The surprise resignation of the Greek Finance Minister, Yanis Varoufakis, deprives us all of the presence of one of the most controversial, articulate, passionate, and unconventional politicians on the world stage today. Many of us are going to miss him, but a political comeback by the self-described “Libertarian Marxist” might be on the cards somewhere down the line.
Background
Varoufakis arrived at the Greek Finance ministry just a few short months ago. He was well-known as a successful expatriate academic, although had latterly been appointed as a Professor of Economic Theory at Athens University, and was deemed to be the world’s leading authority on Game Theory. Many have speculated whether Varoufakis’ expertise in this area might have led Prime Minister Tsipras to give him the key strategic role in planning his government’s fight against Greek’s creditors.
A Different Type of Politician
Since his arrival on the global stage, he has been noted for a very high degree of honesty and transparency. He not only told his opponents that they were wrong, he did it as an economic experts using the native tongue of institutions like the IMF and the ECB. His office frequently published texts of communiques that other politicians have tended to keep secret. The spectacle of a European Finance Minister arriving for work on a motorcycle without a tie, then dispensing his combative and highly populist message with wit and charm, is one that is probably not going to be repeated any time soon.
Ironically, his appointment was initially not a popular one. Although Varoufakis has described himself as a Marxist, he was a relative newcomer to the Syriza party, and was regarded by its rank and file as a relative right-winger. However the events or recent days have seen him emerge as a very talismanic figure for what I would describe as the anti-consensus political left: those who do not trust the IMF and the ECB to get things right, and those who do not believe that a regime of fiscal austerity can be a feasible route out of an economic crisis.
Bring Me the Head of Yanis Varoufakis
It seems that Varoufakis’ resignation today was a key price demanded of the Greek government by its creditors in return for a resumption of serious negotiations. As someone who is visibly not a career politician, it is hard not to feel that this was a sacrifice he will have made quite willingly for the good of his country and his political cause. His typically eloquent and combative resignation statement includes a phrase that will resonate with millions across Europe and the wider world: “The referendum of 5 July will stay in history as a unique moment when a small European nation rose up against debt bondage…. And I shall wear the creditors’ loathing with pride.”
A New Beginning
Admittedly, it is hard to see how he could reprise his role as Greek Finance Minister, and his background as an economist makes it difficult to see him in another political role. He promised a few days ago that even if he did not remain in office, he would remain in Greece for some unspecified period of time. So while we may not see him in political office again, we are certainly going to be hearing from him as a political figure. I predict he will be seen throughout Europe over the coming months, lending his charisma and eloquence to rallies in favor of anti-austerity movements.
A final thought: if the Greek Prime Minister signs an agreement now seen by the anti-austerity left as unsustainable for Greece, Varoufakis could emerge as a powerful, clean and untainted opponent of such a move, now he is no longer in the Government. In this scenario, he could be seen as a future leader of the Syriza party.