In a newly released autobiography, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he examines that chaotic era during Greece's economic turmoil.
A Controversial Choice
As per Tsipras's recollections, Tsipras appointed that unorthodox economist Yanis Varoufakis as the treasury head largely because of the latter's international reputation and Varoufakis's highly compelling skills when it came to speaker.
“In reality, he was, in reality, more like a celebrity and less of an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests how his finance chief possessed a personal agenda that involved promoting Varoufakis's publications as well as experimenting with his own theories on Greece instead of genuinely fighting for the country's financial survival.
He wrote that the negotiations to stave off bankruptcy were “not just a method of achieving improved terms for Greece. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Talks
During tense negotiations, the country found itself dangerously close to leaving the eurozone.
At stake lay both the country's destiny and those punishing austerity measures required in exchange for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece was equivalent to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, those harsh conditions were put to a public vote, a move which threw Europe into deeper crisis of identity.
Although the referendum was won decisively by voters against the cuts, the prime minister had little option but to reject its outcome then negotiate a rescue deal from foreign lenders that turned out to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who drew media attention, who graced the covers of magazines the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a contingency plan involving creating a secondary currency and distributing vouchers to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the book, the author concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement that required complex and delicate handling.”
Tsipras also wrote that his aggressive approach made him increasingly isolated among peers, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
The account of events has provoked fury along with shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
