In a recently unveiled autobiography, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he revisits that chaotic era during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's version, he selected the unorthodox academic Yanis Varoufakis to be his treasury head primarily due to the latter's worldwide fame along with his very persuasive skills as a communicator.
“He was, actually, more like a star and less of an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras suggests that Varoufakis had his own agenda that included advancing his publications as well as testing out his game theories on Greece instead of genuinely fighting for the country's financial survival.
He noted that the talks to stave off bankruptcy were “not only a method to secure a better deal for Greece. They were a test, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
During volatile negotiations, the country came perilously close to exiting the eurozone.
At stake was both Greece's future but also those harsh cutbacks demanded in exchange for rescue loans from foreign lenders.
Failed Options
Attempts to find funds from other sources, including a desperate appeal to Russia to buy Greek bonds, were rejected.
Assisting Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the punitive conditions were subjected to a public vote, an action that threw the EU into further existential crisis.
Even though the vote was won decisively by those who opposed the cuts, Tsipras had little option to ignore the result then negotiate a bailout package from foreign lenders which proved to be tougher.
Final Straw
The ex-PM claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included establishing a secondary currency and issuing vouchers to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for an agreement demanding complex and delicate handling.”
Tsipras further wrote that Varoufakis's aggressive style left him more and more alone with colleagues, endangered the country, while helped hawks that were advocating Grexit.
The account of history has provoked anger and stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
