Within his freshly published autobiography, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he reflects on that turbulent period during Greece's economic turmoil.
A Controversial Choice
In the ex-PM's version, Tsipras appointed the maverick economist Yanis Varoufakis to be the treasury head primarily due to the latter's global profile and his highly compelling skills as a communicator.
“He was, truthfully, more of a personality and less of an economic expert,” recalled Tsipras.
Clashing Priorities
Tsipras suggests that his finance chief had his own motives which included advancing his publications as well as experimenting with his economic models using Greece rather than truly advocating the country's financial survival.
He explained how those discussions to prevent bankruptcy were “not only a method to secure improved terms for the country. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
During tense discussions, Greece found itself dangerously on the brink of exiting the eurozone.
At stake lay both the country's destiny and those severe cutbacks demanded in return for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to find financing elsewhere, including a desperate plea to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, the harsh conditions were subjected to a public vote, a move which plunged the EU into 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 bailout package from creditors that proved to be tougher.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who attracted publicity, who graced the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After the minister proposed a contingency plan involving creating a parallel currency and distributing vouchers to retirees, the leader knew it was the end and asked him: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras asserts how his former ally had proved himself to be “unsuitable for an agreement demanding complex and delicate management.”
Tsipras further wrote that Varoufakis's confrontational approach made him more and more alone with colleagues, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of events has provoked anger and shock among certain groups, whereas Varoufakis has kept a conspicuous quiet on the matter.
