Nov.29 — Former Greece Finance Minister Yanis Varoufakis discusses Brexit negotiations, his recommendations around Brexit, the Irish border issue, Emmanuel Macron’s policies for France, EU common budget and his outlook for Greece. He speaks on “Bloomberg Markets: European Open.”

Author Since: Sep 20, 2018

  1. Varoufakis just wants to kick the brexit can down the road, in order to keep the UK inside the EU in some form or other. He just considers the UK as an ideological counter-balance to put the brakes onto a despotic EU for the benefit of the Mediterranean states.

    His primary argument for this is that if the UK leaves the EU with a hard brexit, the EU is more likely to explode and the UK will be destroyed in the blast. I think the evidence for that – the part where the EU explodes when the UK leaves – is pretty thin …or non existent.

    His analyses of the failings of the EU are insightful and he's well worth listening to in that regard, but his views on brexit are motivated by self-interest for Greece and the Mediterranean, not what is best for the people of Britain.

  2. he warned a long time ago for a bad Brexit process
    I am neither Brexit nor Remain, just stating facts, so no offense please.
    Hope this turns out good for the people in the end.

  3. Yanis, your proposal is effectively for Britain to replicate the Palestinian negotiating strategy of the early 90s – agree to a 5 year transition and hope for the best, meanwhile during that 5 transition period the other side can completely screw you over.

    EEA membership cannot work for us as it means paying twice above world prices for all the food we import and accepting freedom of movement (which is in practice one way). We are not Greece, we can walk away if the deal is not good enough. Financial services exports are only 76 billion out of 500 billion total and the majority of them do not go to the EU. We are not a post industrial economy – we have the second largest aerospace industry in the world and the second largest car industry in europe.

    Contingency planning happens all the time in business. I was at a major British company that was contingency planning for the New Drachma a short time ago – doesn't mean it happened. We're talking about filling out a new customs declaration form and setting up a boiler plate subsidiary in Ireland through which some of your clients will be billed. It's nothing compared to changing a currency. I'm sure most companies had their fallback position already tested a year ago.

    The British are playing their customary long game. It's like the old Cassius Clay rope a dope knockout. The EU wants to set the sequence of talks – fine. The EU wants 60 billion – fine. The EU wants to leave trade to the end – fine. Gold plated rights for your citizens – fine. We've agreed to everything you want – now I dare you to not give us a trade deal. I am reliably informed by German car industry contacts that heads will role if the UK is forced onto WTO tariffs. Britain only ever wins one battle – the last one. (Who said that?)

  4. I wouldn't follow the recommendations of this guy considering how he handled the Greek economy and negotiations with Brussels.

    Oh yes, now he is a talk-showman and author, a seller of talks, and being talks cheap commodities, what else can be added?

  5. You focus too much on Merkel and underestimate Mr Macron. In few years nobody will remember Merkel. After BREXIT, The EU will get rid of Poland and the Czech Republic, the balance will move western. Germany and Netherlands will be easily outvoted by the Roman block. "The Merkel of the future" is the French president.

  6. Amazing how Varoufakis lives in a complete cognitive dissonance wonderland and think's there is a future for the EU when the simple answer to all his issues is simply: Germany, France, Italy and all others do not commit and will never commit to any "solution" for the EU simply because there will be no EU in the future. They all know that except Varoufakis and some other idiotic/brainswashed dreamers …

  7. The latest poll says that 51% would vote to remain and only 41% would vote to leave. Many Brexiteers are realising that they'll get not enough of what they voted for and too much of what they voted against.
    More and more people are changing their minds from Leave to Remain – and that's a hard thing to do. As Mark Twain said, it's easier to fool someone than get them to accept that they've been fooled. It takes a big person to admit they've made a big mistake. I admire every single one of them.
    What people think now matters because democracy was not frozen stone cold vote dead by the Brexit vote. We should have a referendum on the final deal because that deal won't give so many Brexiteers what they voted Brexit for.
    In fact we should ask the people something like these questions –
    Firstly, if we leave the EU, should we accept the Teresa May Deal or decline and leave with No Deal?
    Accept Decline
    Secondly, given that the alternatives to continued EU membership on offer are the Teresa May Deal or No Deal, would you rather Leave or Remain in the EU (with the option to negotiate better terms on which to Remain)?
    Leave Remain

