YANIS VAROUFAKIS

(Ioannis Varoufakis)


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His predecessors had lied about the status of the Greek Economy and then squandered the money with waste, fraud, and corruption. To avoid total national bankruptcy, Greece needed a large bailout which was given subject to a set of required conditions of reform and transparency. This “austerity” package created a great hardship for many of the average Greek citizens while the wealthy who had benefitted from the previous incompetence and corruption took their money out of the country. The Greek voters elected a new government without much experience but who were committed to lifting the burden of the austerity package. The problem was that the major nations of the Eurozone, whose taxpayers would have to pay for the bailout, had been burned before by Greek government lies and incompetence and did not trust the Greeks, insisting on the austerity measures if any bailout money would be forthcoming. The new Greek government was caught in a great dilemma. Agree to the same kind of Austerity package and continue the great hardships on the people or go into Bankruptcy and leave the Eurozone the consequences of which would probably be worse. The finance minister was hoping for a compromise.


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Yanis Varoufakis
Yanis Varoufakis
  • Born: March 24, 1961
  • Nationality:
  • Profession: Politician

Ioannis "Yanis" Varoufakis is a Greek-Australian economist and politician. A former academic, he has been Secretary-General of MeRA25, a left-wing political party, since he founded it in 2018. A former member of Syriza, he served as Minister of Finance from January to July 2015 under Prime Minister Alexis Tsipras. Varoufakis was a member of the Hellenic Parliament for Athens B from January to September 2015; he regained a parliamentary seat in July 2019.