Ex-PM Tsipras States Varoufakis Proved ‘Inappropriate’ for the role of Greek Treasury Chief During Debt Crisis
Within his recently unveiled autobiography, titled Ithaki, the ex- prime minister Tsipras spares no criticism as he examines that chaotic era of Greece's financial crisis.
An Unconventional Choice
In Tsipras's version, Tsipras selected the unorthodox economist Yanis Varoufakis to be his finance minister mainly due to his worldwide fame and Varoufakis's very persuasive skills as a public orator.
“He was, truthfully, more like a personality rather than an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader alleges how his finance chief possessed his own agenda that involved promoting his books and experimenting with his theories on Greece instead of genuinely fighting for the country's financial survival.
He explained that the talks to avoid insolvency became “not just a way of achieving a better deal for Greece. They became an experiment, an historic chance to demonstrate the truth of his theories.”
Critical Negotiations
During volatile discussions, Greece found itself dangerously on the brink of leaving the single currency area.
At stake was not only the country's destiny but also those severe austerity policies demanded in return for financial aid from international creditors.
Unsuccessful Options
Attempts to find funds from other sources, including a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country was tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum and Reversal
In July 2015, the excoriating bailout terms were put to a public vote, a move that threw Europe into further crisis of identity.
Although the referendum was won resoundingly by voters who opposed the cuts, Tsipras was forced but to ignore the result and negotiate a rescue deal from creditors that proved to be more severe.
Breaking Point
Tsipras claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy that included creating a secondary currency as well as issuing coupons to pensioners, Tsipras said he realised that it was the end questioning him: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras asserts that his former ally had proved himself to be “unfit for a deal demanding intricate and sensitive handling.”
Tsipras further wrote that his aggressive style left him more and more alone with colleagues, endangered the country, and helped hawks who were pushing for a Greek exit from the euro.
The account of history has been met with fury along with stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence on the matter.