In a freshly published memoir, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he examines that chaotic era during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's account, Tsipras selected the unorthodox economist Yanis Varoufakis to be the finance minister mainly due to his worldwide fame along with his very persuasive abilities as a communicator.
“In reality, he was, actually, more of a star rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests that Varoufakis possessed a personal agenda which included advancing Varoufakis's publications as well as experimenting with his theories using the nation rather than truly fighting for its financial survival.
He wrote how those negotiations to prevent bankruptcy were “not just a way to secure improved terms for Greece. They became a test, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster negotiations, the country came dangerously close to exiting the eurozone.
At stake was not only Greece's destiny but also the severe cutbacks required in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, including an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, the excoriating bailout terms were put to a public vote, a move that threw the EU into deeper crisis of identity.
Even though the vote was won resoundingly by those who opposed austerity, the prime minister was forced to ignore the result and negotiate a bailout package from creditors which turned out to be even harsher.
Final Straw
Tsipras claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the man who drew publicity, who appeared on the covers of publications globally … it seemed he relished the spotlight.”
When Varoufakis proposed a backup strategy that included creating a parallel currency as well as distributing vouchers to pensioners, Tsipras knew it was game over questioning him: “Is this for real?”
Lasting Criticism
Within the book, Tsipras concludes how his former ally had proved himself “unsuitable for an agreement demanding complex and delicate management.”
He also claimed that his aggressive style made him more and more alone among peers, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
This account of history has been met with fury and shock in some quarters, while the former minister has so far maintained a conspicuous quiet regarding these claims.
