Adults in the Room PDF

Yanis Varoufakis

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 Adults in the Room
Unmasking Power: A Call for Democratic Renewal
in Europe
Written by Bookey
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About the book
In *Adults in the Room*, renowned economist Yanis
Varoufakis offers a searing, firsthand exploration of his
tumultuous tenure as Greece's finance minister, during which
he challenged the European Union's entrenched powers. As he
sought to renegotiate Greece's terms with the EU, Varoufakis
found himself at the center of a fierce political battle, facing
backlash from the continent's elite despite widespread support
from his fellow citizens. Through this compelling narrative, he
uncovers the hidden workings of Brussels' corridors and the
unvarnished truth behind a struggle characterized by
brinkmanship, collusion, and betrayal. Varoufakis argues that
the suppression of Greece's democratic aspirations has
far-reaching implications, fueling a rise in authoritarianism
and populism across the West. This urgent manifesto calls for
a renewal of democratic values in Europe before it’s too late.

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About the author
Ioannis "Yanis" Varoufakis is a Greek-Australian economist
and politician, renowned for his impactful contributions to
economic discourse. A former academic, he founded the
left-wing political party MeRA25 in 2018, where he serves as
Secretary-General. Varoufakis gained prominence during his
tenure as Greece's Minister of Finance from January to July
2015 under Prime Minister Alexis Tsipras, advocating for
progressive economic reforms during a period of intense
financial turbulence.

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Summary Content List
Chapter 1 : 1 Introduction

Chapter 2 : 2 Bailoutistan

Chapter 3 : 3 They bend their tongues like their bows

Chapter 4 : 4 Treading water

Chapter 5 : 5 Raging against the dying of the light

Chapter 6 : 6 It begins …

Chapter 7 : 7 Auspicious February

Chapter 8 : 8 The frenzy before the storm

Chapter 9 : 9 A moment to savour, darkly

Chapter 10 : 10 Unmasked

Chapter 11 : 11 Whittling our spring

Chapter 12 : 12 Merkel’s spell

Chapter 13 : 13 The right stuff, foiled

Chapter 14 : 14 The cruellest month

Chapter 15 : 15 Countdown to perdition

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Chapter 16 : 16 Adults in the room

Chapter 17 : 17 Lions led by donkeys

Chapter 18 : Epilogue

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 Chapter 1 Summary : 1 Introduction

Section Summary

1. Introduction Yanis Varoufakis meets Larry Summers, who warns him about the political challenges after Greece's
election victory. Varoufakis transitions from academia to politics to combat austerity and debt imposed
by European powers and the IMF.

2. Super Black Varoufakis discusses the human impact of Greece's financial crisis and introduces "super black boxes"
Boxes that conceal the workings of financial systems, reinforcing exclusion and complicating reform.

3. The Broken Varoufakis critiques the EU and IMF for their bailout strategies which worsen Greece's situation,
Promise of emphasizing that funds flow to foreign banks rather than aiding the Greek economy.
Bailoutistan

4. Syntagma The chapter ends with protests at Syntagma Square against austerity, symbolizing hope for change.
Square and the Varoufakis highlights the need for systemic political reform to address injustices and challenges from
Call for Reform entrenched political elites.

Chapter 1 Summary

1. Introduction

In a dim hotel bar in Washington, DC, Yanis Varoufakis

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meets influential figure Larry Summers during his tenure as
Greece's finance minister. After a long day of negotiations
with powerful entities, he receives a stark warning from
Summers: "You made a big mistake" by winning the election.
Varoufakis reflects on his recent transition from an academic
career to politics, driven by a promise to rescue Greece from
debt bondage and austerity imposed by European powers and
the IMF.
During their conversation, they discuss various economic
policies and the political landscape, with Summers
cautioning Varoufakis about losing the propaganda battle
against European leaders. Summers categorizes politicians as
either insiders or outsiders, prompting Varoufakis to express
his willingness to act like an insider to secure a viable deal
for Greece, while keeping his option to expose the system
open if necessary.

2. Super Black Boxes

The narrative shifts to the human impact of Greece’s

financial crisis, illustrated by the tragic stories of individuals
affected by austerity measures. Varoufakis presents the
concept of "super black boxes"—large, complex systems that
obscure their functioning from the public, including financial

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institutions, governments, and the IMF. He argues that these
systems produce power dynamics that reinforce exclusion
and opacity, complicating any prospects for genuine reform
or recovery.

3. The Broken Promise of Bailoutistan

Varoufakis critiques the EU and IMF for executing what he

sees as an inhumane "bailout" that does not genuinely help
Greece but instead serves to perpetuate its debt cycle. He
describes how the Greek state was effectively bankrupted,
leading to a rescue package that did more harm than good for
the populace. The rescue loans were primarily directed to
foreign banks rather than the Greek economy, ensuring a
deeper entrenchment in debt.
As Varoufakis assumes office, he encounters resistance from
the established political elite and realizes the extent to which
debt restructuring is necessary, yet politically impossible due
to the vested interests of insiders. He begins to witness the
insidious nature of the power dynamics at play, where
establishment figures prioritize their own credibility over
solutions that benefit the Greek people.

4. Syntagma Square and the Call for Reform

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The chapter culminates in the dramatic occupations of
Syntagma Square, where citizens gather in protest against
austerity and to reclaim their dignity. Varoufakis
acknowledges the rising discontent and the formation of a
political movement dedicated to addressing the horrific
conditions faced by ordinary Greeks. The square becomes a
symbol of hope and resistance, leading to a critical refusal to
accept the status quo imposed by the troika.
As Varoufakis reflects on the implications of the movement,
he emphasizes the urgent need for political reform that
dismantles the systemic injustices encapsulated in the
"Bailoutistan" phenomenon, cementing the connection
between the struggle for dignity and the sovereignty of the
Greek people against financial oppression. The battle,
however, is rife with challenges as systemic resistance
resurfaces, revealing the complexities of navigating insider
politics.

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Example
Key Point:Complex systems perpetuate power
imbalances and obfuscate the path to meaningful
reform.
Example:Imagine standing amidst a crowd of activists
in Syntagma Square, where you witness the palpable
demand for change. As you listen to their cries for
justice, you begin to understand how ‘super black
boxes’ in the political and financial establishments
obscure not just the realities of Greece’s debt but also
the genuine needs of its citizens. In this moment, it’s
clear that navigating the tangled webs of insider politics,
with its opaque mechanisms that serve the few rather
than the many, is essential to break free from the chains
of austerity and reclaim the power and dignity of the
people. You feel the urgency to not just participate in the
protest but to advocate for transparency and reform,
challenging the entrenched systems that have long
dominated and suffocated the hopes of ordinary citizens.

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Critical Thinking
Key Point:The concept of 'super black boxes' and the
complexity of financial systems.
Critical Interpretation:Varoufakis emphasizes that the
intricate nature of financial institutions creates barriers
to transparency, complicating efforts for real reform.
However, it's essential to note that the opacity he
describes may also lead to oversimplifications of the
solutions necessary for recovery; critics may argue that
another perspective on institutional mechanisms could
yield different understandings of accountability and
recovery strategies, as seen in discussions by scholars
like Thomas Piketty in 'Capital in the Twenty-First
Century' and Joseph Stiglitz in 'The Price of Inequality.'

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 Chapter 2 Summary : 2 Bailoutistan

Section Summary

Bailoutistan By 2010, Greece faced bankruptcy, leading to a façade of a "rescue" deal with a €110 billion loan from the
EU and IMF, implementing austerity measures that harmed poorer citizens, resembling a modern debtors'
prison.

Prisoners of Varoufakis learned from officials that the imposed conditions were unrealistic, and although the IMF
Their Own acknowledged their failures, political necessity maintained the status quo, trapping powerful institutions in
Device their investments.

Two Men and a Varoufakis shared anecdotes on banking manipulation, comparing it to a joke about drunkards, highlighting
Barrel of unethical lending practices that exacerbated Greece's financial crisis.
Whiskey

Success Story The "Greek Success Story" narrative by the government contrasted sharply with the realities of poverty and
declining wages experienced by citizens, benefitting bankers while masking the true economic state.

A Varoufakis proposed a strategy for Syriza to navigate EU negotiations, focusing on preserving ECB
Five-Pronged integrity, restructuring debt, addressing humanitarian crises, and seeking debt forgiveness for a sustainable
Strategy Eurozone.

Gathering Despite optimistic strategies, Varoufakis worried about Tsipras's leadership and internal Syriza divisions,
Qualms emphasizing the need for significant bargaining power to address EU pressures and create effective
negotiations.

2 Bailoutistan

By early 2010, Greece faced bankruptcy, prompting a

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cover-up orchestrated by the EU, the IMF, and the Greek
government, disguised as a "rescue" deal. This involved a
€110 billion loan from the EU and IMF, accompanied by
harsh austerity measures imposed by the troika (European
Commission, European Central Bank, IMF) that
disproportionately affected the poorer segments of society.
The resultant situation mirrored a contemporary debtors'
prison, signaling a denial of bankruptcy that contradicted
historical economic principles.

Prisoners of Their Own Device

Years later, as finance minister, Varoufakis learned from

high-ranking officials that they recognized the impossibility
of the imposed conditions. His dialogue with Christine
Lagarde confirmed that while the IMF acknowledged their
failure, the political necessity of maintaining the status quo
dominated decision-making. This disjunction highlighted the
tragic irony of powerful institutions trapped by their
investments into Greece's failing economy.

Two Men and a Barrel of Whiskey

Varoufakis recounts instances of financial manipulation by

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bankers, likened to a humorous but illustrative joke about
two drunkards. The practices of bankers involved lending to
one another to manipulate their financial positions while the
Greek state was forced to borrow to cover debts. This
relationship between banks and the state led to the unethical
dimension of the ongoing crisis, further deepening Greece's
financial woes.

Success Story

The government's narrative of recovery, the so-called "Greek

Success Story," was juxtaposed with the dismal realities
citizens faced. Aiming to mask the actual state of the
economy, policies were put in place that benefitted bankers
at the expense of average Greeks, revealing a glaring
disparity between government claims and public experience
of deepening poverty and declining wages.

A Five-Pronged Strategy

In the face of what the future held, Varoufakis developed a

strategic approach for a potential Syriza government to adopt
to navigate the treacherous waters of EU negotiations. This
strategy entailed:

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1. Preserving the ECB’s integrity and keeping banks
operational.
2. Replacing corrupt private banking management with
European oversight.
3. Proposing sensible fiscal measures and restructuring debt.
4. Immediately addressing the humanitarian crisis.
5. Creating a proposal for a sustainable Eurozone that
includes debt forgiveness and structural reforms.
This comprehensive plan aimed to establish a strong
negotiating position and restore Greece's sovereignty,
compelling the troika to recognize Syriza's legitimate claims
and the need for dialogue.

Gathering Qualms

Despite the optimistic plans shared among his allies,

Varoufakis expressed his concerns about Alexis Tsipras's
leadership balance between party unity and practical
governance. Conversations highlighted the internal divisions
within Syriza and the pressure they faced from the EU,
scrutinizing how they could effectively make their case while
being fully aware that they would not receive redemption for
their banking sins without significant bargaining power.
Working through these implications showcased a complex

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interplay of alliances, strategy, and class dynamics
permeating the Greek financial landscape—elements that
ultimately dictated the course of their negotiations with the
EU and shaped the political future of Greece itself.

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Critical Thinking
Key Point:The hypocrisy of imposed austerity
measures amidst governmental narratives of
recovery.
Critical Interpretation:Varoufakis emphasizes the
disconnect between the Greek government’s portrayal of
a 'success story' against the harsh realities faced by its
citizens, indicating a systematic deception by powerful
institutions to protect their interests at the expense of the
populace. This critique invites readers to consider not
only the author's perspective but also the broader
implications of institutional accountability and the risks
inherent in austerity measures, as supported by works
such as Mark Blyth's "Austerity: History and Us" which
scrutinizes the effectiveness of austerity in economic
recovery.

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Chapter 3 Summary : 3 They bend their
tongues like their bows

Summary of Chapter 3 from "Adults in the Room"

by Yanis Varoufakis

Homecoming and a Disturbing Call

- Yanis Varoufakis recounts a night when he received a

threatening call regarding his son’s safety, warning him to
stop criticizing certain banks linked to Greece's financial
crisis.

The Role of Banks in the Greek Bailouts

- The chapter illustrates the dynamics of Greece's second

bailout, which aimed to protect Greek banks by having
taxpayers bear the burden of compensation to foreign
bankers. Varoufakis highlights the corrupt practices of Greek
bankers who manipulated the financial system.

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The Playful Agility of Bankers

- Through a humorous anecdote about two men and a barrel

of whiskey, Varoufakis compares their actions to Greek
bankers who managed to extract loans from each other
without ever impacting their wealth or control.

Corruption and Media Control

- Varoufakis discusses the pervasive corruption in the Greek

media, which was controlled by banks to create a narrative
that favored their financial interests, thus stifling dissent and
promoting misleading information.

Political Encounters with Alexis Tsipras

- Varoufakis describes early meetings with Alexis Tsipras,

leader of Syriza, where they discussed Greece’s economic
future and the need to determine whether Grexit (leaving the
euro) should be an option. Varoufakis criticizes the lack of
clarity in Syriza's economic strategy.
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Concerns of a Political Clash

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 Chapter 4 Summary : 4 Treading water
Section Summary

Setting the The chapter begins with a conversation between the author and Alexis Tsipras, illustrating Greece's financial
Scene precariousness and trust issues within Tsipras's team amidst negotiations with the troika, bringing fears of a
Grexit to light.

Trust and The author expresses concerns about key team members, particularly Dragasakis, fearing they may derail
Doubts escape plans, while Alexis downplays these worries. The author seeks significant influence over Syriza's
economic policy to prevent previous mistakes.

Thessaloniki The author critiques Tsipras's Thessaloniki speech as inconsistent. He believes that honest governance must
Programme confront harsh economic realities rather than present unrealistic platforms.
Controversy

Realities of the Despite concerns about the Thessaloniki Programme damaging Syriza's credibility, Pappas reassures the
Situation author about his influence on policy. Frustrated, the author temporarily disengages from party activities due
to internal divisions.

Political A call from Pappas mobilizes the author back to Greece, where he faces escalating tensions and potential
Maneuvering bank runs, highlighting the need for a unified strategy against austerity and financial instability.

Election As elections near, the author considers possible outcomes of Syriza's campaign and prepares for worst-case
Dynamics scenarios, emphasizing the importance of resilience against the troika's demands.

Formation of a Following the election win, tensions arise around cabinet appointments, particularly the exclusion of ally
Cabinet Euclid from the economics role. The author asserts the importance of a capable team for effective
negotiations.

Challenges The chapter concludes with the author contemplating the heavy responsibilities of the finance ministry
Ahead during a national crisis, pledging commitment to the public and recognizing the need for hope and solidarity
in facing future challenges.

Chapter 4 Summary: Treading Water

Setting the Scene

The chapter opens with a reflection on a conversation

between the author and Alexis Tsipras near the Stoneship,

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symbolizing Greece's precarious financial situation. It
highlights concerns about trust within Alexis's team and the
impending negotiations with the troika, especially regarding
the fear of a Grexit.

Trust and Doubts

The conversation reveals the author’s doubts about key team

members like Dragasakis, who he feels may undermine their
escape plans. Alexis's dismissive reassurance adds to the
uncertainty. The author insists on having significant input on
Syriza's economic policy to avoid past mistakes.

Thessaloniki Programme Controversy

Back in Austin, the author critiques Alexis's Thessaloniki

speech, which is seen as inconsistent and unrealistic. His
article condemns this economic platform, suggesting that
honest governance requires acknowledging the tough
realities ahead.

Realities of the Situation

Despite the author’s fears that the Thessaloniki Programme

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would harm Syriza’s credibility, Pappas reassures him of his
role in shaping future policy. The author's mounting
frustrations about tactics lead him to temporarily disengage
from the party, recognizing the internal divisions and
contradictory narratives within Syriza.

Political Maneuvering

A call from Pappas brings the author back to Greece, where

he faces mounting tensions and the looming threat of a bank
run, setting the stage for Syriza's electoral campaign. The
conversation emphasizes the need for a robust and cohesive
strategy to confront potential austerity measures and protect
against financial collapse.

Election Dynamics

As elections approach, the author grapples with the odds of

Syriza winning and the possibility of an impending financial
crisis, urging the team to remain prepared for harsh outcomes
should negotiations fail. He articulates a scenario in which
the new Syriza government would have to stand firm against
the troika’s coercive tactics.

