Within his newly released memoir, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism as he reflects on the turbulent period of Greece's financial crisis.
A Controversial Choice
As per the ex-PM's account, he chose that unorthodox economist Yanis Varoufakis to be the treasury head primarily due to the latter's international reputation along with Varoufakis's “extremely attractive” abilities when it came to communicator.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras claims how his finance chief had his own agenda that included promoting Varoufakis's publications as well as testing out his own theories on Greece instead of genuinely fighting for the country's financial survival.
He noted that those discussions to avoid insolvency became “not only a method of achieving improved terms for the country. They became an experiment, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense negotiations, Greece came perilously on the brink of exiting the single currency area.
At stake was both the country's destiny and those severe austerity measures demanded in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, the punitive conditions were subjected to a popular referendum, a move which plunged the EU into a deeper crisis of identity.
Although the referendum was carried decisively by those who opposed the cuts, the prime minister had little option to reject its outcome and agree to a rescue deal from foreign lenders which proved to be even harsher.
Final Straw
Tsipras claimed how he started questioning his finance minister quite early on.
“He was the face of negotiation, the figure who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy involving creating a secondary currency as well as issuing vouchers to pensioners, Tsipras knew that it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the book, the author concludes that his former ally had proved himself “unfit for a deal demanding intricate and sensitive management.”
He also claimed how Varoufakis's aggressive style made him more and more alone among peers, put Greece at risk, while assisted hawks that were advocating Grexit.
This account of history has provoked anger along with stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence on the matter.
