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Varoufakis: Troika Forced Syriza Into Choice Between 'Suicide or Execution'


Varoufakis: Troika Forced Syriza Into Choice Between 'Suicide or Execution'

Lauren McCauley, staff writer

In his first international television interview since stepping down from his post as Greek Finance Minister, Yanis Varoufakis told CNN's Christiane Amanpour on Monday that European lenders had forced his government to make a choice between "suicide or execution."


It was about the Greek governments exposing the anti-democratic 1%ers pushing of austerity economics for profits by allowing a democratic vote exposing truth.


As a game theorist, it would seem Mr. Varoufakis may have, upon being elected, prepared his people for the possibility of Grexit. Holding out the possibility of a dual currency, for example, may have provided incentive for a more meaningful discussion.


Christiane Amanpour is way out of her league with this guy. She’s a shill for the Empire (I say “shill” instead of something stronger only out of a sense of decency), while he’s a person of firm principle and intellectual depth. I would have liked to hear the whole interview just to see to what degree she made an ass of herself (as I’m sure she did), though Varoufakis would probably be too much of a gentleman to show her up on camera. Here she’s simply overwhelmed by Varoufakis’s superiority and wisely lets him do most of the talking


and they were embarrassed by the vote.


Well, Greece has been offered the same solution as Chinese have been doing for the last 32 years, but no response yet…may be when they are ready to actually committing suicide, they may jump on it…we shall see…

Too bad:
“It’s getting increasingly hard to make a case for the sanity of humanity.”


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International finance and the capitalist financial elite are boldly and unremittingly moving to consolidate its stranglehold on world domination. Welcome to the New World Order alluded to by Bush I. Nation’s that buck accepting subservience to its designs (such as Venezuela, Greece, Russia, and Iran) are being economically outmanuvered and punished until they capitulate to its demands. The social safety net of all the historical leaders of capitalism, the industrial European West and the US, is being eviscerated, privatized, and dismantled in order to appease the financial elite. Democracy is a farce, and only an internationally connected and militant rising up of the working class, now being ever-made ponds and peons to the fascist, international 1%, will stop it. It won’t be quick and easy, but if we in the US think putting our time, energy, and money into electoral politics we are sadly fooled. All fightback must come outside the corrupt tentacles of the present systems that rule our lives. It must be working class and international. All effort must be in building and uniting in solidarity revolutionaries, and petty squables and factionalism must be put aside for the goal. We are all Greeks now.


Adam Smith, Professor of Moral Philosopy at Glasgow University, argued that the wealth of nations was best served by a free market, one that had no State imposed monopolies. Copyrights and Patents, supposedly, are temporary monopolies granted to the originators of intellectual property.
From these two ideas, it seems that there has come the thoroughly Immoral Philosophy that corporations are people too, although they are just like the Undead of horror fiction, and deserve the same rights (except they cannot be executed for murder.)
I used to think that the EU was a good idea, but it seems to be run by the advocates of fossil carbon. People who understand energy, or have even read the history of the Industrial Revolution, know that you cannot drive out coal burning with wind turbines. France was doing without coal, with their own national electricity company, using nuclear instead. The EU “energy” companies said that was unfair, tthey could not compete with the price, and France chose to privatise it. They should have seceded.


The Greek government is naive if it ever thought that the EU was about democracy. It began as the Common Market, a free-trade organisation that never had anything to do with social democracy and was never designed to be a democratic institution. Which is one reason why the Norwegians were sane enough to reject it back in a referendum in 1972 and have done so since then. Joining the Common Market entailed loss of sovereignty to bureaucrats in Brussels who determined what species of apples should be grown throughout Europe and the UK and how big one’s cabbages should be, among other things including allowing overfishing in the North Sea.


As an American who has lived and worked in Europe for 34 years, I have nothing but praise for the social democracies here. Of course, some are managed better than others. Since 1950, Greece has been in a state of serious deficits most of the time. It was a big EU error ever admitting a weak country like Greece. And yes, there’s much blame on EU officials for not proactively focusing on and correcting Greece’s utterly non-transparent, corrupt financial administration where debt mushroomed to a huge 100% of GDP by 2000, rising to 130% in 2009 and then to 175% today.

In 2010 and 2012, the Troika came in with euro 240 billion in bailout funds (after a euro 107 billion “haircut” brought the existing debt from euro 350 billion to euro 250 billion in 2012 ). Almost 90% of the euro 240 billion bailouts went to refinancing the old stock of Greek government debt (largely from high general government deficits being run in previous years). which was mainly held by private banks and hedge funds in 2009. The Troka stepped, and the euro 240 billion debt became EUROZONE TAXPAYER DEBT.

Since 2012, Greek debt has accelerated back up to euro 315 billion today, not helped by a severe recession and failure of EU austerity measures. Now another 3-year euro 85 billion rescue funding is being asked of European taxpayers. This brings total eurozone debt to euro 400 billion for a debt/GDP ration of 200% … a staggering sum that is now the liability of eurozone taxpayers. Is it any wonder eurozone countries expect Greece to implement key reforms and accept strict oversight by the lenders? A euro without financial discipline, transparency, and responsibility is an open invitation to continuing unsustainable deficits, financial corruption and instability. (see: "Greece’s Solvency Problem: “More Dire Now Than Ever,” and “Greece’s Labyrinth of Debt,” San Diego Free Press, May 26, 2015). It is stated therein clearly that Greece MUST be given DEBT RELIEF in some form. The new bailout package leading to a huge euro 400 billion debt level is still UNSUSTAINABLE. Without debt relief, there’s simply inadequate room to repay the debt AND revitalize the economy and jobs.

Varoufakis puts the ALL blame on those greedy, anti-democratic, inhuman EU Troika institutions. Well, there’s historical blame all around in my view. But I think the EU countries will reach a fair deal in the interests of parties, despite some unavoidable transition pain for the Greek people. If a feasible plan is ultimately impossible for whatever reason, then a EU humanitarian and bridge funding of a very painful Greece transition exit will surely take place. Has Greece been given a choice between “Suicide and Execution,” in Varoufakis view? I for one don’t buy this hyperbole as long as real debt relief is provided Greece in the final package.

On a positive note, the ECB President Dragni and IMF President finally now admit that Greece must be given DEBT RELIEF in some significant, workable form. The options are dammed if you do and dammed if you don’t - given the depth of Greece’s financial collapse and human tragedy.


The Austerity that has been advocated for Greece seems to be the opposite of the Reganomics that old George Bush called voodoo economics. Am I right or wrong?
In stead of having mass unemployment of citizens [who thus would pay no taxes] why not employ every useful citizen possible and pay them with newly created Drachma, and tax them to pay some of the debt,in Euros or in Drachma? How can they borrow their way out of debt, whether it is denoted in Euros,Drachma or Tiddleywinks?
Maybe what they need is a fair and honest and enforceable system of taxation, to avoid inflation, and their own fiat money supply. Maybe that is what we all need.


It is the same supply side, trickle down, neoliberalsm all the same animal just re-named to confuse.