In a newly released memoir, titled Ithaki, the ex- leader Alexis Tsipras spares no criticism while he revisits that chaotic era during Greece's debt drama.
An Unconventional Choice
In Tsipras's recollections, Tsipras selected the maverick economist Yanis Varoufakis as the finance minister largely because of the latter's global profile along with his very persuasive skills as a communicator.
“He was, in reality, more like a personality rather than an economist,” stated the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief had his own agenda which included promoting his publications as well as experimenting with his game theories on Greece rather than genuinely advocating the country's economic stability.
Tsipras wrote that the discussions to stave off bankruptcy became “not only a way to secure improved terms for the country. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense negotiations, Greece found itself perilously on the brink of leaving the single currency area.
On the line was not only the country's future and those severe austerity policies demanded in exchange for financial aid by foreign lenders.
Failed Options
Efforts to find funds elsewhere, such as an urgent plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the harsh conditions were subjected to a public vote, a move that plunged the EU into further existential crisis.
Even though the referendum was won resoundingly by those who opposed the cuts, the prime minister was forced but to reject its outcome then negotiate a bailout package from creditors which turned out to be tougher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who drew media attention, who graced the covers of publications globally … he gave the impression he relished his new role.”
After the minister outlined a backup strategy involving establishing a secondary currency as well as issuing coupons to retirees, Tsipras knew that it was game over questioning him: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras concludes how Varoufakis had proved himself to be “unfit for a deal that required complex and sensitive handling.”
He also claimed that his aggressive style made him increasingly isolated among peers, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
The account of events has been met with anger along with shock among certain groups, whereas the former minister has kept a conspicuous quiet regarding these claims.
