Within his freshly published autobiography, titled Ithaki, the ex- premier Alexis Tsipras does not hold back as he revisits the chaotic period during Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras selected that unorthodox academic Yanis Varoufakis to be the treasury head mainly due to the latter's global profile and Varoufakis's highly compelling skills as a public orator.
“In reality, he was, truthfully, more of a celebrity rather than an economic expert,” wrote the 51-year-old.
Clashing Agendas
The former leader alleges how Varoufakis possessed his own agenda which included promoting his publications as well as experimenting with his own theories on the nation rather than truly fighting for the country's economic stability.
He noted how the discussions to stave off bankruptcy were “not just a method to secure a better deal for Greece. They were a test, a monumental chance to prove the truth of his ideas.”
Critical Negotiations
Amid tense discussions, Greece found itself dangerously close to leaving the eurozone.
At stake lay both the country's destiny but also those severe austerity measures demanded in return for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, such as a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece would be equivalent to tossing cash into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Public Vote and Reversal
That summer, the excoriating bailout terms were subjected to a popular referendum, an action which plunged Europe into further existential crisis.
Although the referendum was won resoundingly by voters who opposed the cuts, Tsipras had little option to reject its outcome then agree to a rescue deal with creditors that proved to be even harsher.
Final Straw
The ex-PM revealed 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 the world over … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy involving establishing a parallel currency and distributing vouchers to retirees, Tsipras knew that it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, the author asserts how Varoufakis demonstrated himself “unsuitable for an agreement demanding complex and sensitive management.”
He also claimed how his confrontational approach left him more and more alone among peers, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
The retelling of events has been met with anger and stunned disbelief among certain groups, while Varoufakis has so far kept a deafening silence on the matter.
