In a recently unveiled autobiography, named Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines that turbulent era of Greece's debt drama.
An Unconventional Appointment
In Tsipras's version, he selected that maverick economist Yanis Varoufakis as the finance minister primarily due to the latter's international reputation along with Varoufakis's very persuasive skills as a public orator.
“He was, in reality, more like a personality rather than an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras alleges that his finance chief possessed his own agenda which included advancing his publications as well as experimenting with his own economic models on the nation instead of genuinely fighting for the country's economic stability.
Tsipras explained how those discussions to avoid bankruptcy became “not only a method to secure a better deal for the country. They became an experiment, an historic chance to demonstrate the truth of Varoufakis's theories.”
Critical Talks
During volatile discussions, Greece found itself perilously on the brink of leaving the single currency area.
On the line was not only Greece's destiny but also those punishing austerity measures required in exchange for financial aid by foreign lenders.
Failed Options
Efforts to find financing from other sources, including an urgent appeal to Russia to purchase Greek bonds, were rejected.
Helping the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those excoriating bailout terms were subjected to a popular referendum, a move which plunged the EU into further crisis of identity.
Although the vote was carried decisively by those who opposed the cuts, the prime minister had little option but to ignore the result and negotiate a rescue deal with foreign lenders that turned out to be more severe.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who drew media attention, who graced the front pages of magazines globally … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy that included creating a parallel currency as well as issuing coupons to retirees, the leader said he realised that it was the end questioning him: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras asserts that Varoufakis demonstrated himself “unfit for a deal that required complex and sensitive handling.”
Tsipras further claimed how his confrontational style left him increasingly isolated among peers, put Greece at risk, and helped hardliners who were advocating Grexit.
This account of events has been met with fury along with stunned disbelief in some quarters, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
