Connect with us
//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});

Latest

Greek Finance Minister Yanis Varoufakis, gives the finger to Germany in a May 2013 speech [Video]

Alex Christoforou

Published

on

Post originally appeared on Zerohedge.

In a recently uncovered speech by the Yanis Varoufakis that took place in May of 2013, and which was either ingenious or naive beyond comprehension – we can’t decide – or is simply the contradictory stream of consciousness of a financial expert who has become the epitome of saying one thing now, and its diametrical opposite 5 minutes later, the Greek finance minister explains why he was for a Greek default but against returning to the Drachma.

Following several minutes of tortured logic, Varoufakis explains that devaluation is, drumroll, bad for a country that is on the verge of doing so and seems not quite clear with the concept of currency controls (he applauds Argentina for “sticking the finger to the IMF” and says Greece unlike Buenos Aires doesn’t have a Chinese export market ready: perhaps he should read up on the whole Dry Bulk shipper thing) yet completely ignoring the the very reason why a country devalues in the first place: to implement an external rebalancing – something it should have done years ago – the reason for which is that Greece will soon be if not already is, on the verge of outright social conflict as there is no further room for internal rebalancing, i.e., wages and welfare cuts. Just wait until the people realize their pensions are being used to repay the IMF…

Then Varoufakis, channeling Schauble, proceeds to justify the German way of thinking, namely one where the only thing that matters is the preservation of exiting wealth, an odd position for a self-proclaimed Marxist, and one which forgets that while there is a period of acute pain, the nations that made up all failed currency unions in the past (incidentally, all of them, which is why the Euro too is doomed to fail) somehow managed to survive. The reason being that once exports are cheap enough, any country – even Greece – can finally implement the much delayed reforms and return to growth on its own, and not on the back of German generosity: just how much money will the Troika agree to wire Athens this month?

There is of course an alternative, the one which Varoufakis is warming up to: a less acute, but unlimited and endless pain while existing as a vassal state of the most powerful authority in the monetary union, in this case Germany. This is precisely what Samaras had decided on, and why Greece had become a “sovereign” in name only – it was a broken country whose every state-level decision was made by the Troika. It was also why Varoufakis was elected: the break these shackles of German oppression, or perhaps he already forgot all his promises to the people?

Then the abovementioned logic gets even more tortured, when Varoufakis who until that point destroys the hypothesis in which a return to a Drachma is even remotely conceivable, crushes everything he had built up until that point: “what we should do is create a plan B, we should start the process of thinking of creating a currency in case we need it not just because we may choose to leave the euro, but because the euro may not exist after a while. If Germany leaves, that is more likely for me, as far as I am concerned that Germany would depart from the euro.”

Well, if his intention was to soothe Europe’s fears that Greece may contemplate a Plan B, he failed.

Then the stream of consciousness touches on Cyprus, which Varoufakis says should leave the Euro because it has already suffered the pain of capital controls, and because its banks are already insolvent. Here one asks: “and Greek banks are what exactly?”, especially if on one sunny day the ECB decides to cut all ELA to Greece to €0? Or maybe in some game theoretical world in which Greece is hinting at its own currency, the ECB defecting on its own (and with Q€ as a backstop why not) is impossible.

Tortured stream of consciousness “logic” aside, where things get fun is when Varoufakis says: “the most effective radical policy would be for a Greek government to rise up in Ecofin and say folks we are defaulting – we shall not be repaying next May the €6 billion that supposedly we owe the ECB…. But why step out? Because the moment the Greek prime minister declares default within the Eurozone all hell would break loose and either they would have to introduce those shock absorbers or the Euro will die anyway and then we can go to the drachma.”

Well, the Greek finance minister had his chance to do just that, at the Ecofin… and completely folded. So let’s avoid any more such hypothetical cases in which Greece “should do this or that”, when Greece had the chance to do just what Varoufakis said was the optimal path, and didn’t do it. In other words, “regardless if you want or don’t want your euro, you get to keep your euro. Just as Germany demanded”

* * *

But the reason all of the above will be ignored by everyone, and certainly the German media, is because of what happened 2 minutes into the clip below: “my proposal was that Greece should simply announce that it is defaulting within the Euro in January 2010 and stick the finger to Germany and say well, you can now solve this problem by yourself.”

Judging by how quickly Greece retreated with its tail between its legs after Syriza took power, Germany must have been quite persuasive in explaining why, no, Germany wouldn’t solve this problem by itself.

And all questions aside why the finance minister who would rather walk out on a TV interview than answer if he has become a liability to his country didn’t do precisely that during one of the many Eurogroup and Ecofin meetings he participated in since coming to power, we know what the German public – of which the majority already want Greece out of the Eurozone – will be obsessing over the coming days and week.

