In a recently unveiled memoir, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism while he examines that chaotic period of Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's account, Tsipras appointed that maverick economist Yanis Varoufakis to be his treasury head mainly because of the latter's worldwide fame and his very persuasive abilities as a public orator.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” recalled Tsipras.
Conflicting Priorities
Tsipras alleges how Varoufakis had a personal motives which included advancing Varoufakis's books as well as testing out his own economic models using Greece rather than truly advocating the country's economic stability.
He explained that the discussions to avoid insolvency became “not just a method to secure improved terms for Greece. They became a test, an historic chance to prove the truth of his theories.”
Critical Negotiations
Amid volatile discussions, Greece found itself perilously close to leaving the single currency area.
On the line was not only the country's destiny but also the harsh cutbacks required in exchange for bailout funds by foreign lenders.
Failed Options
Efforts to find funds elsewhere, including a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Helping Greece would be tantamount to throwing money in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Public Vote and Reversal
That summer, the harsh bailout terms were put to a popular referendum, an action that threw Europe into a further existential crisis.
Although the referendum was carried resoundingly by those who opposed the cuts, Tsipras had little option to ignore the result and agree to a bailout package with creditors which turned out to be tougher.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the covers of magazines globally … he gave the impression he relished the spotlight.”
After the minister outlined a backup strategy that included creating a secondary currency and issuing vouchers to pensioners, Tsipras said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the book, the author asserts that his former ally demonstrated himself to be “unfit for an agreement that required complex and delicate management.”
Tsipras further claimed how Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, while helped hawks who were pushing for Grexit.
The account of events has been met with anger along with stunned disbelief among certain groups, while the former minister has so far kept a conspicuous quiet regarding these claims.
