Within his recently unveiled autobiography, called Ithaki, the former premier Alexis Tsipras spares no criticism while he reflects on that chaotic period of Greece's debt drama.
A Controversial Choice
In the ex-PM's recollections, Tsipras appointed the maverick economist Yanis Varoufakis as his treasury head largely due to his worldwide fame and his “extremely attractive” abilities when it came to speaker.
“He was, in reality, more of a celebrity rather than an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras claims how Varoufakis had his own motives that included promoting Varoufakis's publications as well as testing out his own economic models using Greece rather than genuinely advocating the country's financial survival.
He noted how those negotiations to stave off insolvency became “not just a way of achieving improved terms for the country. They became a test, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid rollercoaster negotiations, Greece found itself perilously close to exiting the single currency area.
On the line lay both the country's destiny but also those punishing cutbacks demanded in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to find financing elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were put to a public vote, an action which plunged Europe into deeper existential crisis.
Although the referendum was won decisively by those against the cuts, the prime minister was forced but to ignore the result then agree to a bailout package with foreign lenders that proved to be more severe.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the figure who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a contingency plan involving creating a secondary currency and distributing vouchers to pensioners, Tsipras said he realised that it was game over questioning him: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and delicate management.”
He also claimed how Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
The account of history has provoked anger along with stunned disbelief in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.