Greece “sticking the finger to Germany”

References:

http://www.zerohedge.com/news/2015-03-15/varoufakis-strategy-no-grexit-default-inside-euro-and-stick-middle-finger-germany

Liked it? Take a second to support The Duran on Patreon!
Advertisement //pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});
6 Comments

6
Leave a Reply

avatar
6 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
0 Comment authors
cheapest motor insurancex4cwym845tx4f8w4fw84rffw485fedwx30m85cgcr83n5rwxym8cnrsdfruxm3cm9wy7vf5kcwxjc3ytxk0crtsxergsdxcn5bsn5bvtb7sdn5cnvbttecc Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
trackback

ccn2785xdnwdc5bwedsj4wsndb

[…]check below, are some entirely unrelated web sites to ours, even so, they are most trustworthy sources that we use[…]

trackback

xcn5bsn5bvtb7sdn5cnvbttecc

[…]Here are several of the web-sites we advocate for our visitors[…]

trackback

Title

[…]Here are several of the web sites we recommend for our visitors[…]

trackback

Title

[…]check beneath, are some totally unrelated web-sites to ours, on the other hand, they may be most trustworthy sources that we use[…]

trackback

Title

[…]very handful of web sites that transpire to be detailed below, from our point of view are undoubtedly effectively really worth checking out[…]

trackback

Title

[…]here are some links to web pages that we link to due to the fact we think they may be really worth visiting[…]

Latest

Is this man the puppet master of Ukraine’s new president or an overhyped bogeyman?

Smiling to himself, Kolomoisky would be within his rights to think that he has never had it so good.

RT

Published

on

By

Via RT…


It doesn’t actually matter if Ukrainian-Israeli billionaire Igor Kolomoisky is the real power behind Volodymyr Zelensky – the president elect has to get rid of the oligarch if he is to make a break with the country’s corrupt past.

The plots, deceits and conflicts of interest in Ukrainian politics are so transparent and hyperbolic, that to say that novice politician Zelensky was a protégé of his long-time employer was not something that required months of local investigative journalism – it was just out there.

Zelensky’s comedy troupe has been on Kolomoisky’s top-rated channel for the past eight years, and his media asset spent every possible resource promoting the contender against incumbent Petro Poroshenko, a personal enemy of the tycoon, who hasn’t even risked entering Ukraine in the past months.

Similarly, the millions and the nous needed to run a presidential campaign in a country of nearly 50 million people had to come from somewhere, and Kolomoisky’s lieutenants were said to be in all key posts. The two issued half-hearted denials that one was a frontman for the other, insisting that they were business partners with a cordial working relationship, but voters had to take their word for it.

Now that the supposed scheme has paid off with Zelensky’s spectacular victory in Sunday’s run-off, Ukrainian voters are asking: what does Kolomoisky want now, and will he be allowed to run the show?

‘One-of-a-kind chancer’

Born in 1963, in a family of two Jewish engineers, Kolomoisky is the type of businessman that was once the staple of the post-Soviet public sphere, but represents a dying breed.

That is, he is not an entrepreneur in the established Western sense at all – he did not go from a Soviet bloc apartment to Lake Geneva villas by inventing a new product, or even setting up an efficient business structure in an existing field.

Rather he is an opportunist who got wealthy by skilfully reading trends as the Soviet economy opened up – selling Western-made computers in the late 1980s – and later when independent Ukraine transitioned to a market economy and Kolomoisky managed to get his hands on a large amount of privatisation vouchers that put many of the juiciest local metals and energy concerns into his hands, which he then modernised.

What he possesses is a chutzpah and unscrupulousness that is rare even among his peers. Vladimir Putin once called him a “one-of-a-kind chancer” who managed to “swindle [Chelsea owner] Roman Abramovich himself.” In the perma-chaos of Ukrainian law and politics, where all moves are always on the table, his tactical acumen has got him ahead.

Kolomoisky’s lifeblood is connections and power rather than any pure profit on the balance sheet, though no one actually knows how that would read, as the Privat Group he part-owns is reported to own over 100 businesses in dozens of Ukrainian spheres through a complex network of offshore companies and obscure intermediaries (“There is no Privat Group, it is a media confection,” the oligarch himself says, straight-faced.)

Unsurprisingly, he has been dabbling in politics for decades, particularly following the first Orange Revolution in 2004. Though the vehicles for his support have not been noted for a particular ideological consistency – in reportedly backing Viktor Yushchenko, then Yulia Tymoshenko, he was merely putting his millions on what he thought would be a winning horse.

