Austerity

by Yanis Varoufakis

How do we choose between what is fair and just, and what our debtors demand of us? Yanis Varoufakis was put in such a dilemma in 2015 when he became the finance minister of Greece. In this rousing book, he charts the absurdities that underpin calls for austerity, as well as his own battles with a bureaucracy bent on ignoring the human cost of its every action. Passionately outspoken and tuned to the voices of the oppressed, Varoufakis presents a guide to modern economics, and its threat to democracy, like no other.

Selected from the books And the Weak Suffer What They Must? and Adults in the Room

Genres: Economics, Politics, Nonfiction, History, Greece

134 pages, Kindle Edition

First published April 5, 2018

About the author

Ioannis "Yanis" Varoufakis is a Greek-Australian economist and politician. A former academic, he has been Secretary-General of MeRA25, a left-wing political party, since he founded it in 2018. A former member of Syriza, he served as Minister of Finance from January to July 2015 under Prime Minister Alexis Tsipras.

Reviews

[The Conspiracy is Capitalism · Rating 4 out of 5]

Austerity = Capitalism’s Class War…

Preamble:
--For the past decade, I’ve developed an annual reading ritual where I make sure to re-read at least one book by each of the following nonfiction authors:
i) Yanis Varoufakis: (geo)political economy
ii) David Graeber: social theory
iii) Ben Goldacre: science (esp. research methodologies)
--Their engaging writing-styles make each revisit refreshing, and their content provides foundational tools which I like to keep sharp through practice.

Highlights:

--This “book” is actually a collection of 4 excerpts (on the topic of austerity, i.e. dismantling the welfare state) from 2 of Varoufakis’ books (so I won’t repeat the details, including unpacking austerity, here):
i) And the Weak Suffer What They Must? Europe's Crisis and America's Economic Future (2016):
--A foundational overview of geopolitical economy, focusing on the Euro crisis and following up from Varoufakis’ 2011 The Global Minotaur: America, the True Origins of the Financial Crisis and the Future of the World Economy
--I didn’t find the flow of these excerpts to be optimal. I would recommend just directly reading his actual books depending on which topics you prioritize, as Varoufakis weaves so much into his story-telling to complement his analysis. You’re in good hands:

As a teacher of economics, I have always believed that if you are not able to explain the economy in a language young people can understand, then, quite simply, you are clueless yourself. [Talking to My Daughter About the Economy: or, How Capitalism Works—and How It Fails]

ii) Adults in the Room: My Battle with Europe's Deep Establishment (2017):
--Varoufakis’ autobiography detailing how he left academia to become the Finance Minister of Greece as part of the left-wing party elected to take on the Troika (European Commission/European Central Bank/IMF) during the Euro Crisis/Greek debt negotiations.
--Now, this book is a couple hundred pages longer than the one above, but biographical books do have a quicker flow.
--Another useful book on austerity: The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism

…A decade later, I’m still looking for Global South counterparts in geopolitical economy who I can re-read annually for the coming decades:
i) Vijay Prashad’s lectures also have that magical combination of critical content with poetic flair, and I’m happy to see he has shifted his writing from academic to more popular. However, Prashad focuses on the historical side more than geopolitical economy.
ii) Utsa Patnaik/Prabhat Patnaik: fascinating analysis but alas very academic.
…I say this because Varoufakis’ content is “Eurocentric” in the sense of its focus; he leaves Global South stories to their experts:
“As for Africa and Latin America, the weak there suffered losses that only the great novelists can begin to recount.”
…I know this can frustrate those who focus on Global South anti-imperialism. For example:

Varoufakis gets the facts right but ties them together with a view of economics that is hardly different from the liberal elite who he critiques. The principal contradiction of the global economy is between northern capital and southern workers. The contradiction between Europe's workers and their bosses is secondary. This book largely ignores that order of affairs and suffers for it.

