In a freshly published autobiography, called Ithaki, the former premier Alexis Tsipras pulls no punches as he revisits the turbulent period during Greece's financial crisis.
An Unconventional Choice
According to Tsipras's recollections, he selected that unorthodox economist Yanis Varoufakis as the treasury head mainly because of his international reputation and his highly compelling abilities as a communicator.
“In reality, he was, actually, more like a personality and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
The former leader alleges how Varoufakis had a personal motives that included promoting his publications as well as testing out his theories on the nation instead of genuinely fighting for the country's economic stability.
Tsipras wrote how the talks to stave off bankruptcy became “not just a method to secure a better deal for Greece. They became a test, a monumental opportunity to demonstrate the validity of his economic theories.”
Critical Negotiations
During volatile negotiations, the country found itself dangerously close to exiting the eurozone.
On the line was both Greece's destiny but also the severe austerity policies required in exchange for bailout funds by international creditors.
Unsuccessful Options
Attempts to secure financing from other sources, including a desperate appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, those excoriating conditions were subjected to a popular referendum, a move that plunged Europe into further crisis of identity.
Even though the referendum was carried resoundingly by voters who opposed the cuts, the prime minister was forced but to reject its outcome then agree to a rescue deal with foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy that included creating a secondary currency as well as issuing coupons to retirees, the leader said he realised it was game over questioning him: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras asserts that his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and delicate management.”
He also wrote how his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
This account of history has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
