Yannis Varoufakis: The Greek economy is finished …. This is our Great Depression

Australian Broadcasting Corporation

Broadcast: 18/06/2012

Reporter: Leigh Sales

With a pro-bailout and pro-austerity party claiming victory in the Greek election, economist Yanis Varoufakis joins us from Athens to reflect on what the result means for the economy and the Eurozone.

Transcript

LEIGH SALES, PRESENTER: Joining us now from Athens is the Greek economist Yanis Varoufakis.

The obvious question is: what happens now?

YANIS VAROUFAKIS, ECONOMICS, ATHENS UNIVERSITY: Well, the derailment of the train that is the eurozone, which started with Greece and then other carriages started leaving the tracks sequentially – Ireland, Portugal, now Spain – is continuing. And yesterday’s vote is not going to change that at all. All exuberance and celebrations are completely and utterly misplaced. I’m afraid that the eurozone and

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