Grasp exceeds reach

But at some point in the post-Maidan euphoria, Kolomoisky’s narcissism got the better of him, and he accepted a post as the governor of his home region of Dnepropetrovsk, in 2014.

The qualities that might have made him a tolerable rogue on TV, began to grate in a more official role. From his penchant for using the political arena to settle his business disputes, to creating his own paramilitary force by sponsoring anti-Russian battalions out of his own pocket, to his somewhat charmless habit of grilling and threatening to put in prison those less powerful than him in fits of pique (“You wait for me out here like a wife for a cheating husband,” begins a viral expletive-strewn rant against an overwhelmed Radio Free Europe reporter).

There is a temptation here for a comparison with a Donald Trump given a developing country to play with, but for all of the shenanigans, his ideological views have always been relatively straightforward. Despite his Russia-loathing patriotism, not even his fans know what Kolomoisky stands for.

The oligarch fell out with fellow billionaire Poroshenko in early 2015, following a battle over the control of a large oil transport company between the state and the governor. The following year, his Privat Bank, which at one point handled one in four financial transactions in the country was nationalized, though the government said that Kolomoisky had turned it into a mere shell by giving $5 billion of its savings to Privat Group companies.

Other significant assets were seized, the government took to London to launch a case against his international companies, and though never banished, Kolomoisky himself decided it would be safer if he spent as long as necessary jetting between his adopted homes in Switzerland and Tel Aviv, with the occasional trip to London for the foreseeable future.

But the adventurer falls – and rises again. The London case has been dropped due to lack of jurisdiction, and only last week a ruling came shockingly overturning the three-year-old nationalization of Privat Bank.

Smiling to himself, Kolomoisky would be within his rights to think that he has never had it so good.

Own man

Zelensky must disabuse him of that notion.

It doesn’t matter that they are friends. Or what handshake agreements they made beforehand. Or that he travelled to Geneva and Tel-Aviv 13 times in the past two years. Or what kompromat Kolomoisky may or may not have on him. It doesn’t matter that his head of security is the man who, for years, guarded the oligarch, and that he may quite genuinely fear for his own safety (it’s not like nothing bad has ever happened to Ukrainian presidents).

Volodymyr Zelensky is now the leader of a large country, with the backing of 13.5 million voters. It is to them that he promised a break with past bribery, graft and cronyism. Even by tolerating one man – and one who makes Poroshenko look wholesome – next to him, he discredits all of that. He will have the support of the people if he pits himself against the puppet master – no one would have elected Kolomoisky in his stead.

Whether the oligarch is told to stay away, whether Ukraine enables the financial fraud investigation into him that has been opened by the FBI, or if he is just treated to the letter of the law, all will be good enough. This is the first and main test, and millions who were prepared to accept the legal fiction of the independent candidate two months ago, will now want to see reality to match. Zelensky’s TV president protagonist in Servant of the People – also broadcast by Kolomoisky’s channel, obviously, would never have compromised like that.

What hinges on this is not just the fate of Zelensky’s presidency, but the chance for Ukraine to restore battered faith in its democracy shaken by a succession of compromised failures at the helm.

Igor Ogorodnev

Liked it? Take a second to support The Duran on Patreon!
Continue Reading

Latest

Roger Waters – The People’s Champion for Freedom

In February 2019, Waters showed his support for the Venezuelan Maduro government and continues to be totally against US regime change plans there.

Richard Galustian

Published

on

Submitted by Richard Galustian 

Roger Waters is one of Britain’s most successful and talented musicians and composers but more importantly is an outstanding champion for freedom in the world, beyond compare to any other artist turned political activist.

By way of background, he co-founded the rock band Pink Floyd in 1965.

A landmark turning point of his political activism occurred in 1990, when Waters staged probably the largest rock concert in history, ‘The Wall – Live in Berlin’, with an attendance of nearly half a million people.

In more recent years Waters famously narrated the 2016 documentary ‘The Occupation of the American Mind: Israel’s Public Relations War in the United States’ about the insidious influence of Zionist Israel to shape American public opinion.

Waters has been an outspoken critic of America’s Neocons and particularly Donald Trump and his policies.

In 2017, Waters condemned Trump’s plan to build a wall separating the United States and Mexico, saying that his band’s iconic famous song, ‘The Wall’ is as he put it “very relevant now with Mr. Trump and all of this talk of building walls and creating as much enmity as possible between races and religions.”

In February 2019, Waters showed his support for the Venezuelan Maduro government and continues to be totally against US regime change plans there, or any place else for that matter.

