Within his freshly published memoir, called Ithaki, the ex- premier Alexis Tsipras spares no criticism as he examines that turbulent era of Greece's debt drama.
An Unconventional Choice
According to Tsipras's recollections, he selected that maverick academic Yanis Varoufakis as his finance minister primarily because of his worldwide fame along with Varoufakis's very persuasive skills as a speaker.
“He was, in reality, more of a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader claims how his finance chief had his own agenda which involved advancing Varoufakis's publications as well as testing out his theories using Greece instead of genuinely fighting for the country's financial survival.
He explained that the talks to prevent insolvency were “not only a method of achieving improved terms for Greece. They became a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid volatile negotiations, Greece came perilously on the brink of leaving the eurozone.
At stake lay not only Greece's destiny but also the severe cutbacks demanded in exchange for financial aid from international creditors.
Failed Options
Attempts to find financing elsewhere, such as an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, those excoriating bailout terms were put to a public vote, an action which plunged the EU into a deeper existential crisis.
Even though the vote was carried decisively by voters who opposed austerity, Tsipras was forced but to ignore the result then agree to a rescue deal with foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he relished the spotlight.”
After Varoufakis outlined a contingency plan involving creating a secondary currency as well as distributing coupons to retirees, Tsipras knew that it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, the author concludes how his former ally demonstrated himself “unfit for a deal that required intricate and delicate handling.”
He further claimed that his confrontational style left him increasingly isolated among peers, put Greece at risk, while helped hawks who were pushing for Grexit.
The account of history has provoked fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
