Be careful in dealing with China.. omg, you have no idea with this yellow blooded full of greed people. Look, they wanted to own the whole South China Sea
I like Greece as well, but comparing modern Greece with the ancient philosophical age of Greece is like comparing modern Islamic nations with Islamic nations during the Golden Age or during the Hellenistic era. Too much dogma has influenced the nations throughout the past millennia.
As time goes on I have gained high respect for Yanis Varoufakis.At first, when he was Finance Minister I did not understand him. Today I know it was due to improper coverage through the media of Yanis.I respect and understand Yanis. Keep on going. I'm German. ;-) Wolf
@@kincaidwolf5184 he threatened to restructure the greek debt, which is the only option he had in ordet to try for change. the debt is not sustainable so something needs to change. what is he supposed to do. he is europhile but only if europe works in the right way. and he campaigns for change through diem25 movement
Herr Klotts He did not suffer from improper coverage, but he was smeared by a well planned and well organized media campaign. And this campaign was odered from above. The aim was to silence him. He is an excellent expert, and a fine character. Look at all the other fools and liars. In his brain more cells are dying every day than Mutti ever had. Und hier die Regel Nummer 1 für Afrika. Die Chinesen bauen, die Amis bomben. Jeder tut eben das was er kann.
@@kincaidwolf5184 As the minister of finance of Greece he had two options: - proper debt restructuring, so the debt will go down over time (this was his preference if I remember correctly) - leave the EU to go bankrupt to be able to get rid of the debt (in case he couldn't do the first) Instead they did not allow any of the above, but they said: you need to do even more austerity. Even though people were already dying of austerity.
@@Alexander-vo4gv I know. He was the minister of finance in the Syriza government. I say nothing will come of diem25 because there's exactly zero chance of democratizing the EU.
Jay Paul There are VICTIMS in Greece. We have more than 10 000 suicides till 2015 and still counting. They stopped the statistics. But the general mood in my country is that, the perpetrators are going to have to pay for all of these crimes. Varoufakis is just one of them. He committed the latest austerity and he still prances around the world to inform us about HIS UTOPIA. It is NOT about Left and Right it is about CRIMES COMMITTED AGAINST PEOPLE, Greek People in this instance. Mad? ...not really, just calculating to get even.
Remember something in June of 2015 there was a referendum you remember this no? ok. In this referendum Greece was a very pivotal crossroads. They could have voted in or out of the eurozone and stop the toxic loans which were impossible to repay , and with continuing interest. Tsipras agreed to respect the people's decision and the outcome of the vote. When the people voted NO /OXI what did your communist PM do? ........HE DISRESPECTED WHAT THE PEOPLE WANTED AND LIED TO THE PEOPLE WHEN HE SAID HE WOULD RESPECT THE RESULT OF THE VOTE! so if you want to blame someone you should not blame Varoufakis but your own COMMUNIST leader Tsipras who is not fit to be a leader of any nation in any way, shape or form. He has made Greece the laughing stock of not only europe but the entire region. I have recently heard an interview with Asad of Syria and even HE is light years ahead of that lousy piece of shit communist you have in charge of Greece but I guess you get what the people vote for right? and if so it does not show competence for your people. Greeks have wanted too many handouts. Varoufakis was against this and you are against him. What does that tell us? it tells us that you are another of these idiot Greeks who have no idea about economics and about where you stand in the world or the EU or even within the Balkans itself. I do not agree with Varoufakis political leanings because basically he is a leftist but in his case , if I were a Greek citizen I would vote for him immediately if he was to run for election because his outlook transcends partisan politics. Small mindedness has destroyed Greece. Wake up.
