In a newly released autobiography, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he reflects on the chaotic era of Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's recollections, he chose that maverick economist Yanis Varoufakis to be the treasury head largely due to the latter's global profile and Varoufakis's highly compelling skills when it came to communicator.
“He was, truthfully, more of a star and less of an economic expert,” wrote Tsipras.
Clashing Agendas
Tsipras alleges that Varoufakis possessed a personal motives that involved promoting his books and testing out his own economic models using Greece instead of genuinely fighting for its economic stability.
He wrote how the negotiations to prevent bankruptcy were “not just a way of achieving improved terms for the country. They were an experiment, a monumental chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense negotiations, the country came perilously close to leaving the eurozone.
At stake lay both the country's destiny and those severe cutbacks required in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to find financing elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.
Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, the punitive bailout terms were put to a public vote, a move which threw the EU into further existential crisis.
Even though the referendum was won resoundingly by voters who opposed the cuts, Tsipras was forced but to ignore the result then negotiate a rescue deal from creditors which proved to be even harsher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister quite early on.
“He was the public image of the talks, the man who attracted publicity, who appeared on the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan that included creating a secondary currency as well as issuing vouchers to pensioners, the leader knew that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, the author asserts how Varoufakis had proved himself to be “unsuitable for a deal that required complex and sensitive handling.”
Tsipras also wrote how Varoufakis's confrontational approach left him more and more alone with colleagues, endangered the country, and helped hawks who were advocating Grexit.
The retelling of history has provoked fury along with shock among certain groups, whereas the former minister has maintained a deafening silence on the matter.
