Lessons From Greece as Controversial Finance Minister Exits

TIME

Greece’s economy is in ruins. It is hard to imagine how things could have gone worse. Banks closed, no liquidity, very high unemployment, businesses closing down or fleeing the country, and the brain drain is accelerating.

And now the Greek people have voted No in a referendum that some cast as being about whether they would remain in the eurozone – though many were unclear about what exactly the vote meant. What it certainly means is that the Greek people are deeply wounded by the prolonged recession of the last six years.

As Greek Prime Minister Alexis Tsipras heads back to the negotiating table in hopes of securing a new deal to save his country, he will go without his controversial finance minister, Yanis Varoufakis, who resigned a day after the vote. According to Varoufakis, Tsipras asked him to resign in order to help with the negotiations.

One reason we’re…

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