Within his recently unveiled autobiography, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he revisits that turbulent period during Greece's debt drama.
An Unconventional Choice
In Tsipras's recollections, he selected the unorthodox academic Yanis Varoufakis to be the finance minister mainly because of the latter's worldwide fame and his very persuasive skills as a public orator.
“He was, truthfully, more like a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras claims how his finance chief had a personal agenda that included advancing Varoufakis's books and experimenting with his own economic models on Greece rather than genuinely fighting for the country's economic stability.
He wrote how the talks to stave off bankruptcy were “not just a way of achieving a better deal for Greece. They were an experiment, a monumental chance to demonstrate the validity of his theories.”
High-Stakes Talks
Amid volatile discussions, Greece found itself dangerously close to exiting the single currency area.
At stake was not only the country's destiny and the harsh austerity measures demanded in exchange for bailout funds from foreign lenders.
Failed Alternatives
Attempts to find financing from other sources, including a desperate plea to Russia to buy Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
That summer, those harsh conditions were put to a popular referendum, a move that threw the EU into further crisis of identity.
Although the referendum was carried decisively by voters who opposed austerity, the prime minister had little option but to reject its outcome then negotiate a bailout package from creditors that turned out to be tougher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”
After the minister outlined a backup strategy involving establishing a secondary currency as well as distributing coupons to pensioners, the leader knew that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras asserts that his former ally demonstrated himself to be “unfit for an agreement that required complex and sensitive handling.”
Tsipras also wrote that Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, and assisted hardliners that were advocating Grexit.
This retelling of history has been met with anger and shock among certain groups, while the former minister has kept a conspicuous quiet on the matter.