VLAD THE IMPALER Tsipras is not a Communist. The so called 'radical left' party were typical left-leaning social democrats/democratic socialists, who ultimately capitulated to the neo-liberal establishment in Brussels. Varoufakis was not really even involved in politics until him helping Tsipras with how to help the Greek economic crisis ended up with him being asked to take the position of finance minister because Tsipras had nobody else to fill the position. I don't believe he was particularly aligned with the long-standing politics of Syriza. Varoufakis is something of a fluid leftist, who isn't afraid to bend his beliefs to the reality of the situation. This is what I like about him, as even as a leftist myself I am frustrated by fellow leftists who subscribe to ridiculously rigid interpretation of Marxism and Capitalism. Though he calls himself a 'Marxist', he seems to be much more concerned with using Marxism as a tool of analysis and understanding of the Capitalist economic system, rather than as a guide to a solution. This is the best way to utilize Marxism, imo. His solutions certainly aren't derived from Marxism and as he has said himself, are actually be considered moderate by most Capitalist economists.
As Yanis says the Chinese are focused on their own interest. But as journalist and Africa and China correspondent for New York Times has said, the Chinese will deliver on what is agreed upon, will not interfere or lecture the hos country on its internal politics and will go almost anywhere where they are welcome. Piraeus has become a success despite big challenges and is set to expand in the near future with hotels. Thanks to Chinese investment.
@@warhawk338 Your argument is insane. Which port do you mean? The Hanbantota? What about the fact the Sri lankans will get a free port after a hundred year..... absolutely for free for free....
They'll deliver and build you a port. True! They'll take your port for a 100 years if you have trouble paying back. True! And they might place some of their military personal in close proximity to these ports ^^ And this is "just" ports. Think what (political)possibilities they might have with investments in communication, drinking water, logistics etc. Scary stuff.
In the long run, it'll be devastating for small countries like Greece to engage with China (or rather: The CCP) like Yanis recommends. You climb up and have a seat in the CCP's big, warm lap, and you'll likely find it super comfy. But if you ever feel like climbing down again to go for a little stroll, you'll suddenly notice their iron fists when they're grabbing you and holding you down. For all the glaring flaws of the EU, it's still preferable compared to the Chinese Communist Party. The EU is at least above organ harvesting and concentration camps. I live in Sweden, and the way that the CCP ambassadeur openly bullies and threatens Swedish politicians, companies, NGO's and so on, is just mindblowing. Raw, naked authoritarianism. Trust me, in the long run, you'll all be better off if you stay clear of the CCP's dirty money. Be well. Peace...
EU give money to Greece to pay bad bankers. They banks knew Greece could not pay her loans and did not invest the moeny they lended to Greece... It shoudl have been a Greek bancruptcy. As is Greece is almost not a soverign nation. For how long?
he learned the EU is a doomed project if the best economist from their country tries to play the pathetic 08/09 bankers greedy card, when he get’s called out on his opportunistic bootlicking towards China after the EU saved them again and again. He doesn’t have a defense, this was a clear straw man by him. How dumb are the viewers here to not get that.
@@Sheeshening Saved? Greek economy has shrinked 50% since the EU decided "saving" Greece. If you call that a saving, then go ahead. But it is not saving when they make you take loans again and again that cannot (and will not) be repayed and your economy shrinks by half.
Ich respektiere Varoufakis als einen brillianten ehrlichen Rhetoriker, Analysten und Politiker aber er ist einfach blind wenn es darum geht, daß seine politischen Vorgänger dieses leichtfertig verschenkte Geld der restlichen EU Banken einfach verprasst haben. Irgendjemand muß die Zeche zahlen und bei der Troika ging es um die Verteilungskämpfe wer wieviel zu leiden hat. Die eigentliche Ursache liegt schon viel weiter in der Vergangenheit, wie die EU vollkommen ignorant und blind Griechenland mit seiner nix Steuern Attitüde aufgenommen hat. Er kann das nicht völlig ignorieren, daß sowohl die EU, als auch Griechenland praktisch zugelassen haben, daß in Griechenland das Geld deutscher Sparer verbraten wurde. Sich jetzt nach China umzudrehen und ins Schwärmen zu geraten, weil die so geduldig sind, das Geld ausschütten UND noch die Arbeiter mitbringen... ich lach mich schlapp! Die Uiguren, Tibeter, Japaner, Vietnamesen, Taiwanesen, Malayen... sie alle haben ihre eigenen Erfahreungen mit den Chinesen und er glaubt wirklich, daß er da einen goldenen Teppich ausgebreitet bekommt - naiv ist das.
