Within his newly released memoir, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he examines that turbulent era during Greece's debt drama.
A Controversial Appointment
According to the ex-PM's account, Tsipras appointed the maverick academic Yanis Varoufakis as his treasury head largely due to his international reputation and Varoufakis's “extremely attractive” skills as a speaker.
“In reality, he was, in reality, more of a personality rather than an economic expert,” recalled the 51-year-old.
Clashing Priorities
Tsipras alleges how his finance chief possessed his own motives which involved promoting Varoufakis's publications as well as experimenting with his economic models using Greece rather than truly advocating its financial survival.
He noted that the talks to prevent insolvency became “not only a way to secure a better deal for Greece. They became an experiment, an historic opportunity to demonstrate the truth of his ideas.”
Critical Negotiations
During volatile discussions, Greece found itself dangerously close to leaving the eurozone.
At stake was not only the country's future but also those harsh cutbacks demanded in return for financial aid from foreign lenders.
Failed Options
Efforts to secure funds from other sources, including a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Helping Greece was tantamount to tossing cash into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the excoriating conditions were put to a popular referendum, an action which plunged the EU into further existential crisis.
Although the referendum was won resoundingly by those against austerity, Tsipras had little option to reject its outcome then agree to a rescue deal with creditors which proved to be even harsher.
Final Straw
Tsipras revealed that he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted media attention, who appeared on the covers of magazines the world over … he gave the impression he relished the spotlight.”
When the minister outlined a contingency plan involving establishing a parallel currency as well as distributing vouchers to retirees, the leader said he realised it was game over questioning Varoufakis: “Is this for real?”
Lasting Rebuke
Within the memoir, the author asserts how his former ally had proved himself to be “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras also claimed that Varoufakis's aggressive style made him increasingly isolated among peers, endangered the country, and assisted hardliners who were pushing for a Greek exit from the euro.
This retelling of history has provoked fury and shock in some quarters, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
