Our conversation with Yanis Varoufakis ahead of the Euro elections


Is the financial crisis in the Eurozone over?

No, it’s been papered over by the creation of a new bubble. This gives the illusion of stability. The elite in Europe are trying to sell the message that it’s back to business as usual.

Austerian logic has been imposed on Europe by Berlin, along with propaganda that crisis has been dealt with. Their strategy is to invert the truth and keep repeating it until it is widely believed. They have created a desert with austerity, and now they are calling it a success.The only way to defeat darkness is to shine a bright light on it – the light of truth.

The truth is that the crisis is getting worse, the North is pulling away from the South, and people are more divided than ever. Ordinary people across the continent know the crisis isn’t over, because they can feel it in their falling living standards and the precariousness of their situation. Right wing populist parties like UKIP in the UK, and far right groups elsewhere, are benefiting from a protest vote.

Like Spain in 1936, Greece is the front line in the battle for the soul of Europe. What happens there will determine the face of Europe in the future. Austerity continues to ruin lives and the fascist Golden Dawn party has been given the go ahead to contest the European elections. It doesn’t look good.

The lie that the crisis is over has been aided by the creation of a new financial bubble – there has been Ponzi growth of asset prices. New Greek bonds were issued, and Greek debt a tradeable commodity – and yet the Greek government is in a worse financial situation that ever, and the people of Greece of suffering the slow implosion of society.

This is a manipulation of the markets before Euro elections, and an attempt to paper over the cracks while avoiding the fundamental issues. But you can’t paper over the cracks and inflate new bubbles forever: there is another crash coming when this bubble bursts, and people will be more divided than ever before

Our only solution is rebuild democracy from the bottom up, and take power back from an out of touch elite.

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Yanis Varoufakis

Economics professor, quietly writing obscure academic texts for years, until thrust onto the public scene by Europe's inane handling of an inevitable crisis

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