In a freshly published memoir, named Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines that turbulent era of Greece's debt drama.
An Unconventional Appointment
In Tsipras's account, Tsipras selected that unorthodox economist Yanis Varoufakis to be his finance minister largely because of his international reputation and Varoufakis's very persuasive abilities as a communicator.
“In reality, he was, truthfully, more of a star rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims that Varoufakis had a personal motives that included promoting Varoufakis's publications as well as experimenting with his theories on Greece instead of genuinely advocating the country's economic stability.
Tsipras noted that those talks to stave off bankruptcy were “not just a method to secure a better deal for Greece. They were a test, an historic chance to demonstrate the truth of his ideas.”
Critical Negotiations
Amid volatile negotiations, the country came dangerously close to leaving the single currency area.
On the line lay not only Greece's destiny but also those severe cutbacks required in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those harsh conditions were subjected to a popular referendum, a move that plunged the EU into a further crisis of identity.
Although the vote was carried resoundingly by those against the cuts, Tsipras was forced but to ignore the result then agree to a bailout package with creditors that proved to be even harsher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who graced the covers of publications the world over … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan involving creating a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was the end and asked him: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras concludes that Varoufakis had proved himself “unsuitable for an agreement that required intricate and sensitive handling.”
Tsipras also wrote that Varoufakis's aggressive style left him increasingly isolated among peers, put Greece at risk, while assisted hawks that were advocating Grexit.
The retelling of history has provoked fury and stunned disbelief in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
