And the Weak Suffer What They Must? Europe Austerity and the Threat to Global Stability – Yanis Varoufakis

And the Weak Suffer What They Must? Europe Austerity and the Threat to Global Stability – Yanis Varoufakis

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THE SUNDAY TIMES NUMBER 1 BESTSELLER The crisis in Europe is not over it’s getting worse. In this dramatic narrative of Europes economic rise and spectacular fall Yanis Varoufakis former finance minister of Greece the emerging rock star of Europes anti-austerity uprising (Telegraph) shows that the origins of the collapse go far deeper than our leaders are prepared to admit and that we have done nothing so far to fix them. In 2008 the universe of Western finance outgrew planet Earth. When Wall Street imploded a death embrace between insolvent banks and bankrupt states consumed Europe. Half a dozen national economies imploded and several more came close. But the storm is far from over From the aftermath of the Second World War to the present Varoufakis recounts how the eurozone emerged not as route to shared prosperity but as a pyramid scheme of debt with countries such as Greece Ireland Portugal and Spain at its bottom. Its woeful design ensured that collapse would be inevitable and catastrophic. But since the hurricane landed Europes leaders have chosen a cocktail of more debt and harsh austerity rather than reform ensuring that the weakest citizens of the weakest nations pay the price for the bankers mistakes while doing nothing to prevent the next collapse. Instead the principle of the greatest austerity for those suffering the greatest recessions has led to a resurgence of racist extremism. Once more Europe is a potent threat to global stability. Drawing on the personal experience of his own negotiations with the eurozones financiers and offering concrete policies and alternatives Varoufakis shows how we concocted this mess and how we can get out of it. And The Weak Suffer What They Must? reminds us of our history in order to save European capitalism from itself. In 2015 Yanis Varoufakis became the world’s most prominent opponent of austerity when as finance minister of Greece he refused to accept the terms of the loan agreement dictated to his bankrupt country by the eurozone’s leaders. Since resigning his post he has become the figurehead of an international grassroots movement speaking to audiences of thousands in cities across Britain France Germany Portugal Spain Ireland Italy Singapore and Russia. Born in Athens in 1961 he was for many years a professor of economics in Britain Australia and the USA before he entered government. He is currently Professor of Economics at the University of Athens. / @yanisvaroufakis