Greek Finance Minister: The Euro Zone Would Collapse If Greece Forced Out

Greece's new finance minister Yanis Varoufakis warns that the euro zone is "a castle of cards." Remove the Greeks and the whole thing would fall apart.

Greece's new finance minister, Yanis Varoufakis, warns that the euro zone would be doomed if the Greeks exit. Gavin Jones of Reuters has the scoop:

"'The euro is fragile; it's like building a castle of cards. If you take out the Greek card, the others will collapse.' Varoufakis said according to an Italian transcript of the interview released by RAI ahead of broadcast.

The euro zone faces a risk of fragmentation and 'de-construction' unless it faces up to the fact that Greece, and not only Greece, is unable to pay back its debt under the current terms, Varoufakis said."

Varoufakis, who has authored several books on game theory and was previously employed by the Valve Corporation, made these statements in a recent interview with the Italian state television network RAI. His words align with the message of the new Greek government led by the leftist SYRIZA party, which rode a wave of anti-austerity sentiment to electoral victory earlier this year. The new government is now attempting to renegotiate its debt payments to the euro zone and is looking for support from the Italian government. Varoufakis similarly labeled Italy's current debt crisis as "unsustainable." He says he seeks a unilateral rejection of austerity from the whole of the euro zone. Only then, he argues, could the Greek debt crisis be solved.

Read more at Business Insider.

Photo credit: PromesaArtStudio / Shutterstock

Check out the following video for a perspective on austerity from President of Iceland Ólafur Ragnar Grímsson. President Grímsson refused to subject his people to austerity during Iceland's crisis. It turned out to be the right decision:

LinkedIn meets Tinder in this mindful networking app

Swipe right to make the connections that could change your career.

Getty Images
Swipe right. Match. Meet over coffee or set up a call.

No, we aren't talking about Tinder. Introducing Shapr, a free app that helps people with synergistic professional goals and skill sets easily meet and collaborate.

Keep reading Show less

In a first for humankind, China successfully sprouts a seed on the Moon

China's Chang'e 4 biosphere experiment marks a first for humankind.

Image source: CNSA
Surprising Science
  • China's Chang'e 4 lunar lander touched down on the far side of the moon on January 3.
  • In addition to a lunar rover, the lander carried a biosphere experiment that contains five sets of plants and some insects.
  • The experiment is designed to test how astronauts might someday grow plants in space to sustain long-term settlements.
Keep reading Show less

A world map of Virgin Mary apparitions

She met mere mortals with and without the Vatican's approval.

Strange Maps
  • For centuries, the Virgin Mary has appeared to the faithful, requesting devotion and promising comfort.
  • These maps show the geography of Marian apparitions – the handful approved by the Vatican, and many others.
  • Historically, Europe is where most apparitions have been reported, but the U.S. is pretty fertile ground too.
Keep reading Show less

Love in a time of migrants: on rethinking arranged marriages

Arranged marriages and Western romantic practices have more in common than we might think.

Culture & Religion

In his book In Praise of Love (2009), the French communist philosopher Alain Badiou attacks the notion of 'risk-free love', which he sees written in the commercial language of dating services that promise their customers 'love, without falling in love'.

Keep reading Show less