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Yanis Varoufakis - a BBC discussion

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Greece’s finance minister is travelling to Germany for meetings with his German counterpart and the European Central Bank as part of a post-election roadshow to win support for the new government’s plans to tackle its massive debt burden.
Yanis Varoufakis will meet Mario Draghi, the ECB president, in Frankfurt on Wednesday in hopes of persuading him to maintain liquidity to Greece’s banking sector even after the country’s EU bailout programme expires at the end of February.
The ECB has previously said it would severely reduce that liquidity if Greece were to exit the programme. Mr Varoufakis would like an extension to cover the gap until Athens can arrange a new deal with the EU — possibly by the beginning of June.

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Greece’s new government also wants the ECB to agree to swap its holdings of Greek debt for “perpetual bonds”, which never mature. Benoît Cœuré, a member of the ECB’s top-ranking executive board, said last week that the central bank could not grant “even an extension of maturities” on the Greek bonds.
On Thursday Mr Varoufakis is expected to meet Wolfgang Schäuble, the German finance minister, who has so far emerged as one of his toughest critics.
In a small but telling sign of the frosty relations between Berlin and the new Greek government, the German finance ministry last week criticised Mr Varoufakis for failing to follow through with a customary courtesy call following his appointment. Mr Schäuble, meanwhile, has warned Greece not to attempt to “blackmail” Berlin with demands for debt relief.
Mr Varoufakis embarked on a European roadshow soon after his leftwing Syriza party triumphed in elections a little more than a week ago with promises to end the austerity policies attached to the country’s bailout.
He won over many of the City of London investors who attended a Varoufakis dinner on Monday evening, boosting shares in the Mediterranean country’s banks. Shares in National Bank of Greece, Piraeus, Alpha Bank and Eurobank Ergasias all rallied on Tuesday, rising between 14 and 20 per cent.
The upbeat response contrasted with the last time representatives of the far-left Syriza visited London late last year, when one analyst summed up the reaction by writing that the party was “worse than communism” and would cause “total chaos”.
Monday’s meeting at the Four Seasons Hotel on London’s Park Lane lasted more than two hours, twice as long as expected. More than 100 investors were in attendance to hear Mr Varoufakis outline his plans.
The investor presentation, organised jointly by Deutsche Bank and Bank of America Merrill Lynch, was followed by a series of more informal conversations with small groups of investors.
“He made a real effort,” said one banker. “He stayed back to talk to investors. That went down well.”

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