[lbo-talk] Varoufakis' vision of a "grand public-private partnership" to revive the Greek economy

[Marv Gandall]

In an article which appears in today’s Project Syndicate, Greek Finance Minister Yanis Varoufakis “imagines” the shape of a Greek economic rebound should the IMF, ECB, and eurozone countries relent and meet Syriza’s demands for debt relief and an end to austerity. 

A robust recovery would be fuelled by joint private-public enterprises and foreign investment flows resulting from the formation of two state-sponsored banks, one for development and the other to absorb the bad assets of the Greek banks and restore them to solvency. 

Varoufakis links his scheme to the privatization of public assets, which Syriza had pledged to resist. “Privatization would be part of a grand public-private partnership for development”, he writes. 

The state, in concert with the private sector, would  target for development “IT companies that use local talent, organic-agro small and medium-size enterprises, export-oriented pharmaceutical companies…the international film industry (attracted by) Greek locations, and educational programs that take advantage of Greek intellectual output and unrivaled historic sites.”

https://www.project-syndicate.org/commentary/greek-recovery-strategy-by-yanis-varoufakis-2015-05