'Australia headed for recession': Yanis Varoufakis, former Greek finance minister

Posted by Simon Dehne on December 1, 2015 in Latest News with No Comments

australia_property_marketAustralia is headed towards recession, according to former Greek finance minister Yanis Varoufakis, who argues that weak domestic investment and the slowdown in China will ultimately put the brakes on growth.

Speaking to Fairfax Media on Monday, the one-time Sydney University economics lecturer said China was crucial to Australia’s fortunes, but the world’s second-biggest economy was “not at the stage of development where it can continue to defy the global deflationary atmosphere”.

There will be a recession in Australia… because of the collapse of animal spirits.

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