He won Leave the exit, because too many British voters identified the European Union with a contempt for authoritarianism, irrationality and parliamentary democracy; and little because they believed that another EU was possible.

Echoing the values of our pan-European DiEM25 movement, I campaigned decisively for Remaina. To attract progressive citizens, I spoke in several cities in England, Wales, Scotland and Northern Ireland that the dissolution of the EU was not the solution. I mentioned that the dissolution of the EU would release huge deflationary forces which would probably lead to a new era of cutbacks that would extend to the four winds, which would ultimately favour stabilishmint and its xenophobic environments. I studied the line of staying inside with John McDonell, Caroline Lucas, Owen Jones, Paul Mason and others, but to fight order and established institutions.

They have formed an alliance against us:
- The Treasury and its ridiculous pseudo-econometric alarmism;
- The City of London, whose unbearable pride put
millions of voters against the EU;
- The Wolfrec, the financial fear against the periphery of Europe, the last threat of the German governments against the Civil War; the continued capitulation in the face of the penalizing cuts of the



EU would have made it difficult for us to believe.

The covert forces now being activated
will be deplorable. But they are not what Cameron and Brussels repeated over and over again. The markets will stabilise before it is late and the negotiations are likely to bring a Norwegian solution. This will enable the next British Parliament to make progress on a decision taken by consensus. It is going to enrage Schäuble and Brussels, but it is going to seek such a compromise with London, yes or no. Guided by their strong class instinct, the Tories will act at once, as usual. However, following the current shock and the relative calm that will ensue, the evil hidden forces, of great capacity to cause damage in Europe and Great Britain, will be activated.

Italy, Finland, Spain and nothing to say about Greece are not viable under the present circumstances. The architecture of the euro guarantees the stop and reinforces the deflational whirlwind that strengthens the xenophobic right. In Italy, Finland and probably in France, populists will call for referenda or other disconnections in the euro countries.

The only person who has this plan is the Finance Minister of Germany, who has it. Schäuble sees terror after Brexit as a great opportunity to establish a permanent reducing unit. Carrot is already ready: a small euro area budget will be used to secure some of the unemployment and bank deposit insurance. The cane, for its part, will be the power to veto state budgets.

I am right, and if Brexit means the creation of a permanent austerised iron cage for the EU Member States, there are two possible outcomes. The first is that the cage should be maintained, where institutional austerity extends deflation to the UK, but also to China (and subsequent destabilisation will have negative effects on the UK and the EU).

The second option is to break the cage, because Italy or Finland are playing the exit, and Germany's exit from the euro zone, which will eventually get into collapse. This will turn the new space into Deutschmark, which will probably extend to the border with Ukraine, a gigantic deflator machine (the value of the new currency will increase and German factories will lose international markets). The United Kingdom and China, in this situation, are more likely to fall into a larger deflationary shock.

The horror of these two possible developments, and Brexit does not protect the UK, I and other members of DiEM25 have tried to denounce the stabilishmint that leads Europeanism to the abyss and is leading the EU. I have many doubts, in addition to the fear that they have felt after Brexit, that EU leaders have been able to learn the lesson. They will talk about the democratisation of the EU and will continue to prevail through word and fear. Can no one be surprised that there are so many British progressives who have turned their backs on this EU?

Although I remain convinced that Leave was the wrong choice, I am glad of the courage shown by the British people. They have faced the reduction in sovereignty caused by the EU’s democratic deficit. I refuse to feel lost, although I am among the losers in the referendum.

What the British and European Democrats now have to do is to take advantage of that vote to deal with the establishment in London and Brussels more forcefully than before. The disintegration of the EU is taking place very quickly. Building bridges across Europe, uniting all democrats across all borders and all parties; that is what Europe needs if it does not want to fall into a xenophobic and deflationary chasm like in the 1930s.

* We translated the article written by Yanis Varoufakis in The Guardian into Basque.