New Greek PM Alexis Tsipras appoints radical economist to new government

[Eugene]

Source: The Guardian

New Greek PM Alexis Tsipras appoints radical economist to new government

Jon Henley in Athens
The Guardian, Tuesday 27 January 2015 10.09 GMT

Greece’s new leftist prime minister, Alexis Tsipras, is set to announce his anti-bailout government, with the post of economics minister – chief negotiator with the country’s international creditors – going to a radical economist who has described austerity programmes as “fiscal waterboarding”.

With Greece set on a collision course with Europe over the Syriza-led government’s plans to reverse draconian belt-tightening and renegotiate the country’s massive debts, Yanis Varoufakis, who calls himself an “accidental economist”, confirmed in a radio interview that he would take up the key position.

The new Greek government, the first in Europe to openly oppose the draconian bailout conditions demanded by the European Union and International Monetary Fund, is expected to be unveiled and sworn in on Tuesday afternoon.

“This is happening today, we shall be sworn in later today,” Varoufakis told Irish radio station Newstalk, when asked if he would be finance minister.

[font size=1]-snip-[/font]

Read more: http://www.theguardian.com/world/2015/jan/27/greek-pm-alexis-tsipras-economist-yanis-varoufakis

[bemildred]

1. Good. nt

[Turbineguy]

2. Maybe they could sue to recover

from the bank who gave the previous government advice that got them in this mess.

[bemildred]

3. i like it. Why do corporations get to lie to their customers, anyway? nt

[rogerashton]

4. I don't think

Varoufakis is a monetary economist. Not to say that is a bad thing! But what I have read of his work has a (negative) focus on game theory.

[bemildred]

5. That would be a plus in my book.

I was trained as a mathematician, and I think the application of game theory to economics is babble, just as the application of statistics is babble. Economies are not deductive systems, and the predictability they offer is quite limited.

[potone]

6. I think he may be what they need right now.

Austerity hasn't worked for them, and that is what Varoufakis was predicting for years. Tsipras has no experience in governing and needs the help of an economist who isn't afraid to stand up to the Troika. At any rate, I don't see any good choices for Greece. No matter what they do--stay in the euro or leave--I fear that they are going to suffer for a long time. I wish them all the best, and I hope that their example in electing a government that rejects the ideology of austerity will inspire other countries to demand changes in the financial structures that led to this crisis, in which, as usual, those who were least responsible are paying for the greed of those most responsible.