In a recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras spares no criticism while he reflects on the chaotic period during Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's recollections, he chose that unorthodox academic Yanis Varoufakis as the finance minister primarily due to the latter's global profile along with Varoufakis's very persuasive skills as a public orator.
“He was, truthfully, more of a star rather than an economist,” recalled Tsipras.
Conflicting Agendas
The former leader claims that his finance chief had a personal motives that involved promoting Varoufakis's publications as well as testing out his own game theories on Greece instead of truly advocating its economic stability.
Tsipras wrote how the discussions to prevent insolvency were “not only a way to secure improved terms for the country. They were a test, an historic opportunity to demonstrate the validity of his theories.”
Critical Negotiations
Amid rollercoaster discussions, Greece found itself dangerously on the brink of leaving the single currency area.
At stake lay both Greece's future but also those harsh austerity policies demanded in return for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, those punitive conditions were subjected to a popular referendum, a move that plunged the EU into deeper crisis of identity.
Although the vote was won resoundingly by those who opposed the cuts, the prime minister had little option but to ignore the result and negotiate a rescue deal with foreign lenders that proved to be more severe.
Final Straw
Tsipras claimed how he started questioning his finance minister quite early on.
“He was the public image of the talks, the man who drew publicity, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy involving creating a parallel currency and distributing vouchers to retirees, the leader knew it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, the author asserts how his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and delicate handling.”
Tsipras further wrote that Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, and assisted hardliners who were pushing for Grexit.
This retelling of history has been met with fury along with shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
