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The world-renowned economist and former finance minister of Greece presents the ultimate case against austerity in order to save Europe from collapse

THE SUNDAY TIMES NUMBER 1 BESTSELLER

The crisis in Europe is not over, it's getting worse. In this dramatic narrative of Europe’s economic rise and spectacular fall, Yanis Varoufakis, former finance minister of Greece, ‘the emerging rock star of Europe’s anti-austerity uprising’ (Telegraph), shows that the origins of the collapse go far deeper than our leaders are prepared to admit – and that we have done nothing so far to fix them.

In 2008, the universe of Western finance outgrew planet Earth. When Wall Street imploded, a death embrace between insolvent banks and bankrupt states consumed Europe. Half a dozen national economies imploded and several more came close. But the storm is far from over…

From the aftermath of the Second World War to the present, Varoufakis recounts how the eurozone emerged not as route to shared prosperity but as a pyramid scheme of debt with countries such as Greece, Ireland, Portugal and Spain at its bottom. Its woeful design ensured that collapse would be inevitable and catastrophic. But since the hurricane landed Europe’s leaders have chosen a cocktail of more debt and harsh austerity rather than reform, ensuring that the weakest citizens of the weakest nations pay the price for the bankers’ mistakes, while doing nothing to prevent the next collapse. Instead, the principle of the greatest austerity for those suffering the greatest recessions has led to a resurgence of racist extremism. Once more, Europe is a potent threat to global stability.

Drawing on the personal experience of his own negotiations with the eurozone’s financiers and offering concrete policies and alternatives, Varoufakis shows how we concocted this mess and how we can get out of it. And The Weak Suffer What They Must? reminds us of our history in order to save European capitalism from itself.

Reviews

If you ever doubt what is at stake in Europe, read Varoufakis’s account

Guardian

An outstanding economist and political analyst. His remarkable talents are fully on display in his recent study of Europe’s crisis, a most revealing and perceptive analysis of the development of the global economy in the past half century and their grim consequences now threatening Western societies

Noam Chomsky

An absolutely splendid book… What Yanis really shows is that the European project had a democratic deficit from the origin and design… The Thucydides of our time

Jeffrey Sachs

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Formats & editions

  • Paperback

    9781784704117

    January 30, 2017

    Vintage

    336 pages

    RRP $22.99

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  • Trade Paperback

    9781847924049

    April 18, 2016

    Bodley Head

    336 pages

    RRP $34.99

    Online retailers

    • Abbey's Bookshop
    • Angus & Robertson Bookworld
    • Booktopia
    • Boomerang Books
    • Collins Booksellers
    • Dymocks
    • Books Kinokuniya
    • The Nile
    • QBD
    • Readings
    • Robinsons Bookshop
    Or

    Find your local bookstore at booksellers.org.au

  • EBook

    9781473545687

    April 7, 2016

    Vintage Digital

    336 pages

    RRP $22.90

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    • Amazon Kindle
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    • eBooks
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    Or

    Find your local bookstore at booksellers.org.au

Also by Yanis Varoufakis

Talking to My Daughter About the Economy
Adults In The Room

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