In a newly released autobiography, called Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits that turbulent period of Greece's financial crisis.
A Controversial Appointment
As per Tsipras's recollections, he selected the unorthodox academic Yanis Varoufakis to be the treasury head mainly because of the latter's international reputation and Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, in reality, more like a personality and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
The former leader claims that Varoufakis possessed a personal motives that included promoting his publications and experimenting with his economic models on the nation instead of truly advocating the country's economic stability.
Tsipras wrote that those negotiations to stave off insolvency became “not only a way of achieving a better deal for Greece. They became a test, a monumental opportunity to demonstrate the validity of his ideas.”
High-Stakes Negotiations
During tense negotiations, the country found itself dangerously on the brink of leaving the single currency area.
On the line was both Greece's future but also those punishing cutbacks required in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, such as a desperate appeal to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, those punitive bailout terms were subjected to a public vote, an action which plunged the EU into deeper crisis of identity.
Although the vote was carried decisively by voters who opposed the cuts, Tsipras was forced to reject its outcome then negotiate a rescue deal with foreign lenders which turned out to be tougher.
Breaking Point
Tsipras claimed that he started questioning his finance minister relatively soon.
“He was the face of the talks, the man who attracted publicity, who appeared on the front pages 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 and distributing coupons to pensioners, Tsipras said he realised it was game over and asked him: “Can you be serious?”
Lasting Criticism
Within the book, Tsipras concludes how his former ally demonstrated himself to be “unfit for a deal that required complex and delicate management.”
He further wrote how his aggressive style made him more and more alone among peers, endangered the country, while helped hawks that were advocating Grexit.
The account of history has been met with fury along with shock among certain groups, while Varoufakis has kept a conspicuous quiet regarding these claims.
