Ex-PM Tsipras States Yanis Varoufakis Proved ‘Unsuitable’ as Greek Treasury Chief Amid Financial Meltdown
In a freshly published autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he revisits the turbulent period during Greece's financial crisis.
An Unconventional Choice
In Tsipras's account, Tsipras chose the unorthodox economist Varoufakis to be the finance minister mainly due to the latter's international reputation and his very persuasive abilities when it came to speaker.
“He was, in reality, more like a personality and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader claims that Varoufakis had his own motives that involved advancing Varoufakis's books and testing out his game theories on Greece rather than genuinely advocating the country's financial survival.
He explained how those negotiations to stave off insolvency became “not just a method of achieving a better deal for the country. They were an experiment, an historic chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense negotiations, Greece came perilously on the brink of leaving the single currency area.
On the line lay both Greece's destiny and those severe cutbacks demanded in return for financial aid from foreign lenders.
Failed Options
Attempts to find funds elsewhere, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, the excoriating conditions were put to a public vote, a move that plunged Europe into further crisis of identity.
Although the referendum was won decisively by voters against austerity, Tsipras was forced but to ignore the result then agree to a rescue deal from foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a parallel currency as well as issuing coupons to pensioners, the leader knew that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, the author concludes how his former ally had proved himself “unfit for an agreement demanding intricate and delicate handling.”
He further claimed that Varoufakis's aggressive style left him increasingly isolated among peers, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
This account of history has provoked fury and shock in some quarters, while Varoufakis has maintained a deafening silence on the matter.
