Within his freshly published autobiography, named Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on the chaotic era of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's account, he appointed that unorthodox academic Yanis Varoufakis to be his finance minister largely because of his international reputation and Varoufakis's “extremely attractive” skills as a public orator.
“In reality, he was, in reality, more of a star rather than an economic expert,” stated Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis had a personal motives which involved advancing his publications and experimenting with his theories using the nation rather than genuinely fighting for the country's economic stability.
He noted how those talks to avoid bankruptcy became “not just a way to secure a better deal for Greece. They became an experiment, a monumental chance to prove the validity of his economic theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, the country came dangerously close to leaving the eurozone.
At stake was not only the country's future but also the punishing austerity policies required in return for financial aid from foreign lenders.
Unsuccessful Options
Efforts to secure financing from other sources, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping the indebted country would be equivalent to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the harsh bailout terms were put to a popular referendum, an action that plunged Europe into a deeper existential crisis.
Even though the referendum was carried decisively by those who opposed austerity, the prime minister had little option but to ignore the result and agree to a bailout package with foreign lenders that proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
After the minister outlined a backup strategy involving establishing a parallel currency as well as issuing vouchers to retirees, the leader knew that it was game over and asked him: “Can you be serious?”
Enduring Criticism
Within the book, the author concludes how his former ally demonstrated himself “unfit for a deal demanding intricate and delicate management.”
Tsipras also wrote how Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, while helped hardliners that were advocating Grexit.
The account of history has provoked anger and stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
