Within his newly released autobiography, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he examines the chaotic period during Greece's debt drama.
An Unconventional Choice
According to Tsipras's recollections, he selected that unorthodox economist Yanis Varoufakis as the finance minister mainly due to his worldwide fame and his highly compelling abilities when it came to communicator.
“In reality, he was, actually, more of a star and less of an economist,” stated Tsipras.
Conflicting Agendas
Tsipras suggests that Varoufakis had his own agenda which involved advancing Varoufakis's books as well as testing out his economic models on the nation rather than truly fighting for the country's economic stability.
Tsipras explained that those discussions to avoid bankruptcy became “not just a way to secure a better deal for the country. They became a test, a monumental opportunity to prove the validity of his theories.”
Critical Negotiations
Amid tense discussions, the country came perilously on the brink of exiting the single currency area.
At stake lay not only the country's destiny but also the severe austerity measures required in exchange for financial aid by foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, including an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were subjected to a public vote, an action which plunged Europe into deeper existential crisis.
Although the referendum was carried decisively by voters against austerity, the prime minister had little option to reject its outcome then agree to a rescue deal with creditors which proved to be more severe.
Final Straw
Tsipras revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who drew media attention, who graced the front pages of publications globally … he gave the impression he was enjoying his new role.”
When the minister outlined a contingency plan involving creating a parallel currency as well as distributing coupons to retirees, Tsipras knew that it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras asserts how his former ally had proved himself “unsuitable for a deal demanding intricate and sensitive management.”
Tsipras further wrote how Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, while assisted hawks who were pushing for Grexit.
The retelling of events has provoked anger and stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence regarding these claims.
