Within his newly released memoir, titled Ithaki, the former leader Alexis Tsipras spares no criticism as he reflects on that chaotic era during Greece's debt drama.
A Controversial Appointment
As per the ex-PM's recollections, Tsipras chose the maverick academic Yanis Varoufakis to be the treasury head primarily due to the latter's global profile along with Varoufakis's highly compelling skills as a public orator.
“He was, actually, more of a personality and less of an economist,” stated the 51-year-old.
Clashing Priorities
Tsipras suggests that Varoufakis possessed his own motives which involved promoting his publications and testing out his own economic models using the nation rather than truly advocating the country's financial survival.
He explained how the negotiations to stave off insolvency became “not just a method to secure a better deal for the country. They were an experiment, a monumental chance to prove the validity of his theories.”
Critical Talks
During volatile negotiations, Greece came perilously close to exiting the eurozone.
At stake was not only Greece's destiny but also the punishing austerity policies demanded in exchange for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure funds from other sources, such as a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the punitive bailout terms were put to a popular referendum, an action that threw Europe into a deeper crisis of identity.
Even though the vote was won decisively by those who opposed the cuts, the prime minister was forced to reject its outcome and negotiate a bailout package with foreign lenders that proved to be more severe.
Final Straw
Tsipras claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who graced the front pages of publications globally … it seemed he was enjoying his new role.”
After the minister outlined a contingency plan that included creating a parallel currency and distributing coupons to retirees, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Lasting Criticism
Within the book, the author concludes that Varoufakis had proved himself “unfit for an agreement demanding complex and delicate management.”
Tsipras also wrote how Varoufakis's aggressive style left him increasingly isolated among peers, put Greece at risk, while helped hawks that were advocating a Greek exit from the euro.
This account of events has been met with fury and shock in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
