Following the dramatic resignation of the iconoclastic economist Yanis Varoufakis, Greece's leather jacket-toting former Finance Minister, on Monday morning, the less glamorous Euclid Tsakalotos has taken his place. But who is this quiet academic, and why has Alexis Tsipras put him in charge of Greece's economy—and negotiations with the country's creditors? We explain all below:

What 's his background?

Like many in Syriza, Tsakalotos is a left-wing academic. He went to St. Paul’s school in London (like one George Osborne) and then Oxford, where he graduated with a PHD in economics. Syriza insiders joke that the British accent he picked up will help him woo over Greece’s creditors. He later moved back to Greece and taught at Athens University. He's an old hand in the party—he joined one of its constituent organisations, Synaspismos, in the 1990s. Just prior to his appointment as Finance Minister, he negotiated with creditors instead of Varoufakis during some talks as part of a reshuffle to mollify creditors.

Why is he the man for the job?

Tsakalotos is absolutely committed to Syriza’s anti-austerity party line but, unlike Varoufakis, he is known for having a calm, conciliatory approach. Whereas Varoufakis was a "rockstar" politician who likened Greece's creditors to terrorists, Tsakalotos is a popular party member known for his humble demeanor—he ran the cash till at the souvlaki stand during Syriza festivals. He's seen as being unlikely to destabilise the talks through rash moves.

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What are his politics?

He is thought of as being on the left of the party. At Oxford he joined the "Eurocommunist" society. In January, in an interview with the BBC, he made a passionate case for debt relief: "I haven't met an economist in their heart of hearts that will tell you that Greece will pay back all of that debt. It can't be done." He is quick to point out what he sees as Europe’s failings—namely, that Germany’s unwillingness to work with Syriza shows that the EU resists democratic and social change. Ultimately, however, he doesn’t want Greece to leave the EU nor the euro.

Will he manage to strike a deal?

Not necessarily. The swap between him and Varoufakis could make a difference to the creditors, but the real reason a deal hasn’t been agreed is because of the ideological clash between them and Greece, and there nothing’s changed. It would be surprising if Tsakalotos retreated significantly from Varoufakis’s position. If a deal does happen, it is more likely to have been mounting pressure on both sides that will have made the difference than this specific appointment.