Former Greek Minister of Finance Recognizes Ecuador’s Economic Manage

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In a lecture delivered invited by the Institute of High National Studies (IAEN) the economist and university professor considered that achievements of this South American country are duwe to a combination of the use of the U.S. dollar ansd a financial architecture that generates liberty inside the Ecuadorian macroeconomy.

‘That is why Ecuador is so important. I really believe the Ecuadorian experience in the last 10 years has many lessons to teach every one’, he stressed.

In his opinion, this is not a political issue, as whoever leads the nation and attends the financial sector, will have to learn from the last 10 years and not sacrifice that combination of hard currency, the dollar, with the flexibility in technological innovation.

‘You face strong challenges, the biggest of which is the human condition that tends to accept the good things as given and then they compromise them, putting them in danger’, he said.

On the subject, he referred to conversatios with the opposition and the message he received were that things in Ecuador are not well because of recession and the loss of that small fraction of the Gross Domestic Product (GDP), which he compared to the estimates of Greece, where the fall was 28 percent. ‘In Greece, one of every two families has no one actively working, we have a massive loss of youths who migrate and turn the country into a desert’, he affirmed.

About that issue, he insisted that it is the task of the new government of maintaining the capacity to face the blows with the mínimum impact.

Foreign Minister Guillaume Long, present at the lecture, considered in statements to Prensa Latina, that it is an honor and a great joy to have the presence in Ecuador of the author of books such as ‘Economy without a Tie’ and ‘Conversations with my Daughter’.

Long asserted that the expert writes on economic issues from a ‘very good combination between left and democratic affiliation, in favor of the most vulnerable and the peoplwe, but also with a lot of pragmatism, from understanding the need to reach wide agreements, even with sectors that not necessarily have put the interests of the people as their first worry’.

In his opinion, the conference delivered by Varoufakis is illustrative and interesting from the Quito perspective, with its dollarized context.

‘We have the same currency of another country, the United States, that controls the emission of that currency and has much more power. Something similar happens in the Eurozone with countries that have the euro and a great asymmetry’, he explained.

Varoufakis continues today his agenda in Ecuador and as he advanced to Prensa Latina, includes a meeting with president Rafael Correa in the Palace of Carondelet.


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