@@rogeronslow1498 Obviously, also i know the name Onslow from that British series lol, the dude drinking beer watching TV all day lol. He wasn't too bright.
What an incredibly intelligent and thoughtful man. As someone who has very little understanding of the broader implicatioms of global economics, it was always easy to just point at Greece and say 'You guys fucked up, you should deal with it.' (I never agreed to that as a very Pro-Europe kind of person I feel that we all should shoulder this weight.) But when you do start to read into what's really going on; Yanis is correct on basically every point.
But they all white as opposed to Chinese influence. They kinda let it slide if they all look alike. The individual differences they try to hammer out. I think the EU and world is just getting a whiff of how base the US is.
USA will do everything possible to kill other nations' hope. USA just want to be a superpower and get money from external without contribute anything to the rest of world.
Handlesblatt sees good news everywhere, remarkably this good news requires no new analysis, and no change. It is proof of the Current perfection. He will be dissappointed and soon.
In the long run, it'll be devastating for small countries like Greece to engage with China (or rather: The CCP) like Yanis recommends. You climb up and have a seat in the CCP's big, warm lap, and you'll likely find it super comfy. But if you ever feel like climbing down again to go for a little stroll, you'll suddenly notice their iron fists when they're grabbing you and holding you down. For all the glaring flaws of the EU, it's still preferable compared to the Chinese Communist Party. The EU is at least above organ harvesting and concentration camps. I live in Sweden, and the way that the CCP ambassadeur openly bullies and threatens Swedish politicians, companies, NGO's and so on, is just mindblowing. Raw, naked authoritarianism. Trust me, in the long run, you'll all be better off if you stay clear of the CCP's dirty money. Be well. Peace...
@@jw5931 Yup. That's not unlikely. Still, that's not a good reason to simply roll over. By the way, are you a fan of the CCP or are you just eager to see someone, anyone, pulling the plug on the West?
@@linuswang6572 Don't be hypocritical: The US government is guilty of exactly the same things, prisons full of black people because it's way more likely they get arrested and prosecuted and in prison they have to work so they besically still have slavery, it's in the constitution: slavery is illegal except in prisons. So there's slavery and concentration camps for you. Then we have the starting wars all over the world in order to surpress socialist/progressive regimes or anyone who dares act without US consent. You think progressive Chinese people are happy with the authoritairan rule? They have a firewall but it can be bypassed to acces everything on the internet, especially younger generations know exactly what reality they are in, i've talked with foreign students and they laugh at their government, it's the same as here; we are under systems of control, we can only try to cope for now. The Chinese might break free who knows. But this shouldn't be a blaming game, if investment is badly needed it doesn't matter as you have no choice if you actually want to move forward instead of backwards, moving backwards only breeds anger and discontent, that helps the radical right. Luckily the Greek people are the most hardcore in the world.
I like Y V's guts and the way he puts people in their place with disarming candour and without losing his calm! Some delightful judo around 18' :-) heheh
@@cadhlaohanlon4443 cute, it's just assuming that the whole world only uses English (or Latin alphabet to be precise) You ought to get a passport and see the world. Heck, even Eastern Europe and Southern Europe has different language systems. Don't say ignorant my friend :)
@@yangdai9101 sry for the misunderstanding I made, I'm half Chinese and very proud of my heritage, I have been constantly teaching myself Chinese over the years, however theres hardly anybody I can practice with in real life, that's basically why I was more sensitive and curious towards pronounciations. 不好意思😿
In the long run, it'll be devastating for small countries like Greece to engage with China (or rather: The CCP) like Yanis recommends. You climb up and have a seat in the CCP's big, warm lap, and you'll likely find it super comfy. But if you ever feel like climbing down again to go for a little stroll, you'll suddenly notice their iron fists when they're grabbing you and holding you down. For all the glaring flaws of the EU, it's still preferable compared to the Chinese Communist Party. The EU is at least above organ harvesting and concentration camps. I live in Sweden, and the way that the CCP ambassadeur openly bullies and threatens Swedish politicians, companies, NGO's and so on, is just mindblowing. Raw, naked authoritarianism. Trust me, in the long run, you'll all be better off if you stay clear of the CCP's dirty money. Be well. Peace...
