Within his recently unveiled autobiography, titled Ithaki, the former leader Alexis Tsipras does not hold back while he examines that turbulent era during Greece's debt drama.
An Unconventional Choice
As per Tsipras's account, he appointed that maverick academic Yanis Varoufakis as the treasury head largely because of his worldwide fame along with Varoufakis's very persuasive abilities as a speaker.
“In reality, he was, actually, more of a star rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests that his finance chief had a personal motives which involved advancing his books and experimenting with his economic models on Greece rather than truly fighting for the country's financial survival.
He noted how the negotiations to prevent insolvency became “not just a way to secure improved terms for the country. They were an experiment, an historic chance to prove the truth of Varoufakis's ideas.”
Critical Talks
Amid volatile discussions, the country found itself dangerously on the brink of exiting the eurozone.
At stake lay not only Greece's future but also those severe austerity measures required in return for rescue loans from international creditors.
Failed Alternatives
Attempts to find financing from other sources, including an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, the harsh bailout terms were put to a popular referendum, a move which plunged the EU into deeper existential crisis.
Although the referendum was won decisively by voters against austerity, the prime minister had little option to reject its outcome then agree to a bailout package with creditors that turned out to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who attracted media attention, who graced the front pages of magazines globally … it seemed he relished his new role.”
After Varoufakis proposed a backup strategy that included establishing a parallel currency as well as distributing coupons to retirees, Tsipras said he realised it was the end and asked him: “Are you serious?”
Lasting Criticism
Within the book, the author asserts that Varoufakis had proved himself to be “unsuitable for a deal that required complex and delicate management.”
Tsipras also claimed that his aggressive approach left him more and more alone among peers, put Greece at risk, while assisted hardliners that were pushing for Grexit.
This account of events has been met with fury along with shock in some quarters, whereas the former minister has kept a deafening silence on the matter.
