Within his newly released autobiography, called Ithaki, the former prime minister Alexis Tsipras spares no criticism as he reflects on that turbulent period during Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, Tsipras chose the unorthodox economist Yanis Varoufakis to be the treasury head primarily because of the latter's international reputation along with his highly compelling skills when it came to speaker.
“In reality, he was, actually, more of a celebrity and less of an economist,” stated Tsipras.
Conflicting Priorities
Tsipras suggests that his finance chief possessed his own agenda which included advancing his books and testing out his own economic models on the nation rather than genuinely advocating the country's economic stability.
He wrote how those discussions to stave off bankruptcy became “not only a method of achieving improved terms for the country. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Talks
During volatile negotiations, Greece found itself perilously close to leaving the single currency area.
At stake lay both Greece's destiny and the harsh cutbacks required in exchange for rescue loans from international creditors.
Failed Alternatives
Efforts to find financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping Greece would be equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Referendum and Reversal
That summer, those harsh conditions were subjected to a public vote, an action which threw the EU into a further crisis of identity.
Although the referendum was carried decisively by those against austerity, the prime minister had little option but to ignore the result then negotiate a rescue deal from creditors that proved to be even harsher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who drew media attention, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy that included creating a parallel currency as well as distributing coupons to pensioners, Tsipras knew it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author concludes how Varoufakis had proved himself to be “unfit for a deal demanding complex and sensitive management.”
Tsipras further wrote how Varoufakis's confrontational style left him more and more alone with colleagues, put Greece at risk, and helped hardliners who were advocating a Greek exit from the euro.
This account of events has provoked anger along with stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
