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EU on brink: Varoufakis predicted bloc’s demise as ‘stronger euro means weaker people’

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EU: Yanis Varoufakis hits out at 'economic imbalances' Sign up for now and never miss the top politics stories again SUBSCRIBE  When you subscribe we will use the information you provide to send you these newsletters. Sometimes they'll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. The bloc today threatened to "suspend" large parts of the Trade and Cooperation Agreement if the UK attempts to undercut EU businesses. Michel Barnier, the EU's former chief Brexit negotiator, said the bloc could move to carry out such actions and strip Britain of its zero-tariff and zero-quota deal with the bloc should it fail to meet certain standards. It comes as

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EU: Yanis Varoufakis hits out at 'economic imbalances' Sign up for now and never miss the top politics stories again SUBSCRIBE  When you subscribe we will use the information you provide to send you these newsletters. Sometimes they'll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. The bloc today threatened to "suspend" large parts of the Trade and Cooperation Agreement if the UK attempts to undercut EU businesses. Michel Barnier, the EU's former chief Brexit negotiator, said the bloc could move to carry out such actions and strip Britain of its zero-tariff and zero-quota deal with the bloc should it fail to meet certain standards. It comes as Brussels attempts to rebuild the eurozone 27 member-state economy following financial fallout from the coronavirus pandemic. Last week, after much deliberation, the bloc approved the coronavirus recovery fund that will be the first stepping stone in a long road to regaining the eurozone's momentum on the world stage. It is the first time that the EU as a single group took on collective debt, something that the European Economic Community (EEC) - the EU's predecessor - agreed not to do. For German Chancellor Angela Merkel and French President Emmanuel Macron, both of whom spearheaded the recovery fund plans, it marks a move towards their goal of closer economic integration across the bloc. However, many have noted that the closer integration might well translate to a harder to leave EU, and potential economic hardship for citizens who live in member states. Yanis Varoufakis, the former Greek Minister of Finance, has for years spoken out against what he calls the "oligarchies" and "glorified cartels" of the eurozone and EU economy. In 201, during an Oxford Union address, Mr Varoufakis argued that if and when the eurozone becomes stronger, it will be to the detriment of Europe's ordinary people, describing this model as in the long-run unsustainable. Talking about how the EU could be at risk of collapsing as a result of huge euro surpluses in Germany, he said: "The nearer we're getting to any potential fragmentation of the euro, the higher the value of the German euro, of euros in Germany. "Of course, what will happen is, euros will be shifted from Italian bank accounts to German bank accounts, which is already happening - we have about €200billion in the last 1 months that has shifted from Italian bank accounts to German bank accounts. :  Trending  "This is because of the risk of keeping your euros in a country that after the breakup of the eurozone, will see its currency redenominated downwards, not upwards. "In the 1950s, there were magnificent Jaguar cars that were extremely strong cars. "But if you had an accident in one of them you ended up dead, the car didn't bend much, it didn't crumble, it would be intact but you would be dead - and that's the euro.   "The str EU on brink: Varoufakis predicted bloc's demise as 'stronger euro means weaker people'
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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