Yanis Varoufakis explains debt deflation

A short video featuring the ever-engaging Yanis Varoufakis, self-styled ‘erratic Marxist’ and former finance minister of Greece. Here he explains the process of debt deflation which, during the eurozone crisis, has hit Greece hard. In particular he outlines the difference between devaluing the national currency and reducing wages, and the effect these have on the debt burden and the prospects for economic recovery.

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