In a newly released memoir, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he reflects on the turbulent period of Greece's financial crisis.
A Controversial Choice
In the ex-PM's account, he selected the maverick academic Yanis Varoufakis to be the treasury head largely due to the latter's international reputation and his very persuasive abilities as a communicator.
“He was, actually, more of a personality and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader claims that Varoufakis had his own agenda which involved promoting his publications as well as testing out his own theories on the nation instead of truly fighting for its financial survival.
He wrote that those negotiations to avoid bankruptcy became “not just a way to secure a better deal for the country. They were an experiment, a monumental chance to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During tense discussions, Greece came dangerously close to leaving the eurozone.
At stake was both Greece's future but also the harsh cutbacks required in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to find financing elsewhere, such as an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly informed Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, the excoriating conditions were put to a popular referendum, a move that plunged Europe into a deeper existential crisis.
Even though the referendum was won decisively by voters against the cuts, the prime minister had little option but to reject its outcome and agree to a rescue deal from foreign lenders that proved to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who attracted publicity, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy involving establishing a secondary currency as well as distributing coupons to pensioners, Tsipras knew it was the end questioning him: “Are you serious?”
Enduring Rebuke
Within the book, the author asserts that Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and delicate management.”
Tsipras also claimed how Varoufakis's confrontational approach made him more and more alone among peers, endangered the country, and helped hawks that were advocating a Greek exit from the euro.
The account of events has provoked anger and stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet regarding these claims.
