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Former Valve Economist Resigns as Greece's Finance Minister After Just Six Months

Yanis Varoufakis steps down from his post amid the Greek debt crisis.

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The esteemed economics theory professor that PC gaming giant Valve hired in 2012, who later left to become Greece's Finance Minister, has resigned from his post amid the country's economic plight.

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Yanis Varoufakis announced his resignation from his position on Monday in a blog post titled "Minister No More!" His departure comes amid the financial crisis in Greece. Varoufakis became Greece's Finance Minister just six months ago; at the time, he vowed to enact "genuine reforms" to repair the country's situation.

CNNMoney reports that Varoufakis had a style all his own, one that might not have served him well.

"During his time in government, Varoufakis refused to adopt the mannerisms of a conventional European politician," the site wrote. "Instead, he dressed informally and loudly. He frequently appeared in media, launching biting rhetorical attacks against rival negotiators and governments."

In his farewell blog post, Varoufakis said his departure from Greece's government might help Prime Minister Alexis Tsipras come to an agreement with creditors. His resignation comes less than a day after Greece rejected Europe's bailout offer.

"Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted ‘partners', for my… 'absence' from its meetings; an idea that the Prime Minister judged to be potentially helpful to him in reaching an agreement," he explained. "For this reason I am leaving the Ministry of Finance today."

Varoufakis was personally headhunted by Valve boss Gabe Newell and was officially hired by the gaming company in June 2012. A self-proclaimed "ignoramus" about video games, Varoufakis worked with Valve to analyze the in-game economies that surround its franchises. He went on to publish articles on the nature of digital economies.

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CnConrad

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What do they say about rats and sinking ships?

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dariomeznari

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@CnConrad: With the difference that this guy boarded a sinking ship in the first place.

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HigoChumbo

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@dariomeznari: Well, bravo.

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mogan

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Edited By mogan  Moderator

Hats and lock boxes Greece. That's how you get out of debt.

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alaskancrab

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Edited By alaskancrab

Who is this Eddie Makuch, is it some moniker they attach to all ghost writers? Has anyone seen Eddie Makuch on any of the Gamespot shows? No one even refers to Eddie...

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alaannn

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its time for greece to leave the eu

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HigoChumbo

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@alaannn: because reasons.

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alaannn

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Edited By alaannn

@higochumbo: what are you trying to say

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SnakeEyesX80

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Edited By SnakeEyesX80

Why would you take a boat out to get on the Titanic while it's sinking in the first place?

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mogan

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@SnakeEyesX80: Because his job was to plug the leaks and get it floating again. Not sure that was possible, but it's what he was getting paid to do.

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alaannn

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@SnakeEyesX80: what

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ntomatas1

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He resigned in order to have more free time to play Half Life 3. Confirmed.

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Balrogbane

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This is so far from gaming news that it's not even funny.

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Dark_Mits

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@balrogbane: Still more interesting than 90%+ of what Gamespot has been posting lately.

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HigoChumbo

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@Dark_Mits: Your lack of faith in Destiny dlcs is... disturbing.

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deactivated-58a78a043e9d4

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I guess those Early Access debts weren't a good idea.

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Rapanbub

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Soon! GREECE SALES! 95% off of invaluable pieces of art, history and culture of the Greek people! SALEEEE

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john_price_1

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i am from greece

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wenwenfj

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@john_price_1: I feel your pain bro. no wait actually not hahahahahaha :(

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john_price_1

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@wenwenfj: i hope things get better and we stay in europe

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deactivated-5b9a2840dcb79

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@john_price_1: Europe needs to act as a whole, like a Union really should, and acknowledge their previous mistakes, faulty programs and strike a deal with the greek government that will undo what the previous governments of greece did to the people of the country.

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Banyek

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@john_price_1: Zeus is angry with you guys...

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mogan

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mogan  Moderator

@Banyek: Zeus, in this case, is a short German lady. : p

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yogibbear

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Sounds like a guy who surfs from one failed job to the next. Usual sign of someone with no talent. Luckily for him balancing the books at Valve was a cake walk.

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deactivated-5b9a2840dcb79

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@yogibbear: He didn't "fail" as a Finance Minister of Greece. He resigned for typical reasons, he wasn't "fired" or something.

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alaannn

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@Chaos_1990: he didnt do what he set out to do get greece a deal so he did fail

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Thanatos2k

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@alaannn: You think anyone can "save" Greece at this point? If so, you haven't been paying attention.

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alaannn

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@Thanatos2k: at this point no,but i dont think this minister even tried

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Thanatos2k

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@alaannn: You....don't know what you're talking about.

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alaannn

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@Thanatos2k: going into a bank saying im not paying back the last loan saying its all your fault for loaning me the money in the first place then asking for a new loan isnt trying to get the prob sorted maybe too you it is

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Thanatos2k

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@alaannn: Yep, you don't know what you're talking about. Maybe do some more reading into what is actually happening.

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alaannn

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@Thanatos2k: the greeks dont want to pay is whats happening

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Thanatos2k

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Edited By Thanatos2k

@alaannn: They CANNOT pay. There is no money to pay with. THAT is the problem. THAT is what is known as bankruptcy.

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deactivated-5b9a2840dcb79

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@alaannn: Well it's not that simple. I live in Greece and I know how things were all that time. Some of the european finance ministers asked for his resignation so they could continue the conversation with Greece. This, to me, shows they didn't like him for some reason. And this isn't something to call a "failure". Even without him, they won't be eager to agree with the greek government. He resigned for typical reasons.

