Greek - Politician | March 24, 1961 -
In occupied Iraq, the introduction of new paper money took almost a year, 20 or so Boeing 747s, the mobilisation of the U.S. military's might, three printing firms, and hundreds of trucks.
Yanis Varoufakis
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The euro is a hybrid of a fixed exchange-rate regime, like the 1980s ERM or the 1930s gold standard, and a state currency.
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For some reason, lots of terrible things start here and then spread. The Cold War was one. It didn't start in Berlin - it started in Athens in December 1944; the contagion in the eurozone started here in 2010. We are perfectly capable as Europeans of messing things up unnecessarily.
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Bankruptocracy is as much a European predicament as it is an American 'invention.' The difference between the experience of the two continents is that at least Americans did not have to labour under the enormous design faults of the eurozone.
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Game theorists analyze negotiations as if they were split-a-pie games involving selfish players.
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Because I spent many years during my previous life as an academic researching game theory, some commentators rushed to presume that as Greece's new finance minister, I was busily devising bluffs, stratagems and outside options, struggling to improve upon a weak hand. Nothing could be further from the truth.
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