Within his freshly published memoir, named Ithaki, the former premier Alexis Tsipras spares no criticism while he revisits the chaotic era of Greece's financial crisis.
An Unconventional Choice
In the ex-PM's recollections, he selected the unorthodox academic Yanis Varoufakis to be his treasury head mainly due to his global profile and his highly compelling skills when it came to communicator.
“He was, in reality, more of a personality and less of an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader claims that Varoufakis had his own motives which involved advancing Varoufakis's publications as well as experimenting with his economic models using Greece instead of truly advocating the country's financial survival.
Tsipras noted that the negotiations to stave off insolvency were “not just a way to secure a better deal for the country. They became an experiment, a monumental chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself dangerously on the brink of exiting the single currency area.
At stake lay not only the country's destiny but also those punishing austerity measures demanded in return for rescue loans from international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, including an urgent plea to Russia to purchase Greek government bonds, were rejected.
Assisting Greece was equivalent to throwing money in the trash-can, Putin reportedly informed Tsipras in Moscow.
Referendum and U-Turn
That summer, those excoriating conditions were put to a public vote, a move which threw Europe into deeper existential crisis.
Although the referendum was won resoundingly by those who opposed austerity, Tsipras had little option but to reject its outcome and agree to a bailout package with creditors that turned out to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the figure who drew media attention, who appeared on the covers of publications globally … it seemed he relished his new role.”
After the minister outlined a backup strategy that included creating a secondary currency as well as issuing vouchers to retirees, the leader said he realised that it was the end and asked him: “Can you be serious?”
Enduring Rebuke
In the book, the author asserts how his former ally had proved himself “unsuitable for an agreement demanding intricate and delicate handling.”
He also claimed how his confrontational approach left him increasingly isolated with colleagues, endangered the country, and helped hardliners that were advocating a Greek exit from the euro.
The retelling of history has provoked anger and stunned disbelief in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
