Greece warned finances to worsen

Greece’s new prime minister, Alexis Tsipras, has picked an outspoken bailout critic as his new finance minister — signalling his resolve to take a tough line with eurozone lenders in an effort to write off a massive chunk of rescue debt.

Economist Yanis Varoufakis, 53 — who has described the bailout as “fiscal waterboarding” — took up the position amid a rating agency warning of a worsening financial situation that sent the country’s stock market sharply lower.

The governing Syriza party on Tuesday announced a Cabinet that includes officials from its coalition ally, the anti-bailout and right-wing Independent Greeks.