In a freshly published autobiography, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism while he revisits that turbulent period of Greece's financial crisis.
An Unconventional Choice
In the ex-PM's recollections, he selected the maverick economist Yanis Varoufakis to be his finance minister mainly due to his international reputation and Varoufakis's very persuasive abilities as a communicator.
“In reality, he was, actually, more like a star rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader alleges how his finance chief had a personal agenda that involved advancing his books and testing out his own game theories on Greece instead of truly advocating the country's financial survival.
He noted that the negotiations to prevent bankruptcy were “not just a way of achieving a better deal for Greece. They were an experiment, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country came perilously close to exiting the single currency area.
On the line lay not only Greece's future and the punishing cutbacks demanded in return for financial aid from foreign lenders.
Failed Options
Efforts to secure funds elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the harsh conditions were put to a public vote, a move that plunged Europe into further crisis of identity.
Although the vote was won resoundingly by voters against austerity, Tsipras had little option but to ignore the result then negotiate a bailout package from creditors that proved to be tougher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister relatively soon.
“He was the face of the talks, the man who drew publicity, who graced the front pages of publications globally … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a contingency plan involving creating a secondary currency and issuing coupons to pensioners, Tsipras said he realised that it was the end questioning him: “Can you be serious?”
Enduring Criticism
In the book, the author asserts how his former ally had proved himself to be “unfit for a deal that required complex and sensitive management.”
He further claimed how his aggressive style left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
This account of history has been met with fury along with shock among certain groups, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
