In a recently unveiled memoir, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he reflects on that turbulent period during Greece's economic turmoil.
A Controversial Appointment
According to the ex-PM's version, Tsipras appointed that maverick academic Yanis Varoufakis as his treasury head primarily due to the latter's international reputation along with his “extremely attractive” skills when it came to public orator.
“In reality, he was, actually, more of a personality and less of an economist,” stated the 51-year-old.
Clashing Priorities
The former leader claims how his finance chief had a personal motives that involved promoting his books and experimenting with his own theories using Greece rather than genuinely advocating the country's financial survival.
He noted that those talks to prevent bankruptcy became “not just a method to secure improved terms for the country. They became an experiment, an historic opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid volatile discussions, Greece found itself perilously close to leaving the eurozone.
On the line lay not only Greece's destiny and those harsh austerity measures required in exchange for bailout funds by foreign lenders.
Failed Alternatives
Attempts to find financing elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, those excoriating bailout terms were put to a public vote, an action that threw the EU into further existential crisis.
Although the vote was won decisively by voters who opposed the cuts, the prime minister had little option to reject its outcome then negotiate a bailout package from creditors which turned out to be tougher.
Final Straw
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who graced the covers of magazines the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving creating a secondary currency and issuing vouchers to retirees, Tsipras knew that it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, the author asserts that Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and sensitive management.”
He also wrote how his confrontational style left him increasingly isolated among peers, put Greece at risk, and assisted hardliners who were advocating Grexit.
The retelling of events has provoked anger along with stunned disbelief among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.
