World finance :: Commerse, Personal finances and Earnings

Update 1 accidental economist and scourge of austerity tipped for greek

* If made finance minister, would be key negotiator with creditors* Has described international bailouts as "fiscal waterboarding"* Vowed to destroy oligarchs, renegotiate Greece's debt mountain (Adds background, details)By Renee MaltezouATHENS, Jan 26 A scourge of austerity policies who calls himself an "accidental economist" is set to become Greece's finance minister and the key negotiator with its creditors, barring last-minute hitches, senior Syriza party officials said on Monday. In characteristically purple prose, Yanis Varoufakis, 53, celebrated the victory of Alexis Tsipras's far-left Syriza in Greek elections by paraphrasing Welsh poet Dylan Thomas."Greek democracy today chose to stop going gently into the night. Greek democracy resolved to rage against the dying of the light," the bi-national Greek-Australian wrote on his blog. Confirmation of his appointment is expected after Prime Minister Tsipras works out final details of his cabinet on Monday night but other potential candidates - including senior Syriza official Yannis Dragasakis, a founding member of the party - could still emerge.

The radical academic, who studied in Britain and has also taught in Australia, Greece and the United States, vowed in pre-election interviews to destroy Greek oligarchs, end what he called the humanitarian crisis in Greece and renegotiate the country's debt mountain."We are going to destroy the basis upon which they have built for decade after decade a system, a network that viciously sucks the energy and the economic power from everybody else in society," he told Britain's Channel 4 television. His appointment would highlight a swift change in tone brought by 40-year-old Tsipras and he would contrast with grizzled Brussels veterans such as Germany's Wolfgang Schaeuble or EU Commission President Jean-Claude Juncker. He would succeed two centrist technocrats who implemented austerity measures demanded by the "troika" of the European Commission, European Central Bank and International Monetary Fund.

But even if Varoufakis does not get the job, he is still expected to play a key role in talks with foreign lenders, according to party officials.'ATHEIST THEOLOGIAN'

Varoufakis, who has also worked at a video game company, has been a longtime critic of Europe's handling of an economic crisis he says risks undermining the continent's democratic foundations and breaking the euro zone apart. The academic - who favours bright shirts and jeans - only went into politics in the run-up to Sunday's election, leaving his position at the University of Texas, saying he could not refuse Tsipras' invitation to join his team. Comparing himself to "an atheist theologian ensconced in a Middle Ages monastery", he has attacked conventional economic theory that favours budget rigour and market-friendly structural reforms as a response to the crisis. The recipe amounted to "a cynical transfer of banking losses onto the shoulders of the weakest taxpayers", he said in a blog post this month announcing his candidacy for parliament. As an adviser to former Prime Minister George Papandreou, he argued that Greece could not avoid defaulting on its massive public debt, which has swollen from 146 percent of gross domestic product in 2010 to over 175 percent last year, the second highest in the world after Japan. A prolific blogger and regular media commentator with a vivid turn of phrase, he described international bailouts of struggling euro zone states as "fiscal waterboarding" that risked converting Europe into "a form of Victorian workhouse". While he believes it was a mistake for Greece to join the euro in 2001, he says it is too late to leave now but Europe must change its approach to the crisis or risk sinking into a deadly spiral of deflation and stagnation.

Your money how to bank your childs money

When I told my 7-year-old that her wallet was getting full and it was time to open a bank account, her eyes widened. She wanted to know if she would be allowed to carry her own ATM card. Um, no. When transitioning from a piggy bank to handling a debit card linked to an active account, financial experts say it is best to start with a trip to a bank, but which one and when? Here are some steps to get this site Bank of Mom and DadDon't be in a rush to move away from the bookshelf bank, says financial literacy expert Susan Beacham. There are lessons to be learned from physical contact with money. Sticking with a piggy can be especially effective if you teach your kids to divide their money into categories. Beacham's Money Savvy Pig (this site) has four slots: save, spend, donate, invest. When you cannot stuff one more dime into the slots, it is time to crack it open and seek your next teachable moment.

2. Neighborhood convenienceMany adults bank online, but kids still benefit from visiting a branch, says Elizabeth Odders-White, an associate dean at the Wisconsin School of Business in Madison. Do not worry about the interest, Beacham says. "A young child who gets a penny more than they put in thinks it's magical. You're not trying to grow their money as much as grow their habits."Your second consideration should be fees. Your best bet may be where you bank, where fees would be determined by your overall balance and you could link accounts.

Another option is a community bank, particularly a credit union, which are among the last bastions of free checking accounts."The difference between credit unions and banks is that credit unions are not-for-profit and owned by depositors," says Mike Schenk, a vice president of the Credit Union National Association. At either type of institution, you could open a joint account, which would be best for older kids because it allows them to have access to funds through an ATM or online, says Nessa Feddis, a senior vice president at the American Bankers Association. (For more on credit options, see you could open a custodial account, for which you would typically need to supply a birth certificate and the child's Social Security number. Taxes on interest earned would be the child's responsibility, but likely would not add up to much on a small account. A minor account must be transferred by age 18 to the child's full control.

3. Big MoneyIf your child earns taxable income, the money should go into a Roth individual retirement account, experts say. There is usually no minimum age and many brokerage firms have low or no minimums to start an account. You can pick a mix of low-cost ETFs, and let it ride. Putting away $1,000 at age 15 would turn into nearly $30,000 by age 65, at a moderate growth rate, according to's retirement calculator. Not all kids can bear to part with their earnings, but there are workarounds. One tactic: a parent or grandparent supplies all or part of the funds that go into the Roth, akin to a corporate matching program. The other is to work with your child to understand long-term and short-term cash needs. That is what certified financial planner Marguerita Cheng of Blue Ocean Global Wealth in Potomac, Maryland, did with her daughter, who is now in her first year of college. While mom and dad pay for basic things like tuition, the teen decided to pool several thousand dollars from her summer lifeguard earnings, money from her on-campus job and gifts from her grandparents to fund several educational trips."She would make money investing, but it's only appropriate if you have a longer time horizon," says Cheng. "It's not even about the money, it's the pride she gets from paying for it herself."