In a newly released memoir, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he examines the turbulent period of Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's recollections, Tsipras appointed that unorthodox academic Yanis Varoufakis as the finance minister primarily because of his international reputation along with Varoufakis's “extremely attractive” abilities as a speaker.
“In reality, he was, actually, more like a personality and less of an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader alleges that his finance chief had his own agenda which included advancing Varoufakis's publications as well as testing out his theories using the nation instead of genuinely advocating the country's economic stability.
Tsipras noted that the talks to avoid insolvency became “not only a method to secure improved terms for Greece. They were a test, an historic opportunity to demonstrate the validity of his economic theories.”
Critical Negotiations
Amid volatile negotiations, the country came dangerously close to exiting the eurozone.
On the line lay not only Greece's future but also those severe cutbacks demanded in exchange for rescue loans from international creditors.
Failed Alternatives
Attempts to secure financing from other sources, such as an urgent plea to Russia to purchase Greek government bonds, were rejected.
Helping Greece would be equivalent to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, those harsh conditions were subjected to a public vote, an action which plunged the EU into a further crisis of identity.
Although the vote was carried decisively by those who opposed austerity, Tsipras had little option to ignore the result then negotiate a rescue deal from creditors which proved to be even harsher.
Final Straw
Tsipras revealed how he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the man who drew publicity, who graced the front pages of magazines the world over … he gave the impression he relished his new role.”
After Varoufakis proposed a contingency plan that included creating a secondary currency as well as distributing vouchers to retirees, the leader knew that it was the end and asked him: “Are you serious?”
Enduring Rebuke
In the memoir, the author concludes that his former ally had proved himself to be “unfit for an agreement demanding complex and delicate management.”
He further wrote that Varoufakis's aggressive approach left him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were pushing for a Greek exit from the euro.
This retelling of events has provoked fury and shock among certain groups, while the former minister has kept a deafening silence regarding these claims.
