Varoufakis recalls financial crash 10 years on
Ten years ago the first tremors of the banking crisis were felt when the bank BNP Paribas in France, issued a warning about the US mortgage market.
The financial crash led to recession in many countries around the world and the destruction of many livelihoods, but did it also signal the collapse of capitalism itself?
The socialist and former Greek Finance Minister Yanis Varoufakis told Radio 4's The World at One that the first signs of the crash showed a year after 2007. He said: "What crashed and burnt in 2008 was the post-war mechanism by which global capitalism reproduced and stabilised itself."
(Photo: Yanis Varoufakis, former Greek Finance Minister Credit: EPA)
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