Governing should be about democracy, say economists
Yanis Varoufakis is among signatories to a letter asking Britain and the EU to sign up to a nine-point UN code putting democratic rights - and not the market - at the heart of international governance
Leading economists have demanded that Britain and the EU back a proposal to the UN that aims to protect heavily indebted countries including Argentina and Greece from predatory hedge funds, which they claim bring already struggling nations to their knees.
The former Greek finance minister Yanis Varoufakis, the Texas University professor James Galbraith and Martin Guzman, a specialist in sovereign bankruptcy at Columbia University, are among the signatories to a letter in the Guardian calling for rules that would also have prevented Brussels from forcing Athens to accept harsh austerity without offering substantial debt relief.
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