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Varoufakis reloaded: ECB profits should be used for a European Poverty Fund

The enfant terrible of euro-economics and former Greek Finance Minister Yanis Varoufakis reloaded his gun and shot: Profits from the European Central Bank should be used for a European Poverty Fund.

Speaking at an event of his party DiEM25 in Thessaloniki, he said about the “New Deal in Europe and the World”, that Europe is currently facing four crises: public-private debt, very low investment, banking system and rising poverty.

Especially about poverty, Varoufakis, revealed that last year the European Central Bank had profits of € 91 billion, which are distributed to the finance ministries of countries with surplus.

“A Fund to Combat Poverty could be founded tomorrow morning, in order to support the poor European family and this would be an integrative move and the fight against intolerance and anti-Europeanism and fascism.”

Addressing his Greek audience, he said “in DiEm25/ΜέΡΑ25 we are deeply European, we are criticizing the euro, we want to upgrade it, we are the only ones that have proposals to change the architecture of the euro. We want to restructure the euro. We do not propose exit from the euro, we are not threatening to exit the euro. This is a fact. But the main question for Greek citizens is what do you fear most: Desertification within the euro or Grexit?”

“If you fear Grexit more than desertification in the euro you go vote on one of the bailout agreement parties,” he added.

He criticized the economic policies of his former SYRIZA comrades saying ‘“It is impossible at this time to have any recovery in Greece when small and medium-size businesses pay 75% of their profits to the state. You can not have a 100% pre-payment of the tax. You do that in a country when it is to destroy it.”

Unfolding his party economic program Varoufakis said that if his party would come to power the Value Added Tax will be down to 18% (currently at 24%), the Privatization and Super-Privatization Funds should be merged, a bank license for the establishment of a development bank, a state company for the management of the red loans. The 100% tax pre-payment will be abolished without previous announcement,” he said.

“Every eurozone country should have a parallel payment system,” he underlined.

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