Yanis Varoufakis Offers Prime Minister Turnball Some Advice on Debt

yanis varoufakisYanks Varoufakis, Greece’s former finance minister, is quite the colorful character, and whether you love him or hate him, make no mistake, he offers up his unbridled opinion when he sees necessary.

Of late, Varoufakis has shared his thoughts reading debt and Australia with Australian Prime Minister Malcolm Turnbull this week.

Varoufakis told ABC that he feels Turnbull must “overcome the fixation with public debt (and) concentrate on the real issue: private debt that has gone beyond the pale”.

Of course, after spending a portion of the 90s in Australia teaching economics at the University of Sydney, Varoufakis has a vested interest in the subject as he said that private debt in Australia was “maintaining a bubble and the deception and the illusion of “the lucky country”.

His advice to Turnbull was direct and perhaps a bit harsh, stating he needed to “concentrate on how to start making things again, instead of shuffling things around while private debt is exploding”.

Varoufakis also offered his two-cents on Australia’s immigration policy for asylum seekers saying that he hoped the new Coalition government will seek to change the policies that are currently on play.

“Australia in the 1990s led the world into misanthropy regarding refugees. The ‘Australian solution’ has now been transplanted to my neck of the woods in Europe,” he said.

“Maybe Australia could start a renaissance in this realm by altering its attitude towards refugees. I’m hoping the tail will wag the dog once more, but this time in a beneficial manner.”