In a newly released memoir, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches as he revisits that turbulent period of Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's recollections, he selected that maverick economist Yanis Varoufakis to be his finance minister mainly because of the latter's international reputation along with his “extremely attractive” abilities when it came to public orator.
“In reality, he was, in reality, more like a personality rather than an economist,” stated Tsipras.
Conflicting Priorities
Tsipras suggests that Varoufakis had a personal motives which involved advancing Varoufakis's publications as well as testing out his theories using Greece rather than truly advocating the country's economic stability.
Tsipras noted how those negotiations to prevent insolvency were “not only a way of achieving improved terms for Greece. They became a test, an historic chance to demonstrate the validity of his economic theories.”
Critical Talks
During volatile discussions, Greece came dangerously close to exiting the single currency area.
At stake lay both Greece's destiny and those severe austerity measures required in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping Greece was equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, the punitive conditions were put to a public vote, an action which plunged Europe into a further existential crisis.
Even though the vote was carried decisively by those against the cuts, the prime minister was forced to reject its outcome then agree to a bailout package from creditors that turned out to be tougher.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the front pages of publications globally … he gave the impression he relished his new role.”
After Varoufakis proposed a contingency plan that included creating a secondary currency and issuing coupons to pensioners, the leader knew it was game over and asked him: “Can you be serious?”
Enduring Rebuke
In the memoir, the author concludes that Varoufakis had proved himself “unfit for an agreement demanding intricate and delicate management.”
Tsipras further claimed that Varoufakis's confrontational approach made him increasingly isolated with colleagues, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
This retelling of events has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
