In a newly released autobiography, named Ithaki, the ex- leader Alexis Tsipras spares no criticism as he examines that turbulent era during Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's recollections, he appointed the maverick academic Yanis Varoufakis to be his treasury head largely due to his global profile and his “extremely attractive” skills as a speaker.
“In reality, he was, truthfully, more of a star rather than an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader suggests how his finance chief had a personal motives that included promoting his publications as well as testing out his game theories using the nation instead of genuinely advocating the country's economic stability.
Tsipras explained how the discussions to avoid insolvency were “not only a way to secure a better deal for the country. They became a test, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
Critical Talks
During volatile discussions, Greece came dangerously close to leaving the eurozone.
At stake was both Greece's destiny and those harsh austerity measures required in return for bailout funds by foreign lenders.
Failed Options
Efforts to secure funds elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, those excoriating bailout terms were subjected to a public vote, an action that plunged the EU into deeper crisis of identity.
Although the referendum was carried decisively by those who opposed austerity, Tsipras had little option but to ignore the result then agree to a rescue deal from creditors which proved to be more severe.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew publicity, who appeared on the covers of publications the world over … he gave the impression he relished the spotlight.”
When Varoufakis proposed a contingency plan that included establishing a secondary currency and issuing coupons to retirees, Tsipras said he realised it was game over and asked him: “Are you serious?”
Lasting Rebuke
Within the book, the author concludes that his former ally had proved himself “unsuitable for a deal demanding complex and delicate handling.”
He also wrote that Varoufakis's confrontational style left him more and more alone among peers, endangered the country, and helped hardliners that were advocating a Greek exit from the euro.
This account of history has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
