A few years ago, Varoufakis told Yorgos Avgeropoulos, a documentary filmmaker, that the difference between a debt of ten thousand euros and one of three hundred billion euros is that only the latter gives you negotiating power. And it does so only under one condition: “You must be prepared to say no.” Upon his election, Varoufakis used the less than ideal influence available to a rock climber who, roped to his companions, announces a willingness to let go. On behalf of Tsipras’s government, Varoufakis told Greece’s creditors, and the world’s media, that his country objected to the terms of its agreements. This position encouraged widespread commentary about Greece following a heedless path from “no” to default, and from default to a “Grexit” from the euro currency, which might lead to economic catastrophe in Europe and the world.
Abnormal Capitalist 