Former Greek finance minister warns of imminent EU economic collapse

Former Greek finance minister (from January to July 2015), an MP from the leftist MeRA party, Janis Varoufakis, said that the economic collapse of the European Union is predetermined. He spoke about 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 disruptions in production, and very soon we will see factories looking for new locations in the US or in other countries. The European Union is in a deep crisis,” he said.

Varoufakis noted that already in the EU there is a rapid de-industrialization, and then it will only get worse. In addition, the problem of the EU is that there is no “union” as such, the politician noted. “When it comes to refugees or migrants, everyone does things differently. The same applies to gas. When it comes to the transition to green technologies, we also do not have an agreement,” he explained.

The EU Council reached an agreement to combat the energy crisis Politics

After the start of a special operation in Ukraine, Western sanctions against RUSSIA, a reduction in gas supplies to Europe and a rise in gas prices, the EU faced an energy crisis and record inflation in several decades.

In mid-October, the International Monetary Fund (IMF) reported that gas supplies to Europe from Russia fell by 80% compared to last year. The IMF projects GDP growth in advanced Europe to decline from 3.2% in 2022 to 0.6% in 2023.

The President of the European Parliament, Roberta Metsola, said on October 21 that the EU budget lacks the resources and flexibility to finance new priorities and called for a review of it. “Serving more debt, creating higher deficits requires our economy to grow. Growth is the only way,” she stressed.

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