i) Theory:
--I appreciate the frustration, and I do agree geopolitical economy books should prioritize more analysis synthesizing Western imperialism on the Global South (global division of labour/natural resources/militarism etc.).
--Side note: on how the US debt empire (flooding the world with US dollars) is framed:
a) Varoufakis’ The Global Minotaur: America, the True Origins of the Financial Crisis and the Future of the World Economy focuses on the US trade deficit, whereas…
b) Michael Hudson focuses on US military spending: Super Imperialism: The Origin and Fundamentals of U.S. World Dominance
--However, I still think there is so much to synthesize rather than dismiss as merely “liberal elite”. Varoufakis’ priority is not just a class reductionist “Europe’s workers and their bosses” that excuses an imperialist labour aristocracy, as he does incorporate a core-periphery aspect within Europe (North-South, ex. Germany-Greece, where Greece is Varoufakis’ immediate context). The Global North have their own domestic peripheries (indigenous/minorities etc.) after all, while the Global South (which is extremely diverse) have their own domestic elites.
--Indeed, this is an important lens to incorporate. Varoufakis’ point here is prioritizing a Germany vs. Greece framing obscures class analysis and is dangerous on a continent with recent history of 2 World Wars and fascism. It’s a convenient framing for German elites and Greek elites to target a foreign enemy. Yes, we can eventually narrow to German capital and eventually US capital, but we are just approaching the same conclusion from different starting points (which can attract different audiences).
ii) Organization/Practice:
--In building mass movements, I would rather Varoufakis use his expertise of Europe to focus his efforts engaging with European workers, countering the return of fascism, and indeed building solidarity with Global South workers.
“Borders are awful scars on the planet and the sooner we dispose of them the better, as the recent Syrian refugee crisis confirms.”
...Here's a speech by Varoufakis at the Havana Congress on a new Non-Aligned Movement and New International Economic Order, key Global South concepts covered by Prashad in:
-The Darker Nations: A People's History of the Third World
-The Poorer Nations: A Possible History of the Global South
--It’s a fantasy thinking we can build mass movements by getting Global North workers to start by prioritizing Global South workers; have you talked to default liberals and conservatives here? Heck, it may not be easy getting Global South workers to start with Global North capital given the abstractions of global finance and the direct oppression by domestic elites (esp. given the diversity of Global South, ex. China/India/Brazil etc.).
--Communicating to the public is not easy; you start from where they are at. If it seems like this book has:
a) too much analysis of liberal reformers like Keynes/New Dealers
b) not enough Maoism-Third Worldism/"Joint-Dictatorship of the Proletariat of Oppressed Nations"
...then that is a reflection of the material conditions of the US. Coincidentally, it is domestic peripheries that provide the material conditions to spark the latter, ex. Black Against Empire: The History and Politics of the Black Panther Party
...During that same time, Greece featured communists fighting fascists, suggesting Greece's relative periphery relations.

[Emre Sevinç · Rating 5 out of 5]

I consider this book the perfect short introduction for people who want to know more about the following:

- How did the famous financial crisis that started in USA back in 2008 affected EU economy?
- What's the difference between USA and EU, especially with regards to the the structure of central banking?
- What happened in EU after 1998, why was so much money lent to countries such as Greece and Ireland, by countries such as Germany?
- How did this economic behavior lead to the famous crisis in Greece?
- What was the difference between the perception and reality?
- Does the current structure of EU and Euro, and free flow of money inside Europe and the idea of free markets necessarily exclude extreme right wing movements, as well as outright NAZI parties such as the one in Greece? If not, why?
- What is there to learn from the last 100 years of Europe history with respect to politics and economy? How can these lessons be used for an alternative and better future for EU?

In almost 100 pages, the author manages to answer all of the above with many striking examples and sound principles. As a former finance minister of Greece, and respected scholar in his field, he has a lot of things to share, and manages to keep the tempo of the book close to a crime thriller, making it almost a page turner. The story he tells is our story, and we better learn it very well, that is, if we don't want the future generations fall into the similar economical and political traps.

I can only thank him for his summary, and try to spread his voice of reason, solidarity, and humanity.

[Premanand Velu · Rating 5 out of 5]

The Lancet Journal reported that in 2012, there were 116,670 deaths in Greece, the highest number since 1949. Between 2008–12, among the oldest individuals, particularly among those aged 80–84 years and beyond, there was a steady rise in the number of deaths.

https://www.thelancet.com/journals/la...
https://dental.washington.edu/study-s...
https://www.forbes.com/sites/francesc...

