In a freshly published memoir, called Ithaki, the ex- leader Alexis Tsipras spares no criticism as he reflects on the turbulent era of Greece's financial crisis.
A Controversial Choice
As per the ex-PM's recollections, Tsipras appointed that unorthodox economist Yanis Varoufakis as the finance minister largely because of his global profile along with Varoufakis's very persuasive skills as a speaker.
“He was, actually, more of a celebrity and less of an economist,” stated Tsipras.
Clashing Agendas
The former leader claims how Varoufakis possessed a personal agenda that included advancing Varoufakis's publications as well as testing out his own theories using the nation rather than truly advocating its financial survival.
Tsipras wrote that those talks to avoid insolvency became “not just a method to secure a better deal for the country. They were a test, an historic chance to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid rollercoaster negotiations, the country came dangerously close to leaving the eurozone.
On the line was not only Greece's destiny but also the punishing austerity measures required in return for financial aid by international creditors.
Unsuccessful Options
Attempts to secure financing from other sources, such as an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those harsh conditions were put to a public vote, a move which plunged the EU into deeper existential crisis.
Although the referendum was won resoundingly by those against the cuts, Tsipras had little option but to ignore the result and agree to a bailout package from foreign lenders that proved to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who drew media attention, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan involving creating a parallel currency as well as issuing vouchers to pensioners, the leader said he realised it was the end questioning Varoufakis: “Is this for real?”
Enduring Rebuke
Within the book, Tsipras asserts how his former ally demonstrated himself to be “unsuitable for a deal that required complex and delicate handling.”
Tsipras further claimed how Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were advocating Grexit.
This account of history has been met with fury and stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence on the matter.
