Within his freshly published memoir, called Ithaki, the former leader Alexis Tsipras spares no criticism while he reflects on that chaotic era of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's recollections, he chose the unorthodox academic Yanis Varoufakis to be the treasury head largely due to the latter's international reputation along with his “extremely attractive” skills as a public orator.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader claims how Varoufakis possessed his own agenda that involved promoting Varoufakis's books and experimenting with his theories on Greece rather than truly advocating the country's financial survival.
He wrote that those discussions to prevent insolvency became “not only a method to secure improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
During volatile discussions, the country found itself dangerously on the brink of exiting the eurozone.
At stake lay both Greece's future but also those punishing austerity policies required in exchange for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to find financing from other sources, including an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, those harsh conditions were put to a popular referendum, a move which plunged the EU into a further existential crisis.
Even though the vote was won resoundingly by voters against austerity, Tsipras had little option to ignore the result then agree to a rescue deal from foreign lenders that turned out to be more severe.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew publicity, who graced the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency and distributing vouchers to retirees, the leader knew that it was the end and asked him: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for a deal that required complex and sensitive management.”
Tsipras also claimed how Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, and helped hawks that were advocating a Greek exit from the euro.
This retelling of events has provoked anger and shock in some quarters, whereas the former minister has maintained a conspicuous quiet on the matter.
