Within his newly released autobiography, named Ithaki, the former leader Alexis Tsipras does not hold back as he revisits that turbulent era of Greece's debt drama.
A Controversial Choice
In the ex-PM's account, he appointed that unorthodox academic Yanis Varoufakis to be the treasury head mainly due to his international reputation and his very persuasive skills when it came to communicator.
“He was, truthfully, more like a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests how his finance chief possessed his own agenda which involved advancing Varoufakis's publications as well as experimenting with his economic models using Greece rather than genuinely fighting for the country's economic stability.
He explained that the negotiations to prevent bankruptcy became “not only a method of achieving improved terms for the country. They were an experiment, a monumental chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Talks
Amid volatile negotiations, Greece found itself dangerously on the brink of leaving the eurozone.
On the line was both the country's destiny and the severe austerity policies required in return for rescue loans from international creditors.
Unsuccessful Options
Attempts to secure financing from other sources, including an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, those punitive conditions were put to a popular referendum, a move that threw the EU into further crisis of identity.
Even though the vote was carried decisively by those against the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal with creditors which turned out to be even harsher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When the minister outlined a backup strategy involving creating a parallel currency as well as distributing vouchers to pensioners, the leader knew that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, the author concludes how his former ally demonstrated himself to be “unfit for an agreement that required complex and sensitive handling.”
He also wrote that Varoufakis's aggressive style left him increasingly isolated among peers, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
This account of history has provoked anger and shock in some quarters, while Varoufakis has so far kept a deafening silence on the matter.
