Yanis Varoufakis: Australia is a ‘plaything’ of world economic forces it cannot control

Former Greek finance minister warns Australia has 'false sense of well-being' and needs to change direction to avert crisis

Australia is a "plaything" of forces it cannot control as the world economy heads into another phase of the global financial crisis, according to the former Greek finance minister Yanis Varoufakis.

The "remarkable" flow of overseas money into the economy in recent years had created a "false sense of well-being", he said, but the economy needed to change direction quickly to avert a crisis.

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