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Formation of a Cabinet

After winning the election, tension arises over cabinet

appointments, notably the exclusion of key ally Euclid from
the economics ministry. The author insists on a strong team
to manage negotiations, emphasizing the need for skilled
personnel who understand the troika’s methods.

Challenges Ahead

As the chapter concludes, the author reflects on the

overwhelming responsibility of the finance ministry amid a
national crisis, pledging to maintain a commitment to the
people. He senses the profound need for hope and solidarity
among his colleagues and the Greek populace in the face of
daunting challenges.

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Example
Key Point:Trust and Internal Division
Example:Engaging in discussions with your team in a
high-stakes environment, you feel the weight of
uncertainty and conflicting loyalties, wary that without a
shared vision and trust, your collective efforts might
unravel under pressure.

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Chapter 5 Summary : 5 Raging against
the dying of the light

5 Raging Against the Dying of the Light

Mixed Emotions Before the Election

As the election approached, I felt a blend of solidarity and

isolation. While I received support from the public and at
Syriza's headquarters, I was acutely aware of my lack of
resources and connections as a first-time parliamentary
candidate. Unlike my colleagues who had established
networks, I relied solely on my partner Danae and my
personal resources to manage the campaign from home.

The Challenge of Preparation

In the weeks leading up to the election, I faced the daunting

task of preparing for my potential future role as finance
minister without a support team. To navigate this, I sought
the best possible advisors, connecting with respected

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economic figures like Alekos Papadopoulos, who ultimately
recommended Dimitris Mardas for the role of deputy finance
minister.

Building a Capable Team

In my quest to form a cabinet, I emphasized the importance

of practicality over traditional party loyalties. I enlisted
former members of the troika and others who had witnessed
its impact firsthand, such as Elena Panariti and Natasha
Arvaniti, acknowledging the complexity and potential
backlash of including them in my team. Their insider
knowledge would be critical in facing the troika in
negotiations.

Outside Support and Strange Allies

I reached out to allies abroad, including influential figures

like Lord Norman Lamont, who offered invaluable counsel.
My administration attracted the attention of both supportive
and skeptical parties, with some suggesting my affiliations
would compromise our values. However, I remained firm in
my belief that experienced advisers could provide essential
strategies for what lay ahead.

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The Wasteland of Greece’s Economy

I outlined the severe economic devastation Greece faced

leading up to January 2015, drawing comparisons with
Britain during past recessions. Greece was not merely
recovering; it was drowning beneath layers of austerity, seen
in the drastic fall of national income and soaring
unemployment rates. The so-called “Greek-covery” narrative
was a façade concealing the harsh realities affecting most
citizens.

Electoral Triumph and Immediate Challenges

On election night, the sense of victory was palpable as we

celebrated the achievement of forming a government, albeit
with some apprehension about my new role. Despite my
initial reservations about working with the Independent
Greeks and Panos Kammenos, the political necessity behind
the coalition became apparent.

A New Beginning

As we took office, Alexis and I were reminded of our

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mission to serve the citizens who elected us. The presence of
my resignation letter reinforced my commitment to staying
true to our democratic promise. The battle ahead would be
challenging, but the urgency to address Greece’s crises and
restore hope propelled us forward, affirming our resolve to
dissent against the injustices we faced.

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Example
Key Point:Prepare thoroughly for your potential role
and build a reliable team of advisors.
Example:As you stand at the helm of a new
government, imagine the pressure mounting as you
ponder the complexities of economic recovery. The
weight of responsibility is heavy on your shoulders, and
you realize that your success hinges not just on your
knowledge, but on the expertise of those you surround
yourself with. You reach out, forging connections with
seasoned professionals who have navigated similar
crises, understanding that their insights could be the
guiding light in these tumultuous times. In these
moments, you feel the pulse of economic despair, but
also the flicker of hope that ignites when you gather a
team that shares your vision, ready to face the
challenges ahead together.

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Critical Thinking
Key Point:The Importance of Forming a Diverse and
Experienced Team for Effective Governance
Critical Interpretation:Varoufakis emphasizes the
necessity of having a capable, varied team, including
former members of the troika, to navigate Greece's
complex economic crisis. While his insight stems from
a desire to practicalize governance over partisanship,
readers should critically assess whether engaging
established figures truly serves progressive ideals or
may reflect a compromise of values. The conflict
between aiming for effective governance and
maintaining ideological purity is a recurring theme in
political discourse, as noted in works such as "The New
Confessions of an Economic Hitman" by John Perkins,
which explore the complexities of political alliances.

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Chapter 6 Summary : 6 It begins …

Chapter 6 Summary: It Begins

Entrance to the Ministry of Finance

- Yanis Varoufakis arrives at the Ministry of Finance,

walking alone amidst surprised onlookers including media
personnel.
- He reflects on past protests against the government's
policies and recognizes the solemnity of Syntagma Square as
a historical site of resistance.

Initial Impressions and Dossiers

- Upon entering the ministry, he greets the outgoing minister,

noticing the bare office and its outdated decor.
- His predecessor hands over two dossiers: one containing
ministerial decrees, and the other concerning U.S. financial
monitoring legislation, but there are no documents regarding
Greece’s loan agreement.

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Press Conference and Policy Declaration

- Varoufakis holds a press conference where he distinguishes

between 'parsimony' and 'austerity,' advocating for a more
sustainable financial approach for Greece.
- He announces plans for the immediate sale of luxury
vehicles previously used by ministers and pledges not to hire
costly advisors.

Parsimony Over Austerity

- He asserts the importance of reducing public expenditure

without harming private financial stability, signaling a shift
from austerity measures.

Negotiation Strategy

- Varoufakis emphasizes the importance of rebuilding

Greece’s economy responsibly and establishing a more
respectful negotiation process with creditors.
- He encounters skepticism and challenges, particularly
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Chapter 7 Summary : 7 Auspicious
February

Summary of Chapter 7: Auspicious February

Preparation for Departure

After packing lightly for an important trip, Varoufakis rushes

to the ministry, inadvertently leaving his suitcase in a taxi.
He reflects on Greece’s dire economic situation, rejecting the
idea of continued austerity imposed by the troika and
advocating for informed reforms instead.

Arriving in Paris

Upon landing in Paris, Varoufakis is kindly assisted by the

Greek ambassador, who helps him find appropriate clothing
before his high-stakes meetings with French officials. His
initial discussions with key figures, like Pierre Moscovici
and Poul Thomsen, reveal a mix of potential support and
significant challenges ahead.

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Secret Talks and Reforms

Varoufakis engages in confidential meetings focused on

restructuring Greece's debts and establishing a more
equitable relationship with the EU. He emphasizes the
importance of reforming the Greek economy while
specifically trying to distance the negotiations from the
previous troika approach.

Tension Builds in Initial Eurogroup Meeting

In the Eurogroup meeting, Varoufakis delivers a compelling

argument advocating for recognition of Greece’s democratic
mandate and the need for a new agreement. However, he
faces pushback, especially from Wolfgang Schäuble, who
insists on adhering to old commitments despite Greece’s
fresh electoral mandate.

Negotiation Impasse

The discussion becomes heated, centering on whether Greece

should commit to the existing bailout program. Varoufakis
pushes back against the notion that elections should not

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affect economic policy, making the point that democracy
must be respected within financial negotiations.

Public Communications and Media Relations

After the meeting, Varoufakis must address the media,

projecting confidence despite the internal conflict and
pressure. He notes the solidarity of Greek citizens rallying in
support of their government's stance against austerity.

Reflections on the Eurogroup Experience

The chapter concludes with Varoufakis contemplating the

dynamics of power within the Eurogroup, recognizing the
uphill battle his government faces to negotiate a new deal
while also appreciating some moments of camaraderie and
understanding among his peers. His resolve to not succumb
to pressure strengthens, aware that the stakes for Greece
demand a firm stance against entrenched austerity measures.

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Chapter 8 Summary : 8 The frenzy
before the storm

Chapter 8: The Frenzy Before the Storm

Preparation for Eurogroup Meeting

Yanis Varoufakis returns to Athens, beginning preparations

for his first Eurogroup meeting scheduled for February 11. A
team from Lazard and close associates work on three key
documents: a debt sustainability analysis (DSA), a
progressive reform agenda, and a proposal for better
monitoring of Greece's recovery. Initial contributions from
cabinet colleagues are disappointing, requiring substantial
revisions.

Public and Expert Support

Email exchanges with influential economists like Willem

Buiter and Paul Krugman offer insights and validation of
Varoufakis' approach against austerity pressures from Berlin.

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Varoufakis writes an op-ed emphasizing the need for a
humane, pan-European perspective in negotiations.

Parliamentary Debut and US Delegation

Varoufakis experiences pride during his first parliamentary

session, highlighting Syriza's commitment to democratic
processes. A visit from the US ambassador, representing
conflicting messages from the US government, reinforces
Varoufakis' resolve to resist the imposition of austerity
measures.

Cabinet Meeting and Strategic Gesture

In a cabinet meeting, Varoufakis emphasizes transparency

and a good faith gesture to include 70% of previous reform
proposals in their agenda. Despite opposition, he argues for a
negotiation strategy that balances internal and external
pressures.

Engagement with OECD

An arrangement with the OECD is established to bolster

Greece's reform agenda and counter past austerity measures.

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Relationship-building with international institutions is
emphasized to secure credibility and collaboration.

First Eurogroup Meeting

Upon arriving in Brussels, Varoufakis faces intense scrutiny

from press and officials. A tense atmosphere marks the first
Eurogroup meeting where he boldly presents Greece's
position, but it reaffirms the influence of the powerful
creditor nations. Varoufakis identifies a need for direct
interventions from European leaders to achieve a favorable
outcome.

Contention and Commitments

Dijsselbloem’s insistence on limited options prompts

Varoufakis to confront him on the democratic implications of
the Eurogroup’s pressure tactics. The subsequent refusal to
compromise on Greece's debt and financial obligations is
reaffirmed, stressing the need for a new relationship with
European partners.

Struggles with Internal and External Pressures

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Varoufakis navigates a challenging landscape filled with both
support and skepticism from within his cabinet. Political
tensions run high as they strive to maintain public support
while facing powerful external demands, balancing between
assertive negotiation and political realities.

Outcomes and Reactions

In the aftermath of Eurogroup negotiations, Greece secures a

temporary reprieve outlined in a joint statement emphasizing
mutual cooperation. However, significant agricultural
concerns regarding austerity targets persist as Varoufakis
prepares for subsequent discussions and reforms.

Moving Forward

Varoufakis reflects on the negotiations and the precarious

political landscape. He emphasizes the need for resilience
against external pressures and strategic planning, as Greece
seeks to reclaim autonomy and establish a sustainable path
forward within the eurozone context.
Overall, the chapter captures the complexities of Varoufakis'
role as Greece’s finance minister, the challenges of
negotiating with the troika, and the delicate balance of

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maintaining sovereignty while dealing with external
pressures and internal political dynamics.

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Chapter 9 Summary : 9 A moment to
savour, darkly

Chapter 9 Summary: A Moment to Savour, Darkly

Early on a critical morning, Varoufakis, along with Pappas

and Dragasakis, meet Alexis Tsipras in his hotel suite prior
to a pivotal European Council summit. The focus on the
Ukrainian crisis presents both a risk and an opportunity for
Greece. Varoufakis emphasizes the importance of Angela
Merkel as the key to unlocking a resolution for Greece's
financial turmoil, advising Alexis to make a direct appeal to
her to end the deadlock in the Eurogroup dominated by
Wolfgang Schäuble.
Key objectives for negotiations are outlined by Varoufakis,
focusing on ending liquidity issues, establishing direct
communication with the European Commission, reducing
austerity measures, and setting a manageable primary surplus
target. Unexpectedly, Jeroen Dijsselbloem reaches out to
propose a less confrontational stance, indicating a
willingness to negotiate, which gives them hope.
The next day, a tentative triumph unfolds as Dijsselbloem

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offers a joint statement indicating progress, attributed to
Merkel's intervention following her frustrations over the
stalemate. However, Varoufakis cautions that overreliance on
Merkel's goodwill has risks.
As meetings with the troika continue, Varoufakis faces
immense pressure amid a challenging negotiation landscape
filled with seasoned adversaries. With an impending deadline
to prevent bank closures, he and his team scramble to
produce proposals aimed at recovering Greece's economic
sovereignty.
Amidst this turmoil, Varoufakis navigates internal party
divisions, particularly from the Left Platform, concerning the
strategy of negotiations with creditors. There is growing
criticism of the compromises being made, particularly
regarding housing and privatizations, reflecting deeper
ideological rifts within Syriza.
The Eurogroup teleconference culminates in betrayal when
the institutions claim the agreed reform list does not replace
the previous Memorandum of Understanding (MoU). Faced
with this revelation, Varoufakis realizes that the initial
victories are at risk, yet he struggles with the decision to
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 Chapter 10 Summary : 10 Unmasked
Key Themes Description

Political Varoufakis assesses the impact of a Eurogroup agreement that could be harmful for Greece.
Environment

Mixed Feedback He receives praise from some, like Jeff Sachs, and criticism from Greek national heroes such as Glezos
and Theodorakis.

Reform Proposal Varoufakis aims to draft reforms to mitigate austerity and support vulnerable populations, aligned with
his government's goals.

Collaboration He works with deputy Chouliarakis to refine reforms, facing challenges in the relationship with the
troika.

Negotiation As disputes rise between the Greek government and creditors, Varoufakis feels pressure from potential
Tensions stalemate or capitulation.

Eurogroup D discussions shift, revealing that the troika intends to enforce the original MoU, undermining
Teleconference Varoufakis's reform efforts.

Conflict in Chouliarakis's alignment with the troika leads to tensions and feelings of betrayal for Varoufakis.
Government

Parallel Payments Varoufakis proposes activating this system to counteract creditor demands, facing possible political
System division within Syriza.

Trust Crisis Varoufakis notes a trust deficit between Greece and the troika and within his own cabinet, reflecting on
his decisions and their implications.

Chapter 10 Summary: Unmasked

In this chapter, Yanis Varoufakis navigates the politically

charged environment following a Eurogroup agreement that
he perceives as a pivotal yet potentially damaging
breakthrough for Greece. Varoufakis receives mixed
feedback—praise from some quarters, like Jeff Sachs, and
harsh criticism from Greek national heroes like Manolis
Glezos and Mikis Theodorakis. Determined to propose an

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alternative to the Memorandum of Understanding (MoU), he
works feverishly to draft a list of reforms that would mitigate
austerity and protect vulnerable populations, aligned with the
ambitions of his government.
Despite a tight deadline, Varoufakis collaborates with his
deputy, George Chouliarakis, to refine the document,
navigating the complex and often adversarial relationship
with the troika—the European institutions managing Greece's
situation. While Varoufakis aims to present a progressive
reform agenda, he finds himself in a precarious position as
Chouliarakis exhibits a different understanding of the
negotiations.
As tensions between the Greek government and creditors
escalate, Varoufakis wrestles with the fear of a stalemate
versus the risk of capitulation, feeling the weight of Greece's
economic plight. On the day of the Eurogroup
teleconference, he faces an unexpected turn in discussions, as
it becomes clear that the troika intends to enforce the original
MoU, effectively undermining the reforms he proposed.
Chouliarakis's maneuvering within the government, which
aligns with the troika's interests, becomes a source of conflict
as Varoufakis perceives a budding betrayal. While he
advocates for the activation of a parallel payments system as
a deterrent against creditor demands, he also confronts the

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prospect of political division within Syriza.
The chapter concludes with Varoufakis's realization that a
crisis in trust exists not only between Greece and the troika
but also within his own cabinet. As the new government
navigates its ideology against the harsh realities of
negotiation with creditors, Varoufakis reflects on his choices
and the consequences they may bear for Greece's sovereignty
and future.

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Example
Key Point:Navigating Political Conflicts and
Balancing Reforms
Example:Imagine standing in a room filled with
political leaders, each representing different interests.
You feel the pressure mounting as you draft a crucial
reform list, aiming to protect vulnerable citizens while
facing opposing pressures from both your allies and
external creditors. You must balance urgent negotiations
against the backdrop of a nation's economic fragility and
navigate the delicate dynamics of trust, both within your
party and between Greece and its financial overseers.

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Chapter 11 Summary : 11 Whittling our
spring

Chapter 11 Summary: Whittling our spring

Early Spring and Political Climate

Spring 2015 in Greece saw vibrant wildflowers reflecting a

rising rebellion against creditors. The government secured a
loan extension until June 30, fostering a sense of optimism
among many, despite dissent within Syriza. The troika faced
difficulties in reasserting control over the Greek populace, as
they feared the potential spread of anti-austerity sentiment to
other European nations.

