Within his recently unveiled autobiography, titled Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on that chaotic era during Greece's debt drama.
A Controversial Choice
According to Tsipras's version, he selected the maverick economist Yanis Varoufakis to be his treasury head primarily due to his international reputation and his very persuasive skills as a speaker.
“He was, truthfully, more of a star rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader suggests how his finance chief had his own agenda that involved promoting his books as well as testing out his own theories on Greece instead of truly fighting for its economic stability.
He explained how the discussions to stave off bankruptcy were “not only a way to secure improved terms for the country. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself dangerously on the brink of exiting the eurozone.
On the line lay both Greece's future and the harsh cutbacks demanded in exchange for rescue loans by international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece was equivalent to tossing cash into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, the punitive conditions were subjected to a popular referendum, an action that threw Europe into further existential crisis.
Although the referendum was carried resoundingly by voters against austerity, Tsipras was forced but to ignore the result then negotiate a rescue deal with foreign lenders that proved to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
After the minister outlined a backup strategy that included creating a parallel currency and issuing coupons to retirees, the leader said he realised that it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, the author asserts how his former ally demonstrated himself to be “unsuitable for an agreement that required complex and sensitive handling.”
He further wrote how Varoufakis's confrontational style made him increasingly isolated among peers, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
The retelling of events has been met with anger along with stunned disbelief in some quarters, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
