The “special place in hell” that EU Council President Donald Tusk says is reserved for Brexiteers is not that different to the one for those who devised the EU monetary union, ex-Greek finance minister Yanis Varoufakis believes.
Replying to the controversial metaphor used by Tusk on Wednesday, the no-nonsense Greek economist turned it against the EU Council president by reminding him of the failings of the European monetary union.
Probably very similar to the place reserved for those who designed a monetary union without a proper banking union and, once the banking crisis hit, transferred cynically the bankers’ gigantic losses onto the shoulders of the weakest taxpayers.
— Yanis Varoufakis (@yanisvaroufakis) February 7, 2019
Critics have slammed the EU monetary union, of which the eurozone is a part, for forcing austerity-driven budgets on member states – and Varoufakis has had first-hand experience in this regard. As Greek finance minister in 2015, he tried to push back against a massive EU bailout plan, which was heralded as a lifeline for the country’s economy, which had been wrecked by the 2008 financial crisis.
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