The ESA (Entertainment Software Association) sent out a newsletter that had a blurb about the former Steam platform Economist, Yanis Varoufakis. Varoufakis joined Valve back in March of 2012. In his own personal blog, Varoufakis talks about why he joined Valve, (it started with a strange email) on his excellent and interesting blog – VALVEconomics.
This isn’t about that – right now if you haven’t heard about the troubles facing my homeland, Greece, the economy is in the gutter and the country has had and will need more bailouts to get back on it’s feet. The issue is the old government destroyed the economy by spending more than the country brought in and being lax on government pensions.
Education World sums it up best:
The Greek financial trouble started decades ago when government after government increased the size of the country’s payroll. A “you scratch my back…” system rewarded supporters of the two biggest political parties with government jobs. This practice eventually led to a Greece where one in five citizens of working age held a government job.
At one point politicians stopped offering so many government jobs and instead began handing out raises to those already working for the government. This, coupled with notoriously poor tax collection enforcement, had Greece scrambling to keep the money flowing.
This lead to the officials begin to sweat and borrow money from other countries with no real way to pay the loans back.
The next group of officials elected discovered the books has been tampered with and that the deficit was triple the “official” number of 3.4%.
Fast forward to January 2015 and with the new Syriza party in power of Greece, Alex Tsipras has hired former Valve economist Yanis Varoufakis who helped Valve create a digital economy that is blossoming. With Varoufakis as the new Finance Minister for Greece, his job is to convince others that the bailout must be eased into to turn the country’s climbing debts around.