Within his freshly published autobiography, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he reflects on the turbulent period during Greece's debt drama.
An Unconventional Choice
According to the ex-PM's version, he selected the unorthodox academic Yanis Varoufakis as his treasury head mainly due to the latter's international reputation and Varoufakis's “extremely attractive” skills as a speaker.
“He was, truthfully, more like a star and less of an economist,” stated Tsipras.
Conflicting Priorities
Tsipras claims that his finance chief possessed a personal agenda that included advancing his books and experimenting with his own economic models using the nation rather than genuinely fighting for the country's financial survival.
He wrote how the discussions to prevent insolvency became “not only a way to secure improved terms for Greece. They became a test, an historic chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid tense discussions, Greece found itself dangerously close to exiting the eurozone.
At stake lay both the country's destiny but also those punishing austerity policies demanded in return for rescue loans from international creditors.
Failed Options
Efforts to find financing from other sources, such as a desperate plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, those excoriating bailout terms were subjected to a popular referendum, an action which threw the EU into a further crisis of identity.
Even though the vote was carried resoundingly by voters who opposed austerity, the prime minister was forced but to ignore the result and negotiate a bailout package from foreign lenders that turned out to be even harsher.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy that included creating a parallel currency and distributing vouchers to pensioners, the leader said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for a deal that required complex and delicate handling.”
He further wrote that Varoufakis's aggressive style made him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were advocating Grexit.
This account of history has been met with anger and shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