In the dark days after the unprecedented tightening of public expenditure and misery in Greece, successive governments & their cabinet ministers were trying to manage the crisis unsuccessfully and buckling to the European troika (European Commission, European Central Bank, and International Monetary Fund), Yanis Varoufakis took over the Minister of Finance to lead the negotiation with the troika during the government-debt crisis. He refused to buckle to the pressure of the Troika and refused to take the restrictions imposed. Eventually the talks broke down, leading to the 2015 bailout referendum. The referendum rejected the troika bailout terms, and the day afterwards Varoufakis resigned as Minister of Finance. But with that stint, Yanis was able to see the inner workings of the Monetary institutions of Europe and their murky deals. His dissent and Vocal articulation of those institutions helped bring the unethical and opportunistic practices out in the open and eventually the realization of the inherent injustice in these imposed Austerity measures on the economically weaker nations.

This book is based on his experiences with the European Union and its economic experiments, due to his proximity to the power center and his sustained learning from the model. He is a unique left leaning Social Democrat with a marked disdain for Dogmatic hardline and the theoretical purity that the Marxist economists often display. His earlier book, "Talking to My Daughter About the Economy: or, How Capitalism Works - and How It Fails" was a book that enthused so many non economists around the world to read and understand fundamentals and the nuances of the basic economic going and comings. With that as a base I tried to infer his book “Austerity” and to pick some understanding of the state of the current economic model in India.

Yanis in this book, unravels the mystery behind how the Austerity measures imposed by the IMF and European Monetary agencies on Greece, directly contributed to it. While doing so he reveals the larger pattern across the globe. The best part is, he does this in a very simple language without going into arcane lingo of elite economists and in a way that would appeal to all.

Today’s Society has come a long way from one that abhors habitual Debtors, to a model that is fired by debts as an instrument. In today's civilized urban landscapes, Debts fire our Grand homes, Cars, Healthcare, luxury watches, Gadgets, hell - even childbirth! There seems to be no more stigma attached to it anymore, though it has sharpened as a tool, putting debtors in the control of monetary institutions like never before, often requiring the servitude of servicing the loan almost to the tail end of a career and active life.

What has transpired in this transformation is that the society has turned into a large market which was different from the past, when Markets were just part of the society - Necessary but not central to its existence. In his earlier book, I had mentioned, Yanis Varoufakis explained this transformation neatly.

Usually, one critical factor that is unclear and loaded with financial subtlety, is the difference between Individual Debt and collective Public debt imposed on countries for various reasons. The public debt when it balloons, impacts the lives of the common citizens harshly and worst of all, without even them realizing it.

Banks are central to the existence of people, as well as the countries they live in, so much so that the next world war might or might not happen in military theatre, but there are quite a number of them already being fought with the might of the economy, powered by Banks. So it becomes all the more important for lesser mortals like us to understand how those scenes are enacted behind the scene and the mechanics of how they transform lives.

While reading the book, he slowly reveals how there are patterns that emerge that the banking institutions use to convert Private debts into Public liabilities. These patterns are based on the model that the huge banking institutions across the US and Europe follow, in their quest for power and markets.Their differences and similarities led to larger events that impacted common men and their belief in the infallibility of modern western money management.

The story starts with the Subprime crisis. Essentially it talks not just about the crisis, rather about how the banks - both the central bank ( in this case The Central bank of USA ) and the banks that dealt with the average Joes - responded to it. In that process, he explains how the Private debts were covertly converted into Public debts. That is a classic story that needs to be heard and understood.

“They would allow one bank, Lehman, to fail as a morality tale for the rest of the bankers and as a signal to the American people that their public officials were not entirely under the banks’ spell. Meanwhile, they were preparing to bail out all other financial institutions if Lehman’s insolvency got out of hand. The result was the largest ever transfer of private losses from banks’ books onto the public debt ledger.”

At the beginning he explains how the Central Bank wanted to set an example and manage the public perception that the Monetary institutions don't buckle against the Banks. When the Lehman Brothers Management sent a distress signal to the central Bank, they were turned down. Later under the cover of that perception, how the Banks were infused with Millions of dollars thereby laying it all as the Public debt.

https://www.irishtimes.com/business/e...
https://www.financialexpress.com/mark...

The story is subtly referred here,

https://www.investopedia.com/articles...


