Within his freshly published autobiography, named Ithaki, the ex- leader Alexis Tsipras spares no criticism while he reflects on that chaotic era of Greece's debt drama.
A Controversial Choice
In the ex-PM's version, he chose that maverick academic Yanis Varoufakis as his treasury head mainly because of his international reputation and Varoufakis's “extremely attractive” abilities when it came to communicator.
“In reality, he was, truthfully, more like a personality rather than an economist,” recalled Tsipras.
Conflicting Priorities
Tsipras suggests that his finance chief had a personal motives which included promoting his publications and experimenting with his theories on the nation rather than truly advocating its economic stability.
Tsipras wrote how the negotiations to prevent bankruptcy were “not only a way of achieving improved terms for the country. They were an experiment, an historic opportunity to demonstrate the validity of his ideas.”
Critical Negotiations
Amid tense negotiations, Greece came dangerously on the brink of exiting the eurozone.
At stake was both Greece's future but also the punishing austerity measures demanded in return for rescue loans by international creditors.
Unsuccessful Options
Attempts to find financing from other sources, including an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those excoriating bailout terms were put to a popular referendum, an action which threw Europe into a further existential crisis.
Even though the vote was carried decisively by voters who opposed the cuts, the prime minister had little option but to reject its outcome then agree to a rescue deal from creditors which turned out to be more severe.
Breaking Point
Tsipras revealed how he began to doubt his finance minister quite early on.
“He was the public image of the talks, the figure who drew publicity, who graced the front pages of publications globally … it seemed he relished the spotlight.”
After the minister proposed a backup strategy involving creating a parallel currency and issuing vouchers to retirees, Tsipras said he realised it was the end questioning Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself “unfit for an agreement that required intricate and sensitive management.”
He also claimed how Varoufakis's confrontational style left him more and more alone with colleagues, endangered the country, and assisted hawks who were advocating Grexit.
This retelling of history has provoked anger and stunned disbelief in some quarters, while Varoufakis has maintained a conspicuous quiet regarding these claims.
