In a freshly published personal account, titled Ithaki, the former leader Alexis Tsipras spares no criticism as he reflects on the turbulent era of Greece's economic turmoil.
A Controversial Choice
In Tsipras's account, Tsipras chose the maverick economist Yanis Varoufakis to be his finance minister primarily due to the latter's international reputation along with his very persuasive abilities when it came to speaker.
“He was, actually, more like a star rather than an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader claims that his finance chief possessed his own agenda which involved promoting his books as well as testing out his own economic models using the nation instead of truly fighting for its economic stability.
Tsipras wrote that the talks to prevent bankruptcy became “not just a method to secure improved terms for the country. They were a test, an historic chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country came perilously on the brink of exiting the single currency area.
On the line was both the country's future but also those punishing cutbacks required in return for financial aid from international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote and Reversal
That summer, those punitive bailout terms were subjected to a popular referendum, a move which threw Europe into deeper crisis of identity.
Even though the vote was carried decisively by those who opposed the cuts, Tsipras had little option to reject its outcome and agree to a rescue deal from foreign lenders which proved to be even harsher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who drew publicity, who appeared on the front pages of publications the world over … it seemed he relished the spotlight.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency as well as distributing vouchers to pensioners, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, the author concludes that his former ally demonstrated himself “unfit for a deal demanding intricate and delicate handling.”
He also wrote how his aggressive style left him increasingly isolated among peers, put Greece at risk, while helped hardliners that were advocating a Greek exit from the euro.
This retelling of history has provoked fury and shock among certain groups, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
