Within his newly released autobiography, named Ithaki, the former prime minister Alexis Tsipras spares no criticism while he reflects on that chaotic period of Greece's economic turmoil.
A Controversial Choice
As per Tsipras's account, he selected that maverick academic Yanis Varoufakis to be the finance minister primarily because of his worldwide fame and Varoufakis's “extremely attractive” abilities as a communicator.
“He was, truthfully, more of a celebrity and less of an economist,” stated the 51-year-old.
Conflicting Agendas
Tsipras alleges how Varoufakis had a personal agenda that included advancing Varoufakis's publications as well as experimenting with his own economic models on the nation instead of genuinely advocating its economic stability.
Tsipras wrote that the discussions to avoid insolvency became “not only a way to secure a better deal for the country. They were a test, a monumental opportunity to prove the truth of his economic theories.”
Critical Talks
Amid rollercoaster negotiations, the country came perilously close to exiting the single currency area.
At stake was not only the country's destiny but also the severe cutbacks demanded in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Attempts to find financing elsewhere, including a desperate plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, the harsh bailout terms were put to a public vote, an action which threw Europe into a further crisis of identity.
Even though the vote was carried decisively by voters against austerity, Tsipras was forced to ignore the result then negotiate a bailout package with creditors that proved to be even harsher.
Final Straw
Tsipras claimed that he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who graced the covers of publications globally … it seemed he was enjoying his new role.”
After the minister outlined a contingency plan involving establishing a secondary currency and issuing coupons to retirees, Tsipras knew that it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, the author asserts that Varoufakis had proved himself to be “unfit for an agreement that required complex and sensitive management.”
He also wrote that his confrontational approach left him increasingly isolated among peers, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
This retelling of history has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
