Within his recently unveiled autobiography, called Ithaki, the former leader Alexis Tsipras spares no criticism as he reflects on that chaotic era of Greece's financial crisis.
A Controversial Choice
In Tsipras's account, Tsipras chose that maverick academic Yanis Varoufakis as the finance minister largely because of the latter's global profile and his very persuasive skills as a public orator.
“He was, truthfully, more like a star and less of an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader suggests how Varoufakis possessed his own motives which included advancing Varoufakis's books as well as experimenting with his economic models using Greece rather than genuinely advocating the country's financial survival.
He noted that those discussions to stave off bankruptcy were “not just a method of achieving a better deal for the country. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid tense discussions, the country came dangerously close to leaving the single currency area.
On the line lay not only Greece's destiny and those harsh austerity policies demanded in exchange for bailout funds by international creditors.
Failed Alternatives
Efforts to find financing from other sources, such as an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, the punitive bailout terms were subjected to a public vote, a move which plunged the EU into a further existential crisis.
Even though the vote was carried resoundingly by those against austerity, the prime minister had little option but to reject its outcome then agree to a rescue deal with creditors which turned out to be tougher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew publicity, who appeared on the front pages of magazines globally … it seemed he relished the spotlight.”
After the minister outlined a contingency plan involving establishing a parallel currency and issuing vouchers to pensioners, Tsipras knew it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the book, the author asserts how Varoufakis had proved himself to be “unfit for a deal demanding complex and delicate handling.”
Tsipras also wrote how Varoufakis's confrontational style left him increasingly isolated among peers, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.
This retelling of events has provoked fury along with shock in some quarters, while the former minister has kept a deafening silence on the matter.
