In a recently unveiled autobiography, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he reflects on the chaotic period during Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's account, he chose the unorthodox academic Yanis Varoufakis as the finance minister largely due to the latter's worldwide fame along with his highly compelling skills when it came to communicator.
“In reality, he was, actually, more of a personality rather than an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras alleges how Varoufakis had his own agenda which involved promoting his publications as well as experimenting with his own economic models using Greece instead of genuinely fighting for its financial survival.
Tsipras noted how the negotiations to stave off bankruptcy were “not just a method of achieving a better deal for Greece. They were a test, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Talks
During tense negotiations, the country came perilously on the brink of exiting the single currency area.
At stake lay both the country's destiny and those severe austerity policies required in return for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as a desperate appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum and Reversal
That summer, those excoriating conditions were subjected to a popular referendum, a move which plunged the EU into further existential crisis.
Even though the referendum was carried resoundingly by those against austerity, Tsipras was forced to reject its outcome and agree to a bailout package with creditors that proved to be more severe.
Breaking Point
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who drew media attention, who appeared on the front pages of magazines globally … it seemed he was enjoying his new role.”
After Varoufakis outlined a contingency plan involving creating a parallel currency and issuing vouchers to retirees, Tsipras knew it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, Tsipras concludes that his former ally had proved himself to be “unfit for a deal demanding complex and sensitive handling.”
Tsipras further wrote that Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
This retelling of events has provoked fury and stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet regarding these claims.
