In a recently unveiled autobiography, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches while he examines the turbulent period during Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's account, Tsipras chose that maverick academic Yanis Varoufakis to be the finance minister mainly due to the latter's global profile along with his highly compelling skills when it came to speaker.
“He was, actually, more of a star rather than an economic expert,” recalled Tsipras.
Clashing Priorities
Tsipras alleges how Varoufakis had his own motives that included promoting his publications and experimenting with his own game theories on Greece rather than truly fighting for its financial survival.
Tsipras noted that those talks to prevent insolvency were “not just a method of achieving improved terms for the country. They became a test, a monumental chance to demonstrate the validity of his economic theories.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece came dangerously close to leaving the single currency area.
At stake was both the country's destiny but also the punishing austerity measures required in return for bailout funds from foreign lenders.
Unsuccessful Options
Efforts to find financing elsewhere, such as an urgent plea to Russia to purchase Greek bonds, were rejected.
Assisting Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and Reversal
That summer, those punitive bailout terms were put to a public vote, a move which threw Europe into a further existential crisis.
Although the vote was won resoundingly by voters against austerity, Tsipras was forced to reject its outcome then negotiate a rescue deal with creditors that turned out to be more severe.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the front pages of magazines globally … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy that included creating a parallel currency and issuing coupons to pensioners, the leader said he realised it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, Tsipras concludes that his former ally demonstrated himself to be “unfit for a deal demanding intricate and sensitive management.”
Tsipras also claimed that his aggressive style left him increasingly isolated among peers, endangered the country, and assisted hardliners that were pushing for Grexit.
This account of events has provoked anger along with stunned disbelief in some quarters, while the former minister has so far kept a conspicuous quiet on the matter.