@@linuswang6572 yeah...Great seer..🤣 it has been 6 years since the Port of Pireaus is acquired. Is it failing? Its net profit has grown more than 200% since the acquisition. Means, the Greek shareholders, pension fund, government taxes has grown in tandem. You wish me peace, but I don't see any sincerity in it because you spread rumours. EU, those are the countries that oppressed your grandpa. Organ harvesting? Tell me a cheaper place than India to buy any organ or even a corpse. You bloody banana.
My dad fought in Greece and Crete with the New Zealand EF, !st Echelon 20th Battalion and the Greeks, Australians and New Zealanders gave the Italians a bloody nose, once the Germans came into the game it was a different story. I have my Dads medal from the Greeks in pride of place to this day! Many Greeks eneded up coming to either Ozzie Ozzie or a few came to NZ after the war! All were welcome especially those that came tp pur home Town Wellington
that was my favourite comment ! I went to uni with all finance people ( i studied math), and i know, a lot of these bankers get high on cocaine and gamble with people's futures all day. Thats not hard working, thats an addiction.
This right on spot - a Portuguese here - the EU is on track to become a full fledged colonial system with all the drapings of the paternalism (we should know ;-) ). Yanis' response to Torsten Riecke was absolutely on spot. I'd trust dealings with China way more than any of this nation busting crap the EU disguises as single currency rules. The hell with it! We've dealt with China and chinese for 500 years and they've proven to be much better business partners and a led to a much more enriching cultural exchanges than anything - anything! - we've seen from the EU dictatorship. Listen to Yanis Mr Riecke - this is not about money, your money is a trap, a mechanism to surrender our economies to a mafiosi eurocracy. This is completely about the likes of you wanting to demean and "civilize" the likes of me and, really, to enslave our children. The hell with you! I've moved to the USA precisely to save my children from that fate.
interesting to hear a Portuguese view so similar to mine (British). It appears the Euro is the Deutchmark in disguise, a theory i got from Serbia before the Euro was installed and felt confirmed when Greece went to Germany for a bailout, Germany, not "Europe", German citizens were protesting about having to bail Greece out, the French weren't, nor the Spanish, Portuguese or anyone else? Euro = Deutchmark if Britain had taken the Euro we could never Leave, Brexit would've been impossible, German rule follows. Germany felt it was her destiny to rule Western Europe since the 19th century, the 1st and 2nd world wars were about this, what they failed by war they succeeded by paperwork - that's my theory on this, interested in what you think about that idea?
Well, if you think Germany thinks it's destined to rule Europe, you'll find it interesting that many Chinese feel they are the natural rulers of Asia, just as many Americans feel they are the natural rulers of the world, just as the British felt when they were at the top. From the German perspective, they are only taking their turn at the top.
the euro is the deutchmark in disguise, if britain had taken it escaping German rule for the foreseeable future would be unthinkable, as it is throughout the eurozone, my granddad fought Dunkirk to avoid German rule.
The time is coming when Yanis will become, will be tapped and appointed to a key position at the Commanding Heights because of his genius and ability to see through to the very core and essence regarding the truth of the matter in negotiating these trade and financial deals and matters.
This is an actual interesting conversation with Yanis Varoufakis, sadly lately they dont seem to invite him anymore and journalists now just always ask him the same 5 questions with ofcourse the same answer
Particularly insightful point made at 4:43, in capitalist societies we too often think of investment as synonymous with capital, but the Chinese (former socialists, long since something else...) understand the value of labour. You don't need to be a communist to appreciate the value of skilled labour, or how you can use it as an investment. Perhaps the EU needs to start thinking of how to use a shared labour force for investing in infrastructure, housing, energy, etc.
Thank you for organizing the meeting of these individuals and thank you for making this available for viewing on RU-vid for everybody. I’d like to volunteer to help. If I can assist by fixing your subtitles (english subtitles), please let me know.
