Greek economist believes Ireland was bullied into bailout, Greeks pay German prices on Bulgarian wages and global economy has moved into technofeudalism
Greece ’s former finance minister Yanis Varoufakis: The fireband has not softened his opinions and is in Dublin this week for an event hosted by Democracy in Europe Movement 2025. Photograph: Alkis Konstantinidis/Reuters
Forcing the Irish State to take on the losses of German bondholders was not only immoral and illogical but illegal, Varoufakis says. Trichet has denied he telephoned the late Brian Lenihan, Ireland’s then finance minister, warning him to save the banks “at all costs” but the State’s banking inquiry concluded that the ECB had explicitly threatened to cut off funding for Irish banks if bondholders were burned.
Varoufakis says the austerity and liquidity policies pursued by the ECB to combat the banking crisis have destroyed Germany’s business model and led to economic stagnation across Europe. Varoufakis resigned as Greek finance minister in 2015 when then prime minister Aléxis Tsípras, the man who appointed him, accepted the terms of the troika’s bailout.
For most of the Greek population, however, real incomes are still 25 per cent below what they were 20 years ago, he says. “We pay German prices on Bulgarian wages,” he says, suggesting most Greeks find offensive “the insinuation that Greece is doing well”.
Germany Greece Jean-Claude-Trichet
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