In a recently unveiled autobiography, named Ithaki, the ex- leader Alexis Tsipras spares no criticism as he examines the chaotic period of Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's account, he appointed that maverick academic Yanis Varoufakis to be the finance minister largely due to his global profile and his highly compelling skills as a speaker.
“In reality, he was, in reality, more like a celebrity rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges that his finance chief had a personal motives which included promoting his books as well as experimenting with his own game theories using the nation rather than genuinely advocating its financial survival.
He noted how those talks to avoid bankruptcy were “not only a method of achieving a better deal for Greece. They became an experiment, an historic opportunity to demonstrate the validity of his ideas.”
High-Stakes Negotiations
During volatile negotiations, the country came perilously on the brink of exiting the single currency area.
At stake lay both Greece's destiny but also those harsh austerity policies demanded in exchange for bailout funds from foreign lenders.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, the harsh conditions were put to a public vote, an action that threw the EU into deeper existential crisis.
Although the referendum was carried resoundingly by voters against the cuts, Tsipras was forced to reject its outcome then agree to a rescue deal from creditors that proved to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a parallel currency and distributing vouchers to retirees, the leader knew it was the end questioning him: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts how Varoufakis had proved himself to be “unfit for a deal demanding complex and delicate management.”
He also wrote that Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
The retelling of history has been met with anger and shock among certain groups, whereas the former minister has maintained a conspicuous quiet regarding these claims.
