In a recently unveiled autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he revisits that turbulent era of Greece's financial crisis.
An Unconventional Choice
In Tsipras's account, Tsipras chose that maverick economist Yanis Varoufakis to be the finance minister mainly because of his international reputation and his very persuasive abilities as a communicator.
“In reality, he was, in reality, more like a star and less of an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis possessed a personal agenda that included promoting his publications and experimenting with his theories using Greece rather than genuinely fighting for its economic stability.
Tsipras noted that the talks to avoid insolvency were “not only a way of achieving a better deal for the country. They were a test, a monumental opportunity to prove the truth of his economic theories.”
High-Stakes Talks
During rollercoaster discussions, the country came perilously on the brink of leaving the single currency area.
On the line lay not only Greece's future and those severe austerity policies demanded in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to find financing elsewhere, such as an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the harsh conditions were put to a public vote, an action that threw Europe into deeper crisis of identity.
Although the referendum was won resoundingly by voters who opposed austerity, Tsipras was forced to reject its outcome then agree to a rescue deal from foreign lenders that turned out to be more severe.
Final Straw
Tsipras claimed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a parallel currency and issuing vouchers to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself “unsuitable for a deal that required intricate and sensitive management.”
Tsipras further claimed that Varoufakis's confrontational style made him more and more alone among peers, endangered the country, while assisted hawks that were pushing for a Greek exit from the euro.
The account of events has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