In comparison to that, the European counterparts were smirking at their cousins across the Atlantic. Later however they had to count their own chicken when they hatched. In principle, they had followed the same US model of packaging and selling the debts, the action that the wall street had promoted, but with a slight difference.
The narrative Interestingly lays out the two different strategies by two successive bankers at the helm of the ECB in cahoots with the German and French Banks, at the cost of smaller countries like Greece, Ireland, Spain etc. By adopting a Façade where these counties were blamed for the folly the European banks - Mainly the German and French banks - the banks fattening their pockets at the cost of the Public debts. They did this by turning the public perception in more developed countries like Germany and France, cleverly against the people of the Countries like Greece, Spain and Ireland.
In reality, what is striking in both cases of the US and Europe is how the Governments and Government agencies were committed to saving the Banks, while letting the common man across the countries suffer. The rest of the book also talks about the Waterboarding the European Banking agencies - yes, not unlike those of mafia dons - did in the name of Austerity, throttling the Democracy and sovereignty of the smaller countries. It also talks about the inherent injustice and financial stupidity that the measure summed up to. The basic concept of Austerity is flawed Yanis argues,

“In your life you have a wonderful independence between your expenses and your income. So when you cut down on your expenses, your income is not cut. But if the country as a whole goes [on] a major savings spree, then its total income is going to come down.
The reason for this is that at a national level total expenditure and total income are precisely equal because whatever is earned has been spent by someone else. So if every person and business in the country is cutting back, the one thing the state must not do is cut back as well. If it does so, the abrupt fall in total expenditure means an equally abrupt fall in national income, which in turn leads to lower taxes for the Treasury and to austerity’s spectacular own goal: an ever-shrinking national income that makes the existing national debt unpayable. This is why austerity is absolutely the wrong solution.”


Like in the case of the US where Lehman Brothers were the proverbial flogging horse to divert the larger structural issues, in Europe it was Greece, concedes Yanis.
The whole affair as Yanis explains, is panning out to be a large scale Ponzi scheme is something which should ring a bell for us in India too.

“Ponzi austerity Franz and his banker colleagues had been, in effect, running a huge Ponzi scheme in the deficit nations of Europe’s monetary union. This is what Franz meant with his sad admission, ‘I lived the life of a predator lender.’ ”

Particularly, one should notice with concern, the pattern of far right, Pro-Nazi parties emergeing into national foreground due to this and also due to the reason that the traditional left had created a vacuum when they historically let down the European people.

“With Europe’s Left nursing its wounds from the historic defeat of 1991, when the Soviet empire collapsed, and with social democratic parties scrambling to jump on financialization’s bandwagon, the only political parties that fed on the growing discontent were racist, ultra-nationalist organizations like France’s National Front, Italy’s Northern League and of course Greece’s Golden Dawn.”
“The only winners are the bigots, the racists, those who invest in fear and division and in the serpent’s egg, as Ingmar Bergman might have said. ”

This should offer a lesson to all of us. Yet we don’t learn and we see history repeating itself. To understand that let us summarize the salient points from both the episodes.


1) Allow / Ignore / precipitate a wide scale issue in the fiscal structures of the country / region to a level it cannot be managed.
2) Set an example by flogging a dead horse to manage public perception.
3) Divert Public Funds to fill the pockets of those whose interest the government protects.
4)Squeeze the weaker and reward the wealthy section of the society.
5) Divert public attention to victimize someone else.

[Hestia Istiviani · Rating 3 out of 5]

I read in English but this review is written in Bahasa Indonesia

"Economics is really simple. I've got ten pounds in my pocket. If I go out and buy three pints of beer in Cambridge, I'm probably borrowing money. If I carry on doing that, then I'm going to run out of money and I'm going to go bust. It's not difficult."

Masih ingat dengan krisis yang melanda negara Yunani? Saat itu, semua harga-harga jatuh. Mereka dikatakan sebagaai negara yang bangkrut. Yanis Varoufakis sebagai seorang ekonom dan sempat menjadi menteri keungan untuk Yunani ternyata punya pendirian sendiri mengenai krisis di negerinya itu. Sebelumnya, Varoufakis pernah menuliskan beberapa buku, mengemukakan pendapat dan ide yang bisa membantu ekonomi Yunani agar menjadi lebih naik dan tidak terjerat hutang besar kepada negara-negara Eropa yang lain.

