Posted on 07/07/2015 11:25:48 AM PDT by longtermmemmory
Whether you like him or not, former Greek Finance Minister Yanis Varoufakis is now a political legend. Here’s why:
1. The way he communicates
With his blog and his Twitter account , he speaks directly to the people, his fans and his detractors, when he wants, how he wants it, without the media filter.
Non-verbal communication is important too. The infamous video of Varoufakis ‘flipping his middle finger’ to Germany, which caused uproar in German media, may or may not have been faked by a German satirical TV show.
In the end it doesn’t really matter.
He may have an abrupt style, and he has alienated some people, but he certainly has left his mark.
2. His style
He does not look nor dress nor behave like your typical finance minister. The following video, produced by a German satirical show – TV NEO MAGAZIN ROYALE – dubbed him the “Greek Minister of Awesome” in a video titled “V for Varoufakis”.
He was accused of having a lavish lifestyle. He gave a big interview to glossy French magazine Paris Match with pictures of his large flat which caused a bit of controversy, as ordinary Greeks are struggling due to the austerity measures and the economic situation.
On another occasion he was seen wearing a brand-name scarf, allegedly costing 500 euros.
Varoufakis used Twitter to stop the controversy, saying it was a 12-year-old present from his wife. And these criticisms never really stuck.
3. He went head-to-head with Germany
As Greece’s FinMin, Varoufakis went head-to-head with Germany, the EU’s main economy and Greece’s largest creditor nation. Everybody loves an underdog, and going after Germany’s dominating position (the perception of stubbornly dictating what should and should not be done in Europe), made Varoufakis very popular with anti-austerity movements throughout the EU.
It is embodied by his opposition with German’s Finance Minister Wolfang Schäuble.
Two very radically different models and people: Varoufakis is a motorcycle-riding and leather jacket-wearing middle-aged man; Schäuble is 72 and wheel-chair bound.
On his blog, Varoufakis explained how he saw Schäuble.
And here is another article on the conflict. ...
4. He has been adopted as a pop culture icon
People have made Photoshop montages to represent the former Greek Finance minister as a Hollywood blockbuster star or a video game character.
5. He has “real world” work experience
In addition to his teaching, he worked with Valve, one of the largest video games companies in the world led by another legend, Gabe Newell. Varoufakis was “economist-in-residence” at Valve Software, exploring the social economies that have spontaneously emerged within video games.
A Washington Post article explored the topic, based on a Varoufakis interview.
6. He flouted EU political conventions
Yanis Varoufakis blew off many of the EU political conventions. In addition to often not wearing a tie, and the many reported conflicts and tense moments during meetings at a European level, he admitted to recording not leaking) a Eurogroup meeting in Riga on April 24.
He also called Greece’s creditors – the very people and institutions the Greek government is hoping to cut a deal with – terrorists.
7. The way he resigned
It was hard to predict that in the wake of the “No” triumph on July 5, Yanis Varoufakis would resign the day after. He had actually announced that he would resign if the “Yes” camp won.
He made the announcement on his Twitter account and his blog. One sentence will certainly cement his place in political stardom and among his fans for years to come: “And I shall wear the creditors’ loathing with pride.”
The video is very funny.
here is the direct link: https://www.youtube.com/watch?v=Afl9WFGJE0M
(there are segments that may not be proper for work)
The pictures are funny.
[footnote: Remember this is not about money or loans, this entire debate is about political power with Europe ruled by Germany.]
here is the direct link: https://www.youtube.com/watch?v=Afl9WFGJE0M
"For a long time there was this unspoken appeal; you have to sign the checks because of historical obligation. We had it referred to elliptically...we don't want to return to nasty history. It has to remain unspoken because the moment you vocalize it it's utter absurdity becomes apparent. When you spell it out: we have to give money to the Greek government because otherwise we might find ourselves at war with Poland you realize what an irascible proposition that is." ~ Daniel Hannan
EU wanted Germany to pay. Germany paid. They own it now. Let them do with Europe what they will. I can think of worse things than a German-dominated Europe.
