Greece has announced a reshuffling of its bailout-negotiating team, reining in Finance Minister Yanis Varoufakis, after three months of talks with creditors failed to unlock aid and a meeting with his euro-area counterparts ended with finance ministers throughout the eurozone heaping abuse on Varoufakis .
The coordination of the 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..
Varoufakis will continue to supervise political negotiations with euro-area member states and the International Monetary Fund.
“This move squares the circle, because it doesn’t look like [Greek Prime Minister Alexis] Tsipras is surrendering by firing Varoufakis, but it to some extent has the same result,” said Michael Michaelides, a strategist at Royal Bank of Scotland Group Plc in London, reports Bloomberg.
Varoufakis is no true friend of free markets, but the banksters will not put up with even a tiny bit of insolence from a servant.
No doubt a call was made to Tsipras to ditch Varoufakis.
-RW
Still nobody worth routing for in this mess. The cry of "I hope both ya bums lose" loses its clever edge after awhile.
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