Tsakalotos is thought to be a close ally of Greek prime minister Alexis Tsipras and the soft-spoken economist is thought to be liked by officials representing the country's creditors and the "troika" of organizations – The European Union, European Central Bank and International Monetary Fund -- that make sure Greece is sticking to the terms of its loans .
Director of Euro Area Economic Research at Daiwa Capital Markets Europe, Robert Kuenzel, said while said the reshuffle was "necessary" it may not be enough to resolve the talks.
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"The reshuffle at the negotiating level was a necessary, but not sufficient, condition for the talks to ultimately succeed. While members of the (ex-)Troika have noted a recent improvement in the tone of the discussions, there are many major sticking points (pensions and labor markets, but also fiscal issues) that simply can't be papered over with friendlier faces," Kuenzel told CNBC.
"So, as far as it goes, the reshuffle is a step in the right direction," he said.
Senior economist at IHS Global Insight, Diego Iscaro said the move was not a "game changer".
"Not even the most charming negotiator will help to unlock the funds without Greece agreeing to implement the reforms demanded by its creditors," he said.