Within his newly released autobiography, named Ithaki, the former premier Alexis Tsipras spares no criticism as he reflects on the chaotic period of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, he selected that maverick economist Yanis Varoufakis to be the treasury head largely due to the latter's global profile along with Varoufakis's “extremely attractive” abilities when it came to public orator.
“In reality, he was, in reality, more of a star and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader suggests that his finance chief had his own agenda which involved advancing Varoufakis's books and testing out his game theories using the nation instead of genuinely advocating the country's financial survival.
Tsipras noted how those talks to prevent bankruptcy became “not only a way of achieving a better deal for Greece. They were a test, an historic chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster negotiations, Greece found itself perilously on the brink of leaving the single currency area.
At stake lay not only the country's future but also those severe cutbacks demanded in exchange for financial aid from foreign lenders.
Unsuccessful Options
Attempts to secure funds from other sources, including an urgent plea to the Kremlin to buy Greek government bonds, were rejected.
Helping Greece would be equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
That summer, the excoriating bailout terms were put to a public vote, an action which plunged Europe into a deeper existential crisis.
Even though the referendum was carried resoundingly by voters who opposed the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal with creditors that turned out to be even harsher.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”
When the minister outlined a backup strategy involving establishing a secondary currency as well as issuing vouchers to retirees, Tsipras said he realised that it was the end questioning Varoufakis: “Is this for real?”
Enduring Rebuke
In the book, the author concludes how his former ally demonstrated himself to be “unsuitable for an agreement demanding intricate and delicate handling.”
He also claimed that Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, while assisted hardliners who were pushing for Grexit.
This account of events has been met with anger along with stunned disbelief in some quarters, while the former minister has kept a deafening silence on the matter.
