In a recently unveiled memoir, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism as he examines the chaotic period during Greece's debt drama.
An Unconventional Choice
According to the ex-PM's version, he chose the unorthodox academic Yanis Varoufakis to be his finance minister primarily due to the latter's worldwide fame and Varoufakis's “extremely attractive” skills as a communicator.
“In reality, he was, actually, more of a star and less of an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras alleges that his finance chief possessed his own agenda which involved promoting Varoufakis's publications as well as testing out his economic models using the nation instead of truly fighting for its financial survival.
He explained how those talks to stave off insolvency became “not only a way of achieving improved terms for Greece. They became a test, a monumental opportunity to prove the validity of his theories.”
High-Stakes Negotiations
Amid volatile discussions, Greece found itself dangerously close to leaving the eurozone.
On the line lay both Greece's future but also those severe cutbacks demanded in return for rescue loans from foreign lenders.
Failed Options
Attempts to find financing elsewhere, including an urgent plea to Russia to buy Greek bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly informed Tsipras in Moscow.
Public Vote and Reversal
That summer, those excoriating conditions were put to a public vote, an action that threw Europe into further existential crisis.
Even though the referendum was won decisively by those who opposed austerity, the prime minister was forced but to ignore the result then agree to a bailout package with foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
When the minister outlined a backup strategy that included establishing a secondary currency as well as distributing vouchers to retirees, Tsipras knew it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the book, Tsipras concludes that his former ally had proved himself “unfit for a deal that required intricate and delicate management.”
Tsipras further claimed that his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
The account of events has provoked anger and stunned disbelief among certain groups, while Varoufakis has maintained a deafening silence on the matter.
