In a newly released memoir, named Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines the turbulent era of Greece's debt drama.
An Unconventional Choice
In Tsipras's account, he chose that maverick academic Yanis Varoufakis as his treasury head mainly because of the latter's global profile and his very persuasive skills as a speaker.
“He was, in reality, more like a star and less of an economist,” stated Tsipras.
Clashing Agendas
The former leader suggests how his finance chief possessed a personal agenda that included advancing his books as well as experimenting with his own economic models using the nation instead of genuinely fighting for its economic stability.
Tsipras wrote that the discussions to prevent bankruptcy were “not only a method to secure a better deal for the country. They were an experiment, an historic chance to prove the validity of Varoufakis's ideas.”
Critical Negotiations
During rollercoaster negotiations, Greece found itself perilously on the brink of exiting the eurozone.
On the line was not only the country's future but also the harsh austerity policies demanded in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to find funds from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting Greece was equivalent to throwing money in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those punitive bailout terms were put to a public vote, a move which threw the EU into deeper crisis of identity.
Even though the vote was carried decisively by those who opposed the cuts, the prime minister had little option but to reject its outcome and agree to a bailout package with foreign lenders that proved to be even harsher.
Final Straw
Tsipras revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the front pages of magazines globally … it seemed he relished the spotlight.”
When the minister outlined a contingency plan that included creating a secondary currency and issuing vouchers to pensioners, the leader knew that it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras asserts how Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras further wrote how Varoufakis's confrontational approach left him increasingly isolated among peers, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
The retelling of events has been met with anger and shock among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
