posted by Phil. T Looker, 22 July 2019
Former Greek finance minister Yanis Varoufakis claimed the reason why the euro is valued so highly compared to the pound or US dollar is because of a “delicious paradox” which sees the Eurozone actually being on the verge of a dramatic break-up, newly-resurfaced footage reveals.
Despite the uncertainty [surounding Brexit], the euro has largely remained strong since the 2016 referendum but, according to former Greek Finance minister Yanis Varoufakis, there is a shocking reason why this has occurred.
Mr Varoufakis called it a “delicious paradox”.
In a 2018 debate at the Oxford Union, the Greek minister explained: “Why do the money markets value the euro so highly compared to the pound, the American dollar?
“Suppose you are a Singaporean, Chinese, American or even a German investor, and for some reason, you agree with me that the fragmentation of the Eurozone is at an advanced stage, and the euro has never been weaker or more problematic.
“Should you sell your euros?
“No, let me share a secret with you. You should shift your euros to a German bank account.”
Mr Varoufakis explained that if the Eurozone breaks up and all the countries revert to their pre-euro currencies, euros held in German bank accounts will be re-denominated into Deutschmarks, which will be stronger than any other European currencies because of the country’s “huge account surplus”.
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