In a recently unveiled autobiography, titled Ithaki, the ex- leader Alexis Tsipras spares no criticism as he examines the chaotic era during Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, he chose the maverick academic Yanis Varoufakis to be his treasury head mainly because of the latter's international reputation along with Varoufakis's very persuasive abilities when it came to communicator.
“He was, truthfully, more of a celebrity rather than an economic expert,” stated the 51-year-old.
Conflicting Priorities
The former leader suggests how his finance chief had his own agenda which involved advancing his publications as well as experimenting with his own game theories on the nation rather than truly advocating its economic stability.
He wrote how those talks to prevent bankruptcy became “not just a method of achieving improved terms for Greece. They were an experiment, a monumental chance to demonstrate the truth of his economic theories.”
High-Stakes Talks
Amid rollercoaster discussions, Greece came perilously on the brink of leaving the single currency area.
At stake was not only Greece's future and those severe austerity policies required in return for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum Followed by Reversal
That summer, those excoriating conditions were subjected to a popular referendum, an action which plunged the EU into a deeper crisis of identity.
Although the vote was won decisively by voters against the cuts, Tsipras had little option but to ignore the result and negotiate a rescue deal from creditors that proved to be even harsher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the front pages of magazines globally … it seemed he relished the spotlight.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as issuing vouchers to retirees, the leader knew that it was game over and asked him: “Is this for real?”
Lasting Criticism
In the book, Tsipras asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras further claimed how Varoufakis's confrontational style made him more and more alone with colleagues, endangered the country, while assisted hawks that were pushing for a Greek exit from the euro.
The account of events has been met with fury along with shock among certain groups, whereas the former minister has so far maintained a deafening silence regarding these claims.
