Saturday, April 11, 2020

EU bullies: Italy forced to surrender in secret meeting over coronavirus economy crisis

We wouldn't normally feature a story from the Express in this daily blog because they're mainstream, but Yannis Varoufakis is always worthy of attention.

from Daily Express

Yannis Varoufakis, a veteran of the 2015 Greek debt crisis, accused Eurozone finance ministers of “failing Europeans” after a 15-hour row over a post-coronavirus rescue package ended in stalemate. The rebel economist said he was the victim of similar bullying at the height of Greece’s financial crisis when his defiant strategy against debt negotiations with European leaders led to banks being closed and queues at cash machines. “The Eurogroup, again, failed Europeans,” he wrote on social media, after their overnight meeting eventually broke up.

“The Italian finance minister, during the night, was bullied to surrender – as I was in 2015. It was all done behind closed doors and with no minutes kept.”

Mario Centeno, the Eurogroup’s president, called time on the marathon talks this morning after it emerged warring ministers would not sign up to a compromise deal.

Italy and the Netherlands are urged to drop their red lines to allow the bloc to eventually forge a common response coronavirus crisis.
One Brussels source said the atmosphere between member states had become "very toxic" because of the difference in positions between richer northern member states and their poorer southern neighbours.

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