#Varoufakis – No Vote Will Expose EU/ECB As Undemocratic For 1 Simple Reason

oped_300Let me paint the scene.

UK government holds referendum on pension cuts and tax increases.

Electorate vote against pension cuts and tax increases.

Can you imagine the UK government then refusing to negotiate with the electorate and closing the banks?

A No Vote in Greece on Sunday which leads to the EU refusing to negotiate will fundamentally damage the illusion that the EU and the ECB are democratic institutions.

I wasn’t not convinced of Varoufakis’s arguments to start with, but as things progress, he is making more and more sense.

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