In a freshly published autobiography, named Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits the turbulent period of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, Tsipras selected that maverick economist Yanis Varoufakis to be the treasury head mainly due to the latter's global profile and his “extremely attractive” skills when it came to speaker.
“He was, in reality, more of a celebrity rather than an economist,” wrote Tsipras.
Clashing Agendas
Tsipras claims that his finance chief possessed a personal agenda which involved promoting Varoufakis's books and testing out his own game theories on Greece instead of genuinely fighting for its financial survival.
He noted that the discussions to prevent insolvency were “not just a way of achieving a better deal for Greece. They became an experiment, an historic opportunity to demonstrate the validity of his economic theories.”
High-Stakes Talks
During tense negotiations, the country came perilously close to exiting the eurozone.
On the line lay both the country's destiny and those harsh austerity measures required in return for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to secure funds elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece was equivalent to tossing cash in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, the excoriating bailout terms were subjected to a popular referendum, an action which plunged the EU into a deeper existential crisis.
Although the referendum was won decisively by voters who opposed austerity, Tsipras was forced but to ignore the result and agree to a rescue deal with creditors that turned out to be even harsher.
Breaking Point
Tsipras revealed that he started questioning Varoufakis quite early on.
“He was the face of the talks, the figure who drew media attention, who graced the front pages of publications globally … it seemed he was enjoying his new role.”
After the minister proposed a contingency plan involving creating a parallel currency as well as issuing coupons to pensioners, Tsipras knew that it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras asserts that Varoufakis had proved himself “unfit for a deal demanding intricate and delicate handling.”
He also claimed that his aggressive style made him more and more alone among peers, endangered the country, and helped hawks who were advocating a Greek exit from the euro.
The account of events has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