Here below is a must see recent Roger Waters interview, via satellite from New York, where he speaks brilliantly, succinctly and honestly, unlike no other celebrity, about FREEDOM and the related issues of the day.

The only other artist turned activist, but purely for human rights reasons, as she is apolitical, is the incredible Carla Ortiz.

Liked it? Take a second to support The Duran on Patreon!
Continue Reading

Latest

ISIS Says Behind Sri Lanka Bombings; Was ‘Retaliation’ For New Zealand Mosque Massacre

ISIS’s claim couldn’t be confirmed and the group has been  known to make “opportunistic” claims in the past, according to WaPo. 

Avatar

Published

on

Via Zerohedge…


Shortly after the death toll from Sunday’s Easter bombings in Sri Lanka climbed above the 300 mark, ISIS validated the Sri Lankan government’s suspicions that a domestic jihadi organization had help from an international terror network while planning the bombings were validated when ISIS took credit for the attacks.

The claim was made via a report from ISIS’s Amaq news agency. Though the group has lost almost all of the territory that was once part of its transnational caliphate, ISIS now boasts cells across the Muslim world, including in North Africa and elsewhere. Before ISIS took credit for the attack, a Sri Lankan official revealed that Sunday’s attacks were intended as retaliation for the killing of 50 Muslims during last month’s mass shooting in Christchurch, New Zealand.

However, the Sri Lankan government didn’t offer any evidence for that claim, or the claim that Sunday’s attacks were planned by two Islamic groups (though that now appears to have been substantiated by ISIS’s claim of responsibility). The group is believed to have worked with the National Tawheed Jamaath, according to the NYT.

“The preliminary investigations have revealed that what happened in Sri Lanka was in retaliation for the attack against Muslims in Christchurch,” State Minister of Defense Ruwan Wijewardene told the Parliament.

Meanwhile, the number of suspects arrested in connection with the attacks had increased to 40 from 24 as of Tuesday. The government had declared a national emergency that allowed it sweeping powers to interrogate and detain suspects.

On Monday, the FBI pledged to send agents to Sri Lanka and provide laboratory support for the investigation.

As the death toll in Sri Lanka climbs, the attack is cementing its position as the deadliest terror attack in the region.

  • 321 (as of now): Sri Lanka bombings, 2019
  • 257 Mumbai attacks, 1993
  • 189 Mumbai train blasts, 2006 166 Mumbai attacks, 2008
  • 151 APS/Peshawar school attack, 2014
  • 149 Mastung/Balochistan election rally attack, 2018

Meanwhile, funeral services for some of the bombing victims began on Tuesday.

Even before ISIS took credit for the attack, analysts told the Washington Post that its unprecedented violence suggested that a well-financed international organization was likely involved.

The bombings on Sunday, however, came with little precedent. Sri Lanka may have endured a ghastly civil war and suicide bombings in the past – some credit the Tamil Tigers with pioneering the tactic – but nothing of this scale. Analysts were stunned by the apparent level of coordination behind the strikes, which occurred around the same time on both sides of the country, and suggested the attacks carried the hallmarks of a more international plot.

“Sri Lanka has never seen this sort of attack – coordinated, multiple, high-casualty – ever before, even with the Tamil Tigers during the course of a brutal civil war,” Alan Keenan, a Sri Lanka expert at the International Crisis Group, told the Financial Times. “I’m not really convinced this is a Sri Lankan thing. I think the dynamics are global, not driven by some indigenous debate. It seems to me to be a different kind of ballgame.”

Hinting at possible ISIS involvement, US Secretary of State Mike Pompeo said during a Monday press conference that “radical Islamic terror” remained a threat even after ISIS’s defeats in Syria.

Of course, ISIS’s claim couldn’t be confirmed and the group has been  known to make “opportunistic” claims in the past, according to WaPo. The extremist group said the attacks were targeting Christians and “coalition countries” and were carried out by fighters from its organization.

Speculation that the government had advanced warning of the attacks, but failed to act amid a power struggle between the country’s president and prime minister, unnerved citizens and contributed to a brewing backlash. Following the bombings, schools and mass had been canceled until at least Monday, with masses called off “until further notice.”

 

Liked it? Take a second to support The Duran on Patreon!
Continue Reading

JOIN OUR YOUTUBE CHANNEL

Your donations make all the difference. Together we can expose fake news lies and deliver truth.

Amount to donate in USD$:

5 100

Validating payment information...
Waiting for PayPal...
Validating payment information...
Waiting for PayPal...
Advertisement

Advertisement

Quick Donate

The Duran
EURO
DONATE
Donate a quick 10 spot!
Advertisement
Advertisement

Advertisement

The Duran Newsletter

Videos

Trending