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And the Weak Suffer What They Must?: Europe, Austerity and the Threat to Global Stability

Yanis Varoufakis

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Vintage
30 January 2017
Economics & Business; Political economy; Financial crises & disasters
In 2008, the universe of Western finance outgrew planet Earth. When Wall Street imploded, a death embrace between insolvent banks and bankrupt states consumed Europe. Half a dozen national economies imploded and several more came close. But the storm is far from over...

From the aftermath of the Second World War to the present, Varoufakis recounts how the eurozone emerged not as route to shared prosperity but as a pyramid scheme of debt with countries such as Greece, Ireland, Portugal and Spain at its bottom. Its woeful design ensured that collapse would be inevitable and catastrophic. But since the hurricane landed Europe's leaders have chosen a cocktail of more debt and harsh austerity rather than reform, ensuring that the weakest citizens of the weakest nations pay the price for the bankers' mistakes, while doing nothing to prevent the next collapse. Instead, the principle of the greatest austerity for those suffering the greatest recessions has led to a resurgence of racist extremism. Once more, Europe is a potent threat to global stability.

Drawing on the personal experience of his own negotiations with the eurozone's financiers and offering concrete policies and alternatives, Varoufakis shows how we concocted this mess and how we can get out of it. And The Weak Suffer What They Must? reminds us of our history in order to save European capitalism from itself.
By:   Yanis Varoufakis
Imprint:   Vintage
Country of Publication:   United Kingdom
Dimensions:   Height: 198mm,  Width: 129mm,  Spine: 21mm
Weight:   234g
ISBN:   9781784704117
ISBN 10:   1784704113
Pages:   308
Publication Date:   30 January 2017
Audience:   College/higher education ,  Professional and scholarly ,  General/trade ,  Primary ,  Undergraduate
Format:   Paperback
Publisher's Status:   Active

In 2015, Yanis Varoufakis became the world's most prominent opponent of austerity when, as finance minister of Greece, he refused to accept the terms of the loan agreement dictated to his bankrupt country by the eurozone's leaders. Since resigning his post he has become the figurehead of an international grassroots movement, speaking to audiences of thousands in cities across Britain, France, Germany, Portugal, Spain, Ireland, Italy, Singapore and Russia. Born in Athens in 1961, he was for many years a professor of economics in Britain, Australia and the USA before he entered government. He is currently Professor of Economics at the University of Athens. yanisvaroufakis.eu / @yanisvaroufakis

Reviews for And the Weak Suffer What They Must?: Europe, Austerity and the Threat to Global Stability

If you ever doubt what is at stake in Europe, read Varoufakis's account Guardian An outstanding economist and political analyst. His remarkable talents are fully on display in his recent study of Europe's crisis, a most revealing and perceptive analysis of the development of the global economy in the past half century and their grim consequences now threatening Western societies -- Noam Chomsky An absolutely splendid book... What Yanis really shows is that the European project had a democratic deficit from the origin and design... The Thucydides of our time -- Jeffrey Sachs One of my few heroes...his achievements are incredibly important...to save what is worth fighting for in Europe...Yanis tried to do the right thing - to remain within the EU and disturb from within. That is why he was such a threat...wonderfully written, complex, a book which is set to provoke our rage...to make us think, and that's what we need today. As long as people like Yanis are around, there still is hope -- Slavoj Zizek One of my few heroes...his achievements are incredibly important...to save what is worth fighting for in Europe...Yanis tried to do the right thing - to remain within the EU and disturb from within. That is why he was such a threat...wonderfully written, complex, a book which is set to provoke our rage...to make us think, and that's what we need today. As long as people like Yanis are around, there still is hope -- Slavoj Zizek A very, very clever person, and in the basic argument about what's been going on in Europe I think he's right -- Martin Wolf A devastating account -- Andrew Marr A scholar, writer, philosopher of clarity, insight, generosity and engaging prose, not to mention integrity and courage -- James Galbraith A brilliant economist Bloomberg Few finance ministers have such a talent for economics as Yanis Varoufakis -- Joseph Stiglitz, Winner of the Nobel Prize for Economics Highly readable. It is also important, outlining a perspective on global economics that influences policy thinking in broader circles than the radical left ... deeply instructive Financial Times The most interesting man in the world Business Insider The emerging rock star of Europe's anti-austerity uprising Telegraph It is important to take note of the ideas that Varoufakis continues to espouse ... the essence of [his] agenda was - and remains - largely correct -- Mohamed El-Erian A man of integrity and intellectual honesty ... a superb monetary economist whose credentials outshine those who have bewitched European governmental elites... His economic logic was irrefutable -- Professor Michael Brenner He writes with great panache ... and in a gripping style ... One of the things that makes this book enjoyable is that Varoufakis makes much of the role of personalities TLS An account of how the forces of capital have prevailed over the common good ... visionary The Times A global celebrity Economist The biggest disaster for any of the BBC's news and current affairs slate would be The Yanis Varoufakis Show on another network -- Mark Lawson Guardian While this British Conservative minister might not agree with every single position adopted by this Greek radical socialist, I cannot but admire and applaud his courage and passion on behalf of genuinely progressive causes -- Michael Gove Sunday Times The reason Varoufakis seems to have captured the imaginations of so many is that his words about the European crisis speak universal truths about democracy, capitalism and social policy Guardian Like all great story tellers, Varoufakis' literary flair is not just a function of stylistic prowess. He gets right inside the fears, desires and external constraints of the key players in the complex history of the Eurozone ... Reading And The Weak Suffer What They Must? is like reading a gripping thriller. It is a page turner because the plot itself is a relentless sequence of astonishing twists and turns driven by the cunning ingenuity and hubristic folly of its key protagonists ... This book is not just illuminating. It is a call to moral awakening and to intelligent, determined and humane political action Open Democracy


  • Short-listed for Parliamentary Book Awards: Best Political Book by a non-Parliamentarian 2016
  • Shortlisted for Parliamentary Book Awards: Best Political Book by a non-Parliamentarian 2016.

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