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DiEM25 on tonight’s European Union Council decision (Yes, we know what, & how terrible, it will be!)

Summary:
Later today, Thursday 23rd April, the EU Council will meet to discuss the common European response to the Great New Recession caused by the pandemic. Their agenda should comprise one, and only one, item: How to ensure that the necessary increase in public deficits will not show up in the fiscally stressed member-states’ national budgets, so as not to boost already non-viable public debt levels. If the EU Council fails in this task, the result will be massive, cruel austerity (e.g. pension and wage cuts, new taxes etc.) for the Europeans worst hit by the pandemic. Tragically, since the 9th April Eurogroup already killed off the necessary common, European response (i.e. Eurobonds), today, the true purpose of the

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Yanis Varoufakis
An accidental economist Let me begin with a confession: I am a Professor of Economics who has never really trained as an economist. But let’s take things one at a time.

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