Within his newly released memoir, called Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines that turbulent era during Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's account, Tsipras selected the maverick academic Yanis Varoufakis to be his treasury head mainly due to his global profile and his very persuasive abilities when it came to communicator.
“He was, actually, more of a personality and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims how Varoufakis possessed a personal motives which involved advancing Varoufakis's books and experimenting with his own economic models on the nation instead of truly fighting for the country's financial survival.
Tsipras explained how those discussions to stave off insolvency became “not only a method of achieving improved terms for the country. They were an experiment, an historic chance to prove the validity of his economic theories.”
Critical Talks
During tense negotiations, the country found itself dangerously on the brink of leaving the eurozone.
On the line lay not only the country's future but also those harsh austerity measures required in return for financial aid from international creditors.
Failed Options
Efforts to secure funds elsewhere, such as an urgent plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece was equivalent to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those excoriating bailout terms were put to a popular referendum, an action that threw the EU into deeper crisis of identity.
Although the referendum was won resoundingly by those who opposed austerity, Tsipras was forced to reject its outcome then negotiate a rescue deal with foreign lenders that turned out to be even harsher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who graced the front pages of magazines globally … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency and distributing coupons to pensioners, the leader said he realised it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
In the book, the author asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and delicate handling.”
He also wrote how Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, while assisted hawks that were advocating Grexit.
The retelling of history has been met with anger and shock in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
