In a newly released autobiography, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he reflects on that chaotic era of Greece's financial crisis.
A Controversial Appointment
In Tsipras's account, he selected the maverick economist Yanis Varoufakis to be his treasury head mainly because of his worldwide fame and his highly compelling skills when it came to speaker.
“In reality, he was, truthfully, more like a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras suggests that his finance chief possessed his own agenda which involved advancing Varoufakis's publications as well as experimenting with his theories on Greece instead of genuinely advocating its financial survival.
Tsipras noted that the discussions to avoid bankruptcy became “not just a method of achieving a better deal for Greece. They were a test, a monumental chance to prove the validity of his theories.”
Critical Negotiations
During tense negotiations, the country came perilously close to leaving the eurozone.
On the line was not only the country's destiny but also those punishing austerity policies required in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to find funds from other sources, including a desperate appeal to Russia to buy Greek bonds, went unanswered.
Helping Greece would be equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, those punitive conditions were put to a popular referendum, an action which threw the EU into deeper crisis of identity.
Although the referendum was carried decisively by voters who opposed austerity, the prime minister had little option to ignore the result and agree to a bailout package with creditors that proved to be more severe.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“He was the face of the talks, the figure who attracted publicity, who graced the front pages of publications the world over … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy involving creating a parallel currency and distributing vouchers to retirees, Tsipras knew that it was the end and asked him: “Are you serious?”
Enduring Criticism
Within the book, the author asserts how Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and sensitive management.”
Tsipras further wrote that Varoufakis's aggressive style made him increasingly isolated among peers, endangered the country, and helped hawks that were pushing for Grexit.
This retelling of history has been met with anger along with stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
