The Crux of the Biscuit
The former Finance Minister of Greece Yanis Varoufakis does not mince words. In the first interview given since he resigned, this tradition continued.
A short-term deal could, Varoufakis said, have been struck soon after Syriza came to power in late January. “Three or four reforms” could have been agreed, and restrictions on liquidity eased by the ECB in return.
Instead, “The other side insisted on a ‘comprehensive agreement’, which meant they wanted to talk about everything. My interpretation is that when you want to talk about everything, you don’t want to talk about anything.” But a comprehensive agreement was impossible. “There were absolutely no [new] positions put forward on anything by them.”
Things get interesting in the next few paragraphs:
Varoufakis said that Schäuble, Germany’s finance minister and the architect of the deals Greece signed in 2010 and 2012, was “consistent throughout”. “His view was ‘I’m not discussing the programme - this was accepted by the previous [Greek] government and we can’t possibly allow an election to change anything.
“So at that point I said ‘Well perhaps we should simply not hold elections anymore for indebted countries’, and there was no answer.
(Embolden I must!)
I just got back from a camping visit/fireside drinky fest with friends and friends of friends. Myself and one such friend of friend, a finance professional and very nice guy, got to talking over beer and bourbon over things financial. If this guy is any indication, finance in general has been taken over by folks who wish to eliminate local control over currencies and, if necessary, maybe make this possible by moving to a post-state world.
BTW, "Post State" means you don't get to vote. Technocrats take care of you.
I voiced my complete and utter disagreement, of course. Still, after that illuminating conversation, I have to say I cannot be too surprised at what Varoufakis encountered. Continuing with his interview:
It is well known that Varoufakis was taken off Greece’s negotiating team shortly after Syriza took office; he was still in charge of the country’s finances but no longer in the room. It’s long been unclear why. In April, he said vaguely that it was because “I try and talk economics in the Eurogroup” - the club of 19 finance ministers whose countries use the Euro - “which nobody does.” I asked him what happened when he did.
“It’s not that it didn’t go down well - there was point blank refusal to engage in economic arguments. Point blank. You put forward an argument that you’ve really worked on, to make sure it’s logically coherent, and you’re just faced with blank stares. It is as if you haven’t spoken. What you say is independent of what they say. You might as well have sung the Swedish national anthem - you’d have got the same reply.”
(Bold words, I hope you agree!)
Exactly. The economics has been agreed upon for those at the top; alternate economic positions-even ones backed by empirical evidence-need not apply. The Technocrats rally 'round their own, and ignore the rest.
Expect shit to get interesting. Everywhere. Well, everywhere finance professionals continue to be Wrong and In Charge.
Thanks to solarbird for the link and interest in following this shit once again!
A short-term deal could, Varoufakis said, have been struck soon after Syriza came to power in late January. “Three or four reforms” could have been agreed, and restrictions on liquidity eased by the ECB in return.
Instead, “The other side insisted on a ‘comprehensive agreement’, which meant they wanted to talk about everything. My interpretation is that when you want to talk about everything, you don’t want to talk about anything.” But a comprehensive agreement was impossible. “There were absolutely no [new] positions put forward on anything by them.”
Things get interesting in the next few paragraphs:
Varoufakis said that Schäuble, Germany’s finance minister and the architect of the deals Greece signed in 2010 and 2012, was “consistent throughout”. “His view was ‘I’m not discussing the programme - this was accepted by the previous [Greek] government and we can’t possibly allow an election to change anything.
“So at that point I said ‘Well perhaps we should simply not hold elections anymore for indebted countries’, and there was no answer.
(Embolden I must!)
I just got back from a camping visit/fireside drinky fest with friends and friends of friends. Myself and one such friend of friend, a finance professional and very nice guy, got to talking over beer and bourbon over things financial. If this guy is any indication, finance in general has been taken over by folks who wish to eliminate local control over currencies and, if necessary, maybe make this possible by moving to a post-state world.
BTW, "Post State" means you don't get to vote. Technocrats take care of you.
I voiced my complete and utter disagreement, of course. Still, after that illuminating conversation, I have to say I cannot be too surprised at what Varoufakis encountered. Continuing with his interview:
It is well known that Varoufakis was taken off Greece’s negotiating team shortly after Syriza took office; he was still in charge of the country’s finances but no longer in the room. It’s long been unclear why. In April, he said vaguely that it was because “I try and talk economics in the Eurogroup” - the club of 19 finance ministers whose countries use the Euro - “which nobody does.” I asked him what happened when he did.
“It’s not that it didn’t go down well - there was point blank refusal to engage in economic arguments. Point blank. You put forward an argument that you’ve really worked on, to make sure it’s logically coherent, and you’re just faced with blank stares. It is as if you haven’t spoken. What you say is independent of what they say. You might as well have sung the Swedish national anthem - you’d have got the same reply.”
(Bold words, I hope you agree!)
Exactly. The economics has been agreed upon for those at the top; alternate economic positions-even ones backed by empirical evidence-need not apply. The Technocrats rally 'round their own, and ignore the rest.
Expect shit to get interesting. Everywhere. Well, everywhere finance professionals continue to be Wrong and In Charge.
Thanks to solarbird for the link and interest in following this shit once again!