Within his newly released memoir, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he revisits the chaotic period during Greece's financial crisis.
A Controversial Choice
According to Tsipras's recollections, Tsipras appointed that unorthodox academic Yanis Varoufakis to be his treasury head primarily because of the latter's international reputation and Varoufakis's very persuasive skills when it came to communicator.
“In reality, he was, in reality, more of a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims how Varoufakis possessed a personal motives that included advancing Varoufakis's books as well as experimenting with his own theories using Greece rather than genuinely advocating its financial survival.
He wrote that the discussions to stave off insolvency were “not only a method of achieving improved terms for Greece. They became a test, a monumental chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During volatile discussions, Greece found itself dangerously on the brink of leaving the eurozone.
On the line lay both the country's destiny but also those punishing austerity measures required in return for rescue loans by international creditors.
Failed Options
Efforts to secure financing from other sources, such as a desperate plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, the harsh conditions were subjected to a popular referendum, an action that plunged Europe into further existential crisis.
Even though the vote was won resoundingly by those against austerity, the prime minister was forced to ignore the result then agree to a rescue deal with creditors that proved to be even harsher.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the figure who drew media attention, who appeared on the covers of magazines globally … he gave the impression he relished his new role.”
After the minister proposed a backup strategy that included establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras said he realised that it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras asserts how Varoufakis demonstrated himself “unfit for a deal that required complex and sensitive management.”
Tsipras further wrote that Varoufakis's aggressive style made him more and more alone among peers, endangered the country, while helped hardliners who were advocating Grexit.
This retelling of history has been met with fury and shock in some quarters, whereas the former minister has maintained a conspicuous quiet regarding these claims.
