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Ex-PM Tsipras States Yanis Varoufakis Proved ‘Inappropriate’ as Greece's Finance Minister Amid Debt Crisis
In a recently unveiled personal account, titled Ithaki, the ex- leader Tsipras pulls no punches while he examines the chaotic era of Greece's financial crisis.
A Controversial Appointment
According to the ex-PM's account, Tsipras appointed that maverick academic Varoufakis as the treasury head largely because of his global profile and his very persuasive skills when it came to public orator.
“In reality, he was, actually, more like a star rather than an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader suggests how his finance chief had his own agenda that involved promoting his publications and testing out his own game theories using Greece rather than truly advocating its economic stability.
Tsipras wrote that the negotiations to stave off insolvency were “not only a way to secure improved terms for the country. They became a test, an historic chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece found itself perilously close to leaving the single currency area.
On the line was not only the country's destiny but also those punishing austerity policies demanded in exchange for rescue loans by international creditors.
Failed Options
Efforts to secure funds from other sources, including a desperate appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Referendum and Reversal
That summer, those harsh conditions were subjected to a public vote, a move that plunged Europe into a deeper crisis of identity.
Although the referendum was won decisively by those who opposed austerity, Tsipras had little option to ignore the result and negotiate a rescue deal with foreign lenders that turned out to be more severe.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the man who drew publicity, who appeared on the covers of magazines the world over … it seemed he was enjoying the spotlight.”
After the minister outlined a backup strategy involving creating a secondary currency as well as distributing coupons to retirees, Tsipras said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the book, Tsipras asserts how Varoufakis demonstrated himself to be “unsuitable for an agreement demanding intricate and delicate management.”
Tsipras further wrote how his confrontational style made him more and more alone with colleagues, endangered the country, while assisted hawks that were advocating a Greek exit from the euro.
The account of events has been met with fury and stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.
Brenda Garcia
A tech enthusiast and digital strategist with over a decade of experience in web development and online marketing.
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