Varoufakis woos crowd at Mannheim

The 2016 Fonds professionell Kongress in Mannheim has kicked off, attracting thousands of delegates from across Germany.

The two day event opened with a keynote speech by Yanis Varoufakis, who warned of the dangers of an emerging market debt bubble and argued that the eurozone crisis is far from over.

“Countries like Portugal now have a higher percentage of debt to GDP than before the crisis, this is a debt bubble and it is not sustainable,” stressed Varoufakis.

“Ireland is a dual economy, if you happen to be involved with a sector which is now freeloading against other parts of Europe through lower corporate taxes, you will benefit, but the fact that these beggar thy neighbour policies of countries like Portugal or Ireland now pass as success shows how desperate we are,” he argued.

He also challenged the view that employment levels in the eurozone periphery have improved. “Unemployment figures in countries like Portugal are going down but employment isn’t going up, it is going down because people are moving to Germany,” Varoufakis stressed.

Other keynote speakers include former German national football team goalkeeper Oliver Kahn, who discussed liquid alternatives with David Saunders, founding managing director of K2 Advisors at Franklin Templeton.

Pictures: (c) Christoph Hemmerich on behalf of  Fonds professionell

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