In a recently unveiled memoir, called Ithaki, the former premier Alexis Tsipras spares no criticism while he examines the chaotic period of Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's version, he selected that unorthodox academic Yanis Varoufakis as the treasury head largely due to his global profile along with Varoufakis's “extremely attractive” abilities as a speaker.
“He was, in reality, more like a personality rather than an economist,” wrote Tsipras.
Clashing Priorities
The former leader alleges how Varoufakis possessed a personal motives that involved promoting his publications as well as testing out his own game theories using Greece rather than genuinely fighting for the country's economic stability.
Tsipras wrote how those discussions to stave off bankruptcy became “not just a way of achieving improved terms for Greece. They became a test, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
During volatile negotiations, Greece came dangerously close to exiting the eurozone.
On the line was not only Greece's destiny but also those harsh cutbacks required in exchange for financial aid from international creditors.
Failed Options
Efforts to secure funds elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote and Reversal
That summer, the excoriating bailout terms were subjected to a popular referendum, a move which threw the EU into a further existential crisis.
Although the vote was carried decisively by those against austerity, the prime minister had little option but to reject its outcome and negotiate a bailout package with foreign lenders which turned out to be more severe.
Final Straw
Tsipras claimed how he started questioning his finance minister quite early on.
“He was the face of negotiation, the figure who attracted media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy that included creating a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised it was game over and asked him: “Can you be serious?”
Enduring Rebuke
In the book, the author concludes how his former ally had proved himself to be “unfit for a deal demanding complex and delicate management.”
Tsipras further wrote that his aggressive style made him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were pushing for a Greek exit from the euro.
This account of history has provoked fury and shock among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.
