In a recently unveiled memoir, called Ithaki, the former leader Alexis Tsipras spares no criticism as he reflects on that turbulent period of Greece's financial crisis.
A Controversial Choice
As per Tsipras's recollections, he chose that maverick economist Yanis Varoufakis to be his finance minister largely because of his worldwide fame along with Varoufakis's very persuasive abilities as a public orator.
“He was, truthfully, more of a celebrity rather than an economic expert,” stated Tsipras.
Clashing Priorities
The former leader suggests that his finance chief had his own motives which involved advancing Varoufakis's books and testing out his theories on Greece rather than genuinely fighting for the country's financial survival.
Tsipras noted how the negotiations to avoid bankruptcy became “not just a way to secure improved terms for the country. They were a test, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid rollercoaster discussions, Greece found itself dangerously on the brink of exiting the eurozone.
At stake lay both Greece's destiny but also the severe austerity measures required in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to find financing elsewhere, such as an urgent appeal to Russia to buy Greek bonds, were rejected.
Assisting Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, the punitive conditions were put to a popular referendum, an action that threw the EU into a deeper crisis of identity.
Even though the referendum was carried resoundingly by those who opposed austerity, Tsipras was forced but to reject its outcome then agree to a bailout package from foreign lenders which proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a backup strategy that included creating a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised that it was the end questioning him: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes how Varoufakis had proved himself to be “unfit for an agreement demanding complex and delicate handling.”
He also wrote how Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, while assisted hawks that were advocating a Greek exit from the euro.
This retelling of events has provoked anger along with shock among certain groups, while the former minister has so far kept a deafening silence regarding these claims.