Troika Strategies

The troika's approach involved creating uncertainty to

prevent any financial planning in Greece, employing "fiscal
waterboarding" to compel austerity measures from the
struggling government while maintaining a façade of

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cooperation. Their tactics also included divide-and-rule
strategies, aiming to fracture the Greek government from
within.

Internal Government Dynamics

Jeroen Dijsselbloem of the Eurogroup sought to undermine

Yanis Varoufakis's position by bypassing him and promoting
trusted figures. Varoufakis struggled against intra-party
divisions, exacerbated by advisers who aimed to appease the
troika while undermining his proposals. The highlight was
the unfortunate reinstatement of Chouliarakis, leading to
further tensions during negotiations.

Negotiation Challenges

Efforts to negotiate were complicated by the fragmented

nature of eurozone institutions and the struggle to establish
meaningful dialogues. Proposals presented by Varoufakis
were largely ignored, mirroring the experience of being met
with silence. Delaying tactics were prevalent, exemplified by
endless requests for information, while actual discussions
about debt restructuring remained absent.

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Debt Restructuring Dilemma

The crux of negotiations lay in addressing debt sustainability,

which the troika resisted. The European authorities displayed
a systemic indifference towards Greece's plight, blaming the
government for issues that were largely a result of their own
policies. Varoufakis outlined the necessity for upfront debt
relief essential for sustainable reforms.

Chinese Investment Efforts

As part of countering the troika’s strategies, Varoufakis

explored prospects for foreign investment, particularly from
China, to revive Greece’s economy. Proposals included
enhanced cooperation with Chinese firms, specifically
focusing on reviving infrastructure to promote economic
growth.

Emerging Tensions within Syriza

Concerns grew within Syriza regarding Varoufakis’s

uncompromising stance. Growing influence from Chancellor
Merkel, who sought to sideline Varoufakis in favor of a more
conciliatory approach to negotiating with Greece, led to

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internal conflicts.

Final Decisions and Outcomes

As April approached and the financial situation worsened,

the urgency to present a unified front and a coherent
negotiating strategy became crucial. Tensions between
Varoufakis and internal party factions deepened, particularly
as the government faced immense pressure to adapt to the
troika’s demands while remaining committed to its electoral
promises.

Negotiations in Brussels

The latest Eurogroup meeting took place amid increasing

tensions and frustrations regarding negotiations. Varoufakis
faced pressures to adapt Syriza’s approach to avoid
seemingly unilateral actions that could alienate potential
allies and weaken Greece’s negotiating position further.

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Chapter 12 Summary : 12 Merkel’s spell

Chapter 12: Merkel’s Spell

Meeting with Poul Thomsen

On March 9, Varoufakis meets Poul Thomsen from the IMF,

who expresses frustration with the previous Greek
government while acknowledging the need for debt relief for
Greece. Varoufakis emphasizes the necessity of upfront debt
restructuring to avoid bankruptcy and insists that the IMF
must advocate for this.

Discussion with ECB Leaders

A subsequent meeting with Mario Draghi and Benoît Cœuré

leaves Varoufakis feeling the ECB’s rigid stance remains
unchanged. He argues for a release of profits from SMP
bonds to alleviate immediate liquidity issues but receives the
same bureaucratic responses. Varoufakis harbors skepticism
about ECB's independence, viewing it as politically biased
against the current Greek government.

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Eurogroup Meeting Dynamics

During the Eurogroup meeting, Varoufakis confronts

accusations of stalling negotiations made by other states,
arguing that the real stasis is due to the troika's refusal to
engage in comprehensive talks. He aims to expose the ECB’s
political motivations and highlights the need for urgent
negotiations. The discussions shift to the possibility of the
troika’s return to Athens, which Varoufakis and his
government are keen to avoid.

Dynamics with Financial Partners

Varoufakis notes the political maneuvering surrounding

negotiations, including Ireland's finance minister suggesting
he may be replaced. Tensions continue around whether or not
to invite the troika back to Athens, with an emphasis on
controlling the narrative and retaining national sovereignty
during negotiations.

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Chapter 13 Summary : 13 The right
stuff, foiled

Chapter 13 Summary: The Right Stuff, Foiled

A Revolution's Legacy

In the midst of reflections on revolutions, Yanis Varoufakis

recalls a conversation with a colleague questioning the value
of revolutionary actions. As a Greek, he finds such
skepticism unfounded, pointing to Greece’s liberation from
Ottoman rule in 1821 as a pivotal moment.

Celebrating Independence

In 2015, Varoufakis felt a renewed sense of pride among

Greeks as he attended a commemoration parade in Chania,
representing his government. The event highlighted
grassroots support for resisting economic capitulation, with
locals urging him to maintain a firm stance against external
pressures.

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Negotiation Challenges

Following the parade, Varoufakis engaged in critical

conversations about Greece’s financial negotiations with
Alexis Tsipras. Reports surfaced indicating the IMF was
pushing for increased austerity measures, which Varoufakis
vehemently opposed. He stressed the need for a united front
in any actions taken.

A Critical Decision Point

As Greece faced looming decisions on whether to default or

submit to creditors, Varoufakis argued for urgency in
announcing a default if negotiations with the troika continued
to stall. Tension built within the government as differing
views on negotiating strategy surfaced.

Tensions Within the Cabinet

A cabinet meeting highlighted the divide in strategies: Alexis

hesitated to pursue Varoufakis's assertive approach while
others supported a return to negotiating terms defined by the
troika. Varoufakis grew increasingly frustrated with the

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concessions being made without his input.

Riga’s Eurogroup Meeting

At a Eurogroup meeting in Riga, Varoufakis confronted a

coordinated attack from other finance ministers. They
criticized him while pushing for Greece’s capitulation.
Despite the pressure, he stood firm in defending Greece's
position, with media reports portraying him as isolated and
under attack.

Character Assassination

The narrative against Varoufakis began to take shape,

painting him as irresponsible and ineffective as he faced
continued efforts from the troika and other ministers to
undermine his credibility.

A Personal Battle

Confrontations escalated, including an incident in Exarcheia,

where Varoufakis faced hostility from a group of anarchists.
His partner, Danae, defended him from physical harm,
symbolizing solidarity amid the challenging political

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landscape.

The Dilemma of Integrity

Ultimately, Varoufakis grapples with the decision of whether

to resign in the face of overwhelming opposition within his
cabinet and from external forces. He decides to stay in the
mix as a means of fighting for his vision of Greece's future,
determined to push back against austerity measures.

Conclusion

Chapter 13 explores the struggle between commitment to

principles and facing political reality, emphasizing
Varoufakis's determination amidst adversity as he navigates
complex negotiations, internal dissent, and external
pressures.

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Chapter 14 Summary : 14 The cruellest
month

14 The Cruellest Month

The day after flying back to Greece, Varoufakis prepared for

a crucial trip to Washington to gain support from President
Obama's administration for his economic policies regarding
Greece. However, his optimism had faded due to dwindling
trust in his team. He drafted the N+1 Plan, a comprehensive
policy proposal aimed at regaining control over Greece’s
financial situation, anticipating limited time before the next
Eurogroup meeting in Riga.
Despite presenting the plan to Prime Minister Alexis Tsipras,
Varoufakis sensed a lack of engagement. Returning to the
ministry, he worked tirelessly on debt sustainability
proposals and tightened the N+1 Plan for cabinet review.
During this time, internal tensions surfaced within the
government, with Chouliarakis opting to work in Brussels
instead of accompanying Varoufakis to Washington,
signaling a disarray within the administration.
In Washington, Varoufakis held discussions with various

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influential figures, including trade union leaders and
policymakers. He faced criticism on Greece's deteriorating
public image due to media tactics from the troika,
emphasizing the need for improved communication
strategies. Despite Lagarde's acknowledgment of Greece's
position, she insisted on rapid progress, adding to
Varoufakis's frustration.
Meeting with President Obama brought mixed feelings.
Obama acknowledged the difficult circumstances while
advising Varoufakis to find common ground with the
institutions, a notion Varoufakis resisted, stressing the
already significant compromises made by his government.
Upon returning to Athens, Varoufakis faced a politically
charged atmosphere and internal conflicts regarding
government concessions to the troika. Tsipras’s
conversations with Merkel did not yield the anticipated
support, further illustrating the isolation and pressure faced
by the Greek administration.
At a critical war cabinet meeting, Tsipras signaled a
willingness to concede to the troika's demands, including
replacing Varoufakis’s key deputy, a decision interpreted as
capitulation. Varoufakis felt betrayed as his colleagues rallied
around Chouliarakis and the push towards an agreement that
contradicted their initial resistance to austerity measures.

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Despite considering resignation, Varoufakis ultimately
decided to stay in his position, aiming to counteract the
impending concessions and maintain some semblance of
deterrent power within the negotiations. His commitment to
fighting for Greece's economic interests persisted, even amid
the growing divisions in his government.
Varoufakis concluded the chapter with reflections on
personal encounters and resilience amidst the chaos,
showcasing moments of solidarity with his partner Danae
against a backdrop of political strife and personal threat,
highlighting the precarious nature of his role as a finance
minister battling overwhelming odds.

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Chapter 15 Summary : 15 Countdown to
perdition

15 Countdown to Perdition

After a significant event in Exarcheia, the political climate in

Greece shifted dramatically over a span of sixty-six days.
The imagery of Greece on its knees against the EU's
oppressive demands resonates with many, echoing themes
from Samuel Beckett's play "Endgame," which mirrors the
struggles faced by European politics since the 2008 financial
crisis. Varoufakis reflects on the lost game that Prime
Minister Alexis Tsipras and the war cabinet had unwittingly
entered, while still cherishing a faint hope for a strategic
turnaround.
Varoufakis focuses his energy on multiple critical tasks such
as tackling tax evasion, preparing presentations for the
Eurogroup, and drafting a comprehensive Plan for Greece,
collaborated on with key economists. In early May,
Varoufakis shared his ambitious proposal with European
counterparts in Paris, Rome, and Madrid, aiming to unite
efforts into a joint initiative with Germany that could

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alleviate Greece's dire situation. Encouraged by supportive
responses but hindered by uncertainty, Varoufakis returned to
Athens only to find that Tsipras dismissed the proposed Plan
for Greece, which otherwise could have become a powerful
statement against the creditors.
As negotiations towards a resolution continued, internal
tensions within the Greek government escalated. Varoufakis
observed a troubling shift in his colleagues’ attitudes, noting
their growing willingness to concede to the troika's demands,
undermining his position. The pressure intensified as the
threat of default loomed, highlighted by the central bank's
last-minute adjustments to prevent a crisis.
At the Eurogroup meetings, Varoufakis consistently
confronted the unsustainable proposals thrown at Greece,
emphasizing the structural flaws in the troika’s assumptions
and presenting a clarion call for a more sustainable path.
Despite this, he faced harrowing opposition from EU
counterparts and experienced increasing isolation within his
own government as colleagues shifted towards acquiescing to
debt conditions.
In a surprising turn, Alexis announced a referendum,
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Chapter 16 Summary : 16 Adults in the
room

Chapter Summary: Adults in the Room

Deteriorating Hope

The chapter begins with a sense of declining hope for Greece

as George Soros contacts Prime Minister Alexis Tsipras,
urging to remove Yanis Varoufakis from the finance portfolio
to expedite Greece's capitulation to Germany amidst the
ongoing Ukraine crisis. Varoufakis interprets the troika's
proposals as designed to force Greece into submission rather
than offering real solutions.

The Troika's Strategy

As the troika reveals its demands through a PowerPoint

presentation, Varoufakis concludes that their strategy
involves imposing severe austerity to either gain concessions
from Berlin or break Greece. Attempts to default on the IMF

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fail, with the Fund deferring payments instead. Internal
unrest and crumbling support for Varoufakis from his own
party surfaces as pressures mount.

Meetings and Proposals

In a critical meeting in Berlin with German officials,

Varoufakis proposes a new plan for Greece, but reactions
from various European leaders suggest ensued failures and
growing challenges. Despite spirited speeches and attempts
to realign dialogues, efforts to secure viable agreements
falter.

The Eurogroup's Last Push

At an intense Eurogroup meeting, a final offensive against

Greece occurs, where Varoufakis articulates Greece's need
for debt relief and sustainable reforms, but his proposals are
ignored. Christine Lagarde expresses frustration at the
situation, hinting at the lack of constructive discussions. The
media misconstrues her comments, adding further chaos.

Seeking Surrender or Resistance

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As the Eurozone summit approaches, tensions within the
government rise; Varoufakis expresses concerns about
surrendering to the troika’s demands without fighting back.
The impending closure of Greek banks becomes a foreboding
threat, with Varoufakis urging proactive countermeasures,
while others in the cabinet, including Dragasakis, prefer a
more conciliatory approach.

Referendum and Its Aftermath

On June 26, a cabinet meeting leads to the decision to hold a

referendum on the troika's ultimatum, which the government
is expected to advise a ‘no’ vote. Varoufakis warns Tsipras to
be honest with the public about the potential implications of
surrender. The government prepares for a pivotal moment in
Greek democracy amid various leadership struggles.

The Referendum's Outcome

On July 5, the people overwhelmingly vote 'no', signaling a

desire for dignity over submission. Varoufakis delivers an
emphatic statement linking this decision to a broader vision
for a just Europe. However, political maneuvers by Tsipras to
ally with traditionally opposing parties emerge as ominous

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signs of surrender.

Conclusion and Resignation

Final discussions with Tsipras reveal a frustrating divide

between Varoufakis's vision for a sustainable solution and the
prime minister's inclination to capitulate. Eventually,
Varoufakis resigns, underscoring his commitment to the
people’s will and signalling the beginning of a more
challenging phase for Greece. His departure marks a
significant moment in the narrative and resistance against the
troika's pressure.

Reflection on Comradeship

Varoufakis reflects on the complexities of trust and

camaraderie within his political circle, realizing the
contradictory dynamics that led to the government’s eventual
surrender to austerity measures. The narrative encapsulates a
broader critique of European economic policies and their
human impact on Greece.

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Critical Thinking
Key Point:The crumbling support for Varoufakis
illustrates the fragility of political resolve against
external pressures.
Critical Interpretation:Varoufakis's struggle highlights
how internal political dynamics can undermine efforts to
resist austerity measures imposed by powerful actors
like the troika. His disappointment over the lack of
solidarity from colleagues reveals a critical point about
the need for unity and coherent strategy in the face of
adversity. Nevertheless, while Varoufakis presents a
passionate argument for resistance, readers should
consider the complexities of the negotiation
environment, as economic and political realities often
complicate idealistic stances. Furthermore, academic
perspectives, such as those explored in economic studies
by Joseph Stiglitz in 'The Euro: How a Common
Currency Threatens the Future of Europe', provide
counterarguments that question the efficacy of the
approach Varoufakis champions.

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Chapter 17 Summary : 17 Lions led by
donkeys

Summary of Chapter 17: Lions Led by Donkeys

Meeting the War Cabinet Decisions

In the chapter, the author recalls a tense war cabinet meeting

where he reiterated their prior agreement to respond to the
European Central Bank's (ECB) impending closure of Greek
banks with a series of countermeasures. He urges Prime
Minister Alexis Tsipras to support these measures, including
activating a parallel payments system. However, Deputy
Prime Minister Dragasakis disagrees, advocating for a more
conciliatory approach to the ECB, which ultimately prevails,
putting the author in a minority position.

Consequences of Bank Closures

The author emphasizes the importance of publicly blaming

the ECB and the former government officials for the bank

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closures instead of allowing his own government to take the
hit. Proposing that the banks be allowed to open only to run
out of cash, he sees the plan rejected due to fears of civil
unrest. As the meeting concludes, he realizes the intent
behind the decisions, indicating he would bear the blame.

Manipulations and Political Resistance

In an ironic twist, the author is later instructed to convene the

Council for Systemic Stability, an emergency body to
manage the bank closure, against his wishes. Despite his
efforts, he finds himself unable to rally support within his
own party and facing relentless criticism.

Referendum Campaign

Despite the bank closures, the author suggests public

campaigning for a no vote in the upcoming referendum,
which becomes complicated by misinformation from within
the government. He is forced to convey the meaning of the
no vote and the impending national implications in
ambiguous ways due to restrictions within the war cabinet.

Reactions and Outcomes Post-Referendum

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Celebrating a decisive 61.3% vote for a no against austerity
measures, the author is filled with hope but is soon
confronted by despair as Tsipras’ government pivots toward
negotiations and a potential sacrifice of their agenda,
indicating a coalition with opposing party leaders.

Resignation and Reflections

Facing an untenable political situation, the author resigns to

preserve the integrity of the no vote and to prevent
complicity in future austerity measures. His farewell
addresses the need for unity among progressives and warns
against the looming effects of surrendering to the troika.

