Yanis Varoufakis: Democracy vs. EU Collaps

Interview with Yanis Varoufakis, former Finance Minister of Greece and Co-Founder of "Democracy in Europe Movement 2025" (DiEM25). Europe gets pulverized by authoritarianism and incompetence, says Yanis Varoufakis on Kontext TV. The lack of democracy has been responsible for the economic disaster in the EU. In the U.S. a similar situation with unemployment rates still at 11 - 12 % would have led to the fall of the government while the bureaucrats got fired. Not so in the EU where the opposite is true. The "comedy of errors" goes on since all important decisions are made in backrooms by unaccountable EU representatives. The group „Democracy in Europa Movement 2025“ (DiEM25), recently co-founded by Varoufakis wants to prevent the collapse of the EU by a collective push for democratization. Instead of backroom deals, increasing inequality and economic depression DiEM25 demands transparency, a re-deployment of EU institutions and a European constitutional process. Without a radical change of course the European Union is doomed to failure, says Varoufakis. The signs of a crash are already there. The Schengen system of open borders is collapsing at the moment. At the same time the image of a "disintegrating European Union" is also dominating the economic situation. "Our politicians are calling something a banking union which is not a banking union. So we have a subterfuge. We have a campaign of disinformation about what we're doing. Orwellian! We take a disunion in banks and we call it union. And people out there think, 'Oh, now we have a banking union'. We don't! So this is the disintegration in real-time in front of us."

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