Thursday, 25 June 2015

In case of Grexit, Varoufakis needs to step down

In my (humble) opinion, Varoufakis has proven with each interview that he lacks the knowledge to do a Grexit (a return to sovereign Drachma) properly.
You can read Warren Mosler's Big Fat MMT Grexit Strategy and you can read Mosler's criticisms of Varoufakis' statements on 'financial doomsday' should Greece exit the EuroZone.
As such, Varoufakis needs to step down as finance minister and that position should go to an MMTer; Rania Antonopoulos comes to mind. You can see her presentation of Greece's unemployment & poverty problem & her macroeconomic solution for it, i.e. the voluntary Job Guarantee proposal.
It is my opinion that Varoufakis doesn't have the heterodox understanding or geopolitical knowledge for that matter necessary to handle this scenario - should it (finally) occur - because only Syriza and the Greek citizens have demonstrated their willingness to stay in the EZ, while the Troika (euphemistically called the Euro Group) has done nothing outside of keeping the neocolonialist boot parked on Greece's throat. There is no sensible negation to be had with a 'partner' who is in fact behaving as your master and who is only offering to bleed the country with further austerity packages - i.e. privatizing profits and socializing losses.

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