In a freshly published autobiography, named Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines that chaotic era during Greece's financial crisis.
An Unconventional Choice
In Tsipras's account, Tsipras selected the maverick economist Yanis Varoufakis as his finance minister mainly due to the latter's worldwide fame along with his very persuasive abilities as a speaker.
“He was, in reality, more of a star rather than an economist,” wrote Tsipras.
Clashing Agendas
Tsipras suggests how his finance chief had a personal agenda that included advancing his publications as well as testing out his own game theories on Greece instead of truly advocating the country's financial survival.
Tsipras wrote how those negotiations to stave off insolvency were “not only a method to secure improved terms for the country. They were a test, a monumental chance to demonstrate the validity of his theories.”
High-Stakes Negotiations
Amid tense negotiations, Greece found itself dangerously on the brink of exiting the eurozone.
On the line was not only the country's future but also the punishing austerity policies required in return for rescue loans from foreign lenders.
Failed Options
Efforts to find financing elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping Greece would be equivalent to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, those punitive conditions were put to a popular referendum, an action which threw Europe into deeper existential crisis.
Even though the referendum was won decisively by those who opposed the cuts, Tsipras had little option but to ignore the result and negotiate a bailout package with foreign lenders which proved to be tougher.
Final Straw
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted media attention, who graced the covers of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis proposed a contingency plan that included establishing a secondary currency and distributing coupons to pensioners, Tsipras knew it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for a deal demanding complex and delicate management.”
Tsipras further wrote that his confrontational approach left him increasingly isolated among peers, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
The retelling of events has provoked anger along with stunned disbelief in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
