by Summary:
By Cristina Criddle 28 SEPTEMBER 2016 • 11:23AM Yanis Varoufakis, Greece’s outspoken former finance minister, has said George Osborne will “go down in history as a particularly inept Chancellor.” Mr Varoufakis said that the former UK Chancellor made fiscal targetsthat “entrapped him” in a “vicious cycle”. Responding to a question about Mr Osborne’s replacement, Philip Hammond, on BBC Radio 4, he said: “I believe the new Chancellor is going to utilise this opportunity he is now getting to escape from the trap that George Osborne created for himself. “George Osborne will go down in history as a particularly inept Chancellor. He created fiscal targets that entrapped him by insisting that by 2020 he would eliminate the budget deficit through consolidation, through cutting of government spending. “Every time he made that statement, and every time he consolidated it, the public sector borrowed and his target moved further way.” Mr Osborne on Budget Day in May 2016 CREDIT: REX The economics professor – who was thrust into the spotlight when he became Greece’s finance minister for brief but turbulent period last year – added that once Mr Osborne was “caught up in that target of his own making”, he became more aggressive in cutting government expenditure, especially for the “weaker members of British society”.
Topics:
Yanis Varoufakis considers the following as important: DiEM, European Crisis
This could be interesting, too:
By Cristina Criddle 28 SEPTEMBER 2016 • 11:23AM Yanis Varoufakis, Greece’s outspoken former finance minister, has said George Osborne will “go down in history as a particularly inept Chancellor.” Mr Varoufakis said that the former UK Chancellor made fiscal targetsthat “entrapped him” in a “vicious cycle”. Responding to a question about Mr Osborne’s replacement, Philip Hammond, on BBC Radio 4, he said: “I believe the new Chancellor is going to utilise this opportunity he is now getting to escape from the trap that George Osborne created for himself. “George Osborne will go down in history as a particularly inept Chancellor. He created fiscal targets that entrapped him by insisting that by 2020 he would eliminate the budget deficit through consolidation, through cutting of government spending. “Every time he made that statement, and every time he consolidated it, the public sector borrowed and his target moved further way.” Mr Osborne on Budget Day in May 2016 CREDIT: REX The economics professor – who was thrust into the spotlight when he became Greece’s finance minister for brief but turbulent period last year – added that once Mr Osborne was “caught up in that target of his own making”, he became more aggressive in cutting government expenditure, especially for the “weaker members of British society”.
Topics:
Yanis Varoufakis considers the following as important: DiEM, European Crisis
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