Eurogroup: Meet the key players in the snakes pit!

The Eurogroup meeting kicks off at 7 p.m. this afternoon and the snakes are already rattling…

Finance Minister Yanis Varoufakis is expected to meet a wall of resistence at the Eurogroup meeting in Brussels on Wednesday. The Greek rookie minister is bound to enter a snakes’ pit, surrounded by the most formidable opponents:

Greek Finance Minister Yanis Varoufakis: Did he show his cards too early? 

Varoufakis took the podium in Greek Parliament, just 24 hours ahead of Eurogroup, and shot down reports that he is accepting 70% of the memorandum. “Zero percent!” he said, adding however that the government would do everything to avoid a rift. He also showed his cards, outlining his game plan: “If you state from the onset to the other side that two to three days will go by, you’ll be locked in the unpleasant rooms of Brussels but that at the last moment you will accept whatever they give you, what’s going to happen? Better stay here, organize our ministries, stay with our families and they can send us an e-mail with their decisions, as it has been the case for five years now,” he said, adding he would won’t “dare return from Brussels without an honest deal.”

German Finance Minister Wolfgang Schauble: Staunch, cantankerous, obstinate

Veteran German Finance Minister Wolfgang Schauble, wheelchair-bound since an assassination attempt in 1990, knows personally and politically how to defiantly stand his ground without cracking. He seems deaf to the logic of Varoufakis’ arguments, unyielding when it comes to a new debt deal. He has already declared the viewpoint that Greece is solely responsible for its problems. He also shot down any hopes Greece has for an extension of the bailout program by six months.He does not want to accept an end or any change (unless for the worst) to the previous program.

International Monetary Fund Chief Christine Lagarde: Fearful of setting a precedent for Greece

International Monetary Fund Chief Christine Lagarde, who asked to be present at the meeting, is known to have said that “a debt is a debt” in reference to Greece and is concerned that any changes to Greece’s program could “have an impact on trust” between the lender and the borrower.

European Central Bank President Mario Draghi: A poker-faced game who knows how to bluff 

European Central Bank President Mario Draghi has also requested to be present in the discussions. He is a well-known game player and definitely a match for Varoufakis. Let’s not forget that the new minister declared discussions to be “encouraging” after meeting him in Frankfurt only to have the ECB announce measures to restrict funding to Greek banks just a few hours later.