Within his recently unveiled memoir, titled Ithaki, the ex- leader Alexis Tsipras spares no criticism while he examines that turbulent period of Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's account, he chose that maverick economist Yanis Varoufakis as the finance minister largely because of the latter's worldwide fame along with his very persuasive abilities as a public orator.
“He was, truthfully, more like a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges how his finance chief had his own agenda which included advancing his publications and experimenting with his game theories on Greece instead of genuinely fighting for its economic stability.
Tsipras wrote how the talks to stave off insolvency became “not just a way of achieving improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of his theories.”
High-Stakes Talks
During volatile discussions, Greece found itself dangerously close to leaving the single currency area.
On the line lay not only the country's future and the punishing austerity policies demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those harsh bailout terms were put to a popular referendum, an action that threw the EU into deeper existential crisis.
Even though the vote was won resoundingly by those against the cuts, Tsipras had little option to reject its outcome and negotiate a bailout package with creditors which proved to be even harsher.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“He was the face of negotiation, the man who drew publicity, who graced the covers of publications the world over … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a backup strategy involving creating a secondary currency and issuing coupons to retirees, Tsipras said he realised that it was the end and asked him: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and sensitive management.”
He further claimed how his confrontational approach made him more and more alone among peers, endangered the country, while helped hawks that were advocating Grexit.
This retelling of history has been met with anger and stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence on the matter.
