Greece Grexit

Greek Eurofudge threatens to detonate a bankrupt new order

As Syriza’s success in Greece shows, Marxists, of a kind, are making a comeback in Europe. Along with far-Right populists they are taking advantage of paralysis in the contemporary European project. A new and bankrupt order could now follow

Yanis Varoufakis has been replaced as finance minister of Greece by Euclid Tsakalotos. A radical Keynesian economist trained at the University of Essex has been substituted by an undoubtedly Marxist one trained at the University of Oxford. But there is progress of sorts.

Ever since Eurocrats became obsessed with the idea of the single currency as a motor for European unity, Tsakalotos has been disparaging about its ability to make divergent national economies converge in a new federal order.