In a newly released autobiography, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he revisits the chaotic era during Greece's debt drama.
A Controversial Appointment
According to the ex-PM's account, he appointed that unorthodox academic Yanis Varoufakis as the treasury head primarily because of his international reputation and Varoufakis's very persuasive skills as a speaker.
“In reality, he was, truthfully, more like a star and less of an economist,” wrote Tsipras.
Conflicting Priorities
Tsipras suggests that his finance chief possessed a personal motives which involved advancing Varoufakis's books as well as testing out his game theories using the nation rather than truly fighting for the country's financial survival.
He explained how the discussions to prevent insolvency became “not only a way of achieving a better deal for Greece. They were a test, a monumental opportunity to demonstrate the truth of his theories.”
High-Stakes Talks
During rollercoaster negotiations, the country came dangerously close to exiting the eurozone.
At stake lay both the country's future and the severe austerity measures required in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, the punitive conditions were subjected to a public vote, an action that plunged the EU into further existential crisis.
Although the referendum was won resoundingly by voters who opposed the cuts, Tsipras was forced but to reject its outcome then negotiate a rescue deal from foreign lenders which proved to be tougher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who drew media attention, who appeared on the covers of publications globally … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan involving creating a secondary currency and issuing vouchers to retirees, the leader said he realised that it was the end and asked him: “Can you be serious?”
Enduring Criticism
In the book, the author concludes that his former ally demonstrated himself “unsuitable for a deal demanding complex and delicate management.”
Tsipras also wrote that Varoufakis's aggressive style made him more and more alone among peers, endangered the country, and assisted hawks who were advocating Grexit.
This account of history has been met with fury and shock in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