A Broader European Context

In the epilogue, the author reflects on the events within a

broader European landscape, emphasizing the cyclical nature
of economic crises and the need for solidarity across nations
for progressive change. He highlights the establishment's
increasing illiberality and warns against the consequences of
political failures.

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Conclusion: A Call to Action

Ultimately, the chapter recounts a disheartening moment in

Greek democracy but also serves as a rallying cry for
pan-European unity in the face of rising authoritarianism,
urging readers to recognize their interconnected struggles and
to fight for a just and equitable future.

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Chapter 18 Summary : Epilogue

Epilogue Summary

In mid-August 2015, the third bailout loan and Memorandum

of Understanding (MoU) were presented to the Greek
Parliament. The documents, deemed incomprehensible and
one-sided, mandated Greece to accept all creditor demands
without reciprocal commitments from the troika. Despite
widespread concern, the majority of Syriza MPs voted in
favor, leading to severe austerity measures that devastated
the Greek economy, affecting taxes, pensions, and assets.
Varoufakis criticized this consent as a form of slavery and
highlighted the detrimental changes to government policies
attacking tax evasion efforts. He also pointed out the unjust
treatment of the population following the acceptance of the
MoU.
Following his resignation, Varoufakis faced consequences as
he attempted to warn against sacrificing anti-tax evasion
initiatives and remarked on the collaboration between the
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Best Quotes from Adults in the Room by
Yanis Varoufakis with Page Numbers
View on Bookey Website and Generate Beautiful Quote Images

Chapter 1 | Quotes From Pages 98-276

1.‘Yanis,’ he said, ‘you made a big mistake.’
2.‘There are two kinds of politicians,’ he said: ‘insiders and
outsiders.'
3.‘By character I am a natural outsider,’ I began, ‘but I am
prepared to strangle my character if it would help strike a
new deal for Greece that gets our people out of debt
prison.’
4.‘If only matters were that straightforward…' what feels to
many like a conspiracy of the powerful is simply the
emergent property of any network of super black boxes.’
5.‘I shall behave like a natural insider for as long as it takes
to get a viable agreement on the table.’
6.‘We cannot go back on it. Your credibility depends on
accepting and working within this programme.’
7.‘You must understand that we have put too much into this

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 programme. We cannot go back on it.’
8.With such allies, who needs Brexiteers?
9.‘To err is human, as they say, but to fail spectacularly and
with stunning human cost, it seems we needed Europe’s
grandest economic design, the euro.’
10.‘Bailoutistan is an ugly word, but it reflects an obnoxious
reality: the turning of Greece into a debtors’ prison on
behalf of Northern Europe’s banks.’
Chapter 2 | Quotes From Pages 277-546
1.How do you cover up a bankruptcy? By throwing
good money after bad.
2.A bright eight-year-old would have known that this
couldn’t end well.
3.Forcing new loans upon the bankrupt on condition that they
shrink their income is nothing short of cruel and unusual
punishment.
4.They had dealt Greece an impossible hand. But having
done so, they could see no way back.
5.You must understand that we have put too much into this

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 programme. We cannot go back on it.
6.Prisoners of their own device, slaves to the Summers
dilemma, they are condemned, like Macbeth, to add error
upon error until they realize that their crown no longer
symbolizes the power they have but the power that has
slipped away.
7.In the minds of Greece’s skittish bankers my campaign for
debt restructuring boiled down to their liquidation.
8.In Bailoutistan the troika-subservient government just froze
the picture for two hours. Then Greece’s TV screens turned
black.
9.The triangle of sin was complete: the insolvent media were
kept in a zombified condition by the zombie banks, which
were maintained in their undead condition by a bankrupt
government.
Chapter 3 | Quotes From Pages 547-799
1.‘Mr Varoufakis, you were misguided to put certain
banks in your sights and in your articles. If you
want your boy to continue to return home every

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 day, every Saturday, you will cease and desist.’
2.‘How could Greece’s bankers attract new capital given that,
like the state, they were well and truly bankrupt? No sane
investor would put money in a defunct bank.’
3.‘Yet only one network closed down during the crisis years,
the rest continuing to function despite multiplying losses.’
4.‘It is not a bluff to issue a statement of intent if you are
intending to carry it out regardless of what the other side
does.’
5.‘Ladies and gentlemen, just like a peace-loving people do
not want war but will not surrender their freedom because
they are threatened with war, it is perfectly rational to
disdain Grexit, as I do, but not be prepared to live in a state
of permanent great depression because we are threatened
by it.’
6.‘The only conclusion that can be drawn here is that, unless
we disdain surrender more than Grexit, there is no sense in
negotiating with the EU-IMF.’
7.‘I would lack the necessary legitimacy.’

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8.‘But if you decide to vote us in to deliver the blood, sweat
and tears we are promising in exchange for truth and
dignity, if you overcome your fear, then we promise to
overcome our fear to govern this country and to steer it to
emancipation from hopelessness.’
9.‘What mattered to them was their authority, and that was
being challenged by a leftist government whose success at
negotiating a new deal for its country was the creditors’
greatest nightmare.’

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Chapter 4 | Quotes From Pages 800-1027
1.How I would have loved a different speech from
Alexis Tsipras, one beginning with the question
‘Why vote for us?’ before proceeding to answer it
with ‘Because we are promising you only three
things: blood, sweat and tears!’
2.Indeed, if you want to vote for us, you must do so only
because you agree that the blood, sweat and tears that we
are promising you are a fair price to pay to hear the truth
from the lips of government ministers and to have
representatives in Europe who will neither beg nor bluff
but instead adopt a strategy no government has hitherto
adopted, the strategy of speaking Truth to power.
3.The people of Greece today sent a message of solidarity to
the north, to the south, to the east and to the west of our
continent. The simple message is that the time for
crisis-denial, retribution and finger-pointing is over. That
the time for the reinvigoration of the ideals of freedom,
rationality, democratic process and justice has come to the

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 continent that invented them.
4.It was time to swim back to Alexis’s partner Betty and
Danae, who were waiting on a small inflatable tenuously
anchored to the seabed.
5.What do you think Merkel wants? … I cannot believe she
thinks it’s in her interests to stir up another crisis.
6.Our people must be ready for such threats coming from an
ECB that behaved that way towards the Irish and the
Cypriots.
7.We shall not be beaten back into our pen even if you close
down Greece’s banks.
Chapter 5 | Quotes From Pages 1028-1143
1.Greek democracy today chose to stop going gently
into the night. Greek democracy resolved to rage
against the dying of the light.
2.I wrote my resignation letter and kept it in my inside
pocket, ready to submit it the moment I sense signs of
losing the commitment to speak truth to power.
3.We cannot duck this.

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4.It’s time to get down to work.
Chapter 6 | Quotes From Pages 1263-1536
1.We shall end this practice, beginning at home,
within this ministry, where parsimony will edge
austerity out.
2.The state must have continuity, but there will be no
continuity of the motivated error that began to devastate
our society in 2010.
3.Greece has been gazing too long into the abyss. And the
abyss has begun to gaze back at us.
4.If the country’s bankruptcy was to be blamed on its
victims, then the ministry’s cleaners were ideal scapegoats.
5.I believe in the destiny of a German-like Europe (though
unable to grasp the contradiction in such a term). He is
someone that can be debated with.

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Chapter 7 | Quotes From Pages 1537-1797
1.Our message to our partners is it cannot be
business as usual. The Greek social economy is
subject to a persistent doom-loop between public
debt, private losses, negative investment and a
vicious deflationary dynamic.
2.Our message to ourselves is it cannot be business as usual.
We need to reform. Reforms are not a necessary evil – it is
our dream to live in a Greece that reforms itself on the
basis of a reform programme that we own, not one that
appears to us symbolic of national humiliation.
3.Greece has been gazing too long into the abyss. And the
abyss has begun to gaze back at us. Time to turn our gaze
to hope.
4.I hope that this is indeed a new beginning, Pierre.
5.The notion that elections cannot be allowed to change
economic policy, indeed any policy, is a gift to supporters
of Lee Kuan Yew or indeed the Chinese communist party,
who also believe this to be true.

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6.Democracy is not a luxury to be afforded to the creditors
and denied to the debtors.
7.Our mandate was to negotiate. Which means to work
towards avoiding a rupture while refusing to rule out a
rupture.
8.If you cannot imagine walking out of a negotiation, you
should never enter it.
9.I am happier there demonstrating against this office, as I
have been doing since I was thirteen. If I am pushed to
pledge allegiance to the failed programme that condemns
my people to a continuation of our present indignity, rest
assured that I will jump at the opportunity to return there as
one of thousands of demonstrators. It would in fact make
my day.
Chapter 8 | Quotes From Pages 1798-2029
1.'Ever since I assumed this ministry, this room has
become the focal point of the hopes and
expectations of millions. But it is not my natural
habitat. My natural habitat is out there,' I said,

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 pointing to Syntagma Square. 'I am happier there
demonstrating against this office, as I have been
doing since I was thirteen.'
2.'If you cannot imagine walking out of a negotiation, you
should never enter it.'
3.'We shall not accept a single measure that reinforces the
doom loop boosting the debt-to-income ratio or the tax
rates imposed on those who are already exhausted by
punitive taxation.'
4.'Democracy is not a luxury to be afforded to the creditors
and denied to the debtors.'
5.'Our task is to carry out the deep reforms that my country
needs and to maximize the net present value of our debt
repayments to you. But if I accept the priorities, the matrix,
of the current programme, I know that I shall be giving the
debt-deflationary spiral another boost, I shall lose our
people’s support and, as a result, the country will become
un-reformable.'
6.'The interim agreement of 20 February was a necessary but

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 insufficient first step towards escaping Bailoutistan.'
Chapter 9 | Quotes From Pages 2030-2252
1.My message to you is that this is a government
interested only in Greece’s recovery within a
policy framework that is therapeutic for the
eurozone as a whole.
2.We prefer to go down in flames than to keep extending this
indignity.
3.We were not bluffing.
4.The one thing the people of Greece tell us time and time
again is: stop the practice of the past years of coming to
you cap in hand for more money.
5.We shall insist … that the review be completed on the
understanding that this government’s list of reforms is the
starting point.
6.Democracy is not a luxury to be afforded to creditors and
denied to debtors.
7.An overwhelming reluctance to undermine that dignity
stopped me from doing what I now know was necessary to

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defend it.

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Chapter 10 | Quotes From Pages 2253-2449
1....an historic breakthrough, breaking all of the
rules of top-down management in the eurozone.
All kudos!
2.I began with its fourth and final section, which I entitled
‘Humanitarian Crisis’. I chose this title as a litmus test.
3.It was essential to know whether this was going to happen
in advance, well before Monday night.
4.I should have made it. Instead, disastrously, I opted for the
softer alternative.
5.The problem with errors is that, like crimes, they beget new
ones.
6.A whole nation had reclaimed its dignity on the basis that
the two of us would hold our heads high in Brussels,
Frankfurt and Berlin on their behalf.
7.The only way to avoid being cornered in this way was to
insist that there be no negotiations in Athens between the
troika’s middle managers and our elected ministers.
8....a vision that not only involved an enhanced presence for

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 Cosco in Piraeus, under specific conditions, but a lot more
to boot.
9.The only reason I had not done so was my conviction that
Alexis could be counted on to trigger the rupture at a later,
commonly agreed, stage if need be.
10.But my failure to pull the plug on the 24 February
Eurogroup teleconference was to be compounded with an
even greater one a few days later.
Chapter 11 | Quotes From Pages 2450-2631
1.‘We had to be tough on Greece because of their
Greek Spring.’
2.‘Permanent temporariness’ is a tried and tested strategy for
keeping an occupied land subdued.
3.‘It is a sad day when the head of Europe’s stability
mechanism is advising me to do something that will
violently destabilize our society and economy.’
4.‘If we can agree on three or four major reform bills, that we
both agree would be therapeutic for Greece... then all I ask
you is for four weeks without the present liquidity

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 squeeze.’
5.‘The present circumstances are similar to those of the
summer of 2012, in the sense that there is a new Greek
government, the programme is suspended, there are
negotiations about negotiations...’
6.‘Angela Merkel would shy away from this course, however
reluctantly.’
Chapter 12 | Quotes From Pages 2632-2791
1.We need debt sustainability before anything else.
2.Yes, Poul, I have no doubt that your good people in DC
have excellent analyses of why our debt is ridiculously
unsustainable.
3.Will you be able to push for this?
4.We do not plan to let ourselves become compromised by
policies that we do not believe in.
5.Whatever arcane rules the Eurogroup had concocted… I
was merely trying to find a practical way to avoid
defaulting on the IMF in the next two weeks.
6.The situation is simple: we owe one part of the troika, the

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 IMF, a sum that we do not have. At the same time another
part of the troika, the ECB, owes us a similar sum.
7.That was a month ago, Alexi. Since then they have been
upping the ante while Angela has… failed to intervene.
8.We simply cannot afford to get into a war of words with
you; what we need is action!
9.Our people see the same figures, aided and abetted by the
troika, retain control of bankrupt banks… you cannot
expect them to take you seriously.
10.We want to keep Greece in the euro. I think it would be
excellent for official Europe to demonstrate that Europe
can do business… with pro-European political parties
who have a different – weird for you – view of the world.

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Chapter 13 | Quotes From Pages 2792-2976
1.‘When has a revolution ever delivered anything
other than disaster?’
2.‘Don’t give in! Do not dare surrender! No U-turn!’
3.‘I’m sure you understand that this is something that we
must be united behind. It’s not just for us to do. We must
hang together.’
4.‘You and I are like a woollen jumper. If we let them get
hold of a thread and start pulling it, eventually the jumper
will be undone.’
5.‘The jumper seems intact.’
6.‘Austerity sucks! But you must compromise in your dealing
with the institutions so that an agreement can be locked in.’
7.‘It was like trying to fend off a shark by pouring blood into
the sea.’
Chapter 14 | Quotes From Pages 2977-3083
1.‘They complain you are unreasonable until they
realize they can’t buy you or bluff you or
intimidate you. Then they really negotiate, often

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 late at night.’
2.‘Nothing was ever accomplished by a reasonable person.’
3.‘Austerity sucks! But you must compromise in your dealing
with the institutions so that an agreement can be locked in.’
4.‘We are ready to compromise, compromise and
compromise some more. But we are not ready to end up
compromised.’
5.‘You gave the shark a taste of your blood, its jaws grabbed
your arm, and now you think you can pull it back... Are
you confusing us with the powerful side in this
negotiation?’
6.‘If they want to hit me, then they will hit me.’
7.‘You’re welcome to return when you’re no longer a
minister.’
8.‘But know this: the same establishment that you loathe,
loathes me. I am a thorn in their backside and, believe me,
they are about to discard me.’
Chapter 15 | Quotes From Pages 3186-3360
1.‘Will you at last show a modicum of

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 responsibility?’
2.The one illusion that did remain was my faint belief that
Alexis would ultimately baulk at the humiliation the troika
were planning for him and at the last moment choose to
play another game – the one we had planned all along.
3.‘You must tell them that if they want the euro they must
have the MoU. If they don’t want the MoU then that’s fine,
move on.’
4.You have to accept the MoU if you want the euro. If you
don’t want the euro, that’s another matter.
5.As responsible leaders and Europeans, we should do all we
can to prevent Grexit and to offer our peoples a clear vision
of a decent life within the eurozone.
6.Whatever you decide, don’t for goodness’ sake mislead our
people.
7.‘Perhaps it was sheer inertia that impelled them to continue
work on the SLA.’
8.‘Is this sustainable? I cannot table at my parliament prior
actions, like you can’t, Wolfgang, table them at the

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 Bundestag, without being able to answer the question: is
this sustainable?’
9.‘You are doing the right thing. You have to convince your
prime minister about the things we talked about last time.’
10.‘I am glad the masks are off so that we can all see clearly
who has been undermining the finance minister from
within.’

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Chapter 16 | Quotes From Pages 3361-3551
1.We are not giving up. Today I am signalling to you
that we choose to live to fight another day.
2.Our no is a majestic, big yes to a democratic Europe. It is a
no to the dystopic vision of a eurozone that functions like
an iron cage for its peoples.
3.You must respect yourself more too. After tonight you have
a simple choice. Either you reactivate our plan, giving me
the tools I need, or you surrender.
4.When I was in the concentration camp as a communist, I
knew that, had our side won the civil war, I would be in the
same camp only with different guards.
5.You must manage it with greater respect to the people out
there than you showed before the referendum. You must
respect yourself more too.
Chapter 17 | Quotes From Pages 3552-3698
1.But it was not they who would take the blame; it
would be me.
2.Our no is a majestic, big yes to a democratic Europe.

