Within his freshly published autobiography, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he reflects on the turbulent era of Greece's financial crisis.
A Controversial Choice
According to the ex-PM's account, he appointed the maverick academic Yanis Varoufakis as his finance minister mainly due to his international reputation and his very persuasive abilities when it came to communicator.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader alleges that Varoufakis possessed his own agenda that involved promoting his books as well as testing out his own theories on Greece instead of genuinely fighting for its financial survival.
He explained that the negotiations to prevent insolvency were “not just a way to secure a better deal for the country. They were an experiment, a monumental opportunity to demonstrate the validity of his ideas.”
High-Stakes Talks
During volatile negotiations, Greece found itself dangerously on the brink of exiting the single currency area.
On the line was both the country's destiny but also the severe austerity policies demanded in return for rescue loans from foreign lenders.
Failed Options
Attempts to find funds from other sources, including an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Assisting Greece was equivalent to throwing money into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, the excoriating conditions were put to a popular referendum, a move which threw Europe into deeper existential crisis.
Even though the referendum was won decisively by those against austerity, Tsipras had little option but to ignore the result then negotiate a rescue deal with creditors which proved to be tougher.
Breaking Point
Tsipras revealed that he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency as well as issuing coupons to retirees, Tsipras said he realised it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
Within the memoir, the author asserts how Varoufakis had proved himself “unfit for an agreement demanding complex and delicate handling.”
He also wrote how his confrontational style made him increasingly isolated among peers, endangered the country, while helped hardliners who were pushing for a Greek exit from the euro.
The retelling of events has been met with anger along with shock among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.