Dalam Austerity, bahasa yang digunakan mungkin agak sulit dipahami. Dibutuhkan konsentrasi yang agak serius ketika membacanya. Apalagi jika pembaca sebelumnya tidak awam dengan istilah-istilah dalam ilmu ekonomi dan apa yang sebenarnya terjadi di antara negara-negara Uni Eropa. Tetapi hal tersebut dibantu dengan catatan yang diberikan oleh penulis. Setidaknya, pembaca jadi agak terbantu untuk memahami konteks ide yang diungkapkan oleh Varoufakis.

Austerity bisa menjadi awalan yang tepat jika ingin mendalami tentang pemikiran Varoufakis, atau sekadar ingin tahu bagaimana krisis di Yunani bisa terjadi.

As I saw it, my task as the finance minister of a bankrupt country was not to offer false hope through fake optimism, but rather to promote moderate policies and realistic expectations.

Aku baru menyadari kalau Yanis Varoufakis adalah penulis dari buku ekonomi yang populer di lingkaranku: Talking to My Daughter About the Economy. Kayaknya, aku harus membacanya juga nih.

[Carlos · Rating 4 out of 5]

Hatte überraschend wenig mit meinen lieblings Meeresfrüchten zu tun

[Janido · Rating 5 out of 5]

Very compact but full of information about the austerity crisis and the roots of the euro crisis with a focus on Greece

[David · Rating 4 out of 5]

I once thought of the EU as a benevolent dictatorship. A member state chooses to join but is then subject to the dictates of European Commission, the European Central Bank, and the partnership of Germany and France. Reading Varoufakis, I might drop the benevolent part. In this short book, the author shows how common sense and citizens of the EU's poorer nations are secondary to the political economy of the larger, wealthier nations (their banks). A nice primer on the Eurocrisis.

[Heather · Rating 4 out of 5]

An illuminating look at why austerity can never solve the problems it purports to, and the ways in which institutions like the European Central Bank buy the prosperity of certain Europeans with the suffering of others. Overall, a great look at how the banking industry looks after itself and not the people.

[Pete Judge · Rating 4 out of 5]

enjoyed it and learned from it . still quite complicated for my mind . but very good

[Kit · Rating 2 out of 5]

It may be unfair to review excerpts from a larger work but I'm going to do it anyways because I will not be reading Varoufakis' larger works. This book might be useful for someone who wants the broad strokes of how post-2008 has played out in Europe. Varoufakis gets the facts right but ties them together with a view of economics that is hardly different from the liberal elite who he critiques. The principal contradiction of the global economy is between northern capital and southern workers. The contradiction between Europe's workers and their bosses is secondary. This book largely ignores that order of affairs and suffers for it.

[Dominik · Rating 4 out of 5]

A quick and entertaining read with a message: the de-democratization of European economic policy might lead European states to fascism. My only criticism: the book cannot hide that it is stitched together out of excerpts from larger works, which might make it hard to follow without some prior knowledge of the euro crisis and austerity.

[Zlatan Celebic · Rating 5 out of 5]

Yanis Varoufakis’s Austerity is a sharp, concise, and provocative critique of one of the most defining economic policies of the 21st century. Part of the Vintage Minis series, this book distils his core arguments against austerity into a short and accessible format, making it a perfect introduction for those unfamiliar with his work or a quick refresher for those who have read his more detailed books like Adults in the Room.

Key Messages
- Austerity is a political choice, not an economic necessity. Despite being marketed as unavoidable, it is a policy that benefits the financial elite while shifting the burden of economic crises onto ordinary citizens.
- Austerity deepens recessions rather than solving them. Cutting public spending in times of economic downturn leads to lower demand, higher unemployment, and stagnation, trapping economies in a downward spiral.
- The ‘government as a household’ analogy is nonsense. Unlike households, governments can and should invest during crises to stimulate growth rather than tightening their belts like a Victorian-era miser.
- The Greek crisis was mishandled by European institutions. Varoufakis, having lived through the Greek debt drama as finance minister, exposes how EU creditors imposed disastrous austerity measures that prolonged the crisis rather than resolving it.
- Democracy is undermined when unelected financial elites call the shots. The Greek experience demonstrated how economic sovereignty can be overridden by external forces, stripping citizens of real democratic choices.
- Austerity is not about fixing economies—it’s about maintaining power structures. The policy serves as a tool to protect financial interests while ordinary people foot the bill.
- Alternatives exist, but they are ignored. Stimulus, investment, and debt restructuring could lead to recovery without the suffering caused by austerity, but these options are often dismissed for ideological reasons—or worse, to serve financial institutions that prefer debt servitude over economic recovery.