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3.One for true believers
4.Constructive disobedience.
5.The danger is not that we shall aim too high and miss; the
real danger is that we train our eyes on the floor and end up
there.
Chapter 18 | Quotes From Pages 3699-3918
1.‘Except that consent without the freedom to say no
is a form of slavery, as feminists and civil right
campaigners taught us long ago.’
2.‘Observing the European Union’s attempts to deal with the
crisis is a bit like watching Othello – one wonders how our
rulers can be so deluded …’
3.‘A defeat is always easier to bear if one can recognize it as
but one episode in a larger struggle.’
4.‘But allow me, dear reader, to share a strongly held belief
… the danger is not that we shall aim too high and miss;
the real danger is that we train our eyes on the floor and
end up there.’
5.‘Our movement may be utopian, but its policy of

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constructive disobedience within the EU, of being both in
and against this illiberal and anti-democratic Europe, is the
only practical alternative to the dystopia unfolding as
Europe disintegrates.’

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Adults in the Room Questions
View on Bookey Website

Chapter 1 | 1 Introduction| Q&A

1.Question
What insight does Yanis Varoufakis provide regarding
the duality between insiders and outsiders in politics?
Answer:Varoufakis elucidates that insiders in
politics focus on maintaining their access to power
and influence, often at the expense of genuine truth
and accountability. Outsiders, on the other hand,
prioritize honesty and transparency but face the risk
of being ignored or marginalized by the insiders.
This dynamic reflects the struggle between
maintaining political capital and speaking
uncomfortable truths; Varoufakis embodies the
tension between these two roles, willing to
momentarily adopt insider tactics for a greater
cause.

2.Question

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How does Varoufakis view his own political identity in
relation to Larry Summers' question about insiders vs.
outsiders?
Answer:Varoufakis sees himself as a natural outsider, rooted
in a commitment to truth and Greek dignity. However, he
acknowledges the necessity to adopt insider behavior to
achieve a viable agreement for Greece's debt crisis, reflecting
a pragmatic approach shaped by the need to navigate the
political landscape while staying true to his principles.

3.Question
What was the significance of Varoufakis's encounter with
Larry Summers in Washington, D.C.?
Answer:The encounter highlighted Varoufakis's struggle to
reconcile his outsider status with the demands of negotiation
with powerful institutional insiders. Summers's insights
reinforced Varoufakis's resolve to fight against austerity
measures that would further entrap Greece in a cycle of debt
while simultaneously highlighting the difficult political
terrain he had to navigate to secure meaningful support for

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his country.

4.Question
What broader message does Varoufakis convey about the
consequences of austerity in Greece?
Answer:Varoufakis argues that austerity measures
implemented in Greece were not only economically harmful
but were also a moral failure that sought to shift blame onto
the Greek people rather than addressing systemic issues
within the European financial architecture. This entrapment
in austerity led to a humanitarian crisis, revealing the flaws in
Eurozone governance and the broader implications for
democratic accountability.

5.Question
What does Varoufakis emphasize about personal dignity
amidst the economic crisis depicted in the book?
Answer:Varoufakis emphasizes that dignity was a primary
concern for the Greek people during the economic crisis, as
evidenced by the wave of suicides that accompanied the loss
of livelihood and self-worth. The struggle to retain dignity in

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the face of relentless austerity and economic decline serves
as a poignant reminder of the human cost of political and
economic decisions.

6.Question
How does the story of Lambros, the homeless interpreter,
symbolize the plight of many Greeks during the crisis?
Answer:Lambros's story represents the human consequences
of Greece's financial collapse—he epitomizes those who
have fallen victim to economic policies that prioritize
creditor interests over human welfare. His poignant plea to
Varoufakis to not forget those still suffering exemplifies the
urgency and moral imperative behind Varoufakis's political
actions, underscoring the importance of advocating for
vulnerable populations in times of crisis.

7.Question
What significant transformations does Varoufakis
attribute to the movement of ordinary Greeks in
Syntagma Square?
Answer:The Syntagma Square protests catalyzed a
transformative political movement in Greece, reshaping

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public consciousness and spearheading demands for
democratic accountability, social justice, and a break from
the austerity narrative imposed by the EU and the IMF. This
grassroots activism elevated ordinary citizens’ voices against
oppressive policies, ultimately leading to political change.
Chapter 2 | 2 Bailoutistan| Q&A
1.Question
How did the actions of the EU and IMF towards Greece
signify a betrayal of the Greek people?
Answer:The EU and IMF imposed harsh austerity
measures and forced Greece to take loans that
further trapped the country in debt, rather than
genuinely assisting its recovery. They prioritized the
financial interests of European banks over the
welfare of the Greek people, leading to widespread
suffering and economic decline.

2.Question
What does Varoufakis mean by comparing the Greek
bailout to a modern debtor's prison?

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Answer:He suggests that, despite the loans provided to
Greece, the stringent conditions attached (like income cuts
and privatization) effectively imprisoned the Greek people in
a cycle of debt, much like how debtors' prisons confined
individuals who could not pay their debts.

3.Question
In what ways did Varoufakis' personal values conflict
with the political realities he faced as finance minister?
Answer:Varoufakis felt torn between his commitment to
uphold the interests of those who supported him (the Greek
citizens) and the necessity to negotiate and work with
powerful international bodies (like the IMF), whose policies
he believed would harm the very people he aimed to protect.

4.Question
What is the 'triangle of sin' Varoufakis refers to, and how
does it relate to the Greek financial crisis?
Answer:The 'triangle of sin' encompasses the collusion
between the state, the banks, and the media, where the
failures of one entity enabled the dysfunction of the others.

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This corrupt relationship exacerbated Greece's financial crisis
by prioritizing the interests of oligarchs over the public's
welfare.

5.Question
What lesson can be drawn from Varoufakis' assertion
that 'if the lenders do not lend responsibly, they should
suffer the consequences'?
Answer:This highlights the principle that accountability is
essential in finance; if lenders are not held responsible for
their decisions, they may continue irresponsible lending
practices that can lead to systemic failures in the economy.

6.Question
Why did Varoufakis argue that avoiding a bankruptcy
declaration would worsen Greece's situation?
Answer:By avoiding bankruptcy and accepting
extend-and-pretend loans, Greece only delayed the inevitable
and deepened its dependency on foreign creditors, which
would ultimately worsen the economic situation for ordinary
citizens.

7.Question

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How did the Syntagma Square protests symbolize a shift
in the political consciousness of Greek society during the
crisis?
Answer:The protests represented a powerful collective voice
among the Greek populace demanding accountability,
change, and their rights. They ignited hope and sparked
political dialogues that challenged the status quo, reflecting a
realization that the people could no longer accept traditional
political narratives.

8.Question
What does Varoufakis mean by stating that his proposals
for the Greek economic strategy must transcend the
typical left-right political divides?
Answer:He emphasizes the necessity for practical solutions
that prioritize the common good over political ideology,
advocating for a humane economic recovery plan that could
unite diverse political factions against a common challenge.

9.Question
Why does Varoufakis believe that Greek financial
independence is paramount for a sustainable exit from

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the debt crisis?
Answer:Varoufakis argues that true financial independence
would allow Greece to develop policies tailored to its
economic circumstances rather than being beholden to
external creditors, essential for fostering growth and
protecting its citizens from future crises.

10.Question
What moral dilemmas did Varoufakis face in negotiating
Greece's economic policies with the troika?
Answer:One primary moral dilemma was whether to
compromise on his principles to secure a deal with the troika
that would keep Greece in the eurozone, potentially betraying
the very citizens who supported him by enforcing harmful
policies.
Chapter 3 | 3 They bend their tongues like their
bows| Q&A
1.Question
What was the significance of the phone call Yanis
Varoufakis received about his son?
Answer:It represented the profound fear and

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intimidation that the Greek banking system exerted
over dissenting voices during the tumultuous
economic climate in Greece. The call illustrated the
lengths to which the powerful banking interests
would go to maintain their grip on the status quo,
hinting at a wider systemic issue that Varoufakis
was determined to challenge.

2.Question
How did the 'two men and a barrel of whiskey' joke relate
to Greek bankers' actions?
Answer:The joke reflected the scheme employed by Greek
bankers like Aris and Zorba, who created an illusionary cycle
of lending and borrowing between themselves. Like the
drunkards who passed a shilling back and forth without
gaining anything, the bankers used creative accounting and
circular loan practices to maintain the appearance of
solvency, ultimately harming taxpayers.

3.Question
What was Varoufakis' perspective on Syriza's economic
platform during the election?

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Answer:Varoufakis expressed deep concern that the
Thessaloniki Programme, while well-meaning, was
incoherent and inconsistent with a viable negotiation
strategy. He felt it made unrealistic promises that would
undermine Syriza's credibility and effectiveness in
negotiations with the troika.

4.Question
What was Varoufakis' proposed 'Five-Pronged Strategy'
and its importance?
Answer:The Five-Pronged Strategy aimed to restructure
Greece's public debt, create a development bank, and ensure
a sustainable fiscal policy while negotiating with European
creditors. Its importance lay in framing a clear, moderate but
firm stance to facilitate negotiations, highlighting the need
for genuine actions rather than empty promises.

5.Question
How did Varoufakis see the relationship between Greece
and its creditors, particularly regarding debt
restructuring?
Answer:He viewed the relationship as one where Greece

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needed to assert its position, communicate the necessity for
debt restructuring, and maintain that the Greek state could
not bear the financial burdens created by their creditors'
mistakes. Varoufakis believed that acknowledging this reality
was essential for any meaningful recovery.

6.Question
What signal was Varoufakis trying to send to the
creditors with his proposed actions if banks were closed?
Answer:He aimed to signal that the Greek government would
not accept being intimidated into submission; he would insist
on a stubborn adherence to a strategy that included haircuts
on unpayable debt, thereby turning the tables on aggressive
creditors who wished to undermine Greece's sovereignty.

7.Question
What does Varoufakis mean by 'truth without fear'?
Answer:Varoufakis argued for a transparent and honest
confrontation with both the Greek public and international
creditors. He believed that avoiding the truth would lead to
continued suffering and injustice, and that only by clearly

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stating their commitments and conditions could Syriza hope
to achieve a favorable outcome.

8.Question
Why did Varoufakis refuse to introduce capital controls
in his first day in office?
Answer:He believed that doing so would imply that Syriza
was preparing for a Grexit, and it would undermine the
party's negotiating position, signaling weakness to both the
public and the creditors in the eurozone.

9.Question
What was the impact of media portrayal on Varoufakis
and his role in the negotiations?
Answer:The media portrayed Varoufakis in conflicting lights,
at times branding him as a dangerous agent or a fool for his
stances. This media narrative influenced public perception
and political dynamics, and he faced significant backlash that
complicated his negotiation efforts and political standing.

10.Question
In what ways did Varoufakis' actions reflect his
commitment to a sustainable solution for Greece within

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the eurozone?
Answer:Varoufakis consistently advocated for moderate,
practical solutions regarding Greece's debt and economic
recovery. His approach emphasized need for controlled
dialogue with creditors while also preparing contingencies to
protect Greek interests, highlighting his dedication to finding
a sustainable path forward.

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Chapter 4 | 4 Treading water| Q&A
1.Question
What does the metaphor of the ‘Stoneship’ signify in the
context of trust and expectation regarding the political
climate in Greece?
Answer:The Stoneship, or Ship of Stone, represents
the complexity and trepidation surrounding the
negotiations versus powerful interests such as the
troika and Greek oligarchs. Just as the ghostly
appearance of the Stoneship suggests danger lurking
beneath the surface, the conversations about trust
reveal the fragility of Alexis's coalition and the deep
skepticism Varoufakis has about the loyalties and
intentions of those within the political sphere.

2.Question
What are the implications of Varoufakis’s insistence on a
voice in Syriza’s economic agenda before the election?
Answer:Varoufakis’s need for significant input indicates his
strong belief that economic strategies should be grounded in
reality and coherent principles that stand against the austerity

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measures imposed by the troika. His emphasis on avoiding
the '2012 repeat' reflects his concern about misleading
promises that could lead to public disillusionment and the
party's downfall.

3.Question
How does Varoufakis frame the struggle against the
troika and its implications for Greek citizens?
Answer:Varoufakis frames the struggle as one requiring
‘blood, sweat, and tears’—echoing Winston
Churchill—implying that true political action and reform
necessitate sacrifice and readiness to confront powerful
entities in pursuit of dignity and honest governance, rather
than passive reliance on prior bailouts.

4.Question
What is revealed about the internal divisions within
Syriza through Varoufakis's communication with Alexis
and Dragasakis?
Answer:The internal divisions and tensions within Syriza
become clear when Varoufakis expresses his concerns about
Dragasakis being too close to bankers and remaining aligned

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with the status quo. This suggests that there are conflicting
philosophies and strategies within the party regarding how to
approach negotiations and implement reforms.

5.Question
In what way does the chapter highlight the importance of
public perception in the context of the Syriza
government’s policies?
Answer:The chapter emphasizes public perception through
the repeated theme of truth-telling versus misleading
narratives about recovery. Varoufakis advocates for honesty
about the economic hardships while simultaneously rallying
the people around a vision for the future, recognizing that the
government’s legitimacy hinges on its ability to connect with
the electorate.

6.Question
What role does fear play in the political atmosphere
described in the chapter?
Answer:Fear is a recurring theme, as Varoufakis and his
colleagues navigate the treacherous waters of negotiating
with the troika. They must confront their fear of losing power

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while simultaneously fighting against the threat of economic
collapse, recognizing that fear can deter honest engagement
with the public and undermine their capacity to fulfill
promises made during the election.

7.Question
Can you summarize Varoufakis’s view on the
Thessaloniki Program?
Answer:Varoufakis sees the Thessaloniki Programme as
incoherent and inconsistent with effective negotiation
strategies. He criticizes it for making unrealistic promises,
highlighting the need for a grounded and credible economic
policy that truly addresses the nation’s financial crisis.

8.Question
How does Varoufakis’s professional background inform
his approach to his new role in government?
Answer:Varoufakis's background in economics gives him a
critical lens through which to assess the troika’s policies and
the broader implications for Greece. His knowledge shapes
his unwavering stance on prioritizing a rational approach to

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economic reform that aims to protect Greece's sovereignty
and dignity.

9.Question
What does Varoufakis mean by ‘speaking truth to power’
in the context of Syriza’s approach?
Answer:‘Speaking truth to power’ refers to Syriza's
commitment to confront the dominant financial institutions
and expose the realities of Greece's financial situation,
advocating for transparency and integrity in negotiations
rather than succumbing to the pressures of financial elites.

10.Question
In the context of pressure from the troika, what is the
significance of the phrase ‘you have no choice’ as
communicated to Varoufakis?
Answer:This phrase underscores the coercive nature of the
negotiations with the troika, indicating that external pressures
limit the government’s options, reflecting the power
imbalance in favor of the creditors. It highlights the
existential struggle for agency within the negotiations.

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Chapter 5 | 5 Raging against the dying of the light|
Q&A
1.Question
What did Yanis Varoufakis learn about the political
landscape during the run-up to the election?
Answer:He felt a mix of solidarity with the people
around him and a deep sense of institutional
isolation. He recognized that while he had personal
support, he lacked the extensive political networks
and resources that his colleagues had. This
highlighted his unique position as an outsider but
also emphasized the importance of building a team
to confront the established powers.

2.Question
How did Varoufakis choose his team to challenge the
troika?
Answer:He recruited experienced economists who had
previously worked within the troika, believing that those who
had once served the establishment could provide insights into
its operations and strategies. Notably, he sought individuals

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like Elena Panariti and Natasha Arvaniti, who had firsthand
experience with the troika's mechanisms and shared his
critical perspective on its policies.

3.Question
What was the significance of Varoufakis's communication
with Glenn Kim?
Answer:Glenn provided crucial insights and assistance as
someone who had contributed to the design of Greece's
previous bailouts. His admission of wrongdoing and
willingness to assist Varoufakis symbolized a potential for
redemption and collaboration, crucial for navigating the
challenging negotiations ahead.

4.Question
How did Varoufakis respond to concerns from within
Syriza about including former bailout officials in his
team?
Answer:He defended his decision by arguing that they
needed individuals who understood the troika's strategies
intimately, asserting that it was vital to have staff who could
effectively challenge them. Trusting in their shared

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experiences of the troika's harsh realities, he believed they
would be loyal and effective allies in the negotiation process.

5.Question
What was the broader political context behind the
election victory of Syriza?
Answer:The Greek electorate was driven by a profound
dissatisfaction with the previous government’s austerity
measures, which led to immense suffering. Voters were not
necessarily drawn to the radical left's ideology but were
uniting in a desperate bid for a change—an end to policies
that deepened their poverty and undermined their dignity.

