In a recently unveiled autobiography, called Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits the turbulent period during Greece's financial crisis.
An Unconventional Choice
According to Tsipras's version, he chose that maverick academic Yanis Varoufakis as the treasury head mainly because of his worldwide fame along with Varoufakis's “extremely attractive” skills as a public orator.
“In reality, he was, in reality, more like a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief had his own agenda that included advancing his publications and testing out his own theories using Greece instead of truly advocating the country's financial survival.
Tsipras noted how the negotiations to avoid insolvency became “not just a way of achieving a better deal for Greece. They were an experiment, an historic chance to demonstrate the validity of his theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself perilously close to exiting the eurozone.
On the line was not only Greece's destiny but also those harsh austerity policies demanded in exchange for rescue loans from international creditors.
Failed Alternatives
Efforts to find financing from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, the excoriating bailout terms were subjected to a public vote, an action which threw Europe into deeper existential crisis.
Even though the vote was won decisively by voters against the cuts, Tsipras was forced but to ignore the result and negotiate a rescue deal from creditors which turned out to be tougher.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
After the minister outlined a backup strategy that included establishing a secondary currency and distributing coupons to pensioners, the leader said he realised it was game over questioning him: “Are you serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for a deal that required complex and sensitive management.”
Tsipras further claimed how his confrontational approach left him more and more alone among peers, endangered the country, and helped hardliners who were pushing for Grexit.
This account of history has provoked anger along with shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