Strengths (+)
✔ Clear and Accessible: Varoufakis explains complex economic concepts in a way that is engaging and easy to grasp, without unnecessary jargon.
✔ Powerful and Persuasive: His arguments are sharp, well-structured, and rooted in both economic theory and real-world political experience.
✔ Concise Yet Impactful: At just 144 pages, the book distils key ideas without losing depth, making it a great entry point for readers unfamiliar with the subject.
✔ Historically and Politically Significant: His firsthand account of the Greek crisis adds weight to his arguments and highlights the dangers of financialised governance.
✔ Relevant Beyond Its Time: While focused on the 2010s, the book’s themes remain crucial in understanding today’s global economic challenges.

Some weaknesses were also mentioned here and there, namely:
✘ One-Sided Approach: While his critique is compelling, he doesn’t engage deeply with counterarguments. Readers looking for a balanced debate may find it lacking. But then again, why entertain an argument as flimsy as “austerity is good for you” when reality disproves it? and yes, honestly, I grew sick and tired listening Macron neverending tirade about this...
✘ Limited Scope Due to Length: As part of the Vintage Minis series, the book is necessarily condensed, leaving some arguments feeling oversimplified.
✘ Not Enough on Alternatives: While he critiques austerity effectively, he doesn’t explore alternative solutions in much depth within this short format. Those looking for a roadmap out of economic misery might need to look elsewhere.

Final Thoughts: Still Relevant, but Drifting from the Present
For those who followed the economic crises of the 2010s, Austerity remains an essential critique of how economic power is wielded. However, as global politics shifts into a new phase—one where populism, performative governance, and reckless economic policies have overtaken the old austerity debates—the book’s focus may feel like it belongs to a past era.
That said, Varoufakis’s core ideology—his critique of financialised capitalism, economic injustice, and the erosion of democracy—remains highly relevant. The austerity of the 2010s may no longer be the dominant narrative, but the forces he describes have not disappeared; they have merely adapted into new forms.
Would I recommend Austerity today? Yes, but with context. It’s an excellent introduction to Varoufakis’s thought and a valuable reminder of how economic policies shape our world. However, for those seeking a more current analysis of today’s financial landscape, his more recent book Technofeudalism may offer a more updated take—if one has the mental energy to dive into it.
Still, for those who want a quick but potent read, Austerity delivers exactly what it promises: a scathing, no-holds-barred critique of a policy that shaped a decade and continues to cast a long shadow.

[Andy · Rating 4 out of 5]

Fascinating slice of recent Euro-history, from Greece's ex finance minister. I read this on the train to London and back - its a very slimmed down condensation of some of his pithiest writings, and was not entirely what I was expecting. An interesting and engaging read from a provocative and clear thinker.

The first part, which I was unsurprised by, was a great description of the "reverse ponzi scheme" of austerity - how the oft-peddled lie that national finances are the same as personal finances is incorrect because a decrease in personal expenditure does not equate to a decrease in personal income, whereas (because a nation is to some extent a system with circular feedback, with one person's spend being another person's income) decreases in national expenditure automatically mean a decrease in national income - which leads to reduced tax revenue and a need to increase borrowing. Which, unsurprisingly, is exactly what has happened after nearly a decade of austerity here.

The second part, which was an eye-opener, was to do with the undemocratic nature of certain European financial institutions - especially the European Central Bank, as governed by the Maastricht treaty, and how the imposition of extreme austerity on countries such as Greece sacrificed populations of ordinary people in order to protect the profits of French and German commercial banks. The takeaway is that - as well as dropping the failed austerity dogma - such institutions need to be run democratically for the benefit of their members, not autocratically ("technocrat" is a common description) in a way that insists that arbitrary rules impoverish ordinary people whilst always being broken for the benefit of the bankers.

[James · Rating 3 out of 5]

It's a good, insider's look at the Eurozone crisis and how the Greek government was effectively manhandled into accepting a series of unsustainable 'deals' by the ECB. Goes into succinct detail of the macroeconomic workings of the time, and is not overly technical, so an interested general reader could follow along - especially with the footnotes at the back, which gives you plenty of further material to read if one is so interested. Can easily finish in one sitting.

