Yanis Varoufakis says EU ‘waiting for bubble to burst’ with states poised for financial crisis. YANIS VAROUFAKIS, Greece’s former Finance Minister, said it was only a matter of time before the EU’s eurozone bubble "bursts", throwing member states into economic hardship. The coronavirus pandemic has forced countries around the world to take unprecedented economic measures. Perhaps the most significant came last year when the EU agreed to a COVID-19 recovery fund, which was given the green-light to roll out last month.
The package means that the 27-member states will now share collective debt. The EU and its predecessor, the European Economic Community (EEC), was founded on the promise of financial restraint, with shared debt against the rules. A health crisis has been enough