YV, is here to teach them how economics, investment, and business works with Chinese investors, YV understood the game ahead above all (they) pull him down, YV is everywhere teaching lay people how money works, produced many books along the way, he is a walking treasure. I see him, I take pen and paper note down everything he has to say. YV keep doing what you love to do, we are right behind you learning from you. Thank you so much.
Yanis is in direct correspondence with the reality of world politics, diplomacy and economics. He is smartest politician and financial intellect i have ever saw in Europe. I wonder why he couldn't lead Greec or EU. 😎👌 from Ethiopia 🇪🇹
Yanis is honest and admirable in his passion for doing the right thing. But we need to start at the basics to see what Greece must do. Any government short of money can do 4 things: 1. Cut spending, 2. Enforce taxes 3. Print money and 4 Borrow money. Southern Europe ALWAYS had the tradition of printing and borrowing, while the north favored saving and taxing. The Northern system is NOT necessarily better than the southern. In fact, printing money is actually the superior method. It makes more sense to each year simply print 3-6% extra money so you get income tax via devalution of currency. In addition with a soft currency, the south can better compete with the north and tourism is more attractive. So the ENTIRE issue is that when joining the Euro, the instrument of printing was removed so the south could now only borrow money...Now, since euro debt was not collectivized from the start, this was a recipe for disaster (and will be forever). Greece suffered as the Euro is not a suitable currency and the European banks suffered because they where forced by the ECB to buy southern bonds. The only solution now is to recognize the south simply needs a different currency than the north. As long as the ECB / EU sticks to the one-size fits all idea, there will be NO SOLUTION and the citizens of all countries will suffer. If the EU is not willing, than Greece and other southern nations (or the northern countries themselves) will need to organise their OWN currency (or perhaps temporally adopt the Yuan) . As long as you don't take steps in this direction THIS WILL NOT change and in my opinion it is useless to fantasize on philosophical issues and visions of the future....So very curious as to Yannis view on best currency solution for Greece ????
He is too soft too "soft" with China though and will far as say naive about it. Sure, having Chinese investement in Greece creates jobs and stuff. But having China owning a Greek/European port is no acident, and he is favour on it. This is taking european strategic assents. Having a port in the ends of a foreign nation can never be good. People should know this looking at the history of colonialism, learn from the past. Like i said creates jobs and stuff, but having a authoritarian foreign power owning your strategic assents isnt good. And leaving the Euro would be catastrophic for south european nations right now, would mess things even furder, they should had join the euro when they joined, but now its too late. The future lies with the EU, which isnt perfect and needs a reform in my mind, but turning back would be worse.
Greatttt! As usual, deceptive editing @6:20 to save your masters!! When he starts explaining about how Germany (and EU) and offer solutions that doesnt go with the official narrative (read his book, if someone wants to know!)
That German guy talking so paternalistic to/about the Greeks just shows that he still has this Übermensch mentality. I am German myself those white privileged guys never stopped to see themself as Übermenschen.
What? He's from Handelsblatt. They care more about the free market than about human lifes. Has nothing to do with being german or racist ... and it's not like Greek are not white. So much for "white privilege".
