In a recently unveiled autobiography, named Ithaki, the ex- premier Alexis Tsipras spares no criticism as he revisits the chaotic period of Greece's financial crisis.
A Controversial Choice
In the ex-PM's recollections, Tsipras appointed that maverick academic Yanis Varoufakis as his treasury head primarily because of the latter's international reputation along with Varoufakis's “extremely attractive” abilities as a communicator.
“He was, in reality, more of a star and less of an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras suggests that Varoufakis possessed a personal agenda which included promoting his publications and experimenting with his theories using Greece rather than truly fighting for its economic stability.
He explained that those negotiations to stave off insolvency became “not only a method to secure a better deal for the country. They were an experiment, an historic opportunity to demonstrate the validity of his economic theories.”
Critical Negotiations
During volatile negotiations, the country came perilously close to leaving the eurozone.
On the line lay not only the country's destiny but also those punishing cutbacks required in return for financial aid by foreign lenders.
Unsuccessful Alternatives
Attempts to find financing elsewhere, including an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those harsh conditions were put to a popular referendum, an action that plunged Europe into further existential crisis.
Even though the referendum was won resoundingly by voters who opposed the cuts, Tsipras was forced to ignore the result then negotiate a bailout package with creditors that turned out to be more severe.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the public image of the talks, the man who attracted media attention, who appeared on the covers of magazines globally … it seemed he relished the spotlight.”
After the minister proposed a backup strategy that included creating a parallel currency and distributing vouchers to retirees, Tsipras knew it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, the author asserts that his former ally demonstrated himself to be “unsuitable for a deal that required complex and delicate management.”
He also wrote how Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
The account of history has been met with anger and shock among certain groups, whereas Varoufakis has kept a deafening silence on the matter.
