Greece Replaces Finance Minister Varoufakis As Lead In Debt Talks – 28 April 2015

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The Greek government has given Financial Relations Minister Euclid Tsakalotos the lead in negotiating with international creditors. The Syriza-led coalition says the team headed by Finance Minister Yanis Varoufakis has failed to produce results.

The Athens government announced the decision on Monday.

Tsakalotos will represent Greece at the next Eurogroup meeting of finance ministers on May 11, a landmark date for Greece as the government has to persuade the Troika of lenders –the EU, ECB and IMF to release new funds. It is hoped the economics professor will take a more active face-to-face role in negotiations with Greek creditors.

Greece’s economic team headed by Varoufakis has been trying to find a compromise with the troika for about 3 months, since Syriza won the general election at the end of January. So far the economic plans presented have been criticized for a lack of detail.

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