Within his recently unveiled autobiography, titled Ithaki, the former leader Alexis Tsipras pulls no punches as he revisits the turbulent era during Greece's debt drama.
A Controversial Appointment
According to Tsipras's account, he selected the unorthodox academic Yanis Varoufakis to be the finance minister mainly due to the latter's global profile along with Varoufakis's highly compelling abilities when it came to communicator.
“He was, actually, more of a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras suggests how Varoufakis possessed a personal motives that involved advancing his books and experimenting with his theories on Greece instead of truly advocating the country's financial survival.
He wrote how the discussions to prevent insolvency became “not only a method to secure improved terms for the country. They were a test, a monumental opportunity to prove the truth of his ideas.”
Critical Negotiations
During volatile negotiations, Greece came dangerously close to exiting the single currency area.
On the line lay both the country's future but also the severe cutbacks demanded in return for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure funds elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, those harsh conditions were put to a popular referendum, a move that plunged the EU into further existential crisis.
Even though the referendum was won decisively by those who opposed austerity, Tsipras had little option to reject its outcome and negotiate a bailout package from creditors that proved to be more severe.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who drew media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a backup strategy involving creating a secondary currency as well as issuing coupons to retirees, Tsipras knew that it was game over questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras asserts that his former ally had proved himself to be “unsuitable for an agreement demanding intricate and delicate management.”
Tsipras further wrote how Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, and assisted hawks that were pushing for Grexit.
This account of history has been met with anger along with stunned disbelief in some quarters, while the former minister has so far maintained a deafening silence regarding these claims.
