You will also receive help to pay for unemployment benefits from countries where employment holds up better.
While you may be reading headlines of an impressive sum of €500bn to rescue Europe, the truth is far less heroic.
Refusing to share debt across the eurozone threatens the union’s futureMost of continental Europe using the euro is in lockdown. The euro crisis that began in 2010 stretched this monetary architecture to its limits.
ist ein unabhängiges und gemeinnütziges Nachrichtenmagazin. https://www.actvism.org/opinions/yanis-varoufakis-coronavirus Ignore the headlines about €500bn to rescue Europe. YANIS VAROUFAKIS has come up with a three-point plan to avert a post-coronavirus depression, protect all European residents and prevent the … Unlike in 2015, when I was alone in the Eurogroup in demanding a common instrument for restructuring public debt, in the past few weeks the governments of eight southern states, plus France, demanded a rethink on debt-sharing without which the eurozone will remain an iron cage of austerity for most and a source of economic stagnation for everyone. Just as in the United Kingdom, the United States or Japan, the precipitous falls in private incomes must be counterbalanced by substantial increases in public expenditure. In fact, the price of reaching the agreement was impotence. Durch die weitere Nutzung unserer Website stimmen Sie der Verwendung zu. The massive boost in public debt that is now so necessary is hampered by the quaint arrangement of sharing a central bank that, on the one hand, has no common treasury to lean against and, on the other, is banned from backing directly the 19 treasuries that must borrow in euros to fight the crisis.
This is equivalent to helping the fallen get up but striking them over the head as they begin to rise.The EU is, of course, a lot more than a monetary area. The only concession to the nine governments suggesting debt-sharing was that the new ESM loans will have no strings attached to them. The economic shockwaves caused by a lockdown do not care what currency we use.
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This video was originally produced by DiEM25 and republished by acTVism Munich in order to create awareness on this issue. Thursday’s Eurogroup verdict, besides being macroeconomically insignificant, was politically irresponsible and a fantastic boon for Eurosceptics in No conditions.
A world renowned artist, Brian Eno, and the former Greek finance minister, Yanis Varoufakis, are raising questions about the social and cultural consequences of the corona pandemic. Refusing to share debt across the eurozone threatens the union’s future, says Yanis Varoufakis, co … DE: Als werbefreie gemeinnützige Medienorganisation verwenden wir Cookies und Skripte, um Ihnen auf unserer Website das beste Nutzererlebnis zu bieten. Wenn Sie von der Wichtigkeit gemeinnnütziger und unabhängiger Medien überzeugt sind, unterstützen Sie uns !
If governments fail in this, the sum of private and public expenditure (which equals aggregate income) will crash even faster, The challenge facing the 19 countries of the eurozone is unique. © 2020 Guardian News & Media Limited or its affiliated companies. The It is in the shadow of this riddle that the Eurogroup met on Thursday night. But, within a year or two, as your economies are recovering, huge new austerity measures will be demanded to bring your government’s finances back into line, including the repayment of the monies spent on your unemployment benefits. All rights reserved. It is a peace project, a realm of shared culture, a source of identity and an opportunity to stem toxic nationalism. To counter the oncoming tsunami of bankruptcies, they had to emulate the British, American and Japanese stimuli programmes by channelling approximately 8% of total eurozone income (€1tn) into fresh public expenditure, while also setting aside another such sum for an investment fund to power up the post-Covid-19 recovery. In this video the economist and co-founder of DiEM25 Yanis Varoufakis, examines the socio-economic implications of the Coronavirus. This is, alas, a red herring as the conditions will come later, once the eurozone’s fiscal rules bite again.The message today to Italians, Spaniards and Greeks is: your government can borrow large amounts from Europe’s bailout fund. Ignore the headlines about €500bn to rescue Europe.
(Aufgrund begrenzter finanzieller und technischer Ressourcen ist dieses Video derzeit nur in englischer Sprache verfügbar.) Um von staatlichen und/oder privatwirtschaftlichen Zuwendungen unabhängig zu bleiben, sind wir auf Spenden angewiesen. Belatedly, but correctly, they This debate is now dead in the water, killed off by the Eurogroup’s decision to rely almost entirely on new debts falling squarely on the member states’ weakened shoulders.