Within his freshly published autobiography, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he revisits that chaotic period during Greece's debt drama.
A Controversial Appointment
According to Tsipras's account, Tsipras selected that maverick academic Yanis Varoufakis to be his finance minister primarily because of his international reputation and his very persuasive skills when it came to communicator.
“In reality, he was, in reality, more like a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims how Varoufakis possessed his own motives that involved promoting his publications and experimenting with his own economic models on Greece instead of truly advocating its financial survival.
He explained that the discussions to prevent bankruptcy were “not just a way to secure improved terms for the country. They became an experiment, an historic chance to demonstrate the truth of Varoufakis's ideas.”
Critical Talks
Amid volatile negotiations, Greece found itself dangerously close to exiting the single currency area.
At stake was not only Greece's future and the severe austerity policies required in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to find financing elsewhere, such as an urgent plea to Russia to buy Greek government bonds, were rejected.
Helping the indebted country was equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, the harsh conditions were subjected to a popular referendum, an action which threw the EU into a further existential crisis.
Even though the vote was won resoundingly by voters who opposed the cuts, Tsipras was forced but to ignore the result and agree to a rescue deal from creditors which proved to be more severe.
Final Straw
The ex-PM claimed that he started questioning his finance minister quite early on.
“He was the public image of the talks, the man who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy that included establishing a parallel currency as well as issuing coupons to pensioners, Tsipras said he realised it was the end questioning him: “Is this for real?”
Enduring Rebuke
Within the book, the author concludes that his former ally demonstrated himself to be “unfit for an agreement demanding complex and sensitive handling.”
He also wrote how Varoufakis's aggressive style made him more and more alone with colleagues, endangered the country, while assisted hardliners that were pushing for a Greek exit from the euro.
This account of history has provoked fury and shock among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.
