Within his freshly published memoir, named Ithaki, the ex- premier Alexis Tsipras spares no criticism as he reflects on that turbulent era during Greece's financial crisis.
An Unconventional Choice
According to Tsipras's account, Tsipras selected that maverick economist Yanis Varoufakis to be his finance minister mainly because of the latter's international reputation and his “extremely attractive” skills when it came to public orator.
“He was, actually, more like a star rather than an economist,” wrote Tsipras.
Clashing Priorities
Tsipras suggests how Varoufakis possessed his own motives that involved advancing Varoufakis's publications as well as experimenting with his own economic models using Greece instead of truly advocating the country's economic stability.
He noted that those negotiations to prevent bankruptcy became “not just a way of achieving improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
During tense discussions, the country came dangerously on the brink of exiting the eurozone.
At stake lay both Greece's future but also the severe austerity policies demanded in return for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin is reputed to have told Tsipras during their meeting.
Public Vote and Reversal
That summer, those excoriating conditions were put to a popular referendum, a move which threw Europe into a deeper crisis of identity.
Even though the vote was won decisively by those who opposed the cuts, Tsipras was forced to ignore the result and negotiate a bailout package with creditors that proved to be even harsher.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the man who attracted publicity, who graced the covers of magazines globally … he gave the impression he relished his new role.”
When Varoufakis proposed a backup strategy involving establishing a parallel currency as well as issuing coupons to retirees, Tsipras knew it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras asserts that his former ally demonstrated himself “unfit for a deal demanding complex and sensitive handling.”
Tsipras also claimed how his aggressive approach made him more and more alone with colleagues, put Greece at risk, while assisted hawks who were advocating Grexit.
The account of history has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.
