Former Greek Finance Minister Varoufakis: the economic collapse of the EU is predetermined
Former Greek Finance Minister (from January to July 2015), MP from the left-wing MeRA party Yanis Varoufakis said that the economic collapse of the European Union is predetermined. He said this in an interview with N-tv.
“EU companies pay ten times more for gas than their competitors in the US or China. There are already interruptions in production, and very soon we will see that factories will look for new locations in the USA or in other countries. The European Union is in a deep crisis,” he said.
Varoufakis noted that rapid deindustrialization is already taking place in the EU, and then it will only get worse. Moreover, the EU’s problem is that there is no “union” as such, the politician noted. “When it comes to refugees or migrants, everyone acts in their own way. This also applies to gas. When it comes to switching to green technologies, we don’t have an agreement either,” he explained.
After the start of a special operation in Ukraine, Western sanctions against Russia, a reduction in gas supplies to Europe and an increase in its price, the EU faced an energy crisis and record inflation for several decades.
In mid-October, the International Monetary Fund (IMF) reported that gas supplies to Europe from Russia decreased by 80% compared to last year. The IMF forecasts a decline in GDP growth in advanced European economies from 3.2% in 2022 to 0.6% in 2023.
On October 21, the President of the European Parliament, Roberta Metsola, said that the EU budget lacks resources and flexibility to finance new priorities and called for its revision. “Servicing more debt, creating higher deficits requires our economy to grow. Growth is the only way, she stressed.
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