In a recently unveiled autobiography, named Ithaki, the former prime minister Alexis Tsipras spares no criticism as he reflects on that chaotic period during Greece's financial crisis.
A Controversial Choice
As per Tsipras's account, he chose that unorthodox economist Yanis Varoufakis to be the finance minister mainly because of his international reputation and his very persuasive abilities as a communicator.
“In reality, he was, actually, more of a star and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader claims how his finance chief possessed a personal motives that included promoting Varoufakis's books as well as experimenting with his theories using the nation instead of truly fighting for its financial survival.
He noted how those negotiations to stave off insolvency were “not only a method of achieving a better deal for the country. They became a test, a monumental opportunity to demonstrate the truth of his theories.”
High-Stakes Talks
During volatile discussions, Greece came dangerously on the brink of leaving the single currency area.
At stake was not only the country's future but also those severe cutbacks required in return for rescue loans by foreign lenders.
Failed Options
Efforts to secure funds from other sources, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those punitive bailout terms were put to a public vote, a move which plunged the EU into deeper crisis of identity.
Even though the referendum was won resoundingly by those who opposed the cuts, the prime minister was forced to ignore the result and negotiate a rescue deal with foreign lenders that proved to be more severe.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the front pages of publications globally … he gave the impression he relished his new role.”
After the minister proposed a backup strategy involving creating a parallel currency as well as distributing coupons to retirees, the leader said he realised it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the memoir, the author concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and delicate handling.”
Tsipras also wrote how Varoufakis's aggressive style made him increasingly isolated among peers, endangered the country, and assisted hardliners who were pushing for Grexit.
The retelling of events has been met with fury along with shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