6.Question
In what way did Varoufakis feel a connection to the
struggles of everyday Greeks?
Answer:He expressed a deep commitment to representing the
voices of the marginalized and suffering populace, embodied
by figures like Lambros, a homeless man whose plight
resonated with him. As he entered the Ministry of Finance,
his thoughts were focused on the impact of his decisions on

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ordinary people's lives rather than traditional political
metrics.

7.Question
What was Varoufakis's internal strategy to cope with the
stress of his new role?
Answer:He carried a signed but undated resignation letter in
his pocket to remind himself of his commitment to speak
truth to power and protect his principles against the potential
compromises of political life.

8.Question
How did Varoufakis's expectations for negotiation differ
from the established political norms he encountered?
Answer:He emphasized a need for open-eyed confrontation
with the troika, rejecting the traditional approach of
acquiescing to their demands through austerity, which he saw
as detrimental. His strategy aimed not just for financial
stability, but for a fundamental reassertion of political
sovereignty and democratic integrity.

9.Question
What does Varoufakis's story reveal about the struggles

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of leadership in crisis?
Answer:His journey illustrates the challenges of navigating
personal integrity, political alliances, and the pressure of
historical narratives while striving for policy change in a
context deeply affected by external powers. It emphasizes the
tension between idealism and pragmatism in a fraught
political landscape.
Chapter 6 | 6 It begins …| Q&A
1.Question
What does Yanis Varoufakis demonstrate through his
decision to walk to the Ministry of Finance alone instead
of being driven?
Answer:Varoufakis demonstrates a commitment to
transparency and independence, symbolizing his
desire to connect with the Greek people and reject
the previous administration's disconnect from them.

2.Question
How does Varoufakis differentiate between 'parsimony'
and 'austerity'?

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Answer:Varoufakis defines 'parsimony' as living within one’s
means and promoting savings, while 'austerity' refers to
harmful policies that cut essential services and social
spending, ultimately leading to greater debt and societal
harm.

3.Question
What was Varoufakis’s initial stance on Greece's
relationship with the Eurogroup and its creditors during
his first press conference?
Answer:He emphasized the need for a renegotiation of
Greece’s debt and the importance of establishing a new,
equitable relationship based on mutual respect and
understanding, instead of blind allegiance to damaging
austerity policies.

4.Question
What symbolic act did Varoufakis announce regarding
the Ministry of Finance during his initial address?
Answer:He announced the sale of luxury BMW vehicles used
by previous ministers, opting instead for a motorcycle, to
signify a return to modesty and parsimony in government

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spending.

5.Question
In what way does Varoufakis view the employment of
Greece's cleaning staff in the Ministry of Finance?
Answer:He views rehiring the cleaning staff as a critical
move to restore dignity to those marginalized by austerity
measures, emphasizing that supporting the vulnerable is a
priority for his government.

6.Question
What outcome did Varoufakis observe after his meetings
with various European leaders regarding the Greek debt
crisis?
Answer:Varoufakis saw an initial positive response, with
markets reacting favorably to his proposals, as indicated by
the rise of the Athens Stock Exchange and bank shares.

7.Question
What common thread did Varoufakis notice in his
interactions with progressive leaders like Bernie Sanders
and academic figures such as Jeff Sachs?
Answer:A shared concern for addressing systemic issues

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stemming from austerity policies and the belief in the
importance of debt restructuring to alleviate the economic
crisis in Greece.

8.Question
How does Varoufakis’s experience reflect the challenges
faced by leaders trying to negotiate under constrained
circumstances?
Answer:Varoufakis faced constant pressure from powerful
creditors and institutions, often encountering hostility and
demands that undermined his government's legitimacy and
ability to implement necessary reforms.

9.Question
What does Varoufakis imply about the media portrayal of
him following his public remarks regarding corruption in
Greece?
Answer:He suggests that media narratives often
misrepresented his intentions, painting him as an
anti-German radical rather than highlighting his advocacy for
accountability and reform.

10.Question

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What is Varoufakis’s ultimate vision for Greece in the
context of European integration?
Answer:He envisions a Greece that not only recovers from its
debt crisis but also plays an active role in a more integrated
and cooperative Europe, promoting policies that benefit all
member states.

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Chapter 7 | 7 Auspicious February| Q&A
1.Question
What was the main message Varoufakis wanted to convey
to Greece's partners during his meetings?
Answer:He emphasized that it cannot be 'business
as usual' due to Greece's dire economic situation
and stressed the need for reforms that the Greek
government could own, not those imposed from
outside.

2.Question
How did Varoufakis perceive the relationship between
Greece and the EU as represented by the troika?
Answer:He viewed it as a predatory relationship, akin to
McKinsey restructuring a corporation without accountability
to its stakeholders, where Greece was trapped in a cycle of
debt and austerity.

3.Question
What was the significance of the 'longish leather
overcoat' Varoufakis borrowed from the ambassador?
Answer:It not only provided warmth during an important trip

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but symbolized the unconventional nature of Varoufakis's
role and the unexpected challenges of his position.

4.Question
What was the response of Poul Thomsen regarding
Greece’s financial strategy?
Answer:To Varoufakis's surprise, Thomsen suggested that
they could not expect a left-wing government to implement
austerity measures that right-wing predecessors wouldn’t. He
even proposed an immediate annulment of part of Greece's
debt.

5.Question
What was Varoufakis's stance on privatizations during
his discussions with European finance ministers?
Answer:He stated that the Greek government would evaluate
each privatization project based on specific criteria, rejecting
fire sales of public assets at depressed prices, and aiming to
protect workers' rights and local businesses.

6.Question
How did Varoufakis react to Wolfgang Schäuble’s
assertion that elections should not change economic

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policy?
Answer:Varoufakis challenged this view, arguing that
democracy cannot be sidelined in favor of strict adherence to
previous agreements, emphasizing that the Greek electorate
had given a mandate for change.

7.Question
What overarching principle did Varoufakis advocate
regarding the new proposals for Greece's economy?
Answer:He advocated for a 'contract' between equals,
proposing a new cooperative approach rather than accepting
a continuation of the past brutal austerity measures.

8.Question
What was Varoufakis’s strategy in presenting his
proposals during the Eurogroup meeting?
Answer:He aimed to maintain transparency about Greece's
economic situation and the necessity for debt restructuring,
while simultaneously seeking a credible partnership with the
EU to ensure a better economic future for Greece.

9.Question
How did public perception and media coverage influence

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Varoufakis's negotiations?
Answer:Press coverage was crucial; Varoufakis aimed to
assure both the market and the Greek populace that their
negotiation stance was robust, hoping to build public support
and mitigate the impact of negative narratives.
Chapter 8 | 8 The frenzy before the storm| Q&A
1.Question
What is the significance of the Eurogroup meetings for
Greece's negotiation strategy?
Answer:The Eurogroup meetings are critical for
Greece's negotiation strategy as they serve as a
platform where key financial decisions are made for
the Eurozone. Greece, represented by its new
finance minister, Yanis Varoufakis, aimed to
confront the established austerity measures imposed
by the troika (the European Commission, the
European Central Bank, and the International
Monetary Fund) and sought to replace them with a
more sustainable growth model. The Eurogroup

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represents a unique challenge because it combines
the power dynamics of various member states with
conflicting interests, particularly under the influence
of Germany's finance minister, Wolfgang Schäuble.

2.Question
Why did Varoufakis consider his negotiations at the
Eurogroup to be a battle between dignity and humiliation
for Greece?
Answer:Varoufakis viewed the negotiations as a struggle for
Greece's dignity amidst a backdrop of economic humiliation
caused by the severe austerity measures mandated by the
troika. He believed that accepting these measures without
challenging them would further undermine the sovereignty
and self-respect of Greece and its citizens. This battle for
dignity involved refusing to accept terms that Greece could
not realistically commit to and advocating for a fairer deal
that recognized the socio-economic realities faced by the
Greek people.

3.Question
How did Varoufakis propose to address the humanitarian

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crisis in Greece during the Eurogroup discussions?
Answer:Varoufakis aimed to include provisions addressing
the humanitarian crisis as a central component of any new
agreement. He emphasized that any agreement to extend or
modify the existing bailout program must include measures
that alleviate the social and economic suffering of the Greek
populace, such as social welfare reforms, job creation, and
the restoration of basic rights and dignity.

4.Question
What were the reactions among European politicians
regarding Greece's new government and its policies?
Answer:Reactions were mixed; some politicians were
supportive of the new Greek government's efforts to seek a
more favorable negotiation regarding its debt and economic
policies, while others, particularly those aligned with
Schäuble's views, were apprehensive and critical. The
prevailing sentiment among those who had previously
accepted harsh austerity measures was often one of fear that
Greece's resistance could inspire similar movements in their

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own countries, especially in the context of impending
elections.

5.Question
What underlying principles guided Varoufakis's
approach to the negotiations with the Eurogroup?
Answer:Varoufakis's approach was guided by a combination
of ethical considerations and strategic pragmatism. He
believed in the necessity of reconstructing Greece's economy
in a sustainable manner, rejecting punitive measures that
would only exacerbate the economic crisis. His philosophy
included the importance of democratic accountability and
resisting oppression, striving for transparency, and ensuring
that any proposals made were truly beneficial not just for
Greece, but for the stability of the entire Eurozone.

6.Question
What does Varoufakis mean by saying he was ‘happier’
protesting in Syntagma Square than being a minister?
Answer:Varoufakis expressed that his natural inclination and
comfort lay in being an activist, standing against government

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injustices rather than being part of a system that perpetuated
those injustices through austerity. His statement reflects a
profound sense of duty to his people and a willingness to
sacrifice personal comfort for the larger struggle against
financial oppression.

7.Question
Describe the importance of solidarity across Europe
during Greece's negotiations according to Varoufakis.
Answer:Varoufakis highlights the significance of solidarity
among European citizens, especially during Greece's
negotiation with the Eurogroup. He believes that the
struggles faced by Greece resonate with the broader context
of economic injustice across Europe, urging a collective
response that transcends national borders. His vision includes
forging new motives that unite people in the quest for a
humane and ethical approach to economic governance.

8.Question
What critical choice does Varoufakis refer to when
considering capital controls for Greece?

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Answer:Varoufakis indicates that imposing capital controls
would represent a significant self-inflicted defeat for Greece,
as it would signal vulnerability and further undermine the
integrity of its economy. He framed the choice as one not just
between maintaining liquidity or succumbing to austerity
measures, but as a pivotal moment that could either
safeguard national sovereignty or lead to a surrender to
external pressures.
Chapter 9 | 9 A moment to savour, darkly| Q&A
1.Question
What were the minimum conditions set by Varoufakis for
negotiating with Merkel during the European Council
summit?
Answer:1. End the liquidity squeeze to create space
for proper negotiations.
2. Replace the troika process with a new
Brussels-based institution for direct communication
between Greek ministers and the European
Commission.

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3. End the toxic language of 'extending' and
'successfully completing' the current Greek
programme.
4. End escalating austerity, aiming for a small
primary budget surplus not exceeding 1.5% of
national income.

2.Question
How did Varoufakis perceive Angela Merkel's role in the
resolution of Greece's situation?
Answer:He viewed Merkel as the key to resolving the Greek
crisis, believing that only she had the authority to counter
Wolfgang Schäuble's dominance in the Eurogroup.

3.Question
What was the significance of the Eurogroup's 20
February meeting according to Varoufakis?
Answer:It marked a significant turning point as Greece
managed to secure a 120-day extension of its loan agreement
and the right to propose its own reform agenda, which was
considered a victory against the troika's demands.

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4.Question
What was the response of the Eurogroup representatives
about Greece's reform list during the teleconference on 24
February?
Answer:The representatives claimed that the list was
comprehensive but emphasized that it did not replace the
MoU (Memorandum of Understanding), which reinstated its
conditions, thereby undermining the agreement made on 20
February.

5.Question
What internal conflicts did Varoufakis face within the
Greek government regarding Chouliarakis's role?
Answer:Varoufakis found that Chouliarakis, his deputy, was
untrustworthy due to failures to communicate vital
information, including the forwarding of important emails
from the troika. He felt compelled to replace Chouliarakis to
maintain governmental integrity and effectiveness in
negotiations.

6.Question
How did Varoufakis describe his emotional state after the

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Eurogroup teleconference?
Answer:He felt regret and dismay at having not been more
decisive in resisting the reinstatement of the MoU,
acknowledging that his failure to confront the troika's
manipulation led to increased internal discord.

7.Question
What lesson did Varoufakis learn from the negotiations
with the troika and within his government?
Answer:He realized the importance of unity and decisive
leadership in negotiations, understanding that a lack of
cohesion and decisiveness could be detrimental to achieving
the goals set for Greece.

8.Question
What thematic elements did Varoufakis highlight
regarding the struggle for Greece in relation to Europe?
Answer:He emphasized the themes of dignity, sovereignty,
and the need for mutual respect in negotiations, arguing that
Greece's efforts were not about national gain at the expense
of others but rather about recalibrating the policies in the

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interest of all EU members.

9.Question
What was the ultimate outcome of Varoufakis's efforts in
the Eurogroup meetings, particularly regarding the MoU
and Greece's sovereignty?
Answer:Despite initially achieving a temporary victory,
Varoufakis ultimately found himself in a position where
Greece's sovereignty was compromised as the terms of the
MoU were reintroduced, which he later recognized as a
failure in leadership and strategic maneuvering.

10.Question
What did Varoufakis and his government need to do after
the 20 February Eurogroup agreement to maintain their
political mandate?
Answer:They needed to prepare and submit a list of reforms
that reflected their government agenda while pushing back
against the reinstatement of the MoU, ensuring that their
proposals addressed the humanitarian crisis and aimed for
genuine reform.

11.Question

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How did Varoufakis reflect on his negotiations and
decisions during these critical meetings?
Answer:He expressed regret for not pulling the plug on
negotiations sooner when the terms became unacceptable and
acknowledged that a decisive rejection of the troika's
impositions might have changed the course of events.

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Chapter 10 | 10 Unmasked| Q&A
1.Question
What does Yanis Varoufakis mean by 'the litmus test' in
his draft reform list?
Answer:The 'litmus test' refers to including the
section titled 'Humanitarian Crisis' in the draft
reform list. It was aimed to gauge the creditors'
reaction: if they rejected this compassionate
measure, it would indicate their unwillingness to
support reforms that could genuinely alleviate the
suffering of the Greek people, thereby revealing
their stance against proposals aimed at human
dignity.

2.Question
Why was Varoufakis concerned about submitting the
reform list by the deadline?
Answer:Varoufakis feared that if he submitted the list
without knowing the creditors’ stance, and they rejected it, it
could lead to a complete failure of negotiations. This failure

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could result in financial panic, including bank closures and
international ridicule for Greece.

3.Question
What internal conflict did Varoufakis face regarding his
deputy, Chouliarakis?
Answer:Varoufakis struggled with his lack of trust in
Chouliarakis, who seemed to favor the troika's perspective
and had previously put him in a bad position by presenting a
document created by the troika's Declan Costello. This
situation raised concerns for Varoufakis about the loyalty and
effectiveness of his team during critical negotiations.

4.Question
What was the significance of Varoufakis's decision to
maintain communication with the troika despite a
looming deadline?
Answer:Varoufakis's decision to keep lines of
communication open with the troika aimed to gather vital
insights about their non-negotiable demands, hope to avoid a
stalemate, and maintain any possible hope of a beneficial
agreement for Greece.

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5.Question
What was the reaction of the media to Varoufakis's
missed submission deadline?
Answer:The media depicted Varoufakis as incompetent and
disorganized, framing the missed deadline as a sign of
failure, which put additional pressure on him and further
negatively impacted his public image.

6.Question
How did Varoufakis perceive the responses of the
creditors during negotiations?
Answer:He characterized the responses of the creditors,
particularly during meetings, as evasive and dismissive,
reflecting their unwillingness to engage sincerely with
Greece’s proposals and suggesting a deliberate strategy to
weaken his position.

7.Question
What lesson did Varoufakis reflect upon regarding his
interactions with Alexis Tsipras?
Answer:Varoufakis recognized that he had underestimated
Tsipras’s resolve and willingness to activate their previously

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agreed-upon deterrents against the creditors. He wished he
had been more confrontational when faced with indications
that Tsipras might compromise.

8.Question
What did Varoufakis believe was essential for a viable
reform agenda?
Answer:He believed that any viable reform agenda must
include debt restructuring and should not be separated from
measures aimed at ending austerity, as they were
interdependent for achieving Greece’s economic recovery.

