In a freshly published personal account, named Ithaki, the former prime minister Alexis Tsipras spares no criticism as he revisits the chaotic period during Greece's debt drama.
A Controversial Choice
In Tsipras's recollections, Tsipras chose the maverick academic Yanis Varoufakis to be his treasury head mainly due to the latter's worldwide fame along with his “extremely attractive” skills as a speaker.
“He was, actually, more of a celebrity and less of an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis had his own motives that included advancing his publications as well as experimenting with his own theories using Greece rather than truly fighting for the country's economic stability.
Tsipras noted how the talks to prevent insolvency were “not only a method of achieving a better deal for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Talks
Amid rollercoaster discussions, Greece came perilously close to leaving the single currency area.
On the line lay both the country's future but also those severe austerity measures demanded in return for financial aid by international creditors.
Unsuccessful Options
Efforts to secure funds elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, went unanswered.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, the harsh bailout terms were put to a popular referendum, an action which threw the EU into a further existential crisis.
Even though the referendum was carried decisively by those who opposed austerity, Tsipras was forced to reject its outcome then agree to a rescue deal from foreign lenders which proved to be tougher.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the man who attracted publicity, who appeared on the covers of publications globally … it seemed he was enjoying the spotlight.”
When the minister outlined a backup strategy that included establishing a secondary currency and distributing coupons to pensioners, the leader said he realised it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for a deal that required intricate and delicate handling.”
He further claimed that Varoufakis's aggressive style made him more and more alone among peers, endangered the country, and assisted hawks that were advocating a Greek exit from the euro.
The retelling of events has provoked fury along with shock in some quarters, while the former minister has kept a conspicuous quiet regarding these claims.
