More to lose
The resignation of the outspoken Varoufakis, an admirer of game theorist John F Nash whose life was documented in the 2001 film "A Beautiful Mind," could be seen as a deliberate move to strengthen the hand of Greek negotiators in the debt talks, some analysts said.
"This (resignation) gives a clear and loud message to creditors that come to the table and we have a new team of negotiators who will work with you to resolve the issue," Naeem Aslam, chief market analyst at AvaTrade, said in a note on Monday. "This is another perfectly executed move by the game theory specialist-the ex-finance minister."
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According to Winter, just as the Greeks pushed for a referendum, the European creditors could have made a public statement to give them the upper hand in the debt talks.
"These (game theory) strategies can be used by both sides and if one party is using them, it is important for the other party to use it as well," he said. "The Europeans, for instance, could have sent a public message by saying we cannot afford to accept these demands from Greece. Overall the Greeks played much more smartly with much more courage than the Europeans and this is potentially because they have more to lose."