And the Weak Suffer What They Must?: Europe, Austerity and the Threat to Global Stability
THE SUNDAY TIMES NUMBER 1 BESTSELLER. The crisis in Europe is not over, it's getting worse. In this dramatic narrative of Europe's economic rise and spectacular fall, Yanis Varoufakis, former finance minister of Greece, 'the emerging rock star of Europe's 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 Europe's 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 eurozone's 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.
The world-renowned economist and former finance minister of Greece presents the ultimate case against austerity in order to save Europe from collapse
"A very, very clever person, and in the basic argument about what's been going on in Europe I think he's right" -- Martin Wolf "A devastating account" -- Andrew Marr "A brilliant economist" Bloomberg "Few finance ministers have such a talent for economics as Yanis Varoufakis" -- Joseph Stiglitz, Winner of the Nobel Prize for Economics "Highly readable. It is also important, outlining a perspective on global economics that influences policy thinking in broader circles than the radical left ... deeply instructive" Financial Times
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.eu / @yanisvaroufakis