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Will Varoufakis capitulate on Osborne’s advice?

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George Osborne greeting Yannis Varoufakis

George Osborne greeting Yannis Varoufakis

“Witnessing” today’s meeting at 11 Downing Street, all in all a photo call, between the Chancellor of the Exchequer George Osborne and Greece’s  Finance Minister Yannis Varoufakis, I really wonder about the new developments, and the ethos, practice and approach of the new Greek coalition government and Europe, plus needless to say its relationship with the press and media in tackling the so called Greek problem…

It took 45 minutes, a soccer game’s first – half without any extra time whatsoever, for the press and media to wait in freezing temperatures until that period was over, without any being given statements, despite both British, Greek and international media reps there shouting for same when the two ministers came out and in particular when Yannis Varoufakis was heading to the ambassadorial Jaguar limousine…

Thanks to some discussions at 0 Celsius with his press officer Dimitri Giannopoulos to enlighten us…as the event was dull despite its global importance , implications and repercurrsions! Journalists networking saved the day…

The Minister was accompanied at his meeting with Chancellor Osborne by alternate minister Eukleides Tsakalotos and the Greek Ambassador Constantine Bikas.

We are advised that afterwards the Chancellor said: “We had a constructive discussion, and it is clear that the stand-off between Greece and the euro zone is the greatest risk to the global economy”

“I urge the Greek finance minister to act responsibly but it’s also important that the euro zone has a better plan for jobs and growth, ”

“It is a rising threat to the British economy. And we have got to make sure that in Europe as in Britain, we choose competence over chaos.”

Now, let us hope that tonight something good comes out of this, if Yannis Varoufakis tangibly convinces the bankers, fund managers et al at their planned meeting (which was cancelled last night as the Minister was still in Paris) on Greece and eases concerns over investing there to all intents and purposes. The meeting was organised by Bank of America Merrill Lynch and Deutsche Bank. According to a banker commenting on the meeting, same was simply a “nice to meet you” gathering, as “whoever thinks of giving money to Greece, either he is naïve or else without knowing what he will encounter there…

In our view is important that the world understands what exactly is happening with the so called Greek debt and not to try to portray same wrongly. Equally the current Greek Government must know how to explain what happened to all, and if needed to go all the way using all means available. We repeat: why for so long, for forty years to be precise, there was so much lending to Greece and for which purpose; under with proviso? Calling a fast one on Greece, one day will backfire, particularly if any Greek Government and its negotiators know how to proceed with this situation.

Yannis Varoufakis very early  tomorrow morning heads to Rome.

With most of Greece’s new Government Economy, Finance ministers and others as well as the Prime Minister travelling abroad, mainly in European capitals, it remains to be seen the outcome of these meetings and where all this will lead…

References and sources: The Greek Press Office and Reuters.

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