In a newly released autobiography, titled Ithaki, the former premier Alexis Tsipras spares no criticism as he revisits the chaotic period during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's account, he chose the unorthodox economist Yanis Varoufakis as his finance minister primarily due to the latter's global profile along with his highly compelling abilities when it came to communicator.
“In reality, he was, truthfully, more of a celebrity rather than an economic expert,” recalled the 51-year-old.
Clashing Priorities
Tsipras alleges how his finance chief had his own agenda that involved promoting his books and experimenting with his own game theories on the nation rather than genuinely fighting for the country's financial survival.
Tsipras wrote how the negotiations to avoid bankruptcy became “not just a way to secure improved terms for the country. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Talks
During volatile discussions, the country found itself perilously on the brink of leaving the single currency area.
At stake was both Greece's destiny and those severe cutbacks demanded in exchange for bailout funds by international creditors.
Failed Options
Efforts to find funds elsewhere, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, the harsh conditions were subjected to a public vote, an action which threw Europe into a deeper existential crisis.
Although the vote was carried decisively by voters against the cuts, Tsipras was forced but to ignore the result then agree to a bailout package from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM claimed that he started questioning his finance minister quite early on.
“He was the face of the talks, the man who drew media attention, who graced the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a contingency plan that included establishing a secondary currency and issuing coupons to retirees, Tsipras said he realised it was the end questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras concludes that Varoufakis had proved himself “unsuitable for an agreement that required complex and delicate management.”
Tsipras further wrote how his aggressive style made him increasingly isolated among peers, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
The retelling of history has been met with anger and shock in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
