Germany's Wolfgang Schaeuble, the "immovable object" in the words of one economist, stopped Greece's charismatic new finance minister Yanis Varoufakis in his tracks, forcing Athens to extend a bailout program on Friday on terms its government was just elected to get out of. The new Greek found itself without a single firm ally among 18 euro zone peers in its drive to reverse austerity and renegotiate its debt pile. The 10 days it took to strike a deal featured a shambolic round of U-turns, leaked drafts and personal slights while panicked savers withdrew money and pushed Greek banks close to failure, forcing Prime Minister Alexis Tsipras to step in over Varoufakis's head. So short had goodwill become that when Varoufakis sent a letter on Thursday requesting an extension to the bailout he had long resisted, in language that to non-lawyers sounded close to total capitulation, German negotiators quickly shot it down as a "Trojan horse", worded to wriggle out of conditions.
via Business News http://ift.tt/1B78vyD
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