Within his newly released autobiography, titled Ithaki, the ex- leader Alexis Tsipras does not hold back while he examines the chaotic era during Greece's debt drama.
An Unconventional Appointment
In Tsipras's version, he chose the unorthodox academic Yanis Varoufakis as his finance minister mainly because of his worldwide fame and his “extremely attractive” abilities when it came to communicator.
“In reality, he was, in reality, more like a personality rather than an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras claims how Varoufakis possessed his own agenda that included advancing Varoufakis's publications and experimenting with his own theories using the nation rather than truly advocating its economic stability.
Tsipras wrote that those discussions to prevent bankruptcy were “not only a way of achieving a better deal for Greece. They became an experiment, a monumental opportunity to prove the truth of his economic theories.”
High-Stakes Talks
During tense discussions, the country found itself dangerously on the brink of leaving the single currency area.
At stake lay both the country's destiny but also those punishing austerity measures required in return for bailout funds by international creditors.
Failed Alternatives
Attempts to secure financing from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, the punitive bailout terms were subjected to a popular referendum, a move that plunged the EU into deeper existential crisis.
Although the vote was won resoundingly by voters who opposed austerity, Tsipras had little option but to reject its outcome then agree to a rescue deal from creditors which turned out to be more severe.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the public image of the talks, the man who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy that included establishing a parallel currency as well as issuing coupons to retirees, Tsipras said he realised it was the end questioning Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, the author asserts how Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and sensitive management.”
He further wrote how Varoufakis's confrontational style left him increasingly isolated among peers, put Greece at risk, while helped hawks who were advocating Grexit.
This retelling of history has been met with anger along with stunned disbelief in some quarters, while the former minister has maintained a deafening silence regarding these claims.
