Within his recently unveiled autobiography, called Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on that turbulent period during Greece's debt drama.
A Controversial Choice
As per the ex-PM's account, he appointed that unorthodox economist Yanis Varoufakis to be his treasury head primarily because of the latter's worldwide fame along with his “extremely attractive” abilities as a public orator.
“He was, actually, more of a celebrity rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
The former leader alleges that his finance chief possessed a personal agenda that included advancing his publications as well as testing out his own economic models on Greece instead of genuinely fighting for its economic stability.
Tsipras explained how the negotiations to avoid bankruptcy became “not just a way of achieving a better deal for Greece. They became a test, an historic chance to demonstrate the validity of his theories.”
Critical Negotiations
During rollercoaster negotiations, the country found itself dangerously on the brink of leaving the eurozone.
At stake was not only the country's future but also the severe austerity policies demanded in exchange for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure financing from other sources, including an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping Greece was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, those punitive bailout terms were subjected to a public vote, an action which plunged Europe into a further crisis of identity.
Although the vote was carried resoundingly by voters who opposed the cuts, the prime minister had little option but to reject its outcome and agree to a bailout package with creditors that turned out to be more severe.
Final Straw
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who drew media attention, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
When the minister outlined a backup strategy that included establishing a parallel currency as well as distributing vouchers to retirees, the leader said he realised that it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the book, the author asserts how Varoufakis demonstrated himself “unsuitable for a deal demanding complex and delicate handling.”
He further wrote that Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, and assisted hawks that were advocating Grexit.
The retelling of history has provoked fury and shock among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
