Greece’s
gross debts add up to around $320 billion in nominal value, according
to the International Monetary Fund. That’s big compared to the
Greek economy, but tiny compared to the world outside. It’s less
than 3% of the entire eurozone economy, which is about $13.5
trillion. So even if Greece refused to pay one more nickel of its
debts — an outcome no one is suggesting — the eurozone could make
up the difference with about eight days’ output ... or an
hour’s money-printing by the ECB.
Glenn Diesen Yanis Varoufakis is an economist, the former Finance Minister of Greece, and the author of numerous bestselling books. Varoufakis discusses how the EU is a cartel designed by the U.S. that is no longer fit for purpose. The German economic locomotive has broken down; the EU no longer has an economic model, its foreign policy is consumed by war, and it has already become a technological colony. Varoufakis also argues that China can now pull the plug on the U.S. economy if it chooses to do so.
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