+Louise Davies It is not over yet. The 3rd MoU is dead in the water when the IMF pulls out. The IMF will pull out when its demand for reprofiling of Greece's debt (no payments of either the principal or interest on Greece's EFSF and ESM debt for 15 years, the interest payable being compounded) will not be met. When the IMF is no longer sitting at the table to approve measures for Greece to implement, Greece cannot implement the measures. That is because the MoU mandates Greece to agree with the ECB, the Commission and the IMF before implementing the measures. If the IMF is not sitting at the table to approve the measures there is no way Greece can agree with them. Without Greece agreeing to implement the next set of measures, ESM cannot disburse more funds. So when the IMF pulls out, Greece will be exactly where she was on June 30th, 2015, facing a default on payment to the IMF and/or ECB and looking at the banks being shutdown, this time NOT because of her choosing. The 3rd MoU was structured by Chancellor Angela Merkel in order to ensure that scenario if Greece fails to get back on her own feet after implementing EVERYTHING the creditors demanded. Contrary to what many people thought, it was not to punish Greece, but ensure no one can blame Greece if the MoU fails that she demanded the IMF participate (knowing full well the IMF was insisting on debt relief for Greece in order to participate and the EZ creditors won't agree to it) and made it mandatory for Greece to implement everything demanded and only those that were demanded. She is not interested in perpetual bailouts and was willing for Yanis to implement his plan for Greece, but AFTER it becomes obvious that no one else had a plan to rescue Greece and making sure there will be no calls to punish Greece for its "intransigence". Greece is nowhere near staying out of debt default without external funding. Which means the 3rd MoU failed in its objectives. The options before the rest of the Eurozone are (1) 4th bailout (2) Move Eurozone to a fiscal union where deficits of some are financed by the surpluses of others (3) Let Greece choose whether to remain in the EU and implement the Varoufakis plan presented in June 2015 or exit the EU and receive write down on the EFSF and ESM debt. Chancellor Merkel certainly has no stomach for unending bailouts with no hope ever of repayments, especially after Yanis so publicly declared that is the only course with the Troika's plans. No one in the Eurozone has the political mandate to hastily put together a fiscal union and it will be at least a decade before then can put one together and since there is no immediate crisis, one can't be justified in a hurry. That leaves letting Greece to deal with her problems herself which makes a debt default inevitable. If Greece defaults on her debt, ECB shutting off liquidity to Greek banks is inevitable, but this time for ever. If Greece remains in the euro, country will have no euro liquidity. But an EU member can leave the euro only by leaving the EU. So the choice before Greece will be to remain in the EU and implement the Varoufakis plan for providing liquidity to the economy or exit the EU. I am sure the decision will be left for the people to choose by calling a fresh election. Yanis will be back on the Syriza ticket which will be seeking a mandate to implement the Varoufakis plan to keep Greece in the EU. I expect Syriza to win a historic mandate and the Varoufakis plan implemented. Yanis, free from the dictates of Brussels, Berlin and Frankfurt, will be able to strike deals with China for investment in Greece. When Greece recovers under the Varoufakis plan, it will become the blue print for the Eurozone countries facing similar problems. A workable blue print is what Chancellor Angela Merkel needs, she is convinced Yanis has one and she is determined to let Yanis have a chance to prove it.
indeed, Australia is the only western country that has not gone into recession since 2008 because its economy is tied to China. Unfortunately it won't be easy for Greece to deal with China as explained in this video.
The patience with Greece from the EU is the same patience a lender with his debtor, it is about having a political scapegoat and extracting more resources.
Both China and the EU were prepared to give money to Greece for whatever reason but there differ in the mechanism. One uses investment while the other uses loans. At the time, Greece doesn't need more loans that it can't hope to pay back, what it needed were investments that were build upon the principle of profit-sharing.
Greece was backed by the 'Big Powers' for its independence from the Ottoman Empire. It continually received support until the war with of turkish independence. It received support and was integrated into the North Atlantic system, receiving substantial support. So, while assessing some 'realities' of the bailout, one should not forget the above actions of 'spoilure'. Yet, Slovenia, Czech Republic and Estonia are surpassing it in terms of economic situation of citizens
As teh most recently developed country, don't want to say superpower as they are not really, they do know. Also China is so big they still know: Even though they have the most and fastest trains in the world, look out the window when travelling with those trains and you see it on the fields, the people working with a sickle. That's also why China needs to keep growing and needs to keep lifting up the working class like it has been doing, otherwise the people will turn against the authoritarian government. They don't have the power over such a big and diverse country like the power governments have over us in the west. This is going on right now Yanis said recently. It will be interesting to see the coming years.
Torsten Riecke: "You don't need [Greece's economic & political relationship with EU] on the Chinese level. China is not going to commit billions of dollars to bail out the Greek state." Beijing: "No and we're not going to. But that's not the point. Greece shouldn't need bailing out by anybody to begin with."
