In a freshly published autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he examines that turbulent era of Greece's debt drama.
A Controversial Choice
According to Tsipras's version, he selected the maverick academic Yanis Varoufakis to be his finance minister largely because of the latter's global profile along with Varoufakis's “extremely attractive” skills as a speaker.
“In reality, he was, in reality, more like a personality and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras suggests that Varoufakis had his own agenda which involved advancing his books as well as testing out his own economic models using the nation instead of genuinely fighting for its financial survival.
Tsipras noted how the talks to avoid bankruptcy were “not just a way to secure improved terms for the country. They became a test, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, the country found itself dangerously close to leaving the eurozone.
On the line was both Greece's future but also the punishing austerity policies required in return for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, including a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those harsh conditions were put to a popular referendum, a move which plunged the EU into a further existential crisis.
Although the vote was carried resoundingly by voters who opposed austerity, Tsipras was forced to reject its outcome and agree to a bailout package with creditors that turned out to be tougher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the covers of publications globally … he gave the impression he relished the spotlight.”
After the minister proposed a contingency plan that included creating a parallel currency and distributing vouchers to retirees, the leader knew that it was game over questioning him: “Is this for real?”
Enduring Rebuke
Within the book, Tsipras concludes how Varoufakis demonstrated himself “unfit for an agreement that required complex and sensitive management.”
Tsipras also wrote that Varoufakis's confrontational approach made him more and more alone among peers, endangered the country, while helped hardliners who were advocating Grexit.
The account of history has provoked fury along with stunned disbelief among certain groups, whereas the former minister has so far kept a deafening silence regarding these claims.
