In 2011 Greek finance minister Yanis Varoufakis said Grexit 'would send us back to the Neolithic age'
Milos Bicanski/Getty Images
Because of that, unlike many politicians, he's written reams of stuff on current issues - and economics consultancy Fathom have dug out a great quote on what Varoufakis thought a Grexit (Greek exit from the eurozone) would mean for his country, which he wrote in 2011.
Here's the quote:
"If the PM announced tonight an emergency bill for the introduction of a new currency:
- In 20 minutes all cash machines would be empty
- There would be queues outside banks
- The economy would collapse
- The ECB would withdraw support for banks leading to their collapse
- Until such time as the state printed a new currency, utter darkness would cover the country
- 80% of households would become poverty-stricken
- The vast-majority of people would rue the time and day this post-Bailout default was announced"
It's a pretty dramatic illustration, and the actual article itself (in Greek) is even more clear. Varoufakis dismisses other examples of significant devaluation, mostly in Latin America, since those examples simply meant un-pegging an existing currency - for example, one which previously moved up and down in value with the dollar.
"The exit from the euro for a deficit country would send us back to the neolithic period before we could even realise it," he argued.
He says that his own country would have to scrap its currency entirely and start again: "Greece is not Argentina."
It's a pretty worrying passage, given that the prospect of a Grexit now seems so real. But in another way it's a fairly positive thing to hear (for those Greeks that want to stay in the euro at any cost). The fact that Varoufakis thinks, or at least thought that leaving the euro would be so calamitous may be a sign that he'll blink and accept another austerity deal - though of course, it's not his decision to make alone.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market