2min chapter

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Ep357 - Yanis Varoufakis | And the Weak Suffer What They Must?

Talks at Google

CHAPTER

The Gap Between Savings and Investment in Japan

The five months I was in government were a period of conflict between us and the Troika of lenders. It was a war that we lost and we lost it because our side was divided. With Alex Cipras we had an agreement that if they closed down our banks we would retaliate with leverage. We had 30 billion of a debt to the ECB which if we restructured and we were perfectly within our legal rights to do so. Then it would bring down the whole QE program of Draghi, Draghi knew that. He would not have shut down our banks if our threats to the restructure of the debt was credible. What Japan needs is to open its borders to migrants.

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