In a recently unveiled memoir, called Ithaki, the ex- leader Alexis Tsipras spares no criticism while he revisits the chaotic period of Greece's debt drama.
A Controversial Choice
In the ex-PM's account, he selected the maverick economist Yanis Varoufakis as the treasury head mainly because of his worldwide fame and his highly compelling abilities as a speaker.
“In reality, he was, actually, more like a personality rather than an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras suggests that his finance chief had his own agenda that involved promoting his books and experimenting with his game theories using Greece rather than truly advocating the country's economic stability.
Tsipras explained that the talks to stave off insolvency became “not just a method to secure a better deal for the country. They were a test, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came dangerously close to exiting the single currency area.
On the line lay not only the country's future and those severe austerity policies demanded in exchange for rescue loans from international creditors.
Failed Options
Attempts to find funds elsewhere, such as an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, those punitive bailout terms were put to a public vote, an action that threw the EU into a deeper crisis of identity.
Even though the vote was won resoundingly by voters against the cuts, the prime minister was forced but to reject its outcome and agree to a rescue deal from creditors which proved to be more severe.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who graced the front pages of magazines globally … it seemed he relished his new role.”
After the minister outlined a backup strategy involving creating a parallel currency and issuing vouchers to retirees, the leader said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the book, the author asserts how his former ally had proved himself “unfit for an agreement demanding complex and delicate management.”
Tsipras also wrote how Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners that were advocating Grexit.
This retelling of history has provoked anger along with stunned disbelief in some quarters, whereas the former minister has maintained a conspicuous quiet on the matter.
