Within his freshly published autobiography, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism while he revisits that turbulent period during Greece's economic turmoil.
A Controversial Choice
As per Tsipras's account, Tsipras appointed that unorthodox economist Yanis Varoufakis to be the finance minister largely due to his international reputation along with his highly compelling skills when it came to communicator.
“He was, actually, more of a star rather than an economic expert,” recalled Tsipras.
Clashing Priorities
Tsipras alleges how his finance chief had a personal motives which included promoting Varoufakis's books as well as testing out his own economic models on Greece instead of truly advocating its economic stability.
He explained that the discussions to prevent bankruptcy became “not only a method to secure improved terms for Greece. They became a test, an historic chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid rollercoaster discussions, the country found itself dangerously on the brink of exiting the single currency area.
At stake lay not only the country's future but also the punishing cutbacks required in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece would be equivalent to tossing cash in the trash-can, Putin reportedly informed Tsipras in Moscow.
Referendum and U-Turn
That summer, the punitive conditions were subjected to a popular referendum, an action which threw the EU into deeper existential crisis.
Even though the referendum was won resoundingly by voters who opposed austerity, the prime minister had little option to reject its outcome then negotiate a rescue deal with creditors which turned out to be tougher.
Final Straw
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the figure who attracted media attention, who graced the front pages of publications the world over … he gave the impression he relished the spotlight.”
When the minister proposed a contingency plan involving establishing a parallel currency and issuing vouchers to retirees, the leader knew that it was game over questioning him: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author concludes that his former ally had proved himself to be “unsuitable for a deal demanding complex and delicate handling.”
He also claimed that his aggressive approach made him more and more alone with colleagues, put Greece at risk, while assisted hawks that were pushing for Grexit.
This retelling of events has been met with fury along with shock in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
