Within his newly released autobiography, called Ithaki, the ex- leader Alexis Tsipras does not hold back as he examines that turbulent period during Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's recollections, he selected the maverick economist Yanis Varoufakis to be the treasury head mainly due to the latter's international reputation and his highly compelling skills as a communicator.
“In reality, he was, actually, more of a star rather than an economist,” wrote Tsipras.
Conflicting Priorities
Tsipras claims that his finance chief possessed his own agenda that involved promoting Varoufakis's publications as well as experimenting with his own economic models using Greece rather than genuinely fighting for its financial survival.
Tsipras noted that those negotiations to prevent bankruptcy became “not just a method to secure a better deal for Greece. They were a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”
Critical Talks
During volatile discussions, the country came dangerously on the brink of exiting the eurozone.
On the line lay both Greece's future and the harsh austerity policies required in exchange for financial aid by foreign lenders.
Failed Options
Attempts to find funds elsewhere, including an urgent plea to the Kremlin to buy Greek bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those excoriating conditions were put to a public vote, an action which threw Europe into a deeper existential crisis.
Although the referendum was carried resoundingly by voters against austerity, Tsipras had little option but to reject its outcome then agree to a bailout package from creditors that turned out to be more severe.
Final Straw
Tsipras revealed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the figure who attracted publicity, who graced the covers of publications globally … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy involving establishing a secondary currency as well as issuing coupons to retirees, the leader said he realised that it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, the author concludes how his former ally had proved himself “unsuitable for an agreement demanding complex and sensitive handling.”
He further claimed how Varoufakis's aggressive approach left him more and more alone among peers, endangered the country, while helped hardliners that were advocating a Greek exit from the euro.
The account of events has been met with fury along with stunned disbelief in some quarters, whereas Varoufakis has kept a conspicuous quiet on the matter.
