In a freshly published autobiography, called Ithaki, the ex- leader Alexis Tsipras spares no criticism as he revisits the chaotic period of Greece's financial crisis.
A Controversial Choice
According to Tsipras's recollections, he selected the maverick academic Yanis Varoufakis to be his finance minister primarily due to the latter's international reputation along with his highly compelling skills as a speaker.
“He was, truthfully, more like a star rather than an economic expert,” recalled Tsipras.
Clashing Priorities
The former leader claims that Varoufakis had a personal agenda which involved promoting his publications as well as testing out his own economic models using Greece rather than truly fighting for its economic stability.
He explained that those discussions to prevent insolvency became “not just a way to secure improved terms for the country. They were a test, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
During volatile negotiations, Greece came perilously on the brink of leaving the single currency area.
At stake was both Greece's future but also the severe austerity measures required in exchange for bailout funds by international creditors.
Unsuccessful Options
Efforts to find financing from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece would be tantamount to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, those excoriating conditions were put to a public vote, an action that plunged the EU into a deeper crisis of identity.
Although the vote was won decisively by voters who opposed the cuts, the prime minister had little option but to reject its outcome and agree to a bailout package with foreign lenders which proved to be even harsher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who drew publicity, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
After the minister outlined a backup strategy that included establishing a secondary currency and issuing coupons to pensioners, Tsipras said he realised that it was game over questioning him: “Are you serious?”
Enduring Criticism
Within the book, Tsipras asserts that his former ally had proved himself to be “unsuitable for a deal demanding complex and sensitive handling.”
He also wrote that his aggressive style made him increasingly isolated among peers, endangered the country, and helped hawks who were pushing for Grexit.
The retelling of history has provoked anger and stunned disbelief in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.
