Varoufakis: One of the EU's harshest critics explains why it needs to be saved

The former-Greek finance minister says the current Union its anti-democratic, hubristic, and the grossly incompetence

Varoufakis, yanis Varoufakis, greece, business

Markus Schreiber / AP

Greek economist and former politician, Yanis Varoufakis has warned that the EU is dysfunctional and anti-democratic but that it cannot be destroyed as that would result in a dangerous 1930s style power vacuum.

Writing in The Guardian he reflects on his time in politics as he attempted to renegotiate the terms of Greece's bailout with the Eurogroup and the lack of democratic accountability and transparency at the centre of EU decision making.

Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem, followed by Yanis Varoufakis

Despite his criticisms of the EU he writes that he supports the 'stay' side in the Brexit debate:

"Should we accelerate the disintegration of a failed confederacy? If one insists that even small countries can retain their sovereignty as I have done, does this mean Brexit is the obvious course? My answer is an emphatic No!," he told the Manchester publication.

He continues: "It is crucial to consider the consequences of a decision to leave. Whether we like it or not, the European Union is our environment – and it has become a terribly unstable environment, which will disintegrate even if a small, depressed country like Greece leaves, let alone a major economy like Britain.

"Should the Greeks or the Brits care about the disintegration of an infuriating EU? Yes, of course we should care. And we should care very much because the disintegration of this frustrating alliance will create a vortex that will consume us all – a postmodern replay of the 1930s."

Earlier in the piece, he writes about the history and instability of post-war Greece and the affection that he had for Germany as a child when it represented democratic hope during times when aggressive regimes held power in Athens.

He added that the Eurogroup deliberately makes its dealings secret through the lack of published minutes or records.

The academic also says that debate is discouraged and that members leaked claims that he had recited boring economic "lectures" after he had presented financial arguments at meetings.

"There is no collective European sovereignty from which Brussels could draw the legitimate political authority to do so," he writes, adding that he felt a responsibility to fight against the Eurogroup as he had a "duty to contradict rules lacking political and moral legitimacy."