In a freshly published memoir, named Ithaki, the former prime minister Alexis Tsipras spares no criticism as he revisits that chaotic period during Greece's economic turmoil.
A Controversial Choice
In Tsipras's version, he appointed the unorthodox academic Yanis Varoufakis as the treasury head primarily because of his global profile and his highly compelling abilities when it came to public orator.
“In reality, he was, actually, more of a personality and less of an economist,” wrote the 51-year-old.
Clashing Agendas
The former leader alleges that his finance chief had his own agenda that involved advancing his publications and experimenting with his economic models using the nation rather than genuinely advocating its economic stability.
He explained that the discussions to avoid bankruptcy were “not just a method of achieving improved terms for the country. They were an experiment, an historic opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Talks
During rollercoaster negotiations, Greece came dangerously close to exiting the single currency area.
On the line was both Greece's destiny but also the severe austerity measures demanded in return for financial aid by international creditors.
Unsuccessful Options
Efforts to find funds from other sources, such as an urgent appeal to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the harsh conditions were put to a popular referendum, an action that plunged the EU into a further crisis of identity.
Although the referendum was won decisively by voters who opposed the cuts, Tsipras was forced but to ignore the result and agree to a rescue deal with foreign lenders that turned out to be tougher.
Final Straw
Tsipras revealed that he began to doubt his finance minister quite early on.
“He was the public image of the talks, the figure who attracted media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included creating a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised that it was game over questioning him: “Is this for real?”
Lasting Criticism
Within the memoir, the author asserts that Varoufakis had proved himself “unfit for a deal demanding complex and delicate management.”
Tsipras further wrote how Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were pushing for Grexit.
The retelling of events has been met with fury along with shock in some quarters, while Varoufakis has so far maintained a deafening silence regarding these claims.
