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And the Weak Suffer What They Must?: Europe's Crisis and America's Economic Future by Yanis Varoufakis

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CHAPTER 4

TROJAN HORSE

London, November 1990. After weeks of a bitter struggle to fend off a pack of toffee-nosed cabinet ministers hell-bent on toppling her, Margaret Thatcher made her last stand in a now famous cabinet meeting at 10 Downing Street. The issue that had allowed Conservative Party grandees to unite against their prime minister was Europe’s monetary union. She wanted none of it. They were keen to hook Britain’s sterling to the European Monetary System.

Soon after the cabinet meeting began it was clear that her eleven-year reign was over. One after the other even her hitherto loyal ministers abandoned ship with all the cowardice that one expects of politicians sensing that their bread will be better buttered, and their seats made ...

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