Varoufakis is a Game Theorist. He is a Hayekian Marxist. Even if he himself does not know auction design he knows who is the best at it. He could have hired those people to come up with a better privatization package than the Troika,

Varoufakis was charismatic- a 'rock star'- with solid family background on the Left. He could have created market sentiment that Greece was tackling its incentive incompatible and 'closed' economy.

He had already denounced 'extend and pretend' but once in office, he should have swallowed his pride and gotten the loan before mentioning write-offs. If write-offs come with the loan the expectation is created that next year further loans and write-offs will be required. Fine if Greece was war-wrecked or poorer than Bulgaria or Macedonia. There would be a humanitarian case for Charity.

Varoufakis seems only interested in burnishing his own reputation. This is a man who was the head of the Black Students Alliance at the University of Essex, despite being White! He explained that Greeks and Irish were the Blacks of Europe! Now Greece has joined Sudan, Somalia and Zimbabwe as an IMF defaulter. Ireland, on the other hand, has swallowed bitter medicine and will recover as a Knowledge Industry and Banking hub.

Greece, especially with such an educated Cabinet, should be the most attractive Regional destination for f.d.i in Hi Tech and Financial services. How is that possible if you have a party which shrinks the GNP- seemingly only to show its debt ratio is unsustainable- and shuts the banks and plunges the country into chaos?

Varoufakis, was not so much a Game theorist as a critic of what was taught under that rubric- i.e. he was merely engaging in Academic methodenstreit without any real-world basis. Still, once in politics, he could have become a pragmatist. Put on a tie in the meeting and pose with his motorcycle after the meeting. Was this so difficult?

The fact is Greek default no longer posed any contagion risk. No question, cosmetic measures and official hypocrisy could have got Greece a much better deal and no one grudges them that. But, it seems, Varoufakis was not concerned with Greece at all. He was merely engaging in 'gesture politics'- like when he was head of the Black Students Alliance.