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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Yanis Varoufakis: Europe&#x2019;s Modern Titanomachy &#x2013; How Europe&#x2019;s Future is Being Shaped by Large Battles on Seemingly Small Matters | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="r0kqvkZ84S"&gt;&lt;a href="https://www.nakedcapitalism.com/2012/09/yanis-varoufakis-europes-modern-titanomachy-how-europes-future-is-being-shaped-by-large-battles-on-seemingly-small-matters.html"&gt;Yanis Varoufakis: Europe&#x2019;s Modern Titanomachy &#x2013; How Europe&#x2019;s Future is Being Shaped by Large Battles on Seemingly Small Matters&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2012/09/yanis-varoufakis-europes-modern-titanomachy-how-europes-future-is-being-shaped-by-large-battles-on-seemingly-small-matters.html/embed#?secret=r0kqvkZ84S" width="600" height="338" title="&#x201C;Yanis Varoufakis: Europe&#x2019;s Modern Titanomachy &#x2013; How Europe&#x2019;s Future is Being Shaped by Large Battles on Seemingly Small Matters&#x201D; &#x2014; naked capitalism" data-secret="r0kqvkZ84S" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>Yves here. I'm taking the liberty of starting with the second post of a three post series by Yanis Varoufakis. This is the starting point:   They sound technical and minor when projected against the great scheme of Europe&#x2019;s extraordinarily rich history. Will there be conditionality attached to the ECB&#x2019;s bond purchases? Will the bonds that it purchases be treated on a pari passu basis in relation to bonds held by private institutions? Will the ECB supervise all banks or just the &#x2018;systemic&#x2019; ones? These are questions that ought to be of no genuine interest to anyone other than those with a morbid interest in public finance. And yet, these questions (and the manner in which they are answered) will probably prove as important for the future of Europe as the Treaties of Westphalia, of Versailles, of Rome even. For these are the issues that will determine whether Europe holds together or succumbs to the vicious centrifugal forces that were unleashed by the events of 2008.</description></oembed>

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