In a newly released autobiography, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he revisits that chaotic era during Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's account, he selected that maverick economist Yanis Varoufakis to be the finance minister mainly because of his worldwide fame along with Varoufakis's highly compelling abilities as a communicator.
“He was, in reality, more like a personality rather than an economist,” recalled Tsipras.
Clashing Agendas
Tsipras suggests how his finance chief had his own motives that involved promoting Varoufakis's publications as well as testing out his own game theories on Greece instead of truly fighting for its financial survival.
Tsipras noted how those negotiations to stave off bankruptcy became “not only a method to secure a better deal for Greece. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
Amid volatile discussions, Greece found itself dangerously close to leaving the single currency area.
On the line was not only Greece's destiny but also the severe austerity policies demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Attempts to find funds from other sources, such as a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping Greece was tantamount to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the excoriating conditions were put to a public vote, an action that plunged Europe into further existential crisis.
Although the vote was won resoundingly by those who opposed austerity, Tsipras was forced but to ignore the result then agree to a bailout package with foreign lenders which turned out to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who attracted media attention, who appeared on the covers of publications globally … it seemed he was enjoying the spotlight.”
After the minister proposed a backup strategy that included creating a parallel currency as well as distributing vouchers to retirees, Tsipras said he realised that it was game over questioning Varoufakis: “Is this for real?”
Enduring Rebuke
Within the memoir, Tsipras asserts that Varoufakis had proved himself to be “unfit for an agreement demanding complex and delicate management.”
He further claimed that his aggressive style made him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners that were pushing for Grexit.
The account of events has provoked anger and shock among certain groups, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
