‘German vote shows federalism has FAILED’ Yanis Varoufakis warns of 4 years of EU collapse

Monday, September 25, 2017
By Paul Martin

FORMER Greek finance minister Yanis Varoufakis has predicted the disintegration of the European Union in the wake of he German election results.

Mon, Sep 25, 2017

The celebrated economist, who quit the Greek government in 2015, said the rise of Germany’s right-wing FDP and Alternative for Germany (AfD) parties killed off hopes of a more united Europe promoted by leaders such as France’s Emmanuel Macron.

Mr Varoufakis tweeted: “The 20% plus rise of the FDP & AfD means one thing: Macron’s strategy for a federation lite is dead.

“Four more years of EU disintegration ahead.”

Angela Merkel won a fourth term in office but her Christian Democratic Union (CDU) saw its vote share fall by around eight per cent, the worst result for the party since 1949, while the AfP gained a similar amount to win its first seat in the Bundestag.

At the same time, Germany’s second largest party, the Social Democrats (SPD) only won around 20 per cent of the vote and have ruled themselves out of forming a coalition with Angela Merkel.

The CDU is now likely to form a coalition with the FDP and the Green Party but the uncertainty – along with the rise of the eurosceptic AfP – is hurting the euro.

The AfD’s campaign capitalised on a backlash over Mrs Merkel’s decision to open Germany’s borders to migrants and refugees in 2015.

The party’s success has shocked Germany’s political establishment but Mr Varoufakis said the Germany’s mainstream ruling parties got what they deserved at the polls and called for a new style of European democracy.

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