In a recently unveiled autobiography, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism as he examines the chaotic era of Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's account, Tsipras chose the maverick economist Yanis Varoufakis as the treasury head largely due to the latter's global profile and Varoufakis's “extremely attractive” skills as a speaker.
“In reality, he was, actually, more of a celebrity rather than an economic expert,” recalled Tsipras.
Conflicting Priorities
Tsipras alleges that his finance chief had his own motives which included advancing Varoufakis's publications and experimenting with his theories on Greece instead of truly fighting for its financial survival.
Tsipras noted how the talks to prevent insolvency became “not just a way to secure a better deal for Greece. They became a test, an historic chance to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
During volatile negotiations, Greece found itself perilously on the brink of leaving the single currency area.
At stake lay both Greece's destiny and the punishing austerity policies demanded in exchange for rescue loans from international creditors.
Unsuccessful Options
Attempts to find funds from other sources, including an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, the harsh conditions were subjected to a popular referendum, a move which threw Europe into deeper crisis of identity.
Even though the vote was carried decisively by voters against the cuts, Tsipras had little option to ignore the result then negotiate a bailout package with foreign lenders that proved to be even harsher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who graced the covers of magazines the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a secondary currency and issuing coupons to pensioners, Tsipras knew it was the end and asked him: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for an agreement that required intricate and sensitive management.”
He also wrote how his confrontational style made him more and more alone among peers, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
The retelling of events has provoked fury and shock among certain groups, whereas Varoufakis has maintained a deafening silence regarding these claims.
