Wednesday, January 28, 2015

The Man in the Hot Seat: Greece's New Finance Minister Yanis Varoufakis Has Creditors Rattled

by Nikolia Apostolou

Vice News

January 28, 2015

Some photoshop elf-like ears on his image. Others slam the tight shirts he wears. And many critics of Greece's new Minister of Economics Yanis Varoufakis accuse him of wanting to bankrupt the country, and take it out of the Eurozone.

Still, others say he is the right man for the job, especially in times of crisis.

"He's fearless," said James Galbraith, an economist and professor at the University of Texas at Austin, co-author with Varoufakis on a paper called "A Modest Proposal For Resolving the Eurozone Crisis." "I expect he will prove well-suited to the challenging responsibilities just ahead," he told VICE News.

On Tuesday, following Greece's elections that ushered in anti-austerity Syriza, Varoufakis became the man in the cabinet hot seat, taking over what could be the most despised position in the country — the economics ministry.

He now faces the monumental challenge of kickstarting the economy, which has been sputtering ever since the global financial crisis hit the country in 2009, with over 25 percent unemployment and an average drop in individual income of 40 percent.


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