Greece reshuffled its bailout-negotiating team, clipping Finance Minister Yanis Varoufakis’s wings, after three months of talks with creditors failed to unlock aid and a meeting with his euro-area counterparts ended in acrimony.
The co-ordination of day-to-day efforts to strike a deal with creditors was handed to Deputy Foreign Minister Euclid Tsakalotos, a Greek government official said in an e-mail to reporters Monday. Varoufakis’s role will be limited to supervising the political negotiations with euro-area member states and the International Monetary Fund.
Eurogroup meeting in Riga, Latvia on Friday descended into name-calling as the currency bloc’s finance ministers hurled abuse at Varoufakis, accusing him of being a time-waster, a gambler and an amateur, according to a person familiar with the discussions behind closed-doors. Still, the 54-year-old academic-turned-politician in the government of Prime Minister Alexis Tsipras remains popular at home.
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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