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alaannn

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Edited By alaannn

@Chaos_1990: i seen him on the news he was asked will the banks be open so people in greece can get money out is reply was its a party dont ask questions to upset the party,the countrys broke with a day worth of money left and he goes to partys instead of working,and why should europe agree with greece in anyways they dont want help or even too pay europe back the money they already got

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deactivated-5b9a2840dcb79

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@alaannn: You got it all wrong, that's what I can say, we're on a gaming news site, and I could go on explaining the situation here first hand, but it's pointless. I can understand your negative view on this, if you're not living in Greece it is difficult to have an opinion based on facts; only by watching the news on TV. I would have the same view as you right now if I lived outside Greece. But all I can say is that the government now tries to undo everything the previous governments did to every citizen, mostly to the middle class. And they want to pay europe back, but not by cutting a big percentage of salaries, wages and pensions, -for the umpteenth time-, but by using some other terms. That will not help the growth of the country, therefore the debt could not be paid back. And this plan is tested for the last 5 years with no success.
The situation here is a vicious circle.

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alaannn

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@Chaos_1990: how will greece be able to pay back europe without cutting wages pensions etc (greeks retire at 50 in some cases)where would greece find the money to pay there debts

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deactivated-5b9a2840dcb79

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@alaannn:

Wages and pensions have been cut for the middle class almost 4 to 5 times if I remember right. Low budget businesses were forced to close, because the taxes were too exaggerating for them, whereas the richest businesses paid absolutely nothing, and the governments before never cared as long as the money for them came from the taxes of the middle class. And with the lowest wage at 300€/month, the taxes couldn't be paid off cause the money weren't enough. And you know that by not having a strong middle class, every country would collapse with a huge debt. While every rich businessman here made millions without paying taxes, and the same goes for many politicians who ruled the country before. All these millions now are banked in Holland and the current government is trying to get them back and put those corrupt people in jail like it should have happened.
The poor became poorer and the rich, richer. All this happened because of corruption in the political scene in Greece.
And no, most of the Greeks retire at the age of 65 (except people who work in the military)

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alaannn

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Edited By alaannn

@Chaos_1990: 8 percent of greeks in the public sector retire before 50,23 percent between 50 and 55 the 43 percent between 55 and 61,as for the money the rich people that didnt pay tax i doubt that will cover the cost of whats owed so how will greece pay whats owed without cutting pension ages etc.do you think its europes probem to help out greece again and not greece problem

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deactivated-5b9a2840dcb79

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@alaannn:

It never was an one-sided problem. European politicians knew the situation here but never took action against it. Also the previous greek government never did something essential to prevent this crisis, just kept doing the same as the previous government, and the previous government did the same as before, you get what I'm saying. All this led here, this very moment. I don't know where you get these "facts" about retirements, but they're not real at all; as I said, I live in Greece. No one here says "we need money but we won't give it back". It's more like "we need money to go where they should, and not in rich pockets". People here work 8 hours a day, almost every day of the week (some people don't even get Sunday as a day off) and as I said above, the minimum wage is 300€, and you can't pay bills and taxes. As you should know, the greek government came up with a plan that had the same income the other europeans asked for, but left wages and pensions outside. Europeans think another cut in wages and pensions will bring the money they ask without risks.
But it is a logical thought to say that if the middle class can't spend money, the country will not have any income. And with 300€ you can't spend money on nothing but the basic goods. And the debt will become bigger and bigger as the country won't produce nothing at all. If all these loans went where they should, this would never happen.

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alaannn

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Edited By alaannn

@Chaos_1990: re european politicians knew greece problems and should of done somthing,greece is its own country why should europe tell it what to do,where i got the number for retirments from was a greek gov report on pensions,you say the people of greece will pay back the money you held a referendum saying you wernt going to pay like a day or 2 ago

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deactivated-5b9a2840dcb79

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@alaannn: They shouldn't give "loans" to Greece if they knew they would just add to the problem. Greek politicians accepted the loans without even calculating if they could pay the loans back, they made some serious money and somehow "quit" the government by declaring elections in February, and they lost cause the people had enough of them. All these years they gave money to the rich businessmen and to directors of public sectors, meaning hospitals, the public tv, public transportation etc. Wages ranging from 3,000 to 10,000 €. Politicians with cars costing 750,000€ each, allowances for everything, even for their library (46,000€, really), cellphones, and travelling. And everyone below them, middle class workers had to survive by paying too many taxes with wages from 300 to 800€ euros. This created a big gap in society. And surely the greek people are also to blame because they kept electing the same people over and over again for some decades. But now this government says this has to stop; keep the wages and pensions at a standard number, so the market could start up and run again, lower the wages of directors, or dismiss them in a sector they're not needed at all etc, and also re-estimate the early retirements, lets say, at the age of 40-50. To make the rich pay their taxes, in some cases we're talking about millions, for years, and not just ignoring them, or put them behind bars. Stuff that should have already happened all those years and keep Greece producing at a normal, and why not a high, rate.

Anyway, that is all I can say, this isn't really the place about political conversation.

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Fiskamat4

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Omg Greece is lowering the Euro behind the dollar. Äh, whatever, its fine.

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3CupsofFlower

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@fiskamat4: It's 91 cents for every Euro today. I remember few years ago, it was like $1.40-something for every Euro. lol Wow

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Verenti

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@3cupsofflower: That's more of a sign of how the dollar "skyrocketed" than the Euro plummeted. That AUD and the CAD were pretty much on parity with the USD then, and have held, more or less, steady against the Euro since.

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Fiskamat4

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@3cupsofflower: Yee, maybe if we ask GB or France to nuke em the problem will g away

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3CupsofFlower

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@fiskamat4: Whatever works

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deactivated-5a803cda1fb41

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Monetising everything in Greece wasn't popular then?

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