In a recently unveiled autobiography, called Ithaki, the former leader Alexis Tsipras spares no criticism as he reflects on that turbulent period during Greece's financial crisis.
A Controversial Appointment
In the ex-PM's version, he chose the maverick academic Yanis Varoufakis as the treasury head mainly because of his international reputation and his “extremely attractive” skills when it came to public orator.
“He was, actually, more of a celebrity rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader claims how Varoufakis had his own agenda which included promoting Varoufakis's books as well as experimenting with his own economic models using the nation rather than genuinely fighting for the country's financial survival.
He noted that those talks to prevent bankruptcy became “not only a way to secure improved terms for the country. They were a test, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
Amid tense negotiations, Greece found itself perilously close to exiting the single currency area.
On the line was both Greece's destiny but also those harsh cutbacks required in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing from other sources, including a desperate plea to Russia to buy Greek government bonds, were rejected.
Assisting Greece was equivalent to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, the harsh bailout terms were subjected to a popular referendum, an action which plunged Europe into a deeper existential crisis.
Even though the vote was carried resoundingly by voters who opposed the cuts, the prime minister had little option but to ignore the result and negotiate a rescue deal from creditors that turned out to be more severe.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who attracted media attention, who graced the front pages of publications globally … it seemed he relished the spotlight.”
After Varoufakis proposed a backup strategy involving establishing a parallel currency as well as issuing vouchers to retirees, Tsipras knew it was game over questioning Varoufakis: “Are you serious?”
Lasting Criticism
Within the memoir, the author asserts that his former ally had proved himself “unfit for a deal that required intricate and delicate handling.”
He also claimed that Varoufakis's confrontational approach made him more and more alone with colleagues, endangered the country, while assisted hawks who were pushing for a Greek exit from the euro.
The retelling of events has been met with fury along with shock among certain groups, whereas Varoufakis has so far maintained a deafening silence on the matter.
