Within his recently unveiled personal account, titled Ithaki, the ex- leader Alexis Tsipras spares no criticism while he examines the turbulent era of Greece's financial crisis.
A Controversial Choice
In Tsipras's account, Tsipras chose the maverick economist Yanis Varoufakis to be his treasury head mainly due to his global profile along with his “extremely attractive” abilities when it came to communicator.
“In reality, he was, actually, more of a star rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader suggests that his finance chief possessed his own motives that involved promoting Varoufakis's books and testing out his own economic models using Greece rather than genuinely advocating the country's economic stability.
He noted how the talks to stave off bankruptcy were “not only a way to secure improved terms for the country. They became an experiment, an historic opportunity to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid volatile negotiations, Greece came dangerously close to exiting the single currency area.
At stake lay not only the country's future and the severe austerity policies required in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, including a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, those punitive conditions were subjected to a public vote, a move that plunged Europe into a further existential crisis.
Although the referendum was carried decisively by those who opposed the cuts, the prime minister was forced to ignore the result and agree to a rescue deal with foreign lenders which turned out to be more severe.
Final Straw
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the figure who drew media attention, who graced the front pages of magazines globally … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy that included establishing a parallel currency and issuing vouchers to retirees, Tsipras said he realised that it was the end questioning him: “Is this for real?”
Lasting Criticism
In the memoir, the author concludes how Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and delicate handling.”
He further wrote that his aggressive style made him more and more alone with colleagues, put Greece at risk, while assisted hawks who were pushing for Grexit.
This retelling of history has been met with fury and shock in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.
