The Greek tragedy is quickly becoming a farce

We're now into the second act of the Greek story, and the clarity of Germany’s message on debt has forced Varoufakis into a hurried rewrite of the script.

Yanis Varoufakis, the new Greek finance minister, describes himself as “an erratic Marxist”. He will be familiar with his master’s assertion that history repeats itself, the first time as tragedy, the second as farce. For Varoufakis, the tragedy is that the cost of avoiding bankruptcy has been too harsh. Debts amounted to €315 billion, the economy has shrunk by 25 per cent and youth unemployment now stands at 50 per cent.

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