The Cambridge Union: “Yanis Varoufakis is the former Greek Finance Minister whose resignation was widely touted as a condition to securing further bailout money from EU states. Varoufakis will be speaking about the power of the European Union to erode national sovereingty in times of financial crisis.”
The speech was held on October 30, 2015
Comments by Joe Robinson, Varsity:
“In prophetic fashion, he intoned that “history of economics … is going to report that EMU was designed to fail” and his presentation focused at length on the follies of a single currency without the requisite “investment pillar” to balance weaker areas.
His second line of attack was his contention that the creation of the European Union was not the triumph of the free-market nirvana of popular parody. Instead, Varoufakis argued “we are experiencing … the failure of a cartelised Europe that is also democracy-free” and has “no recourse to the popular will”.
Despite his unremitting attack on the failure of the European project, Varoufakis argued that, for Britain, his experience was “not a reason to get out of it”. Interestingly, he thought that the organisation which had instituted a bailout plan intended to “crush” Greece was actually capable of democratic reform.”
Source: Cambridge University student newspaper VARSITY: Varoufakis: “Europe is a cartel”