Varoufakis: The troika of technocrats sent periodically to Greece to enforce an unenforceable program, technocrats representing the European Commission, the European Central Bank and the International Monetary Fund. I have nothing against these three institutions as such usd to rmb conversion. However, they sent a cabal of technocrats to Greece to implement and monitor an entirely destructive program.

Varoufakis: And fine people they were. But they were sent to implement a program that caused great damage exchange rate pound sterling to us dollar. We know there were also some pretty good guys in the CIA who took part in the waterboarding interrogations against their will and ended up in awful moral dilemmas.

SPIEGEL: You have also drawn comparisons between the rescue policy and the mafia. In your blog, you responded to a by-lined article by German Finance Minister Wolfgang Schäuble by comparing the tactics of EU policymakers to those of "Chicago gangsters." Do you really think that is appropriate?

Varoufakis: I have never even remotely referred to Mr Schäuble as a gangster famous quotes about success. I wrote that the so-called bailout packages were actually a masked threat on the lines of: "I’m going to make you an offer that you can’t refuse."

SPIEGEL: During the Greek election campaign, Germany was repeatedly portrayed as a power oppressing Greece. What would Germany’s interest be in doing that?

Varoufakis: That is an entirely different matter. Your questions seem intent on creating the impression that Greece is trying to fuel strife in Europe cool pictures of animals. I cannot and will not accept such insinuations. In my position as finance minister, it is my duty to counteract any hard feelings harbored against Germany in Greece. I am arguing on an entirely objective level. I am saying that the austerity measures have done nothing and will do nothing to solve Greece’s problems; in fact, they only make things worse. I would therefore like to see Germany participate in drawing up a kind of Marshall Plan to rebuild Greece and the rest of the periphery usd yen. I believe that a Merkel Plan for Europe would be a wonderful development.

SPIEGEL: Your government is currently overturning reforms that were designed to help the Greek economy get back on its feet. You have reemployed laid-off public-sector workers and put privatizations on hold.

Varoufakis: No, you are misinformed on this point. We are overturning none of the therapeutic reforms usd to kes. We are not stopping the privatization of our ports average exchange rate usd to cad 2015. We just want to make sure that our country’s national assets are not sold off for peanuts.

Varoufakis: We have reversed some terminations where these made no social or economic sense or where the process was illegal. Let me give you an example: The previous government sacked school security guards whose job it was to protect our schools. The resulting damage caused by the theft of school computers and vandalism is far greater than the amount saved by the sacking of the guards.

Varoufakis: I hereby declare that I, Giannis Varoufakis, oppose every form of xenophobia, anti-Semitism and sexism. And I will find it deeply distressing if any member of our government expresses a different opinion on these matters aud usd forecast 2016. Unfortunately, the austerity measures in many European countries have resulted in a great increase of popular support for right-wing narratives. I see this as a great danger for Europe.

Varoufakis: That is simply how democracy works usa today sports lines. We would have preferred to have an absolute majority, but the Greek voters decided differently.

Varoufakis: It was in our national interests, and in the interests of Europe, to form a government as quickly as possible. Long, drawn-out coalition talks would have been disastrous. Additionally, let me inform you that To Potami rejects that it is left-wing.

SPIEGEL: During the election campaign, your coalition partner Kammenos, who is now Greece’s defense minister, said that Europe is being governed by German neo-Nazis.

SPIEGEL: Right-wing demagogues are gaining ground in Germany too, but not because of austerity measures. On the contrary, they claim that the Greek bailout is costing German taxpayers too much money.

Varoufakis: The Germans should know that their money bailed out the banks, not Greece. And I share their opinion that that was a wrong move. That money has disappeared in black holes. In the future, we should make sure that it is invested sustainably.

SPIEGEL: In contrast to Spain and Portugal, Greece has already benefited from a debt cut. Can you understand that there is a certain reluctance to pour even more money into your country? Greece seems like the proverbial bucket full of holes.

Varoufakis: Everyone knows that Greece will never be able to shoulder its current debt load without a new deal. And it would be to the benefit of all parties concerned if they would simply admit this fact xauusd investing. A debt restructure would put the Greek economy in a position in which it could begin to recover. And that would be in the interests of the people in Germany and in the rest of Europe too.

SPIEGEL: Your negotiations with Brussels have thus far produced no results and the German government has ruled out the possibility of an additional debt cut for Greece.

Varoufakis: I understand that the German government is keen to avoid the phrase "debt cut." But the fact is, it would be better, and in the final analysis, come a lot cheaper for the creditors, than extending the loans and pretending that no losses will be suffered if only income-destroying austerity continues.