9.Question
What did Varoufakis mean by 'fiscal waterboarding' in
the context of Greece's negotiations?
Answer:'Fiscal waterboarding' was a metaphor used by
Varoufakis to describe the strategy employed by the troika,
where they would allow just enough liquidity to keep the
Greek government afloat but applied severe pressure to
enforce austerity measures, effectively suffocating any
chance of genuine reform.

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10.Question
How did Varoufakis’s relationship with the troika evolve
throughout the negotiations?
Answer:His relationship with the troika became increasingly
adversarial, as it became clear that they were more interested
in imposing their agenda rather than engaging in meaningful
discussions that could lead to a fair outcome for Greece.

11.Question
What underlying message did Varoufakis convey about
the nature of power dynamics in international
negotiations?
Answer:Varoufakis highlighted how power dynamics in
international negotiations often revolve around the
manipulation of perceptions and the use of threats rather than
genuine dialogue, illustrating the complexities facing smaller
nations like Greece when negotiating with larger powers.
Chapter 11 | 11 Whittling our spring| Q&A
1.Question
What were the challenges faced by the Greek government
during the negotiations with the troika in 2015?

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Answer:The Greek government faced several
challenges including a refusal from the creditors to
agree on a road map for debt restructuring, a tactic
known as 'fiscal waterboarding' to maintain
financial pressure, and a divide-and-rule strategy
that exploited tensions within the Greek
government. Key members were undermined,
leading to an environment of mistrust which
hampered negotiations.

2.Question
How did the troika maintain control over Greece during
this period?
Answer:The troika cultivated deep uncertainty in Greece
about its financial future, making it impossible for businesses
and citizens to plan financially. They used tactics like
creating a 'permanent temporariness' which kept the Greek
government in a vulnerable position, frequently applying
pressure without clear milestones.

3.Question

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What is the significance of the 'Penelope ruse' mentioned
in the text?
Answer:The 'Penelope ruse' refers to the troika's strategy of
delaying tactics, where proposals from the Greek government
were ignored while endless requests for data were demanded,
similar to Penelope weaving a shroud by day and unraveling
it at night. This kept the Greek government in a state of
confusion and ineffectiveness.

4.Question
Why was the relationship between Alexis Tsipras and
Angela Merkel critical?
Answer:The relationship was crucial because both leaders
had the ability to either escalate or de-escalate tensions
between Greece and the eurozone. Tsipras saw Merkel as a
pragmatic partner who could be persuaded to support
Greece's needs, while Merkel needed to address the political
fallout of a potential Greek exit from the eurozone.

5.Question
What was the impact of the 'Brussels Group' (the Bee
Gees) on negotiations with the creditors?

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Answer:The establishment of the Brussels Group allowed for
political negotiations to occur away from the constraining
environment of the troika's direct oversight in Athens. This
helped to reframe the discussions, although there were still
significant tensions and disagreements between the parties
involved.

6.Question
How did the internal dynamics within the Greek
government affect its negotiation strategies?
Answer:Internal divisions, particularly between hardliners
and accommodators regarding strategies to negotiate with the
troika, created inefficiencies and weakened the government's
negotiating power. Key figures often acted against each
other, leading to discord that further complicated
negotiations.

7.Question
What was Mario Draghi's role during the crisis, and how
did it affect Greece?
Answer:Mario Draghi, as head of the ECB, played a pivotal

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role in controlling Greece's financial conditions by managing
liquidity. His decisions, such as limiting Greek banks' ability
to buy treasury bills, effectively suffocated the government,
contributing to a heightened state of crisis.

8.Question
How did public perceptions of the troika evolve
throughout the negotiations?
Answer:Public perceptions shifted from seeing the troika as a
necessary partner in recovery to viewing them as enforcers of
austerity, leading to resentment and anger towards both the
creditors and the Greek government for their perceived
collusion in perpetuating Greece's suffering.

9.Question
What were the consequences of Alexis Tsipras's decisions
in relation to Greek citizens' trust?
Answer:As Tsipras leaned towards collaboration with Merkel
and the creditors, he risked losing the trust of his supporters
and people who expected a complete break from austerity
measures and a fighting stance against the troika. His

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decisions created disillusionment among those who believed
in Syriza's promises.

10.Question
What does the term 'fiscal waterboarding' imply about
the troika's treatment of Greece?
Answer:The term 'fiscal waterboarding' implies a kind of
financial torture, where the Greek government was pushed to
the brink of default but given just enough financial lifeline to
avoid total collapse—thus forcing it to accept harsh austerity
measures and lose control over its financial destiny.
Chapter 12 | 12 Merkel’s spell| Q&A
1.Question
What is the significance of discussing debt restructuring
upfront according to Varoufakis?
Answer:Varoufakis emphasizes that debt
restructuring is essential for Greece to achieve debt
sustainability, which is the prerequisite for any
meaningful negotiations or compromises with
creditors. Without addressing the 'elephant in the

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room'—the unsustainable nature of Greek
debt—the nation remains ensnared in a cycle of
insolvency and unable to enact necessary reforms.

2.Question
How does Varoufakis perceive the role of Angela Merkel
in the negotiation process?
Answer:Unlike others who view Merkel as an adversary,
Varoufakis sees her as a pragmatic politician who aims to
maintain the integrity of the eurozone. He believes that by
presenting her with the option to either evict Greece, which
would carry significant political costs, or to provide debt
relief, a workable agreement could emerge.

3.Question
What was Varoufakis' reaction to the claim that the
Greek government was failing to present costed plans?
Answer:Varoufakis reacted with frustration, highlighting the
discrepancy between media narratives and the reality of the
situation. He argued that despite their efforts to compromise,
the creditors were not reciprocating, which only exacerbated

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the crisis.

4.Question
What impact did Varoufakis predict Greece's default
would have on its relationships with creditors?
Answer:He warned that defaulting on payments to the IMF
would likely trigger cross-defaults, leading to a cessation of
liquidity from the ECB and potential capital controls, which
would further destabilize the economy. Varoufakis
highlighted the need for a coherent strategy rather than empty
threats.

5.Question
What reactions did Varoufakis note from the Greek
public regarding their government during this
tumultuous time?
Answer:He noted a strong sentiment among the public urging
the government not to capitulate, expressing solidarity and
demanding rigid adherence to their promises of resistance
against austerity measures.

6.Question
In what ways did Varoufakis address the complexity of

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Greece's financial situation during discussions?
Answer:He insisted on explaining how the liquidity crisis
was intertwined with the structural issues of the Greek
economy, emphasizing that the IMF's approaches were
outdated and ineffective for Greece's unique challenges,
particularly the corruption perpetuated by the banking sector.

7.Question
How did the dynamics of Varoufakis' discussions with
Christine Lagarde reflect on his negotiating strategy?
Answer:The discussions highlighted his approach of
balancing firm confrontations over liquidity conditions while
seeking cooperative dialogue. Varoufakis aimed to foster
constructive engagement, presenting credible alternatives
while condemning the existing procedures as unjust and
dysfunctional.

8.Question
What was the atmosphere like in the cabinet meeting
when Varoufakis pushed for a decision on defaulting?
Answer:Initially, the meeting was gloomy and filled with a

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sense of resignation. However, once Alexis Tsipras
acknowledged Varoufakis' arguments, the atmosphere shifted
significantly, culminating in a collective decision that infused
a sense of hope among cabinet members.

9.Question
How did Varoufakis view the media portrayal of the
Greek government's negotiations?
Answer:He was critical of the media's portrayal, believing it
misrepresented the Greek government as unprepared and at
fault while in reality, the creditors were failing to engage in
meaningful dialogue or propose viable solutions.

10.Question
What did Varoufakis suggest as a necessary course of
action to ensure Greece's recovery?
Answer:He suggested that Greece needed not only to frame a
coherent and strategic counter-proposal for reform but also to
ensure debt restructuring was prioritized alongside reforms to
regain trust and aid from creditors.

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Chapter 13 | 13 The right stuff, foiled| Q&A
1.Question
What historical event does Varoufakis reference to argue
for the necessity and potential positive outcome of
revolutionary actions?
Answer:He references the Greek Revolution of 1821,
which was an insurrection against the Ottoman
Empire that, despite its high stakes and recklessness,
led to the establishment of modern Greece.

2.Question
How does Varoufakis describe his feelings while attending
the Greek Revolution Day parade in Chania and what
does this signify?
Answer:Varoufakis feels a mix of pride and ridiculousness as
he represents the government, enjoying the moment despite
his anarchist inclinations. This signifies a deep connection to
his national identity and the cultural importance of resilience
and unity among the Greek people.

3.Question
What crucial question does Alexis Tsipras pose regarding

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the calls for rupture, and why is it significant?
Answer:Tsipras asks whether those calling for rupture today
would stand by them afterwards or blame them for the
consequences. This question is significant as it reflects the
uncertainty and potential volatility within the revolutionary
movement and the need for collective responsibility.

4.Question
What does Varoufakis emphasize about the importance of
readiness for negotiation and public perception?
Answer:He emphasizes that it's crucial to prepare the public
for the realities of the negotiation process, implying that
transparency and collective understanding are vital for
maintaining support amidst turbulent decisions.

5.Question
What advice does Larry Summers give Varoufakis
regarding negotiations with the IMF?
Answer:Summers advises against yielding to further austerity
measures, emphasizing that even the most powerful
stakeholders agree that additional austerity is a harmful path.

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6.Question
How does the narrative shift towards feelings of isolation
and despair for Varoufakis, and what does he compare
his situation to?
Answer:Varoufakis increasingly feels alone and unsupported
in his ministerial role, likening his position to confronting a
powerful adversary without sufficient backing or protection.

7.Question
What does the character of Varoufakis represent in the
context of the Greek crisis and what are his reflections on
fighting against the troika?
Answer:Varoufakis represents the voice of resistance and
reform in the face of overwhelming external pressure from
the troika, reflecting on the challenges and complexities of
attempting to navigate a path towards economic recovery and
sovereignty for Greece.

8.Question
What significant decisions do Varoufakis and Tsipras
make during the April war cabinet meeting, and what are
the underlying reasons?

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Answer:During this meeting, a decision is made to concede
to austerity measures, with Varoufakis’s potentially
constructive proposals being overlooked. The reasoning
stems from a misguided belief that concessions would lead to
favorable outcomes from their creditors, despite historical
evidence to the contrary.

9.Question
In what ways do the personal dynamics between
Varoufakis and Tsipras impact the negotiation strategy of
Greece?
Answer:The trust and camaraderie that Varoufakis initially
shares with Tsipras are strained as differing approaches to
negotiations and concessions emerge, affecting the overall
unity and strength of Greece's bargaining position.

10.Question
In the final chapter, how is the concept of revolution
portrayed in relation to personal sacrifice and national
struggle?
Answer:Revolution is portrayed as a collective struggle that
demands personal sacrifices, as demonstrated by Danae's act

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of shielding Varoufakis during an attack. This incident
symbolizes the intertwining of personal commitment and
national identity, underscoring the high stakes of their
political battle.
Chapter 14 | 14 The cruellest month| Q&A
1.Question
What drives Yanis Varoufakis's determination to present
the N+1 Plan to Alexis Tsipras?
Answer:Varoufakis feels a strong sense of duty
towards Greece and its future. Despite losing trust
in his comrades, he believes it is crucial to present a
comprehensive policy proposal to recover control
over their country's fate in the face of looming
deadlines and external pressures.

2.Question
How does Varoufakis respond to the lack of engagement
from Tsipras regarding the N+1 Plan?
Answer:Varoufakis feels disheartened but remains unfazed
and continues to work with his team on detailed debt

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sustainability analyses and proposals, demonstrating his
commitment despite the situation.

3.Question
What is the significance of Varoufakis's meeting with
President Obama?
Answer:The meeting underscores the support that the Greek
government seeks from the U.S. while highlighting the
contrasts between their situation and that faced by the U.S.
during the 2008 crisis, particularly regarding the backing of a
central bank.

4.Question
What advice does Varoufakis gain from American union
leaders during his Washington visit?
Answer:He learns that being perceived as 'unreasonable' can
lead to serious negotiations rather than mere attempts at
intimidation or bluffing, reinforcing his belief in holding firm
to their principles.

5.Question
What pivotal advice does David Lipton give Varoufakis
regarding negotiations with the IMF?

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Answer:Lipton suggests adopting the Polish strategy, where
Poland successfully presented its own comprehensive plan to
the IMF, which was accepted as a basis for negotiation,
empowering Varoufakis to push for a similar approach.

6.Question
How does Varoufakis perceive the actions of his
government leaders during the Eurogroup meetings?
Answer:He sees their actions as capitulation, particularly in
their failure to maintain a unified front against the pressures
from the EU, with increasing fragmentation in their strategy.

7.Question
Why does Varoufakis decide to stay on in his role despite
the growing tension and division within the cabinet?
Answer:He resolves to remain in order to maintain the
deterrent the government has against its creditors, believing
that there is still a chance Alexis Tsipras could reject total
capitulation and seek a better agreement.

8.Question
What lesson does Varoufakis learn through his
confrontation with both the European troika and local

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aggressors?
Answer:He learns the importance of confronting adversities
directly and engaging with the opposition, whether in
international negotiations or in defending himself personally,
highlighting the need for courage and resilience.

9.Question
What underlying theme does Varoufakis convey through
his experiences in this chapter?
Answer:The narrative reveals themes of loyalty, betrayal,
struggle against systemic power, the need for solidarity, and
the personal sacrifices involved in political leadership during
a crisis.
Chapter 15 | 15 Countdown to perdition| Q&A
1.Question
What dynamic is suggested in the text regarding the
relationship between the Greek government and the EU
during the financial crisis?
Answer:The text illustrates a tense dynamic where
the Greek government is portrayed as struggling for

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autonomy amidst pressure from the EU and the
troika, which consists of the IMF, European
Commission, and ECB. Varoufakis conveys a sense
of impending defeat and the feeling of being trapped
in a system that demands unyielding austerity
without consideration for the economic realities in
Greece. The portrayal of Alexis Tsipras's eventual
decision to call for a referendum reflects the broader
struggle between democratic accountability and
external pressures from international institutions.

2.Question
What was the significance of Varoufakis's proposed 'Plan
for Greece'?
Answer:Varoufakis's 'Plan for Greece' represented a
comprehensive strategy aimed at countering the austerity
measures imposed by the troika while also presenting
alternative reforms that could potentially gain support from
other EU ministers. His goal was to forge a united front
against the prevailing narrative of austerity and to propose a

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feasible path towards economic recovery, effectively
positioning Greece as a significant player in negotiations.

3.Question
How does the text portray the concept of 'adults in the
room' as discussed by Christine Lagarde?
Answer:The phrase 'adults in the room' is portrayed as a
critique of a lack of maturity and responsibility among the
European finance ministers during the crisis discussions.
Lagarde's comments highlight a perceived disconnect
between political leaders and the realities faced by citizens,
indicating that important decisions were being made without
adequately recognizing their impact on everyday people.
Varoufakis counters this by asserting that the voices of
ordinary citizens should guide political decisions.

4.Question
What role did the referendum play in Varoufakis's and
Tsipras's strategy?
Answer:The referendum was seen as a crucial tactical move
to empower the Greek populace to express their opinion on

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the troika's proposed measures. Varoufakis believed that a no
vote would signal a rejection of the imposed austerity and
reclaim some agency for Greece in the negotiation process,
while Tsipras viewed it as a necessary step to legitimize their
position, even though he personally feared the consequences
of such a challenge.

5.Question
What does Varoufakis's interaction with Wolfgang
Schäuble reveal about differing perspectives on the Greek
debt crisis?
Answer:Varoufakis’s conversations with Schäuble reveal a
complex interplay between recognition of the
unsustainability of Greek debt and the harsh demands of the
troika. While Schäuble appears to acknowledge the political
and economic realities of the Greek situation, he
simultaneously supports a stringent approach that Varoufakis
sees as counterproductive. Their discussions imply a deeper
disagreement about the direction of Europe’s economic
policies and the role of national sovereignty amid alliances.

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6.Question
What dilemmas were faced by the Greek government as
outlined in the text?
Answer:The Greek government faced the dilemma of how to
respond to the troika's demands, balancing national interests
against international pressures. They had to choose between
accepting deep austerity measures that could worsen the
country's economic plight or resisting these measures,
potentially facing isolation from the eurozone. This led to
internal divisions among officials about which path to take,
culminating in Tsipras's fateful decision to hold a
referendum.

7.Question
How does Varoufakis describe the impact of economic
models used by the troika on real-life outcomes for the
Greek population?
Answer:Varoufakis criticizes the troika's economic models as
fundamentally flawed, as they fail to account for real market
dynamics and human responses to fiscal policy. He
highlights how these erroneous assumptions led to policies

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that deepened economic despair, stagnated recovery efforts,
and aggravated the humanitarian crisis in Greece, resulting in
dire consequences for the population.

