Greece clips Varoufakis' wings as it reorganises bailout-negotiating team

Athens

GREECE reshuffled its bailout-negotiating team, clipping Finance Minister Yanis Varoufakis' wings, after three months of talks with creditors failed to unlock aid and a meeting with his euro-area counterparts ended in acrimony.

The coordination of day-to-day efforts to strike a deal with creditors was handed to Deputy Foreign Minister Euclid Tsakalotos, a Greek government official told reporters on Monday. Mr Varoufakis' role will be limited to supervising the political negotiations with euro-area member states and the International Monetary Fund (IMF).