Within his freshly published memoir, called Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits that chaotic period of Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's recollections, Tsipras selected that maverick economist Yanis Varoufakis as the finance minister largely because of the latter's global profile along with Varoufakis's highly compelling abilities when it came to public orator.
“He was, truthfully, more like a star rather than an economist,” stated the 51-year-old.
Clashing Agendas
The former leader suggests how Varoufakis possessed a personal agenda that included promoting his books as well as experimenting with his own game theories using Greece instead of truly advocating the country's economic stability.
Tsipras explained that those talks to prevent insolvency were “not just a method to secure improved terms for Greece. They became a test, an historic chance to demonstrate the validity of his ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
At stake was not only the country's future but also the harsh austerity measures demanded in return for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to secure funds from other sources, including an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
That summer, those punitive conditions were subjected to a popular referendum, a move which threw Europe into a further existential crisis.
Although the vote was carried decisively by those who opposed austerity, Tsipras had little option but to ignore the result and negotiate a rescue deal from foreign lenders which proved to be even harsher.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the man who drew media attention, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy that included creating a parallel currency and issuing coupons to retirees, the leader said he realised it was the end questioning him: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras concludes how Varoufakis had proved himself “unfit for a deal that required intricate and delicate management.”
He further wrote how his aggressive approach left him increasingly isolated with colleagues, endangered the country, and assisted hawks who were advocating a Greek exit from the euro.
The account of history has been met with fury along with stunned disbelief in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.
