In a recently unveiled memoir, named Ithaki, the former prime minister Alexis Tsipras spares no criticism as he reflects on that turbulent period during Greece's debt drama.
A Controversial Appointment
According to the ex-PM's account, Tsipras appointed the maverick academic Yanis Varoufakis to be the treasury head largely because of his worldwide fame and his “extremely attractive” skills as a communicator.
“He was, actually, more like a star and less of an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras suggests that Varoufakis possessed his own agenda which involved promoting his publications and experimenting with his theories using Greece rather than genuinely advocating its financial survival.
He wrote how those negotiations to stave off insolvency became “not only a way of achieving a better deal for the country. They became a test, a monumental opportunity to prove the validity of his economic theories.”
Critical Talks
During tense negotiations, the country found itself dangerously close to exiting the eurozone.
At stake lay both the country's future and those harsh austerity measures demanded in exchange for rescue loans by international creditors.
Failed Alternatives
Efforts to find funds from other sources, including an urgent plea to the Kremlin to purchase Greek bonds, went unanswered.
Assisting Greece would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the excoriating conditions were put to a popular referendum, a move that plunged the EU into deeper crisis of identity.
Although the referendum was carried decisively by those against the cuts, the prime minister had little option but to ignore the result and agree to a rescue deal with foreign lenders which turned out to be tougher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the public image of the talks, 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.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency as well as issuing coupons to retirees, the leader said he realised that it was the end and asked him: “Can you be serious?”
Lasting Criticism
In the memoir, the author asserts that Varoufakis had proved himself “unfit for an agreement demanding complex and delicate management.”
He also claimed how Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, and assisted hawks who were advocating Grexit.
This retelling of events has been met with anger along with shock among certain groups, while Varoufakis has maintained a deafening silence on the matter.
