In a freshly published memoir, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he examines the chaotic period of Greece's economic turmoil.
A Controversial Choice
According to Tsipras's account, he appointed the unorthodox academic Yanis Varoufakis to be the treasury head primarily due to the latter's global profile and his “extremely attractive” skills as a communicator.
“He was, actually, more like a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras claims how Varoufakis possessed his own motives that included advancing his publications as well as testing out his own economic models using the nation rather than truly advocating the country's economic stability.
He wrote how those negotiations to stave off insolvency were “not just a way to secure improved terms for Greece. They were a test, an historic opportunity to prove the validity of his ideas.”
High-Stakes Negotiations
Amid volatile discussions, Greece found itself perilously close to exiting the single currency area.
At stake lay both the country's destiny and those punishing austerity measures demanded in return for bailout funds by international creditors.
Failed Alternatives
Attempts to secure funds from other sources, such as a desperate plea to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, the harsh conditions were subjected to a public vote, a move which threw Europe into a further crisis of identity.
Although the referendum was carried decisively by those who opposed austerity, the prime minister had little option but to reject its outcome and agree to a bailout package from foreign lenders that proved to be even harsher.
Final Straw
Tsipras revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who drew media attention, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a secondary currency as well as issuing vouchers to retirees, the leader knew that it was game over questioning him: “Can you be serious?”
Enduring Criticism
In the memoir, the author concludes that Varoufakis had proved himself to be “unsuitable for a deal that required complex and sensitive management.”
He further claimed that Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, and helped hardliners who were advocating a Greek exit from the euro.
This retelling of history has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
