Within his newly released autobiography, named Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits that turbulent era of Greece's debt drama.
An Unconventional Choice
In Tsipras's recollections, Tsipras chose that maverick academic Yanis Varoufakis as his finance minister mainly because of his international reputation along with Varoufakis's very persuasive abilities when it came to speaker.
“In reality, he was, actually, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader suggests that Varoufakis possessed a personal motives that involved advancing Varoufakis's publications and testing out his own theories using Greece instead of truly advocating its financial survival.
He noted that those talks to stave off insolvency were “not just a method of achieving a better deal for the country. They became a test, a monumental opportunity to prove the truth of his economic theories.”
Critical Talks
During rollercoaster negotiations, Greece came dangerously on the brink of leaving the single currency area.
At stake was both the country's future but also the punishing austerity policies required in return for rescue loans from foreign lenders.
Unsuccessful Options
Attempts to find funds from other sources, including a desperate appeal to the Kremlin to purchase Greek government bonds, were rejected.
Assisting Greece was equivalent to tossing cash in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Public Vote and Reversal
That summer, those punitive bailout terms were put to a popular referendum, an action that plunged the EU into a deeper crisis of identity.
Although the vote was won decisively by those who opposed the cuts, Tsipras had little option to ignore the result then agree to a bailout package from creditors which turned out to be tougher.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the man who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan that included establishing a secondary currency as well as issuing vouchers to pensioners, the leader knew that it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for an agreement that required complex and sensitive management.”
Tsipras further claimed that Varoufakis's aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were advocating Grexit.
This account of history has provoked anger and stunned disbelief among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