8.Question
What symbolism is found in the political cartoon
mentioned in the text?
Answer:The political cartoon symbolically represents Greece
as a victim, bound and powerless under the threat of the EU's
authority, while the executioner symbolizing the troika
demands compliance. It evokes a powerful image of
subjugation and the struggle for autonomy, suggesting the
grave situation Greece finds itself in regarding its national
sovereignty and economic freedom.

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Chapter 16 | 16 Adults in the room| Q&A
1.Question
What underlying themes can we extract from Yanis
Varoufakis's experiences and observations during the
Greek financial crisis as described in this chapter?
Answer:The chapter highlights themes of betrayal,
the fragility of democracy, and the struggle for
dignity in the face of overwhelming pressure from
powerful institutions. Varoufakis emphasizes the
importance of standing firm against compromises
that undermine democratic choices, suggesting that
true resistance involves both constructive
disobedience and a support for collective power.

2.Question
How does Varoufakis’ perspective on leadership contrast
with the actions of his colleagues in the Greek
government?
Answer:Varoufakis portrays himself as a leader who desires
authentic engagement with the electorate and transparent
communication of difficult choices. In contrast, his

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colleagues, particularly Alexis Tsipras, are depicted as
straying from these principles, opting for political
maneuvering and compromising principles in search of
power, which leads to a fracture between the government and
its supporters.

3.Question
Can you explain the significance of the phrase
'constructive disobedience' as articulated by Varoufakis
and how it relates to the broader political context?
Answer:'Constructive disobedience' refers to the strategy of
presenting reasonable, moderate proposals to negotiations
while simultaneously preparing to resist unjust demands. In
the political context of the Eurogroup and the troika's
demands, this term captures the essence of maintaining
integrity and resilience in pursuit of rights and dignity,
illustrating how Varoufakis envisioned true democratic
engagement.

4.Question
What does Varoufakis suggest is the proper response to
the overwhelming power of the troika and creditors, and

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how does this reflect his philosophy on governance?
Answer:Varoufakis suggests that the proper response
includes a firm counter to the pressures exerted by the troika,
advocating for the activation of parallel payments systems
and haircuts on debt to gain leverage in negotiations. This
reflects his philosophy that a government must prioritize the
needs and empowerment of its people rather than succumb to
external pressures that undermine their welfare.

5.Question
Reflecting on Varoufakis’ resignation, what insights does
he offer about the consequences of failing to honor
democratic mandates?
Answer:Varoufakis highlights that failing to honor
democratic mandates—like the overwhelming 'no' vote from
the referendum—leads to disillusionment among the
populace and weakens the government's legitimacy. His
resignation symbolizes a refusal to be complicit in actions
that contradict the democratic will of the people,
emphasizing that governance should align with the

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aspirations and dignity of the electorate.

6.Question
What does Varoufakis mean when he refers to the media's
portrayal of him after his resignation?
Answer:He argues that the media distorted his image,
depicting him as responsible for the bank closures and the
crisis, whereas in reality his proposals were rooted in a
deeper commitment to Greece's sovereignty and rights. This
reflects the struggles of political figures to navigate the
narratives shaped by media and public opinion in the face of
complex crises.

7.Question
How does Varoufakis’ relationship with Alexis Tsipras
evolve throughout this chapter, and what does it signify
about political alliances?
Answer:Initially, Varoufakis is portrayed as a loyal ally and
consultant to Tsipras, but as events unfold and Tsipras opts
for compromise, Varoufakis feels increasingly isolated and
betrayed. This evolution signifies the complexities of
political alliances, where personal trust and shared vision can

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be overshadowed by the pragmatic decisions made under
pressure.

8.Question
In what ways does Varoufakis hold himself accountable
for the government's failures?
Answer:Varoufakis reflects on his misplaced trust in allies
and his failure to anticipate their political motivations,
particularly in not sounding an alarm about Tsipras's
intentions. He expresses that, while he fought valiantly in the
Eurogroup, he could have better foreseen the destructive
shifts in strategy.

9.Question
What is the broader message about democratic
engagement as articulated by Varoufakis in this chapter?
Answer:The broader message is that democratic engagement
requires not only holding power accountable but also the
courage to confront and resist oppressive forces that seek to
undermine it. It emphasizes that democracy flourishes when
the voices of ordinary citizens are elevated and valued, and

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when leaders act in the true interest of their constituents.

10.Question
How do external pressures from the EU and the troika
reflect the internal conflict within the Greek government,
according to Varoufakis?
Answer:Varoufakis illustrates that external pressures from the
EU and the troika exacerbate existing divisions within the
Greek government, creating an environment where personal
ambitions, ideological conflicts, and fears of failure lead to
inconsistencies in strategy and often betray the promises
made to the electorate.
Chapter 17 | 17 Lions led by donkeys| Q&A
1.Question
What was the central proposal Varoufakis made in
response to the ECB's threat to close Greek banks?
Answer:He proposed to signal the activation of a
euro-denominated parallel payments system, defer
repayments of SMP bonds, and regain control over
the Central Bank of Greece.

2.Question

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What was the significance of the term "constructive
disobedience" used by Varoufakis?
Answer:It referred to the strategy of presenting sensible
proposals while also being prepared to disobey commands
from the deep establishment, emphasizing the need for
dignity and negotiation.

3.Question
How did Varoufakis feel about being blamed for the bank
closures?
Answer:He felt it was an unfair portrayal, as he believed the
actions of the war cabinet and the troika were responsible for
the situation, not the government's decision to close the
banks.

4.Question
What emotional impact did the Syntagma Square rally
have on Varoufakis?
Answer:The rally brought him a sense of pride and hope,
witnessing a diverse crowd united against austerity and
expressing a strong desire for dignity and resistance.

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5.Question
What ethical dilemma did Varoufakis face regarding the
decision to use ECB-owned cash during the banking
crisis?
Answer:He wrestled with the moral implications of
potentially seizing ECB funds, which he argued would be
considered theft, contrasting with the urgent needs of the
populace.

6.Question
Why did Varoufakis believe a no vote in the referendum
did not mean leaving the eurozone?
Answer:He wanted to frame the no vote as a strategy to
negotiate better terms within the eurozone, rather than a
rejection of the currency itself.

7.Question
What does Varoufakis imply about the role of leadership
in the context of financial crises?
Answer:He suggests that true leadership involves standing
firm for the principles of dignity and resistance, even when it
entails personal risk or opposition from within one's own

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ranks.

8.Question
How did Varoufakis interpret Euclid Tsakalotos' role in
the negotiations?
Answer:He believed Euclid was complicit in a strategy that
ultimately betrayed their initial commitments to the Greek
people, which created disillusionment in their shared goals.

9.Question
What lesson did Varoufakis learn about collective action
from the events triggered by the Greek crisis?
Answer:He recognized that solidarity across countries is
essential to challenge the deep establishment and foster
democracy, rather than succumbing to isolationist tendencies.

10.Question
What does Varoufakis say about the future of progressive
movements in Europe?
Answer:He expresses hope that movements like DiEM25 can
result in genuine, pan-European cooperation to combat
illiberal trends, drawing from the lessons learned during the
Greek Spring.

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Chapter 18 | Epilogue| Q&A
1.Question
What does consent without the freedom to say no indicate
in a political context?
Answer:It indicates a form of slavery, as pointed out
by feminists and civil rights campaigners,
highlighting the importance of real choice in
democratic processes.

2.Question
How did the third bailout agreement exemplify systemic
financial exploitation?
Answer:The MoU began with Greece pledging to fulfill all
creditor demands without reciprocal commitments,
demonstrating profound subservience and exploitation of a
weak economy.

3.Question
What was the emotional atmosphere during the critical
parliamentary vote on the bailout?
Answer:The atmosphere resembled a wake rather than a
debate, reflecting the despair and defeat felt by many MPs

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and citizens as they faced significant economic oppression.

4.Question
Why is consent under duress fundamentally problematic
for a democracy?
Answer:It strips individuals of agency and transforms
agreement into an enforced compliance, undermining
democratic principles of mutual respect and collective
decision-making.

5.Question
What important lesson can be drawn about economic
policies from the Greek crisis experience?
Answer:The failure of austerity measures highlights the peril
of prioritizing financial stability for creditors over the
well-being of the populace, emphasizing that economic
strategies must prioritize human welfare.

6.Question
What kind of reforms did Varoufakis propose to improve
Greece's financial situation?
Answer:He advocated for a transparent tax system to catch
tax evaders and the establishment of a public bad bank that

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could manage non-performing loans instead of indiscriminate
privatizations.

7.Question
What does Varoufakis suggest is the real danger for
Europe in light of the Greek crisis?
Answer:The danger is that failing to support progressive
movements will lead to the rise of xenophobic and
authoritarian responses across Europe, threatening the
integrity of democratic institutions.

8.Question
What concept does the term ‘constructive disobedience’
embody in Varoufakis’s vision?
Answer:It embodies the idea of engaging within the EU
while simultaneously resisting its illiberal policies, aiming
for reform from within rather than outright separation.

9.Question
How can the narrative of Greece's economic crisis serve
as a warning to other nations?
Answer:It serves as a cautionary tale about the risks of
allowing neoliberal policies to dictate fate, stressing the need

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for solidarity among nations to prevent a decline into
undemocratic governance.

10.Question
What message does Varoufakis impart about resisting
oppressive systems?
Answer:He conveys that while defeat may occur, it can be
reframed as part of a larger struggle for justice and
democracy, underscoring the importance of resilience and
solidarity against oppression.

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Adults in the Room Quiz and Test
Check the Correct Answer on Bookey Website

Chapter 1 | 1 Introduction| Quiz and Test

1.Yanis Varoufakis has a conversation with Larry
Summers where he is warned that winning the
election was a mistake.
2.Varoufakis believes that the EU and IMF bailout genuinely
helped the Greek economy.
3.The protests in Syntagma Square reflected a growing
discontent with austerity and a movement for political
reform in Greece.
Chapter 2 | 2 Bailoutistan| Quiz and Test
1.By early 2010, Greece faced bankruptcy, which
was genuinely addressed and resolved through a
rescue package without any cover-up.
2.Varoufakis learned that high-ranking officials recognized
the impossibility of the bailout conditions imposed on
Greece.
3.The narrative of the 'Greek Success Story' accurately

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 reflected the economic realities faced by the average Greek
citizen during the crisis.
Chapter 3 | 3 They bend their tongues like their
bows| Quiz and Test
1.Yanis Varoufakis accepted the role of finance
minister in Greece with the intention to influence
Syriza's economic strategy after receiving threats
against his son's safety.
2.The chapter suggests that Greek bankers acted
transparently and ethically during the bailout process,
benefiting the Greek economy.
3.Varoufakis proposed a 'parallel payments system' to help
Greece function independently of banks during economic
threats.

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Chapter 4 | 4 Treading water| Quiz and Test
1.The author expressed confidence that all team
members in Syriza would support their economic
escape plans.
2.The Thessaloniki Programme was seen as a realistic and
coherent economic strategy by the author.
3.The author acknowledges the necessity for a strong cabinet
to handle negotiations after winning the election.
Chapter 5 | 5 Raging against the dying of the light|
Quiz and Test
1.Yanis Varoufakis faced the election as a candidate
without any support team or established networks.
2.Varoufakis preferred to build his cabinet using traditional
party loyalties over practical experience.
3.Greece was experiencing a recovery in its economy leading
up to January 2015, characterized by increasing national
income and decreasing unemployment rates.
Chapter 6 | 6 It begins …| Quiz and Test
1.Yanis Varoufakis held a press conference where he

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 advocated for a shift from austerity measures to a
more sustainable financial approach.
2.Varoufakis received consistent support from all European
officials during his meetings regarding Greece’s debt.
3.Varoufakis was met with universal approval from the Greek
public regarding his statements on debt restructuring and
its relation to nationalism.

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Chapter 7 | 7 Auspicious February| Quiz and Test
1.Varoufakis advocates for continuing austerity
measures imposed by the troika during his
meetings in Paris.
2.Varoufakis received assistance from the Greek ambassador
upon arriving in Paris.
3.The Eurogroup meeting concluded with Varoufakis
agreeing to commit Greece to the existing bailout program
without question.
Chapter 8 | 8 The frenzy before the storm| Quiz and
Test
1.Yanis Varoufakis started preparing for his first
Eurogroup meeting upon his return to Athens.
2.Varoufakis received overwhelming support from his
cabinet colleagues during the preparation for the Eurogroup
meeting.
3.The first Eurogroup meeting was characterized by a
collaborative atmosphere and favorable outcomes for
Greece.

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Chapter 9 | 9 A moment to savour, darkly| Quiz and
Test
1.Varoufakis believes that Angela Merkel is the key
to unlocking a resolution for Greece's financial
turmoil.
2.Varoufakis eventually decides not to sign the extension
request letter to the creditors, standing firm against
pressure.
3.The internal party divisions within Syriza were primarily
due to disagreement over the strategy of negotiations with
creditors.

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Chapter 10 | 10 Unmasked| Quiz and Test
1.Yanis Varoufakis received only praise for his
proposals after the Eurogroup agreement.
2.Varoufakis collaborated with his deputy, George
Chouliarakis, to draft a list of reforms against austerity
measures.
3.Varoufakis successfully activated a parallel payments
system as a deterrent against creditor demands.
Chapter 11 | 11 Whittling our spring| Quiz and Test
1.In Spring 2015, the Greek government secured a
loan extension until June 30, fostering a sense of
optimism among many.
2.The troika's strategy of creating uncertainty was aimed to
strengthen the Greek government's financial planning.
3.Chancellor Merkel supported Varoufakis's uncompromising
stance during negotiations with the troika.
Chapter 12 | 12 Merkel’s spell| Quiz and Test
1.Poul Thomsen from the IMF expressed frustration
with the previous Greek government and

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 acknowledged the need for debt relief for Greece.
2.Varoufakis felt that the ECB’s stance was warm and
welcoming towards Greece’s financial proposals.
3.Varoufakis and his government were eager to invite the
troika back to Athens for negotiations.

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Chapter 13 | 13 The right stuff, foiled| Quiz and Test
1.Yanis Varoufakis expressed pride and solidarity
with the Greek people during a commemoration
parade in 2015.
2.During negotiations, Varoufakis advocated for submitting
to the creditors' demands without resisting austerity
measures.
3.Varoufakis faced no internal dissent within his cabinet
regarding his negotiating strategies.
Chapter 14 | 14 The cruellest month| Quiz and Test
1.Yanis Varoufakis traveled to Washington to secure
support for his economic policies regarding Greece
after returning from a trip.
2.Varoufakis faced no criticism regarding Greece's public
image during his meetings in Washington.
3.Despite his frustrations, Varoufakis decided to resign from
his position as finance minister after returning from
Washington.
Chapter 15 | 15 Countdown to perdition| Quiz and

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Test
1.The political climate in Greece experienced a
significant shift over a span of sixty-six days after
a major event in Exarcheia.
2.Varoufakis's proposal for a comprehensive Plan for Greece
was embraced and supported by Prime Minister Alexis
Tsipras.
3.The announcement of a referendum by Alexis Tsipras was
intended to rally Greek public support against austerity
measures proposed by the troika.

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Chapter 16 | 16 Adults in the room| Quiz and Test
1.George Soros encouraged Prime Minister Alexis
Tsipras to keep Yanis Varoufakis in the finance
portfolio to support Greece's resistance against
Germany.
2.The troika's strategy involved imposing severe austerity
measures on Greece according to Varoufakis's conclusions.
3.The Greek government held a referendum on the troika's
ultimatum, and the majority voted in favor of submission to
the terms proposed.
Chapter 17 | 17 Lions led by donkeys| Quiz and Test
1.In the chapter, Yanis Varoufakis urged Prime
Minister Alexis Tsipras to support
countermeasures against the ECB's impending
closure of Greek banks.
2.Deputy Prime Minister Dragasakis agreed with Varoufakis
and supported a conciliatory approach to the ECB during
the war cabinet meeting.
3.Yanis Varoufakis resigned to preserve the integrity of the

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 no vote and to prevent complicity in future austerity
measures.
Chapter 18 | Epilogue| Quiz and Test
1.In August 2015, the Greek Parliament approved a
bailout loan with no reciprocal commitments from
the troika.
2.Varoufakis believed that the consent to austerity measures
did not lead to any negative consequences for the Greek
population.
3.DiEM25 was co-founded by Varoufakis with the aim of
promoting extremist nationalism in Europe.

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