Another area I found interesting was how the political side of economics, which is often forgotten, is put to the fore. Brief historical sidelines re: the political parties in the EU helped me understand the issue in a broader context.

The only qualm I have with this short, interesting read is that Varoufakis can go onto tangents describing how much he doesn't like the ECB or EU or Nazis etc. which are longer than the main point in the sentence itself.

[Alex · Rating 3 out of 5]

As a remainer, this book made me feel marginally better about the Brexit vote. Europe really turned their back on Greece. Yanis does a decent job at explaining austerity or rather its severe ramifications; namely, the rise of the far right. Some parts left me confused but all in all it was an informative read. His writing style is engaging, if not too colourful at points e.g. the continual tiring metaphor of nazism as a serpent. However, it left me keen to learn more about the post-financial crash crisis in Greece.

[Richard · Rating 4 out of 5]

A book of contradictions. Well written, and by someone who was in the midst of the economic crisis in Greece. Not only that but someone with the background to know of what he speaks.
Yet, the tone of his writing still rings with his anger and indignation. I do not doubt that he is honest about what he says, or that he knows of what he speaks. But the anger in the writing does make me question was the other side that bad? If so then we are all screwed, and I certainly hope that isn't the case.
Worth reading, but not an easy read.

[Veronica · Rating 5 out of 5]

given varoufakis’ prior positions & him having a principled stance on social democracy, this one is a short but insightful read on how hyperfinancialisation leads to the trickle-down effects of decreasing living standards for the poorest through the means of austerity itself.

he offered sobering perspective on what eurozone, a globalist wet-dream, but without the actual vision of dismantling inequality actually leads to.

but not something i’d recommend to readers wanting to familiarise themselves with the subject of austerity, though.

[Cenk Karagören · Rating 4 out of 5]

“Nothing prepares a people for authoritarianism better than defeat followed closely by national humiliation and an economic implosion. Germany’s defeat in the Great War and its submission to the Versailles Treaty, coupled with the middle class’s economic calamity a little later, played a well- documented role in the rise of the Nazis. Greece suffered a comparable defeat and humiliation in 1922 at the hands of Mustafa Kemal as a result of its own goverment’s hubris.”

[Marty V · Rating 4 out of 5]

Varoufakis offers a compact yet powerful description of the Greek eurozone crisis and its effects on Greek society. The book offers a detailed yet accessible evaluation of Euro-forced economic malpractice in economically struggling nations and the worrying consequences of years of economic trouble. Alternative strategies are introduced, however, without straightforward argumentation for how these strategies would overcome the issues introduced by the described policies leading to Greece's fall.

[jacques tree cartesian · Rating 3 out of 5]

hard to understand, i have no knowledge about economic crisis especially in euro. although after read, i learn a lot of things like:

1. why greece default?
2. what happen in euro after 1998 crisis?
3. why knowledge about personal finance and national like macroeconomic is different?

maybe to understand this book, for me i need to know basic about economics or at least know about debt crisis.

[Ron · Rating 5 out of 5]

Now I understand Brexit!

[Tamara · Rating 5 out of 5]

Love his unorthodox and open minded look at the financial tangle of mess we are living. He does not shy away from the obvious truths, just to save the face of the financial world.

[Kim Macari · Rating 4 out of 5]

Sjdjdj

[Abhishek Anirudhan · Rating 5 out of 5]

The book not only introduces an idea, but also gives an inside glimpse into the working of Europe - especially during the peak of the crisis.

[Hannah M · Rating 5 out of 5]

Engaging, informative, easy-to-read

[Heather · Rating 2 out of 5]

Unfortunately this suffers from not being the book I thought it was going to be, so it was a bit of a chore for me.

[Clara F · Rating 5 out of 5]

qué miedo el fascismo xd

[klauraz · Rating 4 out of 5]

I am so not the target audience for this but it gave me valuable insight into the Greek crisis and different views on economics - Varoufakis writes well and I would read more from him

[Dorota Sedminova · Rating 5 out of 5]

I generally like how Varoufakis writes. This was a very compelling read although too complicated for me to grasp fully!

[Miguel · Rating 2 out of 5]

He subrayado mucho menos de lo que esperaba. Varoufakis es un narcisista y este libro me ha parecido que finge querer hablar de democracia y la economía de la austeridad en Europa con demasiadas hojas dedicadas a él mismo.