In a recently unveiled memoir, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism while he reflects on that chaotic era during Greece's financial crisis.
A Controversial Choice
In the ex-PM's account, he chose that maverick economist Yanis Varoufakis as the treasury head mainly because of his international reputation and his “extremely attractive” abilities when it came to public orator.
“In reality, he was, actually, more of a star and less of an economist,” stated Tsipras.
Conflicting Priorities
Tsipras claims how Varoufakis had his own motives that included promoting his books as well as experimenting with his own theories on the nation instead of truly advocating the country's economic stability.
Tsipras explained that those negotiations to prevent insolvency were “not just a method to secure a better deal for Greece. They became a test, a monumental chance to prove the validity of Varoufakis's theories.”
Critical Talks
During tense negotiations, the country came dangerously on the brink of leaving the single currency area.
On the line lay both the country's future but also the severe austerity policies required in exchange for rescue loans from international creditors.
Failed Alternatives
Efforts to secure funds from other sources, such as an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece would be tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, the punitive bailout terms were subjected to a popular referendum, an action that threw the EU into deeper existential crisis.
Although the referendum was carried resoundingly by those who opposed austerity, the prime minister had little option but to reject its outcome then agree to a rescue deal with creditors which turned out to be tougher.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who appeared on the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan involving creating a secondary currency and issuing coupons to retirees, the leader said he realised it was game over questioning him: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and delicate handling.”
He also claimed that Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
This retelling of history has been met with fury along with shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
