Within his recently unveiled memoir, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism as he reflects on that chaotic era of Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's recollections, Tsipras selected the unorthodox academic Yanis Varoufakis as the treasury head largely due to his international reputation along with Varoufakis's “extremely attractive” skills as a communicator.
“In reality, he was, truthfully, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader claims how his finance chief had his own agenda that involved promoting Varoufakis's publications and testing out his economic models using the nation rather than truly fighting for the country's financial survival.
He explained that those negotiations to prevent insolvency became “not just a method to secure a better deal for Greece. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”
Critical Negotiations
Amid tense negotiations, the country found itself dangerously on the brink of exiting the eurozone.
On the line was both Greece's future and the punishing austerity policies demanded in return for rescue loans from foreign lenders.
Unsuccessful Options
Attempts to secure funds from other sources, including an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, the excoriating conditions were put to a public vote, an action which plunged the EU into a deeper existential crisis.
Although the vote was carried decisively by those who opposed austerity, Tsipras was forced to ignore the result and agree to a rescue deal with creditors which proved to be even harsher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who drew media attention, who appeared on the covers of magazines globally … it seemed he relished his new role.”
After the minister outlined a contingency plan involving establishing a secondary currency and issuing coupons to retirees, Tsipras said he realised it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, the author asserts how his former ally demonstrated himself “unfit for a deal that required intricate and delicate management.”
Tsipras further claimed that Varoufakis's confrontational approach made him more and more alone among peers, endangered the country, while helped hawks that were advocating a Greek exit from the euro.
This retelling of events has provoked fury along with shock in some quarters, while the former minister has kept a deafening silence regarding these claims.
