Within his recently unveiled memoir, named Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits the chaotic era of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's recollections, Tsipras chose the maverick academic Yanis Varoufakis to be his finance minister largely due to the latter's worldwide fame along with his “extremely attractive” skills as a communicator.
“In reality, he was, truthfully, more like a personality rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras claims how Varoufakis had his own agenda that included advancing Varoufakis's books as well as experimenting with his own economic models on Greece instead of genuinely advocating the country's financial survival.
Tsipras explained how those negotiations to stave off bankruptcy became “not just a way of achieving improved terms for the country. They were a test, a monumental opportunity to demonstrate the validity of his theories.”
Critical Negotiations
Amid volatile discussions, the country came perilously close to leaving the single currency area.
At stake lay not only Greece's future and the severe austerity policies demanded in return for rescue loans by foreign lenders.
Failed Options
Efforts to secure funds elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum and Reversal
That summer, those harsh bailout terms were put to a popular referendum, a move which plunged the EU into further existential crisis.
Although the referendum was carried decisively by voters who opposed austerity, the prime minister was forced to ignore the result then agree to a bailout package with foreign lenders which proved to be even harsher.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“He was the face of the talks, the figure who attracted media attention, who graced the front pages of magazines globally … he gave the impression he was enjoying his new role.”
When the minister proposed a backup strategy that included creating a parallel currency and distributing coupons to retirees, the leader said he realised it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for an agreement that required complex and sensitive management.”
He further claimed that Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.
This retelling of history has been met with anger along with stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
