In a newly released autobiography, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he revisits that turbulent era of Greece's financial crisis.
A Controversial Appointment
In Tsipras's account, Tsipras selected the maverick academic Yanis Varoufakis as his finance minister largely due to his global profile and Varoufakis's highly compelling skills as a communicator.
“In reality, he was, in reality, more of a personality rather than an economist,” wrote Tsipras.
Conflicting Priorities
The former leader claims how his finance chief possessed his own motives which included promoting his books as well as testing out his theories on Greece rather than truly advocating the country's financial survival.
He noted that those talks to avoid insolvency became “not only a method of achieving a better deal for Greece. They became a test, a monumental opportunity to demonstrate the truth of his ideas.”
High-Stakes Talks
Amid tense discussions, the country found itself perilously on the brink of exiting the eurozone.
On the line was both the country's future and those punishing austerity policies required in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to find financing elsewhere, such as an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country was tantamount to tossing cash into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, the punitive bailout terms were put to a public vote, an action which threw the EU into a further existential crisis.
Even though the vote was carried decisively by voters against austerity, the prime minister had little option to reject its outcome and negotiate a bailout package with creditors that turned out to be even harsher.
Final Straw
Tsipras claimed how he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who attracted media attention, who graced the covers of publications the world over … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan that included creating a secondary currency and issuing coupons to pensioners, Tsipras knew that it was the end and asked him: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras asserts that Varoufakis had proved himself to be “unfit for a deal demanding complex and delicate management.”
Tsipras also claimed that Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
This account of history has been met with fury along with shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
