Within his newly released autobiography, named Ithaki, the former premier Alexis Tsipras spares no criticism while he examines the chaotic era during Greece's financial crisis.
A Controversial Appointment
As per Tsipras's recollections, he appointed that maverick academic Yanis Varoufakis as the treasury head largely because of his global profile and his very persuasive abilities when it came to communicator.
“He was, in reality, more of a personality rather than an economic expert,” stated Tsipras.
Clashing Agendas
The former leader alleges how his finance chief possessed a personal motives that involved advancing his books as well as testing out his theories using the nation rather than truly advocating the country's economic stability.
Tsipras noted how those negotiations to stave off insolvency became “not only a way to secure improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of his economic theories.”
High-Stakes Talks
During tense negotiations, Greece found itself perilously close to exiting the single currency area.
At stake was both Greece's destiny and the harsh cutbacks demanded in return for rescue loans by international creditors.
Failed Options
Attempts to find funds from other sources, including an urgent appeal to the Kremlin to purchase Greek bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly informed Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those harsh bailout terms were put to a public vote, a move that plunged Europe into deeper crisis of identity.
Even though the referendum was carried resoundingly by voters who opposed austerity, the prime minister was forced but to ignore the result then agree to a rescue deal from foreign lenders which proved to be more severe.
Breaking Point
Tsipras revealed how he started questioning Varoufakis quite early on.
“He was the face of negotiation, the man who drew publicity, who appeared on the front pages of magazines the world over … he gave the impression he relished his new role.”
After Varoufakis proposed a contingency plan that included establishing a secondary currency as well as distributing coupons to pensioners, Tsipras knew that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the book, Tsipras asserts that Varoufakis demonstrated himself “unsuitable for an agreement that required complex and sensitive handling.”
He further claimed that Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, and helped hardliners that were advocating Grexit.
This retelling of history has been met with anger along with shock in some quarters, while Varoufakis has kept a deafening silence on the matter.
