In the end, as Greece faced impending bankruptcy, Tsipras conceded defeat and accept stringent austerity and reforms in return for a third bailout.
Corbyn said that although the U.K. was not in the euro zone, the party could draw inspiration from Varoufakis' opposition to spending cuts. "I realize we're not in the euro zone but it's a question of understanding how we challenge the notion that you can cut your way to prosperity when in reality you have to grow your way to prosperity."
Responding Varoufakis' new role, Chief Secretary to the Treasury Greg Hands, and member of the ruling Conservative party, said the move was a mistake.
"It tells you all you need to know about Labour's economic strategy that they are now seeking advice from former Greek finance minister Yanis Varousfakis. Jeremy Corbyn says he can learn from Varoufakis's 'experience in Europe' but that experience was one of deep recession, capital flight, banks being forced to close for days on end and a Government that struggled to pay public sector workers their wages and pensions."