Cabinet to be sworn in, analysis

A Greek economist and outspoken bailout critic has been named as finance minister in the country’s new left-wing government.
The 53-year-old Yanis Varoufakis was given the job as Prime Minister Alexis Tsipras’ governing Syriza party announced a Cabinet that includes officials from its coalition ally, the anti-bailout and right-wing Independent Greeks.
Panos Kammenos, the Independent Greeks leader, was named defence minister.
Varoufakis has been a vocal critic of Greece’s bailout agreements, arguing that repayment of the country’s huge rescue package loans should be linked to growth, a policy change he argues would benefit eurozone lenders.
He has held teaching positions in Britain, Australia, Sweden, Greece and the United States.
Syriza won a landmark general election victory Sunday after campaigning on a pledge to renegotiate the bailout deal and seek forgiveness of more than half the debt.
The new Cabinet will be sworn in later Tuesday.
The main stock index in Athens fell on the news and was down 5.4 percent in afternoon trading, amid losses across Europe.
Analyst and economist Vagelis Agapitos said markets would be volatile because of insecurity over what the future holds for Greek banks.

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