Greece Reorganizes Bailout Team

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.

via The Globe and Mail

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. 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.
Alfonso Esparza