The citizens of Greece face a referendum Sunday that could decide the survival of their elected government and the fate of the country in the Eurozone and Europe. Narrowly, they’re voting on whether to accept or reject the terms dictated by their creditors last week. But what's really at stake? The answers aren’t what you’d think.
I have had a close view of the process, both from the US and Athens, after working for the past four years with Yanis Varoufakis, now the Greek finance minister. I've come to realize that there are many myths in circulation about this crisis; here are nine that Americans should see through.
1. The referendum is about the Euro. As soon as Greek Prime Minister Alexis Tsipras announced the referendum, François Hollande, David Cameron, Matteo Renzi, and the German Deputy Chancellor Sigmar Gabriel told the Greeks that a “no” vote would amount to Greece leaving the Euro. Jean-Claude Juncker, President of the European Commission, went further: he said “no” means leaving the European Union. In fact the Greek government has stated many times that – yes or no – it is irrevocably committed to the Union and the Euro. And legally, according to the treaties, Greece cannot be expelled from either.
2. The IMF has been flexible. IMF Managing Director Christine Lagarde claims that her institution has shown “flexibility” in negotiations with the Greeks. In fact, the IMF has conceded almost nothing over four months: not on taxes, pensions, wages, collective bargaining or the amount of Greece’s debt. Greek chief negotiator Euclid Tsakalatos circulated a briefing on the breakdown that gives details, and concludes: “So what does the Greek government think of the proposed flexibility of the Institutions? It would be a great idea.”
3. The creditors have been generous. Angela Merkel has called the terms offered by the creditors “very generous” to Greece. But in fact the creditors have continued to insist on a crushing austerity program, predicated on a target for a budget surplus that Greece cannot possibly meet, and on the continuation of draconian policies that have already cost the Greeks more than a quarter of their income and plunged the country into depression. Debt restructuring, which is obviously necessary, has also been refused.
4. The European Central Bank has protected Greek financial stability. A central bank is supposed to protect the financial stability of solvent banks. But from early February, the ECB cut off direct financing of Greek banks, instead drip-feeding them expensive liquidity on special “emergency” terms. This promoted a slow run on the banks and paralyzed economic activity. When the negotiations broke down, the ECB capped the assistance, prompting a fast bank run and giving them an excuse to impose capital controls and effectively shut them down.
5. The Greek government is imperiling its American alliance. This is a particular worry of some US conservatives, who see a leftist government in power and assume it is pro-Russian and anti-NATO. It is true that the Greek Left has historic complaints against the US, notably for CIA support of the military junta that ruled from 1967 to 1974. But in fact, attitudes on the Greek Left have changed, thanks partly to experience with the Germans. This government is pro-American and firmly a member of NATO.
6. Alexis Tsipras called the IMF a “criminal” organization. That was, charitably, an overheated headline slapped by Bloomberg onto a very moderate parliamentary speech, which correctly pointed out that the IMF’s economic and debt projections for Greece back when austerity was first imposed in 2010 were catastrophically optimistic. In fact, every letter from Tsipras to the creditors has been couched in formal and respectful language.
7. The Greek government is playing games. Because Finance Minister Varoufakis knows the economic field of game theory, lazy pundits have for months opined that he is playing “chicken” or “poker” or some other game. In Heraklion two weeks ago, Varoufakis denied this as he has done many times: “We're not bluffing. We're not even meta-bluffing.” Indeed there are no hidden cards. The Greek red lines – the points of principle on which this government refuses to budge – on labor rights, against cuts in poverty-level pensions and fire-sale privatizations – have been in plain view from day one.
8. A “Yes” vote will save Europe. “Yes” would mean more austerity and social destruction, and the government that implements it cannot last long. The one that follows will not be led by Alexis Tsipras and Yanis Varoufakis – the last leaders, perhaps anywhere in Europe, of an authentic pro-European left. If they fall, the anti-Europeans will come next, possibly including ultra-right elements such as the Greek Nazi party, Golden Dawn. And the anti-European fire will spread, to France, the UK and Spain, among other countries.
