Within his freshly published memoir, titled Ithaki, the former leader Alexis Tsipras spares no criticism as he examines that turbulent period during Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's account, he chose that unorthodox economist Yanis Varoufakis as his finance minister primarily due to the latter's global profile along with Varoufakis's very persuasive abilities when it came to public orator.
“He was, actually, more like a celebrity and less of an economist,” stated the 51-year-old.
Clashing Agendas
Tsipras alleges that Varoufakis possessed a personal motives that included promoting his publications and experimenting with his theories using Greece instead of truly fighting for the country's economic stability.
He explained that those discussions to prevent insolvency were “not just a method of achieving improved terms for Greece. They became a test, an historic chance to prove the truth of Varoufakis's ideas.”
Critical Talks
Amid tense discussions, Greece found itself perilously close to exiting the single currency area.
On the line was not only Greece's destiny but also those harsh austerity policies demanded in exchange for bailout funds from international creditors.
Unsuccessful Options
Efforts to secure financing from other sources, including a desperate appeal to the Kremlin to buy Greek bonds, were rejected.
Assisting the indebted country was equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, the excoriating conditions were put to a popular referendum, a move that plunged Europe into deeper crisis of identity.
Although the referendum was carried decisively by those who opposed austerity, Tsipras was forced but to ignore the result then agree to a bailout package with creditors that turned out to be tougher.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the man who drew media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After the minister outlined a backup strategy that included establishing a secondary currency as well as distributing vouchers to pensioners, the leader knew that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, the author concludes how his former ally had proved himself to be “unsuitable for a deal demanding complex and delicate management.”
He also wrote that his confrontational style left him more and more alone with colleagues, put Greece at risk, and assisted hardliners who were pushing for a Greek exit from the euro.
This retelling of events has provoked fury and shock in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
