Former Greek Finance Minister Yanis Varoufakis Says Austerity Doesn't Work

Former Greek Finance Minister Yanis Varoufakis said “austerity at a government” level doesn’t work. Speaking at a debate organized by Cambridge University’s largest society, the Cambridge Union, Varoufakis said austerity works for families or shops that are struggling, but if governments stop spending while people also spend less, the mixture is explosive. In a separate note, the Greek economist also said he was in favour of a No vote in Italy’s referendum on the basis of the fact that the proposed constitutional amendment “would be yet another expression of the EU’s current demand for reliable national governments that can implement technocratic decisions without the nuisance of political opposition.”

Previously the former Greek finance minister Varoufakis has called the Brexit department “Pythonesque” and staffed with “people of very low IQ”

Below is an older speech by Yanis Varoufakis at the Oxford Union.