Within his newly released autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he reflects on the chaotic period of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's version, Tsipras selected the unorthodox economist Yanis Varoufakis as the treasury head largely due to the latter's global profile along with his “extremely attractive” abilities as a communicator.
“In reality, he was, actually, more like a celebrity rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
The former leader alleges how Varoufakis had his own agenda that involved promoting Varoufakis's books and experimenting with his economic models using Greece instead of truly fighting for the country's financial survival.
Tsipras noted how the discussions to avoid insolvency became “not just a method to secure a better deal for Greece. They were a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”
Critical Negotiations
Amid tense negotiations, the country came dangerously close to exiting the eurozone.
On the line was both the country's destiny but also those harsh cutbacks demanded in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote and Reversal
That summer, the harsh bailout terms were subjected to a public vote, a move that plunged the EU into further existential crisis.
Even though the vote was carried resoundingly by voters against the cuts, Tsipras had little option but to ignore the result then negotiate a bailout package with creditors that turned out to be more severe.
Final Straw
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy that included establishing a secondary currency as well as distributing coupons to pensioners, the leader said he realised it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and delicate management.”
He further wrote how his aggressive approach left him more and more alone with colleagues, put Greece at risk, while helped hawks who were advocating a Greek exit from the euro.
The account of events has provoked anger and stunned disbelief among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
