In a recently unveiled autobiography, called Ithaki, the ex- premier Alexis Tsipras spares no criticism as he examines the turbulent era during Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras appointed that maverick economist Yanis Varoufakis to be the treasury head largely due to his international reputation and Varoufakis's “extremely attractive” skills when it came to communicator.
“In reality, he was, in reality, more like a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
The former leader alleges how his finance chief possessed his own motives that included advancing Varoufakis's books and testing out his economic models using the nation instead of truly advocating the country's financial survival.
Tsipras wrote that those discussions to stave off insolvency were “not only a method of achieving improved terms for Greece. They became an experiment, an historic chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense discussions, the country came perilously on the brink of exiting the eurozone.
On the line was both the country's destiny but also those harsh austerity measures demanded in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, the harsh bailout terms were subjected to a public vote, an action that plunged the EU into deeper crisis of identity.
Although the vote was won decisively by voters against the cuts, Tsipras had little option but to ignore the result then negotiate a bailout package from creditors which turned out to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who appeared on the front pages of publications globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included creating a secondary currency as well as issuing coupons to pensioners, the leader knew it was game over and asked Varoufakis: “Is this for real?”
Lasting Criticism
In the book, Tsipras concludes how Varoufakis had proved himself “unfit for an agreement demanding complex and sensitive management.”
Tsipras also claimed how Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, and helped hawks who were advocating a Greek exit from the euro.
This retelling of history has been met with fury and shock in some quarters, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
