Within his freshly published autobiography, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he revisits that chaotic period during Greece's economic turmoil.
A Controversial Appointment
In Tsipras's recollections, he selected that maverick academic Yanis Varoufakis to be the treasury head primarily due to the latter's global profile and his highly compelling skills as a public orator.
“He was, actually, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests that his finance chief possessed his own agenda that involved advancing Varoufakis's books and testing out his own theories on the nation instead of genuinely fighting for its economic stability.
He wrote that the negotiations to prevent insolvency were “not just a way of achieving improved terms for Greece. They became a test, a monumental chance to demonstrate the validity of his theories.”
Critical Talks
Amid volatile negotiations, Greece found itself perilously close to exiting the eurozone.
On the line lay both Greece's future but also the punishing cutbacks demanded in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country was tantamount to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the excoriating bailout terms were subjected to a public vote, a move that threw the EU into a deeper crisis of identity.
Although the vote was won resoundingly by voters who opposed the cuts, Tsipras was forced to ignore the result and agree to a bailout package with creditors that turned out to be tougher.
Breaking Point
Tsipras claimed that he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who attracted media attention, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
When Varoufakis outlined a contingency plan that included creating a parallel currency and distributing coupons to pensioners, Tsipras knew it was game over questioning him: “Are you serious?”
Lasting Criticism
In the memoir, the author asserts how his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and sensitive management.”
He further claimed how his confrontational style made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were pushing for Grexit.
The account of history has provoked anger and stunned disbelief in some quarters, while Varoufakis has kept a conspicuous quiet regarding these claims.
