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