In a newly released autobiography, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he examines the turbulent era during Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's recollections, he selected the unorthodox academic Yanis Varoufakis as the finance minister mainly due to the latter's global profile along with Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, actually, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
Tsipras suggests how Varoufakis possessed a personal agenda that involved promoting Varoufakis's publications as well as testing out his game theories on Greece instead of genuinely fighting for its financial survival.
He explained how those discussions to stave off insolvency were “not only a method to secure a better deal for the country. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Talks
During tense discussions, the country came dangerously on the brink of leaving the eurozone.
At stake was not only Greece's destiny and the harsh cutbacks demanded in exchange for bailout funds from international creditors.
Unsuccessful Options
Efforts to find financing elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, the harsh bailout terms were put to a public vote, a move that plunged the EU into deeper crisis of identity.
Even though the referendum was won resoundingly by voters who opposed the cuts, Tsipras had little option to ignore the result and negotiate a bailout package with foreign lenders that turned out to be more severe.
Final Straw
Tsipras claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”
When the minister outlined a backup strategy that included creating a parallel currency as well as distributing coupons to retirees, Tsipras said he realised it was the end and asked him: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras concludes that his former ally had proved himself to be “unsuitable for a deal demanding intricate and sensitive management.”
He further wrote how his confrontational style made him more and more alone with colleagues, put Greece at risk, while assisted hardliners that were advocating a Greek exit from the euro.
This retelling of history has been met with fury and shock in some quarters, whereas the former minister has maintained a deafening silence regarding these claims.
