Within his recently unveiled autobiography, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he revisits the chaotic period during Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's version, Tsipras chose the maverick academic Yanis Varoufakis as his treasury head primarily because of his international reputation along with Varoufakis's “extremely attractive” skills when it came to public orator.
“In reality, he was, truthfully, more like a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader claims that Varoufakis had his own agenda that included advancing his books and testing out his economic models using Greece rather than truly fighting for its financial survival.
He noted how the discussions to stave off bankruptcy became “not only a way to secure a better deal for Greece. They became a test, an historic opportunity to demonstrate the truth of his ideas.”
High-Stakes Talks
Amid tense negotiations, the country found itself perilously on the brink of exiting the single currency area.
At stake lay not only the country's future and the punishing cutbacks demanded in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to secure funds from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece would be equivalent to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, the harsh bailout terms were subjected to a popular referendum, an action that plunged Europe into a further existential crisis.
Although the referendum was won resoundingly by voters against austerity, the prime minister was forced to reject its outcome and negotiate a rescue deal from creditors which turned out to be even harsher.
Final Straw
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who drew media attention, who graced the covers of publications globally … it seemed he relished the spotlight.”
After the minister outlined a contingency plan that included establishing a secondary currency and distributing coupons to pensioners, Tsipras knew it was the end questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, the author concludes that Varoufakis had proved himself to be “unsuitable for an agreement demanding complex and delicate handling.”
Tsipras also claimed how Varoufakis's aggressive approach left him more and more alone with colleagues, endangered the country, and helped hardliners that were advocating a Greek exit from the euro.
The account of history has provoked anger along with shock in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.
