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The EU’s Elephant in the Room

The EU's Elephant in the Room

The EU's Elephant in the Room

The PhD Economist, author and Greek politician, Yanis Varoufakis has always been regarded as a reasoned thinker and fierce critic of much of the Brussels based political machinery. 

While the EU leaders met over the weekend to work on the finalisation and eventual implementation of the ‘Recovery Fund’, Varoufakis outlines the ridiculousness of the finer points, which he describes as the Elephant in the Room. 

As is always the way in EU-summits and Brussels-based talk-fests, the matter of fiscal austerity is lurking heavily in the shadows. As financially weaker nations such as Italy and Greek look down the barrel of an even more deadly financial situation caused by COVID lockdowns, the unrelenting demands (although not yet explicit) for increased austerity are set against a mathematically impossible backdrop of financial reality. Read more…

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