  8. Well, now the SPD (Martin Schulz) literally want a United States of Europe, which is basically everything Macron asked for and more, because if we get a truly democratic USE, then we will definetly soon get a common unemployment insurance, banking regulation etc. Actually, I have written a pretty detailled (1 page plus illustration) plan for how I want a United States of Europe to work, and I even included a quick (17 lines plus illustration) explanation on how the EU works today, because some people, including me until 2 months ago, don't really know how the EU works. To sum it up: Unlike today, where national heads of state basically control exactly what policies the EU does, and where Merkel expolits Greece as much as she can, in that USE, only directly elected figures would make policy, with something similar to the US Senate as a second chamber. Only I would do two-round elections for that second chamber, similar to France, but in my first round, voters would give each candidate between 0 and 9 points, and then the two candidates with the most votes go on to the second round.

    Anyway, here is the text, please read it if you're interested and give me some feedback:

  9. Its not about brexit. Get of your ivery tower you fool. Its about the people of britain. We want out, now! Close the borders, corbyn needs to retire to an asylum the ballbag. You sir are out of touch with what, WE THE PEOPLE DEMAND.

  10. With all respect to Mr Varoufakis, but he will always be a Greek, still licking his wounds, with his opinion on EU.
    Greece needed a change, he was not able to initiate in his own country. Britain is a far better and stronger country. This Brexit deal is completely different.
    UK, perhaps, is able to run on it's own, but at a very high price and it should be so. EU is like the law of interconnected vessels. Every member wants to open the valve as much as possible, but at a certain price. UK wants to withdraw from this process completely, but opts for some sort of special connection to be able to continue trading. At this moment it doesn't look good for the UK to be in this situation with Brussels. But this is not the problem of EU, but more the problem of UK. Brexit is initiated by populist UK movements and nobody else.

  11. This charming scoundrel continues to be feted as having key insights that could be valuable to others, and particularly to the UK as it seeks to formalise its exit from the EU. He has nothing to lose and everything to gain as his media profile is enhanced while he dispenses the dubious wisdom that got him sacked and earned him nothing but brickbats during his tenure in the Greek cabinet. I sincerely hope that his counsel is not taken to heart by anyone with serious negotiating responsibilities. I trust they will leave the bridge burning to others who can best afford it.

  12. Varoufakis is a champagne socialist that considers himself suffering from the harsh policies of the EU Commission but at the same time he's earning burlap sacks of dough for a single propaganda lecture. He is always wrong in his predictions (look it up) & he was even wrong with the way he thought the Greek PM was going to act, while he was a Finance Minister. FYI he is not culpable for his disastrous actions in Greece anymore, and because of this he is intermittently disclosing "juicy" information about his pals/comrades/colleagues… he is a criminal & NOT TO BE TRUSTED

  13. The Irish border issue is fairly simple to solve. We give a soft border to Irish citizens and hard border for everyone else. This causes a problem for foreign nationals in Ireland but we have to draw the line somewhere. And if Ireland starts handing out citizenship to every "refugee" wanting to get into the UK we cancel the agreement and change to a hard border with Ireland.





  15. Him and his mate Tsipras sold out Greece to EU beaurocrats, after all the huffing puffing. They should both be tried for treason, what credence does he have to give advice on Brexit?

    Lets see who is fearing Brexit more, bunch of ***** at EU or Brits? Answer is obvious, Brexit wasn't suppose to happen, even Boris Johnson couldn't believe the result, but it did. Even if it happened for wrong reasons, it was the right result and Britain needs to get a proper Brexit not a fake one.