9. A “No” vote will destroy Europe. In fact, only the “No” can save Greece – and by saving Greece, save Europe. A “No” means that the Greek people will not bend, that their government will not fall, and that the creditors need, finally, to come to terms with the failures of European policy so far. Negotiations can then resume – or more correctly, proper negotiations can then start. This is vital, if Europe is to be saved. If there ever was a moment when the United States should speak for decency and democratic values – as well as our national interest – it is right now.
James K. Galbraith holds the Lloyd M. Bentsen Jr. Chair in Government/Business Relations at the Lyndon B. Johnson School of Public Affairs, the University of Texas at Austin. He has followed the Greek drama in Greece, Brussels, Paris and Berlin since January. His most recent book is “The End of Normal: The Great Crisis and the Future of Growth.”
http://www.politico.com/agenda/story/2015/07/9-myths-about-the-greek-crisis-000131 emphasis added
This entire crisis is based on an unworkable bad idea.
btw did you see the video?
btw remember the praise of Ford Motor when they rejected bailout money?
That's partially true, which doesn't change a fact that they got themselves into that mess, Greece was the 2nd world country trying to live like the rich for borrowed money. They had it coming. Instead of joining the Euro zone in 2000, organizing Olympics etc. they should have kept the local currency, cut the labor costs, compete with the ex-commie states (as that was their league) for foreign investments and then gradually build up the real economy as the foundation of future prosperity. They tried to have it all the easy way thinking they would outsmart the wolves... well they didn't and they won't...
Remember when Ford Motor was praised for refusing to pay its creditors? No? Because it didn’t happen.
Remember when Germany receive a 50% debt forgivness? Here the issue was not forgiveness, it was restructuring the debt in order to pay it off over a longer time.
180% debt to income is unworkable in any balance statement.
The EU is doomed to fail regardless. The debate is now one of politics.
No, it has to do with Greece not paying its bills, getting more credit, and continuing to kick the can down the road. Time’s up.
It is no longer about credit as today’s agreement demonstrates. It is about Germany establishing a fiat ruling order with Germany doing with bureaucracy what it failed to do with bullets.
Germany demanded 1/2 its post war debt be written off and now it refuses to do what it originally received.
the EU had to have this deal in order to save the EU. The EU is an unsustainable entity. It is not a union of equals but a suicide pact for death by paper cuts.
Wrong again. Greece wanted into the EU, wanted the credit to support its welfare state, but didn’t want to pay the bills. Let your Kremlin boss know that your astroturf line of crap isn’t flying on FR.
here we go again. Greece does not have “welfare” as we know it. It is only those pensions. If you worked 20 years you received your pension in full at 55. Now we have whole extended families living on these pensions.
Perhaps we should be talking about the 50% German debt write off that Germany received after WW II.
We should be discussing how this is really about the inevitable collapse of the euro experiment.
this is a ted.com ted talk about how screwed up the EU is. This is from 2011.
We are talking about a country with a population of 11 million and a GDP that is probably less than Rhode Island. (and they only have, GASP!, one time zone) The economic problem in Greece is crony corruption and a insane (emphasis on the insane) bloated government payroll.
Without the free market unleashed NONE of the EU will ever get out of the yolk of slavery by bureaucracy.
“Without a free market”, hence Greece is under socialist rule. Here’s your hero Varoufakis:
> The outspoken former minister, who resigned from his role after the national referendum, despite it returning the result he was calling for, told the ABC the far-right Golden Dawn party could “inherit the mantle of the anti-austerity drive, tragically”.
You did read the part about (Humor at EU, “minister of awesome”) in headline? lighten up.
ANY country with a parliamentary system is going to be screwed up with splinter parties, extremist parties, and parties whose sole function is to be opposition parties. (that is the problem with the tsipras’ party, it was never intended as a ruling party just as an opposition party)
Greece’s problem is institutionalized corruption. There are literally generations which have sat in the same government office. The only change has been the first name on the office door, the last name has been there since the 50’s. Let’s also not forget the massive brain drain that happened, over several decades in periods of upheaval, and is now happening again.
Besides all that: I wonder what a leather jacket made out of German Sheppard puppies would feel like...
;-)
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